Document:

EX-10.1

 

    Exhibit 10.1

 

 

    MORGANS
    HOTEL GROUP CO.

 

    AMENDED
    AND RESTATED 2007 OMNIBUS INCENTIVE PLAN

 

 

 

    TABLE OF
    CONTENTS

 

	 	 	 	 	 
	
 
	
 
	
    Page
	
 

	 

	

    1. PURPOSE

	
 
	
 
	
    1
	
 

	

    2. DEFINITIONS

	
 
	
 
	
    1
	
 

	

    3. ADMINISTRATION OF THE PLAN

	
 
	
 
	
    4
	
 

	

    3.1. Board

	
 
	
 
	
    4
	
 

	

    3.2. Committee

	
 
	
 
	
    5
	
 

	

    3.3. Terms of Awards

	
 
	
 
	
    5
	
 

	

    3.4. Deferral Arrangement

	
 
	
 
	
    6
	
 

	

    3.5. No Liability

	
 
	
 
	
    6
	
 

	

    3.6. Share Issuance/Book-Entry

	
 
	
 
	
    6
	
 

	

    4. STOCK SUBJECT TO THE PLAN

	
 
	
 
	
    6
	
 

	

    5. EFFECTIVE DATE, DURATION AND AMENDMENTS

	
 
	
 
	
    7
	
 

	

    5.1. Effective Date

	
 
	
 
	
    7
	
 

	

    5.2. Term

	
 
	
 
	
    7
	
 

	

    5.3. Amendment and Termination of the Plan

	
 
	
 
	
    7
	
 

	

    6. AWARD ELIGIBILITY AND LIMITATIONS

	
 
	
 
	
    7
	
 

	

    6.1. Service Providers and Other Persons

	
 
	
 
	
    7
	
 

	

    6.2. Successive Awards and Substitute Awards

	
 
	
 
	
    7
	
 

	

    6.3. Limitation on Shares of Stock Subject to Awards and Cash
    Awards

	
 
	
 
	
    8
	
 

	

    7. AWARD AGREEMENT

	
 
	
 
	
    8
	
 

	

    8. TERMS AND CONDITIONS OF OPTIONS

	
 
	
 
	
    8
	
 

	

    8.1. Option Price

	
 
	
 
	
    8
	
 

	

    8.2. Vesting

	
 
	
 
	
    8
	
 

	

    8.3. Term

	
 
	
 
	
    8
	
 

	

    8.4. Termination of Service

	
 
	
 
	
    9
	
 

	

    8.5. Limitations on Exercise of Option

	
 
	
 
	
    9
	
 

	

    8.6. Method of Exercise

	
 
	
 
	
    9
	
 

	

    8.7. Rights of Holders of Options

	
 
	
 
	
    9
	
 

	

    8.8. Delivery of Stock Certificates

	
 
	
 
	
    9
	
 

	

    8.9. Transferability of Options

	
 
	
 
	
    9
	
 

	

    8.10. Family Transfers

	
 
	
 
	
    9
	
 

	

    8.11. Limitations on Incentive Stock Options

	
 
	
 
	
    10
	
 

	

    8.12. Notification of Disqualifying Disposition

	
 
	
 
	
    10
	
 

	

    9. TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

	
 
	
 
	
    10
	
 

	

    9.1. Right to Payment and Grant Price

	
 
	
 
	
    10
	
 

	

    9.2. Other Terms

	
 
	
 
	
    10
	
 

	

    9.3. Term

	
 
	
 
	
    10
	
 

	

    9.4. Transferability of SARS

	
 
	
 
	
    11
	
 

	

    9.5. Family Transfers

	
 
	
 
	
    11
	
 

	

    10. TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

	
 
	
 
	
    11
	
 

	

    10.1. Grant of Restricted Stock

	
 
	
 
	
    11
	
 

	

    10.2. Restrictions

	
 
	
 
	
    11
	
 

	

    10.3. Restricted Stock Certificates

	
 
	
 
	
    11
	
 

	

    10.4. Rights of Holders of Restricted Stock

	
 
	
 
	
    12
	
 

	

    10.5. Rights of Holders of Stock Units

	
 
	
 
	
    12
	
 

	

    10.5.1. Voting and Dividend Rights

	
 
	
 
	
    12
	
 

	

    10.5.2. Creditor’s Rights

	
 
	
 
	
    12
	
 

	

    10.6. Termination of Service

	
 
	
 
	
    12
	
 

    

    i

 

	 	 	 	 	 
	
 
	
 
	
    Page
	
 

	 

	

    10.7. Purchase of Restricted Stock

	
 
	
 
	
    12
	
 

	

    10.8. Delivery of Stock

	
 
	
 
	
    12
	
 

	

    11. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

	
 
	
 
	
    13
	
 

	

    11.1. General Rule

	
 
	
 
	
    13
	
 

	

    11.2. Surrender of Stock

	
 
	
 
	
    13
	
 

	

    11.3. Cashless Exercise

	
 
	
 
	
    13
	
 

	

    11.4. Other Forms of Payment

	
 
	
 
	
    13
	
 

	

    12. TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

	
 
	
 
	
    13
	
 

	

    12.1. Dividend Equivalent Rights

	
 
	
 
	
    13
	
 

	

    12.2. Termination of Service

	
 
	
 
	
    13
	
 

	

    13. OTHER STOCK-BASED AWARDS AND LLC UNITS

	
 
	
 
	
    14
	
 

	

    14. TERMS AND CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE
    AWARDS

	
 
	
 
	
    14
	
 

	

    14.1. Performance Conditions

	
 
	
 
	
    14
	
 

	

    14.2. Performance or Annual Incentive Awards Granted to
    Designated Covered Employees

	
 
	
 
	
    15
	
 

	

    14.2.1. Performance Goals Generally

	
 
	
 
	
    15
	
 

	

    14.2.2. Business Criteria

	
 
	
 
	
    15
	
 

	

    14.2.3. Timing For Establishing Performance Goals

	
 
	
 
	
    16
	
 

	

    14.2.4. Settlement of Performance or Annual Incentive Awards;
    Other Terms

	
 
	
 
	
    16
	
 

	

    14.3. Written Determinations

	
 
	
 
	
    16
	
 

	

    14.4. Status of Section 14.2 Awards Under Code Section
    162(m)

	
 
	
 
	
    16
	
 

	

    15. PARACHUTE LIMITATIONS

	
 
	
 
	
    16
	
 

	

    16. REQUIREMENTS OF LAW

	
 
	
 
	
    17
	
 

	

    16.1. General

	
 
	
 
	
    17
	
 

	

    16.2.
    Rule 16b-3

	
 
	
 
	
    17
	
 

	

    17. EFFECT OF CHANGES IN CAPITALIZATION

	
 
	
 
	
    18
	
 

	

    17.1. Changes in Stock

	
 
	
 
	
    18
	
 

	

    17.2. Reorganization in Which the Company Is the Surviving
    Entity Which does not Constitute a Corporate Transaction

	
 
	
 
	
    18
	
 

	

    17.3. Corporate Transaction

	
 
	
 
	
    18
	
 

	

    17.4. Adjustments

	
 
	
 
	
    19
	
 

	

    17.5. No Limitations on Company

	
 
	
 
	
    19
	
 

	

    18. GENERAL PROVISIONS

	
 
	
 
	
    19
	
 

	

    18.1. Disclaimer of Rights

	
 
	
 
	
    19
	
 

	

    18.2. Nonexclusivity of the Plan

	
 
	
 
	
    20
	
 

	

    18.3. Withholding Taxes

	
 
	
 
	
    20
	
 

	

    18.4. Captions

	
 
	
 
	
    20
	
 

	

    18.5. Other Provisions

	
 
	
 
	
    20
	
 

	

    18.6. Number and Gender

	
 
	
 
	
    20
	
 

	

    18.7. Severability

	
 
	
 
	
    21
	
 

	

    18.8. Governing Law

	
 
	
 
	
    21
	
 

	

    18.9. Code Section 409A

	
 
	
 
	
    21
	
 

    ii

 

    MORGANS
    HOTEL GROUP CO.

    

 

    AMENDED
    AND RESTATED 2007 OMNIBUS INCENTIVE PLAN

 

    Morgans Hotel Group Co., a Delaware corporation (the
    “Company”), sets forth herein the terms of the
    amendment and restatement of its 2007 Omnibus Incentive Plan in
    the form of this Amended and Restated 2007 Omnibus Incentive
    Plan (the “Plan”), as follows:

 

		
	
    1.  
	
    PURPOSE

 

    The Plan is intended to enhance the Company’s and its
    Affiliates’ (as defined herein) ability to attract and
    retain highly qualified officers, outside directors, key
    employees, and other persons, and to motivate such persons to
    serve the Company and its Affiliates and to expend maximum
    effort to improve the business results and earnings of the
    Company, by providing to such persons an opportunity to acquire
    or increase a direct proprietary interest in the operations and
    future success of the Company. To this end, the Plan provides
    for the grant of stock options, stock appreciation rights,
    restricted stock, stock units (including deferred stock units),
    dividend equivalent rights, cash awards and any other
    stock-based award under the Plan. Any of these awards may, but
    need not, be made as performance incentives to reward attainment
    of annual or long-term performance goals in accordance with the
    terms hereof. Stock options granted under the Plan may be
    non-qualified stock options or incentive stock options, as
    provided herein, except that stock options granted to outside
    directors and any consultants or advisers providing services to
    the Company or an Affiliate shall in all cases be non-qualified
    stock options.

 

		
	
    2.  
	
    DEFINITIONS

 

    For purposes of interpreting the Plan and related documents
    (including Award Agreements), the following definitions shall
    apply:

 

    2.1 “Affiliate” means, with respect to the
    Company, any company or other trade or business that controls,
    is controlled by or is under common control with the Company
    within the meaning of Rule 405 of Regulation C under
    the Securities Act, including, without limitation, any
    Subsidiary. For purposes of granting stock options or stock
    appreciation rights, an entity may not be considered an
    Affiliate unless the Company holds a “controlling
    interest” in such entity, where the term “controlling
    interest” has the same meaning as provided in Treasury
    Regulation 1.414(c)-2(b)(2)(i),
    provided that the language “at least 50 percent”
    is used instead of “at least 80 percent” and,
    provided further, that where granting of stock options or stock
    appreciation rights is based upon a legitimate business
    criteria, the language “at least 20 percent” is
    used instead of “at least 80 percent” each place
    it appears in Treasury
    Regulation 1.414(c)-2(b)(2)(i).

 

    2.2 “Annual Incentive Award” means an
    Award made subject to attainment of performance goals (as
    described in Section 14) over a performance period
    of up to one year (the Company’s fiscal year, unless
    otherwise specified by the Committee).

 

    2.3 “Award” means a grant of an Option,
    Stock Appreciation Right, Restricted Stock, Stock Unit, Dividend
    Equivalent Rights, cash award, or any Other Stock-Based Award
    under the Plan.

 

    2.4 “Award Agreement” means the written
    agreement between the Company and a Grantee that evidences and
    sets out the terms and conditions of an Award. The Committee may
    provide for the use of electronic, Internet, or other nonpaper
    Award Agreements, and the use of electronic, Internet, or other
    nonpaper means for the acceptance thereof and actions thereunder
    by a Grantee.

 

    2.5 “Benefit Arrangement” shall have the
    meaning set forth in Section 15 hereof.

 

    2.6 “Board” means the Board of Directors
    of the Company.

 

    2.7 “Book Value” means, as of any given
    date, on a per share basis (i) the shareholders’
    equity in the Company as of the end of the immediately preceding
    fiscal year as reflected in the Company’s consolidated
    balance sheet, subject to such adjustments as the Committee
    shall specify at or after grant, divided by (ii) the number
    of then outstanding shares of Stock as of such year-end date (as
    adjusted by the Committee for subsequent events).

    

    1

 

    2.8 “Cause” means, with respect to any
    Grantee, the meaning of such term as set forth in the employment
    agreement between the Company (or any Affiliate) and the Grantee
    or, in the event there is no such employment agreement (or if
    any such employment agreement does not contain such a
    definition), such term shall mean (i) willful or gross
    misconduct or willful or gross negligence in the performance of
    his or her duties for the Company or any Affiliate,
    (ii) neglect of his or her duties for the Company or any
    Affiliate after written notice and opportunity to cure,
    (iii) dishonesty, fraud, theft, embezzlement or
    misappropriation of funds, properties or assets of the Company
    or of any Affiliate, (iv) conviction of a felony or
    (v) a direct or indirect material breach of the terms of
    any agreement with the Company or any Affiliate.

 

    2.9 “Code” means the Internal Revenue Code
    of 1986, as now in effect or as hereafter amended.

 

    2.10 “Committee” means a committee of, and
    designated from time to time by resolution of, the Board, which
    shall be constituted as provided in Section 3.2.

 

    2.11 “Company” means Morgans Hotel Group
    Co.

 

    2.12 “Corporate Transaction” shall be
    deemed to have occurred if (i) any person or group of
    persons (as defined in Section 13(d) and 14(d) of the
    Exchange Act) together with its affiliates, excluding employee
    benefit plans of the Company, is or becomes, directly or
    indirectly, the “beneficial owner” (as defined in
    Rule 13d-3
    of the Exchange Act) of securities of the Company representing
    40% or more of the combined voting power of the Company’s
    then outstanding securities; or (ii) individuals who at the
    beginning of any two-year period constitute the Board, plus new
    directors of the Company whose election or nomination for
    election by the Company’s shareholders is approved by a
    vote of at least two-thirds of the directors of the Company
    still in office who were directors of the Company at the
    beginning of such two-year period, cease for any reason during
    such two-year period to constitute at least two-thirds of the
    members of the Board; or (iii) a merger or consolidation of
    the Company with any other corporation or entity is consummated
    regardless of which entity is the survivor, other than a merger
    of consolidation which would result in the voting securities of
    the Company outstanding immediately prior thereto continuing to
    represent (either by remaining outstanding or being converted
    into voting securities of the surviving entity) at least 60% of
    the combined voting power of the voting securities of the
    Company or such surviving entity outstanding immediately after
    such merger or consolidation; or (iv) the Company is
    completely liquidated or all or substantially all of the
    Company’s assets are sold.

 

    2.13 “Covered Employee” means a Grantee
    who is a covered employee within the meaning of
    Section 162(m)(3) of the Code.

 

    2.14 “Disability” means the Grantee is
    unable to perform each of the essential duties of such
    Grantee’s position by reason of a medically determinable
    physical or mental impairment which is potentially permanent in
    character or which can be expected to last for a continuous
    period of not less than 12 months; provided, however, that,
    with respect to rules regarding expiration of an Incentive Stock
    Option following termination of the Grantee’s Service,
    Disability shall mean the Grantee is unable to engage in any
    substantial gainful activity by reason of a medically
    determinable physical or mental impairment which can be expected
    to result in death or which has lasted or can be expected to
    last for a continuous period of not less than 12 months.

 

    2.15 “Dividend Equivalent Right” means a
    right, granted to a Grantee under Section 12 hereof,
    to receive cash, Stock, other Awards or other property equal in
    value to dividends paid with respect to a specified number of
    shares of Stock, or other periodic payments.

 

    2.16 “Effective Date” means April 10,
    2008, the date this Amended and Restated 2007 Omnibus Incentive
    Plan was approved by the Board.

 

    2.17 “Exchange Act” means the Securities
    Exchange Act of 1934, as now in effect or as hereafter amended.

 

    2.18 “Fair Market Value” with respect to a
    share of Stock means the value of a share of such Stock
    determined as follows: if on the Grant Date or other
    determination date the Stock is listed on an established
    national or regional stock exchange, is admitted to quotation on
    The NASDAQ Stock Market, Inc. or is publicly traded on an
    established securities market, the Fair Market Value of a share
    of Stock shall be the closing price of the Stock on such
    exchange or in such market (if there is more than one such
    exchange or

    

    2

 

    market the Committee shall determine the appropriate exchange or
    market) on the Grant Date or such other determination date (or
    if there is no such reported closing price, the Fair Market
    Value shall be the mean between the highest bid and lowest asked
    prices or between the high and low sale prices on such trading
    day) or, if no sale of Stock is reported for such trading day,
    on the next preceding day on which any sale shall have been
    reported. If the Stock is not listed on such an exchange, quoted
    on such system or traded on such a market, Fair Market Value of
    the share of Stock shall be the value of the Stock as determined
    by the Committee by the reasonable valuation method, in a manner
    consistent with Internal Revenue Code Section 409A
    (“Code Section 409A”). “Fair Market
    Value” with respect to an Award means the value of the
    Award as determined by the Committee in good faith, taking into
    consideration applicable tax and accounting rules and
    regulations.

 

    2.19 “Family Member” means a person who is
    a spouse, former spouse, child, stepchild, grandchild, parent,
    stepparent, grandparent, niece, nephew,
    mother-in-law,
    father-in-law,
    son-in-law,
    daughter-in-law,
    brother, sister,
    brother-in-law,
    or
    sister-in-law,
    including adoptive relationships, of the Grantee, any person
    sharing the Grantee’s household (other than a tenant or
    employee), a trust in which any one or more of these persons
    have more than fifty percent of the beneficial interest, a
    foundation in which any one or more of these persons (or the
    Grantee) control the management of assets, and any other entity
    in which one or more of these persons (or the Grantee) own more
    than fifty percent of the voting interests.

 

    2.20 “Good Reason” means (a) a
    substantial adverse alteration in the Grantee’s title or
    responsibilities from those in effect immediately prior to the
    Corporate Transaction; (b) a reduction in the
    Grantee’s annual base salary as of immediately prior to the
    Corporate Transaction (or as the same may be increased from time
    to time) or a material reduction in the Grantee’s annual
    target bonus opportunity as of immediately prior to the
    Corporate Transaction; or (c) the relocation of the Grantee
    ’s principal place of employment to a location more than
    35 miles from the Grantee’s principal place of
    employment as of the Corporate Transaction or the Company’s
    requiring the Grantee to be based anywhere other than such
    principal place of employment (or permitted relocation thereof)
    except for required travel on the Company’s business to an
    extent substantially consistent with the Grantee’s business
    travel obligations as of immediately prior to the Corporate
    Transaction. The Grantee’s continued employment shall not
    constitute consent to, or a waiver of rights with respect to,
    any act or failure to act constituting Good Reason hereunder,
    provided that the Grantee provides the Company with a written
    notice of resignation within ninety (90) days following the
    occurrence of the event constituting Good Reason.

 

    2.21 “Grant Date” means, as determined by
    the Committee, the latest to occur of (i) the date as of
    which the Committee approves an Award, (ii) the date on
    which the recipient of an Award first becomes eligible to
    receive an Award under Section 6 hereof, or
    (iii) such other date as may be specified by the Committee.

 

    2.22 “Grantee” means a person who receives
    or holds an Award under the Plan.

 

    2.23 “Incentive Stock Option” means an
    “incentive stock option” within the meaning of
    Section 422 of the Code, or the corresponding provision of
    any subsequently enacted tax statute, as amended from time to
    time.

 

    2.24 “LLC Unit” or “LLC
    Units” means a membership interest or membership
    interests in Morgans Group LLC, a Delaware limited liability
    company and the entity through which the Company conducts a
    significant portion of its business.

 

    2.25 “Non-qualified Stock Option” means an
    Option that is not an Incentive Stock Option.

 

    2.26 “Option” means an option to purchase
    one or more shares of Stock pursuant to the Plan.

 

    2.27 “Option Price” means the exercise
    price for each share of Stock subject to an Option.

 

    2.28 “Other Agreement” shall have the
    meaning set forth in Section 15 hereof.

 

    2.29 “Other Stock-Based Award” shall mean
    any right granted under Section 13 of the Plan.

 

    2.30 “Outside Director” means a member of
    the Board who is not an officer or employee of the Company.

    

    3

 

    2.31 “Performance Award” means an Award
    made subject to the attainment of performance goals (as
    described in Section 14) over a performance period
    of up to ten (10) years.

 

    2.32 “Plan” means this Morgans Hotel Group
    Co. Amended and Restated 2007 Omnibus Incentive Plan, an
    amendment and restatement of the Morgans Hotel group Co. 2007
    Omnibus Incentive Plan.

 

    2.33 “Purchase Price” means the purchase
    price for each share of Stock pursuant to a grant of Restricted
    Stock or Other Stock-Based Award.

 

    2.34 “Reporting Person” means a person who
    is required to file reports under Section 16(a) of the
    Exchange Act.

 

    2.35 “Restricted Stock” means shares of
    Stock, awarded to a Grantee pursuant to Section 10
    hereof.

 

    2.36 “SAR Exercise Price” means the per
    share exercise price of a SAR granted to a Grantee under
    Section 9 hereof.

 

    2.37 “Securities Act” means the Securities
    Act of 1933, as now in effect or as hereafter amended.

 

    2.38 “Service” means service as a Service
    Provider to the Company or an Affiliate. Unless otherwise stated
    in the applicable Award Agreement, a Grantee’s change in
    position or duties shall not result in interrupted or terminated
    Service, so long as such Grantee continues to be a Service
    Provider to the Company or an Affiliate. Subject to the
    preceding sentence, whether a termination of Service shall have
    occurred for purposes of the Plan shall be determined by the
    Committee, which determination shall be final, binding and
    conclusive.

 

    2.39 “Service Provider” means an employee,
    officer or director of the Company or an Affiliate, or a
    consultant or adviser currently providing services to the
    Company or an Affiliate.

 

    2.40 “Stock” means the common stock, par
    value $.01 per share, of the Company.

 

    2.41 “Stock Appreciation Right” or
    “SAR” means a right granted to a Grantee under
    Section 9 hereof.

 

    2.42 “Stock Unit” means a bookkeeping
    entry representing the equivalent of one share of Stock awarded
    to a Grantee pursuant to Section 10 hereof.

 

    2.43 “Subsidiary” means any
    “subsidiary corporation” of the Company within the
    meaning of Section 424(f) of the Code.

 

    2.44 “Substitute Awards” means Awards
    granted upon assumption of, or in substitution for, outstanding
    awards previously granted by a company or other entity acquired
    by the Company or any Affiliate or with which the Company or any
    Affiliate combines.

 

    2.45 “Ten Percent Stockholder” means
    an individual who owns more than ten percent (10%) of the total
    combined voting power of all classes of outstanding stock of the
    Company, its parent or any of its Subsidiaries. In determining
    stock ownership, the attribution rules of Section 424(d) of
    the Code shall be applied.

 

		
	
    3.  
	
    ADMINISTRATION
    OF THE PLAN

 

    3.1.  Board

 

    The Board shall have such powers and authorities related to the
    administration of the Plan as are consistent with the
    Company’s certificate of incorporation and by-laws and
    applicable law. The Board shall have full power and authority to
    take all actions and to make all determinations required or
    provided for under the Plan, any Award or any Award Agreement,
    and shall have full power and authority to take all such other
    actions and make all such other determinations not inconsistent
    with the specific terms and provisions of the Plan that the
    Board deems to be necessary or appropriate to the administration
    of the Plan, any Award or any Award Agreement. All such actions
    and determinations shall be by the affirmative vote of a
    majority of the members of the Board present at a meeting or by
    unanimous consent of the Board executed in writing in accordance
    with the Company’s certificate of incorporation and by-laws
    and applicable law. The interpretation and construction by the
    Board of any provision of the Plan, any Award or any Award
    Agreement shall be final, binding and conclusive.

    

    4

 

    3.2.  Committee.

 

    The Board has delegated to the Committee the powers and
    authorities related to the administration and implementation of
    the Plan, as set forth in Section 3.1 above and
    other applicable provisions, consistent with the certificate of
    incorporation and by-laws of the Company and applicable law.

 

    (i) Except as provided in Subsection (ii) and except
    as the Board may otherwise determine, the Committee appointed by
    the Board to administer the Plan shall consist of two or more
    Outside Directors of the Company who: (a) qualify as
    “outside directors” within the meaning of
    Section 162(m) of the Code and who (b) meet such other
    requirements as may be established from time to time by the
    Securities and Exchange Commission for plans intended to qualify
    for exemption under
    Rule 16b-3
    (or its successor) under the Exchange Act and (c) who
    comply with the independence requirements of the stock exchange
    on which the Common Stock is listed.

 

    (ii) The Board may also appoint one or more separate
    committees of the Board, each composed of one or more directors
    of the Company who need not be Outside Directors, who may
    administer the Plan with respect to employees or other Service
    Providers who are not executive officers or directors of the
    Company, may grant Awards under the Plan to such employees or
    other Service Providers, and may determine all terms of such
    Awards.

 

    In the event that the Plan, any Award or any Award Agreement
    entered into hereunder provides for any action to be taken by or
    determination to be made by the Committee, such action may be
    taken or such determination may be made by the Board. Unless
    otherwise expressly determined by the Board, any action or
    determination by the Committee shall be final, binding and
    conclusive. To the extent permitted by law, the Committee may
    delegate its authority under the Plan to a member of the Board.

 

    3.3.  Terms
    of Awards.

 

    Subject to the other terms and conditions of the Plan, the
    Committee shall have full and final authority to:

 

    (i) designate Grantees,

 

    (ii) determine the type or types of Awards to be made to a
    Grantee,

 

    (iii) determine the number of shares of Stock to be subject
    to an Award,

 

    (iv) establish the terms and conditions of each Award
    (including, but not limited to, the exercise price of any
    Option, the nature and duration of any restriction or condition
    (or provision for lapse thereof ) relating to the vesting,
    exercise, transfer, or forfeiture of an Award or the shares of
    Stock subject thereto, and any terms or conditions that may be
    necessary to qualify Options as Incentive Stock Options),

 

    (v) prescribe the form of each Award Agreement evidencing
    an Award, and

 

    (vi) amend, modify, or supplement the terms of any
    outstanding Award. Such authority specifically includes the
    authority, in order to effectuate the purposes of the Plan but
    without amending the Plan, to modify Awards to eligible
    individuals who are foreign nationals or are individuals who are
    employed outside the United States to recognize differences in
    local law, tax policy, or custom. Notwithstanding the foregoing,
    no amendment, modification or supplement of any Award shall,
    without the consent of the Grantee, impair the Grantee’s
    rights under such Award other than amendments or modifications
    necessary to comply with Code Section 409A and amendments
    pursuant to Section 5.3.

 

    The Company may retain the right in an Award Agreement to cause
    a forfeiture of the gain realized by a Grantee on account of
    actions taken by the Grantee in violation or breach of or in
    conflict with any employment agreement, non-competition
    agreement, any agreement prohibiting solicitation of employees
    or clients of the Company or any Affiliate thereof or any
    confidentiality obligation with respect to the Company or any
    Affiliate thereof or otherwise in competition with the Company
    or any Affiliate thereof, to the extent specified in such Award
    Agreement applicable to the Grantee. Furthermore, the Company
    may annul an Award if the Grantee is an employee of the Company
    or an Affiliate thereof and is terminated for Cause as defined
    in the applicable Award Agreement or the Plan, as applicable.

    

    5

 

    Furthermore, if the Company is required to prepare an accounting
    restatement due to the material noncompliance of the Company, as
    a result of misconduct, with any financial reporting requirement
    under the securities laws, the individuals subject to automatic
    forfeiture under Section 304 of the Sarbanes-Oxley Act of
    2002 and any Grantee who knowingly engaged in the misconduct,
    was grossly negligent in engaging in the misconduct, knowingly
    failed to prevent the misconduct or was grossly negligent in
    failing to prevent the misconduct, shall reimburse the Company
    the amount of any payment in settlement of an Award earned or
    accrued during the twelve-(12) month period following the first
    public issuance or filing with the United State Securities and
    Exchange Commission (whichever first occurred) of the financial
    document that contained such material noncompliance.

 

    Notwithstanding the foregoing, no amendment or modification may
    be made to an outstanding Option or SAR, including without
    limitation by replacement of underwater Options or SARs with
    cash or other award type, that would be treated as a repricing
    under the rules of the stock exchange on which the Stock is
    listed or result in replacement of underwater Options or SARs
    with cash or other award with an exercise price below the Fair
    Market Value as of the date of such replacement award, in each
    case, without the approval of the stockholders of the Company,
    provided, that, appropriate adjustments may be made to
    outstanding Options and SARs pursuant to Section 17
    or Section 5.3 and may be made to make changes
    to achieve compliance with applicable law, including Code
    Section 409A.

 

    3.4.  Deferral
    Arrangement.

 

    The Committee may permit or require the deferral of any award
    payment into a deferred compensation arrangement, subject to
    such rules and procedures as it may establish, which may include
    provisions for the payment or crediting of interest or dividend
    equivalents, including converting such credits into deferred
    Stock equivalents, and restricting deferrals to comply with
    hardship distribution rules affecting 401(k) plans. Any such
    deferrals shall be made in a manner that complies with Code
    Section 409A.

 

    3.5.  No
    Liability.

 

    No member of the Board or of the Committee shall be liable for
    any action or determination made in good faith with respect to
    the Plan or any Award or Award Agreement.

 

    3.6.  Share
    Issuance/Book-Entry

 

    Notwithstanding any provision of this Plan to the contrary, the
    issuance of the Stock under the Plan may be evidenced in such a
    manner as the Committee, in its discretion, deems appropriate,
    including, without limitation, book-entry registration or
    issuance of one or more Stock certificates.

 

		
	
    4.  
	
    STOCK
    SUBJECT TO THE PLAN

 

    Subject to adjustment as provided in Section 17
    hereof, the number of shares of Stock available for issuance
    under the Plan shall be eight million six hundred ten thousand
    (8,610,000) all of which may be granted as Incentive Stock
    Options. Stock issued or to be issued under the Plan shall be
    authorized but unissued shares; or, to the extent permitted by
    applicable law, issued shares that have been reacquired by the
    Company. If any shares covered by an Award are not purchased or
    are forfeited, or if an Award otherwise terminates without
    delivery of any Stock subject thereto, then the number of shares
    of Stock counted against the aggregate number of shares
    available under the Plan with respect to such Award shall, to
    the extent of any such forfeiture or termination, again be
    available for making Awards under the Plan. The number of shares
    available for issuance under the Plan shall be reduced by the
    number of shares subject to Options and SARs. Upon a grant of
    Awards other than Awards of Options or SARs, the number of
    shares available for issuance under the Plan shall be reduced by
    1.7 times the number of shares of Stock subject to such Awards
    and any shares underlying Options or SARs not purchased or
    forfeited shall be added back to the limit set forth above by
    1.7 times the number of shares of Stock subject to such Awards.
    The number of shares of Stock available for issuance under the
    Plan shall not be increased by (i) any shares of Stock
    tendered or withheld or Award surrendered in connection with the
    purchase of shares of Stock upon exercise of an Option, or
    (ii) any shares of Stock deducted or delivered from an
    Award payment in connection with the Company’s tax
    withholding obligations.

    

    6

 

    The Committee shall have the right to substitute or assume
    Awards in connection with mergers, reorganizations, separations,
    or other transactions to which Section 424(a) of the Code
    applies. The number of shares of Stock reserved pursuant to
    Section 4 may be increased by the corresponding
    number of Awards assumed and, in the case of a substitution, by
    the net increase in the number of shares of Stock subject to
    Awards before and after the substitution. The Committee may
    adopt reasonable counting procedures to ensure appropriate
    counting, to avoid double counting (as, for example, in the case
    of tandem or substitute awards).

 

		
	
    5.  
	
    EFFECTIVE
    DATE, DURATION AND AMENDMENTS

 

    5.1.  Effective
    Date.

 

    The amendment and restatement of the 2007 Omnibus Incentive Plan
    shall be effective as of the Effective Date of the Plan, subject
    to approval of the Plan by the Company’s stockholders
    within one year of the Effective Date. Upon approval of the Plan
    by the stockholders of the Company as set forth above, all
    Awards made under the Plan on or after the Effective Date shall
    be fully effective as if the stockholders of the Company had
    approved the Plan on the Effective Date. If the stockholders
    fail to approve the Plan within one year of the Effective Date
    of the Plan, any Awards made hereunder shall be null and void
    and of no effect.

 

    5.2.  Term.

 

    The Plan shall terminate automatically ten (10) years after
    its adoption by the Board and may be terminated on any earlier
    date as provided in Section 5.3.

 

    5.3.  Amendment
    and Termination of the Plan

 

    The Board may, at any time and from time to time, amend,
    suspend, or terminate the Plan as to any shares of Stock as to
    which Awards have not been made. No Awards shall be made after
    termination of the Plan. No amendment, suspension, or
    termination of the Plan shall, without the consent of the
    Grantee, impair rights or obligations under any Award
    theretofore awarded under the Plan.

 

    5.4  Additional
    Provisions

 

    Any provision of the Plan or any Award Agreement
    notwithstanding, the Committee may cause any Award granted
    hereunder to be amended, modified or cancelled in consideration
    of a cash payment, an alternative Award or both made to the
    holder of such cancelled Award equal to or greater than the Fair
    Market Value of such cancelled Award.

 

		
	
    6.  
	
    AWARD
    ELIGIBILITY AND LIMITATIONS

 

    6.1.  Service
    Providers and Other Persons

 

    Subject to this Section 6, Awards may be made under
    the Plan to: (i) any Service Provider to the Company or of
    any Affiliate, including any Service Provider who is an officer
    or director of the Company, or of any Affiliate, as the
    Committee shall determine and designate from time to time and
    (ii) any other individual whose participation in the Plan
    is determined to be in the best interests of the Company by the
    Committee.

 

    6.2.  Successive
    Awards and Substitute Awards.

 

    An eligible person may receive more than one Award, subject to
    such restrictions as are provided herein. Notwithstanding
    Sections 8.1 and 9.1, the Option Price of an
    Option or the grant price of a SAR that is a Substitute Award
    may be less than 100% of the Fair Market Value of a share of
    Common Stock on the original date of grant; provided, that, the
    Option Price or grant price is determined in accordance with the
    principles of Code Section 424 and the regulations
    thereunder; as modified by Code Section 409A and the
    regulations thereunder as Options that are non-qualified stock
    options and SARs.

    

    7

 

    6.3.  Limitation
    on Shares of Stock Subject to Awards and Cash
    Awards.

 

    During any time when the Company has a class of equity security
    registered under Section 12 of the Exchange Act:

 

    (i) the maximum number of shares of Stock subject to
    Options or SARs that can be awarded under the Plan to any person
    eligible for an Award under Section 6 hereof is
    2,000,000 (two million) shares per calendar year.

 

    (ii) the maximum number of shares that can be awarded under
    the Plan, other than pursuant to an Option or SAR, to any person
    eligible for an Award under Section 6 hereof is
    2,000,000 (two million) shares per calendar year.

 

    (iii) the maximum amount that may be earned as an Annual
    Incentive Award or other cash Award in any calendar year by any
    one Grantee shall be $10,000,000 (ten million dollars) and the
    maximum amount that may be earned as a Performance Award or
    other cash Award in respect of a performance period of greater
    than one year by any one Grantee shall be $25,000,000
    (twenty-five million dollars).

 

    The preceding limitations in this Section 6.3 are
    subject to adjustment as provided in Section 17
    hereof.

 

		
	
    7.  
	
    AWARD
    AGREEMENT

 

    Each Award granted pursuant to the Plan shall be evidenced by an
    Award Agreement, in such form or forms as the Committee shall
    from time to time determine. Award Agreements granted from time
    to time or at the same time need not contain similar provisions
    but shall be consistent with the terms of the Plan. Each Award
    Agreement evidencing an Award of Options shall specify whether
    such Options are intended to be Non-qualified Stock Options or
    Incentive Stock Options, and in the absence of such
    specification such options shall be deemed Non-qualified Stock
    Options.

 

		
	
    8.  
	
    TERMS AND
    CONDITIONS OF OPTIONS

 

    8.1.  Option
    Price

 

    The Option Price of each Option shall be fixed by the Committee
    and stated in the Award Agreement evidencing such Option. Except
    in the case of Substitute Awards, the Option Price of each
    Option shall be at least the Fair Market Value on the Grant Date
    of a share of Stock; provided, however, that in
    the event that a Grantee is a Ten Percent Stockholder, the
    Option Price of an Option granted to such Grantee that is
    intended to be an Incentive Stock Option shall be not less than
    110 percent of the Fair Market Value of a share of Stock on
    the Grant Date. In no case shall the Option Price of any Option
    be less than the par value of a share of Stock.

 

    8.2.  Vesting.

 

    Subject to Sections 8.3 and 17.3 hereof, each Option
    granted under the Plan shall become exercisable at such times
    and under such conditions as shall be determined by the
    Committee and stated in the Award Agreement. For purposes of
    this Section 8.2, fractional numbers of shares of
    Stock subject to an Option shall be rounded down to the next
    nearest whole number.

 

    8.3.  Term.

 

    Each Option granted under the Plan shall terminate, and all
    rights to purchase shares of Stock thereunder shall cease, upon
    the expiration of ten years from the date such Option is
    granted, or under such circumstances and on such date prior
    thereto as is set forth in the Plan or as may be fixed by the
    Committee and stated in the Award Agreement relating to such
    Option; provided, however, that in the event that
    the Grantee is a Ten Percent Stockholder, an Option granted
    to such Grantee that is intended to be an Incentive Stock Option
    shall not be exercisable after the expiration of five years from
    its Grant Date. If on the day preceding the date on which a
    Grantee’s Options would otherwise terminate, the Fair
    Market Value of shares of Stock underlying a Grantee’s
    Options is greater than the Option Price of such Options, the
    Company shall, prior to the termination of such Options and
    without any action being taken on the part of the Grantee,
    consider such Options to have been exercised by the Grantee. The

    

    8

 

    Company shall deduct from the shares of Stock deliverable to the
    Grantee upon such exercise the number of shares of Stock
    necessary to satisfy payment of the Option Price and all
    withholding obligations.

 

    8.4.  Termination
    of Service.

 

    Each Award Agreement shall set forth the extent to which the
    Grantee shall have the right to exercise the Option following
    termination of the Grantee’s Service. Such provisions shall
    be determined in the sole discretion of the Committee, need not
    be uniform among all Options issued pursuant to the Plan, and
    may reflect distinctions based on the reasons for termination of
    Service.

 

    8.5.  Limitations
    on Exercise of Option.

 

    Notwithstanding any other provision of the Plan, in no event may
    any Option be exercised, in whole or in part, prior to the date
    the Plan is approved by the stockholders of the Company as
    provided herein or after the occurrence of an event referred to
    in Section 17 hereof which results in termination of
    the Option.

 

    8.6.  Method
    of Exercise.

 

    An Option that is exercisable may be exercised by the
    Grantee’s delivery to the Company of written notice of
    exercise on any business day, at the Company’s principal
    office, on the form specified by the Company. Such notice shall
    specify the number of shares of Stock with respect to which the
    Option is being exercised and shall be accompanied by payment in
    full of the Option Price of the shares for which the Option is
    being exercised plus the amount (if any) of federal
    and/or other
    taxes which the Company may, in its judgment, be required to
    withhold with respect to an Award. The minimum number of shares
    of Stock with respect to which an Option may be exercised, in
    whole or in part, at any time shall be the lesser of
    (i) 100 shares or such lesser number set forth in the
    applicable Award Agreement and (ii) the maximum number of
    shares available for purchase under the Option at the time of
    exercise.

 

    8.7.  Rights
    of Holders of Options

 

    Unless otherwise stated in the applicable Award Agreement, an
    individual holding or exercising an Option shall have none of
    the rights of a stockholder (for example, the right to receive
    cash or dividend payments or distributions attributable to the
    subject shares of Stock or to direct the voting of the subject
    shares of Stock ) until the shares of Stock covered thereby are
    fully paid and issued to him. Except as provided in
    Section 17 hereof, no adjustment shall be made for
    dividends, distributions or other rights for which the record
    date is prior to the date of such issuance.

 

    8.8.  Delivery
    of Stock Certificates.

 

    Promptly after the exercise of an Option by a Grantee and the
    payment in full of the Option Price, such Grantee shall be
    entitled to the issuance of a stock certificate or certificates
    evidencing his or her ownership of the shares of Stock subject
    to the Option. Notwithstanding any other provision of this Plan
    to the contrary, the Company may elect to satisfy any
    requirement under this Plan for the delivery of stock
    certificates through the use of book-entry.

 

    8.9.  Transferability
    of Options

 

    Except as provided in Section 8.10, during the
    lifetime of a Grantee, only the Grantee (or, in the event of
    legal incapacity or incompetency, the Grantee’s guardian or
    legal representative) may exercise an Option. Except as provided
    in Section 8.10, no Option shall be assignable or
    transferable by the Grantee to whom it is granted, other than by
    will or the laws of descent and distribution.

 

    8.10.  Family
    Transfers.

 

    If authorized in the applicable Award Agreement, a Grantee may
    transfer, not for value, all or part of an Option which is not
    an Incentive Stock Option to any Family Member. For the purpose
    of this Section 8.10, a “not for value”
    transfer is a transfer which is (i) a gift, (ii) a
    transfer under a domestic relations order in settlement of
    marital

    

    9

 

    property rights; or (iii) a transfer to an entity in which
    more than fifty percent of the voting interests are owned by
    Family Members (or the Grantee) in exchange for an interest in
    that entity. Following a transfer under this
    Section 8.10, any such Option shall continue to be
    subject to the same terms and conditions as were applicable
    immediately prior to transfer. Subsequent transfers of
    transferred Options are prohibited except to Family Members of
    the original Grantee in accordance with this
    Section 8.10 or by will or the laws of descent and
    distribution. The events of termination of Service of
    Section 8.4 hereof shall continue to be applied with
    respect to the original Grantee, following which the Option
    shall be exercisable by the transferee only to the extent, and
    for the periods specified, in Section 8.4.

 

    8.11.  Limitations
    on Incentive Stock Options.

 

    An Option shall constitute an Incentive Stock Option only
    (i) if the Grantee of such Option is an employee of the
    Company or any Subsidiary of the Company; (ii) to the
    extent specifically provided in the related Award Agreement; and
    (iii) to the extent that the aggregate Fair Market Value
    (determined at the time the Option is granted) of the shares of
    Stock with respect to which all Incentive Stock Options held by
    such Grantee become exercisable for the first time during any
    calendar year (under the Plan and all other plans of the
    Grantee’s employer and its Affiliates) does not exceed
    $100,000. This limitation shall be applied by taking Options
    into account in the order in which they were granted.

 

    8.12.  Notification
    of Disqualifying Disposition

 

    If any Grantee shall make any disposition of Shares issued
    pursuant to the exercise of an Incentive Stock Option under the
    circumstances described in Code Section 421(b) (relating to
    certain disqualifying dispositions), such Grantee shall notify
    the Company of such disposition within ten (10) days
    thereof.

 

		
	
    9.  
	
    TERMS AND
    CONDITIONS OF STOCK APPRECIATION RIGHTS

 

    9.1.  Right
    to Payment and Grant Price.

 

    A SAR shall confer on the Grantee to whom it is granted a right
    to receive, upon exercise thereof, the excess of (A) the
    Fair Market Value of one share of Stock on the date of exercise
    over (B) the grant price of the SAR as determined by the
    Committee. The Award Agreement for a SAR shall specify the grant
    price of the SAR, which shall be at least the Fair Market Value
    of a share of Stock on the date of grant. SARs may be granted in
    conjunction with all or part of an Option granted under the Plan
    or at any subsequent time during the term of such Option, in
    conjunction with all or part of any other Award or without
    regard to any Option or other Award; provided that a SAR that is
    granted subsequent to the Grant Date of a related Option must
    have a SAR Exercise Price that is no less than the Fair Market
    Value of one share of Stock on the SAR Grant Date.

 

    9.2.  Other
    Terms.

 

    The Committee shall determine at the date of grant or
    thereafter, the time or times at which and the circumstances
    under which a SAR may be exercised in whole or in part
    (including based on achievement of performance goals
    and/or
    future service requirements), the time or times at which SARs
    shall cease to be or become exercisable following termination of
    Service or upon other conditions, the method of exercise, method
    of settlement, form of consideration payable in settlement,
    method by or forms in which Stock will be delivered or deemed to
    be delivered to Grantees, whether or not a SAR shall be in
    tandem or in combination with any other Award, and any other
    terms and conditions of any SAR.

 

    9.3.  Term.

 

    Each SAR granted under the Plan shall terminate, and all rights
    to purchase shares of Stock thereunder shall cease, upon the
    expiration of ten years from the date such SAR is granted, or
    under such circumstances and on such date prior thereto as is
    set forth in the Plan or as may be fixed by the Committee and
    stated in the Award Agreement relating to such SAR. If on the
    day preceding the date on which a Grantee’s SAR would
    otherwise terminate, the Fair Market Value of shares of Stock
    underlying a Grantee’s SAR is greater than the SAR Exercise
    Price of such SAR, the Company shall, prior to the termination
    of such SAR and without any action being taken on the part of
    the

    

    10

 

    Grantee, consider such SAR to have been exercised by the
    Grantee. The Company shall deduct from the shares of Stock
    deliverable to the Grantee upon such exercise the number of
    shares of Stock necessary to satisfy payment of the SAR Exercise
    Price and all withholding obligations

 

    9.4.  Transferability
    of SARS

 

    Except as provided in Section 9.5, during the
    lifetime of a Grantee, only the Grantee (or, in the event of
    legal incapacity or incompetency, the Grantee’s guardian or
    legal representative) may exercise a SAR. Except as provided in
    Section 9.5, no SAR shall be assignable or
    transferable by the Grantee to whom it is granted, other than by
    will or the laws of descent and distribution.

 

    9.5.  Family
    Transfers.

 

    If authorized in the applicable Award Agreement, a Grantee may
    transfer, not for value, all or part of a SAR to any Family
    Member. For the purpose of this Section 9.5, a
    “not for value” transfer is a transfer which is
    (i) a gift, (ii) a transfer under a domestic relations
    order in settlement of marital property rights; or (iii) a
    transfer to an entity in which more than fifty percent of the
    voting interests are owned by Family Members (or the Grantee) in
    exchange for an interest in that entity. Following a transfer
    under this Section 9.5, any such SAR shall continue
    to be subject to the same terms and conditions as were
    applicable immediately prior to transfer. Subsequent transfers
    of transferred SARs are prohibited except to Family Members of
    the original Grantee in accordance with this Section 9.5
    or by will or the laws of descent and distribution.

 

		
	
    10.  
	
    TERMS AND
    CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

 

    10.1.  Grant
    of Restricted Stock.

 

    Awards of Restricted Stock or Stock Units may be made for no
    consideration (other than par value of the shares which is
    deemed paid by Services already rendered).

 

    10.2.  Restrictions.

 

    At the time a grant of Restricted Stock or Stock Units is made,
    the Committee may, in its sole discretion, establish a period of
    time (a “restricted period”) applicable to such
    Restricted Stock or Stock Units. Each Award of Restricted Stock
    or Stock Units may be subject to a different restricted period.
    The Committee may, in its sole discretion, at the time a grant
    of Restricted Stock or Stock Units is made, prescribe
    restrictions in addition to or other than the expiration of the
    restricted period, including the satisfaction of corporate or
    individual performance objectives, which may be applicable to
    all or any portion of the Restricted Stock or Stock Units in
    accordance with Section 14.1 and 14.2.
    Restricted Stock, Stock Units Awards or Other Stock-Based Awards
    may be granted or sold as described in the preceding sentence in
    respect of past or future services and other valid
    consideration, or in lieu of, or in addition to, any cash
    compensation due to such Grantee. Notwithstanding the foregoing,
    Restricted Stock and Stock Units that vest solely by the passage
    of time shall not vest in full in less than three (3) years
    from the Grant Date; provided, however, up to ten percent of the
    shares reserved for issuance under this Plan may be granted
    pursuant to this Section 10 or the other provisions of this
    Plan without being subject to the foregoing restrictions.
    Restricted Stock and Stock Units for which vesting may be
    accelerated by achieving performance targets shall not vest in
    full in less than one (1) year from the Grant Date. Neither
    Restricted Stock nor Stock Units may be sold, transferred,
    assigned, pledged or otherwise encumbered or disposed of during
    the restricted period or prior to the satisfaction of any other
    restrictions prescribed by the Committee with respect to such
    Restricted Stock or Stock Units. The limitations stated in this
    Section 10.2 apply to Sections 13 and 14.

 

    10.3.  Restricted
    Stock Certificates.

 

    The Company shall issue, in the name of each Grantee to whom
    Restricted Stock has been granted, stock certificates
    representing the total number of shares of Restricted Stock
    granted to the Grantee, as soon as reasonably practicable after
    the Grant Date. The Committee may provide in an Award Agreement
    that either (i) the Secretary of the Company shall hold
    such certificates for the Grantee’s benefit until such time
    as the Restricted Stock is forfeited to the Company or the
    restrictions lapse, or (ii) such certificates shall be
    delivered to the Grantee, provided,

    

    11

 

    however, that such certificates shall bear a legend or
    legends that comply with the applicable securities laws and
    regulations and makes appropriate reference to the restrictions
    imposed under the Plan and the Award Agreement. Notwithstanding
    any other provision of this Plan to the contrary, the Company
    may elect to satisfy any requirement under this Plan for the
    delivery of stock certificates through the use of book-entry.

 

    10.4.  Rights
    of Holders of Restricted Stock.

 

    Unless the Committee otherwise provides in an Award Agreement,
    holders of Restricted Stock shall have the right to vote such
    Stock and the right to receive any dividends declared or paid
    with respect to such Stock. The Committee may provide that any
    dividends paid on Restricted Stock must be reinvested in shares
    of Stock, which may or may not be subject to the same vesting
    conditions and restrictions applicable to such Restricted Stock.
    All distributions, if any, received by a Grantee with respect to
    Restricted Stock as a result of any stock split, stock dividend,
    combination of shares, or other similar transaction shall be
    subject to the restrictions applicable to the original Grant.

 

    10.5.  Rights
    of Holders of Stock Units.

 

    10.5.1.  Voting
    and Dividend Rights.

 

    Holders of Stock Units shall have no rights as stockholders of
    the Company. The Committee may provide in an Award Agreement
    evidencing a grant of Stock Units that the holder of such Stock
    Units shall be entitled to receive, upon the Company’s
    payment of a cash dividend on its outstanding Stock, a cash
    payment for each Stock Unit held equal to the per-share dividend
    paid on the Stock. Such Award Agreement may also provide that
    such cash payment will be deemed reinvested in additional Stock
    Units at a price per unit equal to the Fair Market Value of a
    share of Stock on the date that such dividend is paid.

 

    10.5.2.  Creditor’s
    Rights.

 

    A holder of Stock Units shall have no rights other than those of
    a general creditor of the Company. Stock Units represent an
    unfunded and unsecured obligation of the Company, subject to the
    terms and conditions of the applicable Award Agreement.

 

    10.6.  Termination
    of Service.

 

    Unless the Committee otherwise provides in an Award Agreement or
    in writing after the Award Agreement is issued, upon the
    termination of a Grantee’s Service, any Restricted Stock or
    Stock Units held by such Grantee that have not vested, or with
    respect to which all applicable restrictions and conditions have
    not lapsed, shall immediately be deemed forfeited. Such
    provisions shall be determined in the sole discretion of the
    Committee, need not be uniform among all Restricted Stock and
    Stock Unit Awards issued pursuant to the Plan, and may reflect
    distinctions based on the reasons for termination of Service.
    Upon forfeiture of Restricted Stock or Stock Units, the Grantee
    shall have no further rights with respect to such Award,
    including but not limited to any right to vote Restricted Stock
    or any right to receive dividends with respect to shares of
    Restricted Stock or Stock Units.

 

    10.7.  Purchase
    of Restricted Stock.

 

    The Grantee shall be required, to the extent required by
    applicable law, to purchase the Restricted Stock from the
    Company at a Purchase Price equal to the greater of (i) the
    aggregate par value of the shares of Stock represented by such
    Restricted Stock or (ii) the Purchase Price, if any,
    specified in the Award Agreement relating to such Restricted
    Stock. The Purchase Price shall be payable in a form described
    in Section 11 or, in the discretion of the
    Committee, in consideration for past or future Services rendered
    to the Company or an Affiliate.

 

    10.8.  Delivery
    of Stock.

 

    Upon the expiration or termination of any restricted period and
    the satisfaction of any other conditions prescribed by the
    Committee, the restrictions applicable to shares of Restricted
    Stock or Stock Units settled in Stock shall lapse, and, unless
    otherwise provided in the Award Agreement, a stock certificate
    for such shares shall be

    

    12

 

    delivered, free of all such restrictions, to the Grantee or the
    Grantee’s beneficiary or estate, as the case may be.
    Neither the Grantee, nor the Grantee’s beneficiary or
    estate, shall have any further rights with regard to a Stock
    Unit once the share of Stock represented by the Stock Unit has
    been delivered.

 

		
	
    11.  
	
    FORM OF
    PAYMENT FOR OPTIONS AND RESTRICTED STOCK

 

    11.1.  General
    Rule.

 

    Payment of the Option Price for the shares purchased pursuant to
    the exercise of an Option or the Purchase Price for Restricted
    Stock shall be made in cash or in cash equivalents acceptable to
    the Company.

 

    11.2.  Surrender
    of Stock.

 

    To the extent the Award Agreement so provides, payment of the
    Option Price for shares purchased pursuant to the exercise of an
    Option or the Purchase Price for Restricted Stock, if any, may
    be made all or in part through the tender to the Company of
    shares of Stock, which shall be valued, for purposes of
    determining the extent to which the Option Price or Purchase
    Price has been paid thereby, at their Fair Market Value on the
    date of exercise or surrender.

 

    11.3.  Cashless
    Exercise.

 

    With respect to an Option only (and not with respect to
    Restricted Stock), to the extent permitted by law and to the
    extent the Award Agreement so provides, payment of the Option
    Price for shares purchased pursuant to the exercise of an Option
    may be made all or in part by delivery (on a form acceptable to
    the Committee) of an irrevocable direction to a licensed
    securities broker acceptable to the Company to sell shares of
    Stock and to deliver all or part of the sales proceeds to the
    Company in payment of the Option Price and any withholding taxes
    described in Section 18.3.

 

    11.4.  Other
    Forms of Payment.

 

    To the extent the Award Agreement so provides, payment of the
    Option Price for shares purchased pursuant to exercise of an
    Option or the Purchase Price for Restricted Stock may be made in
    any other form that is consistent with applicable laws,
    regulations and rules.

 

		
	
    12.  
	
    TERMS AND
    CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

 

    12.1.  Dividend
    Equivalent Rights.

 

    A Dividend Equivalent Right is an Award entitling the recipient
    to receive credits based on cash distributions that would have
    been paid on the shares of Stock specified in the Dividend
    Equivalent Right (or other award to which it relates) if such
    shares had been issued to and held by the recipient. A Dividend
    Equivalent Right may be granted hereunder to any Grantee. The
    terms and conditions of Dividend Equivalent Rights shall be
    specified in the grant. Dividend equivalents credited to the
    holder of a Dividend Equivalent Right may be paid currently or
    may be deemed to be reinvested in additional shares of Stock,
    which may thereafter accrue additional equivalents. Any such
    reinvestment shall be at Fair Market Value on the date of
    reinvestment. Dividend Equivalent Rights may be settled in cash
    or Stock or a combination thereof, in a single installment or
    installments, all determined in the sole discretion of the
    Committee. A Dividend Equivalent Right granted as a component of
    another Award may provide that such Dividend Equivalent Right
    shall be settled upon exercise, settlement, or payment of, or
    lapse of restrictions on, such other award, and that such
    Dividend Equivalent Right shall expire or be forfeited or
    annulled under the same conditions as such other award. A
    Dividend Equivalent Right granted as a component of another
    Award may also contain terms and conditions different from such
    other award.

 

    12.2.  Termination
    of Service.

 

    Except as may otherwise be provided by the Committee either in
    the Award Agreement or in writing after the Award Agreement is
    issued, a Grantee’s rights in all Dividend Equivalent
    Rights or interest equivalents shall automatically terminate
    upon the Grantee’s termination of Service for any reason.

    

    13

 

		
	
    13.  
	
    OTHER
    STOCK-BASED AWARDS AND LLC UNITS

 

    Other forms of Awards (“Other Stock-Based Awards) that may
    be granted under the Plan include Awards that are valued in
    whole or in part by reference to, or are otherwise calculated by
    reference to or based on, shares of Stock, including without
    limitation, (i) LLC Units, (ii) convertible preferred
    stock, convertible debentures and other convertible,
    exchangeable or redeemable securities or equity interests
    (including LLC Units), (iii) membership interests in a
    Subsidiary or operating partnership, (iv) Awards valued by
    reference to Book Value, fair value or Subsidiary performance,
    and (v) any class of profits interest or limited liability
    company membership interest created or issued pursuant to the
    terms of the partnership agreement, limited liability company
    operating agreement or otherwise by an Affiliate that has
    elected to be treated as a partnership for federal income tax
    purposes and qualifies as a “profits interest” within
    the meaning of Revenue Procedure
    93-27 with
    respect to a Grantee who is rendering services to the issuing
    Affiliate.

 

    For purposes of calculating the number of shares of Stock
    underlying an Other Stock-Based Award relative to the total
    number of shares of Stock reserved and available for issuance
    under this Section, the Committee shall establish in good faith
    the maximum number of shares of Stock to which a Grantee of such
    Other Stock-Based Award may be entitled upon fulfillment of all
    applicable conditions set forth in the relevant Award
    documentation, including vesting, accretion factors, conversion
    ratios, exchange ratios and the like. If and when any such
    conditions are no longer capable of being met, in whole or in
    part, the number of shares of Stock underlying such Other
    Stock-Based Award shall be reduced accordingly by the Committee
    and the related shares of Stock shall be added back to the
    shares of Stock available for issuance under the Plan. Other
    Stock-Based Awards may be issued either alone or in addition to
    other Awards granted under the Plan and shall be evidenced by an
    award agreement. The Committee shall determine the Grantees to
    whom, and the time or times at which, Other Stock-Based Awards
    shall be made; the number of shares of Stock or LLC Units to be
    awarded; the price, if any, to be paid by the Grantee for the
    acquisition of Other Stock-Based Awards; and the restriction and
    conditions applicable to Other Stock-Based Awards. Conditions
    may be based on continuing employment (or other service
    relationship), computation of financial metrics
    and/or
    achievement of pre-established performance goals and objectives.
    The Committee may require that Other Stock-Based Awards be held
    through a limited partnership or similar
    “look-through” entity, and the Committee may require
    such limited partnership or similar entity to impose
    restrictions on its partners or other beneficial owners that are
    not inconsistent with the provisions of this Section. The
    provision of the grant of Other Stock-Based Awards need not be
    the same with respect to each Grantee.

 

    Subject to the provisions of this Plan and the award agreement
    or such other agreement and unless otherwise determined by the
    Committee at grant, the Grantee of an award under this Section
    shall be entitled to receive, currently or on a deferred basis,
    interest or dividends or interest equivalents or Dividend
    Equivalent Rights with respect to the number of shares of Stock
    covered by the Award, as determined at the time of the Award by
    the Committee, in its sole discretion, and the Committee may
    provide that such amounts (if any) shall be deemed to have been
    reinvested in additional shares of Stock or otherwise reinvested.

 

    Shares of Stock (including securities convertible into shares of
    Stock) issued on a bonus basis under this Section may be issued
    for no cash consideration.

 

		
	
    14.  
	
    TERMS AND
    CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE AWARDS

 

    14.1.  Performance
    Conditions

 

    The right of a Grantee to exercise or receive a grant or
    settlement of any Award, and the timing thereof, may be subject
    to such performance conditions as may be specified by the
    Committee. The Committee may use such business criteria and
    other measures of performance as it may deem appropriate in
    establishing any performance conditions, and may exercise its
    discretion to reduce the amounts payable under any Award subject
    to performance conditions, except as limited under
    Sections 14.2 hereof in the case of a Performance
    Award or Annual Incentive Award intended to qualify under Code
    Section 162(m). The Committee also has the authority to
    provide for accelerated vesting of any Award based on the
    achievement of performance goals pursuant to the performance
    conditions set forth in this Section 14. If and to
    the extent required under Code Section 162(m), any power or
    authority relating to a Performance Award or Annual Incentive
    Award intended to qualify under Code Section 162(m), shall
    be exercised by the Committee and not the Board.

    

    14

 

    In the event that applicable tax
    and/or
    securities laws change to permit Board discretion to alter the
    governing performance measures without obtaining shareholder
    approval of such changes, the Board shall have sole discretion
    to make such changes without obtaining shareholder approval
    provided the exercise of such discretion does not violate Code
    Section 409A. In addition, in the event that the Committee
    determines that it is advisable to grant Awards that shall not
    qualify as performance-based compensation, the Committee may
    make such grants without satisfying the requirements of Code
    Section 162(m) and base vesting on performance measures
    other than those set forth in this Section 14.

 

    14.2.  Performance
    or Annual Incentive Awards Granted to Designated Covered
    Employees

 

    If and to the extent that the Committee determines that a
    Performance or Annual Incentive Award to be granted to a Grantee
    who is designated by the Committee as likely to be a Covered
    Employee should qualify as “performance-based
    compensation” for purposes of Code Section 162(m), the
    grant, exercise
    and/or
    settlement of such Performance or Annual Incentive Award shall
    be contingent upon achievement of pre-established performance
    goals and other terms set forth in this Section 14.2.

 

    14.2.1.  Performance
    Goals Generally.

 

    The performance goals for such Performance or Annual Incentive
    Awards shall consist of one or more business criteria and a
    targeted level or levels of performance with respect to each of
    such criteria, as specified by the Committee consistent with
    this Section 14.2. Performance goals shall be
    objective and shall otherwise meet the requirements of Code
    Section 162(m) and regulations thereunder including the
    requirement that the level or levels of performance targeted by
    the Committee result in the achievement of performance goals
    being “substantially uncertain.” The Committee may
    determine that such Performance or Annual Incentive Awards shall
    be granted, exercised
    and/or
    settled upon achievement of any one performance goal or that two
    or more of the performance goals must be achieved as a condition
    to grant, exercise
    and/or
    settlement of such Performance or Annual Incentive Awards.
    Performance goals may differ for Performance or Annual Incentive
    Awards granted to any one Grantee or to different Grantees.

 

    14.2.2.  Business
    Criteria.

 

    One or more of the following business criteria for the Company,
    on a consolidated basis,
    and/or
    specified subsidiaries or business units of the Company (except
    with respect to the total stockholder return and earnings per
    share criteria), shall be used by the Committee (and not by the
    Board) in establishing performance goals for such Performance or
    Annual Incentive Awards: (1) total stockholder return;
    (2) such total stockholder return as compared to total
    return (on a comparable basis) of a publicly available index
    such as, but not limited to, the Standard &
    Poor’s 500 Stock Index; (3) net income;
    (4) pretax earnings; (5) earnings before interest
    expense, taxes, depreciation and amortization, with or without
    adjustments used from time to time by the Company in its
    publicly filed financial statements; (6) pretax operating
    earnings after interest expense and before bonuses, service
    fees, and extraordinary or special items; (7) operating
    margin; (8) earnings per share; (9) return on equity;
    (10) return on capital; (11) return on investment;
    (12) operating earnings; (13) working capital;
    (14) ratio of debt to stockholders’ equity
    (15) revenue; (16) brand awareness; (17) revenue
    per available room; (18) number of rooms or units;
    (19) debt reduction; (20) customer satisfaction; and
    (21) any other business criteria used in the Company’s
    publicly announced guidance. Business criteria may be measured
    on an absolute basis or on a relative basis (i.e., performance
    relative to peer companies) and on a GAAP or non-GAAP basis. The
    Committee may provide, in a manner that meets the requirements
    of Code Section 162(m) that any evaluation of performance
    may include or exclude any of the following events that occur
    during the applicable performance period: (a) asset
    write-downs; (b) litigation or claim judgments or
    settlements; (c) the effect of changes in tax laws,
    accounting principles or other laws or provisions affecting
    reported results; (d) any reorganization or restructuring
    programs; (e) extraordinary nonrecurring items as described
    in Accounting Principles Board Opinion No. 30
    and/or in
    management’s discussing and analysis of financial condition
    and results of operations appearing in the Company’s annual
    report to shareholders for the applicable year;
    (f) acquisitions or divestitures; and (g) foreign
    exchange gains and losses. To the extent such inclusions or
    exclusions affect Awards to Covered Employees, they shall be
    prescribed in a form that meets the requirements of Code
    Section 162(m) for deductibility.

    

    15

 

    14.2.3.  Timing
    For Establishing Performance Goals.

 

    Performance goals shall be established not later than the
    earlier of (i) 90 days after the beginning of any
    performance period applicable to such Performance or Annual
    Incentive Awards and (ii) the day on which 25% of any
    performance period applicable to such Awards has expired, or at
    such other date as may be required or permitted for
    “performance-based compensation” under Code
    Section 162(m).

 

    14.2.4.  Settlement
    of Performance or Annual Incentive Awards; Other
    Terms.

 

    Settlement of such Performance or Annual Incentive Awards shall
    be in cash, Stock, other Awards or other property, in the
    discretion of the Committee. The Committee may, in its
    discretion, reduce the amount of a settlement otherwise to be
    made in connection with such Performance or Annual Incentive
    Awards. The Committee shall specify the circumstances in which
    such Performance or Annual Incentive Awards shall be paid or
    forfeited in the event of termination of Service by the Grantee
    prior to the end of a performance period or settlement of
    Performance Awards.

 

    14.3.  Written
    Determinations.

 

    All determinations by the Committee as to the establishment of
    performance goals, the amount of any potential Performance
    Awards and as to the achievement of performance goals relating
    to Performance Awards, and the amount of any potential
    individual Annual Incentive Awards and the amount of final
    Annual Incentive Awards, shall be made in writing in the case of
    any Award intended to qualify under Code Section 162(m). To
    the extent permitted by Section 162(m), the Committee may
    delegate any responsibility relating to such Performance Awards
    or Annual Incentive Awards.

 

    14.4.  Status
    of Section 14.2 Awards Under Code
    Section 162(m)

 

    It is the intent of the Company that Performance Awards and
    Annual Incentive Awards under Section 14.2 hereof
    granted to persons who are designated by the Committee as likely
    to be Covered Employees within the meaning of Code
    Section 162(m) and regulations thereunder shall, if so
    designated by the Committee, constitute “qualified
    performance-based compensation” within the meaning of Code
    Section 162(m) and regulations thereunder. Accordingly, the
    terms of Section 14.2, including the definitions of
    Covered Employee and other terms used therein, shall be
    interpreted in a manner consistent with Code Section 162(m)
    and regulations thereunder. The foregoing notwithstanding,
    because the Committee cannot determine with certainty whether a
    given Grantee will be a Covered Employee with respect to a
    fiscal year that has not yet been completed, the term Covered
    Employee as used herein shall mean only a person designated by
    the Committee, at the time of grant of Performance Awards or an
    Annual Incentive Award, as likely to be a Covered Employee with
    respect to that fiscal year. If any provision of the Plan or any
    agreement relating to such Performance Awards or Annual
    Incentive Awards does not comply or is inconsistent with the
    requirements of Code Section 162(m) or regulations
    thereunder, such provision shall be construed or deemed amended
    to the extent necessary to conform to such requirements.

 

		
	
    15.  
	
    PARACHUTE
    LIMITATIONS

 

    Notwithstanding any other provision of this Plan or of any other
    agreement, contract, or understanding heretofore or hereafter
    entered into by a Grantee with the Company or any Affiliate,
    except an agreement, contract, or understanding that expressly
    addresses Section 280G or Section 4999 of the Code (an
    “Other Agreement”), and notwithstanding any formal or
    informal plan or other arrangement for the direct or indirect
    provision of compensation to the Grantee (including groups or
    classes of Grantees or beneficiaries of which the Grantee is a
    member), whether or not such compensation is deferred, is in
    cash, or is in the form of a benefit to or for the Grantee (a
    “Benefit Arrangement”), if the Grantee is a
    “disqualified individual,” as defined in
    Section 280G(c) of the Code, any Option, Restricted Stock
    or Stock Unit held by that Grantee and any right to receive any
    payment or other benefit under this Plan shall not become
    exercisable or vested (i) to the extent that such right to
    exercise, vesting, payment, or benefit, taking into account all
    other rights, payments, or benefits to or for the Grantee under
    this Plan, all Other Agreements, and all Benefit Arrangements,
    would cause any payment or benefit to the Grantee under this
    Plan to be considered a “parachute payment” within the
    meaning of Section 280G(b)(2) of the Code as then in effect

    

    16

 

    (a “Parachute Payment”) and (ii) if, as a
    result of receiving a Parachute Payment, the aggregate after-tax
    amounts received by the Grantee from the Company under this
    Plan, all Other Agreements, and all Benefit Arrangements would
    be less than the maximum after-tax amount that could be received
    by the Grantee without causing any such payment or benefit to be
    considered a Parachute Payment. In the event that the receipt of
    any such right to exercise, vesting, payment, or benefit under
    this Plan, in conjunction with all other rights, payments, or
    benefits to or for the Grantee under any Other Agreement or any
    Benefit Arrangement would cause the Grantee to be considered to
    have received a Parachute Payment under this Plan that would
    have the effect of decreasing the after-tax amount received by
    the Grantee as described in clause (ii) of the preceding
    sentence, then the Grantee shall have the right, in the
    Grantee’s sole discretion, to designate those rights,
    payments, or benefits under this Plan, any Other Agreements, and
    any Benefit Arrangements that should be reduced or eliminated so
    as to avoid having the payment or benefit to the Grantee under
    this Plan be deemed to be a Parachute Payment; provided,
    however, that in order to comply with Code Section 409A,
    the reduction or elimination will be performed in the order in
    which each dollar of value subject to an Award reduces the
    Parachute Payment to the greatest extent.

 

		
	
    16.  
	
    REQUIREMENTS
    OF LAW

 

    16.1.  General.

 

    The Company shall not be required to sell or issue any shares of
    Stock under any Award if the sale or issuance of such shares
    would constitute a violation by the Grantee, any other
    individual exercising an Option, or the Company of any provision
    of any law or regulation of any governmental authority,
    including without limitation any federal or state securities
    laws or regulations. If at any time the Company shall determine,
    in its discretion, that the listing, registration or
    qualification of any shares subject to an Award upon any
    securities exchange or under any governmental regulatory body is
    necessary or desirable as a condition of, or in connection with,
    the issuance or purchase of shares hereunder, no shares of Stock
    may be issued or sold to the Grantee or any other individual
    exercising an Option pursuant to such Award unless such listing,
    registration, qualification, consent or approval shall have been
    effected or obtained free of any conditions not acceptable to
    the Company, and any delay caused thereby shall in no way affect
    the date of termination of the Award. Without limiting the
    generality of the foregoing, in connection with the Securities
    Act, upon the exercise of any Option or any SAR that may be
    settled in shares of Stock or the delivery of any shares of
    Stock underlying an Award, unless a registration statement under
    such Act is in effect with respect to the shares of Stock
    covered by such Award, the Company shall not be required to sell
    or issue such shares unless the Committee has received evidence
    satisfactory to it that the Grantee or any other individual
    exercising an Option may acquire such shares pursuant to an
    exemption from registration under the Securities Act. Any
    determination in this connection by the Committee shall be
    final, binding, and conclusive. The Company may, but shall in no
    event be obligated to, register any securities covered hereby
    pursuant to the Securities Act. The Company shall not be
    obligated to take any affirmative action in order to cause the
    exercise of an Option or a SAR or the issuance of shares of
    Stock pursuant to the Plan to comply with any law or regulation
    of any governmental authority. As to any jurisdiction that
    expressly imposes the requirement that an Option (or SAR that
    may be settled in shares of Stock) shall not be exercisable
    until the shares of Stock covered by such Option (or SAR) are
    registered or are exempt from registration, the exercise of such
    Option (or SAR) (under circumstances in which the laws of such
    jurisdiction apply) shall be deemed conditioned upon the
    effectiveness of such registration or the availability of such
    an exemption.

 

    16.2.  Rule 16b-3.

 

    During any time when the Company has a class of equity security
    registered under Section 12 of the Exchange Act, it is the
    intent of the Company that Awards pursuant to the Plan and the
    exercise of Options and SARs granted hereunder will qualify for
    the exemption provided by
    Rule 16b-3
    under the Exchange Act. To the extent that any provision of the
    Plan or action by the Committee does not comply with the
    requirements of
    Rule 16b-3,
    it shall be deemed inoperative to the extent permitted by law
    and deemed advisable by the Committee, and shall not affect the
    validity of the Plan. In the event that
    Rule 16b-3
    is revised or replaced, the Committee may exercise its
    discretion to modify this Plan in any respect necessary to
    satisfy the requirements of, or to take advantage of any
    features of, the revised exemption or its replacement.

    

    17

 

		
	
    17.  
	
    EFFECT OF
    CHANGES IN CAPITALIZATION

 

    17.1.  Changes
    in Stock.

 

    If the number of outstanding shares of Stock is increased or
    decreased or the shares of Stock are changed into or exchanged
    for a different number or kind of shares or other securities of
    the Company on account of any recapitalization,
    reclassification, stock split, reverse split, combination of
    shares, exchange of shares, stock dividend or other distribution
    payable in capital stock, or other increase or decrease in such
    shares effected without receipt of consideration by the Company
    occurring after the Effective Date, the number and kinds of
    shares for which grants of Options and other Awards may be made
    under the Plan shall be adjusted proportionately and accordingly
    by the Company. In addition, the number and kind of shares for
    which Awards are outstanding shall be adjusted proportionately
    and accordingly so that the proportionate interest of the
    Grantee immediately following such event shall, to the extent
    practicable, be the same as immediately before such event. Any
    such adjustment in outstanding Options or SARs shall not change
    the aggregate Option Price or SAR Exercise Price payable with
    respect to shares that are subject to the unexercised portion of
    an outstanding Option or SAR, as applicable, but shall include a
    corresponding proportionate adjustment in the Option Price or
    SAR Exercise Price per share. The conversion of any convertible
    securities of the Company shall not be treated as an increase in
    shares effected without receipt of consideration.
    Notwithstanding the foregoing, in the event of any distribution
    to the Company’s stockholders of securities of any other
    entity or other assets (including an extraordinary dividend but
    excluding a non-extraordinary dividend of the Company) without
    receipt of consideration by the Company, the Company shall, in
    such manner as the Company deems appropriate, adjust
    (i) the number and kind of shares subject to outstanding
    Awards
    and/or
    (ii) the exercise price of outstanding Options and Stock
    Appreciation Rights to reflect such distribution.

 

    17.2.  Reorganization
    in Which the Company Is the Surviving Entity Which does not
    Constitute a Corporate Transaction.

 

    Subject to Section 17.3 hereof, if the Company shall
    be the surviving entity in any reorganization, merger, or
    consolidation of the Company with one or more other entities
    which does not constitute a Corporate Transaction, any Option or
    SAR theretofore granted pursuant to the Plan shall pertain to
    and apply to the securities to which a holder of the number of
    shares of Stock subject to such Option or SAR would have been
    entitled immediately following such reorganization, merger, or
    consolidation, with a corresponding proportionate adjustment of
    the Option Price or SAR Exercise Price per share so that the
    aggregate Option Price or SAR Exercise Price thereafter shall be
    the same as the aggregate Option Price or SAR Exercise Price of
    the shares remaining subject to the Option or SAR immediately
    prior to such reorganization, merger, or consolidation. Subject
    to any contrary language in an Award Agreement evidencing an
    Award, any restrictions applicable to such Award shall apply as
    well to any replacement shares received by the Grantee as a
    result of the reorganization, merger or consolidation. In the
    event of a transaction described in this
    Section 17.2, Stock Units shall be adjusted so as to
    apply to the securities that a holder of the number of shares of
    Stock subject to the Stock Units would have been entitled to
    receive immediately following such transaction.

 

    17.3.  Corporate
    Transaction.

 

    Subject to the exceptions set forth in the last sentence of this
    Section 17.3 and the last sentence of
    Section 17.4, upon the occurrence of a Corporate
    Transaction:

 

    (i) all outstanding shares of Restricted Stock shall be
    deemed to have vested, and all Stock Units shall be deemed to
    have vested and the shares of Stock subject thereto shall be
    delivered, immediately prior to the occurrence of such Corporate
    Transaction, and

 

    (ii) either of the following two actions shall be taken:

 

    (A) fifteen days prior to the scheduled consummation of a
    Corporate Transaction, all Options and SARs outstanding
    hereunder shall become immediately exercisable and shall remain
    exercisable for a period of fifteen days, or

    

    18

 

    (B) the Committee may elect, in its sole discretion, to
    cancel any outstanding Awards of Options, Restricted Stock,
    Stock Units
    and/or SARs
    and pay or deliver, or cause to be paid or delivered, to the
    holder thereof an amount in cash or securities having a value
    (as determined by the Committee acting in good faith), in the
    case of Restricted Stock or Stock Units, equal to the formula or
    fixed price per share paid to holders of shares of Stock and, in
    the case of Options or SARs, equal to the product of the number
    of shares of Stock subject to the Option or SAR (the “Award
    Shares”) multiplied by the amount, if any, by which
    (I) the formula or fixed price per share paid to holders of
    shares of Stock pursuant to such transaction exceeds
    (II) the Option Price or SAR Exercise Price applicable to
    such Award Shares.

 

    With respect to the Company’s establishment of an exercise
    window, (i) any exercise of an Option or SAR during such
    fifteen-day
    period shall be conditioned upon the consummation of the event
    and shall be effective only immediately before the consummation
    of the event, and (ii) upon consummation of any Corporate
    Transaction the Plan, and all outstanding but unexercised
    Options and SARs shall terminate. The Committee shall send
    written notice of an event that will result in such a
    termination to all individuals who hold Options and SARs not
    later than the time at which the Company gives notice thereof to
    its stockholders. This Section 17.3 shall not apply
    to any Corporate Transaction to the extent that provision is
    made in writing in connection with such Corporate Transaction
    for the assumption or continuation of the Options, SARs, Stock
    Units and Restricted Stock theretofore granted, or for the
    substitution for such Options, SARs, Stock Units and Restricted
    Stock for new common stock options and stock appreciation rights
    and new common stock units and restricted stock relating to the
    stock of a successor entity, or a parent or subsidiary thereof,
    with appropriate adjustments as to the number of shares
    (disregarding any consideration that is not common stock) and
    option and stock appreciation right exercise prices (an
    “Equivalent Award”), in which event the Plan, Options,
    SARs, Stock Units and Restricted Stock theretofore granted shall
    continue in the manner and under the terms so provided. If the
    Grantee receives an Equivalent Award in connection with a
    Corporate Transaction and his employment is terminated by the
    Company without Cause or by the employee with Good Reason within
    one year following the Corporate Transaction involuntarily, the
    Equivalent Award may be exercised in full beginning on the date
    of such termination and for such period as the Committee shall
    determine.

 

    17.4.  Adjustments.

 

    Adjustments under this Section 17 related to shares
    of Stock or securities of the Company shall be made by the
    Committee, whose determination in that respect shall be final,
    binding and conclusive. No fractional shares or other securities
    shall be issued pursuant to any such adjustment, and any
    fractions resulting from any such adjustment shall be eliminated
    in each case by rounding downward to the nearest whole share.
    The Committee shall determine the effect of a Corporate
    Transaction upon Awards other than Options, SARs, Stock Units
    and Restricted Stock, and such effect shall be set forth in the
    appropriate Award Agreement. The Committee may provide in the
    Award Agreements at the time of grant, or any time thereafter
    with the consent of the Grantee, for different provisions to
    apply to an Award in place of those described in
    Sections 17.1, 17.2 and 17.3. This
    Section 17 does not limit the Company’s ability
    to provide for alternative treatment of Awards outstanding under
    the Plan in the event of change of control events that are not
    Corporate Transactions.

 

    17.5.  No
    Limitations on Company.

 

    The making of Awards pursuant to the Plan shall not affect or
    limit in any way the right or power of the Company to make
    adjustments, reclassifications, reorganizations, or changes of
    its capital or business structure or to merge, consolidate,
    dissolve, or liquidate, or to sell or transfer all or any part
    of its business or assets.

 

		
	
    18.  
	
    GENERAL
    PROVISIONS

 

    18.1.  Disclaimer
    of Rights

 

    No provision in the Plan or in any Award or Award Agreement
    shall be construed to confer upon any individual the right to
    remain in the employ or service of the Company or any Affiliate,
    or to interfere in any way with any contractual or other right
    or authority of the Company either to increase or decrease the
    compensation or other payments to any individual at any time, or
    to terminate any employment or other relationship between any
    individual and the Company. In addition, notwithstanding
    anything contained in the Plan to the contrary, unless

    

    19

 

    otherwise stated in the applicable Award Agreement, no Award
    granted under the Plan shall be affected by any change of duties
    or position of the Grantee, so long as such Grantee continues to
    be a director, officer, consultant or employee of the Company or
    an Affiliate. The obligation of the Company to pay any benefits
    pursuant to this Plan shall be interpreted as a contractual
    obligation to pay only those amounts described herein, in the
    manner and under the conditions prescribed herein. The Plan
    shall in no way be interpreted to require the Company to
    transfer any amounts to a third party trustee or otherwise hold
    any amounts in trust or escrow for payment to any Grantee or
    beneficiary under the terms of the Plan.

 

    18.2.  Nonexclusivity
    of the Plan

 

    Neither the adoption of the Plan nor the submission of the Plan
    to the stockholders of the Company for approval shall be
    construed as creating any limitations upon the right and
    authority of the Committee to adopt such other incentive
    compensation arrangements (which arrangements may be applicable
    either generally to a class or classes of individuals or
    specifically to a particular individual or particular
    individuals) as the Committee in its discretion determines
    desirable, including, without limitation, the granting of equity
    awards otherwise than under the Plan.

 

    18.3.  Withholding
    Taxes

 

    The Company or an Affiliate, as the case may be, shall have the
    right to deduct from payments of any kind otherwise due to a
    Grantee any federal, state, or local taxes of any kind required
    by law to be withheld with respect to the vesting of or other
    lapse of restrictions applicable to an Award or upon the
    issuance of any shares of Stock upon the exercise of an Option
    or pursuant to an Award. At the time of such vesting, lapse, or
    exercise, the Grantee shall pay to the Company or the Affiliate,
    as the case may be, any amount that the Company or the Affiliate
    may reasonably determine to be necessary to satisfy such
    withholding obligation. Subject to the prior approval of the
    Company or the Affiliate, which may be withheld by the Company
    or the Affiliate, as the case may be, in its sole discretion,
    the Grantee may elect to satisfy such obligations, in whole or
    in part, (i) by causing the Company or the Affiliate to
    withhold shares of Stock otherwise issuable to the Grantee or
    (ii) by delivering to the Company or the Affiliate shares
    of Stock already owned by the Grantee. The shares of Stock so
    delivered or withheld shall have an aggregate Fair Market Value
    equal to such withholding obligations. The Fair Market Value of
    the shares of Stock used to satisfy such withholding obligation
    shall be determined by the Company or the Affiliate as of the
    date that the amount of tax to be withheld is to be determined.
    A Grantee who has made an election pursuant to this
    Section 18.3 may satisfy his or her withholding
    obligation only with shares of Stock that are not subject to any
    repurchase, forfeiture, unfulfilled vesting, or other similar
    requirements. The maximum number of shares of Stock that may be
    withheld from any Award to satisfy any federal, state or local
    tax withholding requirements upon the exercise, vesting, lapse
    of restrictions applicable to such Award or payment of shares
    pursuant to such Award, as applicable, cannot exceed such number
    of shares having a Fair Market Value equal to the minimum
    statutory amount required by the Company to be withheld and paid
    to any such federal, state or local taxing authority with
    respect to such exercise, vesting, lapse of restrictions or
    payment of shares.

 

    18.4.  Captions

 

    The use of captions in this Plan or any Award Agreement is for
    the convenience of reference only and shall not affect the
    meaning of any provision of the Plan or such Award Agreement.

 

    18.5.  Other
    Provisions

 

    Each Award granted under the Plan may contain such other terms
    and conditions not inconsistent with the Plan as may be
    determined by the Committee, in its sole discretion.

 

    18.6.  Number
    and Gender

 

    With respect to words used in this Plan, the singular form shall
    include the plural form, the masculine gender shall include the
    feminine gender, etc., as the context requires.

    

    20

 

    18.7.  Severability

 

    If any provision of the Plan or any Award Agreement shall be
    determined to be illegal or unenforceable by any court of law in
    any jurisdiction, the remaining provisions hereof and thereof
    shall be severable and enforceable in accordance with their
    terms, and all provisions shall remain enforceable in any other
    jurisdiction.

 

    18.8.  Governing
    Law

 

    The validity and construction of this Plan and the instruments
    evidencing the Awards hereunder shall be governed by the laws of
    the State of Delaware, other than any conflicts or choice of law
    rule or principle that might otherwise refer construction or
    interpretation of this Plan and the instruments evidencing the
    Awards granted hereunder to the substantive laws of any other
    jurisdiction.

 

    18.9.  Code
    Section 409A

 

    The Committee intends to comply with Code Section 409A, or
    an exemption to Code Section 409A, with regard to Awards
    hereunder that constitute nonqualified deferred compensation
    within the meaning of Code Section 409A. To the extent that
    the Committee determines that a Grantee would be subject to the
    additional 20% tax imposed on certain nonqualified deferred
    compensation plans pursuant to Code Section 409A as a
    result of any provision of any Award granted under this Plan,
    such provision may be deemed amended to the minimum extent
    necessary to avoid application of such additional tax. The
    nature of any such amendment shall be determined by the
    Committee.

 

    * * *

 

    To record adoption of the Plan by the Board as of April 10,
    2008, and approval of the Plan by the stockholders on
    May 20, 2008, the Company has caused its authorized officer
    to execute the Plan.

 

    MORGANS HOTEL GROUP CO.

 

    By: /s/ Richard Szymanski

    Title: Chief Financial Officer

 

 

 

 

 

    

    21exv4w1

EXHIBIT 4.1

 

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

Class A-1 2.78345% Asset Backed Notes

Class A-2a 3.74% Asset Backed Notes

Class A-2b Floating Rate Asset Backed Notes

Class A-3a 4.68% Asset Backed Notes

Class A-3b Floating Rate Asset Backed Notes

Class A-4 5.42% Asset Backed Notes

Class B 6.46% Asset Backed Notes

Class C 7.96% Asset Backed Notes

Class D 8.25% Asset Backed Notes

 

INDENTURE

Dated as of May 14, 2008

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

Indenture Trustee

 

 

TABLE OF CONTENTS

Page

	 	 	 	 	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	2	 
	 
	 	 	 	 
	SECTION 1.1 Definitions
	 	 	2	 
	SECTION 1.2 Incorporation by Reference of Trust Indenture Act
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II THE NOTES
	 	 	3	 
	 
	 	 	 	 
	SECTION 2.1 Form
	 	 	3	 
	SECTION 2.2 Execution, Authentication and Delivery
	 	 	4	 
	SECTION 2.3 Temporary Notes
	 	 	5	 
	SECTION 2.4 Registration of Notes; Registration of Transfer and Exchange of Notes
	 	 	5	 
	SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	6	 
	SECTION 2.6 Persons Deemed Noteholders
	 	 	7	 
	SECTION 2.7 Payment of Principal and Interest
	 	 	8	 
	SECTION 2.8 Cancellation of Notes
	 	 	10	 
	SECTION 2.9 Release of Collateral
	 	 	10	 
	SECTION 2.10 Book-Entry Notes
	 	 	10	 
	SECTION 2.11 Notices to Clearing Agency
	 	 	11	 
	SECTION 2.12 Definitive Notes
	 	 	11	 
	SECTION 2.13 Depositor as Noteholder
	 	 	12	 
	SECTION 2.14 Tax Treatment
	 	 	12	 
	SECTION 2.15 Special Terms Applicable to the Private Notes
	 	 	12	 
	 
	 	 	 	 
	ARTICLE III COVENANTS
	 	 	13	 
	 
	 	 	 	 
	SECTION 3.1 Payment of Principal and Interest
	 	 	13	 
	SECTION 3.2 Maintenance of Agency Office
	 	 	13	 
	SECTION 3.3 Money for Payments To Be Held in Trust
	 	 	13	 
	SECTION 3.4 Existence
	 	 	15	 
	SECTION 3.5 Protection of Trust Estate; Acknowledgment of Pledge
	 	 	15	 
	SECTION 3.6 Opinions as to Trust Estate
	 	 	16	 
	SECTION 3.7 Performance of Obligations; Servicing of Receivables
	 	 	17	 
	SECTION 3.8 Negative Covenants
	 	 	18	 
	SECTION 3.9 Annual Statement as to Compliance
	 	 	18	 
	SECTION 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Trust Assets
	 	 	19	 
	SECTION 3.11 Successor or Transferee
	 	 	21	 
	SECTION 3.12 No Other Business
	 	 	21	 
	SECTION 3.13 No Borrowing
	 	 	21	 
	SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities
	 	 	21	 
	SECTION 3.15 Servicer’s Obligations
	 	 	21	 
	SECTION 3.16 Capital Expenditures
	 	 	21	 
	SECTION 3.17 Removal of Administrator
	 	 	22	 
	SECTION 3.18 Restricted Payments
	 	 	22	 
	SECTION 3.19 Notice of Events of Default
	 	 	22	 
	SECTION 3.20 Further Instruments and Acts
	 	 	22	 
	SECTION 3.21 Indenture Trustee’s Assignment of Administrative Receivables and
Warranty Receivables
	 	 	22	 
	SECTION 3.22 Representations and Warranties by the Issuing Entity to the Indenture Trustee
	 	 	23	 
	 
	 	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE
	 	 	23	 
	 
	 	 	 	 
	SECTION 4.1 Satisfaction and Discharge of Indenture
	 	 	23	 
	SECTION 4.2 Application of Trust Money
	 	 	24	 

i

 

Page

	 	 	 	 	 
	SECTION 4.3 Repayment of Monies Held by Paying Agent
	 	 	25	 
	SECTION 4.4 Duration of Position of Indenture Trustee
	 	 	25	 
	 
	 	 	 	 
	ARTICLE V DEFAULT AND REMEDIES
	 	 	25	 
	 
	 	 	 	 
	SECTION 5.1 Events of Default
	 	 	25	 
	SECTION 5.2 Acceleration of Maturity; Rescission and Annulment
	 	 	26	 
	SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	27	 
	SECTION 5.4 Remedies; Priorities
	 	 	29	 
	SECTION 5.5 Optional Preservation of the Receivables
	 	 	30	 
	SECTION 5.6 Limitation of Suits
	 	 	30	 
	SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and Interest
	 	 	31	 
	SECTION 5.8 Restoration of Rights and Remedies
	 	 	31	 
	SECTION 5.9 Rights and Remedies Cumulative
	 	 	32	 
	SECTION 5.10 Delay or Omission Not a Waiver
	 	 	32	 
	SECTION 5.11 Control by Noteholders
	 	 	32	 
	SECTION 5.12 Waiver of Past Defaults
	 	 	32	 
	SECTION 5.13 Undertaking for Costs
	 	 	33	 
	SECTION 5.14 Waiver of Stay or Extension Laws
	 	 	33	 
	SECTION 5.15 Action on Notes
	 	 	33	 
	SECTION 5.16 Performance and Enforcement of Certain Obligations
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VI THE INDENTURE TRUSTEE
	 	 	35	 
	 
	 	 	 	 
	SECTION 6.1 Duties of Indenture Trustee
	 	 	35	 
	SECTION 6.2 Rights of Indenture Trustee
	 	 	36	 
	SECTION 6.3 Indenture Trustee May Own Notes
	 	 	37	 
	SECTION 6.4 Indenture Trustee’s Disclaimer
	 	 	37	 
	SECTION 6.5 Notice of Defaults
	 	 	37	 
	SECTION 6.6 Reports by Indenture Trustee
	 	 	38	 
	SECTION 6.7 Compensation; Indemnity
	 	 	38	 
	SECTION 6.8 Replacement of Indenture Trustee
	 	 	39	 
	SECTION 6.9 Merger or Consolidation of Indenture Trustee
	 	 	40	 
	SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	 	 	40	 
	SECTION 6.11 Eligibility; Disqualification
	 	 	41	 
	SECTION 6.12 Preferential Collection of Claims Against Issuing Entity
	 	 	42	 
	SECTION 6.13 Representations and Warranties of Indenture Trustee
	 	 	42	 
	SECTION 6.14 Indenture Trustee May Enforce Claims Without Possession of Notes
	 	 	42	 
	SECTION 6.15 Suit for Enforcement
	 	 	43	 
	SECTION 6.16 Rights of Noteholders to Direct Indenture Trustee
	 	 	43	 
	 
	 	 	 	 
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	 	 	43	 
	 
	 	 	 	 
	SECTION 7.1 Issuing Entity To Furnish Indenture Trustee Names and Addresses of Noteholders
	 	 	43	 
	SECTION 7.2 Preservation of Information, Communications to Noteholders
	 	 	43	 
	SECTION 7.3 Reports by Issuing Entity
	 	 	44	 
	SECTION 7.4 Reports by Trustee
	 	 	44	 
	 
	 	 	 	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	 	 	45	 
	 
	 	 	 	 
	SECTION 8.1 Collection of Money
	 	 	45	 
	SECTION 8.2 Designated Accounts; Payments
	 	 	45	 
	SECTION 8.3 General Provisions Regarding Accounts
	 	 	47	 
	SECTION 8.4 Release of Trust Estate
	 	 	47	 
	SECTION 8.5 Opinion of Counsel
	 	 	48	 

ii

 

Page

	 	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES
	 	 	48	 
	 
	 	 	 	 
	SECTION 9.1 Supplemental Indentures Without Consent of Noteholders
	 	 	48	 
	SECTION 9.2 Supplemental Indentures With Consent of Noteholders
	 	 	49	 
	SECTION 9.3 Execution of Supplemental Indentures
	 	 	51	 
	SECTION 9.4 Effect of Supplemental Indenture
	 	 	51	 
	SECTION 9.5 Conformity with Trust Indenture Act
	 	 	51	 
	SECTION 9.6 Reference in Notes to Supplemental Indentures
	 	 	51	 
	 
	 	 	 	 
	ARTICLE X REDEMPTION OF NOTES
	 	 	51	 
	 
	 	 	 	 
	SECTION 10.1 Redemption
	 	 	51	 
	SECTION 10.2 Form of Redemption Notice
	 	 	52	 
	SECTION 10.3 Notes Payable on Redemption Date
	 	 	52	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	52	 
	 
	 	 	 	 
	SECTION 11.1 Compliance Certificates and Opinions, etc
	 	 	52	 
	SECTION 11.2 Form of Documents Delivered to Indenture Trustee
	 	 	54	 
	SECTION 11.3 Acts of Noteholders
	 	 	55	 
	SECTION 11.4 Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies
	 	 	55	 
	SECTION 11.5 Notices to Noteholders; Waiver
	 	 	56	 
	SECTION 11.6 Alternate Payment and Notice Provisions
	 	 	57	 
	SECTION 11.7 Conflict with Trust Indenture Act
	 	 	57	 
	SECTION 11.8 Effect of Headings and Table of Contents
	 	 	57	 
	SECTION 11.9 Successors and Assigns
	 	 	57	 
	SECTION 11.10 Severability
	 	 	57	 
	SECTION 11.11 Benefits of Indenture
	 	 	57	 
	SECTION 11.12 Legal Holidays
	 	 	57	 
	SECTION 11.13 Governing Law
	 	 	58	 
	SECTION 11.14 Counterparts
	 	 	58	 
	SECTION 11.15 Recording of Indenture
	 	 	58	 
	SECTION 11.16 No Recourse
	 	 	58	 
	SECTION 11.17 No Petition
	 	 	58	 
	SECTION 11.18 Inspection
	 	 	59	 
	SECTION 11.19 Indemnification by and Reimbursement of Servicer
	 	 	59	 
	 
	 	 	 	 
	EXHIBIT A LOCATIONS OF SCHEDULE OF RECEIVABLES
	 	 	1	 
	EXHIBIT B FORM OF NOTE DEPOSITORY AGREEMENT FOR THE NOTES
	 	 	1	 
	EXHIBIT C-1 FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES, RULE 144A
	 	 	1	 
	EXHIBIT C-2 FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES, REGULATION S
	 	 	1	 
	EXHIBIT C-3 FORM OF TEMPORARY CLASS A-1 FIXED RATE ASSET BACKED NOTES, REGULATION S
	 	 	1	 
	EXHIBIT C-4 FORM OF CLASS A-2A, CLASS A-3A AND CLASS A-4 FIXED RATE ASSET BACKED NOTES
	 	 	1	 
	EXHIBIT C-5 FORM OF CLASS A-2B AND CLASS A-3B FLOATING RATE ASSET BACKED NOTES
	 	 	1	 
	EXHIBIT C-6 FORM OF CLASS B AND CLASS C FIXED RATE ASSET BACKED NOTES, RULE 144A
	 	 	1	 
	EXHIBIT C-7 FORM OF CLASS B AND CLASS C FIXED RATE ASSET BACKED NOTES, REGULATION S
	 	 	1	 
	EXHIBIT C-8 FORM OF TEMPORARY CLASS B AND CLASS C FIXED RATE ASSET BACKED NOTES, REGULATION S
	 	 	1	 
	EXHIBIT C-9 FORM OF CLASS D FIXED RATE ASSET BACKED NOTES
	 	 	1	 
	EXHIBIT D FORM OF CLEARING SYSTEM CERTIFICATE
	 	 	1	 
	EXHIBIT E FORM OF CERTIFICATION
	 	 	1	 

iii

 

          INDENTURE, dated as of May 14, 2008, between CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, a
Delaware statutory trust (the “Issuing Entity”), and THE BANK OF NEW YORK TRUST COMPANY,
N.A., a national banking association organized under the laws of the United States of America, as
trustee and not in its individual capacity (the “Indenture Trustee”).

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

GRANTING CLAUSE

          The Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as trustee for
the benefit of the Secured Parties (only to the extent expressly provided herein):

          (a) all right, title and interest of the Issuing Entity in, to and under the Receivables
listed on the Schedule of Receivables and all monies received thereon on and after the Cutoff Date,
exclusive of any amounts allocable to the premium for physical damage collateral protection
insurance required by the Servicer of the Receivables, covering any related Financed Vehicle;

          (b) the interest of the Issuing Entity in the security interests in the Financed Vehicles
granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions
thereto;

          (c) the interest of the Issuing Entity in any proceeds from claims on any physical damage,
credit life, credit disability or other insurance policies covering Financed Vehicles or Obligors;

          (d) the interest of the Issuing Entity in any proceeds from recourse against Dealers on the
Receivables;

          (e) all right, title and interest of the Issuing Entity in, to and under the First Step
Receivables Assignment;

          (f) all right, title and interest of the Issuing Entity in, to and under the Second Step
Receivables Assignment;

          (g) all right, title and interest in the Reserve Account Property and all other funds on
deposit from time to time in the Collection Account and the Note Distribution Account;

          (h) all right, title and interest of the Issuing Entity in, to and under the Trust Sale and
Servicing Agreement and any other Further Transfer and Servicing Agreements, including all rights
of the “Depositor” under the Pooling and Servicing Agreement and the Custodian Agreement assigned
to the Issuing Entity pursuant to the Trust Sale and Servicing Agreement;

          (i) all right, title and interest of the Issuing Entity in, to and under any Third Party
Instrument; and

1

 

          (j) all present and future claims, demands, causes and choses in action in respect of any or
all of the foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any
or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, investment property, payment intangibles, general intangibles,
condemnation awards, rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all or part of or are
included in the proceeds of any of the foregoing (collectively, the “Collateral”).

          The foregoing Grant is made in trust to secure the Secured Obligations, equally and ratably
without prejudice, priority or distinction, and to secure compliance with the provisions of this
Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement
under the UCC.

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

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

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

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

2

 

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

   “Commission” means the Securities and Exchange Commission.

   “indenture securities” means the Notes.

   “indenture security holder” means a Noteholder.

   “indenture to be qualified” means this Indenture.

   “indenture trustee” means the Indenture Trustee.

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

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

ARTICLE II

THE NOTES

     SECTION 2.1 Form.

          (a) Each of the Class A-1 Notes, together, with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit C-1, Exhibit
C-2 or Exhibit C-3, as applicable, each of the Class A-2a Notes, the Class A-3a Notes
and the Class A-4 Notes, together, in each case, with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit C-4, each of the
Class A-2b Notes and the Class A-3b Notes, together, in each case, with the Indenture Trustee’s
certificate of authentication, shall be substantially in the form set forth in Exhibit C-5,
each of the Class B Notes and the Class C Notes together, in each case, with the Indenture
Trustee’s certificate of authentication, shall be substantially in the form set forth in
Exhibit C-6, Exhibit C-7 or Exhibit C-8, as applicable, and the Class D
Notes, together, in each case, with the Indenture Trustee’s certificate of authentication, shall be
substantially in the form set forth in Exhibit C-9, in each case with such appropriate
insertions, omissions, substitutions and other variations as are permitted or required by this
Indenture and each such Note may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the
text of any Note may be set forth on the reverse thereof with an appropriate reference thereto on
the face of the Note.

3

 

          (b) The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced
by any combination of these methods (with or without steel engraved borders), all as determined by
the officers executing such Notes, as evidenced by their execution of such Notes.

          (c) The terms of each class of Notes as provided for in Exhibits C-1, C-2,
C-3, C-4, C-5, C-6, C-7, C-8 and C-9 hereto
are part of the terms of this Indenture.

     SECTION 2.2 Execution, Authentication and Delivery.

          (a) Each Note shall be dated the date of its authentication and shall be issuable as a
registered Note in the minimum denomination of $1,000 and in integral multiples thereof (except, if
applicable, for one Note representing a residual portion of each class which may be issued in a
different denomination).

          (b) The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

          (c) Notes bearing the manual or facsimile signature of individuals who were at any time
Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such
individuals or any of them have ceased to hold such office prior to the authentication and delivery
of such Notes or did not hold such office at the date of such Notes.

          (d) The Indenture Trustee, in exchange for the Grant of the Receivables and the other
components of the Trust Estate, simultaneously with the Grant to the Indenture Trustee of the
Receivables and the constructive delivery to the Indenture Trustee of the Receivables Files and the
other assets and components of the Trust Estate, shall cause to be authenticated and delivered to
or upon the order of the Issuing Entity Notes for original issue in the aggregate principal amount
of $1,575,111,000 comprised of (i) Class A-1 Notes in the aggregate principal amount of
$285,000,000 (ii) Class A-2 Notes in the aggregate principal amount of $500,000,000, (iii) Class
A-3 Notes in the aggregate principal amount of $520,000,000, (iv) Class A-4 Notes in the aggregate
principal amount of $187,002,000, (v) Class B Notes in the aggregate principal amount of
$51,448,000, (vi) Class C Notes in the aggregate principal amount of $23,746,000 and (vii) Class D
Notes in the aggregate principal amount of $7,915,000. The aggregate principal amount of all Notes
outstanding at any time may not exceed $1,575,111,000, except as provided in Section 2.5.

          (e) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Note a certificate of authentication substantially in
the form set forth in Exhibit C-1, C-2, C-3, C-4, C-5,
C-6, C-7, C-8 or C-9, as applicable, executed by the Indenture
Trustee by the manual signature of one of its Authorized Officers; such certificate upon any Note
shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

4

 

     SECTION 2.3 Temporary Notes.

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

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

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

          (a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers
for each class of Notes, in which, subject to such reasonable regulations as the Issuing Entity may
prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration
of transfers and exchanges of the Notes. The Indenture Trustee shall initially be the Note
Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided.
Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor
Note Registrar or, if it elects not to make such an appointment, assume the duties of the Note
Registrar.

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

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

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

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

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

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

          (h) By acquiring a Class A Note, Class B Note or Class C Note, each purchaser and transferee
shall be deemed to represent and warrant that either (i) it is not acquiring the Note with the plan
assets of a Benefit Plan or other plan that is subject to any law that is substantially similar to
ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give
rise to a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the
Code or a violation of any substantially similar applicable law.

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

     SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes.

          (a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and
(ii) there is delivered to the Indenture Trustee such security or indemnity as may be required

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by it to hold the Issuing Entity and the Indenture Trustee harmless, then, in the absence of
notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a protected purchaser, the Issuing Entity shall execute and upon the Issuing Entity’s
request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Note, a replacement Note of a like class and aggregate
principal amount; provided, however, that if any such destroyed, lost or stolen
Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and
payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date, if applicable, without surrender thereof.

          (b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or
stolen Note pursuant to subsection (a), a protected purchaser of the original Note in lieu
of which such replacement Note was issued presents for payment such original Note, the Issuing
Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such
payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note
from the Person to whom such replacement Note was delivered; or (iii) any assignee of such Person,
except a protected purchaser, and the Issuing Entity and the Indenture Trustee shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or
expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith.

          (c) In connection with the issuance of any replacement Note under this Section 2.5,
the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including all fees and expenses of the Indenture Trustee) connected therewith.

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

          (e) The provisions of this Section 2.5 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

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

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     SECTION 2.7 Payment of Principal and Interest.

          (a) Interest on each class of Notes shall accrue in the manner set forth in Exhibit
C-1, C-2, C-3, C-4, C-5, C-6, C-7, C-8
or C-9, as applicable for such class, at the applicable Interest Rate for such class and
will be due and payable on each Distribution Date in accordance with the priorities set forth in
Section 8.2(c). Any installment of interest payable on any Note shall be punctually paid
or duly provided for by a deposit by or at the direction of the Issuing Entity into the Note
Distribution Account on the applicable Distribution Date and shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the applicable Record Date, by
check mailed first-class, postage prepaid to such Person’s address as it appears on the Note
Register on such Record Date; provided, however, that, unless and until Definitive
Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the
applicable Record Date in the name of the Note Depository (initially, Cede & Co.), payment shall be
made by wire transfer in immediately available funds to the account designated by the Note
Depository; provided, further, that with respect to any Private Notes (other than
Private Notes registered on the applicable Record Date in the name of the Note Depository), upon
written request of the Holder thereof, payment shall be made by wire transfer of immediately
available funds to the account designated by such Holder until further written notice from such
Holder.

          (b) Prior to the occurrence of an Event of Default and a declaration in accordance with
Section 5.2(a) that the Notes have become immediately due and payable, the principal of
each class of Notes shall be payable in full on the Final Scheduled Distribution Date for such
class and, to the extent of funds available therefor, in installments on the Distribution Dates (if
any) preceding the Final Scheduled Distribution Date for such class, in the amounts and in
accordance with the priorities set forth in Section 8.2(c)(ii) or 8.2(c)(iii), as
applicable. All principal payments on each class of Notes on any Distribution Date shall be made
pro rata to the Noteholders of such class entitled thereto. Any instalment of principal payable on
any Note shall be punctually paid or duly provided for by a deposit by or at the direction of the
Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be
paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the
applicable Record Date, by check mailed first-class, postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date; provided, however, that, (A)
unless and until Definitive Notes have been issued pursuant to Section 2.12, with respect
to Notes registered on the Record Date in the name of the Note Depository, payment shall be made by
wire transfer in immediately available funds to the account designated by the Note Depository and
(B) with respect to any Private Notes (other than Private Notes registered on the applicable Record
Date in the name of the Note Depository), upon written request of the Holder thereof, payment shall
be made by wire transfer of immediately available funds to the account designated by such Holder
until further written notice from such Holder, except for, in each case: (i) the final instalment
of principal on any Note; and (ii) the Redemption Price for the Notes redeemed pursuant to
Section 10.1, which, in each case, shall be payable as provided herein. The funds
represented by any such checks in respect of interest or principal returned undelivered shall be
held in accordance with Section 3.3.

          (c) From and after the occurrence of an Event of Default and a declaration in accordance with
Section 5.2(a) that the Notes have become immediately due and payable, until

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such time as all Events of Default have been cured or waived as provided in Section
5.2(b), all interest and principal payments shall be allocated:

               (i) first, for payment of interest pro rata on the Class A Notes, the Aggregate Class A
Interest Distributable Amount;

               (ii) second, an amount equal to the Note Principal Balance of the Class A Notes (after giving
effect to the reduction in the Note Principal Balance to result from the deposits made in the Note
Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of
principal on the Class A Notes, sequentially by Class, as follows:

               (A) to the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is
reduced to zero;

               (B) to the Class A-2a Notes and the Class A-2b Notes, ratably in accordance with
the Note Principal Balance of the Class A-2a Notes and the Class A-2b Notes, until the
Outstanding Amounts of the Class A-2a Notes and Class A-2b Notes are reduced to zero;

               (C) to the Class A-3a Notes and the Class A-3b Notes, ratably in accordance with
the Note Principal Balance of the Class A-3a Notes and the Class A-3b Notes, until the
Outstanding Amounts of the Class A-3a Notes and Class A-3b Notes are reduced to zero;

               (D) to the Class A-4 Notes, until the Outstanding Amount of the Class A-4 Notes is
reduced to zero;

               (iii) third, an amount equal to the Aggregate Class B Interest Distributable Amount for
payment of interest on the Class B Notes;

               (iv) fourth, an amount equal to the Note Principal Balance of the Class B Notes (after giving
effect to the reduction in the Note Principal Balance to result from the deposits made in the Note
Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of
principal on the Class B Notes;

               (v) fifth, an amount equal to the Aggregate Class C Interest Distributable Amount for payment
of interest on the Class C Notes;

               (vi) sixth, an amount equal to the Note Principal Balance of the Class C Notes (after giving
effect to the reduction in the Note Principal Balance to result from the deposits made in the Note
Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of
principal on the Class C Notes;

               (vii) seventh, an amount equal to the Aggregate Class D Interest Distributable Amount for
payment of interest on the Class D Notes; and

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               (viii) eighth, an amount equal to the Note Principal Balance of the Class D Notes (after
giving effect to the reduction in the Note Principal Balance to result from the deposits made in
the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for
payment of principal on the Class D Notes.

          (d) With respect to any Distribution Date on which the final instalment of principal and
interest on a class of Notes is to be paid, the Indenture Trustee on behalf of the Issuing Entity
shall notify each Noteholder of record of such class as of the Record Date for such Distribution
Date of the fact that the final instalment of principal of and interest on such Note is to be paid
on such Distribution Date. With respect to any such class of Notes, such notice shall be sent (i)
on such Record Date by facsimile, if Book-Entry Notes are outstanding; or (ii) not later than three
(3) Business Days after such Record Date in accordance with Section 11.5(a) if Definitive
Notes are outstanding, and shall specify that such final instalment shall be payable only upon
presentation and surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such instalment and the manner in which such payment shall
be made. Notices in connection with redemptions of Notes shall be mailed to Noteholders as
provided in Section 10.2. Within sixty (60) days of the surrender pursuant to this
Section 2.7(d) or cancellation pursuant to Section 2.8 of all of the Notes of a
particular class, the Indenture Trustee if requested shall provide each of the Rating Agencies with
written notice stating that all Notes of such class have been surrendered or canceled.

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

     SECTION 2.9 Release of Collateral. The Indenture Trustee shall not release property
from the Lien of this Indenture other than as permitted by Sections 3.21, 8.2,
8.4 and 11.1, and then only upon receipt of an Issuing Entity Request accompanied
by an Officer’s Certificate, an Opinion of Counsel (to the extent required by the TIA) and
Independent Certificates in accordance with TIA §§314(c) and 314(d)(1).

     SECTION 2.10 Book-Entry Notes. Except as set forth in Section 2.15 with
respect to the Retained Notes, the Notes, upon original issuance, shall be issued in the form of a
typewritten Note or Notes representing the Book-Entry Notes, to be delivered to The Depository
Trust Company, as the initial Clearing Agency, or its custodian, by or on behalf of the Issuing

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Entity. Such Note or Notes shall be registered on the Note Register in the name of the Note
Depository, and no Note Owner shall receive a Definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.12. Unless and until the Definitive
Notes have been issued to Note Owners pursuant to Section 2.12:

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

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

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

          (d) the rights of the Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note Owners and the
Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are
issued pursuant to Section 2.12, the initial Clearing Agency shall make book-entry
transfers between the Clearing Agency Participants and receive and transmit payments of principal
of and interest on such Notes to such Clearing Agency Participants, pursuant to the Note Depository
Agreement; and

          (e) whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the
Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has (i) received instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of the beneficial
interest in the Notes; and (ii) delivered such instructions to the Indenture Trustee.

     SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Noteholders to the Clearing Agency and
shall have no other obligation to the Note Owners.

     SECTION 2.12 Definitive Notes. If (i) the Administrator advises the Indenture Trustee
in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified
successor; (ii) the Administrator, at its option, advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency; or (iii) after the
occurrence of an Event of Default or a Servicer Default, Note Owners representing beneficial
interests aggregating at least a majority of the Outstanding Amount of the Controlling Class advise
the Clearing Agency in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify
all Note Owners and the Indenture Trustee of the occurrence of any such event and

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of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to
the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the
Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall
be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture
Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

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

     SECTION 2.14 Tax Treatment. The Depositor and the Indenture Trustee, by entering into
this Indenture, and the Noteholders, by acquiring any Note or interest therein, (i) express their
intention that the Notes qualify under applicable tax law as indebtedness secured by the
Collateral, and (ii) unless otherwise required by appropriate taxing authorities, agree to treat
the Notes as indebtedness secured by the Collateral for the purpose of federal income 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.

     SECTION 2.15 Special Terms Applicable to the Private Notes.

          (a) None of the Private Notes has been or will be registered under the Securities Act or the
securities laws of any other jurisdiction. Consequently, the Private 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.

          (b) No sale, pledge or other transfer of Private Notes or an interest in the Private Notes may
be made by any person other than to (i) a person who the transferor reasonably believes is a
“qualified institutional buyer” (“QIB”) as defined under Rule 144A under the Securities Act
(“Rule 144A”) and is purchasing for its own account (and not for the account of others) or
as a fiduciary or agent for others (which others also are “QIBs”) and is aware that the sale to it
is being made in reliance on Rule 144A or (ii) in the case of the Class A-1 Notes, the Class B
Notes and the Class C Notes only, a non-U.S. Person (as defined in Regulation S under the
Securities Act (“Regulation S”)) who acquired the Class A-1 Note, the Class B Note and the
Class C Note, as applicable, outside of the United States in accordance with Regulation S.

          (c) [RESERVED]

          (d) No sale, pledge or other transfer of Class D Notes may be made to any one person for Class
D Notes with an initial principal balance of less than $500,000, and, in the case of any person
acting on behalf of one or more third parties (other than a “bank,” as defined in Section 3(a)(2)
of the Securities Act, acting in its fiduciary capacity), for Class D Notes with a face amount of
less than such amount for each such third party. Any attempted transfer in

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contravention of the immediately preceding restriction will be void ab initio and the
purported transferor will continue to be treated as the owner of the Class D Notes for all
purposes.

          (e) The Class D Notes may not be acquired by or for the account of (i) an “employee benefit
plan” (as defined in Section 3(3) of 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 an employee benefit plan’s or a plan’s investment in the
entity, other than an “insurance company general account” (as defined in Prohibited Transaction
Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets”
and for which the purchase and holding of Class D Notes is eligible for and satisfies all
conditions for relief under PTCE 95-60. The Class D Notes 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 Code.

          (f) Each Private Note shall bear a legend to the effect set forth in the first two sentences
of subsection (a) above.

          (g) The Retained Notes shall be issued as Definitive Notes.

ARTICLE III

COVENANTS

     SECTION 3.1 Payment of Principal and Interest. The Issuing Entity shall duly and
punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes
and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the
Issuing Entity shall cause amounts on deposit in the Note Distribution Account to be distributed to
the Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly
withheld under the Code by any Person from a payment to any Noteholder of interest and/or
principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity
to such Noteholder for all purposes of this Indenture.

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

     SECTION 3.3 Money for Payments To Be Held in Trust.

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          (a) As provided in Sections 8.2(a) and 8.2(b), all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn from the Note
Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing
Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the
Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as
provided in this Section 3.3.

          (b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing
Entity shall deposit or cause to be deposited in the Note Distribution Account pursuant to
Section 4.06 of the Trust Sale and Servicing Agreement an aggregate sum sufficient to pay
the amounts then becoming due with respect to the Notes, such sum to be held in trust for the
benefit of the Persons entitled thereto.

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

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

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

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

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

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

          (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuing Entity Order direct any Paying
Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be
held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such
Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent
shall be released from all further liability with respect to such money.

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

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

     SECTION 3.5 Protection of Trust Estate; Acknowledgment of Pledge.

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

               (i) maintain or preserve the Lien (and the priority thereof) of this Indenture or carry out
more effectively the purposes hereof, including by making the necessary filings of financing
statements or amendments thereto within sixty (60) days after the occurrence of any of the
following and by promptly notifying the Indenture Trustee of any such filings: (A) any change in
the Issuing Entity’s true legal name or any of its trade names, (B) any change in the location of
the Issuing Entity’s principal place of business, (C) any merger or consolidation or other change
in the Issuing Entity’s identity or organizational structure or jurisdiction of organization or in
which the Issuing Entity is located for purposes of the UCC and (D) any other change or occurrence
that would make any financing statement or amendment thereto seriously misleading within the
meaning of the UCC;

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               (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by
this Indenture and the priority thereof;

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

               (iv) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and
the Secured Parties in such Trust Estate against the claims of all persons and parties,

and the Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to
authorize and/or execute any financing statement, continuation statement or other instrument
required by the Indenture Trustee pursuant to this Section 3.5.

          (b) The Indenture Trustee acknowledges the pledge by the Issuing Entity to the Indenture
Trustee, pursuant to the Granting Clause of this Indenture, of all the Issuing Entity’s
right, title and interest in and to the Reserve Account Property in order to provide for the
payment to the Securityholders and the Servicer in accordance with Sections 4.06(c) and
4.06(d) of the Trust Sale and Servicing Agreement, to assure availability of the amounts
maintained in the Reserve Account for the benefit of the Securityholders and the Servicer, and as
security for the performance by the Depositor of its obligations under the Trust Sale and Servicing
Agreement.

          (c) The Issuing Entity hereby authorizes the Indenture Trustee to file all financing
statements naming the Issuing Entity as debtor that are necessary or advisable to perfect, make
effective or continue the lien and security interest of this Indenture, and authorizes the
Indenture Trustee to take any such action without its signature.

     SECTION 3.6 Opinions as to Trust Estate.

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

          (b) On or before March 15 in each calendar year, beginning March 15, 2009, the Issuing Entity
shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of
such counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the authorization, execution and filing of any financing statements and
continuation statements as is necessary to maintain the Lien created by this Indenture and reciting
the details of such action or stating that in the opinion of such counsel no such action is
necessary to maintain the Lien created by this Indenture. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any

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indentures supplemental hereto and any other requisite documents and the authorization,
execution and filing of any financing statements and continuation statements that will, in the
opinion of such counsel, be required to maintain the Lien of this Indenture until March 15 in the
following calendar year.

     SECTION 3.7 Performance of Obligations; Servicing of Receivables.

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

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

          (c) The Issuing Entity shall punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the instruments and
agreements included in the Trust Estate, including filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this Indenture, the
Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement in accordance with and
within the time periods provided for herein and therein.

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

          (e) Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuing Entity
agrees that, except as permitted by the Basic Documents, it shall not, without the prior written
consent of the Indenture Trustee or the Holders of at least a majority in Outstanding Amount of the
Controlling Class, as applicable in accordance with the terms of this Indenture, amend, modify,
waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement,
termination, waiver or surrender of, the terms of any Collateral or any

17

 

of the Basic Documents, or waive timely performance or observance by the Servicer or the
Depositor under the Trust Sale and Servicing Agreement, the Custodian Agreement or the Pooling and
Servicing Agreement, the Administrator under the Administration Agreement or GMAC under the Pooling
and Servicing Agreement.

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

          (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the
Issuing Entity, except as permitted in Section 3.10(b) and except the Issuing Entity may
cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including
Warranty Receivables, Administrative Receivables and Liquidating Receivables), (ii) make cash
payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take
other actions, in each case as permitted by the Basic Documents;

          (b) claim any credit on, or make any deduction from the principal or interest payable in
respect of the Notes (other than amounts properly withheld from such payments under the Code or
applicable state law) or assert any claim against any present or former Noteholder by reason of the
payment of the taxes levied or assessed upon any part of the Trust Estate;

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

          (d) either (i) permit the validity or effectiveness of this Indenture or any other Basic
Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be expressly permitted
hereby, (ii) permit any Lien (other than the Lien of this Indenture) to be created on or extend to
or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or
the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by
operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or
omission of the related Obligor), or (iii) permit the Lien of this Indenture not to constitute a
valid first priority security interest in the Trust Estate (other than with respect to any such
tax, mechanics’ or other lien).

     SECTION 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to
the Indenture Trustee on or before March 15 of each year, beginning March 15, 2009, an Officer’s
Certificate signed by an Authorized Officer, dated as of December 31 of the immediately preceding
year, in each case stating that:

          (a) a review of the activities of the Issuing Entity during the preceding 12-month period (or,
with respect to the first such Officer’s Certificate, such period as shall have elapsed since the
Closing Date) and of performance under this Indenture has been made under such Authorized Officer’s
supervision; and

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

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

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

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

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

               (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction
and such Person;

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

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

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

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

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

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

19

 

               (i) the Person that acquires such properties or assets of the Issuing Entity (1) shall be a
United States citizen or a Person organized and existing under the laws of the United States of
America or any State and (2) by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee, in form satisfactory to the Indenture Trustee:

               (A) expressly assumes the due and punctual payment of the principal of and interest
on all Notes and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuing Entity to be performed or observed, all as provided
herein;

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

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

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

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

               (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction
and such Person;

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

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

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

               (B) such sale, conveyance, exchange, transfer or disposition and such supplemental
indenture have no material adverse tax consequence to the Trust or to any Financial
Parties; and

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

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     SECTION 3.11 Successor or Transferee.

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

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

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

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

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

     SECTION 3.15 Servicer’s Obligations. The Issuing Entity shall use its best efforts to
cause the Servicer to comply with its obligations under Section 3.10 of the Pooling and
Servicing Agreement and Sections 4.01 and 4.02 of the Trust Sale and Servicing
Agreement.

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

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

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

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

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

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

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

     SECTION 3.19 Notice of Events of Default. The Issuing Entity agrees to give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder,
each Servicer Default, each default on the part of the Depositor or the Servicer of its respective
obligations under the Trust Sale and Servicing Agreement and each default on the part of the Seller
or the Servicer of its respective obligations under the Pooling and Servicing Agreement.

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

     SECTION 3.21 Indenture Trustee’s Assignment of Administrative Receivables and Warranty
Receivables. Upon receipt of the Administrative Purchase Payment, the Warranty Payment or the
Liquidation Proceeds with respect to an Administrative Receivable, a Warranty Receivable or a
Liquidating Receivable, as the case may be, the Servicer, the Warranty Purchaser, or the purchaser
and assignee of the Liquidating Receivable, as applicable, shall thereupon own such purchased or
repurchased Receivable, all monies due thereon, the security interest in the related Financed
Vehicle, proceeds from any Insurance Policies, proceeds from recourse against the Dealer on such
Receivable and the interests in certain rebates of premiums and other amounts relating to the
Insurance Policies and any documents relating thereto. Any

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such Administrative Receivable, Warranty Receivable or Liquidating Receivable shall be deemed
to be automatically released from the Lien of this Indenture without any action being taken by the
Indenture Trustee upon payment of the Administrative Purchase Payment or Warranty Payment or upon
receipt of the Liquidation Proceeds, as applicable, and the Servicer, Warranty Purchaser, or
purchaser or assignee of the Liquidating Receivable, as applicable, shall own, such Administrative
Receivable, Warranty Receivable, or Liquidating Receivable, as applicable, and all such security
and documents, free of any further obligation to the Indenture Trustee, the Noteholders or the
Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held
that the Servicer or other purchaser of an Administrative Receivable, Warranty Receivable or
Liquidating Receivable may not enforce a Receivable on the ground that it is not a real party in
interest or a holder entitled to enforce the Receivable, the Indenture Trustee shall, at the
Servicer’s, Warranty Purchaser’s or such other purchaser’s or assignee’s expense, as applicable,
take such steps as the Servicer, Warranty Purchaser or such other purchaser or assignee deems
necessary to enforce the Receivable, including bringing suit in the Indenture Trustee’s name or the
names of the Noteholders or, pursuant to Section 4.4, the Certificateholders.

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

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

          (b) All Filings Made. All filings (including UCC filings) necessary in any
jurisdiction to give the Indenture Trustee a first priority perfected security interest in the
Receivables shall have been made.

ARTICLE IV

SATISFACTION AND DISCHARGE

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

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Entity, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, if:

          (a) either:

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

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

               (A) have become due and payable,

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

               (C) are to be called for redemption within one year under arrangements satisfactory
to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee
in the name, and at the expense, of the Issuing Entity or such Notes have been redeemed
in accordance with Section 10.1,

and the Issuing Entity, in the case of clauses (A), (B) or (C) of
subsection 4.1(a)(ii) above, has irrevocably deposited or caused to be irrevocably
deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the
United States of America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire unpaid principal and
accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation
when due on the Final Scheduled Distribution Date for such Notes or the Redemption Date for such
Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case
may be;

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

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

     SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any
Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for
the

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payment or redemption of which such monies have been deposited with the Indenture Trustee, of
all sums due and to become due thereon for principal and interest and to payment of any other
Secured Party or any holder of any Third Party Instrument of all sums, if any, due or to become due
to any other Secured Party or any holder of any Third Party Instrument under and in accordance with
this Indenture; but such monies need not be segregated from other funds except to the extent
required herein, in the Trust Sale and Servicing Agreement, or as required by law.

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

     SECTION 4.4 Duration of Position of Indenture Trustee. Notwithstanding the earlier
payment in full of all principal and interest due to the Noteholders under the terms of the Notes
and the cancellation of the Notes pursuant to Section 3.1, the Indenture Trustee shall
continue to act in the capacity as Indenture Trustee hereunder for the benefit of the
Certificateholders, for purposes of compliance with, and the Indenture Trustee shall comply with,
its obligations under Sections 5.01(a), 7.02 and 7.03 of the Trust Sale and
Servicing Agreement, as appropriate, until such time as all distributions due to the
Certificateholders have been paid in full and in such capacity the Indenture Trustee shall have the
rights, benefits and immunities set forth in Article VI hereof.

ARTICLE V

DEFAULT AND REMEDIES

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

          (a) failure to pay the full Note Class Interest Distributable Amount to the Controlling Class
on any Distribution Date, and such default shall continue for a period of five (5) days; or

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

          (c) failure to pay in full the outstanding principal balance of any class of Notes by the
Final Scheduled Distribution Date for such class; or

          (d) default in the observance or performance in any material respect of any covenant or
agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a
default in the observance or performance of which is elsewhere in this specifically

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dealt with in this Section 5.1) which failure materially and adversely affects the
rights of the Noteholders, and such default shall continue or not be cured, for a period of thirty
(30) days after there shall have been given, by registered or certified mail, to the Issuing Entity
and the Depositor (or the Servicer, as applicable) by the Indenture Trustee or to the Issuing
Entity and the Depositor (or the Servicer, as applicable) and the Indenture Trustee by the Holders
of at least 25% of the Outstanding Amount of the Controlling Class, a written notice specifying
such default, demanding that it be remedied and stating that such notice is a “Notice of
Default” hereunder; or

          (e) the filing of a decree or order for relief by a court having jurisdiction in the premises
in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case
under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering
the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall
remain unstayed and in effect for a period of ninety (90) consecutive days; or

          (f) the commencement by the Issuing Entity of a voluntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the
Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or
the consent by the Issuing Entity to the appointment or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or
for any substantial part of the Trust Estate, or the making by the Issuing Entity of any general
assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its
debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any
of the foregoing.

The Issuing Entity shall deliver to the Indenture Trustee, within five (5) Business Days after
learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any
event which with the giving of notice and the lapse of time would become an Event of Default under
Section 5.1(d), its status and what action the Issuing Entity is taking or proposes to take
with respect thereto.

     SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

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

          (b) At any time after such declaration of acceleration of maturity of the Notes has been made
and before a judgment or decree for payment of the money due thereunder has been obtained by the
Indenture Trustee as hereinafter provided in this Article V, the Holders of

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Notes representing a majority of the Outstanding Amount of the Controlling Class, by written
notice to the Issuing Entity and the Indenture Trustee, may waive all Defaults set forth in the
notice delivered pursuant to Section 5.2(a), and rescind and annul such declaration and its
consequences; provided, that no such rescission and annulment shall extend to or affect any
other Default or impair any right consequent thereto; and provided further, that if
the Indenture Trustee shall have proceeded to enforce any right under this Indenture and such
Proceedings shall have been discontinued or abandoned because of such rescission and annulment or
for any other reason, or such Proceedings shall have been determined adversely to the Indenture
Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the
Noteholders, as the case may be, shall be restored respectively to their former positions and
rights hereunder, and all rights, remedies and powers of the Indenture Trustee, the Issuing Entity
and the Noteholders, as the case may be, shall continue as though no such Proceedings had been
commenced.

     SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.
 The Issuing Entity covenants that if an Event of Default occurs and such Event of Default has
not been waived pursuant to Section 5.12 (or rescinded pursuant to Section 5.2(b)),
the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for
the ratable benefit of the Noteholders in accordance with their respective outstanding principal
amounts, the whole amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal, at the rate borne by the Notes and in addition thereto such
further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its
agents and counsel.

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

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

          (d) If there shall be pending, relative to the Issuing Entity or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under
Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency
or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Issuing Entity or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the

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Notes, or to the creditors or property of the Issuing Entity or such other obligor, the
Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Indenture
Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be
entitled and empowered, by intervention in such Proceedings or otherwise:

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

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

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

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

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

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

          (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such

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Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor Trustee and their
respective agents and attorneys, shall be for the benefit of the Secured Parties in accordance with
the priorities set forth in the Basic Documents.

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

     SECTION 5.4 Remedies; Priorities.

          (a) If an Event of Default shall have occurred and be continuing and the Notes have been
accelerated under Section 5.2(a), the Indenture Trustee may do one or more of the following
(subject to Sections 5.3 and 5.5):

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

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

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

               (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or
more public or private sales called and conducted in any manner permitted by law or elect to have
the Issuing Entity maintain possession of the Receivables and continue to apply collections on such
Receivables as if there had been no declaration of acceleration; provided, however,
that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event
of Default and acceleration of the Notes, unless (i) (A) the Holders of all of the aggregate
Outstanding Amount of the Notes consent thereto or (B) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to discharge in full the principal of and the
accrued interest on the Notes, at the date of such sale or liquidation or (C) (x) there has been an
Event of Default under Section 5.1(a), 5.1(b) or 5.1(c) or otherwise
arising from a failure to make a required payment of principal on any Notes, (y) the Indenture
Trustee determines that the Trust Estate will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as and when they would have become due if the
Notes had not been declared due and payable, and (z) the Indenture Trustee obtains the consent of
Holders of 66 2/3% of the Outstanding Amount of the Controlling Class and (ii) ten (10) days’ prior
written notice of sale or liquidation has been given to the Rating Agencies. In determining such

29

 

sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose;

provided, however, that prior to the exercise of the right to sell all or any
portion of the Trust Estate as provided herein, the Indenture Trustee shall provide a notice in
writing to the Issuing Entity (with a copy to the Depositor and the Owner Trustee) (the “Event
of Default Sale Notice”) of its intention to sell all or any portion of the Trust Estate (the
part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of
the Trust Estate, the portion of the Trust Estate to be sold. The Indenture Trustee shall not
consummate any sale until at least seven Business Days after the Event of Default Sale Notice has
been given to the Issuing Entity (with a copy to the Depositor).

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

      FIRST: to the Indenture Trustee for amounts due under
Section 6.7 and then to the Owner Trustee for amounts due to
the Owner Trustee (not including amounts due for payments to the
Certificateholders) under the Trust Agreement or the Trust Sale and
Servicing Agreement; and

      SECOND: to the Collection Account, for distribution pursuant to
Sections 8.01(b) and 8.01(e) of the Trust Sale and
Servicing Agreement.

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

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

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

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

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

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

          (e) no direction inconsistent with such written request has been given to the Indenture
Trustee during such sixty (60) day period by the Holders of a majority of the Outstanding Amount of
the Controlling Class;

it being understood and intended that no one or more Holders of Notes shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders of Notes or to enforce any right under this Indenture, except in
the manner herein provided and for the equal, ratable (on the basis of the respective aggregate
amount of principal and interest, respectively, due and unpaid on the Notes held by each
Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the
provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief
as can be given either at law or in equity.

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

     SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest on
such Note on or after the respective due dates thereof expressed in such Note or in this Indenture
(or, in the case of redemption, if applicable, on or after the Redemption Date) and to institute
suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Holder.

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

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

     SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture
Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or
Event of Default shall impair any such right or remedy or constitute a waiver of any such Default
or Event of Default or an acquiescence therein. Every right and remedy given by this Article
V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the
case may be.

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

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

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

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

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

provided, however, that, subject to Section 6.1, the Indenture Trustee need
not take any action that it determines might cause it to incur any liability or might materially
adversely affect the rights of any Noteholders not consenting to such action.

     SECTION 5.12 Waiver of Past Defaults.

          (a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of not less than a majority of the Outstanding Amount of the
Controlling Class may waive any past Default or Event of Default and its consequences except a
Default (i) in the payment of principal of or interest on any of the Notes or (ii) in respect of a

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covenant or provision hereof which cannot be modified or amended without the consent of the
Holder of each Note. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and
the Noteholders shall be restored to their respective former positions and rights hereunder; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

          (b) Upon any such waiver, such Default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been
cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto.

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

          (a) any Proceeding instituted by the Indenture Trustee;

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

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

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

     SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or
application of any other relief under or with respect to this Indenture. Neither the Lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or

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by the levy of any execution under such judgment upon any portion of the Trust Estate or upon
any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee
shall be applied in accordance with Section 5.4(b).

     SECTION 5.16 Performance and Enforcement of Certain Obligations.

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

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

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

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ARTICLE VI

THE INDENTURE TRUSTEE

     SECTION 6.1 Duties of Indenture Trustee.

          (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs.

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

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

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

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

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

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

               (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits
to take in good faith in accordance with a direction received by it pursuant to any provision of
this Indenture or any other Basic Document.

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

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

          (f) No provision of this Indenture or any other Basic Document shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or powers, if it

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shall have reasonable grounds to believe that repayments of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

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

          (h) The Indenture Trustee shall have no liability or responsibility for the acts or omissions
of any other party to any of the Basic Documents.

          (i) In no event shall the Indenture Trustee be liable for any damages in the nature of
special, indirect or consequential damages, however styled, including lost profits.

          (j) If and for so long as Certificates representing in the aggregate a 100% beneficial
interest in the Trust are held by the Depositor, the Indenture Trustee shall make distributions to
the Depositor, rather than the Certificate Distribution Account, under the circumstances described
in Section 5.2 of the Trust Agreement.

     SECTION 6.2 Rights of Indenture Trustee.

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

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

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

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

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

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suffered by it hereunder in good faith and in accordance with the advice or opinion of such
counsel.

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

          (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Indenture Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit.

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

          (i) The rights, privileges, protections, immunities and benefits given to the Indenture
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Indenture Trustee in each of its capacities hereunder, including its capacity
under Section 4.4 hereof, and in connection with the performance of any of its duties or
obligations under any of the Basic Documents.

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

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

     SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each
Noteholder notice of the Default within the later of (a) ninety (90) days after it occurs or (b)
ten (10) days after it is known to a Responsible Officer of the Indenture Trustee. Except in the
case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may

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withhold the notice if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Noteholders.

     SECTION 6.6 Reports by Indenture Trustee.

          (a) The Indenture Trustee shall deliver to each Noteholder the documents and information set
forth in Article VII and, in addition, all such information with respect to the Notes as
may be required to enable such Holder to prepare its federal and state income tax returns.

          (b) The Indenture Trustee shall:

               (i) deliver to the Depositor, the Owner Trustee and the Servicer a report of its assessment of
compliance with the Servicing Criteria regarding general servicing, cash and collection
administration, investor remittances and reporting, and pool asset administration during the
preceding calendar year, including disclosure of any material instance of non-compliance identified
by the Indenture Trustee, as required by Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item
1122 of Regulation AB under the Securities Act;

               (ii) cause a firm of registered public accountants that is qualified and independent within
the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor,
the Owner Trustee and the Servicer an attestation report that satisfies the requirements of Rule
13a-18 or Rule 15d-18 under the Exchange Act, as applicable, on the assessment of compliance with
Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s
10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g)
of Regulation S-X under the Securities Act and the Exchange Act; and

               (iii) deliver to the Depositor and any other Person that will be responsible for signing the
certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d)
under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the
Issuing Entity or the Depositor with respect to this securitization transaction a certification
substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon
by the Depositor and the Indenture Trustee; the Indenture Trustee acknowledges that the parties
identified in this clause (iii) may rely on the certification provided by the Indenture
Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the
Commission.

          (c) The reports referred to in Section 6.6(b) shall be delivered on or before March 15
of each year that a 10-K filing is required to be filed by the Issuing Entity, beginning March 15,
2009, unless the Issuing Entity is not required to file periodic reports under the Exchange Act or
any other law, in which case such reports may be delivered on or before April 30 of each calendar
year, beginning April 30, 2009.

     SECTION 6.7 Compensation; Indemnity.

          (a) The Issuing Entity shall cause the Servicer pursuant to Section 3.09 of the
Pooling and Servicing Agreement to pay to the Indenture Trustee from time to time reasonable

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compensation for its services. The Indenture Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Issuing Entity shall cause the
Servicer pursuant to Section 3.09 of the Pooling and Servicing Agreement to reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs
of collection, in addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents,
external counsel, accountants and experts. The Issuing Entity shall cause the Servicer to
indemnify the Indenture Trustee in accordance with Section 6.01 of the Trust Sale and
Servicing Agreement.

          (b) The Issuing Entity’s obligations to the Indenture Trustee pursuant to this Section
6.7 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.1(e) or 5.1(f) with
respect to the Issuing Entity, the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law.

     SECTION 6.8 Replacement of Indenture Trustee.

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

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

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

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

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

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

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

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          (d) If a successor Indenture Trustee does not take office within sixty (60) days after the
Indenture Trustee gives notice of its intent to resign or is removed, the retiring Trustee, the
Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may
petition any court of competent jurisdiction for the appointment and designation of a successor
Indenture Trustee.

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

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

     SECTION 6.9 Merger or Consolidation of Indenture Trustee.

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

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

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

          (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust Estate or any
Financed Vehicle may at the time be located, the Indenture Trustee shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and
to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties
(only to the extent expressly provided herein), such title to the Trust Estate, or any part hereof,
and, subject to the other provisions of this Section 6.10, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or

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separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.8.

          (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

               (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee
shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any particular act or acts are
to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the holding of title to
the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed
singly by such separate trustee or co-trustee, but solely at the direction of the Indenture
Trustee;

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

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

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

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

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual report of
condition and (unless waived by Moody’s Investors Service, Inc.) it shall have a long term

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

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

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

          (a) the Indenture Trustee (i) is a national banking association duly organized, validly
existing and in good standing under the laws of the United States of America and (ii) satisfies the
eligibility criteria set forth in Section 6.11;

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

          (c) the execution, delivery and performance by the Indenture Trustee of this Indenture (i)
shall not violate any provision of any law or regulation governing the banking and trust powers of
the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or
governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not
violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall
not violate any provision of, or constitute, with or without notice or lapse of time, a default
under, or result in the creation or imposition of any Lien on any properties included in the Trust
Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other
undertaking to which it is a party, which violation, default or Lien could reasonably be expected
to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform
its duties under this Indenture or on the transactions contemplated in this Indenture;

          (d) the execution, delivery and performance by the Indenture Trustee of this Indenture shall
not require the authorization, consent or approval of, the giving of notice to, the filing or
registration with, or the taking of any other action in respect of, any governmental authority or
agency regulating the banking and corporate trust activities of the Indenture Trustee; and

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

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

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

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

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

ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS

     SECTION 7.1 Issuing Entity To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuing Entity shall furnish or cause to be furnished by the Servicer to the
Indenture Trustee (a) not more than five (5) days before each Distribution Date a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of
Notes as of the close of business on the related Record Date, and (b) at such other times as the
Indenture Trustee may request in writing, within fourteen (14) days after receipt by the Issuing
Entity of any such request, a list of similar form and content as of a date not more than ten (10)
days prior to the time such list is furnished; provided, however, that so long as the Indenture
Trustee is the Note Registrar, no such list shall be required to be furnished.

     SECTION 7.2 Preservation of Information, Communications to Noteholders.

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

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

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

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

     SECTION 7.3 Reports by Issuing Entity.

          (a) The Issuing Entity shall:

               (i) file with the Indenture Trustee, within fifteen (15) days after the Issuing Entity is
required to file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) which the Issuing Entity may be required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of
Regulation AB;

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

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

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

     SECTION 7.4 Reports by Trustee.

          (a) If required by TIA § 313(a), within sixty (60) days after each August 15, beginning with
August 15, 2008, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a
brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also
shall comply with TIA § 313(b). A copy of any report delivered pursuant to this Section
7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with
the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity
shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

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          (b) On each Distribution Date the Indenture Trustee shall include with each payment to each
Noteholder a copy of the statement for the related Monthly Period or Periods applicable to such
Distribution Date as required pursuant to Section 4.09 of the Trust Sale and Servicing
Agreement.

ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES

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

     SECTION 8.2  Designated Accounts; Payments.

          (a) On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish
and maintain, in the name of the Indenture Trustee for the benefit of the Financial Parties (and
with respect to the Reserve Account, for the benefit of the Servicer) the Designated Accounts as
provided in Articles IV and V of the Trust Sale and Servicing Agreement.

          (b) On or before each Distribution Date, (i) amounts shall be deposited in the Collection
Account as provided in Section 4.06 of the Trust Sale and Servicing Agreement and (ii) the
Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal
Distributable Amount shall be transferred from the Collection Account to the Note Distribution
Account as and to the extent provided in Section 4.06 of the Trust Sale and Servicing
Agreement.

          (c) On each Distribution Date, the Indenture Trustee shall notify the Account Holder to apply
and, as required, distribute to the Noteholders all amounts on deposit in the Note Distribution
Account (subject to the Servicer’s rights under Section 5.03 of the Trust Sale and
Servicing Agreement to Investment Earnings) in the following order of priority and in the amounts
determined as described below:

               (i) On each Distribution Date, except as otherwise provided in clause (iii) below, the
amount deposited in the Note Distribution Account in respect of interest on the Notes shall be
applied in the following order of priority, to the extent of remaining funds after all

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earlier priorities have been satisfied, and any amount so applied shall be paid on such
Distribution Date to the holders of Notes of each applicable Class:

               (A) the Aggregate Class A Interest Distributable Amount shall be paid to the
holders of the Class A Notes;

               (B) the Aggregate Class B Interest Distributable Amount shall be paid to the
holders of the Class B Notes;

               (C) the Aggregate Class C Interest Distributable Amount shall be paid to the
holders of the Class C Notes; and

               (D) the Aggregate Class D Interest Distributable Amount shall be paid to the
holders of the Class D Notes;

provided however, if there are not sufficient funds to so pay the entire amount
specified in any of the foregoing priorities for a particular class of Notes, then the amount
available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the
total amount of accrued and unpaid interest owing to each such Holder.

               (ii) Unless otherwise provided in clause (iii) below, (A) an amount equal to the
Aggregate Noteholders’ Principal Distributable Amount shall be applied to each class of Notes in
the following amounts and in the following order of priority and any amount so applied shall be
paid on such Distribution Date to the Holders of such class of Notes:

     (1) to the Class A-1 Notes, until the Outstanding Amount of the
Class A-1 Notes is reduced to zero;

     (2) to the Class A-2a Notes and the Class A-2b Notes, ratably in
accordance with the Note Principal Balance of the Class A-2a Notes and
the Class A-2b Notes, until the Outstanding Amounts of the Class A-2a
Notes and Class A-2b Notes are reduced to zero;

     (3) to the Class A-3a Notes and the Class A-3b Notes, ratably in
accordance with the Note Principal Balance of the Class A-3a Notes and
the Class A-3b Notes, until the Outstanding Amounts of the Class A-3a
Notes and Class A-3b Notes are reduced to zero;

     (4) to the Class A-4 Notes, until the Outstanding Amount of the
Class A-4 Notes is reduced to zero;

     (5) to the Class B Notes, until the Outstanding Amount of the Class
B Notes is reduced to zero;

     (6) to the Class C Notes, until the Outstanding Amount of the Class
C Notes is reduced to zero; and

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     (7) to the Class D Notes, until the Outstanding Amount of the Class
D Notes is reduced to zero.

               (iii) If the Notes have been declared immediately due and payable following an Event of
Default as provided in Section 5.2, until such time as all Events of Default have been
cured or waived as provided in Section 5.2(b), any amounts deposited in the Note
Distribution Account shall be applied in accordance with Section 2.7(c).

     SECTION 8.3 General Provisions Regarding Accounts

          (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Designated Accounts shall be invested in Eligible Investments and
reinvested by the Indenture Trustee upon Issuing Entity Order, subject to the provisions of
Section 5.01(b) of the Trust Sale and Servicing Agreement. The Issuing Entity shall not
direct the Indenture Trustee to make any investment of any funds or to sell any investment held in
any of the Designated Accounts unless the security interest granted and perfected in such account
shall continue to be perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing
Entity shall deliver to the Indenture Trustee an Opinion of Counsel acceptable to the Indenture
Trustee, to such effect.

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

          (c) If (i) the Issuing Entity shall have failed to give investment directions for any funds on
deposit in the Designated Accounts to the Indenture Trustee by 11:00 a.m., New York City Time (or
such other time as may be agreed by the Issuing Entity and the Indenture Trustee) on any Business
Day; or (ii) a Default or Event of Default shall have occurred and be continuing with respect to
the Notes but the Notes shall not have been declared due and payable pursuant to Section
5.2, or, if such Notes shall have been declared due and payable following an Event of Default,
but amounts collected or receivable from the Trust Estate are being applied in accordance with
Section 5.5 as if there had not been such a declaration; then the Indenture Trustee shall,
to the fullest extent practicable, invest and reinvest funds in the Designated Accounts in one or
more Eligible Investments selected by the Indenture Trustee.

     SECTION 8.4 Release of Trust Estate.

          (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the
Indenture Trustee may, and when required by the provisions of this Indenture shall, execute
instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are consistent with the provisions
of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as

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provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to the application of
any monies.

          (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due to the Indenture Trustee pursuant to Section 6.7 have been paid and all amounts owing
under each Third Party Instrument have been paid, release any remaining portion of the Trust Estate
that secured the Notes and the other Secured Obligations from the Lien of this Indenture and
release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the
Designated Accounts. The Indenture Trustee shall release property from the Lien of this Indenture
pursuant to this Section 8.4(b) only upon receipt by it of an Issuing Entity Request and an
Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates
in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1.

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

ARTICLE IX

SUPPLEMENTAL INDENTURES

     SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

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

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

               (ii) to evidence the succession, in compliance with Section 3.10 and the applicable
provisions hereof, of another Person to the Issuing Entity, and the assumption by

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any such successor of the covenants of the Issuing Entity contained herein and in the Notes
contained;

               (iii) to add to the covenants of the Issuing Entity, for the benefit of the Securityholders or
to surrender any right or power herein conferred upon the Issuing Entity;

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

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

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

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

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

     SECTION 9.2 Supplemental Indentures With Consent of Noteholders.

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

               (i) change the due date of any instalment of principal of or interest on any Note, or reduce
the principal amount thereof, the interest rate applicable thereto, or the

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

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

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

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

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

               (vi) modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any
Distribution Date (including the calculation of any of the individual components of such
calculation), or modify or alter the provisions of the Indenture regarding the voting of Notes held
by the Issuing Entity, the Depositor or any Affiliate of either of them; or

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

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

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

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

     SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or
the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties, liabilities or immunities under this Indenture or otherwise.

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

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

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

ARTICLE X

REDEMPTION OF NOTES

     SECTION 10.1 Redemption. The Notes are subject to redemption in whole, but not in
part, upon the exercise by the Servicer (or the Holder of all the Certificates that is not the
Depositor or any Affiliate thereof) of its option to purchase the Receivables pursuant to
Section 8.01 of the Trust Sale and Servicing Agreement. The date on which such redemption
shall occur

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is the Distribution Date following the Optional Purchase Date identified by Servicer in its
notice of exercise of such purchase option (the “Redemption Date”). The purchase price for
the Notes shall be equal to the applicable Redemption Price. The Servicer or the Issuing Entity
shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed
pursuant to this Section 10.1, the Servicer or the Issuing Entity shall furnish notice
thereof to the Indenture Trustee not later than twenty-five (25) days prior to the Redemption Date
and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and
deposit into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price
of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date.

     SECTION 10.2 Form of Redemption Notice. (a) Notice of redemption of the Notes under
Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid,
mailed not less than five (5) days prior to the applicable Redemption Date to each Noteholder of
record at such Noteholder’s address appearing in the Note Register.

          (a) All notices of redemption shall state:

               (i) the Redemption Date;

               (ii) the applicable Redemption Price; and

               (iii) the place where Notes are to be surrendered for payment of the Redemption Price (which
shall be the Agency Office of the Issuing Entity to be maintained as provided in Section
3.2).

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

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

ARTICLE XI

MISCELLANEOUS

     SECTION 11.1 Compliance Certificates and Opinions, etc.

          (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture
Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if

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any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements of this Section
11.1, except that, in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished. Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

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

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

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

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

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

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

               (iii) Other than with respect to the release of any Warranty Receivables, Administrative
Receivables or Liquidating Receivables, whenever any property or securities are to be released from
the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each Person

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signing such certificate as to the fair value (within ninety (90) days of such release) of the
property or securities proposed to be released and stating that in the opinion of such Person the
proposed release will not impair the security under this Indenture in contravention of the
provisions hereof.

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

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

     SECTION 11.2 Form of Documents Delivered to Indenture Trustee.

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

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

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Administrator, unless such counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters are erroneous.

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

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

     SECTION 11.3 Acts of Noteholders.

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

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

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

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

     SECTION 11.4 Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies.
Any request, demand, authorization, direction, notice, consent, waiver or Act of

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Noteholders or other documents provided or permitted by this Indenture to be made upon, given
or furnished to or filed with:

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

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

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

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

     SECTION 11.5 Notices to Noteholders; Waiver.

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

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

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

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

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     SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision
of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any
agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this
Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee
a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices
to be given in accordance with such agreements.

     SECTION 11.7 Conflict with Trust Indenture Act.

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

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

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

     SECTION 11.9 Successors and Assigns.

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

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

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

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders,
any other party secured hereunder, any other Person with an ownership interest in any part of the
Trust Estate and any holder of a Third Party Instrument, any benefit or any legal or equitable
right, remedy or claim under this Indenture. The holder of a Third Party Instrument shall be a
third-party beneficiary to this Agreement only to the extent that it has any rights specified
herein or rights with respect to this Indenture specified under the Swap Counterparty Rights
Agreement.

     SECTION 11.12 Legal Holidays. If the date on which any payment is due shall not be a
Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment
need not be made on such date, but may be made on the next succeeding Business Day

57

 

with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.

     SECTION 11.13 Governing Law. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

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

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

     SECTION 11.16 No Recourse. No recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the
Notes or under this Indenture or any certificate or other writing delivered in connection herewith
or therewith, against:

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

          (b) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or

          (c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, the Depositor or any other
holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual
capacity (or any of their successors or assigns), except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any instalment or call owing to such entity.
For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing
Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Articles VI, VII and VIII of the Trust Agreement.

     SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued

58

 

hereunder, hereby covenant and agree that they shall not, prior to the date which is one year
and one day after the termination of this Indenture with respect to the Issuing Entity pursuant to
Section 4.1, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing
Entity to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Depositor or the Issuing Entity under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of the
Depositor or the Issuing Entity.

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

     SECTION 11.19 Indemnification by and Reimbursement of Servicer. The Indenture Trustee
acknowledges and agrees to reimburse (i) the Servicer and its directors, officers, employees and
agents in accordance with Section 6.03(b) of the Trust Sale and Servicing Agreement and
(ii) the Depositor and its directors, officers, employees and agents in accordance with Section
3.04 of the Trust Sale and Servicing Agreement. The Indenture Trustee further acknowledges and
accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify,
defend and hold the Indenture Trustee harmless as set forth in Section 6.01(a)(iv) of the
Trust Sale and Servicing Agreement.

*
  *   *   *   *

59

 

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

	 	 	 	 	 	 	 
	 	 	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	DEUTSCHE BANK TRUST COMPANY DELAWARE,	 	 
	 

	 	 	 	not in its individual capacity but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Aranka R. Paul	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Aranka R. Paul	 	 
	 	 	Title: Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Eileen M. Hughes	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Eileen M. Hughes	 	 
	 	 	Title: Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,

not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Keith R. Richardson	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Keith R. Richardson	 	 
	 	 	Title: Vice President	 	 

 

 

	 	 	 
	STATE OF NEW YORK
	 	)

	 	 	) ss

	COUNTY OF BRONX
	 	)

          BEFORE ME, the undersigned authority, a Notary Public
in and for said county and state, on this day
personally appeared Aranka R. Paul and Eileen M.
Hughes, known to me to be the person and officer whose
name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the
said Capital Auto Receivables Asset Trust 2008-2, a
Delaware statutory trust, and that she executed the
same as the act of said statutory trust for the
purpose and consideration therein expressed, and in
the capacities therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 14th day
of May, 2008.

	 	 	 	 	 
	 	 	 
	 	                                         /s/ Winsome Ferguson
 	 
	 	Notary Public in and for the State of New York 	 
	 	 	 
	 

My commission expires:

March 3, 2011

 

 

	 	 	 
	STATE OF ILLINOIS
	 	)

	 	 	) ss

	COUNTY OF COOK
	 	)

          BEFORE ME, the undersigned authority, a Notary Public
in and for said county and state, on this day
personally appeared Keith R. Richardson, known to me
to be the person and officer whose name is subscribed
to the foregoing instrument and acknowledged to me
that the same was the act of the said The Bank of New
York Trust Company, N.A., a national banking
association organized under the laws of the United
States of America, and that he executed the same as
the act of said national banking association for the
purpose and consideration therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 14th day
of May, 2008.

	 	 	 	 	 
	 	 	 
	 	                                          /s/ Danita George
 	 
	 	Notary Public in and for the State of Illinois 	 
	 	 	 
	 

My commission expires:

May 12, 2009

 

 

EXHIBIT A

LOCATIONS OF SCHEDULE OF RECEIVABLES

The Schedule of Receivables is on file at the offices of:

1. The Indenture Trustee

2. The Owner Trustee

3. GMAC

4. The Depositor

Ex. A-1

 

 

EXHIBIT B

FORM OF NOTE DEPOSITORY AGREEMENT FOR THE NOTES

Ex. B-1

 

 

EXHIBIT C-1

FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES, RULE 144A

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [___]

     THIS RULE 144A GLOBAL CLASS A-1 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR
BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE
OF THIS RULE 144A GLOBAL CLASS A-1 NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL
CLASS A-1 NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE
TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S.
SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS A-1 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 RULE 144A GLOBAL CLASS A-1 NOTE (OR INTEREST
THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) 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, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE
UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE
U.S. SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO TERMS OF THE
INDENTURE, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE
TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY
TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE

Ex. C-1-1

 

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 ADMINISTRATOR, THE SERVICER, THE
ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE
TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT.

     EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS
NOT (a) 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 PROVISIONS OF
TITLE I OF ERISA, (b) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), (c) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR (d) ANY OTHER PLAN
THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR
(2) THE PURCHASE AND HOLDING OF THE CLASS A-1 NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 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 CLASS A-1 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) THE DEPOSITOR OR ANY OTHER 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.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT BY ACCEPTING
THE BENEFITS OF THE INDENTURE SUCH CLASS A-1 NOTEHOLDER WILL NOT, PRIOR

Ex. C-1-2

 

TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT
TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE
ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF
COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR
STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE,
TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY
OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS
OF THE DEPOSITOR OR THE ISSUING ENTITY.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS
A-1 NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS
OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS A-1 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

CLASS A-1 [___]% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser outstanding amount as may be payable in
accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution
Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of
which is the initial principal amount hereof and the denominator of which is the aggregate initial
principal amount for such Class A-1 Notes by (ii) the aggregate amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of principal on the Class A-1 Notes
pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on May 15, 2009 (the “Final Scheduled Distribution Date”). The Issuing
Entity shall pay interest on this Class A-1 Note at the rate per annum shown above on each
Distribution Date until the principal of this Class A-1 Note is paid or made available for payment
on the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding Distribution Date (or, for
the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest
on the Class A-1 Notes will accrue from and including the Closing Date and will be payable on each
Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such
Distribution Date for the Class A-1 Notes. Interest will be computed on the basis of actual number
of days elapsed

Ex. C-1-3

 

from and including the prior Distribution Date (or, in the case of the first Distribution
Date, from and including the Closing Date) to but excluding the current Distribution Date and a
360-day year. Such principal of and interest on this Class A-1 Note shall be paid in the manner
specified on the reverse hereof. All interest payments on each class of Notes on any Distribution
Date shall be made pro rata to the Noteholders of such class entitled thereto.

          The principal of and interest on this Class A-1 Note are payable in such coin or currency of
the United States of America which, at the time of payment, is legal tender for payment of public
and private debts. All payments made by the Issuing Entity with respect to this Class A-1 Note
shall be applied first to interest due and payable on this Class A-1 Note as provided above and
then to the unpaid principal of this Class A-1 Note.

          Reference is made to the further provisions of this Class A-1 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-1
Note.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A-1 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.

Ex. C-1-4

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,
not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Ex. C-1-5

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-1 [___]% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued
under an indenture, dated as of May 14, 2008 (such indenture, as amended or supplemented, is herein
called the “Indenture”), between the Issuing Entity and The Bank of New York Trust Company,
N.A., as trustee (the “Indenture Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto 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-1 Notes are one of several duly authorized
classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all
Notes of all such classes, 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 Class A-1 Note by virtue of acceptance hereof assents and by which
such Holder is bound. All capitalized terms used and not otherwise
defined in this Class A-1 Note
that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

          The Class A-1 Notes and all other Notes issued pursuant to the Indenture are and will be
equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note
Owner, a beneficial interest in a Class A-1 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) the Depositor or any other 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 instalment or call owing
to such entity.

Ex. C-1-6

 

          Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note
Owner, a beneficial interest in a Class A-1, covenants and agrees that by accepting the benefits of
the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one
day after the termination of the Indenture with respect to the Issuing Entity, acquiesce, petition
or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court
or government authority for the purpose of commencing or sustaining a case against the Depositor or
the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Depositor or the Issuing Entity.

          Each Noteholder, by acceptance of a Class A-1 Note or, in the case of a Note Owner, a
beneficial interest in a Class A-1 Note, expresses its intention that this Class A-1 Note qualifies
under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required
by appropriate taxing authorities, agrees to treat the Class A-1 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.

          Prior to the due presentment for registration of transfer of this Class A-1 Note, the Issuing
Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may
treat the Person in whose name this Class A-1 Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all Class A-1 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-1 Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class A-1 Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class A-1 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of the Noteholders.

          The term “Issuing Entity” as used in this Class A-1 Note includes any successor to the
Issuing Entity under the Indenture.

Ex. C-1-7

 

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

          This Class A-1 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.

          No reference herein to the Indenture and no provision of this Class A-1 Note or of the
Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and
rate, and in the coin or currency herein prescribed.

          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 A-1 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. The Holder
of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Class A-1 Note.

Ex. C-1-8

 

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:

	 	 	 	 	 	 	 	 1
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-1-9

 

EXHIBIT C-2

FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES, REGULATION S

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [__________]

     THIS PERMANENT REGULATION S GLOBAL CLASS A-1 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR
UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES
LAWS. BY ITS ACCEPTANCE OF THIS PERMANENT REGULATION S GLOBAL CLASS A-1 NOTE (OR INTEREST THEREIN)
THE HOLDER OF THIS PERMANENT REGULATION S GLOBAL CLASS A-1 NOTE (OR SUCH INTEREST) IS DEEMED TO
REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A NON-U.S. PERSON (AS DEFINED IN
REGULATION S) WHO ACQUIRED THE CLASS A-1 NOTE OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH
REGULATION S.

     NO SALE, PLEDGE OR OTHER TRANSFER OF THIS PERMANENT REGULATION S GLOBAL CLASS A-1 NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) 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 TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A
NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND
THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE, OR (iii) SUCH SALE,
PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT
BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND
THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM
AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE
TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE

Ex. C-2-1

 

INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT
SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT.

     EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS
NOT (a) 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 PROVISIONS
OF TITLE I OF ERISA, (b) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), (c) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR (d) ANY OTHER PLAN
THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR
(2) THE PURCHASE AND HOLDING OF THE CLASS A-1 NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 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 CLASS A-1 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) THE DEPOSITOR OR ANY OTHER 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.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE
BENEFITS OF THE INDENTURE SUCH CLASS A-1 NOTEHOLDER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR
AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE,
PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO

Ex. C-2-2

 

INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR
SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE
BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE,
CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY
SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE
DEPOSITOR OR THE ISSUING ENTITY.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS
A-1 NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS
OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS A-1 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

CLASS A-1 [___]% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser amount as may be payable in accordance
with the Indenture (as defined on the reverse side of this Note), on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the
initial principal amount hereof and the denominator of which is the aggregate initial principal
amount for such Class A-1 Notes, by (ii) the aggregate amount, if any, payable on such Distribution
Date from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to
Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided,
however, that the entire unpaid principal amount of this Class A-1 Note shall be due and
payable on May 15, 2009 (the “Final Scheduled Distribution Date”). The Issuing Entity
shall pay interest on this Class A-1 Note at the per annum rate shown above on each Distribution
Date until the principal of this Class A-1 Note is paid or made available for payment on the
principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after
giving effect to all payments of principal made on the preceding Distribution Date (or, for the
initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on
the Class A-1 Notes will accrue from and including the Closing Date and will be payable on each
Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such
Distribution Date for the Class A-1 Notes. Interest will be computed on the basis of actual number
of days elapsed from and including the prior Distribution Date (or, in the case of the first
Distribution Date, from and including the Closing Date) to but excluding the current Distribution
Date and a 360-day year. Such principal of and interest on this Class A-1 Note shall be paid in
the manner specified

Ex. C-2-3

 

on the reverse hereof. All interest payments on each class of Notes on any Distribution Date
shall be made pro rata to the Noteholders of such class entitled thereto.

          The principal of and interest on this Class A-1 Note are payable in such coin or currency of
the United States of America which, at the time of payment, is legal tender for payment of public
and private debts. All payments made by the Issuing Entity with respect to this Class A-1 Note
shall be applied first to interest due and payable on this Class A-1 Note as provided above and
then to the unpaid principal of this Class A-1 Note.

          Reference is made to the further provisions of this Class A-1 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-1
Note.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A-1 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.

Ex. C-2-4

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST
COMPANY, N.A.,

not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Ex. C-2-5

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-1 [___]% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued
under an indenture, dated as of May 14, 2008 (such indenture, as amended or supplemented, is herein
called the “Indenture”), between the Issuing Entity and The Bank of New York Trust Company,
N.A., as trustee (the “Indenture Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto 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-1 Notes are one of several duly authorized
classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all
Notes of all such classes, 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 Class A-1 Note by virtue of acceptance hereof assents and by which
such Holder is bound. All capitalized terms used and not otherwise defined in this Class A-1 Note
that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to
them in or pursuant to the Indenture.

          The Class A-1 Notes and all other Notes issued pursuant to the Indenture are and will be
equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note
Owner, a beneficial interest in Class A-1 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) the Depositor or any other 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 instalment or call owing
to such entity.

Ex. C-2-6

 

          Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note
Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that by accepting the
benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one
year and one day after the termination of the Indenture with respect to the Issuing Entity,
acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case
against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Depositor or the Issuing Entity or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing
Entity.

          Each Noteholder, by acceptance of a Class A-1 Note or, in the case of a Note Owner, a
beneficial interest in a Class A-1 Note, expresses its intention that this Class A-1 Note qualifies
under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required
by appropriate taxing authorities, agrees to treat the Class A-1 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.

          Prior to the due presentment for registration of transfer of this Class A-1 Note, the Issuing
Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may
treat the Person in whose name this Class A-1 Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class A-1 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-1 Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class A-1 Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class A-1 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of the Noteholders.

          The term “Issuing Entity” as used in this Class A-1 Note includes any successor to the Issuing
Entity under the Indenture.

Ex. C-2-7

 

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

          This Class A-1 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.

          No reference herein to the Indenture and no provision of this Class A-1 Note or of the
Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and
rate, and in the coin or currency herein prescribed.

          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 A-1 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. The Holder
of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Class A-1 Note.

Ex. C-2-8

 

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:

	 	 	 	 	 	 	 	 1
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-2-9

 

EXHIBIT C-3

FORM OF TEMPORARY CLASS A-1 FIXED RATE ASSET BACKED NOTES, REGULATION S

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [___]

     THIS NOTE IS A TEMPORARY REGULATION S GLOBAL CLASS A-1 NOTE FOR PURPOSES OF REGULATION S UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). NEITHER
THIS TEMPORARY REGULATION S GLOBAL CLASS A-1 NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR
DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO HEREIN.

     UNLESS THIS TEMPORARY REGULATION S GLOBAL CLASS A 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 TEMPORARY
REGULATION S GLOBAL CLASS A-1 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 TEMPORARY REGULATION S GLOBAL CLASS A-1 NOTE IS PAYABLE AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS TEMPORARY REGULATION S GLOBAL CLASS
A-1 NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     NO BENEFICIAL OWNER OF THIS TEMPORARY REGULATION S GLOBAL CLASS A NOTE SHALL BE ENTITLED TO
RECEIVED PAYMENTS OF PRINCIPAL OR INTEREST HEREIN UNLESS SUCH BENEFICIAL OWNER SHALL HAVE DELIVERED
A CERTIFICATION IN THE FORM ATTACHED AS ANNEX A TO EXHIBIT D TO THE INDENTURE TO CLEARSTREAM,
LUXEMBOURG OR EUROCLEAR.

     THE HOLDER OF THIS TEMPORARY REGULATION S GLOBAL CLASS A-1 NOTE BY ITS ACCEPTANCE HEREOF
AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE WITHIN THE UNITED STATES OR TO U.S.
PERSONS (AS

Ex. C-3-1

 

DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) PRIOR TO THE EXCHANGE DATE EXCEPT
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT.

     THIS TEMPORARY REGULATION S GLOBAL CLASS A-1 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE U.S. SECURITIES ACT, OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED
STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS TEMPORARY REGULATION S GLOBAL
CLASS A-1 NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS TEMPORARY REGULATION S GLOBAL CLASS A-1
NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT
IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO ACQUIRED THE CLASS A-1 NOTE OUTSIDE OF THE
UNITED STATES IN ACCORDANCE WITH REGULATION S.

     NO SALE, PLEDGE OR OTHER TRANSFER OF THIS TEMPORARY REGULATION S GLOBAL CLASS A-1 NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) 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 TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A
NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND
THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE, OR (iii) THIS
TEMPORARY REGULATION S CLASS A-1 NOTE IS NO LONGER ELIGIBLE FOR RESALE PURSUANT TO RULE 144A OR
REGULATION S, SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE
SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE
INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE
DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL
NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE
INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT.

     EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS
NOT (a) 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

Ex. C-3-2

 

PROVISIONS OF TITLE I OF ERISA, (b) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (c) ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR
(d) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION
4975 OF THE CODE OR (2) THE PURCHASE AND HOLDING OF THE CLASS A-1 NOTE WILL NOT RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 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 CLASS A-1 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) THE DEPOSITOR OR ANY OTHER 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.

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE
BENEFITS OF THE INDENTURE SUCH CLASS A-1 NOTEHOLDER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR
AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE,
PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF
ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE
DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR
APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR
OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR
ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY.

Ex. C-3-3

 

     EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF
A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS
A-1 NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS
OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS A-1 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

TEMPORARY REGULATION S GLOBAL CLASS A-1 [___]% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser amount as may be payable in accordance
with the Indenture (as defined on the reverse side of this Note), on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the
initial principal amount hereof and the denominator of which is the aggregate initial principal
amount for such Class A-1 Notes, by (ii) the aggregate amount, if any, payable on such Distribution
Date from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to
Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided,
however, that the entire unpaid principal amount of this Temporary Regulation S Class A-1
Note shall be due and payable on May 15, 2009 (the “Final Scheduled Distribution Date”).
The Issuing Entity shall pay interest on this Temporary Regulation S Class A-1 Note at the per
annum rate shown above on each Distribution Date until the principal of this Temporary Regulation S
Class A-1 Note is paid or made available for payment on the principal amount of this Temporary
Regulation S Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to
all payments of principal made on the preceding Distribution Date (or, for the initial Distribution
Date, the outstanding principal balance on the Closing Date)). Interest on the Class A-1 Notes
will accrue from and including the Closing Date and will be payable on each Distribution Date in an
amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the
Class A-1 Notes. Interest will be computed on the basis of actual number of days elapsed from and
including the prior Distribution Date (or, in the case of the first Distribution Date, from and
including the Closing Date) to but excluding the current Distribution Date and a 360-day year.
Such principal of and interest on this Temporary Regulation S Class A-1 Note shall be paid in the
manner specified on the reverse hereof. All interest payments on each class of Notes on any
Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto.

          The principal of and interest on this Temporary Regulation S Class A-1 Note are payable in
such coin or currency of the United States of America which, at the time of payment, is legal
tender for payment of public and private debts. All payments made by the Issuing Entity with
respect to this Temporary Regulation S Class A-1 Note shall be applied first to interest due

Ex. C-3-4

 

and payable on this Temporary Regulation S Class A-1 Note as provided above and then to the
unpaid principal of this Temporary Regulation S Class A-1 Note.

          Reference is made to the further provisions of this Temporary Regulation S Class A-1 Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face
of this Temporary Regulation S Class A-1 Note.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Temporary Regulation S Class A-1 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.

Ex. C-3-5

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,

not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Ex. C-3-6

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-1 [___]% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued
under an indenture, dated as of May 14, 2008 (such indenture, as amended or supplemented, is herein
called the “Indenture”), between the Issuing Entity and The Bank of New York Trust Company,
N.A., as trustee (the “Indenture Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto 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-1 Notes are one of several duly authorized
classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all
Notes of all such classes, 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 Class A-1 Note by virtue of acceptance hereof assents and by which
such Holder is bound. All capitalized terms used and not otherwise defined in this Class A-1 Note
that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to
them in or pursuant to the Indenture.

          The Class A-1 Notes and all other Notes issued pursuant to the Indenture are and will be
equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note
Owner, a beneficial interest in Class A-1 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) the Depositor or any other 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 instalment or call owing
to such entity.

Ex. C-3-7

 

          Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note
Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that by accepting the
benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one
year and one day after the termination of the Indenture with respect to the Issuing Entity,
acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case
against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Depositor or the Issuing Entity or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing
Entity.

          Each Noteholder, by acceptance of a Class A-1 Note or, in the case of a Note Owner, a
beneficial interest in a Class A-1 Note, expresses its intention that this Class A-1 Note qualifies
under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required
by appropriate taxing authorities, agrees to treat the Class A-1 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.

          Prior to the due presentment for registration of transfer of this Class A-1 Note, the Issuing
Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may
treat the Person in whose name this Class A-1 Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class A-1 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-1 Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class A-1 Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class A-1 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of the Noteholders.

          The term “Issuing Entity” as used in this Class A-1 Note includes any successor to the Issuing
Entity under the Indenture.

Ex. C-3-8

 

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

          This Class A-1 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.

          No reference herein to the Indenture and no provision of this Class A-1 Note or of the
Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and
rate, and in the coin or currency herein prescribed.

          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 A-1 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. The Holder
of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Class A-1 Note.

Ex. C-3-9

 

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:

	 	 	 	 	 	 	 	 1
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-3-10

 

EXHIBIT C-4

FORM OF CLASS A-2A, CLASS A-3A AND CLASS A-4 FIXED RATE ASSET

BACKED NOTES

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. _____

     Unless this 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 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

[CLASS A-2A] [CLASS A-3A] [CLASS A-4] ___% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser outstanding amount as may be payable in
accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution
Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of
which is the initial principal amount hereof and the denominator of which is the aggregate initial
principal amount for such [Class A-2a] [Class A-3a] [Class A-4] Notes by (ii) the aggregate amount,
if any, payable on such Distribution Date from the Note Distribution Account in respect of
principal on the [Class A-2a] [Class A-3a] [Class A-4] Notes pursuant to Sections 2.7,
3.1 and 8.2(c) of the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on ___(the “Final
Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section
10.1 of the Indenture, in which case such unpaid principal amount shall be due on the
Redemption Date.

Ex. C-4-1

 

The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment on the
principal amount of this Note outstanding on the preceding Distribution Date (after giving effect
to all payments of principal made on the preceding Distribution Date (or, for the initial
Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the
[Class A-2a] [Class A-3a] [Class A-4] Notes will accrue from and including the Closing Date and
will be payable on each Distribution Date in an amount equal to the Note Class Interest
Distributable Amount for such Distribution Date for the [Class A-2a] [Class A-3a] [Class A-4]
Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in
the case of the initial Distribution Date, a 31-day period). Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof. All interest payments on
each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such
class entitled thereto.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America which, at the time of payment, is legal tender for payment of public and private
debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid principal of this
Note.

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

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

Ex. C-4-2

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,

not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Ex. C-4-3

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as
[Class A-2a] [Class A-3a] [Class A-4] ___% Asset Backed Notes (herein called the "[Class
A-2a] [Class A-3a] [Class A-4] Notes”), all issued under an indenture, dated as of May 14, 2008
(such indenture, as amended or supplemented, is herein called the “Indenture”), between the
Issuing Entity and The Bank of New York Trust Company, N.A., as trustee (the “Indenture
Trustee,” which term includes any successor trustee under the Indenture), to which Indenture
and all indentures supplemental thereto 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-2a] [Class A-3a] [Class A-4] Notes are one of several duly authorized classes of
Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all
such classes, the “Notes”). The Notes are governed by and subject to all terms of the
Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the
Holder of this Note by virtue of acceptance hereof assents and by which such Holder is bound. All
capitalized terms used and not otherwise defined in this Note that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture.

          The [Class A-2a] [Class A-3a] [Class A-4] Notes and all other Notes issued pursuant to the
Indenture are and will be equally and ratably secured by the Collateral pledged as security
therefor as provided in the Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a 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) the Depositor or any other 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 instalment or call owing to such entity.

Ex. C-4-4

 

          Each Noteholder or Note Owner, by acceptance of a 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 or Note Owner will not, prior to the date which is one year and one day after the
termination of the Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise
invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Depositor or
the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Depositor or the Issuing Entity.

          Each Noteholder, by acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note, expresses its intention that this Note qualifies under applicable tax law as
indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing
authorities, agrees to treat the 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.

          Prior to the due presentment for registration of transfer of this Note, the Issuing Entity,
the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this
Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, 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 Note
(or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the Noteholders.

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

          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.

Ex. C-4-5

 

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

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

          No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

          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. The Holder of this
Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in
the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets
of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

Ex. C-4-6

 

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:

	 	 	 	 	 	 	1	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-4-7

 

EXHIBIT C-5

FORM OF CLASS A-2B AND CLASS A-3B FLOATING RATE ASSET BACKED

NOTES

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. _____

          Unless this 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 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

[CLASS A-2B] [CLASS A-3B] FLOATING RATE ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser outstanding amount as may be payable in
accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution
Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of
which is the initial principal amount hereof and the denominator of which is the initial aggregate
principal amount for such [Class A-2b] [Class A-3b] Notes, by (ii) the aggregate amount, if any,
payable on such Distribution Date from the Note Distribution Account in respect of principal on the
[Class A-2b] [Class A-3b] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of
the Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on [___, ___] (the “Final Scheduled Distribution Date”)
unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which
case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall
pay interest on this Note on each Distribution Date until the principal of this Note is paid or

Ex. C-5-1

 

made available for payment on the principal amount of this Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the
Closing Date)). Interest on the [Class A-2b] [Class A-3b] Notes will accrue from and including the
Closing Date and will be payable on each Distribution Date in an amount equal to the Note Class
Interest Distributable Amount for such Distribution Date for the [Class A-2b] [Class A-3b] Notes.
Interest will be computed on the basis of actual number of days elapsed from and including the
prior Distribution Date (or, in the case of the first Distribution Date, from and including the
Closing Date) to but excluding the current Distribution Date and a 360-day year. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse hereof. All
interest payments on each class of Notes on any Distribution Date shall be made pro rata to the
Noteholders of such class entitled thereto.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America which, at the time of payment, is legal tender for payment of public and private
debts. All payments made by the Issuing Entity with respect to this [Class A-2b] [Class A-3b] Note
shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note.

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

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

Ex. C-5-2

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE,

not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,
not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Ex. C-5-3

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
[Class A-2b] [Class A-3b] Floating Rate Asset Backed Notes (herein called the [“Class A-2b
Notes"] [“Class A-3b Notes"]), all issued under an indenture, dated as of May 14, 2008
(such indenture, as amended or supplemented, is herein called the “Indenture”), between the
Issuing Entity and The Bank of New York Trust Company, N.A., as trustee (the “Indenture
Trustee,” which term includes any successor trustee under the Indenture), to which Indenture
and all indentures supplemental thereto 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-2b] [Class A-3b] Notes are one of several duly authorized classes of Notes of the
Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all such classes,
the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which
terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note
by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms
used and not otherwise defined in this Note that are defined in the Indenture shall have the
meanings assigned to them in or pursuant to the Indenture.

          The [Class A-2b] [Class A-3b] Notes and all other Notes issued pursuant to the Indenture are
and will be equally and ratably secured by the Collateral pledged as security therefor as provided
in the Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a 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) the Depositor or any other 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 instalment or call owing to such entity.

Ex. C-5-4

 

          Each Noteholder or Note Owner, by acceptance of a 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 or Note Owner will not, prior to the date which is one year and one day after the
termination of the Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise
invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Depositor or
the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Depositor or the Issuing Entity.

          Each Noteholder, by acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note, expresses its intention that this Note qualifies under applicable tax law as
indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing
authorities, agrees to treat the 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.

          Prior to the due presentment for registration of transfer of this Note, the Issuing Entity,
the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this
Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

          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 Controlling Class. The
Indenture also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Controlling Class, 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 Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or
waive certain terms and conditions set forth in the Indenture without the consent of the
Noteholders.

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

          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.

Ex. C-5-5

 

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

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

          No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

          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. The Holder of this
Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in
the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets
of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

Ex. C-5-6

 

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:

	 	 	 	 	 	 	1	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-5-7

 

EXHIBIT C-6

FORM OF CLASS B AND CLASS C FIXED RATE ASSET BACKED NOTES,

[RULE 144A]

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. _____

     THIS [RULE 144A] [CLASS B] [CLASS C] NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE
SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY
ITS ACCEPTANCE OF THIS [RULE 144A] [CLASS B] [CLASS C] NOTE (OR INTEREST THEREIN) THE HOLDER OF
THIS [RULE 144A] [CLASS B] [CLASS C] NOTE (OR SUCH INTEREST)[, IF OTHER THAN THE DEPOSITOR] IS
DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT AND IS ACQUIRING THIS
[RULE 144A] [CLASS B] [CLASS C] 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 [RULE 144A] [CLASS B] [CLASS C] NOTE (OR INTEREST
THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) [SUCH SALE IS MADE TO THE DEPOSITOR, (ii)]
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, [(ii)][(iii)] SUCH SALE, PLEDGE OR OTHER
TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR
RULE 904 OF REGULATION S OF THE U.S. SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY
CERTIFICATIONS PURSUANT TO TERMS OF THE INDENTURE, OR [(iii)][(iv)] SUCH SALE, PLEDGE OR OTHER
TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE U.S.
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

Ex. C-6-1

 

AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE
TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE)
SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT
VIOLATE THE U.S. SECURITIES ACT.

     EACH HOLDER OF A [CLASS B] [CLASS C] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER
(1) IT IS NOT (a) 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
PROVISIONS OF TITLE I OF ERISA, (b) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (c) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR (d) ANY
OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF
THE CODE OR (2) THE PURCHASE AND HOLDING OF THE [CLASS B] [CLASS C] NOTE WILL NOT RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C]
NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] 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 [CLASS B]
[CLASS C] 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) THE DEPOSITOR OR ANY OTHER 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.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C]
NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] NOTE,
COVENANTS

Ex. C-6-2

 

AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH [CLASS B] [CLASS C]
NOTEHOLDER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE
INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE
DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE
PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY
FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE
ISSUING ENTITY OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION
OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C]
NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] NOTE,
EXPRESSES ITS INTENTION THAT THIS [CLASS B] [CLASS C] NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS
INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING
AUTHORITIES, AGREES TO TREAT THE [CLASS B] [CLASS C] 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

[CLASS B] [CLASS C] [___]% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser outstanding amount as may be payable in
accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution
Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of
which is the initial principal amount hereof and the denominator of which is the aggregate initial
principal amount for such [Class B] [Class C] Notes by (ii) the aggregate amount, if any, payable
on such Distribution Date from the Note Distribution Account in respect of principal on the [Class
B] [Class C] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the
Indenture; provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on December 15, 2014 (the “Final Scheduled Distribution Date”)
unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such
unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest
on this [Class B] [Class C] Note at the rate per annum shown above on each Distribution Date until
the principal of this [Class B] [Class C] Note is paid or made available for payment on the
principal amount of this [Class B] [Class C] Note outstanding on

Ex. C-6-3

 

the preceding Distribution Date (after giving effect to all payments of principal made on the
preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal
balance on the Closing Date)). Interest on the [Class B] [Class C] Notes will accrue from and
including the Closing Date and will be payable on each Distribution Date in an amount equal to the
Note Class Interest Distributable Amount for such Distribution Date for the [Class B] [Class C]
Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in
the case of the initial Distribution Date, a 31-day period). Such principal of and interest on
this [Class B] [Class C] Note shall be paid in the manner specified on the reverse hereof. All
interest payments on each class of Notes on any Distribution Date shall be made pro rata to the
Noteholders of such class entitled thereto.

          The principal of and interest on this [Class B] [Class C] Note are payable in such coin or
currency of the United States of America which, at the time of payment, is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this [Class
B] [Class C] Note shall be applied first to interest due and payable on this [Class B] [Class C]
Note as provided above and then to the unpaid principal of this [Class B] [Class C] Note.

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

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this [Class B] [Class C] 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.

Ex. C-6-4

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE,

not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,
not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Ex. C-6-5

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
[Class B] [Class C] [___]% Asset Backed Notes (herein called the “[Class B] [Class C]
Notes”), all issued under an indenture, dated as of May 14, 2008 (such indenture, as amended or
supplemented, is herein called the “Indenture”), between the Issuing Entity and The Bank of
New York Trust Company, N.A., as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto
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] [Class C] Notes are one
of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, 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 [Class B] [Class C] Note by virtue of acceptance
hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise
defined in this [Class B] [Class C] Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture.

          The [Class B] [Class C] Notes and all other Notes issued pursuant to the Indenture are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in
the Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a [Class B] [Class C] Note or, in the case of
a Note Owner, a beneficial interest in a [Class B] [Class C] 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) the Depositor or any other 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 instalment or
call owing to such entity.

Ex. C-6-6

 

          Each Noteholder or Note Owner, by acceptance of a [Class B] [Class C] Note or, in the case of
a Note Owner, a beneficial interest in a [Class B] [Class C] Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date
which is one year and one day after the termination of the Indenture with respect to the Issuing
Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to
invoke the process of any court or government authority for the purpose of commencing or sustaining
a case against the Depositor or the Issuing Entity under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or
the Issuing Entity.

          Each Noteholder, by acceptance of a [Class B] [Class C] Note or, in the case of a Note Owner,
a beneficial interest in a [Class B] [Class C] Note, expresses its intention that this [Class B]
[Class C] Note qualifies under applicable tax law as indebtedness secured by the Collateral and,
unless otherwise required by appropriate taxing authorities, agrees to treat the [Class B] [Class
C] 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.

          Prior to the due presentment for registration of transfer of this [Class B] [Class C] Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this [Class B] [Class C] Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing
Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all the [Class B] [Class
C] 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] [Class C] Note (or any one of more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this [Class B] [Class C]
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this [Class B] [Class C]
Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the Noteholders.

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

Ex. C-6-7

 

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

          This [Class B] [Class C] 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.

          No reference herein to the Indenture and no provision of this [Class B] [Class C] Note or of
the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this [Class B] [Class C] Note at the times,
place and rate, and in the coin or currency herein prescribed.

          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 B] [Class C] 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.
The Holder of this [Class B] [Class C] Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this [Class B] [Class C]
Note.

Ex. C-6-8

 

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:

	 	 	 	 	 	 	1	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-6-9

 

EXHIBIT C-7

FORM OF CLASS B AND CLASS C FIXED RATE ASSET BACKED NOTES,

REGULATION S

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. _____

     THIS PERMANENT REGULATION S [CLASS B] [CLASS C] NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR
UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES
LAWS. BY ITS ACCEPTANCE OF THIS PERMANENT REGULATION S [CLASS B] [CLASS C] NOTE (OR INTEREST
THEREIN) THE HOLDER OF THIS PERMANENT REGULATION S [CLASS B] [CLASS C] NOTE (OR SUCH INTEREST) IS
DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A NON-U.S. PERSON (AS
DEFINED IN REGULATION S) WHO ACQUIRED THE [CLASS B] [CLASS C] NOTE OUTSIDE OF THE UNITED STATES IN
ACCORDANCE WITH REGULATION S.

     NO SALE, PLEDGE OR OTHER TRANSFER OF THIS PERMANENT REGULATION S [CLASS B] [CLASS C] NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) 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 TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A
NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND
THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE, OR (iii) SUCH SALE,
PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT
BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND
THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM
AND SUBSTANCE SATISFACTORY TO THE INDENTURE

Ex. C-7-1

 

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 ADMINISTRATOR, THE SERVICER, THE
ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO
THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT.

     EACH HOLDER OF A [CLASS B] [CLASS C] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER
(1) IT IS NOT (a) 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
PROVISIONS OF TITLE I OF ERISA, (b) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (c) ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR
(d) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION
4975 OF THE CODE OR (2) THE PURCHASE AND HOLDING OF THE [CLASS B] [CLASS C] NOTE WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C] NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] 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 [CLASS B] [CLASS C] 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) THE DEPOSITOR
OR ANY OTHER 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.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C] NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] NOTE, COVENANTS AND
AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH

Ex. C-7-2

 

[CLASS B] [CLASS C] NOTEHOLDER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER
THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR
OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR
GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR
THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A
RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE
DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP
OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C] NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] NOTE, EXPRESSES ITS
INTENTION THAT THIS [CLASS B] [CLASS C] NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS
SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES
TO TREAT THE [CLASS B] [CLASS C] 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

[CLASS B] [CLASS C] ___% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser amount as may be payable in accordance
with the Indenture (as defined on the reverse side of this Note), on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the
initial principal amount hereof and the denominator of which is the aggregate initial principal
amount for such [Class B] [Class C] Notes, by (ii) the aggregate amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of principal on the [Class B]
[Class C] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture;
provided, however, that the entire unpaid principal amount of this [Class B] [Class
C] Note shall be due and payable on December 15, 2014 (the “Final Scheduled Distribution
Date”) unless the [Class B] [Class C] Note is earlier redeemed pursuant to Section 10.1
of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date.
The Issuing Entity shall pay interest on this [Class B] [Class C] Note at the per annum rate shown
above on each Distribution Date until the principal of this [Class B] [Class C] Note is paid or
made available for payment on the principal amount of this [Class B] [Class C] Note outstanding on
the preceding Distribution Date (after giving effect to all payments of principal made on the

Ex. C-7-3

 

preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal
balance on the Closing Date)). Interest on the [Class B] [Class C] Notes will accrue from and
including the Closing Date and will be payable on each Distribution Date in an amount equal to the
Note Class Interest Distributable Amount for such Distribution Date for the [Class B] [Class C]
Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in
the case of the initial Distribution Date, a 31-day period) to but excluding the current
Distribution Date and a 360-day year. Such principal of and interest on this [Class B] [Class C]
Note shall be paid in the manner specified on the reverse hereof. All interest payments on each
class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class
entitled thereto.

          The principal of and interest on this [Class B] [Class C] Note are payable in such coin or
currency of the United States of America which, at the time of payment, is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this [Class
B] [Class C] Note shall be applied first to interest due and payable on this [Class B] [Class C]
Note as provided above and then to the unpaid principal of this [Class B] [Class C] Note.

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

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this [Class B] [Class C] 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.

Ex. C-7-4

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE,

not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,
not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Ex. C-7-5

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
[Class B] [Class C] [___]% Asset Backed Notes (herein called the “[Class B] [Class C]
Notes”), all issued under an indenture, dated as of May 14, 2008 (such indenture, as amended or
supplemented, is herein called the “Indenture”), between the Issuing Entity and The Bank of
New York Trust Company, N.A., as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto
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] [Class C] Notes are one
of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, 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 [Class B] [Class C] Note by virtue of acceptance
hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise
defined in this [Class B] [Class C] Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture.

          The [Class B] [Class C] Notes and all other Notes issued pursuant to the Indenture are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in
the Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a [Class B] [Class C] Note or, in the case of
a Note Owner, a beneficial interest in a [Class B] [Class C] 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) the Depositor or any other 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 instalment or
call owing to such entity.

Ex. C-7-6

 

          Each Noteholder or Note Owner, by acceptance of a [Class B] [Class C] Note or, in the case of
a Note Owner, a beneficial interest in a [Class B] [Class C] Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date
which is one year and one day after the termination of the Indenture with respect to the Issuing
Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to
invoke the process of any court or government authority for the purpose of commencing or sustaining
a case against the Depositor or the Issuing Entity under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or
the Issuing Entity.

          Each Noteholder, by acceptance of a [Class B] [Class C] Note or, in the case of a Note Owner,
a beneficial interest in a [Class B] [Class C] Note, expresses its intention that this [Class B]
[Class C] Note qualifies under applicable tax law as indebtedness secured by the Collateral and,
unless otherwise required by appropriate taxing authorities, agrees to treat the [Class B] [Class
C] 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.

          Prior to the due presentment for registration of transfer of this [Class B] [Class C] Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this [Class B] [Class C] Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing
Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all the [Class B] [Class
C] 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] [Class C] Note (or any one of more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this [Class B] [Class C]
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this [Class B] [Class C]
Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the Noteholders.

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

Ex. C-7-7

 

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

          This [Class B] [Class C] 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.

          No reference herein to the Indenture and no provision of this [Class B] [Class C] Note or of
the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this [Class B] [Class C] Note at the times,
place and rate, and in the coin or currency herein prescribed.

          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 B] [Class C] 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.
The Holder of this [Class B] [Class C] Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this [Class B] [Class C]
Note.

Ex. C-7-8

 

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:

	 	 	 	 	 	 	1	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-7-9

 

EXHIBIT C-8

FORM OF TEMPORARY CLASS B AND CLASS C FIXED RATE ASSET BACKED

NOTES, REGULATION S

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. _____

     THIS NOTE IS A TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE FOR PURPOSES OF REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”).
NEITHER THIS TEMPORARY REGULATION S CLASS A-1 NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR
DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO HEREIN.

     UNLESS THIS TEMPORARY REGULATION S [CLASS B] [CLASS C] 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 TEMPORARY
REGULATION S [CLASS B] [CLASS C] 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 TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE IS PAYABLE AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS TEMPORARY REGULATION S [CLASS B]
[CLASS C] NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     NO BENEFICIAL OWNER OF THIS TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE SHALL BE ENTITLED
TO RECEIVED PAYMENTS OF PRINCIPAL OR INTEREST HEREIN UNLESS SUCH BENEFICIAL OWNER SHALL HAVE
DELIVERED A CERTIFICATION IN THE FORM ATTACHED AS ANNEX A TO EXHIBIT D TO THE INDENTURE TO
CLEARSTREAM, LUXEMBOURG OR EUROCLEAR.

     THE HOLDER OF THIS TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE BY ITS ACCEPTANCE HEREOF
AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE WITHIN THE UNITED STATES OR TO U.S.
PERSONS (AS

Ex. C-8-1

 

DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) PRIOR TO THE EXCHANGE DATE EXCEPT
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT.

     THIS TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE U.S. SECURITIES ACT OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED
STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS TEMPORARY REGULATION S [CLASS B]
[CLASS C] NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS TEMPORARY REGULATION S [CLASS B] [CLASS C]
NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT
IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO ACQUIRED THE [CLASS B] [CLASS C] NOTE OUTSIDE
OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S.

     NO SALE, PLEDGE OR OTHER TRANSFER OF THIS TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) 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 TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A
NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND
THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE, OR (iii) THIS
TEMPORARY REGULATION S [CLASS B] [CLASS C] NOTE IS NO LONGER ELIGIBLE FOR RESALE PURSUANT TO RULE
144A OR REGULATION S, SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE
TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY
TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE
DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL
NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE
INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT.

     EACH HOLDER OF A [CLASS B] [CLASS C] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER
(1) IT IS NOT (a) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES
EMPLOYEE

Ex. C-8-2

 

RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO
PROVISIONS OF TITLE I OF ERISA, (b) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (c) ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR
(d) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION
4975 OF THE CODE OR (2) THE PURCHASE AND HOLDING OF THE [CLASS B] [CLASS C] NOTE WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C] NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] 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 [CLASS B] [CLASS C] 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) THE DEPOSITOR
OR ANY OTHER 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.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C] NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] NOTE, COVENANTS AND
AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH [CLASS B] [CLASS C] NOTEHOLDER WILL
NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH
RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR
THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF
COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR
STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE,
TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY
OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING

Ex. C-8-3

 

THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY.

     EACH [CLASS B] [CLASS C] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS B] [CLASS C] NOTE
OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS B] [CLASS C] NOTE, EXPRESSES ITS
INTENTION THAT THIS [CLASS B] [CLASS C] NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS
SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES
TO TREAT THE [CLASS B] [CLASS C] 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.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

TEMPORARY REGULATION S [CLASS B] [CLASS C] ___% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser amount as may be payable in accordance
with the Indenture (as defined on the reverse side of this Note), on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the
initial principal amount hereof and the denominator of which is the aggregate initial principal
amount for such [Class B] [Class C] Notes, by (ii) the aggregate amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of principal on the [Class B]
[Class C] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture;
provided, however, that the entire unpaid principal amount of this Temporary
Regulation S [Class B] [Class C] Note shall be due and payable on December 15, 2014 (the “Final
Scheduled Distribution Date”) unless the Temporary Regulation S [Class B] [Class C] Note is
earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid
principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on
this Temporary Regulation S [Class B] [Class C] Note at the per annum rate shown above on each
Distribution Date until the principal of this Temporary Regulation S [Class B] [Class C] Note is
paid or made available for payment on the principal amount of this Temporary Regulation S [Class B]
[Class C] Note outstanding on the preceding Distribution Date (after giving effect to all payments
of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the
outstanding principal balance on the Closing Date)). Interest on the [Class B] [Class C] Notes
will accrue from and including the Closing Date and will be payable on each Distribution Date in an
amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the
[Class B] [Class C] Notes. Interest will be computed on the basis of a 360-day year of twelve
30-day months (or, in the case of the initial Distribution Date, a 31-day period) to but excluding
the current Distribution Date and a 360-day year. Such principal of and interest on this Temporary
Regulation S [Class B] [Class C] Note shall be paid in the manner

Ex. C-8-4

 

 specified on the reverse hereof. All interest payments on each class of Notes on any
Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto.

          The principal of and interest on this Temporary Regulation S [Class B] [Class C] Note are
payable in such coin or currency of the United States of America which, at the time of payment, is
legal tender for payment of public and private debts. All payments made by the Issuing Entity with
respect to this Temporary Regulation S [Class B] [Class C] Note shall be applied first to interest
due and payable on this Temporary Regulation S [Class B] [Class C] Note as provided above and then
to the unpaid principal of this Temporary Regulation S [Class B] [Class C] Note.

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

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Temporary Regulation S [Class B] [Class C] 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.

Ex. C-8-5

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE,

not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,
not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Ex. C-8-6

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
[Class B] [Class C] [___]% Asset Backed Notes (herein called the “[Class B] [Class C]
Notes”), all issued under an indenture, dated as of May 14, 2008 (such indenture, as amended or
supplemented, is herein called the “Indenture”), between the Issuing Entity and The Bank of
New York Trust Company, N.A., as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto
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] [Class C] Notes are one
of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, 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 [Class B] [Class C] Note by virtue of acceptance
hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise
defined in this [Class B] [Class C] Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture.

          The [Class B] [Class C] Notes and all other Notes issued pursuant to the Indenture are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in
the Indenture.

          Each Noteholder or Note Owner will be deemed to represent and warrant that either (1) it is
not acquiring the Note with (i) the assets of an “employee benefit plan” (as defined in Section
3(3) of ERISA), that is subject to provisions of Title I of ERISA, (ii) a “plan” described in
Section 4975(e)(1) of the Code, (iii) an entity whose underlying assets include plan assets by
reason of an employee benefit plan’s or a plan’s investment in the entity or (iv) any other plan
that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

          Each Noteholder or Note Owner, by acceptance of a [Class B] [Class C] Note or, in the case of
a Note Owner, a beneficial interest in a [Class B] [Class C] 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) the Depositor or any other 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 instalment or
call owing to such entity.

Ex. C-8-7

 

          Each Noteholder or Note Owner, by acceptance of a [Class B] [Class C] Note or, in the case of
a Note Owner, a beneficial interest in a [Class B] [Class C] Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date
which is one year and one day after the termination of the Indenture with respect to the Issuing
Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to
invoke the process of any court or government authority for the purpose of commencing or sustaining
a case against the Depositor or the Issuing Entity under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or
the Issuing Entity.

          Each Noteholder, by acceptance of a [Class B] [Class C] Note or, in the case of a Note Owner,
a beneficial interest in a [Class B] [Class C] Note, expresses its intention that this [Class B]
[Class C] Note qualifies under applicable tax law as indebtedness secured by the Collateral and,
unless otherwise required by appropriate taxing authorities, agrees to treat the [Class B] [Class
C] 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.

          Prior to the due presentment for registration of transfer of this [Class B] [Class C] Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this [Class B] [Class C] Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing
Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all the [Class B] [Class
C] 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] [Class C] Note (or any one of more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this [Class B] [Class C]
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this [Class B] [Class C]
Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the Noteholders.

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

Ex. C-8-8

 

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

          This [Class B] [Class C] 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.

          No reference herein to the Indenture and no provision of this [Class B] [Class C] Note or of
the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and
unconditional, to pay the principal of and interest on this [Class B] [Class C] Note at the times,
place and rate, and in the coin or currency herein prescribed.

          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 B] [Class C] 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.
The Holder of this [Class B] [Class C] Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this [Class B] [Class C]
Note.

Ex. C-8-9

 

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:

	 	 	 	 	 	 	1	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-8-10

 

EXHIBIT C-9

FORM OF CLASS D FIXED RATE ASSET BACKED NOTES

			
	 	 	 
	REGISTERED
	 	$                    

NO. R-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. [__________]

     THIS CLASS D NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY
LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS
CLASS D NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS CLASS D NOTE (OR SUCH INTEREST), IF OTHER
THAN THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE l44A UNDER THE U.S. SECURITIES ACT AND IS
ACQUIRING THIS CLASS D 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) OR HAS OTHERWISE ACQUIRED AN INTEREST IN THE CLASS D NOTE IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT.

     NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CLASS D NOTE (OR INTEREST THEREIN) MAY BE MADE BY
ANY PERSON UNLESS (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) AT THE
TIME OF SUCH SALE, PLEDGE OR OTHER TRANSFER, THIS CLASS D NOTE IS ELIGIBLE FOR RESALE PURSUANT TO
RULE l44A UNDER THE U.S. SECURITIES ACT, AND SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A
PERSON WHO THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE l44A), 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 U.S. 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

Ex. C-9-1

 

AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE
TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE)
SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT
VIOLATE THE U.S. SECURITIES ACT. NO SALE, PLEDGE OR OTHER TRANSFER MAY BE MADE TO ANY ONE PERSON
FOR CLASS D NOTES WITH AN INITIAL FACE AMOUNT OF LESS THAN $500,000 (OR SUCH OTHER AMOUNT AS THE
DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT THE ISSUING ENTITY FROM BEING TREATED AS A “PUBLICLY
TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “INTERNAL REVENUE CODE”), BUT IN NO EVENT LESS THAN $250,000) AND, IN THE CASE
OF ANY PERSON ACTING ON BEHALF OF ONE OR MORE THIRD PARTIES (OTHER THAN A BANK (AS DEFINED IN
SECTION 3(a)(2) OF THE U.S. SECURITIES ACT) ACTING IN ITS FIDUCIARY CAPACITY), FOR CLASS D NOTES
WITH A FACE AMOUNT OF LESS THAN SUCH AMOUNT FOR EACH SUCH THIRD PARTY. ANY ATTEMPTED TRANSFER IN
CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTION WILL BE VOID AB INITIO AND THE PURPORTED
TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CLASS D NOTES FOR ALL PURPOSES.

     THIS CLASS D NOTE (OR AN INTEREST THEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (1) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED, (“ERISA”)), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (2)
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE, OR (3) ANY ENTITY WHOSE
UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S
INVESTMENT IN THE ENTITY, OTHER THAN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS DEFINED IN
PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60) WHOSE UNDERLYING ASSETS INCLUDE LESS
THAN 25% “PLAN ASSETS” AND FOR WHICH THE PURCHASE AND HOLDING OF THE CLASS D NOTES IS ELIGIBLE FOR
AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. THIS CLASS D NOTE (OR AN INTEREST
THEREIN) 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 CLASS D NOTE, WILL BE
DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING LIMITATIONS.

Ex. C-9-2

 

     EACH HOLDER OF A CLASS D CLASS D NOTE, BY ACCEPTING THIS CLASS D NOTE, AGREES TO TREAT THE
CLASS D NOTES AS INDEBTEDNESS FOR FEDERAL, STATE AND LOCAL INCOME AND FRANCHISE TAX PURPOSES.

     EACH NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF THIS CLASS D NOTE (OR INTEREST HEREIN),
COVENANTS AND AGREES THAT SUCH CLASS D 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 OR THE ISSUING ENTITY 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 THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER
OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING
ENTITY.

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2

CLASS D [___]% ASSET BACKED NOTES

          CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2, 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 principal sum of
___DOLLARS ($___) or such lesser outstanding amount as may be payable in
accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution
Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of
which is the initial principal amount hereof and the denominator of which is the initial aggregate
principal amount for such Class D Notes, by (ii) the aggregate amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of principal on the Class D Notes
pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire
unpaid principal amount of this Class D Note shall be due and payable on December 15, 2014 (the
“Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to
Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the
Redemption Date. The Issuing Entity shall pay interest on this Class D Note at the rate per annum
shown above on each Distribution Date until the principal of this Class D Note is paid or made
available for payment on the principal amount of this Class D Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the
Closing Date)). Interest on the Class D Notes will accrue from and including the Closing Date and
will be payable on each Distribution Date in an amount equal to the Note Class Interest
Distributable Amount for such Distribution Date for the Class D Notes. Interest will be computed
on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution
Date, a 31-day period). Such principal of and interest on this Class D Note shall be paid in the
manner specified on the reverse hereof. All

Ex. C-9-3

 

interest payments on each class of Notes on any Distribution Date shall be made pro rata to
the Noteholders of such class entitled thereto.

          The principal of and interest on this Class D Note are payable in such coin or currency of the
United States of America which, at the time of payment, is legal tender for payment of public and
private debts. All payments made by the Issuing Entity with respect to this Class D Note shall be
applied first to interest due and payable on this Note as provided above and then to the unpaid
principal of this Class D Note.

          Reference is made to the further provisions of this Class D 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
Note.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class D 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.

Ex. C-9-4

 

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

Dated: May 14, 2008

	 	 	 	 	 
	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-2	 	 
	 
	 	 	 	 
	By:

	 	DEUTSCHE BANK TRUST COMPANY DELAWARE,

not in its individual capacity

but solely as Owner Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST
COMPANY, N.A.,
not in its
individual
capacity but
solely as
Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Ex. C-9-5

 

REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class D [___]% Asset Backed Notes (herein called the “Class D Notes”), all issued under
an indenture, dated as of May 14, 2008 (such indenture, as amended or supplemented, is herein
called the “Indenture”), between the Issuing Entity and The Bank of New York Trust Company,
N.A., as trustee (the “Indenture Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto 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 Notes are one of several duly authorized
classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all
Notes of all such classes, 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 Class D Note by virtue of acceptance hereof assents and by which such
Holder is bound. All capitalized terms used and not otherwise defined in this Class D Note that
are defined in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

          The Class D Notes and all other Notes issued pursuant to the Indenture are and will be equally
and ratably secured by the Collateral pledged as security therefor as provided in the Indenture.

          Each Noteholder or Note Owner, by acceptance of a Class D Note or, in the case of a Note
Owner, a beneficial interest in a Class D 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) the Depositor or any other 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 instalment or call owing
to such entity.

          Each Noteholder or Note Owner, by acceptance of a Class D Note or, in the case of a Note
Owner, a beneficial interest in a Class D Note, covenants and agrees that by accepting the benefits
of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and
one day after the termination of the Indenture with respect to the Issuing Entity, acquiesce,
petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of
any court or government authority for the purpose of commencing or sustaining a case against the
Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Depositor or the Issuing Entity or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity.

Ex. C-9-6

 

          Each Noteholder, by acceptance of a Class D Note or, in the case of a Note Owner, a beneficial
interest in a Class D Note, expresses its intention that this Class D Note qualifies under
applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by
appropriate taxing authorities, agrees to treat the Class D 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.

          Prior to the due presentment for registration of transfer of this Class D Note, the Issuing
Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may
treat the Person in whose name this Class D Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

          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 the Controlling Class. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class D 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 D Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Class D Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class D Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of the Noteholders.

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

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

          This Class D 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.

          No reference herein to the Indenture and no provision of this Class D Note or of the Indenture
shall alter or impair the obligation of the Issuing Entity, which is absolute and

Ex. C-9-7

 

unconditional, to pay the principal of and interest on this Class D Note at the times, place
and rate, and in the coin or currency herein prescribed.

          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 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. The Holder of
this Class D Note by the acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Class D Note.

Ex. C-9-8

 

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:

	 	 	 	 	 	 	1	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

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

Ex. C-9-9

 

EXHIBIT D

FORM OF CLEARING SYSTEM CERTIFICATE

[Date]

The Bank of New York Trust Company, N.A., as Note Registrar

700 South Flower Street, Suite 200

Los Angeles, California 90017

Re:       CARAT 2008-2 CLASS A-1 Notes

Ladies and Gentlemen:

     Reference is hereby made to the Indenture, dated as of May 14, 2008 (the “Indenture”),
among Capital Auto Receivables Asset Trust 2008-2, as issuing entity (the “Issuer Entity”)
and The Bank of New York Trust Company, N.A. as indenture trustee (the “ Indenture Trustee”).
Capitalized terms used herein but not defined herein shall have the meanings assigned thereto in
the Indenture.

     This is to certify that, based solely on certificates we have received in writing, by tested
telex or by electronic transmissions from member organizations appearing in our records as persons
being entitled to a portion of the Class A-1 Notes equal to, as of the date hereof, U.S. $___
(our “Member Organizations”), certifies with respect to such portion, substantially to the
effect set forth in Annex A hereto.

     We further certify (i) that we are not making available herewith for exchange any portion of
the Temporary Regulation S Global Class A-1 Note excepted in such certificates and (ii) that as of
the date hereof we have not received any notification from any of our Member Organizations to the
effect that the statements made by such member organizations with respect to any portion of the
part submitted herewith for exchange are no longer true and cannot be relied upon as at the date
hereof. We understand that this certification is required in connection with certain securities
laws of the United States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with this certificate is or would be relevant, we irrevocably
authorized you to produce this certificate to any interested party in such proceedings.

	 	 	 	 	 
	Yours faithfully,	 	 
	 
	 	 	 	 
	[CLEARSTREAM, LUXEMBOURG]	 	 
	 
	 	 	 	 
	or
	 	 	 	 
	 
	 	 	 	 
	[EUROCLEAR BANK SA/NV,
Brussels office, as operator of the
Euroclear System]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 

Ex. D-1

 

ANNEX A TO

EXHIBIT D

FORM OF MEMBER ORGANIZATION CERTIFICATE

[Address to Euroclear or Clearstream, Luxembourg, as appropriate]

Re:     CARAT 2008-2 CLASS A-1 Notes

Ladies and Gentlemen:

     Reference is hereby made to the Indenture, dated as of May 14, 2008 (the “Indenture”),
among Capital Auto Receivables Asset Trust 2008-2, as issuing entity (the “Issuing Entity”)
and The Bank of New York Trust Company, N.A. as indenture trustee (the “Indenture
Trustee”). Capitalized terms used herein but not defined herein shall have the meanings
assigned thereto in the Indenture.

     This is to certify that, as of the date hereof and except as set forth below, the Class A-1
Notes held by you for our account are beneficially owned by non-U.S. persons who purchased the
Class A-1 Notes in transactions that did not require registration under the United States
Securities Act of 1933, as amended (the “Securities Act”). As used in this paragraph, the
term “U.S. person” has the meaning given to it by Regulation S under the Securities Act.

     We undertake to advise you promptly by tested telex on or prior to the date on which you
intend to submit your certification relating to the Class A-1 Notes held by you for our account in
accordance with your documented procedures if any applicable statement herein is not correct on
such date, and in the absence of any such notification it may be assumed that this certificate
applies as of such date.

Dated:                     ,                     (1)

	 	 	 	 	 
	 

	 	Yours faithfully,	 	 
	 
	 	 	 	 
	 

	 	[Name of Person giving the certificate]
	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

			
	(1)	 	To be dated no earlier than 15 days prior to the event to which the certification
relates.

Ex. D-2

 

EXHIBIT E

FORM OF CERTIFICATION

Re: the                                          dated as of May 14, 2008 (the “Agreement”), among
                                        .

     I,                     , the                      of The Bank of New York
Trust Company, N.A. (the “Company”), certify to Capital Auto Receivables LLC (the
“Depositor”), and its officers, with the knowledge and intent that they will rely upon this
certification, that:

     (1) I have reviewed the report on assessment of the Company’s compliance provided in
accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) and Item 1122 of Regulation AB, and the registered public accounting firm’s
attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
Section 1122(b) of Regulation AB that were delivered by the Company to the Depositor pursuant to
the Agreement (collectively, the “Company Information”);

     (2) To the best of my knowledge, the Company Information, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in the light of the circumstances under which such statements were made, not
misleading with respect to the period of time covered by the Company Information; and

     (3) To the best of my knowledge, all of the Company Information required to be provided by the
Company under the Agreement has been provided to the Depositor.

	 	 	 	 	 	 	 
	 

	 	Dated:	 	 	 	 
	 

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

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Ex. E-1

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