Document:

Officer's Issuance Certificate

 Exhibit 4.6 
  

OFFICER’S ISSUANCE CERTIFICATE 
  
 Class A Floating Rate Asset Backed Revolving Note, Series 2004-RN2 
  
 The undersigned hereby certifies, pursuant to the Indenture dated as of September 16, 2004 (the “Indenture”),
between Superior Wholesale Inventory Financing Trust X (the “Issuer” or the “Trust”) and The Bank of New York, a New York banking corporation, as Indenture Trustee, that there has been established pursuant to and in conformity
with resolutions duly adopted by the Board of Directors of Wholesale Auto Receivables Corporation, a Delaware corporation (the “Seller”), a Note to be issued under and in conformity with the Indenture, which shall have the terms specified
herein. Capitalized terms used herein shall have the meanings specified in Appendix 1 hereto or, if not defined therein, then shall have the meanings set forth in Appendix A to the Trust Sale and Servicing Agreement, dated as of September 16, 2004,
among the Issuer, the Seller and General Motors Acceptance Corporation (the “Trust Sale and Servicing Agreement”). 
  

	1.	Designation and Series Specified Maximum Revolver Balance. 

  

	1.1.	The designation of this series of Notes is the Class A Floating Rate Asset Backed Revolving Note, Series 2004-RN2 (the “2004-RN2 Revolving Note”). The 2004-RN2 Revolving
Note shall be in the form set forth in Exhibit A hereto. For the purpose of the Indenture and all other Basic Documents, the 2004-RN2 Revolving Note shall count as a separate series of Notes. 

  

	1.2.	The Series Specified Maximum Revolver Balance of the 2004-RN2 Revolving Note which may be authenticated and delivered under the Indenture (except for the 2004-RN2 Revolving Note
authenticated and delivered upon registration and transfer of, or in exchange for, or in lieu of, any other 2004-RN2 Revolving Note pursuant to the Indenture) is $1,000,000,000. 

  

	1.3.	The 2004-RN2 Revolving Note shall be issued on the 2004-RN2 Note Closing Date. 

  

	1.4.	The “Targeted Final Payment Date” for the 2004-RN2 Revolving Note shall be the Revolver Monthly Payment Date in June 2005 (also referred to as the “2004-RN2 Targeted
Final Payment Date”). 

  

	1.5.	The “Stated Final Payment Date” for the 2004-RN2 Revolving Note shall be the Monthly Distribution Date in September 2011 (also referred to as the “2004-RN2 Stated
Final Payment Date”). 

  

	2.	Specified Support Arrangement 

  

	2.1.	With respect to the 2004-RN2 Revolving Note, there will be no Specified Support Arrangements. 

  

	3.	Payment of Interest. 

  

	3.1.	The 2004-RN2 Revolving Note shall bear interest at the “Revolver Interest Rate” for the 2004-RN2 Revolving Note, which shall be equal to, with respect to any Monthly
Distribution Date, One-Month LIBOR plus 0.12% per annum, calculated on the basis of a year of 360 days and the actual number of days elapsed during the related Collection Period (or, in the case of the initial Monthly Distribution Date for the
2004-RN2 Revolving Note, from and including the 2004-RN2 Note Closing Date). Interest shall accrue on the daily Series Net Revolver Balance attributable to the 2004-RN2 Revolving Note during a Collection Period such that the Revolver Interest for
the 2004-RN2 Revolving Note for any Monthly Distribution Date shall, subject to the following two sentences, equal the product of (a) the average daily Series Net Revolver Balance for the 2004-RN2 Revolving Note during the related Collection Period
and (b) the Revolver Interest Rate for the 2004-RN2 Revolving Note for such Monthly Distribution Date. With respect to the final Monthly Distribution Date for the 2004-RN2 Revolving Note, Revolver Interest for the 2004-RN2 Revolving Note shall
include an additional amount equal to the product of (a) the average daily Series Net Revolver Balance for the 2004-RN2 Revolving Note for the period from and including the first day of the Collection Period in which such Monthly Distribution Date
occurs through but excluding such Monthly Distribution Date and (b) the Revolver Interest Rate for the 2004-RN2 Revolving Note for the immediately following Monthly Distribution Date. Interest on the 2004-RN2 Revolving Note for any Monthly
Distribution Date shall be paid on such Monthly Distribution Date as provided in the Trust Sale and Servicing Agreement and the Indenture, and any interest not paid on such Monthly Distribution Date shall be due on the next Monthly Distribution
Date. 

  

	4.	Application of the 2004-RN2 Monthly Available Amount. 

  

	 	(a)	Pursuant to Section 4.5(c)(i) clause (2) of the Trust Sale and Servicing Agreement, on each Monthly Distribution Date, the Trust Interest Allocation of the 2004-RN2 Revolving
Note will be withdrawn by the Indenture Trustee, based upon the Servicer’s Accounting for such Monthly Distribution Date, from the account in which such funds are held, for application pursuant to Section 4(b) of this Officer’s
Issuance Certificate. 

  

	 	(b)	The Indenture Trustee, based upon the Servicer’s Accounting for such Monthly Distribution Date, on such Monthly Distribution Date will transfer an amount equal to the lesser of

  
 (x) the Trust Interest Allocation for the
2004-RN2 Revolving Note for such Monthly Distribution Date, together with any amounts allocated to the 2004-RN2 Revolving Note pursuant to Section 4.5(c)(ii) of the Trust Sale and Servicing Agreement for such Monthly Distribution Date; and

  
 (y) the Noteholders’ Interest for the 2004-RN2 Revolving
Note for such Monthly Distribution Date, 

  

 2 

 
to the Revolver Distribution Account for payment of interest on the 2004-RN2 Revolving Note. 
  
 Any shortfall of the Trust Interest Allocation for the 2004-RN2 Revolving Note for a Monthly Distribution Date below the
Noteholders’ Interest for the 2004-RN2 Revolving Note for such Monthly Distribution Date shall constitute a “Series Shortfall” for the 2004-RN2 Revolving Note. Any excess of the Trust Interest Allocation for the 2004-RN2 Revolving
Note for a Monthly Distribution Date over the Noteholders’ Interest for the 2004-RN2 Revolving Note for such Monthly Distribution Date shall constitute a “Remaining Interest Amount.” 
  

	5.	Series Specified Maximum Revolver Balance 

  

	5.1.	The Series Specified Maximum Revolver Balance of the 2004-RN2 Revolving Note shall be $1,000,000,000. 

  

	5.2.	Aggregate borrowings outstanding at any time under the 2004-RN2 Revolving Note are limited to the Series Specified Maximum Revolver Balance of the 2004-RN2 Revolving Note. No
additional borrowings may be made under the 2004-RN2 Revolving Note during the Payment Period for the 2004-RN2 Revolving Note, the Wind Down Period or any Early Amortization Period. 

  

	5.3.	Additional borrowings at any time under the 2004-RN2 Revolving Note are subject to the discretion of the holder of 2004-RN2 Revolving Note and shall be made as agreed to from time
to time by such holder and the Trust. 

  

	6.	Allocations and Payments in Respect of Principal 

  

	6.1.	Revolving Period 

  

	6.1.1 	During the Revolving Period, at the discretion of the Seller, payments of principal on the 2004-RN2 Revolving Note may, but shall not be required to, be paid on a daily basis,

  

	 	(a)	if no series of Class A Notes then requires Available Trust Principal to be retained or set aside to fund principal payments, out of all Available Trust Principal, or

  

	 	(b)	if any series of Class A Notes then requires Available Trust Principal to be retained or set aside to fund principal payments, out of the excess, if any, of the Principal Allocation
Percentage for such series of Notes of Available Trust Principal over the amounts required to be retained or set aside with respect to such series of Notes. 

  

	6.1.2 	 If one or more series of Revolving Notes are issued and outstanding while the 2004-RN2 Revolving Note is outstanding, payments of principal on such other Revolving
Notes and the 2004-RN2 Revolving Note shall be made as determined 

  

 3 

	 	 
by the Seller unless otherwise agreed by the Seller, the holders of such other Revolving Notes and the holders of the 2004-RN2 Revolving Note.

  

	6.1.3 	The 2004-RN2 Revolving Note may be extended or renewed (and the 2004-RN2 Targeted Final Payment Date adjusted accordingly) at any time prior to the last day of the month related to
the Monthly Distribution Date that is the third Monthly Distribution Date immediately preceding the then applicable 2004-RN2 Targeted Final Payment Date by written notice from the affected holders thereof to the Indenture Trustee and the Seller
setting forth the new 2004-RN2 Targeted Final Payment Date; provided that such new 2004-RN2 Targeted Final Payment Date shall be a Monthly Distribution Date on or prior to the September 2011 Monthly Distribution Date. Principal on the
2004-RN2 Revolving Note will be due (to the extent of funds available for such purpose) in three instalments on the three consecutive Monthly Distribution Dates ending on the then applicable 2004-RN2 Targeted Final Payment Date (which may be prior
to the Scheduled Revolving Period Termination Date) unless such 2004-RN2 Targeted Final Payment Date has been extended to a date after the commencement of the Wind Down Period. Such instalments will be based on the outstanding balance as of the open
of business on the first day of the related Payment Period. 

  

	6.2.	Payment Period 

  

	6.2.1 	Unless the Wind Down Period or an Early Amortization Period has commenced and is continuing, the Payment Period for the 2004-RN2 Revolving Note shall commence on the first day of
the Collection Period related to the Monthly Distribution Date that is two Monthly Distribution Dates immediately preceding the then applicable 2004-RN2 Targeted Final Payment Date, and shall continue until the earliest of 

 

	 	(a)	the commencement of an Early Amortization Period, 

  

	 	(b)	the commencement of the Wind Down Period, and 

  

	 	(c)	the date upon which the 2004-RN2 Revolving Note is paid in full. 

  

	6.2.2 	If the Payment Period for the 2004-RN2 Revolving Note shall be terminated upon the occurrence of an Early Amortization Event described in clauses (i) or (k) of Section 9.1 of
the Trust Sale and Servicing Agreement and no other Early Amortization Event has occurred, such Payment Period may be recommenced if the Seller elects to recommence the Revolving Period as described in Section 9.5(a) of the Trust Sale and
Servicing Agreement. If the Payment Period for the 2004-RN2 Revolving Note shall be terminated upon the commencement of a Wind Down Period prior to the Final Revolving Period Termination Date, such Payment Period may be recommenced, if the Seller
elects to recommence the Revolving Period as described in Section 9.5(b) of the Trust Sale and Servicing Agreement. 

  

 4 

	6.2.3 	During any Collection Period related to the Payment Period for the 2004-RN2 Revolving Note, the Principal Allocation Percentage for the 2004-RN2 Revolving Note of Available Trust
Principal shall be allocated and set aside on a daily basis in the Revolver Distribution Account up to the amount of the 2004-RN2 Controlled Payment Amount (as defined below) for the Monthly Distribution Date related to such Collection Period, and
amounts in excess thereof shall be available for the purpose of purchasing additional Receivables pursuant to Section 4.5(d)(i) of the Trust Sale and Servicing Agreement and to make discretionary payments of principal on the 2004-RN2
Revolving Note as provided above or any other Revolving Note or as otherwise provided in the Trust Sale and Servicing Agreement. 

  
 The “2004-RN2 Controlled Payment Amount” means 
  

	 	(i)	for any of the first three Monthly Distribution Dates relating to the Payment Period for the 2004-RN2 Revolving Note, if any, the excess, if any, of 

  
 (x) the product of 
  
 (A) one-third of the Outstanding Amount of the 2004-RN2 Revolving Note as
of the open of business on the first day of such Payment Period; and 
  
 (B) the number (not to exceed three) of Collection Periods that have occurred with respect to such Payment Period through and including the Collection Period relating to such Monthly Distribution Date over 
  
 (y) the aggregate amount paid or set aside for payment as principal on the
2004-RN2 Revolving Note for the preceding Monthly Distribution Date, and 
  

	 	(ii)	for each Monthly Distribution Date thereafter, the lesser of 

  
 (x) the then Outstanding Amount of the 2004-RN2 Revolving Note as of such Monthly Distribution Date, and 
  
 (y) the Principal Allocation Percentage for the 2004-RN2 Revolving Note of
Available Trust Principal with respect to such Monthly Distribution Date. 
  

	6.2.4 	 On each Monthly Distribution Date during the Payment Period for the 2004-RN2 Revolving Note, all amounts set aside in the Revolver Distribution Account for the
related Collection Period, together with the Principal Allocation Percentage for the 2004-RN2 Revolving Note of Available Trust Principal for such Monthly 

  

 5 

	 	 
Distribution Date to the extent necessary to satisfy the 2004-RN2 Controlled Payment Amount shall be paid as principal on the 2004-RN2 Revolving Note (to the
extent of the Outstanding Amount thereof). So long as the 2004-RN2 Controlled Payment Amount is paid to the extent of Available Trust Principal so allocated to the 2004-RN2 Revolving Note for such Monthly Distribution Date and related Collection
Period, there shall be no Event of Default under Section 5.1(b) of the Indenture. 

  
 * * * * 
  
 The undersigned has read or has caused to be read the Indenture, including the provisions of Section 2.1 and the definitions relating thereto, and the resolutions adopted by the Board of Directors referred to above. Based on such
examination, the undersigned has, in the undersigned’s opinion, made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to whether all conditions precedent set forth in the Indenture
and the other Basic Documents relating to the establishment of the form and terms of a series of Notes under the Indenture have been complied with. In the opinion of the undersigned, all such conditions precedent have been complied with in respect
of the 2004-RN2 Revolving Note. 
  
 * * * * 
  

 6 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer’s Issuance Certificate as of
the 16th day of September, 2004. 
  

			
	WHOLESALE AUTO RECEIVABLES CORPORATION
		
	By:	 	 /s/ C. J. Vannatter

	 Name:
	 	 C. J. Vannatter

	 Title:
	 	 Vice President

  

 APPENDIX 1 
 to 
 OFFICER’S ISSUANCE CERTIFICATE 
 FOR 2004-RN2 REVOLVING NOTE 
  
 Definitions. 
  

	1.	Reference to General Rule. 

  
 Capitalized terms used herein and not defined shall have the meanings assigned to such terms in the Indenture and in Appendix A to the Trust Sale and
Servicing Agreement dated as of September 16, 2004 among General Motors Acceptance Corporation, as Servicer, Wholesale Auto Receivables Corporation, as Seller, and Superior Wholesale Inventory Trust X, as Issuer. 
  

	2.	Definitions Specific to the 2004-RN2 Revolving Note 

  
 The following terms are defined with respect to the 2004-RN2 Revolving Note only, are not defined in Appendix A to the Trust Sale and Servicing Agreement
and, when used in the Basic Documents, shall have the defined meanings set forth below: 
  
 2004-RN2 Controlled Payment Amount: Has the meaning set forth in Section 6.2.3 of this Officer’s Issuance Certificate. 
  
 2004-RN2 Note Closing Date: September 16, 2004. 
  
 2004-RN2 Revolving Note: Has the meaning set forth in Section 1.1 of this Officer’s Issuance Certificate.

  
 2004-RN2 Stated Final Payment Date: Has the meaning set forth
in Section 1.5 of this Officer’s Issuance Certificate. 
  
 2004-RN2 Targeted Final Payment Date: Has the meaning set forth in Section 1.4 of this Officer’s Issuance Certificate. 
  
 One-Month LIBOR: 
  
 (a) For the Monthly Distribution Date occurring in October 2004, 1.77875%. 
  
 (b) For each Monthly Distribution Date commencing with the Monthly Distribution Date occurring in November 2004, the rate
for deposits in U.S. dollars for a period of one month which appears on the Telerate Service Page 3750 as of 11:00 a.m. London time, on the day that is two LIBOR Business Days prior to the first day of the related Collection Period. If such rate
does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee after
consultation with the Seller), the rate will be the Reference Bank Dollar Rate. In this definition, for a Monthly Distribution Date, “Reference Bank Dollar Rate” means a rate determined on the basis of the rates at which deposits in
dollars are offered by the reference banks (which will be four major banks that are engaged in 

  

 App-1 

 
transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Seller) as of 11:00 a.m., London time, on the day
that is two LIBOR Business Days prior to the first day of the related Collection Period to prime banks in the London interbank market for a period of one month commencing on such date in an amount approximately equal to the principal amount of the
2004-RN2 Revolving Note then outstanding. The Indenture Trustee will request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic
mean of the quotations, rounded upwards to the nearest one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate will be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one
percent, of the rates quoted by one or more major banks in New York, selected by the Indenture Trustee after consultation with the Seller, as of 11:00 a.m., New York time, on such applicable date to leading European banks for dollar deposits for a
period of one month in amounts approximately equal to the principal amount of the 2004-RN2 Revolving Note then outstanding. If no such quotation can be obtained, the rate will be One-Month LIBOR for the prior Monthly Distribution Date. 

 

	3.	Specification for 2004-RN2 Revolving Note of Terms Defined in Appendix A to the Trust Sale and Servicing Agreement. 

  
 The following terms, when used in the Indenture, the Trust Sale and
Servicing Agreement and/or other Basic Documents, with respect to the 2004-RN2 Revolving Note, shall have the meanings set forth below (and, if used in this Officer’s Issuance Certificate, shall be used with respect to the 2004-RN2 Revolving
Note only, except where expressly indicated otherwise): 
  
 Distribution Account: For the purpose of the Basic Documents, the Revolver Distribution Account. 
  
 Fully Funded Date: With respect to the 2004-RN2 Revolving Note, the date on which the outstanding principal amount of the 2004-RN2 Revolving Note has been
reduced to zero and the 2004-RN2 Revolving Note has been cancelled. 
  
 Noteholders’ Interest: With respect to the 2004-RN2 Revolving Note, the sum of (i) the Revolver Interest for the 2004-RN2 Revolving Note and (ii) the portion of the Revolver Interest Carryover Shortfall allocable to the 2004-RN2
Revolving Note. 
  
 Payment Period: The period described as such
in Section 6.2 of this Officer’s Issuance Certificate. 
  
 Remaining Interest Amount: The amounts designated as such in Section 4 of this Officer’s Issuance Certificate. 
  
 Revolver Interest: With respect to any Monthly Distribution Date for the 2004-RN2 Revolving Note (i) the product of (a) the average daily Series Net
Revolver Balance for the 2004-RN2 Revolving Note during the related Collection Period and (b) the Revolver Interest Rate for the 2004-RN2 Revolving Note for such Monthly Distribution Date plus, (ii) for the final Monthly Distribution Date for the
2004-RN2 Revolving Note, an additional amount equal to the product of (a) the average daily Series Net Revolver Balance for the 2004-RN2 Revolving Note 

  

 App-2 

 
for the period from and including the first day of the Collection Period in which such Monthly Distribution Date occurs through but excluding such Monthly
Distribution Date and (b) the Revolver Interest Rate for the 2004-RN2 Revolving Note for the immediately following Monthly Distribution Date. 
  
 Revolver Interest Rate: With respect to the 2004-RN2 Revolving Note, has the meaning set forth in Section 3.1 of this Officer’s Issuance
Certificate. 
  
 Series Net Revolver Balance: With respect to the
2004-RN2 Revolving Note, for any date, the aggregate outstanding principal balance under the 2004-RN2 Revolving Note minus any amounts on deposit in the Revolver Distribution Account on such date for the payment of principal on the 2004-RN2
Revolving Note. 
  
 Series Shortfall: The amounts designated as
such in Section 4 of this Officer’s Issuance Certificate. 
  
 Series Specified Maximum Revolver Balance: The maximum balance specified in Section 1.2 of this Officer’s Issuance Certificate. 
  
 Stated Final Payment Date: The 2004-RN2 Stated Final Payment Date. 
  
 Targeted Final Payment Date: The 2004-RN2 Targeted Final Payment Date. 
  

 App-3 

 EXHIBIT A 
  

[FORM OF 2004-RN2 REVOLVING NOTE] 
  

			
	 No. R-1
	 	$1,000,000,000

  
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND THE VARIOUS STATE SECURITIES LAWS. NO TRANSFER OF THIS NOTE SHALL BE MADE UNLESS SUCH TRANSFER IS MADE IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE ACT OR ANY APPLICABLE
STATE SECURITIES LAWS AND IS OTHERWISE IN COMPLIANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. 
  
 IT IS EXPECTED THAT THE PRINCIPAL AMOUNT OUTSTANDING OF THIS NOTE WILL INCREASE AND DECREASE OVER TIME, BUT WILL NOT EXCEED THE PRINCIPAL AMOUNT SHOWN ON
THE FACE HEREOF. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST X 
  
 CLASS A FLOATING RATE ASSET-BACKED REVOLVING NOTE, SERIES 2004-RN2 
  

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST X, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as
the “Issuer”), for value received, hereby promises to pay to U.S. Bank National Association, as Collateral Trustee u/a dtd 6/18/01, as amended, Custodian, under a Participation and Custodial Agreement dtd 9/16/04, Wholesale Auto
Receivables Corporation issuer, or registered assigns (the “Noteholder”), the Outstanding Amount attributable to this Note from time to time under the Indenture, at the times stated and in the amounts specified in the Indenture (as defined
on the reverse side of this Note). 
  
 The Issuer shall pay
interest on this Note on the dates, in the amounts and in the manner set forth in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied to interest and principal as provided in the Indenture. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
as though fully set forth on the face of this Note. 
  

 A-1 

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
  

 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  
 Date: September 16, 2004 
  

			
	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST X
		
	By:	 	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	 /s/ John J. Cashin

	 Name:
	 	 John J. Cashin

	 Title:
	 	 Vice President

  
 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:	 	 /s/ Jonathan Farber

	 Name:
	 	 Jonathan Farber

	 Title:
	 	 Assistant Treasurer

  

 A-3 

 REVERSE OF NOTE 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A Floating Rate Asset-Backed Revolving Note, Series
2004-RN2 (herein called the “2004-RN2 Revolving Note”), issued under an Indenture, dated as of September 16, 2004 (such Indenture, as supplemented or amended, including all Officer’s Issuance Certificates is herein called the
“Indenture”), between the Issuer and The Bank of New York, a New York banking corporation, as trustee (the “Indenture Trustee”, which term includes any successor trustee under the Indenture), to which Indenture reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The 2004-RN2 Revolving Note is one of the duly authorized series of Notes of the Issuer issued and to be issued
from time to time pursuant to the Indenture (collectively, as to all Notes of all such series, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof),
to which Indenture the Holder of this Note by virtue of acceptance hereof (or of any interest herein) assents and by which such Person is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The 2004-RN2 Revolving Note and all other Notes issued pursuant to the Indenture, except as otherwise provided thereunder, are and shall be equally and ratably secured by the Collateral pledged as security therefor as
provided in the Indenture. 
  
 Each Noteholder, by acceptance of a
Note, covenants and agrees 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 the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder, by acceptance of a Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder shall not, prior to the
date which is one year and one day after the termination of the Trust Agreement, acquiesce, petition or otherwise invoke or cause the 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 federal or state bankruptcy, insolvency or similar 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. 
  
 Each Noteholder, by acceptance of a Note, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as indebtedness secured
by the Collateral for the 

  

 A-4 

 
purpose of federal income taxes, state and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by or
based upon gross or net income. 
  
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all the Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the
Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Note. The Indenture also permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
  
 The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The 2004-RN2 Revolving Note is issuable only in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

 
 This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided
in the Basic Documents, neither the 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, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of
the Issuer. Each Noteholder, by the acceptance of a Note, agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder 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
the Indenture or in this Note. 
  

 A-5 

 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or another identifying number of assignee 
  
 ______________________________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

  

 (name and address of assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints _________________________________, as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in
the premises. 
  

											
						
	Dated:	 	 	 	 	 	 	 	 	 	1
	 	 	 	 	 	 	 	 	 Signature Guaranteed
	 	 

  

									
				
	 	 	 	 	 	 	 

  

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

  

 A-6Certificate Issuance Order

 Exhibit 4.7 
  

CERTIFICATE ISSUANCE ORDER 
  
 Floating Rate Asset Backed Certificates, Series 2004-A 
  
 The undersigned hereby certifies, pursuant to the Trust Agreement dated as of September 16, 2004 (the “Trust
Agreement”), between Wholesale Auto Receivables Corporation, a Delaware corporation (the “Seller”), and Chase Manhattan Bank USA, National Association, a national banking association, as Owner Trustee (the “Owner
Trustee”), that there has been established pursuant to and in conformity with resolutions duly adopted by the Board of Directors of the Seller, a class of Certificates to be issued under and in conformity with the Trust Agreement, which
class of Certificates shall have the terms specified herein. Capitalized terms used and not otherwise defined herein shall have the meanings specified in Appendix 1 hereto or, if not defined therein, then shall have the meanings set forth in
Part 1 of Appendix A to the Trust Sale and Servicing Agreement, dated as of September 16, 2004, among Superior Wholesale Inventory Financing Trust X (the “Issuer”), the Seller and General Motors Acceptance Corporation (the
“Trust Sale and Servicing Agreement”). 
  

	1.	Designation and Certificate Balance. 

  

	1.1	The designation of the class of Certificates is the Floating Rate Asset Backed Certificates, Class 2004-A (the “2004-A Certificates”). The 2004-A Certificates shall
be in the form set forth in Exhibit A hereto. For the purposes of the Trust Agreement and the other Basic Documents, the 2004-A Certificates shall be a separate class of Certificates. 

  

	1.2	The Certificate Balance of the 2004-A Certificates to be authenticated and delivered pursuant to the Trust Agreement on the 2004-A Certificate Closing Date is $185,791,700.

  

	1.3	The 2004-A Certificates shall be issued on the “2004-A Certificate Closing Date.” 

  

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

  

	2.1	Denominations. The 2004-A Certificates (other than those initially issued to the Seller) will be issued and authorized in minimum denominations of $2,500,000 (or such other
amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly-traded partnership” under Section 7704 of the Code, but in no event less than $250,000). 

  

	2.2	2004-A Certificates. The 2004-A Certificates to be issued on the 2004-A Certificate Closing Date to the Seller shall be issued as Definitive Certificates.

  

	2.3	Clearing Agency. For the 2004-A Certificates, there shall be no Clearing Agency. 

  

	2.4	Definitive Certificates. 

  

	 	(a)	The Seller shall receive a Definitive Certificate representing the Certificateholder’s interest in a 2004-A Certificate 

  

	2.4.2 	The Definitive Certificates shall become void in their entirety unless presented for payment within a period of 10 years from the relevant date in respect thereof. After the date on
which the Certificates becomes void in their entirety, no claim may be made in respect thereof. In this Section 2.4.2, the “relevant date” is the date on which a payment first becomes due or (if the full amount of the moneys payable
has not been duly received by the Owner Trustee on or prior to such date) the date on which the full amount of such moneys having been so received, notice to that effect is duly given to the Holders of the 2004-A Certificates.

  

	2.5	Authentication Agent; Certificates Registrar. 

  

	2.5.1 	The initial Authentication Agent for the 2004-A Certificates will be JPMorgan Chase Bank. 

  

	2.5.2 	The initial Certificates Registrar for the 2004-A Certificates will be JPMorgan Chase Bank. 

  

	2.6	Transfer Restrictions 

  

	2.6.1 	The 2004-A Certificates (or interests therein) may not be acquired by or for the account of a Benefit Plan. By accepting and holding a Certificate (or interest therein), the Holder
thereof and any related Certificate Owner shall each be deemed to have represented and warranted that it is not a Benefit Plan. The 2004-A Certificates are also subject to the minimum denomination specified in Section 3.4(a).

  

	2.6.2 	 The 2004-A Certificates will not be registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the 2004-A
Certificates are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the 2004-A
Certificates (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to the Seller, (ii) so long as the 2004-A Certificates are eligible for resale pursuant to Rule 144A under the Securities Act,
such sale, pledge or other transfer is made to a person whom the transferor reasonably believes after due inquiry is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified
Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) to whom notice is given that the sale, pledge or transfer is
being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee shall
require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Seller in writing the facts surrounding 

  

 -2- 

	 	 
such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Seller, and (B) the Owner Trustee shall require a
written opinion of counsel (which will not be at the expense of the Seller or the Owner Trustee) satisfactory to the Seller and the Owner Trustee to the effect that such transfer will not violate the Securities Act. No sale, pledge or other transfer
may be made to any one person for 2004-A Certificates with a face amount of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than $250,000) and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity),
for 2004-A Certificates with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be
treated as the owner of the 2004-A Certificates for all purposes. Neither the Seller nor the Owner Trustee shall be obligated to register the 2004-A Certificates under the Securities Act, qualify the 2004-A Certificates under the securities laws of
any state or provide registration rights to any purchaser or holder thereof. 

  

	3.	Specified Support Arrangements. 

  
 With respect to the 2004-A Certificates, there shall be no Specified Support Arrangements. 
  

	4.	Allocation and Payment of Interest. 

  

	4.1	Payment of Interest. 

  

	4.1.1 	Interest on the Certificate Balance (without reduction for unreimbursed Trust Charge-Offs or Reallocated Principal Amounts) of the 2004-A Certificates will be payable in arrears by
the Trust. Interest will accrue from and including the 2004-A Certificate Closing Date, or from and including the most recent Monthly Distribution Date on which interest has been paid, to but excluding the current Monthly Distribution Date. Interest
accrued as of any Monthly Distribution Date, but not paid on such Monthly Distribution Date, will be due on the next Monthly Distribution Date. 

  

	4.1.2 	Interest on the 2004-A Certificates will accrue at a rate equal to One-Month LIBOR plus 0.50% per annum and will be payable on each Monthly Distribution Date, and will be calculated
on the basis of the Actual/360 Day Count. 

  

	4.1.3 	Notwithstanding the foregoing Sections 4.1.1 through 4.1.2, interest will be payable from, and only to the extent of, amounts paid by the Trust to the 2004-A Certificate
Distribution Account with respect to the 2004-A Certificates pursuant to Section 4.5(c)(i)(Clause(3))(j) of the Trust Sale and Servicing Agreement. 

  

 -3- 

	5.	Allocations and Distributions in Respect of Certificate Balance. 

  

	5.1	General. 

  

	5.1.1 	During the Revolving Period, until the commencement of either the Payment Period for the 2004-A Certificates or a Rapid Amortization Period for the 2004-A Certificates which is not
an Early Amortization Period for the Trust, no distributions of Certificate Balance on the 2004-A Certificates shall be required or distributed and Available Trust Principal shall not be set aside for such purpose. 

  

	5.1.2 	For the 2004-A Certificates, there shall be no Required Payments or Servicer Liquidity Advances as contemplated by Section 4.5(e) of the Trust Sale and Servicing Agreement,
and the term “Priority Payment Amount” shall have no effect. 

  

	5.1.3 	For purposes of Section 6.2(b)(iv) of the Trust Sale and Servicing Agreement, the period of time which begins upon the commencement of a Payment Period, Cash Accumulation
Period or Rapid Amortization Period for the 2004-A Certificates and which ends upon the Certificate Balance of the 2004-A Certificates being paid or provided for in full shall constitute a “Daily Remittance Period.”

  

	5.1.4 	During any period in which funds are being set aside or distributed in respect of the Certificate Balance of the 2004-A Certificates, no amount shall be set aside or distributed to
the extent that it would cause the total amount so set aside or distributed to exceed the Certificate Balance of the 2004-A Certificates. 

  

	5.2	Deposits of Principal Collections. 

  

	5.2.1 	During Payment Period. On each day during the Payment Period for the 2004-A Certificates until the Certificate Balance of the 2004-A Certificates have been distributed or
provided for in full, after the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has occurred, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and transfer to the Trust for
deposit in the Certificate Distribution Account for the 2004-A Certificates all Available Trust Principal allocated to the Certificates on such day pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement.

  

	5.2.2 	During Cash Accumulation Period. On each day during the Cash Accumulation Period until the Certificate Balance of the 2004-A Certificates has been distributed or provided for
in full, after the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has occurred, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the 2004-A Certificate Cash
Accumulation Account all Available Trust Principal allocated to the Certificates on such day pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit in the 2004-A Certificate
Cash Accumulation Account equals the Certificate Balance of the 2004-A Certificates. The Trust will use amounts in the 2004-A Certificate Cash Accumulation Account only to make payments as provided in this Certificate Issuance Order.

  

 -4- 

	5.2.3 	During Rapid Amortization Period. Immediately upon the commencement of a Rapid Amortization Period for the 2004-A Certificates, the Indenture Trustee shall withdraw any
amounts held in the 2004-A Certificate Cash Accumulation Account (other than Investment Proceeds thereon) and transfer such amounts to the Trust for deposit into the Certificate Distribution Account; and on each day during the Rapid Amortization
Period for the 2004-A Certificates, after the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has occurred, all Available Trust Principal allocated to the Certificates on such day pursuant to the applicable clause of
Section 4.5(d) of the Trust Sale and Servicing Agreement will be deposited in the Certificate Distribution Account with respect to the 2004-A Certificates. All amounts so allocated during a Rapid Amortization Period will be distributed to the
Holders of the 2004-A Certificates on the related Monthly Distribution Date. 

  

	5.3	Distributions in Respect of Certificate Balance. 

  

	5.3.1 	2004-A Certificate Targeted Final Distribution Date. On the 2004-A Certificate Targeted Final Distribution Date, unless a Rapid Amortization Period has earlier commenced, the
Owner Trustee shall withdraw from the Certificate Distribution Account (and, if a Cash Accumulation Period is then in effect, the Indenture Trustee shall transfer all amounts on deposit in the 2004-A Certificate Cash Accumulation Account to the
Certificate Distribution Account with respect to the 2004-A Certificates) and distribute to the Holders of the 2004-A Certificates the lesser of: 

  

	 	(a)	the Certificate Balance of the 2004-A Certificates and 

  

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

  

	5.3.2 	Following the 2004-A Certificate Targeted Final Distribution Date. If the amount distributed to the Holders of the 2004-A Certificates on the 2004-A Certificate Targeted
Final Distribution Date was less than the Certificate Balance of the 2004-A Certificates on the 2004-A Certificate Targeted Final Distribution Date and if a Rapid Amortization Period is not then in effect, then on each Monthly Distribution Date
thereafter, the Servicer shall instruct the Owner Trustee to withdraw from the 2004-A Certificate Distribution Account for payment to the Holders of the 2004-A Certificates the funds deposited in the Certificate Distribution Account with respect to
the 2004-A Certificates. 

  

	5.3.3 	During Rapid Amortization Period. On each Monthly Distribution Date related to a Rapid Amortization Payment Date, the Owner Trustee (based on the Servicer’s Accounting
for such Monthly Distribution Date) shall distribute to the Holders of the 2004-A Certificates the lesser of the amount of Available Principal Funds for such Monthly Distribution Date and the Certificate Balance of the 2004-A Certificates on the
last day of the related Collection Period. 

  

 -5- 

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

  

	6.1	Payment Period. 

  

	6.1.1 	Unless a Cash Accumulation Period or a Rapid Amortization Period for the 2004-A Certificates has commenced and is continuing, the Payment Period for the 2004-A Certificates will
commence upon a date that is no earlier than April 1, 2009 and no later than August 1, 2009 (the “Latest Commencement Date”). On the Determination Date in March 2009 and on each Determination Date thereafter before the commencement
of the Payment Period, the Servicer will determine the date, if any, on which the Payment Period shall commence prior to the Latest Commencement Date, by calculating the Required Payment Period Length. The Payment Period will commence with the first
day of the Collection Period which follows the first Determination Date on which the Required Payment Period Length is equal to or greater than the number of full Collection Periods remaining between such Determination Date and the 2004-A
Certificate Targeted Final Distribution Date. 

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

							
	 Required
	  	 	  	Outstanding Balance	  	 
	 Payment Period
	  	=	  	Recent Minimum Daily Trust Balance x Minimum Monthly Payment Rate	  	 
	 Length
	  	 	  	 	  	 

  
 where, for purposes
of this equation only: 
  
 “Outstanding Balance”
is the Certificate Balance of all 2004-A Certificates and the outstanding principal balance of all Notes with scheduled Payment Periods during the Payment Period for the 2004-A Certificates; 
  
 “Recent Minimum Daily Trust Balance” is the minimum
expected Daily Trust Balance during the period between such Determination Date and August 30, 2009 as determined by the Servicer; and 
  
 “Minimum Monthly Payment Rate” is the minimum Monthly Payment Rate during the twelve Collection Periods preceding such Determination
Date. 
  

	6.1.2 	The Payment Period for the 2004-A Certificates will terminate upon the earliest of (1) the occurrence of a Cash Accumulation Event, (2) the Certificate Balance of the 2004-A
Certificates is paid or provided for in full, and (3) the occurrence of a Rapid Amortization Event. 

  

	6.1.3 	 If the Payment Period for the 2004-A Certificates shall be terminated upon the occurrence of an Early Amortization Event described in clauses (i) or (k) of
Section 9.1 of the Trust Sale and Servicing Agreement and no other Early Amortization Event has occurred, such Payment Period shall be recommenced if the Seller elects to recommence the Revolving Period as described in Section 9.5(a)
of 

  

 -6- 

	 	 
the Trust Sale and Servicing Agreement. If the Payment Period for the 2004-A Certificates shall be terminated upon the commencement of the Wind Down Period
prior to the Final Revolving Period Termination Date, such Payment Period shall be recommenced, if the Seller elects to recommence the Revolving Period as described in Section 9.5(b) of the Trust Sale and Servicing Agreement.

  

	6.2	Rapid Amortization Period. 

  

	6.2.1 	“Rapid Amortization Period” for the 2004-A Certificates will commence upon the occurrence of a Rapid Amortization Event and will end upon the earliest to occur of
(i) the date on which the Certificate Balance of the 2004-A Certificates is paid in full and (ii) the Trust Termination Date. 

  

	6.2.2 	“Rapid Amortization Event” for the 2004-A Certificates means any of the following events: 

  

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

  

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

  

	6.3	Cash Accumulation Period. 

  

	6.3.1 	A “Cash Accumulation Period” for the 2004-A Certificates will commence upon the occurrence of a Cash Accumulation Event and will terminate on the earliest to occur
of: 

  

	 	(a)	the date on which the Certificate Balance of the 2004-A Certificates is paid in full, 

  

	 	(b)	the occurrence of a Rapid Amortization Event for the 2004-A Certificates, 

  

	 	(c)	the Trust Termination Date, and 

  

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

  

	6.3.2 	“Cash Accumulation Event” for the 2004-A Certificates means any of the following events: 

  

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

  

	 	(b)	the commencement of the Wind Down Period. 

  

 -7- 

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

  

	7.	Optional Purchase by the Servicer. 

  

	7.1	At any time from and after the time that: 

  

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

  

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

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

	8.	2004-A Certificate Cash Accumulation Reserve Fund. 

  
 For the 2004-A Certificates, there shall be no Cash Accumulation Reserve Fund. 
  

	9.	2004-A Certificate Cash Accumulation Account. 

  

	9.1	The Servicer, for the benefit of the Holders of the 2004-A Certificates, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“2004-A Certificate Cash Accumulation Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the 2004-A Certificates. The 2004-A Certificate Cash Accumulation
Account shall be a Designated Account. 

  

	9.2	2004-A Certificate Cash Accumulation Account Earnings shall constitute Shared Investment Proceeds. 

  

 -8- 

	10.	Reserved. 

  

	11.	Pledge of the 2004-A Certificate Account Property. 

  
 In order to provide for timely payments in accordance with Section 4.5 of the Trust Sale and Servicing Agreement and the terms of the 2004-A
Certificates, to assure the availability for the benefit of the 2004-A Certificateholders, of the amounts maintained in the 2004-A Certificate Cash Accumulation Account and the 2004-A Certificate Distribution Account, the Trust hereby pledges to the
Indenture Trustee and its successors and assigns, all its right, title and interest in and to the 2004-A Certificate Cash Accumulation Account and all proceeds of the foregoing, including, without limitation, all other amounts and investments held
from time to time in the 2004-A Certificate Cash Accumulation Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), (collectively, the “2004-A Certificate Account
Property”), to have and to hold all the aforesaid property, rights and privileges unto the Indenture Trustee, its successors and assigns, in trust for the uses and purposes, and subject to the terms and provisions, set forth in this
Certificate Issuance Order and in Section 4.6 of the Trust Sale and Servicing Agreement. The Indenture Trustee shall hold and distribute the 2004-A Certificate Account Property in accordance with the terms and provisions of the Trust Sale and
Servicing Agreement. By its acknowledgment of this Certificate Issuance Order of the 2004-A Certificates, the Indenture Trustee acknowledges and accepts such trusts as are specified herein with respect to the 2004-A Certificate Account Property.

  
 * * * * 
  
 The undersigned has read or has caused to be read the Trust Agreement,
including the provisions of Section 3.3 and the definitions relating thereto, and the resolutions adopted by the Board of Directors referred to above. Based on such examination, the undersigned has, in the undersigned’s opinion, made
such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to whether all conditions precedent set forth in the Trust Agreement and the other Basic Documents relating to the establishment of the
form and terms of a class of Certificates under the Trust Agreement have been complied with. In the opinion of the undersigned, all such conditions precedent have been complied with in respect of the 2004-A Certificates. 
  
 * * * * 
  

 -9- 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate Issuance Order as of the
September 16, 2004. 
  

			
	 WHOLESALE AUTO RECEIVABLES

	 CORPORATION

		
	 By:
	 	 /s/ C. J. Vannatter

	 Name:
	 	 C. J. Vannatter

	 Title:
	 	 Vice President

  

 -10- 

			
	 Acknowledged and Accepted:

	
	 THE BANK OF NEW YORK,

	 not in its individual capacity, but solely as
 Indenture Trustee

		
	 By:
	 	 /s/ Jonathan Farber

	 Name:
	 	 Jonathan Farber

	 Title:
	 	 Assistant Treasurer

  

			
	 CHASE MANHATTAN BANK USA,

	 not in its individual capacity, but solely as
 Owner Trustee

		
	 By:
	 	 /s/ John J. Cashin

	 Name:
	 	 John J. Cashin

	 Title:
	 	 Vice President

  

 -11- 

 APPENDIX 1 
 to 
 CERTIFICATE ISSUANCE ORDER 
 FOR THE 2004-A CERTIFICATES 
  
 Definitions. 
  

	1.	Reference to General Rule. 

  
 Capitalized terms used herein and not defined shall have the meanings assigned to such terms in the Trust Agreement and in Appendix A to the Trust Sale
and Servicing Agreement dated as of September 16, 2004 among General Motors Acceptance Corporation, as Servicer, Wholesale Auto Receivables Corporation, as Seller, and Superior Wholesale Inventory Financing Trust X, as Issuer. All references herein
to “the Certificate Issuance Order” are to the Certificate Issuance Order with respect to the 2004-A Certificates, dated September 16, 2004. 
  

	2.	Definitions Specific to the 2004-A Certificates. 

  
 The following terms are defined with respect to the 2004-A Certificates only, are not defined in Appendix A to the Trust Sale and Servicing Agreement and,
when used in the Basic Documents, shall have the defined meanings set forth below: 
  
 2004-A Certificate Closing Date: September 16, 2004. 
  
 2004-A Certificate Rate: The interest rate specified in Section 4.1 of the Certificate Issuance Order. 
  
 2004-A Certificateholders’ Interest: For any Monthly Distribution Date, the sum of: 
  

	 	(a)	the product of 

  

	 	(1)	the Certificate Balance (without reduction for any unreimbursed Trust Charge-Offs or Reallocated Principal Amounts) of the 2004-A Certificates on the last day of the related
Collection Period (or, in the case of the initial Monthly Distribution Date, the Certificate Balance on the 2004-A Certificate Closing Date), 

  

	 	(2)	the 2004-A Certificate Rate for the related Monthly Distribution Date, and 

  

	 	(3)	a fraction, the numerator of which is the number of days elapsed from and including the prior Monthly Distribution Date (or, in the case of the initial Monthly Distribution Date,
from and including the 2004-A Certificate Closing Date) to but excluding such Monthly Distribution Date and the denominator of which is 360, and 

  

	 	(b)	the excess of the 2004-A Certificateholders’ Interest for the prior Monthly Distribution Date over the amount of funds that were deposited in the Certificate Distribution
Account on the preceding Monthly Distribution Date. 

  
 2004-A Certificate Stated Final Distribution Date: The Monthly Distribution Date in September 2011. 
  
 2004-A Certificate Targeted Final Distribution Date: The Monthly Distribution Date in September 2009. 
  

	3.	Specification for 2004-A Certificates of Terms Defined in Appendix A to the Trust Sale and Servicing Agreement. 

  
 The following terms, when used in the Trust Agreement, the Trust Sale and
Servicing Agreement and/or other Basic Documents, with respect to the 2004-A Certificates, shall have the meanings set forth below (and, if used in the Certificate Issuance Order, shall be used with respect to the 2004-A Certificates only, except
where expressly indicated otherwise): 
  
 2004-A Certificate
Cash Accumulation Account: The account established as provided in Section 9.1 of the Certificate Issuance Order. 
  
 2004-A Certificate Cash Accumulation Account Earnings: On a Monthly Distribution Date, the investment earnings during the related Collection Period
on funds deposited in the 2004-A Certificate Cash Accumulation Account, net of losses and investment expenses with respect to such funds. 
  
 2004-A Certificate Stated Final Distribution Date: The Monthly Distribution Date in September 2011. 
  
 2004-A Certificate Targeted Final Distribution Date: The Monthly
Distribution Date in September 2009. 
  
 Actual/360 Day
Count: For the computation of accrued interest, means using the actual number of days elapsed during the period from and including the preceding Monthly Distribution Date (or, in the case of the initial Monthly Distribution Date, from and
including the 2004-A Certificate Closing Date), to but excluding the current Monthly Distribution Date, and a year of 360 days. 
  
 Cash Accumulation Event: Any of the events set forth as such in Section 6.3.2 of the Certificate Issuance Order. 
  
 Cash Accumulation Period: A period described as such in Section
6.3.1 of the Certificate Issuance Order. 
  

 -13- 

 Certificateholders’ Interest: With respect to any Monthly Distribution Date, the sum of:

  

	 	(a)	interest on the Certificate Balance (without reduction for unreimbursed Trust Charge-Offs or Reallocated Principal Amounts) of the 2004-A Certificates on the last day of the related
Collection Period (or, in the case of the initial Monthly Distribution Date, the Certificate Balance on the 2004-A Certificate Closing Date), at the 2004-A Certificate Rate for such Monthly Distribution Date, computed on the basis of the Actual/360
Day Count, and 

  

	 	(b)	the excess of the Certificateholders’ Interest for the preceding Monthly Distribution Date over the amount that was actually deposited in the Certificate Distribution Account
on the preceding Monthly Distribution Date for the payment of interest on the 2004-A Certificates. 

  
 Daily Remittance Period: Has the meaning set forth in Section 5.1.3 of the Certificate Issuance Order. 
  
 Fully Funded Date: The day on which: 
  

	 	(a)	the sum of the amount on deposit in the 2004-A Certificate Cash Accumulation Account and in the Certificate Distribution Account for the Certificate Balance of the 2004-A
Certificates equals the Certificate Balance of the 2004-A Certificates, or 

  

	 	(b)	the 2004-A Certificates have been paid in full. 

  
 One-Month LIBOR: means, with respect to each Monthly Distribution Date, the rate for deposits in U.S. Dollars for a period of one month which
appears on the Moneyline Telerate Service Page 3750 as of 11:00 a.m., London time, on the day that is two LIBOR Business Days prior to the Monthly Distribution Date immediately preceding such Monthly Distribution Date (or, in the case of the initial
Monthly Distribution Date, two LIBOR Business Days prior to the 2004-A Certificate Closing Date). If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such
other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee after consultation with the Seller), the rate will be the Reference Bank Rate. 
  
 The “Reference Bank Rate” will be determined on the basis of the rates at which deposits in U.S. Dollars are
offered by the reference banks (which shall be four major banks that are engaged in transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Seller) as of 11:00 a.m., London time, on the day that is
two LIBOR Business Days prior to the immediately preceding Monthly Distribution Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to the Certificate Balance of the 2004-A Certificates. The
Indenture Trustee will request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations, rounded upwards to
the nearest one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate will be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates 

  

 -14- 

 
quoted by one or more major banks in New York City, selected by the Indenture Trustee after consultation with the Seller, as of 11:00 a.m., New York City
time, on such date to leading European banks for United States dollar deposits for a period of three months in amounts approximately equal to the Certificate Balance of the 2004-A Certificates. If no such quotation can be obtained, the rate will be
One-Month LIBOR for the prior Monthly Distribution Date. 
  
 Payment Period: The period described as such in Section 6.1 of the Certificate Issuance Order. 
  
 Rapid Amortization Event: Any of the events set forth as such in Section 6.2.2 of the Certificate Issuance Order. 
  
 Rapid Amortization Payment Date: Each Monthly Distribution Date,
commencing with the Monthly Distribution Date related to the first full calendar month following the commencement of the Rapid Amortization Period and continuing until the earlier of the date that the Certificate Balance of the 2004-A Certificates
is distributed in full or the Trust Termination Date. 
  
 Rapid
Amortization Period: The period described as such in Section 6.2.1 of the Certificate Issuance Order. 
  
 Required Payment Period Length: With respect to the Payment Period, the period of time described in Sections 6.1.1 and 6.1.2 of the
Certificate Issuance Order. 
  

 -15- 

 EXHIBIT A 
  

[FORM OF CLASS 2004-A CERTIFICATE] 
  

			
	NUMBER	  	$                          
	R            	  	CUSIP NO.         

  
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
  
 THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OF AMERICA OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF
THIS CERTIFICATE (OR INTEREST HEREIN) THE HOLDER (OR OWNER) OF THIS CERTIFICATE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO WHOLESALE AUTO RECEIVABLES CORPORATION OR ITS ASSIGNEE OR SUCCESSOR (THE “SELLER”) AND THE OWNER TRUSTEE
THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS CERTIFICATE (OR INTEREST HEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). NEITHER THE SELLER NOR THE OWNER TRUSTEE SHALL BE OBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT, QUALIFY THE CERTIFICATES UNDER THE SECURITIES LAWS OF ANY STATE OR
PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER OR HOLDER THEREOF. 
  
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE (OR INTEREST HEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER, (ii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS 

  

 
OF THE SECURITIES ACT, IN WHICH CASE (A) THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE
OWNER TRUSTEE AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE SELLER, AND (B) THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL
(WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR THE OWNER TRUSTEE) SATISFACTORY TO THE SELLER AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT. NO SALE, PLEDGE OR OTHER TRANSFER MAY BE MADE TO ANY ONE
PERSON FOR CERTIFICATES WITH A FACE AMOUNT OF LESS THAN $2,500,000 (OR SUCH OTHER AMOUNT AS THE SELLER MAY DETERMINE IN ORDER TO PREVENT THE TRUST FROM BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), BUT IN NO EVENT LESS THAN $250,000) AND, IN THE CASE OF ANY PERSON ACTING ON BEHALF OF ONE OR MORE THIRD PARTIES (OTHER THAN A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE
SECURITIES ACT) ACTING IN ITS FIDUCIARY CAPACITY), FOR CERTIFICATES WITH A FACE AMOUNT OF LESS THAN SUCH AMOUNT FOR EACH SUCH THIRD PARTY. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTION WILL BE VOID AB INITIO AND
THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE 2004-A CERTIFICATES FOR ALL PURPOSES. 
  
 THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (i) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3)
OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, OR (iii) ANY ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY. BY ACCEPTING AND HOLDING THIS CERTIFICATE (OR AN INTEREST HEREIN), THE HOLDER HEREOF AND ANY RELATED CERTIFICATE OWNER SHALL EACH BE
DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN AND, IF REQUESTED TO DO SO BY THE SELLER, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST
AGREEMENT. 
  
 [IF THERE IS MORE THAN ONE OWNER OF THE 2004-A
CERTIFICATES, EACH CERTIFICATEHOLDER OR CERTIFICATE 

  

 -17- 

 
OWNER, BY ACCEPTING THIS CERTIFICATE (OR INTEREST HEREIN), (i) EXPRESSES ITS INTENTION THAT THE 2004-A CERTIFICATES WILL QUALIFY UNDER APPLICABLE TAX LAW AS
PARTNERSHIP INTERESTS IN A PARTNERSHIP, WITH THE ASSETS OF THE PARTNERSHIP BEING THE ASSETS HELD BY THE TRUST, AND (ii) UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE 2004-A CERTIFICATES AS INTERESTS IN SUCH A
PARTNERSHIP FOR PURPOSES OF FEDERAL INCOME, STATE AND LOCAL INCOME AND FRANCHISE TAXES, MICHIGAN SINGLE BUSINESS TAX AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.] 
  
 EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER, BY ITS ACCEPTANCE OF THIS
CERTIFICATE (OR INTEREST HEREIN), COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER OR CERTIFICATE OWNER, AS THE CASE MAY BE, SHALL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION
OR OTHERWISE INVOKE OR CAUSE THE SELLER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE SELLER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR
LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE SELLER OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE SELLER. 

 
 Superior Wholesale Inventory Financing Trust X 
  
 FLOATING RATE ASSET BACKED CERTIFICATES, CLASS 2004-A 
  
 evidencing a fractional undivided interest in the Trust, as defined below, the property of
which includes a pool of wholesale receivables generated from time to time in a portfolio of revolving financing arrangements with dealers to finance automobile and other vehicle inventories and collections thereon and certain other property.

  
 (This Certificate does not represent an interest in or obligation of Wholesale
Auto Receivables Corporation, General Motors Acceptance Corporation, General Motors Corporation, the Owner Trustee or any of their respective affiliates, except to the extent described in the Basic Documents.) 
  
 THIS CERTIFIES THAT
                     is the registered owner of a nonassessable, fully-paid, fractional undivided interest in Superior Wholesale Inventory
Financing Trust X (the “Trust”) formed by Wholesale Auto Receivables Corporation, a Delaware corporation. 
  

 -18- 

 The Trust was created pursuant to a Trust Agreement, dated as of September 16, 2004 (as amended and
supplemented from time to time, the “Trust Agreement”), between the Seller and Chase Manhattan Bank USA, National Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions
of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 
  
 This Certificate is one of the duly authorized Certificates designated as “Floating Rate Asset Backed Certificates,
Class 2004-A” (the “Certificates”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which are incorporated herein by reference and made a part hereof,
to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 
  
 Under the Trust Agreement, there shall be distributed on the 15th day of each month or, if such 15th day is not a Business Day, the next succeeding
Business Day, commencing on October 15, 2004 (each, a “Monthly Distribution Date”), to the person in whose name this Certificate is registered on the related Record Date (as defined below), interest accrued hereon to the extent of
funds available therefor and such Certificateholder’s fractional undivided interest in the amount of distributions in respect of Certificate Balance to be distributed to Certificateholders on such Monthly Distribution Date. Interest shall
accrue on this Certificate at the applicable Certificate Rate (as set forth on the reverse hereof) on the Certificate Balance represented by this Certificate (without reduction for any unreimbursed Trust Charge-Offs or Reallocated Principal
Amounts), and interest accrued hereon as of any Monthly Distribution Date but not distributed on such Monthly Distribution Date shall be due on the next Monthly Distribution Date. No distributions of Certificate Balance shall be made on any
Certificate until all Notes have been paid (or provided for) in full. The entire unpaid Certificate Balance on this Certificate shall be due and payable on the Monthly Distribution Date in September 2011 (the “Stated Final Distribution
Date”). However, the actual distribution in full of the Certificate could occur sooner or later than such date. The “Record Date,” with respect to any Monthly Distribution Date, means the last day of the preceding
Collection Period. 
  
 The distributions in respect of Certificate
Balance and interest on this Certificate are payable in such coin or currency of the United States of America as at the time of distribution is legal tender for payment of public and private debts. All distributions made by the Trust with respect to
this Certificate shall be applied first to interest due and payable on this Certificate as provided above and then to the unpaid distributions in respect of Certificate Balance of this Certificate. 
  
 The Holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as and to the extent described in the Trust Sale and Servicing Agreement and the Indenture. 
  
 Each Certificateholder or Certificate Owner, by its acceptance of a
Certificate (or interest therein), covenants and agrees that such Certificateholder or Certificate Owner, as the case may be, shall not, prior to the date which is one year and one day after the termination of the Trust Agreement, acquiesce,
petition or otherwise invoke or cause the Seller to invoke the 

  

 -19- 

 
process of any court or governmental authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy,
insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or any substantial part of its property, or ordering the winding-up or liquidation of
the affairs of the Seller. By its acceptance of this Certificate, the Seller agrees that it shall not be deemed to have approved the commencement of a voluntary proceeding in bankruptcy relating to the Trust for purposes of Section 4.3 of the
Trust Agreement unless such commencement was approved by the affirmative vote of all of the members of the Seller’s board of directors. 
  
 Distributions on this Certificate shall be made as provided in the Trust Agreement without the presentation or surrender of this Certificate or the making
of any notation hereon, to each Certificateholder of record on the immediately preceding Record Date either by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Record Date, or, if not, by check mailed to such Certificateholder at the address of such
Holder appearing in the Certificate Register. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office maintained for such purpose by the Owner Trustee in the City of New York. 
  
 Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the
Trust Agreement or the Trust Sale and Servicing Agreement or be valid for any purpose. 
  
 THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 -20- 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has
caused this Certificate to be duly executed. 
  
 Dated: September 16, 2004

  

			
	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST X
		
	By:	 	Chase Manhattan Bank USA,
	 National Association, not in its individual
 capacity but solely as Owner Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

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

									
	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee	 	OR	 	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee by JPMorgan Chase Bank, as Authentication Agent
					
	By:	 	 	 	 	 	By:	 	 
	 Name:
	 	 	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 	 	 Title:
	 	 

  

 -21- 

 REVERSE OF CERTIFICATE 
  
 The Certificates do not represent an obligation of, or an interest in, the Seller, the Servicer, General Motors Corporation,
the Indenture Trustee, the Owner Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the Basic Documents.
In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables held by the Trust (and certain other amounts), all
as more specifically set forth herein, in the Trust Agreement and the Trust Sale and Servicing Agreement. A copy of each of the Trust Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal
office of the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written request. 
  
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the
Seller and the rights of the Certificateholders under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Noteholders whose Notes evidence not less than a majority of the Outstanding Amount of the Notes as of
the close of business on the preceding Monthly Distribution Date and the consent of Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as of the close of business on the preceding Monthly Distribution
Date. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof
whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates or the Notes. 
  
 The term “Certificate Rate” as used in this Certificate
means, with respect to any Monthly Distribution Date, One-Month LIBOR plus 0.50%. 
  
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the City of New York, accompanied by (i) a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar
duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, (ii) any certificate and/or Opinion of Counsel required by Section 9.12(b) of the Trust Agreement, and (iii) if requested by the Seller, the
Undertaking Letter required by Section 9.12(a) of the Trust Agreement, and thereupon one or more new Certificates of the same class of authorized denominations evidencing the same aggregate interest in the Trust shall be issued to the
designated transferee. 
  
 The initial Certificate Registrar
appointed under the Trust Agreement is JPMorgan Chase Bank. 
  

 -22- 

 The Certificates (other than those issued to the Seller or its affiliates) are issuable only as
registered Certificates without coupons in denominations of $2,500,000 or greater (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of
the Code, but in no event less than $250,000). As provided in the Trust Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same class of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same; provided, however, that no Certificate (other than those issued to the Seller or its affiliates) may be subdivided upon transfer or exchange in a manner
such that the resulting Certificate if it had been sold in the original offering would have had an initial offering price of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a
“publicly traded partnership” under Section 7704 of the Code, but in no event less than $250,000). No service charge shall be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the person in whose name this
Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary. 
  
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the
distribution to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Trust Sale and Servicing Agreement and the disposition of all property held as part of the Trust. 
  

 -23- 

 CERTIFICATE OF TRANSFER 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER 
 OF ASSIGNEE 
  
 (Please print or type name and address, including postal zip code, of assignee) 
  
 the within Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing
                                        
                                        
                                        
                                        
Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  
 In connection with any sale, pledge or transfer of this Certificate the undersigned hereby represents to the Owner Trustee and the Seller that such sale,
pledge or transfer is being made to a person whom the undersigned reasonably believes after due inquiry is a “qualified institutional buyer” (as defined in Rule 144A under the United States Securities Act of 1933, as amended) acting for
its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are qualified institutional buyers) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A.

  
 If such sale, pledge or other transfer is being made pursuant to (a) above,
the undersigned acknowledges that such institutional investor must execute a certificate substantially in the form specified in the Trust Agreement. 
  

					
	Dated:	  	 	  	 *

	 	  	Signature Guaranteed:	  	 *

  

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

  

 -24- 

 EXHIBIT B 
  

INVESTOR LETTER 
  
 Wholesale Auto Receivables Corporation 
 Corporation Trust Center 

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

 Attention: Institutional Trust Services 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of a one or more Floating Rate Asset-Backed Certificates, Class 2004-A (the “Certificates”),
representing a fractional undivided interest in the Superior Wholesale Inventory Financing Trust X, issued under a trust agreement, to be dated as of September 16, 2004 (the “Trust Agreement”), between Wholesale Auto Receivables
Corporation, a Delaware corporation (the “Seller”) and Chase Manhattan Bank USA, National Association, as owner trustee, acting thereunder not in its individual capacity but solely as owner trustee of the Trust (the “Owner
Trustee”), we confirm that: 
  
 1. We
understand that the Certificate has not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any jurisdiction and may not be sold except as permitted in the
following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that such Certificates (or an interest therein) may be resold, pledged or transferred only (i) to the Seller, (ii) so long
as such Certificates are eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person whom the transferor reasonably believes after due inquiry to be a “qualified institutional buyer” as
defined in Rule 144A acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”) to whom notice is given that the resale, pledge or transfer
is being made in reliance on Rule 144A, or (iii) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee shall require that both the
prospective transferor and the prospective transferee certify to the Owner Trustee and the Seller in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Seller,
and (B) the Owner Trustee shall require a written opinion of counsel (which will not be at the expense of the Seller or the Owner Trustee) satisfactory to the Seller and the Owner Trustee to the effect that such transfer will not violate the
Securities Act, in each case in accordance with any applicable securities laws 

  

 
of any state of the United States. We will notify any purchaser of the Certificates (or an interest therein) from us of the above resale restrictions, if
then applicable. We further understand that in connection with any transfer of the Certificates (or interest therein) by us that the Seller and the Owner Trustee may request, and if so requested we will furnish, such certification and other
information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions. We understand that no sale, pledge or other transfer may be made to any one person for Certificates (or an interest therein) with
a face amount of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the United States Internal Revenue Code of
1986, as amended, but in no event less than $250,000) and, in the case of any person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for
Certificates with a face amount of less than such amount for each such third party. Any attempted transfer will be void ab initio and the purported transferor will continue to be treated as the owner of the Certificates for all purposes. We
understand that no sale, pledge or other transfer of the Certificates may be made to (i) an “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity.

  
 2. We are a “qualified institutional
buyer” as defined under Rule 144A under the Securities Act and are acquiring the Certificates (or an interest therein) for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are
“qualified institutional buyers”). We are familiar with Rule 144A under the Securities Act and are aware that the transferor of the Certificates (or an interest therein) and other parties intend to rely on the statements made herein and
the exemption from the registration requirements of the Securities Act provided by Rule 144A. We are aware that we (or any account for which we are purchasing) may be required to bear the economic risk of an investment in the Certificate until such
time as the trust terminates, and that we (or such account) are able to bear such risk for such period. 
  
 3. You are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	(Name of Purchaser)
		
	By:	 	 
		
	 Date:
	 	 

  

 -2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]