Document:

exv4w3

 

Exhibit 4.3

EXECUTION COPY

POOLING AND SERVICING AGREEMENT

BETWEEN

GMAC LLC

SELLER AND SERVICER

AND

WHOLESALE AUTO RECEIVABLES LLC

PURCHASER

DATED AS OF FEBRUARY 13, 2007

Superior Wholesale Inventory Financing Trust 2007-AE-1

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS
	 	 	1	 
	Section 1.01 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	PURCHASE AND SALE OF ELIGIBLE RECEIVABLES
	 	 	2	 
	Section 2.01 Purchase and Sale of Eligible Receivables
	 	 	2	 
	Section 2.02 Purchase Price
	 	 	2	 
	Section 2.03 Addition of Accounts
	 	 	3	 
	Section 2.04 Optional Removal of Accounts
	 	 	4	 
	Section 2.05 Removal of Ineligible Accounts
	 	 	5	 
	Section 2.06 Custody of Documentation
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	ADMINISTRATION AND SERVICING OF RECEIVABLES SECTION
	 	 	5	 
	Section 3.01 Appointment of Servicer and Acceptance of Appointment
	 	 	5	 
	Section 3.02 Rights and Duties of the Servicer
	 	 	5	 
	Section 3.03 Servicing Compensation; Payment of Certain Expenses by the Servicer
	 	 	7	 
	Section 3.04 Representations, Warranties and Covenants of the Servicer
	 	 	8	 
	Section 3.05 Servicer’s Accounting and Reports
	 	 	11	 
	Section 3.06 Pre-Closing Collections
	 	 	11	 
	Section 3.07 Collections Received by GMAC
	 	 	11	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	12	 
	Section 4.01 Representations and Warranties of GMAC Relating to the Accounts and the Receivables
	 	 	12	 
	Section 4.02 Representations and Warranties of GMAC Relating to GMAC and the Agreement
	 	 	13	 
	Section 4.03 Representations and Warranties of the Purchaser
	 	 	15	 
	Section 4.04 Covenants of GMAC
	 	 	16	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	CERTAIN MATTERS RELATING TO GMAC
	 	 	17	 
	Section 5.01 Merger or Consolidation of, or Assumption of the Obligations of, GMAC
	 	 	17	 
	Section 5.02 GMAC Indemnification of the Purchaser
	 	 	17	 
	Section 5.03 GMAC Acknowledgment of Transfers to the Issuing Entity
	 	 	17	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	ADDITIONAL AGREEMENTS
	 	 	18	 
	Section 6.01 Additional Obligations of GMAC and the Purchaser
	 	 	18	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 6.02 Effect of Involuntary Case Involving GMAC
	 	 	18	 
	Section 6.03 Intercreditor Agreements
	 	 	19	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	20	 
	Section 7.01 Amendment
	 	 	20	 
	Section 7.02 Protection of Right, Title and Interest in and to Receivables
	 	 	20	 
	Section 7.03 Costs and Expenses
	 	 	21	 
	Section 7.04 GOVERNING LAW
	 	 	21	 
	Section 7.05 Notices
	 	 	21	 
	Section 7.06 Severability of Provisions
	 	 	21	 
	Section 7.07 Assignment
	 	 	22	 
	Section 7.08 Further Assurances
	 	 	22	 
	Section 7.09 No Waiver; Cumulative Remedies
	 	 	22	 
	Section 7.10 Counterparts
	 	 	22	 
	Section 7.11 Third-Party Beneficiaries
	 	 	22	 
	Section 7.12 Merger and Integration
	 	 	22	 
	Section 7.13 Confidential Information
	 	 	22	 
	Section 7.14 Headings
	 	 	23	 
	Section 7.15 Termination
	 	 	23	 
	Section 7.16 No Petition Covenants
	 	 	23	 
	Section 7.17 Jurisdiction
	 	 	23	 
	 
	 	 	 	 
	Appendix
	 	 	 	 
	 
	 	 	 	 
	Appendix A — Definitions and Rules of Construction
	 	 	 	 
	Appendix B — Demands, Communications and Notices
	 	 	 	 
	Appendix C — Additional Representations and Warranties
	 	 	 	 
	 
	 	 	 	 
	Exhibits
	 	 	 	 
	 
	 	 	 	 
	Exhibit A — List of Locations of the Schedule of Accounts
	 	 	 	 
	Exhibit B — Form of Assignment for the Initial Closing Date
	 	 	 	 
	Exhibit C — Form of Assignment for Each Addition Date
	 	 	 	 
	Exhibit D — Form of Opinion of Counsel With Respect to Addition of Accounts
	 	 	 	 

ii

 

          THIS
POOLING AND SERVICING AGREEMENT is made as of February 13, 2007, between GMAC LLC,
a Delaware limited liability company (referred to herein as “GMAC” in its capacity as
seller of the Receivables specified herein and as the “Servicer” in its capacity as
servicer of the Receivables), and WHOLESALE AUTO RECEIVABLES LLC, a Delaware limited liability
company (the “Purchaser”).

          WHEREAS, GMAC, in the ordinary course of its business, generates certain payment obligations
by financing the floor plan inventory of motor vehicle dealers;

          WHEREAS, GMAC desires to sell and assign to the Purchaser, and the Purchaser desires to
purchase from GMAC, certain of such existing and future payment obligations arising or acquired
from time to time;

          WHEREAS, the Purchaser desires to transfer and assign its interest in such payment obligations
to Superior Wholesale Inventory Financing Trust 2007-AE-1 (the “Issuing Entity” or the
“Trust”) pursuant to the Trust Sale and Servicing Agreement;

          WHEREAS, the Issuing Entity desires to issue the Securities to fund its acquisition of such
payment obligations;

          WHEREAS, the Purchaser, the Issuing Entity and GMAC (as the holder of such payment obligations
not sold to the Purchaser hereunder) desire that the Servicer shall service such payment
obligations; and

          WHEREAS, the Servicer is willing to service such payment obligations and related payment
obligations in accordance with the terms hereof and of the Trust Sale and Servicing Agreement for
the benefit of the Purchaser, GMAC, the Issuing Entity and each other party identified or described
herein or in the Trust Sale and Servicing Agreement as having an interest therein as owner,
trustee, secured party or holder of the Securities (all such parties being collectively referred to
herein as “Interested Parties”).

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

ARTICLE I

DEFINITIONS

          Section 1.01 Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and
shall have the respective meanings assigned them in Part I of Appendix A to this Agreement.
All references herein to “the Agreement” or “this Agreement” are to this Pooling and Servicing
Agreement as it may be amended, supplemented or modified from time to time, and all references
herein to Articles, Sections and subsections are to Articles, Sections or subsections of this
Agreement unless otherwise specified. The rules of construction set forth in Part II of such
Appendix A shall be applicable to this Agreement.

 

 

ARTICLE II

PURCHASE AND SALE OF ELIGIBLE RECEIVABLES

          Section 2.01 Purchase and Sale of Eligible Receivables.

          (a) By execution of this Agreement, on the Closing Date, GMAC does hereby sell, transfer,
assign and otherwise convey to the Purchaser, without recourse, all of its right, title and
interest in, to and under all of the Eligible Receivables existing in the Accounts listed on the
Schedule of Accounts (which is kept at locations listed in Exhibit A) as of the close of
business on the Initial Cut-Off Date and all monies due or to become due thereon after the Initial
Cut-Off Date, all Collateral Security with respect thereto and all amounts received with respect
thereto (including all Interest Collections received in the calendar month in which the Initial
Cut-Off Date occurs, whether or not received prior to the Initial Cut-Off Date) and all proceeds
thereof (including “proceeds” as defined in the UCC and Recoveries).

          (b) Subject to Section 6.02, as of each Receivables Purchase Date, GMAC does hereby
sell, transfer, assign and otherwise convey to the Purchaser, without recourse, all of its right,
title and interest in, to and under all Eligible Receivables created or deemed created in the
Accounts in the Pool of Accounts on such date and all monies due or to become due thereon after
such date, all Collateral Security with respect thereto and all amounts received with respect
thereto and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries).

          (c) It is the intention of GMAC and the Purchaser that the transfers and assignments
contemplated by this Agreement shall constitute sales of the property described in Section
2.01(a) and Section 2.01(b) from GMAC to the Purchaser and that the beneficial interest
in and title to such property shall not be part of GMAC’s estate in the event of the filing of a
bankruptcy petition by or against GMAC under any Insolvency Law. The foregoing sales, transfers,
assignments and conveyances and any subsequent sales, transfers, assignments and conveyances
contemplated hereby do not constitute, and are not intended to result in, the creation or an
assumption by the Purchaser of any obligation of the Servicer, GMAC (if GMAC is not the Servicer),
General Motors or any other Person in connection with the Receivables described above or under any
agreement or instrument relating thereto, including any obligation to any Dealers.

          (d) Subject to Section 2.06 and ARTICLE III hereof, GMAC shall retain all right, title
and interest in, to and under the Receivables in the Accounts in the Pool of Accounts that GMAC has
not transferred to the Purchaser hereunder. Such Receivables, together with any Receivables
repurchased by GMAC or (so long as GMAC is the Servicer) the Servicer from the Purchaser or the
Trust pursuant to this Agreement or the Trust Sale and Servicing Agreement, all monies due or to
become due on such Receivables, all amounts received with respect thereto and all proceeds thereof
(including “proceeds” as defined in the UCC and Recoveries) are collectively referred to herein as
the “Retained Property”.

          Section 2.02 Purchase Price. On the Initial Closing Date, in consideration for the sale of the property described in
Section 2.01(a) to the Purchaser, the Purchaser shall pay to GMAC $1,559,430,777
(representing the aggregate principal balance of the Eligible Receivables as of the close of
business on the Initial Cut-Off Date so sold on the Initial Closing Date) in

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immediately available funds, and GMAC shall deliver to the Purchaser an executed assignment substantially in the form of
Exhibit B hereto. The Purchaser shall pay, subject to Section 6.02, for property described
in Section 2.03 sold by GMAC to the Purchaser on each Addition Date and property described
in Section 2.01(b) sold by GMAC to the Purchaser on each Receivables Purchase Date, a price
equal to the principal balance of the Eligible Receivables to be purchased on each such date. Such
purchase price shall be payable by the Purchaser on each such date in immediately available funds.

          Section 2.03 Addition of Accounts.

          (a) Offers to Designate Additional Accounts. From time to time, GMAC may, at its
option, offer to designate and the Purchaser may, at its option, request the designation of, one or
more Accounts (each, an “Additional Account”) to be included as Accounts in the Pool of
Accounts, subject to the conditions specified in Section 2.03(b) below. If the Purchaser,
at its option, elects to accept any such offer by GMAC or if GMAC, at its option, agrees to any
such request of the Purchaser, GMAC shall sell and assign to the Purchaser, and the Purchaser shall
purchase from GMAC, all of GMAC’s right, title and interest in, to and under all of the Eligible
Receivables in each such Additional Account as of the related Additional Cut-Off Date and all
monies due or to become due thereon after such date, all Collateral Security with respect thereto,
all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined
in the UCC and Recoveries), effective as of the Addition Date specified in a written notice
provided by the Servicer, on behalf of GMAC, to the Purchaser (the “GMAC Addition Notice”).
Effective as of each such Addition Date, such Additional Account shall be included in the Pool of
Accounts and Eligible Receivables arising therein from and after the Additional Cut-Off Date shall
be subject to purchase under Section 2.01(b) above. Each GMAC Addition Notice shall
specify the related Additional Cut-Off Date and shall be given (with a copy to the Rating Agencies)
on or before the fifth Business Day but not more than 30 days prior to the related Addition Date.

          (b)
Conditions. GMAC shall be permitted to designate, and the Purchaser shall be permitted to accept the
designation of, Additional Accounts, in accordance with Section 2.03(a) only upon
satisfaction of each of the following conditions on or prior to the related Addition Date:

          (i) GMAC shall represent that as of the related Additional Cut-Off Date each such
Additional Account is an Eligible Account and that each Receivable arising thereunder
identified as an Eligible Receivable and conveyed to the Purchaser on such Addition Date is
an Eligible Receivable;

          (ii) GMAC shall have delivered to the Purchaser a duly executed written assignment in
substantially the form of Exhibit C and the list required to be delivered pursuant
to Section 7.02(d);

          (iii) GMAC shall have agreed to deliver to the Purchaser, for deposit in the Collection
Account, to the extent required by the Trust Sale and Servicing Agreement, all Collections
with respect to the Eligible Receivables arising in such

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Additional Accounts since the
Additional Cut-Off Date within two Business Days after such Addition Date;

          (iv) as of the Addition Date, neither GMAC nor the Purchaser is insolvent nor shall any
of them have been made insolvent by such transfer nor is either of them aware of any pending
insolvency;

          (v) the Schedule of Accounts shall have been amended to reflect such Additional
Accounts and the Schedule of Accounts as so amended shall be true and correct as of the
Addition Date;

          (vi) GMAC shall have delivered to the Purchaser a certificate of an Authorized Officer
of GMAC confirming the items set forth in clauses (i) through (v) above;

          (vii) the conditions set forth in Section 2.7(b) of the Trust Sale and
Servicing Agreement shall have been satisfied; and

          (viii) GMAC shall have delivered to the Purchaser an Opinion of Counsel of GMAC
substantially in the form of Exhibit D.

          Section 2.04 Optional Removal of Accounts. From time to time, GMAC may, at its option, request from the Purchaser, and the Purchaser
may, at its option, offer to GMAC, the right to designate an Account for removal from the Pool of
Accounts. Subject to the satisfaction by the Purchaser of the conditions set forth in Section
2.8 of the Trust Sale and Servicing Agreement, GMAC, at its option, may accept offers to
designate an Account for removal or request from the Purchaser the right to designate an Account
for removal by furnishing a written notice (the “GMAC Removal Notice”) to the Purchaser not
less than five Business Days but not more than 30 days prior to the Removal Commencement Date. On
and after the Removal Commencement Date with respect to a Randomly Selected Account, GMAC shall not
transfer Receivables with respect to such Randomly Selected Account to the Purchaser. The Schedule
of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to
reflect such Account becoming a Removed Account as of the Removal Date. At any time after the
Removal Date, at the written request of GMAC, the Purchaser shall assign to GMAC, without recourse,
representation or warranty, effective as of the Removal Date, all of the Purchaser’s right, title
and interest in, to and under the Receivables arising in such Account and related Collateral
Security. Notwithstanding anything in this Agreement to the contrary, in the event the Purchaser
shall exercise its right to remove Receivables from the Trust pursuant to Section 2.8(c) of
the Trust Sale and Servicing Agreement, the Purchaser may, at its option, offer to GMAC the right to purchase such removed Receivables with regard to some or all of the Randomly Selected
Accounts without recourse, representation or warranty. In the event GMAC shall accept such offer,
GMAC shall pay for such Receivables by transferring to the Purchaser, in exchange for the
Receivables to be purchased, cash and/or Excess Available Receivables with an aggregate principal
amount equal to the Removal Balance related to such Randomly Selected Accounts as of the date of
removal. On the date of such transfer, all of the Purchaser’s right, title and interest in, to and
under the

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Receivables to be removed and the related Collateral Security shall be deemed to be
transferred and released by the Purchaser to GMAC.

          Section 2.05 Removal of Ineligible Accounts. If at any time an Account shall be deemed a Randomly Selected Account as described in
Section 2.9 of the Trust Sale and Servicing Agreement, the Purchaser shall give notice
thereof to GMAC at the time it gives notice to the parties identified in such Section 2.9.
From and after the Removal Commencement Date with respect to a Randomly Selected Account pursuant
to such Section 2.9, GMAC shall not transfer Receivables with respect to such Randomly
Selected Account to the Purchaser. The Schedule of Accounts shall be amended to reflect such
designation as of the Removal Commencement Date and to reflect such Account becoming a Removed
Account as of the Removal Date. At any time after such removal, at the written request of GMAC,
the Purchaser shall assign to GMAC, without recourse, representation or warranty, effective as of
the Removal Date, all of the Purchaser’s right, title and interest in, to and under the Receivables
in such Account and related Collateral Security.

          Section 2.06 Custody of Documentation. In connection with the sale, transfer, assignment and conveyance of the Receivables and
related Collateral Security in the Accounts in the Pool of Accounts to the Purchaser hereunder, the
Purchaser is executing simultaneously herewith the Custodian Agreement with the Custodian, pursuant
to which the Purchaser shall revocably appoint the Custodian to act as agent of the Purchaser to
maintain custody of the documents and instruments (as more fully described in the Custodian
Agreement) associated with such Receivables, which shall be constructively delivered to the
Purchaser. GMAC, as the holder of the Retained Property, hereby consents to the appointment of the
Custodian to act as agent of GMAC to maintain custody of the documents and contracts (as more fully
described in the Custodian Agreement) associated with the Receivables included therein and is
simultaneously herewith executing the Custodian Agreement. The Custodian has accepted such
appointment by the Purchaser and GMAC under the Custodian Agreement.

ARTICLE III

ADMINISTRATION AND SERVICING OF RECEIVABLES SECTION

          Section 3.01 Appointment of Servicer and Acceptance of Appointment. The Purchaser and GMAC hereby appoint the Servicer to act as Servicer with respect to the
Eligible Receivables and the Receivables included in the Retained Property, existing in or arising
under the Accounts included in the Pool of Accounts from time to time and authorize the Servicer to
perform the duties of Servicer under this Agreement and under the Trust Sale and Servicing Agreement. The Servicer by execution of this Agreement and by
execution of the Trust Sale and Servicing Agreement hereby accepts such appointment and the terms
hereof and thereof.

          Section 3.02 Rights and Duties of the Servicer.

          (a) The Servicer shall manage, service and administer the Receivables described in Section
3.01, including, without limitation, collecting payments due under the Receivables and
providing for charge-offs of uncollectible Receivables, with reasonable care and all in accordance
with the Servicer’s customary and usual servicing procedures for servicing wholesale receivables
comparable to the Receivables which the Servicer services for its own

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account, including the Floor Plan Financing Guidelines, except insofar as any failure to do so would not have a material adverse
effect on the interests of Securityholders. The Servicer shall have full power and authority,
acting alone or through any party properly designated by it hereunder or under the Trust Sale and
Servicing Agreement, to do any and all things in connection with such servicing and administration
which it may deem necessary or desirable, including monitoring the insurance maintained by Dealers.
The Servicer is hereby authorized to commence, in its own name or in the name of any Interested
Party, a Proceeding to enforce any Receivable subject hereto, to enforce all obligations of GMAC
and the Purchaser under this Agreement and under the Trust Sale and Servicing Agreement or to
commence or participate in a Proceeding (including without limitation a bankruptcy proceeding)
relating to or involving any such Receivable. If in any Proceeding it is held that the Servicer
may not enforce a Receivable arising under an Account in the Pool of Accounts on the ground that it
is not a real party in interest or a holder entitled to enforce such Receivable, the Purchaser,
GMAC and each other Interested Party shall, at the Servicer’s expense, take such steps as the
Servicer reasonably deems necessary or appropriate to enforce the Receivable, including bringing
suit in the name of such Person. If the Servicer commences or participates in such a Proceeding in
its own name, each Interested Party shall thereupon be deemed to have automatically assigned such
Receivable to the Servicer for purposes of commencing or participating in any such Proceeding as a
party or claimant, and the Servicer is hereby authorized and empowered to execute and deliver in
the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other
documents or instruments in connection with any such Proceeding. Each Interested Party shall
furnish the Servicer with any powers of attorney and other documents and take any other steps which
the Servicer may reasonably deem necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement and the Trust Sale and Servicing
Agreement. Except to the extent required by the preceding two sentences, the authority and rights
granted to the Servicer in this Section 3.02 shall be nonexclusive and shall not be
construed to be in derogation of the retention by any Interested Party (to the extent of its rights
in a Receivable) of equivalent authority and rights. Without limiting the generality of the
foregoing and subject to any Servicing Default, the Servicer is hereby authorized and empowered,
unless such power and authority is revoked by any Interested Party on account of the occurrence of
such a Servicing Default, to:

          (i) instruct the Issuing Entity to make allocations, withdrawals and payments to or
from the Collection Account, the Distribution Accounts, the Reserve Fund, the Cash
Accumulation Reserve Funds and any other related bank accounts or funds as set forth in the
Trust Sale and Servicing Agreement;

          (ii) instruct the Issuing Entity or any Interested Party to take any action required or
permitted under any Specified Support Arrangement;

          (iii) execute and deliver, on behalf of the Issuing Entity for the benefit of any
related Securityholders, any and all instruments of satisfaction or cancellation, or of
partial or full release or discharge, and all other comparable instruments, with respect to
the Receivables and, after the delinquency of any Receivable and to the extent permitted
under and in compliance with applicable requirements of law, to commence enforcement
proceedings with respect to any such Receivable; and

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          (iv) make any filings, reports, notices, applications, registrations with, and seek any
consents or authorizations from, the U.S. Securities and Exchange Commission and any State
securities authority on behalf of the Issuing Entity as may be necessary or advisable to
comply with any U.S. Federal or State securities law or reporting requirement.

          (b) The Servicer shall not be obligated to use separate servicing procedures, offices,
employees or accounts for servicing the Receivables in the Accounts in the Pool of Accounts from
the procedures, offices, employees and accounts used by the Servicer in connection with servicing
other receivables. The Servicer shall, at its own expense, on or prior to the Initial Closing
Date, in the case of the Initial Accounts, and on or prior to the applicable Addition Date, in the
case of Additional Accounts, indicate in its computer files that the Eligible Receivables in the
Accounts in the Pool of Accounts have been sold and transferred by GMAC to the Purchaser hereunder
and by the Purchaser to the Trust under the Trust Sale and Servicing Agreement.

          (c) Except as otherwise required to comply with all Requirements of Law, the Servicer may
change the terms and provisions of the Floor Plan Financing Agreements or the Floor Plan Financing
Guidelines in any respect (including the calculation of the amount or the timing of charge-offs and
the rate of the finance charge assessed thereon), only if:

          (i) in the reasonable belief of the Servicer, no Early Amortization Event shall occur
as a result of such change;

          (ii) such change is made applicable to the comparable segment of any similar portfolio
of accounts serviced by the Servicer and not only to the Accounts in the Pool of Accounts;
and

          (iii) in the case of a reduction in the rate of such finance charges, the Servicer
(and, if GMAC is not then the Servicer, GMAC) does not reasonably expect any such reduction,
after considering amounts due and amounts payable under any Specified Support Agreements and
Investment Proceeds for the related period, to result in the Net Receivables Rate for any
Collection Period being less than the sum of (A) the weighted average of the rates of
interest payable to all holders of Securities and (B) the Monthly Servicing Fee for the
related period;

provided, however, that nothing herein shall prevent the Servicer from modifying the terms of the
Floor Plan Financing Agreement with any dealer on a case-by-case basis in a manner consistent with
the Floor Plan Financing Guidelines.

          Section 3.03 Servicing Compensation; Payment of Certain Expenses by the Servicer. The Servicer is entitled to receive the Monthly Servicing Fee as described in the Trust
Sale and Servicing Agreement. The Monthly Servicing Fee shall be payable to the Servicer solely to
the extent amounts are available for payment in accordance with the terms of the Trust Sale and
Servicing Agreement. Subject to any limitations on the Servicer’s liability under the Trust Sale
and Servicing Agreement, the Servicer shall be required to pay all expenses incurred by it in
connection with its activities under this Agreement and the Trust Sale and Servicing

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Agreement (including disbursements of the Issuing Entity, fees and disbursements of any trustees, accountants
and outside auditors, taxes imposed on the Servicer, expenses incurred in connection with
distributions and reports to Securityholders and all other fees and expenses not expressly stated
under this Agreement or the Trust Sale and Servicing Agreement to be for the account of the
Securityholders, but in no event including federal, state and local income and franchise taxes, if
any, of the Issuing Entity or any holder of the Securities).

          Section 3.04 Representations, Warranties and Covenants of the Servicer.

          (a) The Servicer hereby makes, and any successor Servicer by its appointment under this
Agreement and under the Trust Sale and Servicing Agreement shall make, on each Closing Date (and on
the date of any such appointment) the following representations, warranties and covenants on which
the Purchaser relies in accepting and holding the Receivables and the related Collateral Security
hereunder and the Issuing Entity shall rely in acquiring and holding such Receivables and the
related Collateral Security under the Trust Sale and Servicing Agreement and in issuing the
Securities:

          (i) Organization and Good Standing. The Servicer has been duly organized and
is validly existing as a limited liability company in good standing under the laws of the
State of Delaware (or, in the case of a Servicer other than GMAC, other applicable law of
its jurisdiction of incorporation or formation, as applicable), with power and authority to
own its properties and to conduct its businesses as such properties are presently owned and
such businesses are presently conducted.

          (ii) Due Qualification. The Servicer is duly qualified to do business and,
where necessary, is in good standing as a foreign limited liability company (or is exempt
from such requirement) and has obtained all necessary licenses and approvals in each
jurisdiction in which the conduct of its businesses requires such qualification, except
where the failure to so qualify or obtain licenses or approvals would not have material
adverse effect on its ability to perform its obligations under this Agreement.

          (iii) Power and Authority. The Servicer has the power and authority to execute
and deliver this Agreement and the Trust Sale and Servicing Agreement, to carry out the
terms of each such agreement and to service the Accounts in the Pool of Accounts and the Receivables arising therein as provided herein and in the Trust Sale and
Servicing Agreement, and the execution, delivery and performance of this Agreement and the
Trust Sale and Servicing Agreement have been duly authorized by the Servicer by all
necessary corporate action on the part of the Servicer.

          (iv) Binding Obligation. This Agreement constitutes, and the Trust Sale and
Servicing Agreement, when duly executed and delivered by the Servicer, shall constitute, the
legal, valid and binding obligation of the Servicer enforceable in accordance with their
respective terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereinafter in effect, affecting the
enforcement of creditors’ rights in general and by general principles of equity, regardless
of whether such enforceability is considered in a proceeding in equity or at law.

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          (v) No Violation. The execution of this Agreement and the consummation of the
transactions contemplated by this Agreement and the Trust Sale and Servicing Agreement by
the Servicer and the fulfillment of the terms of this Agreement and the Trust Sale and
Servicing Agreement by the Servicer, shall not conflict with, result in any breach of any of
the terms and provisions of or constitute (with or without notice or lapse of time) a
default under, the articles of incorporation, by-laws, certificate of formation, or limited
liability company agreement, as applicable, of the Servicer, or any indenture, agreement,
mortgage, deed of trust or other instrument to which the Servicer is a party or by which it
is bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument (other than pursuant to the Basic Documents), or violate any law or, to the best
of the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of any
Governmental Authority having jurisdiction over the Servicer or any of its properties,
except where any such conflict or violation would not have a material adverse effect on its
ability to perform its obligations under this Agreement or the Trust Sale and Servicing
Agreement.

          (vi) No Proceedings. To the Servicer’s knowledge, there are no Proceedings or
investigations pending, or threatened, against the Servicer before any Governmental
Authority having jurisdiction over the Servicer or its properties (A) asserting the
invalidity of this Agreement or the Trust Sale and Servicing Agreement or any Securities
issued thereunder, (B) seeking to prevent the issuance of the such Securities, the execution
of this Agreement or the consummation of any of the transactions contemplated by this
Agreement or the Trust Sale and Servicing Agreement or (C) seeking any determination or
ruling that might materially and adversely affect the performance by the Servicer of its
obligations under, or the validity and enforceability of, this Agreement or the Trust Sale
and Servicing Agreement.

          (vii) Compliance with Requirements of Law. The Servicer shall duly satisfy all
obligations on its part to be fulfilled under or in connection with the Receivables and the
Accounts to be serviced under this Agreement and the Trust Sale and Servicing Agreement,
shall maintain in effect all qualifications required under Requirements of Law in order to
service properly such Receivables and such Accounts
and shall comply in all material respects with all Requirements of Law in connection
with servicing such Receivables and such Accounts, except, in each case, where a failure to
do so would not have a material adverse effect on the interests of the Securityholders.

          (viii) No Rescission or Cancellation. The Servicer shall not permit any
rescission or cancellation of any Receivable sold and assigned to the Purchaser hereunder
that the Servicer services under this Agreement and the Trust Sale and Servicing Agreement,
except as ordered by a court of competent jurisdiction or other Governmental Authority.

          (ix) Protection of Interested Party Rights. The Servicer shall take no action,
nor omit to take any action, which would impair the rights or interests of Interested
Parties in the Receivables sold and assigned to the Purchaser hereunder that the Servicer
services under this Agreement and the Trust Sale and Servicing Agreement or in

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the related
Vehicle Collateral Security nor shall it reschedule, revise or defer payments due on any
such Receivable except, in each case, in a manner consistent with the Floor Plan Financing
Guidelines or as otherwise contemplated herein or in the Trust Sale and Servicing Agreement.
The Servicer shall not permit any such Receivable to become subject to any right of set-off
or any offsetting balance.

          (x) Negative Pledge. Except for the conveyances hereunder to the Issuing
Entity pursuant to the Trust Sale and Servicing Agreement and the pledge of the Trust Estate
to the Indenture Trustee pursuant to the Indenture, and as provided in Section 6.03,
the Servicer shall not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist, any Lien on any Receivable sold and assigned to
the Purchaser hereunder (and any related Vehicle Collateral Security), whether now existing
or hereafter created, or any interest therein, and the Servicer shall defend the right,
title and interest of the Purchaser, the Issuing Entity and any Interested Party in, to and
under such property, whether now existing or hereafter created, against all claims of third
parties claiming through or under the Purchaser or the Servicer. The Servicer shall notify
the Purchaser promptly after becoming aware of any Lien on such property other than the
conveyances hereunder or under the Trust Sale and Servicing Agreement or the Indenture.

          (b) Notice of Breach. Upon discovery by the Purchaser or the Servicer of a breach of
any of the representations, warranties and covenants set forth in this Section 3.04, the
party discovering such breach shall give prompt written notice to the other party.

          (c) Purchase of Receivables. If any covenants of the Servicer under Sections
3.04(a)(vii), (viii), (ix) or (x) has not been complied with in all
material respects with respect to any Eligible Receivable or Account in the Pool of Accounts and
such noncompliance has a material adverse effect on the interests of Securityholders or any other
Interested Parties in such Receivable or such Account, the Servicer shall purchase such Receivable
(or, in the case of a breach affecting less than the entire principal amount of a Receivable, to
the extent of the breach) or all Eligible Receivables under such Account (each, an
“Administrative Receivable”) from the Issuing Entity, on the terms and conditions set forth
in this Section 3.04.

          (d) Payment of Purchase Price. The Servicer shall purchase each Administrative
Receivable no later than two Business Days (or such other period as may be agreed by the Applicable
Trustee) following discovery by the Servicer (including through the receipt of notice thereof) of
the event giving rise to such Administrative Receivable by depositing in the Collection Account, on
the date on which such purchase is deemed to occur, an amount (in immediately available funds)
equal to the principal amount of such Receivable plus accrued and unpaid interest thereon through
the date of purchase. The amount so deposited with respect to a Receivable (an “Administrative
Purchase Payment”) shall be included in Trust Principal Collections (to the extent of the
principal amount of such Receivable) and Interest Collections (as to the remainder of such amount)
on such date and shall be applied in accordance with the terms of this Agreement and the Trust Sale
and Servicing Agreement.

          (e) Sole Remedy. The obligation of the Servicer to purchase Receivables as described
in this Section 3.04, and to make the deposits required to be made to the Collection

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Account as provided in the preceding paragraph, shall constitute the sole remedy respecting the
event giving rise to such obligation available to any Securityholders, the Purchaser, the Owner
Trustee, the Indenture Trustee or the Issuing Entity.

          Section 3.05 Servicer’s Accounting and Reports.

          (a) On or before each Determination Date, the Servicer shall deliver to the Purchaser, the
Owner Trustee, the Indenture Trustee and the Rating Agencies a Servicer’s Accounting with respect
to the immediately preceding Collection Period executed by an Authorized Officer of the Servicer
containing all information necessary for making the allocations, deposits and distributions
required by the Trust Sale and Servicing Agreement, the Trust Agreement and the Indenture on the
related Distribution Date, and all information necessary to each such party for sending any
statements required to be sent to Securityholders with respect to such Distribution Date under the
Trust Sale and Servicing Agreement.

          (b) On each Business Day, the Servicer shall deliver to the Indenture Trustee a Servicer’s
Accounting executed by an Authorized Officer of the Servicer (i) containing the Daily Trust
Balance, the Daily Trust Invested Amount and all related amounts to the extent necessary to
determine the Cash Collateral Amount for such date as described in Section 4.5(d) of the
Trust Sale and Servicing Agreement and (ii) if any series or class of Securities is then in a
Payment Period, Cash Accumulation Period or Rapid Amortization Period, or if the Trust is then in
an Early Amortization Period or a Wind Down period, containing such instructions and computations
as are necessary to effect the allocation and application of Principal Collections and other
Available Trust Principal on such day.

          (c) At any time that GMAC does not have a long-term rating of at least BBB- from Standard &
Poor’s and at least Baa3 from Moody’s, the Servicer shall identify on a daily basis all Eligible
Receivables and, on or before each Determination Date, the Servicer shall deliver to the Owner
Trustee a list identifying all Eligible Receivables as of the last day of the related Collection
Period.

          Section 3.06 Pre-Closing Collections. Within two Business Days after the Initial Closing Date, GMAC shall deliver to the
Purchaser all collections on the Receivables in the Accounts in the Pool of Accounts held by GMAC
on the Initial Closing Date to the extent such collections would be required to be on deposit on
such date if this Agreement and the Trust Sale and Servicing Agreement had been in effect from and
after the Initial Cut-Off Date and the Revolving Period had commenced on such date. The Purchaser
hereby directs GMAC to deposit such amount on its behalf into the Collection Account.

          Section 3.07 Collections Received by GMAC. GMAC hereby agrees to deliver all Collections on the Receivables in the Accounts in the
Pool of Accounts received by GMAC from or on behalf of Dealers to the Servicer and consents to the
application, allocation and distribution thereof in accordance with the terms and provisions of
this Agreement and the Trust Sale and Servicing Agreement.

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ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS

          Section 4.01 Representations and Warranties of GMAC Relating to the Accounts and the
Receivables.

          (a) Representations and Warranties. As of the dates set forth below, GMAC makes the
following representations and warranties to the Purchaser as to the Accounts in the Pool of
Accounts and the Receivables sold to the Purchaser hereunder, on which the Purchaser relies in
accepting such Receivables:

          (i) as of the Initial Cut-Off Date, each Account included in the Pool of Accounts is an
Eligible Account;

          (ii) as of the Initial Cut-Off Date, each Receivable that is identified as an Eligible
Receivable and conveyed to the Purchaser on the Closing Date is an Eligible Receivable;

          (iii) as of each Additional Cut-Off Date, each related Additional Account is an
Eligible Account and each Receivable arising thereunder that is identified as an Eligible
Receivable and conveyed to the Purchaser on the related Addition Date is an Eligible
Receivable;

          (iv) as of each date that Receivables are sold and transferred hereunder pursuant to
Section 2.01(b), each Receivable that is identified as an Eligible Receivable and so
conveyed to the Purchaser on such date is an Eligible Receivable; and

          (v) the representations and warranties regarding creation, perfection and priority of
security interests in the Receivables, which are attached to this Agreement as Appendix C,
are true and correct to the extent that they are applicable.

          (b) Survival; Notice of Breach. The representations and warranties set forth in this
Section 4.01 shall survive the transfer and assignment of the Eligible Receivables in the
Accounts in the Pool of Accounts and related items to the Purchaser from time to time and the
subsequent assignment and transfer of its interests therein to the Issuing Entity pursuant to the
Trust Sale and Servicing Agreement. Upon discovery by GMAC or the Purchaser of a breach of any of
the representations and warranties set forth in this Section 4.01, the party discovering
such breach shall give prompt written notice to the other party.

          (c) Repurchase. GMAC acknowledges that the Purchaser shall assign its rights and
remedies hereunder with respect to the Eligible Receivables arising in the Accounts in the Pool of
Accounts to the Issuing Entity under the Trust Sale and Servicing Agreement. GMAC hereby covenants
and agrees with the Purchaser that (i) in the event of a breach of any of GMAC’s representations
and warranties contained in Section 4.01(a) with respect to any Receivable or with respect
to any Account that materially and adversely affects the interests of the Purchaser or the Trust in
any Receivable or (ii) in the event that the payment of all or a portion of the principal amount of
any Receivable held by the Purchaser or the Trust is deferred pursuant to DPP or any other
installment sales program or similar arrangement, unless and to the

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extent such breach or deferral shall have been cured in all material respects, GMAC shall repurchase the interest of the Issuing
Entity in such Receivable (to the extent of such breach or deferral) on the date and for the amount
specified in Section 2.5 of the Trust Sale and Servicing Agreement, without further notice
from the Purchaser hereunder and without any representation, warranty or recourse from the
Purchaser or the Issuing Entity. Without limiting the generality of the foregoing, a Receivable
shall not be an Eligible Receivable, and thus shall be subject to repurchase, if and to the extent
that, (A) the Servicer adjusts downward the principal amount of such Receivable because of a
rebate, refund, credit adjustment or billing error to the related Dealer or (B) such Receivable was
created in respect of a Vehicle which was refused or returned by the related Dealer.

          (d) Sole Remedy. The obligation of GMAC to repurchase any Receivable shall constitute
the sole remedy respecting the event giving rise to such obligation available to the Purchaser and
to any Interested Party.

          Section 4.02 Representations and Warranties of GMAC Relating to GMAC and the
Agreement.

          (a) Representations and Warranties. GMAC, in its capacity as Seller, hereby makes as
of each Closing Date the following representations and warranties on which the Purchaser relies.
The following representations and warranties shall survive the sale, transfer and assignment of the
Receivables hereunder:

          (i) Organization and Good Standing. GMAC has been duly organized and is
validly existing as a limited liability company in good standing under the laws of the State
of Delaware, with power and authority to own its properties and to conduct its businesses as
such properties are presently owned and such businesses are presently conducted;

          (ii) Due Qualification. GMAC is duly qualified to do business and, where
necessary, is in good standing as a foreign limited liability company (or is exempt from
such requirement) and has obtained all necessary licenses and approvals in each
jurisdiction in which the conduct of its businesses requires such qualification, except
where the failure to so qualify or obtain licenses or approvals would not have a material
adverse effect on its ability to perform its obligations under this Agreement;

          (iii) Power and Authority. GMAC has the power and authority to execute and
deliver this Agreement, to carry out its terms, and to consummate the transactions
contemplated herein, and the execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated herein have been duly authorized by GMAC by
all necessary organizational action on the part of GMAC;

          (iv) No Violation. The execution of this Agreement and the consummation of the
transactions contemplated by this Agreement and the fulfillment of the terms of this
Agreement by GMAC shall not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a default under, the
certificate of formation or limited liability company agreement of

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GMAC, or any indenture,
agreement, mortgage, deed of trust or other instrument to which GMAC is a party or by which
it is bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument (other than pursuant to the Basic Documents) or violate any law or, to the best
of GMAC’s knowledge, any order, rule or regulation applicable to GMAC of any Governmental
Authority having jurisdiction over GMAC or any of its properties, except where any such
conflict or violation would not have a material adverse effect on its ability to perform its
obligations with respect to the Purchaser or any Interested Party under this Agreement or
the Trust Sale and Servicing Agreement;

          (v) No Proceedings. To GMAC’s knowledge, there are no Proceedings or
investigations pending, or threatened, against GMAC before any Governmental Authority having
jurisdiction over GMAC or its properties (A) asserting the invalidity of this Agreement, the
Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement,
(B) seeking to prevent the execution of this Agreement or the consummation of any of the
transactions contemplated by this Agreement, the Trust Sale and Servicing Agreement, the
Custodian Agreement or the Administration Agreement or (C) seeking any determination or
ruling that might materially and adversely affect the performance by GMAC of its obligations
under, or the validity or enforceability of, this Agreement, the Trust Sale and Servicing
Agreement, the Custodian Agreement or the Administration Agreement;

          (vi) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of GMAC, enforceable against GMAC in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law;

          (vii) Record of Accounts. The Schedule of Accounts is an accurate and complete
listing in all material respects of all of the Accounts in the Pool of Accounts as
of the Initial Cut-Off Date or the applicable Additional Cut-Off Date, as the case may
be, and the information contained therein with respect to the identity of such Accounts is
true and correct in all material respects; and

          (viii) Valid Sale. With respect to the Initial Accounts, this Agreement and
the related assignment to be delivered on the Initial Closing Date or, in the case of
Additional Accounts, the related assignment as described in Section 2.03(b), when
duly executed and delivered, shall constitute a valid sale, transfer and assignment to the
Purchaser of all right, title and interest of GMAC in, to and under the Eligible Receivables
thereunder and the related Vehicle Collateral Security, whether then existing or thereafter
created, and the proceeds thereof, enforceable against creditors of and purchasers from
GMAC. To the extent such filings are required therefor, upon the filing of the financing
statements described in Section 7.02(a) (and, in the case of Eligible Receivables
hereafter created in the Accounts in the Pool of Accounts and the proceeds thereof, upon the
creation thereof) the Purchaser shall have a first priority perfected

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ownership interest in
such property, except for Liens permitted under Section 4.04(a). Except as
otherwise provided in the Trust Sale and Servicing Agreement or this Agreement, neither
General Motors, GMAC nor any Person claiming through or under General Motors or GMAC has any
claim to or interest in the Trust Estate.

          (b) Survival; Notice of Breach. The representations and warranties set forth in this
Section 4.02 shall survive the transfer and assignment of the Receivables and related items
to the Purchaser hereunder and the subsequent assignment and transfer of its interests therein to
the Issuing Entity pursuant to the Trust Sale and Servicing Agreement. Upon discovery by GMAC or
the Purchaser of a breach of any of the foregoing representations and warranties, the party
discovering such breach shall give prompt written notice to the other party.

          (c) Repurchase. If (i) the Purchaser is required to purchase Receivables and related
Collateral Security pursuant to Section 3.1(c) of the Trust Sale and Servicing Agreement
and (ii) the condition giving rise to such purchase obligation shall also constitute a breach of a
representation or warranty pursuant to Section 4.02(a), GMAC shall repurchase such
Receivables and such Collateral Security and shall pay to the Purchaser, prior to the time the
Purchaser is required to pay such amount pursuant to the Trust Sale and Servicing Agreement, an
amount equal to the Reassignment Amount.

          (d) Sole Remedy. The obligation of GMAC to purchase such Receivables and such
Collateral Security pursuant to this Section 4.02 shall constitute the sole remedy
available to the Purchaser and to any Interested Party against GMAC respecting the event giving
rise to such obligation.

          Section 4.03 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to GMAC as of each Closing Date that:

          (a) Organization and Good Standing. The Purchaser has been duly organized and is validly
existing as a limited liability company in good standing under the laws of the State
of Delaware, with power and authority to own its properties and to conduct its business as
such properties are presently owned and such business is presently conducted, and had at all
relevant times, and now has, power, authority and legal right to acquire and own the Eligible
Receivables arising in the Accounts in the Pool of Accounts and the Collateral Security related
thereto;

          (b) Due Qualification. The Purchaser is duly qualified to do business and, where
necessary, is in good standing as a foreign limited liability company (or is exempt from such
requirement) and has obtained all necessary licenses and approvals in all jurisdictions in which
the ownership or lease of property or the conduct of its business requires such qualification,
except where the failure to so qualify or obtain licenses or approvals would not have a material
adverse effect on its ability to perform its obligations under this Agreement;

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

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          (d) No Violation. The execution of this Agreement and the consummation of the
transactions contemplated by this Agreement by the Purchaser and the fulfillment of the terms of
this Agreement by the Purchaser shall not conflict with, result in any breach of any of the terms
and provisions of or constitute (with or without notice or lapse of time) a default under, the
certificate of formation or limited liability company agreement of the Purchaser, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Purchaser is a party or by
which it is bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument
(other than pursuant to the Basic Documents), or violate any law or, to the best of the Purchaser’s
knowledge, any order, rule or regulation applicable to the Purchaser of any Governmental Authority
having jurisdiction over the Purchaser or any of its properties, except where any such conflict or
violation would not have a material adverse effect on its ability to perform its obligations with
respect to GMAC or any Interested Party under this Agreement or the Trust Sale and Servicing
Agreement;

          (e) No Proceedings. To the Purchaser’s knowledge, there are no Proceedings or
investigations pending, or threatened, against the Purchaser before any Governmental Authority
having jurisdiction over the Purchaser or its properties (i) asserting the invalidity of this
Agreement, (ii) seeking to prevent the execution of this Agreement or the consummation of any of
the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that
might materially and adversely affect the performance by the Purchaser of its obligations under, or
the validity or enforceability of, this Agreement; and

          (f) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’
rights in general and by general principles or equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

          Section 4.04 Covenants of GMAC. GMAC hereby covenants that:

          (a) Negative Pledge. Except for the conveyances hereunder and under the Trust Sale
and Servicing Agreement and the pledge of the Trust Estate to the Indenture Trustee under the
Indenture and as provided in Section 6.03, GMAC shall not sell, pledge, assign or transfer
to any other Person, or grant, create, incur, assume or suffer to exist, any Lien on any Eligible
Receivable in any Account in the Pool of Accounts (and any related Vehicle Collateral Security),
whether now existing or hereafter created, or any interest therein, and GMAC shall defend the
right, title and interest of the Purchaser and any Interested Party in, to and under such property,
whether now existing or hereafter created, against all claims of third parties claiming through or
under GMAC. GMAC shall notify the Purchaser and the Issuing Entity promptly after becoming aware
of any Lien on any such property other than the conveyances hereunder or under the Trust Sale and
Servicing Agreement or the Indenture. Nothing herein shall prohibit GMAC from granting, creating,
incurring or suffering to exist any Lien on all or any portion of the Retained Property.

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          (b) Delivery of Collections. All payments received by GMAC from or on behalf of a
Dealer in respect of Receivables in any Accounts in the Pool of Accounts or any Collateral Security
(except as contemplated in Section 6.03 with respect to any property constituting Common
Collateral that is not Vehicle Collateral Security in connection with any Other Indebtedness) shall
be received by GMAC in its capacity as Servicer, unless GMAC is no longer the Servicer, in which
case GMAC shall deliver all such payments to the Servicer as soon as practicable after receipt
thereof, but in no event later than two Business Days after receipt thereof.

          (c) Compliance with Requirements of Law. GMAC shall comply in all material respects
with all Requirements of Law applicable to GMAC, except where any such failure to comply would not
have a material adverse effect on its ability to perform its obligations under this Agreement.

          (d) No Petition. Neither the Servicer nor GMAC shall at any time institute against
the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States Federal or state bankruptcy or similar law.

ARTICLE V

CERTAIN MATTERS RELATING TO GMAC

          Section 5.01 Merger or Consolidation of, or Assumption of the Obligations of, GMAC. 

          (a) Notwithstanding anything to the contrary in this Agreement, any Person (i) into which GMAC
may be merged or consolidated, (ii) resulting from any merger, conversion or consolidation to which
GMAC shall be a party, (iii) succeeding to the business of GMAC or (iv) more than 50% of the voting
interests of which is owned, directly or indirectly, by General Motors or GMAC and which is
otherwise originating receivables, which Person in any of the
foregoing cases (other than GMAC as the surviving entity of such merger or consolidation)
executes an agreement of assumption to perform every obligation of GMAC, as seller, under this
Agreement and the Trust Sale and Servicing Agreement, shall be the successor to GMAC under this
Agreement, as seller, without the execution or filing of any document or any further act on the
part of any of the parties to this Agreement or the Trust Sale and Servicing Agreement, anything in
this Agreement to the contrary notwithstanding.

          (b) GMAC shall provide notice of any merger, consolidation or succession pursuant to this
Section 5.01 to the Rating Agencies.

          Section 5.02 GMAC Indemnification of the Purchaser. GMAC shall indemnify the Purchaser for any liability as a result of the failure of an
Eligible Receivable sold hereunder to be originated in compliance with all Requirements of Law.
This indemnity obligation shall be in addition to any obligation that GMAC may otherwise have.

          Section 5.03 GMAC Acknowledgment of Transfers to the Issuing Entity. By its execution of the Trust Sale and Servicing Agreement, GMAC acknowledges that the
Purchaser shall, pursuant to the Trust Sale and Servicing Agreement, transfer the Receivables
purchased

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hereunder and related Collateral Security to the Issuing Entity and assign its rights
associated therewith under this Agreement to the Issuing Entity, subject to the terms and
conditions of the Trust Sale and Servicing Agreement, and that the Issuing Entity shall in turn
further pledge, assign or transfer its rights in such property and this Agreement to the Indenture
Trustee under the Indenture. GMAC further acknowledges that the Purchaser shall assign its rights
under the Custodian Agreement to the Issuing Entity.

ARTICLE VI

ADDITIONAL AGREEMENTS

          Section 6.01 Additional Obligations of GMAC and the Purchaser.

          (a) Supplemental Principal Allocations. On or before the Business Day prior to each
Monthly Distribution Date for the Wind Down Period or an Early Amortization Period or the Payment
Period for a series of Term Notes, GMAC shall deposit into the Collection Account, on behalf of the
Purchaser, an amount equal to the Supplemental Principal Allocation for such Monthly Distribution
Date. Such amount shall be recorded as an advance under the Intercompany Advance Agreement and
shall bear interest and be payable as provided therein.

          (b) Removed Accounts. With respect to each Removed Account, if and to the extent that
any related Receivable held by the Trust on the related Removal Commencement Date (determined
without giving effect to the special allocation of Principal Collections pursuant to Section
2.8(c) or Section 2.9(b), as applicable, of the Trust Sale and Servicing Agreement) is
charged-off as uncollectible at any time following the related Removal Date, the Purchaser shall
pay the amount so charged-off to GMAC.

          Section 6.02 Effect of Involuntary Case Involving GMAC.

          (a) Suspension of Purchases. The Purchaser shall suspend the purchase (and GMAC shall
suspend the sale) of Receivables hereunder if either party shall receive notice at its principal
corporate office that GMAC has become an involuntary party to (or has been made the subject of) any
proceeding provided for by any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to GMAC or relating to all or substantially all
of its property (an “Involuntary Case”).

          (b) Resumption of Purchases. Notwithstanding any cessation or suspension of purchases
pursuant to Section 6.02(a), if GMAC or the Purchaser has obtained an order from the court
having jurisdiction over an Involuntary Case approving the continuation of the sale of Receivables
by GMAC to the Purchaser and/or approving the sale of Receivables originating in the Accounts in
the Pool of Accounts since the date of the suspension of such sales on the same terms (including
Section 6.03 hereof) as, or on terms that do not have a material adverse effect on
Securityholders as compared to, the terms in effect prior to the commencement of such Involuntary
Case, and further providing that the Purchaser and any of its transferees (including the Issuing
Entity) may rely on such order for the validity and nonavoidance of such transfer (the
“Order”), the Purchaser may resume the purchase (and GMAC may resume the sale) of
Receivables pursuant to the terms hereof; provided, however, that so long as such Involuntary Case
shall continue, notwithstanding anything in this Agreement to the contrary, the purchase

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price of such Receivables (which shall not be less than reasonably equivalent value therefor or greater than
the principal balance thereof) shall be paid by the Purchaser to GMAC in cash not later than the
same Business Day of any such sale, and such Receivables shall be considered transferred to the
Purchaser only to the extent that the purchase price therefor has been paid in cash on the same
Business Day.

          (c) Cessation of Purchases. If an Order is obtained but subsequently is reversed or
rescinded or expires, the Purchaser shall immediately cease to purchase (and GMAC shall immediately
cease to sell) Receivables hereunder. Notwithstanding anything contained in Section
6.02(b), if an Involuntary Case has not been dismissed by the first Business Day following the
60 day period beginning on the day on which notice of an Involuntary Case was received by either
party, whether or not an Order was obtained, the Purchaser shall not thereafter purchase
Receivables from GMAC hereunder and GMAC shall not thereafter designate Additional Accounts for
transfer to the Purchaser or sell Receivables hereunder.

          Section 6.03 Intercreditor Agreements.

          (a) Common Collateral. In connection with loans or advances made or to be made by
GMAC to a Dealer from time to time other than pursuant to an Account (collectively, “Other
Indebtedness”), GMAC may have a security interest in property constituting Collateral Security
(the “Common Collateral”).

          (b) Agreements of GMAC with respect to Common Collateral. GMAC agrees that with
respect to the Receivables of each Dealer:

          (i) GMAC’s security interest in any Common Collateral that is Vehicle Collateral
Security (and the proceeds thereof) in connection with any Other Indebtedness is subordinate to the security interest therein in connection with such
Receivables and assigned to the Purchaser hereunder;

          (ii) GMAC shall not apply the proceeds of any such Common Collateral that is Vehicle
Collateral Security in connection with any Other Indebtedness in any manner that is
materially adverse to the Purchaser or the Issuing Entity and the Securityholders until all
required payments in respect of such Receivable have been made; and

          (iii) in realizing upon any such Common Collateral that is Vehicle Collateral Security
in connection with any such Receivables, neither the Purchaser nor the Issuing Entity (nor
the Servicer on behalf of either) shall be obligated to protect or preserve the rights of
GMAC in such Common Collateral.

          (c) Agreements of the Purchaser with respect to Common Collateral. The Purchaser
agrees that with respect to the Receivables of each Dealer:

          (i) the Purchaser’s security interest in any Common Collateral that is not Vehicle
Collateral Security (and the proceeds thereof) in connection with such Receivables assigned
to the Purchaser hereunder is subordinate to the security interest therein in connection
with any Other Indebtedness;

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          (ii) the Purchaser (or the Servicer on its behalf) shall not apply the proceeds of any
such Common Collateral that is not Vehicle Collateral Security in connection with any such
Receivables in any manner that is materially adverse to GMAC until all required payments in
respect of such Other Indebtedness have been made; and

          (iii) in realizing upon any such Common Collateral that is not Vehicle Collateral
Security in connection with such Other Indebtedness, GMAC shall not be obligated to protect
or preserve the rights of the Purchaser or the Issuing Entity in such Collateral Security.

          (d) Obligations of Issuing Entity. The Trust Sale and Servicing Agreement shall
provide that the Issuing Entity is subject to this Section 6.03.

          (e) Obligations of Assignees and Transferees. If, other than pursuant hereto, GMAC in
any manner assigns or transfers any right or obligation with respect to any Other Indebtedness or
any property constituting Common Collateral, GMAC shall make such assignment or transfer subject to
the provisions of this Section 6.03 and shall require such assignee or transferee to
acknowledge that it takes such assignment or transfer subject to the provisions of this Section
6.03 and to agree that it shall require the same acknowledgment from any subsequent assignee or
transferee.

ARTICLE VII

MISCELLANEOUS PROVISIONS

          Section 7.01 Amendment. This Agreement may be amended from time to time (subject to Section 10.1(g) of the
Trust Sale and Servicing Agreement) by a written amendment duly executed and delivered by GMAC and
the Purchaser.

          Section 7.02 Protection of Right, Title and Interest in and to Receivables.

          (a) GMAC or the Purchaser or both shall execute and file such financing statements and cause
to be executed and filed such continuation statements or other statements, all in such manner and
in such places as may be required by law fully to evidence, preserve, maintain and protect the
interest of the Purchaser hereunder in the Eligible Receivables arising in the Accounts in the Pool
of Accounts and the related Collateral Security and in the proceeds thereof (including, without
limitation, UCC-1 financing statements on or prior to the Closing Date). GMAC shall deliver (or
cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing.

          (b) Within 60 days after GMAC makes any change in its name, identity or corporate structure
that would make any financing statement or continuation statement filed in accordance with
Section 7.02(a) seriously misleading within the meaning of the UCC, GMAC shall give the
Purchaser notice of any such change.

          (c) GMAC shall give the Purchaser at least 60 days prior written notice of any relocation of
its principal executive office or change in its jurisdiction of organization if, as a result of
such relocation or change, the applicable provisions of the UCC would require the filing

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of any amendment of any previously filed financing or continuation statement or of any new financing
statement. GMAC shall at all times maintain its principal executive office and its jurisdiction of
organization within the United States of America.

          (d) In connection with the sale and transfer hereunder of the Receivables in the Accounts in
the Pool of Accounts and the related Collateral Security from GMAC to the Purchaser, GMAC shall, at
its own expense, on or prior to the Initial Closing Date, in the case of the Initial Accounts, and
on or prior to the applicable Addition Date, in the case of Additional Accounts, (i) indicate in
its computer files that the Eligible Receivables in the Accounts in the Pool of Accounts have been
sold and transferred, and the Collateral Security assigned, to the Purchaser pursuant to this
Agreement and that such property has been sold and transferred to the Issuing Entity
pursuant to the Trust Sale and Servicing Agreement and (ii) deliver to the Purchaser a true and
complete list of all such Accounts specifying for each such Account, as of the Initial Cut-Off
Date, in the case of the Initial Accounts, and as of the applicable Additional Cut-Off Date, in the
case of Additional Accounts, its account number and the outstanding principal balance of Eligible
Receivables in such Account. Such list, as supplemented from time to time to reflect Additional
Accounts, Randomly Selected Accounts and Removed Accounts (including Accounts removed as described
in Section 2.05), shall be the Schedule of Accounts and is hereby incorporated into and
made a part of this Agreement.

          (e) The Servicer shall furnish to the Purchaser at any time upon request a list of all
Accounts then included in the Pool of Accounts, together with a reconciliation of such list to the
Schedule of Accounts as initially furnished pursuant to the Trust Sale and Servicing
Agreement and to each notice furnished before such request indicating removal from or addition
to the Accounts in the Pool of Accounts.

          Section 7.03 Costs and Expenses. GMAC agrees to pay all reasonable out-of-pocket costs and expenses of the Purchaser,
including fees and expenses of counsel, in connection with the perfection as against third parties
of the Purchaser’s right, title and interest in, to and under the Receivables sold hereunder and
the enforcement of any obligation of GMAC hereunder.

          Section 7.04 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

          Section 7.05 Notices. All demands, notices and communications upon or to GMAC, the Purchaser, or any other Person
identified in Section 10.3 of the Trust Sale and Servicing Agreement under this Agreement
shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement.

          Section 7.06 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or
terms shall be deemed enforceable to the

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fullest extent permitted, and if not so permitted, shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this Agreement
or of any Securities or rights of any Interested Parties.

          Section 7.07 Assignment. Notwithstanding anything to the contrary contained herein, this Agreement may not be
assigned by GMAC without the prior written consent of the Purchaser and the Issuing Entity. The
Purchaser may assign all or a portion of its rights, remedies, powers and privileges under this
Agreement to the Issuing Entity pursuant to the Trust Sale and Servicing Agreement.

          Section 7.08 Further Assurances. GMAC and the Purchaser agree to do and perform, from time to time, any and all acts and to
execute any and all further instruments required or reasonably requested by the other party to more
fully effect the purposes of this Agreement, including the execution of any financing statements or
continuation statements relating to the Receivables for filing under the
provisions of the Uniform Commercial Code of any applicable jurisdiction and to evidence the
repurchase of any interest in any Receivable by GMAC or the Servicer.

          Section 7.09 No Waiver; Cumulative Remedies. No failure or delay on the part of the Purchaser in exercising any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege under this Agreement preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

          Section 7.10 Counterparts. This Agreement may be executed in two or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall
constitute one and the same instrument.

          Section 7.11 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the
Interested Parties and their respective successors and permitted assigns. Except as otherwise
expressly provided in this Agreement, no other Person shall have any right or obligation hereunder.

          Section 7.12 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be modified, amended,
waived, or supplemented except as provided herein.

          Section 7.13 Confidential Information. The Purchaser agrees that it shall neither use nor disclose to any Person the names and
addresses of Dealers, except in connection with the enforcement of the Purchaser’s rights
hereunder, under the Trust Sale and Servicing Agreement, under the Receivables or as required by
law.

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          Section 7.14 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof.

          Section 7.15 Termination. This Agreement (except for Section 5.02) shall terminate immediately after the
termination of the Trust Sale and Servicing Agreement; provided, that if at the time of the
termination of the Trust Sale and Servicing Agreement, the Purchaser has not made all payments
to GMAC required to be made under Section 6.01, this Agreement (except for Section
5.02) shall not terminate until immediately after all such payments have been made.

          Section 7.16 No Petition Covenants. Notwithstanding any prior termination of this Agreement, GMAC shall not, prior to the date
which is one year and one day after the final distribution with respect to the Securities to the
Note Distribution Account, the Revolver Distribution Account or the Certificate Distribution
Account, as applicable, acquiesce, petition or otherwise invoke or cause the Purchaser to invoke
the process of any court or governmental authority for the purpose of commencing or sustaining a
case against the Purchaser 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 Purchaser or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Purchaser.

          Section 7.17 Jurisdiction. Any action or proceeding arising out of or relating to this Agreement shall be submitted to
the exclusive jurisdiction of any United States Federal or New York State Court sitting in the
Borough of Manhattan, New York, New York.

* * * *

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          IN WITNESS WHEREOF, the parties hereby have caused this Pooling and Servicing Agreement
to be executed by their respective officers thereunto duly authorized as of the date and year first
above written.

	 	 	 	 	 
	 	GMAC LLC,

Seller and Servicer

 	 
	 	By:  	/s/ Nancy L. Bugg
 	 
	 	 	Name:  	Nancy L. Bugg 	 
	 	 	Title:  	Director — U.S. Securitization 	 
	 
	 	WHOLESALE AUTO RECEIVABLES LLC,

Purchaser

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

 

 

	 	 	 	 	 

EXHIBIT A

LIST OF LOCATIONS OF THE

SCHEDULE OF ACCOUNTS

The Schedule of Accounts is

on file at the offices of:

	 	1.	 	The Indenture Trustee
	 
	 	2.	 	The Owner Trustee
	 
	 	3.	 	GMAC LLC
	 
	 	4.	 	Wholesale Auto Receivables LLC

 

 

EXHIBIT B

FORM OF ASSIGNMENT FOR INITIAL CLOSING DATE 

          As of February 13, 2007, for value received, in accordance with the Pooling and Servicing
Agreement, dated as of February 13, 2007 (the “Pooling and Servicing Agreement”), between
GMAC LLC, a Delaware limited liability company (“GMAC”), and Wholesale Auto Receivables
LLC, a Delaware limited liability company (the “Purchaser”), GMAC does hereby sell, assign,
transfer and otherwise convey unto the Purchaser, without recourse, all of its right, title and
interest in, to and under all of the Eligible Receivables existing in the Accounts listed in the
Schedule of Accounts as of the close of business on the Initial Cut-Off Date and, so long as each
such Account is included in the Pool of Accounts, all Eligible Receivables created or deemed
created thereunder on each Receivables Purchase Date and all monies due or to become due thereon
after the Initial Cut-Off Date or such Receivables Purchase Date, as appropriate, all Collateral
Security with respect thereto and all amounts received with respect thereto and all proceeds
thereof (including “proceeds” as defined in the UCC and Recoveries).

          The foregoing sale, transfer, assignment and conveyance and any sales, transfers, assignments
and conveyances subsequent to the date hereof do not constitute, and are not intended to result in,
the creation or an assumption by the Purchaser of any obligation of the Servicer, GMAC (if GMAC is
not the Servicer), General Motors or any other Person in connection with the Accounts, the
Receivables or under any agreement or instrument relating thereto, including any obligation to any
Dealers.

          It is the intention of GMAC and the Purchaser that the transfers and assignments contemplated
by this Assignment, including transfers and assignments subsequent to the date hereof, shall
constitute a sale of the property described herein and in the Pooling and Servicing Agreement from
GMAC to the Purchaser and the beneficial interest in and title to such property shall not be part
of GMAC’s estate in the event of the filing of a bankruptcy petition by or against GMAC under any
bankruptcy law.

          This Assignment is made pursuant to and upon the representations, warranties and agreements on
the part of the undersigned contained in the Pooling and Servicing Agreement and is to be governed
by the Pooling and Servicing Agreement.

          Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Pooling and Servicing Agreement.

* * * * *

 

 

          IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of the
day and year first above written.

	 	 	 	 	 
	 	GMAC LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

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EXHIBIT C

FORM OF ASSIGNMENT FOR EACH ADDITION DATE 

          As of ________, 200___, for value received, in accordance with the Pooling and Servicing
Agreement, dated as of February 13, 2007 (the “Pooling and Servicing Agreement”), between
GMAC LLC, a Delaware limited liability company (“GMAC”), and Wholesale Auto Receivables
LLC, a Delaware limited liability company (the “Purchaser”), GMAC does hereby sell, assign,
transfer and otherwise convey unto the Purchaser, without recourse, with respect to the Additional
Accounts to which this Assignment relates, all of its right, title and interest in, to and under
all of the Eligible Receivables as of the close of business on the related Additional Cut-Off Date
in such Additional Accounts and, so long as each such Account is included in the Pool of Accounts,
all Eligible Receivables created or deemed created thereunder on each Receivables Purchase Date and
all monies due or to become due thereon after such Additional Cut- Off Date or such Receivables
Purchase Date, as appropriate, all Collateral Security with respect thereto and all amounts
received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC
and Recoveries).

          The foregoing sale, transfer, assignment and conveyance and any sales, transfers, assignments
and conveyances subsequent to the date hereof do not constitute, and are not intended to result in,
the creation or an assumption by the Purchaser of any obligation of the Servicer, GMAC (if GMAC is
not the Servicer), General Motors or any other Person in connection with the Accounts, the
Receivables or under any agreement or instrument relating thereto, including any obligation to any
Dealers.

          It is the intention of GMAC and the Purchaser that the transfers and assignments contemplated
by this Assignment, including transfers and assignments subsequent to the date hereof, shall
constitute a sale of the property described herein and in the Pooling and Servicing Agreement from
GMAC to the Purchaser and the beneficial interest in and title to such property shall not be part
of GMAC’s estate in the event of the filing of a bankruptcy petition by or against GMAC under any
bankruptcy law.

          This Assignment is made pursuant to and upon the representations, warranties and agreements on
the part of the undersigned contained in the Pooling and Servicing Agreement and is to be governed
by the Pooling and Servicing Agreement.

          Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Pooling and Servicing Agreement.

* * * * *

 

 

          IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of the
day and year first written above.

	 	 	 	 	 
	 	GMAC LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

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EXHIBIT D

FORM OF OPINION OF COUNSEL

WITH RESPECT TO ADDITION OF ACCOUNTS

Provision to be Included in Opinion of Counsel

Delivered Pursuant to Section 2.03(b)(viii)

of the Pooling and Servicing Agreement

          The opinion set forth below may be subject to standard qualifications, assumptions,
limitations and exceptions.

          The Assignment delivered on the Addition Date has been duly authorized, executed and
delivered by GMAC, and constitutes the valid and legally binding obligation of GMAC,
enforceable against GMAC in accordance with its terms.

 

 

APPENDIX A

Definitions and Rules of Construction

Part I 

          For ease of reference, capitalized terms defined herein have been consolidated with and are
contained in Appendix A to the Trust Sale and Servicing Agreement of even date herewith among GMAC
LLC, Wholesale Auto Receivables LLC and Superior Wholesale Inventory
Financing Trust 2007-AE-1.

Part II

          For ease of reference, the rules of construction have been consolidated with and are contained
in Part II of Appendix A to the Trust Sale and Servicing Agreement of even date herewith among GMAC
LLC, Wholesale Auto Receivables LLC and Superior Wholesale Inventory
Financing Trust 2007-AE-1.

 

 

APPENDIX B

Demands, Communications and Notices

          For ease of reference, the notice address and procedures have been consolidated with and are
contained in Part II of Appendix B to the Trust Sale and Servicing Agreement of even date herewith
among GMAC LLC, Wholesale Auto Receivables LLC and Superior Wholesale Inventory Financing Trust
2007-AE-1.

 

 

APPENDIX C

Additional Representations and Warranties

     1. While it is the intention of GMAC LLC and Wholesale Auto Receivables LLC that the transfers
and assignments contemplated by this Agreement and the First Step Assignment shall constitute sales
of the Trust Assets (as defined herein) from GMAC LLC to Wholesale Auto Receivables LLC, this
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in
the property described in clauses (a) and (b) of Section 2.01 of this Agreement (the
“Trust Assets”) in favor of Wholesale Auto Receivables LLC, which security interest is
prior to all other Liens, and is enforceable as such against creditors and purchasers from GMAC
LLC.

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

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

     4. GMAC LLC owns and has good and marketable title to the Trust Assets free and clear of any
Liens, claim or encumbrance of any Person. GMAC LLC has received all consents and approvals
required by the terms of the Trust Assets as to the sale of the Trust Assets hereunder to Wholesale
Auto Receivables LLC.

     5. GMAC LLC has caused or will have caused, within ten days, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest in the Trust Assets granted to Wholesale Auto
Receivables LLC hereunder.

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

     7. Other than the security interest granted to Wholesale Auto Receivables LLC pursuant to the
Basic Documents, GMAC LLC has not pledged, assigned, sold, granted a security interest in, or
otherwise conveyed any of the Trust Assets. GMAC LLC has not authorized the filing of and is not
aware of any financing statements that include a description of collateral covering the Trust
Assets other than any financing statement (i) relating to the security interest granted to
Wholesale Auto Receivables LLC, the Issuing Entity and the Indenture Trustee under the Basic
Documents, (ii) that has been terminated, or (iii) that names the Trust as secured party. GMAC LLC
is not aware of any judgment or tax lien filings against GMAC LLC.

     8. The representations, warranties and certifications contained in paragraphs 1-7 above shall
survive the sales, transfers and assignments to Wholesale Auto Receivables LLC.

 

 

No failure or delay on the part of Wholesale Auto Receivables LLC in exercising any right,
remedy, power or privilege with respect to this Agreement shall operate as a waiver thereof nor
shall any single or partial exercise of any right, remedy, power or privilege with respect to this
Agreement preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

-2-exv4w4

 

Exhibit 4.4

     EXECUTION COPY

OFFICER’S ISSUANCE CERTIFICATE

Class A Floating Rate Asset Backed Term Notes, Series 2007-A

Class B Floating Rate Asset Backed Term Notes, Series 2007-A

Class C Floating Rate Asset Backed Term Notes, Series 2007-A

Class D Floating Rate Asset Backed Term Notes, Series 2007-A

     The undersigned hereby certifies, pursuant to the Indenture dated as of February 13, 2007 (the
“Indenture”), between Superior Wholesale Inventory Financing Trust 2007-AE-1 (the
“Issuing Entity” or the “Trust”) and The Bank of New York Trust Company, N.A., a
national banking association, 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
LLC, a Delaware limited liability company (the “Depositor”), a series of Notes to be issued
under and in conformity with the Indenture, which series of Notes shall have the terms specified
herein. Capitalized terms used and not otherwise defined herein shall have the meanings specified
in Appendix 1 hereto or, if not defined therein, then shall have the meanings set forth in
Part 1 of Appendix A to the Trust Sale and Servicing Agreement, dated as of February 13,
2007, among the Issuing Entity, the Depositor and GMAC LLC (the “Trust Sale and Servicing
Agreement”).

	1.  	 	Designation and Aggregate Principal Amount.

	1.1	 	The designation of the series of Notes is the Floating Rate Asset Backed Term Notes, Series
2007-A (the “2007-A Term Notes”). The 2007-A Term Notes consist of the Class A
Floating Rate Asset Backed Term Notes, Series 2007-A (the “Class A Term Notes”), the
Class B Floating Rate Asset Backed Term Notes, Series 2007-A (the “Class B Term
Notes”), the Class C Floating Rate Asset Backed Term Notes, Series 2007-A (the “Class
C Term Notes”) and the Class D Floating Rate Asset Backed Term Notes, Series 2007-A (the
“Class D Term Notes”), and shall be in the form set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3 or Exhibit A-4, respectively, hereto.

	1.2	 	The aggregate principal amount of the Class A Term Notes which may be authenticated and
delivered under the Indenture (except for Class A Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class A Term Notes
pursuant to the Indenture) is $823,600,000.

	1.3	 	The aggregate principal amount of the Class B Term Notes which may be authenticated and
delivered under the Indenture (except for Class B Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class B Term Notes
pursuant to the Indenture) is $112,700,000.

	1.4	 	The aggregate principal amount of the Class C Term Notes which may be authenticated and
delivered under the Indenture (except for Class C Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class C Term Notes
pursuant to the Indenture) is $48,300,00.

 

 

	1.5	 	The aggregate principal amount of the Class D Term Notes which may be authenticated and
delivered under the Indenture (except for Class D Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class D Term Notes
pursuant to the Indenture) is $16,100,000.

	1.6	 	The 2007-A Term Notes shall be issued on the “2007-A Term Notes Closing Date.”
	 
	2.	 	Denomination, Form, Book Entry Registration and Transfer Restrictions.

	2.1	 	Denominations. The 2007-AE-1 Offered Notes will be issued and authorized in minimum
denominations of $1,000 and in integral multiples in excess thereof. The Class D Term Notes
(other than those initially issued to the Depositor) will be issued and authorized in minimum
denominations of $2,500,000 (or such other amount as the Depositor may determine in order to
prevent the Trust from being treated as a “publicly-traded partnership” under Section 7704 of
the Code, but in no event less than $2,500,000).

	2.2	 	2007-AE-1 Offered Notes. The 2007-AE-1 Offered Notes shall initially be issued in book-entry
form pursuant to Section 2.10 of the Indenture and subject to the terms of the Note
Depository Agreement attached hereto as Exhibit B. The 2007-AE-1 Offered Notes will
not be Unregistered Notes under Section 2.15 of the Indenture.

	2.3	 	Class D Term Notes. The Class D Term Notes shall initially be issued as Definitive Term
Notes and not in book-entry form pursuant to Section 2.10 of the Indenture and shall
not be subject to the terms of the Note Depository Agreement attached hereto as Exhibit
B. The Class D Term Notes will be Unregistered Notes under Section 2.15 of the
Indenture. Such Definitive Term Notes shall become void in their entirety unless presented
for payment within a period of 10 years from the relevant date in respect thereof. After the
date on which a Note becomes void in its entirety, no claim may be made in respect thereof. In
this Section 2.3, the “relevant date” is the date on which a payment first becomes due
or (if the full amount of the moneys payable has not been duly received by the Indenture
Trustee on or prior to such date) the date on which the full amount of such moneys having been
so received, notice to that effect is duly given to the Holders of the Class D Term Notes.

	2.4	 	Clearing Agency. The initial Clearing Agency for the 2007-AE-1 Offered Notes shall be DTC.

	2.5	 	Definitive Term Notes.

	2.5.1	 	No Note Owner shall receive a Definitive Term Note representing such Note Owner’s interest
in a 2007-AE-1 Offered Note, except as provided in Section 2.3 and Section
2.12 of the Indenture. Unless and until Definitive Term Notes with respect to such
2007-AE-1 Offered Notes have been issued to such Note Owner pursuant to Section 2.12
of the Indenture, with respect to such 2007-A Term Notes:

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

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	 	(b)	 	the Note Registrar and the Indenture Trustee shall be entitled to deal
with the Clearing Agency for all purposes of the Indenture (including this
Officer’s Issuance Certificate), including the payment of principal of and interest
on the 2007-A Term Notes and the giving of instructions or directions hereunder),
as the sole Holder of the 2007-A Term Notes and shall have no obligation to any
Note Owner;
	 
	 	(c)	 	to the extent that the provisions of this Section 2.5 conflict
with any other part of the Indenture, the provisions of this Section 2.5
shall control;
	 
	 	(d)	 	the rights of such Note Owner shall be exercised only through a
Clearing Agency or a Clearing Agency Participant and unless and until Definitive
Term Notes are issued for the 2007-A Term Notes pursuant to Section 2.12 of
the Indenture, the initial Clearing Agency shall make book-entry transfers between
the Clearing Agency Participants and receive and transmit payments of principal of
and interest on such 2007-A Term Notes to such Clearing Agency Participants; and
	 
	 	(e)	 	whenever the Indenture (including this Officer’s Issuance Certificate)
requires or permits actions to be taken based upon instructions or directions of
Holders of Notes or 2007-A Term Notes evidencing a specified percentage of the
Outstanding Amount of the Notes or the 2007-A Term Notes, the Clearing Agency shall
be deemed to represent such percentage only to the extent that it has (1) received
written instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of the
beneficial interest in the 2007-A Term Notes and (2) delivered such instructions to
the Indenture Trustee.

	2.5.2	 	In the event that Definitive Term Notes are issued to the Holders of the 2007-A Term Notes,
such Definitive Term Notes shall become void in their entirety unless presented for payment
within a period of 10 years from the relevant date in respect thereof. After the date on which
a Note becomes void in its entirety, no claim may be made in respect thereof. In this
Section 2.5.2, the “relevant date” is the date on which a payment first becomes due or
(if the full amount of the moneys payable has not been duly received by the Indenture Trustee
on or prior to such date) the date on which the full amount of such moneys having been so
received, notice to that effect is duly given to the Holders of the 2007-AE-1 Offered Notes.
	 
	2.6	 	Authentication Agent; Note Registrar.

	2.6.1	 	The initial Authentication Agent for the 2007-A Term Notes will be the Indenture Trustee.
	 
	2.6.2	 	The initial Note Registrar for the 2007-A Term Notes will be the Indenture Trustee.
	 
	2.7	 	Transfer Restrictions

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	2.7.1	 	The Class D Term Notes (or interests therein) may not be acquired by or for the account of
(i) a Benefit Plan or (ii) an employee benefit plan or plan that is not subject to the
provisions of Title I of ERISA (including, without limitation, foreign or governmental plans)
if such acquisition would result in a non-exempt prohibited transaction under, or a violation
of, any applicable law that is substantially similar to ERISA or Section 4975 of the Code. By
accepting and holding a Class D Term Note (or interest therein), the Holder thereof and any
related Certificate Owner shall each be deemed to have represented and warranted that it is
not, nor is it acquiring the Note for the account of, (i) a Benefit Plan or (ii) an employee
benefit plan or plan that is not subject to the provisions of Title I of ERISA (including,
without limitation, foreign or governmental plans) if such acquisition would result in a
non-exempt prohibited transaction under, or a violation of, any applicable law that is
substantially similar to ERISA or Section 4975 of the Code. The Class D Term Notes are also
subject to the minimum denomination specified in Section 2.1.

	2.7.2	 	The Class D Term Notes will not be registered under the Securities Act or the securities or
blue sky laws of any other jurisdiction. Consequently, the Class D Term Notes are not
transferable other than pursuant to an exemption from the registration requirements of the
Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge
or other transfer of the Class D Term Notes (or interest therein) may be made by any Person
unless either (i) such sale, pledge or other transfer is made to the Depositor, (ii) so long
as the Class D Term Notes are eligible for resale pursuant to Rule 144A under the Securities
Act, such sale, pledge or other transfer is made to a person whom the transferor reasonably
believes after due inquiry is a “qualified institutional buyer” within the meaning of Rule
144A under the Securities Act (a “Qualified Institutional Buyer”) acting for its own
account (and not for the account of others) or as a fiduciary or agent for others (which
others also are Qualified Institutional Buyers) to whom notice is given that the sale, pledge
or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such
sale, pledge or other transfer is otherwise made in a transaction exempt from the registration
requirements of the Securities Act, in which case (A) the Owner Trustee shall require that
both the prospective transferor and the prospective transferee certify to the Owner Trustee
and the Depositor in writing the facts surrounding such transfer, which certification shall be
in form and substance satisfactory to the Owner Trustee and the Depositor, and (B) the Owner
Trustee shall require a written opinion of counsel (which will not be at the expense of the
Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the
effect that such transfer will not violate the Securities Act. No sale, pledge or other
transfer may be made to any one person for Class D Term Notes with a face amount of less than
$2,500,000 (or such other amount as the Depositor may determine in order to prevent the Trust
from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in
no event less than $2,500,000) and, in the case of any Person acting on behalf of one or more
third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting
in its fiduciary capacity), for Class D Term Notes with a face amount of less than such amount
for each such third party. Any attempted transfer in contravention of the immediately
preceding restriction will be void ab initio and the purported transferor will continue to be
treated as the owner of the Class D Term

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	 	 	Notes for all purposes. Neither the Depositor nor the Owner Trustee shall be obligated
to register the Class D Term Notes under the Securities Act, qualify the Class D Term
Notes under the securities laws of any state or provide registration rights to any
purchaser or holder thereof. Transfer of a Class D Note may only be made to a Person
who is a United States Person (within the meaning of Section 7701(a)(30) of the Internal
Revenue Code). Any person other than the Depositor acquiring a Class D Term Note or an
interest therein shall be deemed to have made the representations set forth in
Section 2.14 of the Indenture.

	2.7.3	 	With respect to the Class D Notes, the Trust is authorized and directed to withhold tax at
the highest United States federal income tax rate applicable to ordinary income from any
payment of interest to a foreign Noteholder as if such interest allocable to the foreign
Noteholder were effectively connected with the conduct of a trade or business within the
United States. In determining the non-foreign status of the Noteholder, the Trust shall be
entitled to rely on the Noteholder’s certification of non-foreign status signed under penalty
of perjury. Each foreign Noteholder shall obtain a taxpayer identification number from the
United States Internal Revenue Service and submit that number to the Trust on an appropriate
form in order to assure appropriate crediting of the taxes withheld. The amount of any tax so
withheld shall be treated as interest paid in cash to such foreign Noteholder at the time it
is withheld by the Trust and remitted to the United States Internal Revenue Service. Any
withholding of tax hereunder shall not prevent the Trust or the foreign Noteholder from
contesting any such tax in appropriate proceedings. A foreign Noteholder who wishes to apply
for a refund of any such withholding tax shall file with the United States Internal Revenue
Service a claim for refund. Such claim of the foreign Noteholder shall be made solely against
the United States Internal Revenue Service or the United States.

	2.7.4	 	The Class A Term Notes, Class B Term Notes, and Class C Term Notes (or interests therein)
may not be acquired by or for the account of a Benefit Plan or any other plan that is subject
to any law that is substantially similar to ERISA or Section 4975 of the Code if such
acquisition would give rise to a non-exempt prohibited transaction under Section 406(a) of
ERISA, Section 4975 of the Code, or any substantially similar applicable law.
	 
	3.	 	Specified Support Arrangements.
	 
	 	 	With respect to the Class A Term Notes, the Specified Support Arrangements consist of
the Class A Term Note Cash Accumulation Reserve Fund and the Class A Term Note Basis
Swap. With respect to the Class B Term Notes, the Specified Support Arrangements
consist of the Class B Term Note Cash Accumulation Reserve Fund and the Class B Term
Note Basis Swap. With respect to the Class C Term Notes, the Specified Support
Arrangements consist of the Class C Term Note Cash Accumulation Reserve Fund and the
Class C Term Note Basis Swap. With respect to the Class D Term Notes, the Specified
Support Arrangements consist of the Class D Term Note Cash Accumulation Reserve Fund.

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	4.	 	Allocation and Payment of Interest.
	 
	4.1	 	Payment of Interest.
	 
	4.1.1	 	Interest on the outstanding principal balance of the Class A Term Notes, Class B Term Notes,
Class C Term Notes and Class D Term Notes will be payable in arrears by the Trust. Interest
will accrue from and including the 2007-A Term Notes Closing Date, or from and including the
most recent Monthly Distribution Date, to but excluding the current Monthly Distribution Date.
Interest accrued as of any Monthly Distribution Date, but not paid on such Monthly
Distribution Date, will be due on the next Monthly Distribution Date.
	 
	4.1.2	 	Interest on the Class A Term Notes will accrue at a rate equal to One-Month LIBOR plus
0.10% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count.
	 
	4.1.3	 	Interest on the Class B Term Notes will accrue at a rate equal to One-Month LIBOR plus
0.30% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count.
	 
	4.1.4	 	Interest on the Class C Term Notes will accrue at a rate equal to One-Month LIBOR plus
0.60% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count.
	 
	4.1.5	 	Interest on the Class D Term Notes will accrue at a rate equal to One-Month LIBOR plus
0.85% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count.
	 
	4.1.6	 	Notwithstanding the foregoing Sections 4.1.1 through 4.1.5, interest will be payable
from, and only to the extent of, amounts paid by the Trust to the 2007-AE-1 Term Note
Distribution Account with respect to such class of 2007-A Term Notes pursuant to Section
4.2(b) of this Officer’s Issuance Certificate and Clause 3 of Section
4.5(c)(i) of the Trust Sale and Servicing Agreement.
	 
	4.2	 	Application of the Class A Term Notes Monthly Available Amount.

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

	 	(1)	 	the Trust Interest Allocation of the Class A Term
Notes;
	 
	 	(2)	 	the net amount, if any, received by the Trust under the
Class A Term Note Basis Swap;

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	 	(3)	 	all Class A Term Notes Distribution Principal
Subaccount Earnings;
	 
	 	(4)	 	all Class A Term Note Cash Accumulation Account
Earnings; and
	 
	 	(5)	 	if a Cash Accumulation Period has commenced and is
continuing for the Class A Term Notes and if the amounts specified in the
foregoing subclauses (1) through (4) are less than the amount required to
be paid pursuant to Section 4.2(b) below for that Monthly
Distribution Date, then the lesser of the following amounts:

	 	(x)	 	the amount required to be paid pursuant
to Section 4.2(b) below; and
	 
	 	(y)	 	the amount of funds on deposit in the
Class A Term Note Cash Accumulation Reserve Fund.

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

	 	(1)	 	first, the lesser of

	 	(x)	 	the Class A Term Notes Monthly Available
Amount; and
	 
	 	(y)	 	the net payment (other than termination
payments), if any, due from the Trust under the Class A Term Note
Basis Swap

shall be paid to the Basis Swap Counterparty in accordance with the terms
of the Class A Term Note Basis Swap; and

	 	(2)	 	second, the lesser of

	 	(x)	 	the Class A Term Notes Monthly Available
Amount, less any payments made pursuant to subclause (b)(1)
of this Section 4.2; and
	 
	 	(y)	 	an amount equal to the Class A Term Notes
Noteholders’ Interest for the related Monthly Distribution Date and
any basis swap termination payments due from the Trust by reason of
a default by the Trust under the Class A Term Note Basis Swap

shall be allocated ratably between such Noteholders’ Interest and any
such termination payments due in proportion to their respective amounts.
That portion allocated to such Noteholders’ Interest shall be transferred
to the 2007-A Term Notes Distribution Account for payment of interest on
the Class A Term Notes, and that portion allocated to such termination
payments due shall be paid to the Basis Swap Counterparty.

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The amounts specified pursuant to the foregoing subclauses (b)(1)(y) and
(b)(2)(y) for a Monthly Distribution Date are the “Class A Term Notes
Monthly Carrying Costs” for such Monthly Distribution Date. Any shortfall of the
Class A Term Notes Monthly Available Amount below the Class A Term Notes Monthly
Carrying Costs for such Monthly Distribution Date shall constitute a “Series
Shortfall” for the Class A Term Notes. Any excess of the Class A Term Notes Monthly
Available Amount for a Monthly Distribution Date over the Class A Term Monthly Carrying
Costs for such Monthly Distribution Date will constitute a “Remaining Interest
Amount”.

	5.	 	Allocations and Payments in Respect of Principal.
	 
	5.1	 	General.
	 
	5.1.1	 	During the Revolving Period, until the commencement of either the Payment Period for the
2007-A Term Notes or a Rapid Amortization Period for the 2007-A Term Notes which is not an
Early Amortization Period for the Trust, no payments of principal on the 2007-A Term Notes
shall be required or made and Available Trust Principal shall not be set aside for such
purpose.
	 
	5.1.2	 	For the 2007-A Term Notes, there shall be no Required Payments or Servicer Liquidity
Advances as contemplated by Section 4.5(e) of the Trust Sale and Servicing Agreement,
and the term “Priority Payment Amount” shall have no effect.
	 
	5.1.3	 	For purposes of Section 6.2(b)(iv) of the Trust Sale and Servicing Agreement, the
period of time which begins upon the commencement of a Payment Period, Cash Accumulation
Period or Rapid Amortization Period for the 2007-A Term Notes and which ends upon the
occurrence of the Fully Funded Date with respect to the 2007-A Term Notes shall constitute a
“Daily Remittance Period.”
	 
	5.1.4	 	During any period in which funds are being set aside or paid out in respect of the
outstanding principal balance of the 2007-A Term Notes, no amount shall be set aside or paid
to the extent that it would cause the total amount so set aside or paid with respect to any
class of the 2007-A Term Notes to exceed the outstanding principal balance of such class of
2007-A Term Notes.
	 
	5.2	 	Deposits of Principal Collections.
	 
	5.2.1	 	During Payment Period. On each day during the Payment Period until the Fully Funded Date
for the Class A Term Notes occurs, the Servicer will instruct the Indenture Trustee to
withdraw from the Collection Account and deposit in the 2007-A Term Notes Distribution
Principal Subaccount for the Class A Term Notes, the Principal Allocation Percentage of
Available Trust Principal allocated to the Class A Term Notes on such day pursuant to the
applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement. After
the Fully Funded Date for the Class A Term Notes and the Fully Funded Date for each
outstanding series of Revolving Notes, on each day during the Payment Period until the Fully
Funded Date for the Class B Term Notes occurs, the Servicer will instruct the Indenture
Trustee to withdraw from the Collection Account and deposit in the 2007-A Term Notes

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Distribution Principal Subaccount for the Class B Term Notes, all Available Trust
Principal allocated to the Class B Term Notes on such day pursuant to the applicable
clause of Section 4.5(d) of the Trust Sale and Servicing Agreement. After the
Fully Funded Date for the Class B Term Notes, on each day during the Payment Period
until the Fully Funded Date for the Class C Term Notes occurs, the Servicer will
instruct the Indenture Trustee to withdraw from the Collection Account and deposit in
the 2007-A Term Notes Distribution Principal Subaccount for the Class C Term Notes, all
Available Trust Principal allocated to the Class C Term Notes on such day pursuant to
the applicable clause of Section 4.5(d) of the Trust Sale and Servicing
Agreement. After the Fully Funded Date for the Class C Term Notes, on each day during
the Payment Period until the Fully Funded Date for the Class D Term Notes occurs, the
Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and
deposit in the 2007-A Term Notes Distribution Principal Subaccount for the Class D Term
Notes, all Available Trust Principal allocated to the Class D Term Notes on such day
pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and
Servicing Agreement.

	5.2.2	 	During Cash Accumulation Period. On each day during a Cash Accumulation Period until the
Fully Funded Date for the Class A Term Notes occurs, the Servicer will instruct the Indenture
Trustee to withdraw from the Collection Account and deposit in the Class A Term Note Cash
Accumulation Account the Principal Allocation Percentage of Available Trust Principal
allocated to the Class A Term Notes on such day pursuant to the applicable clause of
Section 4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit
in the Class A Term Note Cash Accumulation Account equals the outstanding principal balance of
the Class A Term Notes. After the Fully Funded Date for the Class A Term Notes and the Fully
Funded Date for each outstanding series of Revolving Notes, on each day during a Cash
Accumulation Period until the Fully Funded Date for the Class B Term Notes occurs, the
Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and
deposit in the Class B Term Note Cash Accumulation Account all Available Trust Principal
allocated to the Class B Term Notes on such day pursuant to the applicable clause of
Section 4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit
in the Class B Term Note Cash Accumulation Account equals the outstanding principal balance of
the Class B Term Notes. After the Fully Funded Date for the Class B Term Notes, on each day
during a Cash Accumulation Period until the Fully Funded Date for the Class C Term Notes
occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Collection
Account and deposit in the Class C Term Note Cash Accumulation Account all Available Trust
Principal allocated to the Class C Term Notes on such day pursuant to the applicable clause of
Section 4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit
in the Class C Term Note Cash Accumulation Account equals the outstanding principal balance of
the Class C Term Notes. After the Fully Funded Date for the Class C Term Notes, on each day
during a Cash Accumulation Period until the Fully Funded Date for the Class D Term Notes
occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Collection
Account and deposit in the Class D Term Note Cash Accumulation Account all Available Trust
Principal allocated to the Class D Term Notes on such day pursuant to the applicable clause of

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Section 4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit in
the Class D Term Note Cash Accumulation Account equals the outstanding principal balance
of the Class D Term Notes. The Trust will use amounts in the Class A Term Note Cash
Accumulation Account, Class B Term Note Cash Accumulation Account, Class C Term Note
Cash Accumulation Account and Class D Term Note Cash Accumulation Account only to make
payments as provided in this Officer’s Issuance Certificate.

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

	 	(a)	 	Immediately upon the commencement of a Rapid Amortization Period, the
Indenture Trustee shall withdraw any amounts held in the Class A Term Note Cash
Accumulation Account, Class B Term Note Cash Accumulation Account, Class C Term
Note Cash Accumulation Account or Class D Term Note Cash Accumulation Account or
the 2007-A Term Notes Distribution Principal Subaccount for a class of 2007-A Term
Notes (other than Investment Proceeds thereon) and deposit such amounts into the
2007-A Term Notes Distribution Account for distribution to such class of 2007-A
Term Notes; and
	 
	 	(b)	 	On each day, the Servicer shall instruct the Indenture Trustee to
withdraw from the Collection Account and deposit into the 2007-A Term Notes
Distribution Account for the Class A Term Notes the Principal Allocation Percentage
of Available Trust Principal allocated to the Class A Term Notes pursuant to the
applicable clause of Section 4.5(d) of the Trust Sale and Servicing
Agreement. After the Fully Funded Date for the Class A Term Notes and fully funded
date for each outstanding series of Revolving Notes, on each day the Servicer shall
instruct the Indenture Trustee to withdraw from the Collection Account and deposit
into the 2007-A Term Notes Distribution Account for the Class B Term Notes all
Available Trust Principal allocated to the Class B Term Notes pursuant to the
applicable clause of Section 4.5(d) of the Trust Sale and Servicing
Agreement. After the Fully Funded Date for the Class B Term Notes, on each day the
Servicer shall instruct the Indenture Trustee to withdraw from the Collection
Account and deposit into the 2007-A Term Notes Distribution Account for the Class C
Term Notes all Available Trust Principal allocated to the Class C Term Notes
pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and
Servicing Agreement. After the Fully Funded Date for the Class C Term Notes, on
each day the Servicer shall instruct the Indenture Trustee to withdraw from the
Collection Account and deposit into the 2007-A Term Notes Distribution Account for
the Class D Term Notes all Available Trust Principal allocated to the Class D Term
Notes pursuant to the applicable clause of Section 4.5(d) of the Trust Sale
and Servicing Agreement.

The amount of funds deposited into the 2007-A Term Notes Distribution Account pursuant to the
preceding clause (b) during a Collection Period or on the related Monthly Distribution Date

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occurring during a Rapid Amortization Period shall constitute the “Available Principal
Funds” with respect to such Monthly Distribution Date.

	5.3	 	Distributions in Respect of Principal.
	 
	5.3.1	 	2007-AE-1 Term Note Targeted Final Payment Date. On the 2007-AE-1 Term Note Targeted Final
Payment Date, unless a Rapid Amortization Period for the 2007-A Term Notes has earlier
commenced, the Indenture Trustee shall withdraw from the 2007-A Term Notes Distribution
Principal Subaccount (or, if a Cash Accumulation Period is then in effect, from the Class A
Term Note Cash Accumulation Account, the Class B Term Note Cash Accumulation Account, the
Class C Term Note Cash Accumulation Account or the Class D Term Note Cash Accumulation
Account, as applicable, for such class) and pay to the Holders of each class of the 2007-A
Term Notes the lesser of:

	 	(a)	 	the outstanding principal balance of such class of 2007-A Term Notes
and
	 
	 	(b)	 	the amount of funds available in the 2007-A Term Notes Distribution
Principal Subaccount for such class (or, if a Cash Accumulation Period is then in
effect, the Class A Term Note Cash Accumulation Account, the Class B Term Note Cash
Accumulation Account, the Class C Term Note Cash Accumulation Account or the Class
D Term Note Cash Accumulation Account, as applicable, for such class) on such
Monthly Distribution Date.

	5.3.2	 	Following the 2007-AE-1 Term Note Targeted Final Payment Date. If the amount paid to the
Holders of a class of the 2007-A Term Notes on the 2007-AE-1 Term Note Targeted Final Payment
Date was less than the outstanding principal balance of such class of 2007-A Term Notes on the
2007-AE-1 Term Note Targeted Final Payment Date and if a Rapid Amortization Period is not then
in effect, then on each Monthly Distribution Date thereafter, the Servicer shall instruct the
Indenture Trustee to withdraw from the 2007-A Term Notes Distribution Principal Subaccount for
payment to the Holders of the 2007-A Term Notes the amount of the Available Trust Principal
allocated to the applicable class of 2007-A Term Notes and deposited in the 2007-A Term Notes
Distribution Principal Subaccount for such class of 2007-A Term Notes pursuant to Section
5.2.1.

	5.3.3	 	During Rapid Amortization Period. On each Monthly Distribution Date related to a Rapid
Amortization Payment Date, the Indenture Trustee (based on the Servicer’s Accounting for such
Monthly Distribution Date) shall apply the lesser of the Available Principal Funds allocated
to such class of 2007-A Term Notes for such Monthly Distribution Date and the outstanding
principal balance of such class of 2007-A Term Notes on the last day of the related Collection
Period to the 2007-A Term Notes Distribution Account for such class of 2007-A Term Notes on
such Monthly Distribution Date.

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	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 2007-A Term Notes
has commenced and is continuing, the Payment Period for the 2007-A Term Notes will commence
upon a date that is no earlier than July 1, 2009 and no later than December 1, 2009 (the
“Latest Commencement Date”). On the Determination Date in June 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 2007-AE-1 Term Note
Targeted Final Payment 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 outstanding principal balance of all 2007-A
Term Notes and the outstanding principal balance of all other Notes and the
Certificate Balance of all Certificates with scheduled Payment Periods during
the Payment Period for the 2007-A Term Notes;

“Recent Minimum Daily Trust Balance” is the minimum expected Daily Trust
Balance during the period between such Determination Date and December 31, 2009
as determined by the Servicer; and

“Minimum Monthly Payment Rate” is the lowest Monthly Payment Rate during
the twelve Collection Periods preceding such Determination Date.

	6.1.2	 	The Payment Period for the 2007-A Term Notes will terminate upon the earliest of (1) the
occurrence of a Cash Accumulation Event, (2) the occurrence of the Fully Funded Date for all
of the 2007-A Term Notes, and (3) the occurrence of a Rapid Amortization Event.

	6.1.3	 	If the Payment Period for the 2007-A Term Notes shall be terminated upon the occurrence of
an Early Amortization Event described in clauses (g) or (i) 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

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	 	 	Depositor elects to recommence the Revolving Period as described in
Section 9.5(a) of the Trust Sale and Servicing
Agreement. If the Payment Period for the 2007-A
Term Notes shall be terminated upon the
commencement of the Wind Down Period prior to the
Final Revolving Period Termination Date, such
Payment Period shall be recommenced, if the
Depositor elects to recommence the Revolving Period
as described in Section 9.5(b) of the Trust Sale
and Servicing Agreement.
	 
	6.2	 	Rapid Amortization Period.
	 
	6.2.1	 	“Rapid Amortization Period” for the 2007-A Term Notes will commence upon the
occurrence of a Rapid Amortization Event and will end upon the earliest to occur of (i) the
date on which the 2007-A Term Notes are paid in full and (ii) the Trust Termination Date.
	 
	6.2.2	 	“Rapid Amortization Event” for the 2007-A Term Notes means any of the following
events:

	 	(a)	 	the occurrence of any of the Early Amortization Events set forth in
Sections 9.1(a) and (n) of the Trust Sale and Servicing Agreement,
	 
	 	(b)	 	either the Trust or the Depositor becomes required to register as an
“investment company” within the meaning of the Investment Company Act,
	 
	 	(c)	 	on any Monthly Distribution Date, the balance in the Class A Term Note
Cash Accumulation Reserve Fund is less than $754,967 (after giving effect to all
withdrawals and additions on such Monthly Distribution Date),
	 
	 	(d)	 	on any Monthly Distribution Date, the balance in the Class B Term Note
Cash Accumulation Reserve Fund is less than $122,092 (after giving effect to all
withdrawals and additions on such Monthly Distribution Date),
	 
	 	(e)	 	on any Monthly Distribution Date, the balance in the Class C Term Note
Cash Accumulation Reserve Fund is less than $64,400 (after giving effect
to all withdrawals and additions on such Monthly Distribution Date),
	 
	 	(f)	 	on any Monthly Distribution Date, the balance in the Class D Term Note
Cash Accumulation Reserve Fund is less than $24,821 (after giving effect
to all withdrawals and additions on such Monthly Distribution Date),
	 
	 	(g)	 	the termination of a Basis Swap due to the insolvency of the associated
Basis Swap Counterparty, and
	 
	 	(h)	 	any other event defined as a Rapid Amortization Event for any other
series of Term Notes of the Trust.

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	6.3  	 	Cash Accumulation Period.

	6.3.1	 	A “Cash Accumulation Period” for the 2007-A Term Notes will commence upon the
occurrence of a Cash Accumulation Event and will terminate on the earliest to occur of:

	 	(a)	 	the date on which the 2007-A Term Notes are paid in full,
	 
	 	(b)	 	the occurrence of a Rapid Amortization Event for the 2007-A Term Notes,
	 
	 	(c)	 	the Trust Termination Date, and
	 
	 	(d)	 	the date on which, pursuant to Section 9.5(a) of the Trust Sale
and Servicing Agreement, the Revolving Period recommences.

	6.3.2	 	“Cash Accumulation Event” for the 2007-A Term Notes means any of the following
events:

	 	(a)	 	any of the Early Amortization Events that is not also a Rapid
Amortization Event, and
	 
	 	(b)	 	the commencement of the Wind Down Period.

	6.3.3	 	If a Cash Accumulation Period commences as a result of the occurrence of an Early
Amortization Event described in clauses (g) or (i) of Section 9.1 of the Trust
Sale and Servicing Agreement and no other Early Amortization Event has occurred, such Cash
Accumulation Period may be terminated, and the Revolving Period may be recommenced, if the
Depositor elects to recommence the Revolving Period as described in Section 9.5(a) of
the Trust Sale and Servicing Agreement.
	 
	7.	 	No Optional or Mandatory Purchase or Redemption.
	 
	 	 	The 2007-A Term Notes are not subject to optional or mandatory purchase or redemption by
the Issuing Entity, and the terms “Redemption Price” and “Redemption
Date” shall have no application to the 2007-A Term Notes.
	 
	8.	 	2007-AE-1 Term Note Cash Accumulation Reserve Funds.
	 
	8.1	 	The Depositor, for the benefit of the holders of the Class A Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class A
Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Holders of the Class A Term Notes.
The Class A Term Note Cash Accumulation Reserve Fund shall be a Designated Account.
	 
	8.2	 	The Depositor, for the benefit of the Holders of the Class B Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class B
Term Note Cash Accumulation Reserve Fund”), bearing a

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

	8.3	 	The Depositor, for the benefit of the Holders of the Class C Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class C
Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Holders of the Class C Term Notes.
The Class C Term Note Cash Accumulation Reserve Fund shall be a Designated Account.
	 
	8.4	 	The Depositor, for the benefit of the Holders of the Class D Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class D
Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Holders of the Class D Term Notes.
The Class D Term Note Cash Accumulation Reserve Fund shall be a Designated Account.
	 
	8.5	 	On the 2007-A Term Notes Closing Date, the Depositor shall deposit the Class A Term Note Cash
Accumulation Reserve Fund Initial Deposit into the Class A Term Note Cash Accumulation Reserve
Fund, the Class B Term Note Cash Accumulation Reserve Fund Initial Deposit into the Class B
Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve Fund
Initial Deposit into the Class C Term Note Cash Accumulation Reserve Fund and the Class D Term
Note Cash Accumulation Reserve Fund Initial Deposit into the Class D Term Note Cash
Accumulation Reserve Fund. The Depositor, in its sole discretion, may at any time make
additional deposits into the Class A Term Note Cash Accumulation Reserve Fund, the Class B
Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve Fund
or the Class D Term Note Cash Accumulation Reserve Fund. Upon the occurrence of a Rapid
Amortization Event or the 2007-AE-1 Term Note Targeted Final Payment Date, amounts remaining
in each of the Class A Term Note Cash Accumulation Reserve Fund, the Class B Term Note Cash
Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve Fund and the Class
D Term Note Cash Accumulation Fund shall be transferred to the Reserve Fund.
	 
	8.6	 	Investment Proceeds of the Class A Term Note Cash Accumulation Reserve Fund, the Class B Term
Note Cash Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve Fund and
the Class D Term Note Cash Accumulation Reserve Fund shall not constitute Shared Investment
Proceeds.
	 
	8.7	 	On each Monthly Distribution Date, if (a) the funds in the Class A Term Note Cash
Accumulation Reserve Fund after giving effect to all other distributions or allocations on
that Monthly Distribution Date exceed the Class A Term Note Cash Accumulation Reserve Fund
Required Amount, (b) the funds in the Class B Term Note Cash Accumulation Reserve Fund after
giving effect to all other distributions or allocations on that Monthly Distribution Date
exceed the Class B Term Note Cash Accumulation

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

	9.	 	2007-AE-1 Term Note Cash Accumulation Accounts.
	 
	9.1	 	The Servicer, for the benefit of the Holders of the Class A Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class A
Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Holders of the Class A Term Notes. The
Class A Term Note Cash Accumulation Account shall be a Designated Account.
	 
	9.2	 	The Servicer, for the benefit of the Holders of the Class B Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class B
Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Holders of the Class B Term Notes. The
Class B Term Note Cash Accumulation Account shall be a Designated Account.
	 
	9.3	 	The Servicer, for the benefit of the Holders of the Class C Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class C
Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Holders of the Class C Term Notes. The
Class C Term Note Cash Accumulation Account shall be a Designated Account.
	 
	9.4	 	The Servicer, for the benefit of the Holders of the Class D Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Class D
Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Holders of the Class D Term Notes. The
Class D Term Note Cash Accumulation Account shall be a Designated Account.
	 
	9.5	 	Class A Term Note Cash Accumulation Account Earnings, Class B Term Note Cash Accumulation
Account Earnings, Class C Term Note Cash Accumulation Account Earnings and Class D Term Note
Cash Accumulation Account Earnings shall not constitute Shared Investment Proceeds.
	 
	10.	 	2007-A Term Notes Distribution Account.
	 
	10.1	 	The Servicer, for the benefit of the holders of the 2007-A Term Notes, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the

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“2007-A Term Notes Distribution Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the holders of
the 2007-A Term Notes. The 2007-A Term Notes Distribution Account shall be a Designated
Account.

	10.2	 	Upon the commencement of the Payment Period for the 2007-A Term Notes, the Servicer shall
instruct the Indenture Trustee to establish a subaccount of the 2007-A Term Notes Distribution
Account, which subaccount shall be known as the “2007-A Term Notes Distribution Principal
Subaccount”.
	 
	10.3	 	Investment Proceeds from the 2007-A Term Notes Distribution Account and the 2007-A Term Notes
Distribution Principal Subaccount shall not constitute Shared Investment Proceeds.
	 
	11.	 	Pledge of the 2007-A Term Notes Account Property.

     In order to provide for timely payments in accordance with Section 4.5 of
the Trust Sale and Servicing Agreement and the terms of the 2007-A Term Notes, to assure
the availability for the benefit of the 2007-AE-1 Term Noteholders, of the amounts
maintained in the Class A Term Note Cash Accumulation Reserve Fund, the Class B Term
Note Cash Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve
Fund, the Class D Term Note Cash Accumulation Reserve Fund, the Class A Term Note Cash
Accumulation Account, the Class B Term Note Cash Accumulation Account, the Class C Term
Note Cash Accumulation Account, the Class D Term Note Cash Accumulation Account and the
2007-A Term Notes Distribution Account, and as security for the performance by the
Depositor of its obligations hereunder, the Depositor on behalf of itself and its
successors and assigns (with respect to the property described in clauses (a) and (b)
below), and the Trust (with respect to the property described in clauses (c) and (d)
below), each hereby pledges to the Indenture Trustee and its successors and assigns, all
its right, title and interest in and to:

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

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	 	(c)	 	the Class A Term Note Cash Accumulation Account, the Class B Term Note
Cash Accumulation Account, the Class C Term Note Cash Accumulation Account, the
Class D Term Note Cash Accumulation Account and all proceeds of the foregoing,
including, without limitation, all other amounts and investments held from time to
time in such accounts (whether in the form of deposit accounts, Physical Property,
book-entry securities, uncertificated securities or otherwise), and
	 
	 	(d)	 	the 2007-A Term Notes Distribution Account and all proceeds of the
foregoing, including, without limitation, all other amounts and investments held
from time to time in the 2007-A Term Notes Distribution Account (whether in the
form of deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise),

          (collectively, the “2007-A Term Notes Account Property”), to have and to
hold all the aforesaid property, rights and privileges unto the Indenture Trustee, its
successors and assigns, in trust for the uses and purposes, and subject to the terms and
provisions, set forth in this Officer’s Issuance Certificate and in Section 4.6
of the Trust Sale and Servicing Agreement. The Indenture Trustee shall hold and
distribute the 2007-A Term Notes Account Property in accordance with the terms and
provisions of the Trust Sale and Servicing Agreement. By its authentication of the
2007-A Term Notes, the Indenture Trustee acknowledges and accepts such trusts as are
specified herein with respect to the 2007-A Term Notes Account Property.

     The undersigned has read or has caused to be read the Indenture, including the provisions of
Section 2.1 and the definitions relating thereto, and the resolutions adopted by the Board
of Directors referred to above. Based on such examination, the undersigned has, in the
undersigned’s opinion, made such examination or investigation as is necessary to enable the
undersigned to express an informed opinion as to whether all conditions precedent set forth in the
Indenture and the other Basic Documents relating to the establishment of the form and terms of a
series of Notes under the Indenture have been complied with. In the opinion of the undersigned, all
such conditions precedent have been complied with in respect of the 2007-A Term Notes.

* * * *

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     IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer’s Issuance Certificate
as of February 13, 2007.

	 	 	 	 	 
	 	WHOLESALE AUTO RECEIVABLES LLC

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

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APPENDIX 1

to

OFFICER’S ISSUANCE CERTIFICATE

FOR THE 2007-A Term Notes

Definitions.

	1.	 	Reference to General Rule.

     Capitalized terms used herein and not defined shall have the meanings assigned to such terms
in the Indenture and in Appendix A to the Trust Sale and Servicing Agreement dated as of February
13, 2007 among GMAC,LLC, as Servicer, Wholesale Auto Receivables LLC, as Depositor, and Superior
Wholesale Inventory Financing Trust 2007-AE-1, as Issuing Entity. All references herein to “the
Officer’s Issuance Certificate” are to the Officer’s Issuance Certificate with respect to the
2007-A Term Notes, dated February 13, 2007.

	2.	 	Definitions Specific to the 2007-A Term Notes.

     The following terms are defined with respect to the 2007-A Term Notes only, are not defined in
Appendix A to the Trust Sale and Servicing Agreement and, when used in the Basic Documents, shall
have the defined meanings set forth below:

     2007-A Term Notes Closing Date: February 13, 2007.

     2007-A Term Notes Distribution Account: The account established as provided in
Section 10.1 of the Officer’s Issuance Certificate.

     2007-A Term Notes Distribution Principal Subaccount: The subaccount of the 2007-A
Term Notes Distribution Account established in Section 10.2 of the Officer’s Issuance
Certificate.

     2007-A Term Notes Distribution Principal Subaccount Earnings: For a Monthly
Distribution Date, any Investment Proceeds in respect of funds in the 2007-A Term Notes
Distribution Principal Subaccount during the related Collection Period.

     Available Principal Funds: Has the meaning set forth in Section 5.2.3 of the
Officer’s Issuance Certificate.

     Class A Term Note Cash Accumulation Reserve Fund Initial Deposit: $5,618,881.

     Class A Term Notes Interest Rate: The interest rate specified in Section
4.1.2 of the Officer’s Issuance Certificate.

     Class A Term Notes Monthly Available Amount: The funds collectively described as such
in Section 4.2(a) of the Officer’s Issuance Certificate.

     Class A Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum
of:

A1-1

 

     (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed
Trust Charge-Offs and Reallocated Principal Amounts) of the Class A Term Notes on the last day of
the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding
principal balance on the 2007-A Term Notes Closing Date), (2) the Class A Term Note Interest Rate
for such Monthly Distribution Date, and (3) the Actual/360 Day Count; and

     (b) the excess of the Class A Term Notes Noteholders’ Interest with respect to the Class A
Term Notes for the preceding Monthly Distribution Date over the amount that was actually deposited
in the 2007-A Term Notes Distribution Account on the preceding Monthly Distribution Date for the
payment of interest on the Class A Term Notes.

     Class B Term Note Cash Accumulation Reserve Fund Initial Deposit: $1,379,279.

     Class B Term Notes Interest Rate: The interest rate specified in Section
4.1.3 of the Officer’s Issuance Certificate.

     Class B Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum
of:

     (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed
Trust Charge-Offs and Reallocated Principal Amounts) of the Class B Term Notes on the last day of
the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding
principal balance on the 2007-A Term Notes Closing Date), (2) the Class B Term Note Interest Rate
for such Monthly Distribution Date, and (3) the Actual/360 Day Count; and

     (b) the excess of the Class B Term Notes Noteholders’ Interest with respect to the Class B
Term Notes for the preceding Monthly Distribution Date over the amount that was actually deposited
in the 2007-A Term Notes Distribution Account on the preceding Monthly Distribution Date for the
payment of interest on the Class B Term Notes.

     Class C Term Note Cash Accumulation Reserve Fund Initial Deposit: $983,520.

     Class C Term Notes Interest Rate: The interest rate specified in Section
4.1.4 of the Officer’s Issuance Certificate.

     Class C Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum
of:

     (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed
Trust Charge-Offs and Reallocated Principal Amounts) of the Class C Term Notes on the last day of
the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding
principal balance on the 2007-A Term Notes Closing Date), (2) the Class C Term Note Interest Rate
for such Monthly Distribution Date, and (3) the Actual/360 Day Count; and

     (b) the excess of the Class C Term Notes Noteholders’ Interest with respect to the Class C
Term Notes for the preceding Monthly Distribution Date over the amount that was

A1-2

 

actually deposited in the 2007-A Term Notes Distribution Account on the preceding Monthly
Distribution Date for the payment of interest on the Class C Term Notes.

     Class D Term Note Cash Accumulation Reserve Fund Initial Deposit: $436,840.

     Class D Term Notes Interest Rate: The interest rate specified in Section
4.1.5 of the Officer’s Issuance Certificate.

     Class D Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum
of:

     (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed
Trust Charge-Offs and Reallocated Principal Amounts) of the Class D Term Notes on the last day of
the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding
principal balance on the 2007-A Term Notes Closing Date), (2) the Class D Term Note Interest Rate
for such Monthly Distribution Date, and (3) the Actual/360 Day Count; and

     (b) the excess of the Class D Term Notes Noteholders’ Interest with respect to the Class D
Term Notes for the preceding Monthly Distribution Date over the amount that was actually deposited
in the 2007-A Term Notes Distribution Account on the preceding Monthly Distribution Date for the
payment of interest on the Class D Term Notes.

	3.	 	Specification for 2007-A Term Notes of Terms Defined in Appendix A to the Trust Sale and
Servicing Agreement.

     The following terms, when used in the Indenture, the Trust Sale and Servicing Agreement and/or
other Basic Documents, with respect to the 2007-A Term Notes, shall have the meanings set forth
below (and, if used in the Officer’s Issuance Certificate, shall be used with respect to the 2007-A
Term Notes only, except where expressly indicated otherwise):

     2007-AE-1 Term Note Stated Final Payment Date: The Monthly Distribution Date in
January 2012.

     2007-AE-1 Term Note Targeted Final Payment Date: The Monthly Distribution Date in
January 2010.

     Actual/360 Day Count: For the computation of accrued interest, means a fraction, the
numerator of which is the actual number of days elapsed during the period from and including the
preceding Monthly Distribution Date (or, if there is no prior Monthly Distribution Date, from and
including the 2007-A Term Notes Closing Date) to but excluding the current Monthly Distribution
Date, and the denominator of which is 360.

     Cash Accumulation Event: Any of the events set forth as such in Section 6.3.2
of the Officer’s Issuance Certificate.

     Cash Accumulation Period: A period described as such in Section 6.3.1 of the
Officer’s Issuance Certificate.

A1-3

 

     Daily Remittance Period: Has the meaning set forth in Section 5.1.3 of the
Officer’s Issuance Certificate.

     Distribution Accounts: For the purpose of the Basic Documents, the 2007-A Term Notes
Distribution Account.

     Fully Funded Date: The day on which:

	 	(a)	 	for the Class A Term Notes,

	 	(1)	 	the sum of the amount on deposit in the Class A Term
Note Cash Accumulation Account and in the 2007-A Term Notes Distribution
Principal Subaccount for the Class A Term Notes for the payment of
principal equals the outstanding principal balance of the Class A Term
Notes, or
	 
	 	(2)	 	the Class A Term Notes have been paid in full.

	 	(b)	 	for the Class B Term Notes,

	 	(1)	 	the sum of the amount on deposit in the Class B Term
Note Cash Accumulation Account and in the 2007-A Term Notes Distribution
Principal Subaccount for the Class B Term Notes for the payment of
principal equals the outstanding principal balance of the Class B Term
Notes, or
	 
	 	(2)	 	the Class B Term Notes have been paid in full.

	 	(c)	 	for the Class C Term Notes,

	 	(1)	 	the sum of the amount on deposit in the Class C Term
Note Cash Accumulation Account and in the 2007-A Term Notes Distribution
Principal Subaccount for the Class C Term Notes for the payment of
principal equals the outstanding principal balance of the Class C Term
Notes, or
	 
	 	(2)	 	the Class C Term Notes have been paid in full.

	 	(d)	 	for the Class D Term Notes,

	 	(1)	 	the sum of the amount on deposit in the Class D Term
Note Cash Accumulation Account and in the 2007-A Term Notes Distribution
Principal Subaccount for the Class D Term Notes for the payment of
principal equals the outstanding principal balance of the Class D Term
Notes, or
	 
	 	(2)	 	the Class D Term Notes have been paid in full.

A1-4

 

     Noteholders’ Interest: For any Monthly Distribution Date:

	 	(a)	 	With respect to the Class A Term Notes, the Class A Term Notes
Noteholders’ Interest.
	 
	 	(b)	 	With respect to the Class B Term Notes, the Class B Term Notes
Noteholders’ Interest.
	 
	 	(c)	 	With respect to the Class C Term Notes, the Class C Term Notes
Noteholders’ Interest.
	 
	 	(d)	 	With respect to the Class D Term Notes, the Class D Term Notes
Noteholders’ Interest.

     Payment Period: The period described as such in Section 6.1 of the Officer’s
Issuance Certificate.

     Rapid Amortization Event: Any of the events set forth as such in Section
6.2.2 of the Officer’s Issuance Certificate.

     Rapid Amortization Payment Date: Each Monthly Distribution Date, commencing with the
Monthly Distribution Date related to the first full calendar month following the commencement of
the Rapid Amortization Period and continuing until the earlier of the date that the 2007-A Term
Notes are paid in full or the Trust Termination Date.

     Rapid Amortization Period: The period described as such in Section 6.2.1 of
the Officer’s Issuance Certificate.

     Remaining Interest Amount: The amount described as such in Section 4.2 of the
Officer’s Issuance Certificate.

     Required Payment Period Length: With respect to the Payment Period, the period of
time described in Section 6.1.1 of the Officer’s Issuance Certificate.

     Series Shortfall: The amounts designated as such in Section 4.2 of the
Officer’s Issuance Certificate.

     Term Note Distribution Account: The 2007-A Term Notes Distribution Account.

A1-5

 

EXHIBIT A-1

[FORM OF CLASS A TERM NOTE]

	 	 	 
	REGISTERED

	 	[$                    ]
	 
	 	 
	No. R-___
	 	 

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [_________]

Unless this Class A Term Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing
Entity or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS Class A TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

CLASS A FLOATING RATE ASSET BACKED TERM NOTE, SERIES 2007-A

          SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns (the
“Noteholder”), the principal sum of [                                        ($                    ) ] at the
times specified and in the amounts specified in the Indenture (as defined on the reverse side of
this Class A Term Note); provided that the entire outstanding principal amount of this Class A Term
Note shall be due and payable on the Monthly Distribution Date (as defined on the reverse side of
this Class A Term Note) in January 2012 (the “Stated Final Payment Date”). The Issuing
Entity shall pay interest on this Class A Term Note on the dates, in the amounts and in the manner
set forth in the Indenture.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America which, at the time of payment, is legal tender for payment of public and private
debts.

A-1-1

 

          Reference is made to the further provisions of this Class A Term Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class A Term
Note.

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

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

Date:                     

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

	 
	 	By:  	HSBC BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Date:                     

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A., not in its individual capacity but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-1-2

 

	 	 	 	 	 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A Floating Rate Asset Backed Term Notes, Series 2007-A (herein called the “Class A Term
Note”), all issued under an Indenture, dated as of February 13, 2007 (such Indenture, as
supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is
herein called the “Indenture”), between the Issuing Entity and The Bank of New York Trust
Company, N.A., a national banking association, as trustee (the “Indenture Trustee”, which
term includes any successor trustee under the Indenture), to which Indenture reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Noteholders. The Class A Term Notes are one of the classes of a duly
authorized series of Notes of the Issuing Entity issued and to be issued from time to time pursuant
to the Indenture (collectively, as to all Notes of all such classes and series, the
“Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms
are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and
each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by
which such Person is bound. All capitalized terms used and not otherwise defined in this Class A
Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant
to the Indenture.

          Equally and Ratably Secured. The Class A Term Notes, including the Class A Term Notes, and
the Revolving Notes issued pursuant to the Indenture, except as otherwise provided under the Basic
Documents, are and shall be equally and ratably secured by the Collateral pledged as security
therefor as provided in the Indenture.

          No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by
acceptance of a Class A Term Note or, in the case of a Note Owner, a beneficial interest in a Class
A Term Note, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in their individual capacities, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

          No Petition Covenant. Each Noteholder or Note Owner, by acceptance of a Class A Term Note or,
in the case of a Note Owner, a beneficial interest in a Class A Term Note, covenants and agrees
that by accepting the benefits of the Indenture such Noteholder shall not, prior to the date which
is one year and one day after the termination of the Trust Agreement, acquiesce, petition or
otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Depositor or
the Issuing Entity under any federal or state bankruptcy, insolvency or

A-1-3

 

similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Depositor or the Issuing Entity or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing
Entity.

          Tax Characterization. Each Noteholder, by acceptance of a Class A Term Note or, in the case
of a Note Owner, a beneficial interest in a Class A Term Note, unless otherwise required by
appropriate taxing authorities, agrees to treat the Class A Term Notes as indebtedness secured by
the Collateral for the purpose of federal income taxes, state and local income and franchise taxes,
Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or
net income.

          ERISA. By acquiring a Class A Term Note (or an interest herein), each Noteholder and Note
Owner will be deemed to represent and warrant that either (a) it is not acquiring a Class A Term
Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of
Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended (the “Code”), an entity whose underlying assets include plan assets by reason of an
employee benefit plan’s or a plan’s investment in such entity, or any other plan that is subject to
any law that is substantially similar to ERISA or Section 4975 of the Code; or (b) the acquisition,
disposition and holding of a Class A Term Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA, Section 4975 of the Code or any substantially similar
applicable law.

          Amendments to Indenture. The Indenture permits, with certain exceptions as herein provided,
the amendment thereof and the modification of the rights and obligations of the Issuing Entity and
the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the
consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes.
The Indenture also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Class A Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class A Term Note and of any Class A Term Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Class A Term Note. The Indenture also
permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture
without the consent of the Noteholders.

          Miscellaneous. The term “Issuing Entity” as used in this Class A Term Note includes
any successor to the Issuing Entity under the Indenture.

          The term “Monthly Distribution Date” means the fifteenth day of each month, or if such
day is not a Business Day, then the next Business Day, commencing on March 15, 2007.

          The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

A-1-4

 

          The Class A Term Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth.

          This Class A Term Note and the Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such
laws.

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

A-1-5

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

 

(name and address of assignee)

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

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	Signature Guaranteed:
	 	1
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

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

A-1-6

 

EXHIBIT A-2

[FORM OF CLASS B TERM NOTE]

	 	 	 
	REGISTERED

	 	[$                    ]

No. R-___

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [                    ]

Unless this Class B Term Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing
Entity or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS CLASS B TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

CLASS B FLOATING RATE ASSET BACKED TERM NOTE, SERIES 2007-A

          SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns (the
“Noteholder”), the principal sum of [                                    ($                    )] at the times
specified and in the amounts specified in the Indenture (as defined on the reverse side of this
Class B Term Note); provided that the entire outstanding principal amount of this Class B Term Note
shall be due and payable on the Monthly Distribution Date (as defined on the reverse side of this
Class B Term Note) in January 2012 (the “Stated Final Payment Date”). The Issuing Entity
shall pay interest on this Class B Term Note on the dates, in the amounts and in the manner set
forth in the Indenture.

          The principal of and interest on this Class B Term Note are payable in such coin or currency
of the United States of America which, at the time of payment, is legal tender for payment of
public and private debts.

A-2-1

 

          Reference is made to the further provisions of this Class B Term Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note.

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

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

Date:                     

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

	 
	 	By:  	HSBC BANK USA, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Date:                     

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A., not
in its individual capacity but solely as
Indenture Trustee
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2-2

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class B Floating Rate Asset Backed Term Notes, Series 2007-A (herein called the “Class B Term
Note”), all issued under an Indenture, dated as of February 13, 2007 (such Indenture, as
supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is
herein called the “Indenture”), between the Issuing Entity and The Bank of New York Trust
Company, N.A., a national banking association, as trustee (the “Indenture Trustee”, which
term includes any successor trustee under the Indenture), to which Indenture reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Noteholders. The Class B Term Notes are one of the classes of a duly
authorized series of Notes of the Issuing Entity issued and to be issued from time to time pursuant
to the Indenture (collectively, as to all Notes of all such classes and series, the
“Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms
are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and
each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by
which such Person is bound. All capitalized terms used and not otherwise defined in this Class B
Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant
to the Indenture.

          The Class B Term Notes are subordinate to the Class A Term Notes and the Revolving Notes
issued pursuant to the Indenture to the extent provided in the Basic Documents. The Class B Term
Notes shall be secured by the Collateral pledged as security therefor as provided in the Indenture.

          No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by
acceptance of a Class B Term Note or, in the case of a Note Owner, a beneficial interest in a Class
B Term Note, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in their individual capacities, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

          No Petition Covenant. Each Noteholder or Note Owner, by acceptance of a Class B Term Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder shall not, prior to the date which is one
year and one day after the termination of the Trust Agreement, acquiesce, petition or otherwise
invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Depositor or
the Issuing Entity under any federal or state bankruptcy, insolvency or similar law

A-2-3

 

or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Depositor or the Issuing Entity or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity.

          Tax Characterization. Each Noteholder, by acceptance of a Class B Term Note or, in the case
of a Note Owner, a beneficial interest in a Class B Term Note, unless otherwise required by
appropriate taxing authorities, agrees to treat the Class B Term Notes as indebtedness secured by
the Collateral for the purpose of federal income taxes, state and local income and franchise taxes,
Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or
net income.

          ERISA. By acquiring a Class B Term Note (or an interest herein), each Noteholder and Note
Owner will be deemed to represent and warrant that either (a) it is not acquiring a Class B Term
Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of
Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended (the “Code”), an entity whose underlying assets include plan assets by reason of an
employee benefit plan’s or a plan’s investment in such entity, or any other plan that is subject to
any law that is substantially similar to ERISA or Section 4975 of the Code; or (b) the acquisition,
disposition and holding of a Class B Term Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA, Section 4975 of the Code or any substantially similar
applicable law.

          Amendments to Indenture. The Indenture permits, with certain exceptions as herein provided,
the amendment thereof and the modification of the rights and obligations of the Issuing Entity and
the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the
consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes.
The Indenture also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Class B Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class B Term Note and of any Class B Term Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Class B Term Note. The Indenture also
permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture
without the consent of the Noteholders.

          Miscellaneous. The term “Issuing Entity” as used in this Class B Term Note includes
any successor to the Issuing Entity under the Indenture.

          The term “Monthly Distribution Date” means the fifteenth day of each month, or if such
day is not a Business Day, then the next Business Day, commencing on March 15, 2007.

          The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

A-2-4

 

          The Class B Term Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth.

          This Class B Term Note and the Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such
laws.

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

A-2-5

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

           

           

(name and address of assignee)

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

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	Signature Guaranteed:
	 	1
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

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

A-2-6

 

EXHIBIT A-3

[FORM OF CLASS C TERM NOTE]

			
	REGISTERED
	 	[$                    ]
	 	 	 
	No. R-     	 	 

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [                    ]

Unless this Class C Term Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuing
Entity or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS CLASS C TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

CLASS C FLOATING RATE ASSET BACKED TERM NOTE, SERIES 2007-A

          SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns (the
“Noteholder”), the principal sum of [                                        ($                    )] at the times
specified and in the amounts specified in the Indenture (as defined on the reverse side of this
Class C Term Note); provided that the entire outstanding principal amount of this Class C Term Note
shall be due and payable on the Monthly Distribution Date (as defined on the reverse side of this
Class C Term Note) in January 2012 (the “Stated Final Payment Date”). The Issuing Entity
shall pay interest on this Class C Term Note on the dates, in the amounts and in the manner set
forth in the Indenture.

          The principal of and interest on this Class C Term Note are payable in such coin or currency
of the United States of America which, at the time of payment, is legal tender for payment of
public and private debts.

A-3-1

 

          Reference is made to the further provisions of this Class C Term Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class C Term
Note.

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

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

Date:                     

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

 	 
	 	By:  	HSBC BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement 	 
	 	 	 	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Date:                     

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A., not in its individual
capacity but solely as Indenture Trustee
 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-3-2

 

	 	 	 	 	 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class C Floating Rate Asset Backed Term Notes, Series 2007-A (herein called the “Class C Term
Note”), all issued under an Indenture, dated as of February 13, 2007 (such Indenture, as
supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is
herein called the “Indenture”), between the Issuing Entity and The Bank of New York Trust
Company, N.A., a national banking association, as trustee (the “Indenture Trustee”, which
term includes any successor trustee under the Indenture), to which Indenture reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Noteholders. The Class C Term Notes are one of the classes of a duly
authorized series of Notes of the Issuing Entity issued and to be issued from time to time pursuant
to the Indenture (collectively, as to all Notes of all such classes and series, the
“Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms
are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and
each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by
which such Person is bound. All capitalized terms used and not otherwise defined in this Class C
Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant
to the Indenture.

          The Class C Term Notes are subordinate to the Class A Term Notes, the Revolving Notes and the
Class B Term Notes issued pursuant to the Indenture to the extent provided in the Basic Documents.
The Class C Term Notes shall be secured by the Collateral pledged as security therefor as provided
in the Indenture.

          No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by
acceptance of a Class C Term Note or, in the case of a Note Owner, a beneficial interest in a Class
C Term Note, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in their individual capacities, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

          No Petition Covenant. Each Noteholder or Note Owner, by acceptance of a Class C Term Note or,
in the case of a Note Owner, a beneficial interest in a Class C Term Note, covenants and agrees
that by accepting the benefits of the Indenture such Noteholder shall not, prior to the date which
is one year and one day after the termination of the Trust Agreement, acquiesce, petition or
otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Depositor or
the Issuing Entity under any federal or state bankruptcy, insolvency or

A-3-3

 

similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Depositor or the Issuing Entity or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing
Entity.

          Tax Characterization. Each Noteholder, by acceptance of a Class C Term Note or, in the case
of a Note Owner, a beneficial interest in a Class C Term Note, unless otherwise required by
appropriate taxing authorities, agrees to treat the Class C Term Notes as indebtedness secured by
the Collateral for the purpose of federal income taxes, state and local income and franchise taxes,
Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or
net income.

          ERISA. By acquiring a Class C Term Note (or an interest herein), each Noteholder and Note
Owner will be deemed to represent and warrant that either (a) it is not acquiring a Class C Term
Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of
Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended (the “Code”), an entity whose underlying assets include plan assets by reason of an
employee benefit plan’s or a plan’s investment in such entity, or any other plan that is subject to
any law that is substantially similar to ERISA or Section 4975 of the Code; or (b) the acquisition,
disposition and holding of a Class C Term Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA, Section 4975 of the Code or any substantially similar
applicable law.

          Amendments to Indenture. The Indenture permits, with certain exceptions as herein provided,
the amendment thereof and the modification of the rights and obligations of the Issuing Entity and
the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the
consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes.
The Indenture also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Class C Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class C Term Note and of any Class C Term Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Class C Term Note. The Indenture also
permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture
without the consent of the Noteholders.

          Miscellaneous. The term “Issuing Entity” as used in this Class C Term Note includes
any successor to the Issuing Entity under the Indenture.

          The term “Monthly Distribution Date” means the fifteenth day of each month, or if such
day is not a Business Day, then the next Business Day, commencing on March 15, 2007.

          The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

A-3-4

 

          The Class C Term Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth.

          This Class C Term Note and the Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such
laws.

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

A-3-5

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

 

 

(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 
	 	 	 	
	 	 

	

	 	 
	 	 	 	 

Signature Guaranteed:
	 	 
1
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

A-3-6

 

EXHIBIT A-4

[FORM OF CLASS D TERM NOTE]

			
	REGISTERED
	 	[$_______]

No. R-__

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CLASS D TERM NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OF AMERICA OR ANY
FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CLASS D TERM NOTE (OR INTEREST
THEREIN) THE HOLDER (OR OWNER) OF THIS CLASS D TERM NOTE (OR SUCH INTEREST) IS
DEEMED TO REPRESENT TO WHOLESALE AUTO RECEIVABLES LLC OR ITS ASSIGNEE OR SUCCESSOR
(THE “DEPOSITOR”) AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS
ACQUIRING THIS CLASS D TERM NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT
FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO
ARE QUALIFIED INSTITUTIONAL BUYERS).

     NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CLASS D TERM NOTE (OR INTEREST
THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER
TRANSFER IS MADE TO THE DEPOSITOR, (ii) SO LONG AS THIS CLASS D TERM NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE,
PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES
AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS)
TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE
MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE
TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE
DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL
BE IN FORM AND

A-4-1

 

SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE
INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT
THE EXPENSE OF THE DEPOSITOR, THE SERVICER OR THE INDENTURE TRUSTEE) SATISFACTORY TO
THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES ACT. NO SALE, PLEDGE OR OTHER TRANSFER MAY BE MADE TO ANY ONE
PERSON FOR NOTES WITH A FACE AMOUNT OF LESS THAN $2,500,000 (OR SUCH OTHER AMOUNT AS
THE DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT THE TRUST FROM BEING TREATED AS A
“PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE UNITED STATES INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), BUT IN NO EVENT LESS THAN
$2,500,000) AND, IN THE CASE OF ANY PERSON ACTING ON BEHALF OF ONE OR MORE THIRD
PARTIES (OTHER THAN A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE SECURITIES ACT)
ACTING IN ITS FIDUCIARY CAPACITY), FOR NOTES WITH A FACE AMOUNT OF LESS THAN SUCH
AMOUNT FOR EACH SUCH THIRD PARTY. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE
IMMEDIATELY PRECEDING RESTRICTION WILL BE VOID AB INITIO AND THE PURPORTED
TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CLASS D TERM NOTES FOR
ALL PURPOSES. THE TRUST WILL WITHHOLD U.S. INCOME TAX AT A RATE OF 35% ON INTEREST
INCOME ALLOCABLE TO A NOTEHOLDER WHO IS NOT A “UNITED STATES PERSON” WITHIN THE
MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE AS IF SUCH INTEREST
INCOME IS INCOME EFFECTIVELY CONNECTED WITH A TRADE OR BUSINESS IN THE UNITED
STATES.

     THIS CLASS D TERM NOTE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR
THE ACCOUNT OF (i) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)), 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. THIS CLASS D TERM NOTE (OR AN INTEREST HEREIN) ALSO MAY
NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE BENEFIT PLAN OR PLAN THAT IS
NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA (INCLUDING, WITHOUT LIMITATION,
FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF, ANY APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH
HOLDER OF A CLASS D NOTE, BY ACCEPTING THIS

A-4-2

 

CLASS D TERM NOTE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT
SUBJECT TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO DO SO BY THE DEPOSITOR,
SUCH PERSON SHALL EXECUTE AND DELIVER TO THE INDENTURE TRUSTEE AN UNDERTAKING LETTER
TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT.

     IF THERE IS MORE THAN ONE OWNER OF THE CLASS D TERM NOTES, EACH NOTEHOLDER OR
NOTE OWNER, BY ACCEPTING THIS CLASS D TERM NOTE (OR INTEREST THEREIN), UNLESS
OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS D
NOTE AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR PURPOSES OF FEDERAL INCOME, STATE
AND LOCAL INCOME AND FRANCHISE TAXES, MICHIGAN SINGLE BUSINESS TAX AND ANY OTHER
TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

THE PRINCIPAL OF THIS CLASS D TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

EACH NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF THIS CLASS D TERM NOTE (OR
INTEREST THEREIN), COVENANTS AND AGREES THAT SUCH NOTEHOLDER OR NOTE OWNER, AS THE
CASE MAY BE, SHALL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE
TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE
DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE
PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR UNDER ANY FEDERAL
OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A
RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR
OFFICIAL OF THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE
WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR.

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

CLASS D FLOATING RATE ASSET BACKED TERM NOTE, SERIES 2007-A

          SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to [                                        ], or registered assigns
(the “Noteholder”), the principal sum of [                                                            ($        
                             )] at the
times specified and in the amounts

A-4-3

 

specified in the Indenture (as defined on the reverse side of this Class D Term Note);
provided that the entire outstanding principal amount of this Class D Term Note shall be due and
payable on the Monthly Distribution Date (as defined on the reverse side of this Class D Term Note)
in January 2012 (the “Stated Final Payment Date”). The Issuing Entity shall pay interest on
this Class D Term Note on the dates, in the amounts and in the manner set forth in the Indenture.

          The principal of and interest on this Class D Term Note are payable in such coin or currency
of the United States of America which, at the time of payment, is legal tender for payment of
public and private debts.

          Reference is made to the further provisions of this Class D Term Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class D Term
Note.

A-4-4

 

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

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

Date:                                         

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST
2007-AE-1

	 
	 	By:  	HSBC BANK USA, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Owner Trustee
under the Trust Agreement

	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Date:                                         

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A., not
in its individual capacity but solely as
Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-4-5

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class D Floating Rate Asset Backed Term Notes, Series 2007-A (herein called the “Class D Term
Note”), all issued under an Indenture, dated as of February 13, 2007 (such Indenture, as
supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is
herein called the “Indenture”), between the Issuing Entity and The Bank of New York Trust
Company, N.A., a national banking association, as trustee (the “Indenture Trustee”, which
term includes any successor trustee under the Indenture), to which Indenture reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Noteholders. The Class D Term Notes are one of the classes of a duly
authorized series of Notes of the Issuing Entity issued and to be issued from time to time pursuant
to the Indenture (collectively, as to all Notes of all such classes and series, the
“Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms
are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and
each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by
which such Person is bound. All capitalized terms used and not otherwise defined in this Class D
Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant
to the Indenture.

          The Class D Term Notes are subordinate to the Class A Term Notes, the Revolving Notes, the
Class B Term Notes and the Class C Term Notes issued pursuant to the Indenture to the extent
provided in the Basic Documents. The Class D Term Notes shall be secured by the Collateral pledged
as security therefor as provided in the Indenture.

          No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by
acceptance of a Class D Term Note or, in the case of a Note Owner, a beneficial interest in a Class
D Term Note, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in their individual capacities, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

          Amendments to Indenture. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuing Entity and
the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the
consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes.
The Indenture also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuing Entity with certain provisions of the

A-4-6

 

Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Class D Term Note (or anyone of more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Class D Term
Note and of any Class D Term Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class
D Term Note. The Indenture also permits the Indenture Trustee to amend certain terms and conditions
set forth in the Indenture without the consent of the Noteholders.

          Miscellaneous. The term “Issuing Entity” as used in this Class D Term Note includes
any successor to the Issuing Entity under the Indenture.

          The term “Monthly Distribution Date” means the fifteenth day of each month, or if such
day is not a Business Day, then the next Business Day, commencing on March 15, 2007.

          The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

          The Class D Term Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth.

          This Class D Term Note and the Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such
laws.

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

A-4-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

 

 

(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated:

	 
	 	 
	 	 	 	 

Signature Guaranteed:
	 	 
1
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

A-4-8

 

EXHIBIT B

[FORM OF DEPOSITORY AGREEMENT]

B-1

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