Document:

Interim Agreement dated as of January 16, 2005

 Exhibit 10.23 
  
 INTERIM AGREEMENT 
  
 Between 
  
 INNOPHOS, INC. 
  
 CHICAGO HEIGHTS, ILLINOIS PLANT 
  
 And 
  
 PAPER, ALLIED-INDUSTRIAL, CHEMICAL &
ENERGY 
 WORKERS INTERNATIONAL UNION AFL-CIO 
  
 CLC LOCAL UNION NO. 6-765 
  
 It is hereby agreed by and between Innophos Inc., for its Chicago Heights, Illinois Plant, and Paper, Allied-Industrial Chemical & Energy Workers International
Union AFL-CIO, CLC Local Union No. 6-765, that this Agreement shall become effective as of 7:00 AM January 16, 2005, being subject only to ratification by the Local Union Membership. 

 This Agreement between the parties beginning 7:00 AM January 16, 2005 shall continue in full force and effect until
7:00 AM January 16, 2008, except as modified and amended as follows: 
  
 Amend
Article II, Section 1 by eliminating the words “yard department truck drivers, station wagon drivers, yard employees, and boiler room.” Add “Boiler House/TSP” employees. Replace the word
“supervisors” with “salaried personnel.” 
  
 Amend the first sentence of Article IV paragraph 22 to replace “man” with “staff.” 
  
 Amend Article VI, Section 12, paragraph 46 to read 
  
 “The Company will keep a record of overtime worked posted electronically in each department. Total overtime hours worked will be used for offering
overtime opportunity. This record will be maintained on a weekly basis. At the beginning of each calendar year, the overtime hours of each employee will be reduced to zero. Beginning the new calendar year, overtime order will be based on seniority
until a new overtime list is established.” 
  
 Amend Article VI, Section
15 paragraph 52(b) to replace forty cents with fifty cents and paragraph 52(c) to replace eighty cents with ninety cents. 
  
 Amend Article VII, Section (o) to replace the word “manpower” with “staffing.” 
  
 Amend Article VIII, Section 1, paragraph 73 to replace “In December of” with
“No later than November 1 of.” 
  
 Amend Article IX, Section 4,
paragraph 90 to delete reference to “Area 2” and “Area 4.” 
  
 Amend Article IX, Section 4, paragraph 101 to delete reference to “’D’” position. Add a paragraph to read “Employees awarded a “D” position are prevented from bidding
laterally for twelve (12) months from the date of being awarded the “D” position. 
  
 Amend Article X, Section 2, paragraph 112 to replace two references to “foreman” with “Coordinator.” 
  
 Amend Article X, Section 2, paragraph 113 to replace two references to “Personnel Manager” with “Human Resources
Manager.” 
  
 Amend Article X, Section 2, paragraph 114 to replace
reference to “Superintendent” with “Coordinator” and to replace two references to “Personnel Manager” to “Human Resources Manager.” 

 Amend Article X, Section 8 paragraph 122 to read “Grievances heard in the second step will be scheduled at a time
mutually agreed upon by the Company and the Union.” 
  
 Amend Article X,
Section 8 paragraph 123 to read “Grievances must be heard in sequential order except for discharge grievances.” 
  
 Amend Article XI, Section 1 paragraph 129 to read “The Company shall provide a meal money allowance in the amount of six dollars ($6) for employees required to
work more than two (2) hours beyond their scheduled quitting time, provided they were not so scheduled before reporting to work. Vending machine token in the amount of six dollars ($6) will be available to employees who wish to purchase their lunch
on the premises.” 
  
 Amend Article XI, Section 1 paragraph 130 to
replace “lunch” with “meal money allowance.” 
  
 Amend Article XI, Section 1 paragraph 131 to replace “lunch” in two places with “meal money allowance.” 
  
 Amend Article XI, Section 2 paragraph 132 to read “Meal money allowance(s) shall be computed on a weekly basis and payable on a monthly basis.” 

  
 Amend Article XII, Section 1 paragraph 133 to replace “FlexOptions
Plan” with “Flex Benefits Plan.” 
  
 Amend Article XII,
Section 1 paragraph 134 to read “The Flex Benefits Plan Includes: 
  
 Medical Plan 
  
 Dental Plan 
  
 Vision and
Hearing 
  
 Life Insurance (Basic,
Supplemental, Dependent Life, and Personal Accident) 
  
 Long Term Disability 
  
 Long Term Care 
  
 Flexible Spending Account” 

 Amend Article XII, Section l paragraph 137 to read “Retirement Plan - The bargaining unit employees of the
Chicago Heights plant will be eligible to participate in the same Defined Contribution retirement plan that is provided to the salaried employees.” 
  
 Amend Article XII, Section 1 paragraph 140 to replace “Rhodia” with “Innophos.” 
  
 Amend Article XII, Section 1 paragraph 141 to read “Savings Plan – The Innophos
Inc. 401(k) plan described in the plan booklet is available to the employees covered by this Agreement. The Company reserves the right to alter, modify and/or discontinue the 401(k) plan at any time.” 
  
 Amend Article XII, Section 2 paragraph 142 to replace “foreman” with
“Coordinator.” 
  
 Amend Article XIV, Section 2 paragraph 160 to
replace “us” with “is.” 
  
 Amend Article XIV,
Section 5 paragraph 168 to replace “Superintendents” with “Coordinators.” 
  
 Amend Article XIV, Section 6 paragraph 169 to replace the first sentence with “A Plant Safety Committee will be appointed, consisting of a mutually agreed upon number of salaried and bargaining unit employees
from Production, Maintenance, Warehouse, and the Laboratory.” 
  
 Amend
Article XIV, Section 7 paragraph 170 to read “Safety Shoes. The Company will provide each employee not on STD or LTD with $250 each year for the purchase of Company approved safety shoes. Employees on an approved leave of absence will be
eligible for that year’s safety shoe allowance upon their return to work.” 
  
 Delete Memorandum of Agreement page 38 paragraphs 177 and 178. 
  
 Amend MOA page 46 paragraph 213 to replace “Foreman” with “Coordinator.” 
  
 Amend MOA paragraph to 246 to delete the last sentence (Also, the Company will avail its discount purchase agreement for tools to the maintenance employees.) Amend
paragraph 247 to delete “working in the Organic Phosphates Department...” Need to change name and sign again. 

 Amend MOA paragraph to 249 to add the following sentence at the end “Any vacation in excess of single day
eligibility must be posted by August 1 of each calendar year. Any such vacation not posted by August 1 shall be assigned by the Company per the departmental limits on number of employees absent at any one time.” Need to change name and sign
again. 
  
 Delete MOA paragraphs 260 and 262. 
  
 Amend page 70 to read “Effective on 7:00 a.m. June 16, 1987 employees working in a
classification paying a rate of pay lower than they were receiving on January 16, 1987 will be “red circled” at the higher rate of pay. Any general increases will be on the classification rate of pay and not the individual’s rate of
pay. Employees currently assigned the Maintenance leadman classification will receive general increases on their individual rate and not on the classification rate of pay. 
  
 All new hires and employees returning from layoff to the “E” positions will receive that contract rate of pay.” Need
to change name and sign again. 
  
 Add an MOA to read: 
  
 “Beginning January 1, 2005, provide every bargaining unit employee not on LTD an
allowance of two (2) days per calendar year to cover the first two (2) days of any illness or absence. If that time is not taken by the end of the year, it will be paid at the employee’s day shift straight time rate in the first check in
January 2006. 
  
 An employee returning from LTD before July 1 will be
eligible upon return for a two (2) day allowance. An employee returning from LTD on or after July 1 will be eligible for a one (1) day allowance. 
  
 In addition, any employee with perfect attendance during the calendar year will receive a perfect attendance award of $600 in the first check in January 2006.

  
 If annual costs for hourly STD are under $230,000 in 2005, the above plan
will continue in 2006 but the cap will be mutually adjusted by the union and the Company based on headcount and the contractual wage increase. If annual costs for hourly STD are above $230,000 in 2005, starting January 1, 2006, and through the
remainder of that year: 
  

	 	•	 	First and second days off will be without pay 

  

	 	•	 	Illnesses involving hospital admittance will be paid from first day 

	 	•	 	If hourly STD costs are maintained below the 2006 cap during the calendar year, 2007 will revert to the above plan, with the cap mutually adjusted by the Union and the Company
based on headcount and the contractual wage increase ($230,000). 

  
 The annual cap does not include either the use or payout of the first two days allowance.” 
  
 The wage rate tables have been modified to reflect upgrade of the TSP ‘B’ operators to VC ‘A’ operators and the Storeroom Clerks I from C-1 to C
Maintenance jobs. 

			
	INNOPHOS INC.	 	PAPER, ALLIED-INDUSTRIAL,
	CHICAGO HEIGHTS, IL PLANT	 	CHEMICAL & ENERGY WORKERS
	 	 	INTERNATIONAL UNION, AFL-CIO
	  

	 	

	  

	 	CLC LOCAL UNION 6-765
	  

	 	

		
	
	 	

		
	
	 	

		
	
	 	

		
	  
 DATED: January 16, 2005
	 	

  
 AGREEMENT 

 
 BETWEEN 
  
 INNOPHOS INC. 
  
 CHICAGO HEIGHTS PLANT 
  
 1101 ARNOLD STREET 
  
 CHICAGO HEIGHTS, ILLINOIS 
  
 And 
  
 PAPER, ALLIED-INDUSTRIAL, CHEMICAL & 
 ENERGY 
 WORKERS INTERNATIONAL UNION 
  
 AFL-CIO 
  
 CLC LOCAL UNION NO. 6-765 
  
 EFFECTIVE 
  
 7:00 a.m., January 16, 2005 to 7:00 a.m., January 16, 2008 

 

 

 TABLE OF CONTENTS 
  

					
	 ARTICLE

	  	 	  	PAGE

			
	I	  	Recognition	  	1
			
	II	  	Definitions	  	4
			
	III	  	Non-Discrimination	  	5
			
	IV	  	Management Rights	  	5
			
	V	  	No Strike, No Lockout	  	5
			
	VI	  	Wages, Working Schedules, and Overtime	  	6
			
	VII	  	Vacations	  	12
			
	VIII	  	Holidays	  	15
			
	IX	  	Seniority, Promotions, Demotions, Layoffs	  	18
			
	X	  	Grievance Procedure	  	23
			
	XI	  	Overtime Lunches	  	27
			
	XII	  	Benefit Programs	  	28
			
	XIII	  	Leave of Absence	  	31
			
	XIV	  	Safety and Health	  	33
			
	XV	  	Miscellaneous	  	36
			
	XVI	  	Separability	  	36
			
	XVII	  	Outside Contractors	  	37
			
	XVIII	  	Effective Date, Termination, and Renewal	  	37
		
	Memoranda of Agreement	  	38
		
	Training Programs	  	39
		
	Short Term Disability	  	66
		
	Wage Schedules	  	 
		
	Calendars (2005-2008)	  	 

 AGREEMENT 
  

BETWEEN 
  
 INNOPHOS INC. 
  
 1101 ARNOLD STREET 
  
 CHICAGO HEIGHTS, ILLINOIS 
  
 AND

  
 PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY

  
 WORKERS INTERNATIONAL UNION 
  
 AFL-CIO 
  
 CLC LOCAL UNION NO. 6-765 
  
 This Agreement, dated the 16th day of January, 2005 by and between Innophos Inc. hereinafter referred to as the “Company”, and the Paper, Allied-Industrial,
Chemical and Energy Workers International Union (affiliated with the AFL-CIO) and CLC Local Union No. 6-765, hereinafter referred to as the “Union.” 
  
 WITTNESSETH, that it is agreed as follows: 

			
	ARTICLE I	  	 
	Recognition	  	 
		
	 Section 1. The National Labor Relations Board on June 25, 1965, in Case No. 13-RC-10485 has certified, and the Company recognizes the Union
as the sole and exclusive bargaining agent for the employees, as described in the National Labor Relations Act.
	  	2
		
	 Section 2. The Union, its officers and its members will not intimidate or coerce employees into membership in the Union. The Company agrees that it
will not discriminate against employees because of their membership in the Union.
	  	3
		
	 Section 3. The Company will agree to install bulletin boards, number to be acceptable to the Company, for the purpose of posting notices of Union
meetings or other Union activities. The Company agrees to install a bulletin board in the lunchroom in addition to present boards. It is agreed that the materials posted by the Union shall not be of a political or controversial
nature.
	  	4
		
	 Section 4. The Union agrees that no Union activities are to be conducted by the employees on Company time or property except with the express
permission of the Plant Manager or the Plant Manager’s representative or except as provided in this Agreement.
	  	5
		
	 Section 5. The Company agrees that supervisory or salaried employees shall not perform work normally or regularly performed by an employee of the
bargaining unit, except for the purpose of training or instructing, or testing of new, modified or experimental equipment or in cases of emergency to protect employees and Company property, or relieving an employee for a short period of time for
personal relief.
	  	6
		
	 Section 6. All employees in the bargaining unit who are members of the Union as of the date of this Agreement shall, as a condition of employment,
maintain membership in the Union by paying periodic dues and initiation fees uniformly required of all Union members.
	  	7

  

 1 

			
	 8
	  	 Employees who are not members of the Union as of the date of this Agreement, and employees who are hired on or after this date, shall, as a condition of
employment, join the Union following completion of their probationary period, and shall maintain membership in the Union to the extent of paying periodic dues and initiation fees uniformly required of all Union members.

		
	 9
	  	 For the purposes of this Article, employees shall not be deemed to have lost their membership in the Union in good standing until the International
Secretary-Treasurer and the Local Secretary-Treasurer of the Union shall have determined that the membership of such employees in the Union is not in good standing and shall have given the Company a notice in writing to that
effect.

		
	 10
	  	 The Union agrees to accept as members all present or subsequent employees who make application for membership in accordance with this
Article.

		
	 11
	  	 The foregoing provisions shall be effective in accordance with and consistent with applicable provisions of Federal and State Laws.

		
	 12
	  	 Section 7. During the life of this Agreement the Company agrees to make deductions for dues of each employee who signs and delivers to the Company a
deduction authorization in the form shown below.

		
	 13
	  	 The amount of dues to be deducted and the name of the duly authorized agent of the Union to whom the dues are to be sent shall be supplied to the Company by the
Union by letter. The money so deducted shall be paid by one monthly check, made payable to the duly authorized agent of the Union. The Company will make a reasonable effort to prepare the check by the tenth (10th) of each month and forward same
to the Union.

  

 2 

			
	The dues deduction authorization shall be in the following form:	  	 
		
	DUES CHECK-OFF AUTHORIZATION FORM	  	 
		
	Innophos Inc.	  	14
	1101 and Arnold Streets	  	 
	Chicago Heights, Illinois 60411	  	 
		
	 You are hereby requested and authorized to deduct from my wages the regular monthly dues as designated by Local 6-765, Paper, Allied-Industrial,
Chemical & Energy Workers International Union, and to remit same to the Secretary-Treasurer of said Local Union.
	  	15
		
	 This authorization shall remain in effect until revoked by me and shall be irrevocable for a period of one (1) year of the duration of this Agreement except
as hereinafter provided. I reserve the right to revoke this authorization by notifying both the Company and the Union in writing be registered or certified mail, during the ten (10) day period immediately preceding the expiration of a one
(1) year period or the termination of this Agreement, whichever occurs sooner. Unless so revoked by me this authorization shall automatically be renewed from year to year, subject each year to revocation during the ten (10) day period as
specified above. You are hereby authorized to deduct an initiation fee, if applicable, and remit same to the Secretary-Treasurer of Local 6-765 PACE.
	  	16

  

 3 

 DATE:                                     
                                        
                                        
                                        
                                        
                                        
      
 NAME:                                     
                                        
                                        
                                        
                                        
                                        
     
 ADDRESS:                                    
                                        
                                        
                                        
                                        
                                      
 CITY:                                     
                                        
                                        
                                        
                                        
                                        
        
 STATE:                                     
                                        
                                        
                                        
                                        
                                        
    
 ZIP CODE:                                   
                                        
                                        
                                        
                                        
                                       

CLOCK NO:                                   
                                        
                                        
                                        
                                        
                                    
 PHONE:                                     
                                        
                                        
                                        
                                        
                                        
   
 SIGNATURE:                                    
                                        
                                        
                                        
                                        
                                
  

			
	17	 	 Section 8. The Union will indemnify and save the Company harmless against any and all claims and liability arising out of the fact that monies are
collected for the Union from an employee’s pay and remitted to the Union in accordance with the Agreement

		
	 	 	ARTICLE II
	 	 	Definitions
		
	18	 	 Section 1. The word “employee” when used in this Agreement shall mean all full-time production and maintenance employees at the
Company’s Chicago Heights Plant, located at 1101 Arnold Streets, Chicago Heights, Illinois including hourly laboratory employees, and Boiler House/TSP employees, but excluding all office and clerical employees, professional employees, chemists,
guards, and salaried personnel as defined in the Act.

		
	19	 	 Section 2. The word “plant” when used in this Agreement shall mean the Chicago Heights Plant of the Company which is located at 1101
Arnold Streets, Chicago Heights, Illinois.

  

 4 

			
	ARTICLE III	 	 
	Non-Discrimination	 	 
		
	 It is the continuing policy of the Company and the Union that the provisions of this Agreement shall be applied to all employees without regard to race, color,
religion, national origin, age, sex, or disability so long as such application is consistent with State and/or Federal Laws.
	 	20
		
	 Any reference to “employee”, “employees”, “he”, or “his” in the Agreement covers both male and female employees. The terms
are used for the purpose of brevity and understanding only.
	 	21
		
	ARTICLE IV	 	 
	Management Rights	 	 
		
	 The Company shall have the right to manage the plant and direct the working force, including the right to plan, direct, control plant production, to hire, layoff,
suspend, transfer, or discharge employees for just cause, subject to the terms and provisions of the Agreement. In addition, the products to be manufactured, the number of employees necessary to staff a process, methods, processes, and means of
manufacture are recognized as the exclusive function of the Company, subject to the terms and provisions of the Agreement. The Company also has the exclusive right to establish work schedules and assignments and to make changes therein essential to
the efficient, economic operation of the plant, subject to the terms and provisions of the Agreement. It is agreed that the enumeration of the above functions shall not exclude customary management functions subject to the provisions of this
Agreement.
	 	22
		
	ARTICLE V	 	 
	No Strike, No Lockout	 	 
		
	 During the term of this Agreement, the Union agrees for itself and on behalf of its members that it will not instigate, aid, or condone any strike, slowdown, work
stoppage, or interference
	 	23

  

 5 

			
	 	 	with production against the Company; and the Company agrees that it will not engage in a lockout of the employees.
		
	 	 	ARTICLE VI
	 	 	Wages, Working Schedules, and Overtime
		
	24	 	 Section 1. The classification and job rates in Schedules, A, B, and C, attached, are made a part of this Agreement and shall remain in full force and
effect for the duration of this Agreement. During the life of this Agreement, if an operation is re-established, all the job classifications that were removed during the previous contract period shall be re-instated at the current rates as if they
had never been removed.

		
	 	 	 Schedule A shall become effective as of 7:00 A.M., January 16, 2005

		
	 	 	 Schedule B shall become effective as of 7:00 A.M., January 16, 2006

		
	 	 	 Schedule C shall become effective as of 7:00 A.M., January 16, 2007

		
	25	 	 Wage rates for newly created jobs, i.e., jobs that have not previously had job rates established by negotiation, and for jobs that have substantially changed
will be negotiated with the Union. If the parties fail to reach agreement, the Union may, within five (5) days, file a grievance at Step 3 of the grievance procedure. The Union may also file a grievance at this step of the procedure if no
meeting concerning the job(s) has been held within thirty (30) calendar days after the Union has notified the Company in writing of its desire to hold such a meeting. The arbitrator shall fix the rate or rates in controversy solely upon the
basis of rates for existing classifications covered by this Agreement, taking into consideration the relationship between the job content of the new or substantially changed job and the job content of the most nearly comparable classification in the
plant. Any changes in wages will be retroactive to the date the employee first entered the job.

  

 6 

			
	 Section 2. The “workweek” at the plant shall commence at 7:00 A.M. on Monday and end at 7:00 A.M. the following Monday. The
“workday” at the plant commences at 7:00 A.M. and ends at 7:00 A.M. the following day. The scheduled “workday” and “workweek” of any employee may commence at any hour other than 7:00 A.M.
	 	26
		
	 For the purposes of determining daily overtime, the “workday” is defined as the twenty-four (24) hour period following the start of the
employee’s regular scheduled shift as defined in Section 15. These twenty-four hour periods may not overlap.
	 	27
		
	 The Company will post the work schedules for the succeeding week by noon on Thursday, if possible, but no later than the end of the first shift. In the event an
employee’s schedule is then changed while the employee is at work they will be notified by management.
	 	28
		
	 Section 3. The regular scheduled hours of employment of all employees other than employees working on continuous operations, shall not exceed eight
(8) hours in a “workday” or forty (40) hours in any scheduled “workweek”, (Exclusive of unpaid lunch period of one-half (1/2) hour for employees not working on continuous operation).
	 	29
		
	 Section 4. The regular scheduled hours of employment for employees working on continuous operation shall not exceed eight (8) hours in a
“workday” nor shall they exceed forty (40) hours in any “workweek”, Such employees shall eat lunch while on duty.
	 	30
		
	 Section 5. The provisions fixing the regular scheduled hours of employment are not to exceed eight (8) in a “workday” and are not to
exceed forty (40) in any scheduled “workweek” do not limit the right of the Company to schedule and assign when necessary employees to work more than eight (8) hours in a “workday” or more than forty (40) in any
scheduled “workweek”. Neither is there a guarantee that any
	 	31

  

 7 

			
	 	 	employee will be given eight (8) hours work per day or forty (40) hours per week.
		
	32	 	 Section 6. One and one-half (1 1/2) times the regular straight time rates shall be paid for:

		
	 	 	 (a)    Over eight (8) straight time hours in a “workday”. (See Section 2, Paragraph 2)

		
	 	 	 (b)    Over forty (40) straight time hours in a “workweek”.

		
	 	 	 (c)    Call-out for nonscheduled hours.

		
	 	 	 (d)    Change of schedule, unless:

		
	 	 	 •      twelve (12) hours advance notice of said change is given, or

		
	 	 	 •      the revision is due to an absence or return from an absence or the transfer of an employee,
or

		
	 	 	 •      change is at the request of the employee.

		
	 	 	 (e)    First eight (8) hours worked on a holiday (plus holiday pay).

		
	 	 	 (f)     Hours worked on Sunday (first shift through third shift).

		
	33	 	 Section 7. Double the regular straight time rates shall be paid for:

		
	 	 	 (a)    Over sixteen (16) consecutive hours worked.

		
	 	 	 (b)    Overtime work on Sunday (first shift through third shift).

		
	34	 	 Section 8. Two and one half (2 1/2) times the regular straight time rate shall be paid for:

		
	 	 	 (a)    Hours worked over eight (8) on a holiday.

		
	 	 	 (b)    Call-outs on a holiday outside of the regular schedule.

		
	35	 	 Section 9. It is agreed that there shall be no pyramiding of premium and/or overtime pay under any of the provisions of this Agreement. Therefore,
overtime, penalty, or premium payments shall not be duplicated for the same hours worked, and to the extent that hours are compensated for as overtime, penalty, or premium including call-out, under one

  

 8 

			
	provision, they shall not be counted as hours worked in determining overtime, penalty, or premium compensation under the same or any other provision of this Agreement. The only exception to
this will be double back hours which will count toward the computation of Sunday pay rates.	 	 
		
	 An employee will not be asked to take a scheduled day of work off to offset overtime,
	 	36
		
	 It is understood that the Company is not desirous of working employees any more overtime than is necessary. An employee who is required to work a reasonable
amount of overtime and is unable to, due to a compelling personal reason, may be excused. It is understood and agreed the Company will give as much advance notice as possible of the required overtime.
	 	37
		
	 Section 10. Employees who are called out and report for work at any time other than their scheduled shift in answer to special notification shall be
guaranteed a minimum equivalent payment of five (5) hours straight time, regardless of whether they work into their regular shift.
	 	38
		
	 Section 11. A shift employee scheduled to be relieved at the end of the shift shall remain at work until the employee scheduled to relieve reports for
work or unless released by management.
	 	39
		
	 Management will make a reasonable effort to obtain a qualified relief and shall procure a relief employee in accordance with the provisions of Section
12.
	 	40
		
	 Section 12. Necessary overtime will be divided as equally as practicable among qualified employees in a classification in an area in so far as
practicable.
	 	41
		
	 Overtime work will be offered in the following sequence:
	 	42
		
	 1.      To the low overtime standing qualified employee in the job classification.
	 	 
		
	 2.      To the employee low in overtime performing the job.
	 	 

  

 9 

			
	 	 	 3.      To the low overtime standing employee in the job classification within the area at work at the
time.

		
	 	 	 4.      To the low overtime standing qualified employee within the area at work at the
time.

		
	43	 	 In the event qualified employee(s) are unable to meet the overtime requirements, the qualified employee(s) with the least overtime hours worked in the
classification at work at the time must work the overtime.

		
	44	 	 In the event of the need for a job continuation in maintenance, overtime will be offered to the employee performing the work at the time.

		
	45	 	 The Company will keep a record of overtime worked posted electronically in each department. Total overtime hours worked will be used for offering overtime
opportunity. This record will be maintained on a weekly basis. At the beginning of each calendar year, the overtime hours of each employee will be reduced to zero. Beginning the new calendar year, overtime order will be based on seniority until a
new overtime list is established.

		
	46	 	 It is recognized that it will not always be possible to assign the lowest employee on the overtime list to a specific job. However, if an employee has not
properly shared in the distribution of overtime, the Company will make adjustments in future overtime assignments. Employees who have been out on a leave of absence for more than 30 days will have their year to date total overtime hours set at the
average for their job classification upon returning to work, unless their year to date total is higher than the average for the job classification.

		
	47	 	 Section 13. Employees may be temporarily transferred from one job to another job for a period not to exceed seventy-five (75) days in any calendar year.
In all cases seniority within the area that a vacancy occurs will be given first consideration. Time limits may be extended by mutual agreement. If the temporary transfer is to a higher rated job for

  

 10 

			
	one-half (1/2) hour or more, the employee will be paid the rate of the higher rated job for the hours worked on that job. If the temporary transfer is to a lower rated job, the employee shall
continue to be paid the permanent rate. An employee will not be temporarily transferred from a permanent job if replaced on a job by another employee, unless the employee so agrees.	 	 
		
	 In the event an operation, unit, area, or department is temporarily shut down for repairs and the employee involved is transferred to another job, the
employee’s permanent rate will be continued, regardless of the type of work assigned, until the repairs are completed and the employee is returned to this permanent job.
	 	48
		
	 Section 14. If an employee has been scheduled to report for work and has not been notified not to report as scheduled at least two (2) hours prior to the
scheduled starting time and reports to work but is refused work, the employee shall be compensated at the regular rate of four (4) hours in lieu thereof
	 	49
		
	 This provision shall not apply when the failure to have work available for such reporting employee is due to an Act of God, power failure, work stoppages, or
for other causes beyond the control of the Company. The employees may be offered substitute work in lieu of the employee’s regular work. Such substitute work means any work within the reasonable capacity of the individual to perform whether it
be production, material handling, housekeeping or maintenance. Should an employee refuse to work such assignment, the employee shall not receive four (4) hours’ pay.
	 	50
		
	 Section 15. Employees who are scheduled to work the second or third shift will be paid a shift premium in the manner provided below. It is understood
that the normal starting times for the three shifts are as follows:
	 	51
		
	 1st Shift - between 6:00 A.M. and 8:00 A.M.
	 	 
		
	 2nd Shift - between 3:00 P.M. and 4:00 P.M.
	 	 
		
	 3rd Shift - between 11:00 P.M. and 12:00 Midnight
	 	 

  

 11 

			
	 	 	 (a)    No shift premium shall be paid for any hours worked during the first shift.

		
	 	 	 (b)    An employee scheduled to work the second shift shall be paid a shift premium of fifty cents (50¢) per hour
for all hours worked on that shift.

		
	 	 	 (c)    An employee scheduled to work the third shift shall be paid a shift premium of ninety cents (90¢) per hour
for all hours worked on that shift.

		
	52	 	 Employees beginning prior to or working beyond their scheduled shift shall receive shift premium for those hours worked outside their scheduled shift as
applicable.

  
 ARTICLE VII

 Vacations 
  

			
	 	 	 The Company shall provide annual vacations for all employees in accordance with the following plan:

		
	53	 	 (a)    If the employee has been in the continuous service of the Company for one (1) year but less than two (2) years,
he shall receive seven (7) consecutive days’ of vacation with forty (40) hours’ vacation pay. The first year vacation is earned on the employee’s anniversary date.

		
	54	 	 (b)    If the employee has been in the continuous service of the Company for two (2) years or more but less than five
(5) years, he shall receive fourteen (14) consecutive days’ vacation with eighty (80) hours’ vacation pay.

		
	55	 	 (c)    If the employees have been in the continuous service of the Company five (5) years or more, but less than ten
(10) years, they shall receive twenty-one (21) consecutive days’ vacation with one hundred and twenty (120) hours’ vacation pay.

		
	56	 	 (d)    If the employees have been in the continuous service of the Company ten (10) years or more, but
less

  

 12 

			
	 than twenty (20) years, they shall receive twenty-eight (28) days’ vacation with one hundred and sixty (160) hours vacation pay.
	 	 
		
	 (e)    If the employees have been in the continuous service of the Company twenty (20) years or more, they shall receive
thirty-five (35) consecutive days’ vacation with two hundred (200) hours’ vacation pay.
	 	57
		
	 (f)     Employees entitled to more than seven (7) consecutive days’ vacation may take such vacation in periods
of seven (7) consecutive days each.
	 	58
		
	 (g)    In computing the time employees have been in continuous service there shall be included the time they have been
continuously employed by the Company.
	 	59
		
	 (h)    No employees shall be entitled to vacation unless they have worked a minimum of fifteen hundred (1500) hours during
the previous calendar year. In computing the fifteen hundred (1500) hours, there shall be counted as time worked any absence time made necessary by injury incurred in the course of this employment or illness certified to by a reputable physician;
provided, however, that such absence time shall be counted only during the first twelve (12) months after such an injury was incurred or such illness commenced.
	 	60
		
	 (i)     The vacation period shall be January 1 through December 31. All vacations shall be scheduled, taken
and completed at such time during that period as the Company finds most suitable to the efficient operation of the plant, giving due consideration to the wishes of the employee. When there is a conflict in requested vacation periods, the senior
employee shall be given the preference. Not less than one month must elapse between vacation, but
	 	61

  

 13 

			
	 	 	 this restriction may be waived by the Company if an employee is absent from work because of illness or injury, or in the case of a layoff.

		
	62	 	 (j)     Vacation pay shall be computed at the employee’s job rate, excluding overtime. The average shift
premium will be added to a rotating shift employee’s vacation pay. (For this Section, a rotating shift employee is one who changes shifts weekly). In the event of the death of an employee after they become eligible for vacation, the vacation
payment will be paid to the employee’s beneficiary as designated under the Company Group insurance program.

		
	63	 	 (k)    Payment of vacation money shall be made on the last business day before the employee leaves for vacation. An
employee who enters military service, quits, is discharged, or laid off after becoming eligible for vacation under this plan and who has not taken vacation shall receive vacation pay as above provided.

		
	64	 	 (l)     If a holiday occurs when employees are on vacation, they shall be paid holiday pay for such holiday in
addition to vacation pay or be granted an extra days’ vacation with pay in lieu thereof at Management’s discretion.

		
	65	 	 (m)   An employee who is entitled to take more than three (3) weeks of vacation within a calendar year may elect to take pay
in lieu of those weeks of vacation beyond three (3) weeks, provided it is mutually agreeable between the Company and the employee. The most senior employee in the classification shall be given first option of working in lieu of their vacation, as
heretofore stated. All pay in lieu of vacation must be taken by April 1 of each calendar year.

  

 14 

			
		
	 (n)    An employee who retires shall receive vacation pay accrual on the basis of one-twelfth (1/12) of the vacation
allowance due for each full month of service in the current year.
	 	66
		
	 (o)    Employees who are eligible for vacation may take up to three (3) weeks of their vacation for one day vacations.
Non-relieved employees who qualify may choose to take up to one (1) of these three weeks as ? day vacations. One-day and/or ? day vacations cannot impose an economic penalty in any way on the Company nor disrupt staffing requirements nor vacation
schedules.
	 	67
		
	 One-day and/or ? day vacations must be arranged by Wednesday of the preceding week in which the vacation day is to be taken. Requests for one-day vacations to
address emergency situations must be arranged at least forty-eight (48) hours before the desired vacation day.
	 	68
		
	 Unused one-day and/or ? day vacations will be paid in lieu of or scheduled off at the discretion of the Company on an individual basis in December of each year.
One-day vacation will not be considered as time worked for the purpose of computing overtime payments.
	 	69
		
	 ARTICLE VIII
 Holidays
	 	 
		
	 Section 1. The following days shall be recognized as holidays:
  
 New Year’s Day
 Washington’s Birthday
 Good
Friday
 Memorial Day
 Fourth of July
 Labor Day
 Thanksgiving Day
	 	70

  

 15 

			
	 	 	 Day after Thanksgiving

	 	 	 Day before Christmas

	 	 	 Christmas Day

	 	 	 Designated Floating Holiday

	 	 	 Individual Floating Holiday

		
	71	 	 When any of these holidays fall on Sunday, the Monday following such holiday shall be observed as the holiday. When any of these holidays fall on Saturday, the
Friday preceding such holiday shall be observed as the holiday.

		
	72	 	 The day of observance shall be considered the holiday for the purpose of payment under this Article. No later than November 1 of each preceding year,
management will consider the Union’s preference when determining the floating holiday.

		
	73	 	 Section 2. Holiday pay is defined as eight (8) hours at the employee’s straight-time rate of pay, including shift differential

		
	74	 	 Section 3. All employees not working on a specified holiday shall receive holiday pay, provided that they shall have worked a full shift upon their
scheduled working days preceding and following such holiday, unless their absence on either of such scheduled shifts occurred due to illness or with the express consent of the Plant Manager or the Plant Manager’s representative. The Company may
require a physician’s certificate to prove such illness.

		
	75	 	 Holiday pay will be included in the pay for the work week in which it occurs. This provision shall in no way alter the qualification requirements for holiday
pay allowance as above.

		
	76	 	 Section 4. Employees who return to work within the same payroll period that the holiday falls in or on their first scheduled work day in the next payroll
period will receive holiday pay if such absence was due to illness or a compensable injury. The Company may require a physician’s certificate to prove such illness.

  

 16 

			
	 Section 5. Employees who are scheduled to work on a holiday and who do not work on the holiday will not receive holiday pay under the provisions of this
Agreement; however, if the absence was due to illness they will receive holiday pay, subject to the exceptions provided in Section 3, above, and shall be required to furnish a physician’s certificate to prove such illness. An employee who is on
leave of absence or on layoff which began more than seven (7) days prior to the holiday will receive no holiday pay.
	  	77
		
	 Section 6. An employee who does work on a holiday will receive holiday pay plus time and one-half (1 1/2) for all hours worked up to eight (8). Hours worked
over eight (8) shall be compensated at two and one-half (2 1/2) times the employee’s rate of pay.
	  	78
		
	 If a holiday falls on a day on which employees are normally scheduled to work, but due to the observance of such holiday they are scheduled off or instructed by
the Company not to report for work, and then are called in to work outside of their regular scheduled shift on the holiday, they shall be paid at two and one-half (2 1/2) times their applicable rate for all such hours which shall be exclusive of
holiday pay, or shall be paid in accordance with Article VI, Section 7, whichever is greater.
	  	79
		
	 Section 7. If a holiday falls while an employee is on vacation, the employee will be paid for the holiday in addition to vacation pay, or as provided in the
Vacation Article.
	  	80
		
	 Section 8. Hours not worked on a holiday, which are normally the employee’s regularly scheduled hours, (the schedule the employee has worked the
preceding four (4) weeks), will be used for the purpose of computing overtime provided the employee qualifies for holiday pay under provisions of this Article.
	  	81

  

 17 

			
	 	  	ARTICLE IX
	 	  	Seniority, Promotions, Demotions and Layoffs
		
	82	  	 Section 1. An employee’s seniority shall be computed on the following basis:

		
	83	  	 (1)    Ad employee’s seniority shall be determined by the total time of continuous employment since the last date
of hire with the Company at its Chicago Heights Plant.

		
	84	  	 (2)    Seniority and employment relationship shall be broken when employees are:

		
	 	  	 (a)    Laid off for a period exceeding the length of this accumulated seniority, or a period of two (2) years,
whichever shall be the lesser, or

		
	 	  	 (b)    Fails to return to work at the end of a leave of absence, or

		
	 	  	 (c)    Quits or resigns, or

		
	 	  	 (d)    Is discharged for just cause, or

		
	 	  	 (e)    Is absent from work for three (3) consecutive scheduled working days, without having notified the Company of
their reason for their absence, unless lack of said notification is due to extenating circumstances.

		
	85	  	 Section 2. Employees who have been transferred to a job outside the bargaining unit may be transferred to the bargaining unit, and, if they are, they
shall retain and exercise only that seniority they have accumulated previously while members of the bargaining unit. The provisions of the Section shall not apply for a period of time in excess of six (6) months. Temporary transfers shall not be
affected by this waiver.

		
	86	  	 Section 3. An employee with less than ninety (90) calendar days service shall be considered a probationary employee and may be laid off or re-employed
without reference to seniority. Probationary employees shall be ineligible to bid on posted jobs.

  

 18 

			
	 Section 4. All promotions within the bargaining unit shall be made on the basis of attendance, qualifications, fitness, and ability (experience, skill,
education), and seniority. When the qualifications as to attendance, fitness and ability are relatively equal, seniority shall govern. The Company reserves the right to give tests and examinations uniformly to assist in determining the
qualifications and ability of employees. The result of the Company’s determination shall be subject to the provisions of Article X of this Agreement. Experience gained during temporary transfer will not be a factor in determining qualifications
in awarding permanent job bids.
	  	87
		
	 A newly created job shall not be filled on a temporary basis for more than thirty (30) operating days, unless mutually agreed to extend the time for an additional
thirty (30) operating days.
	  	88
		
	 For the purpose of this article, the following departments will be in effect Production (Area 1, Area 3), Maintenance, Shipping and Laboratory. Management may,
from time to time, reorganize the aforementioned department/area listings. The Company will notify the Union should such changes be made.
	  	89
		
	 When necessary, as the need arises to fill a permanent opening or an opening on a newly created job; the Company will post the job opening on the bulletin board
for a period of three (3) days (seventy-two (72) hours) exclusive of weekends. The nature of the job, the wage rate, the shift involved and the main qualifications of the job will be given in the notice. The job vacancy will be posted for bid for
all employees who have completed their probationary period in the plant for the time period above. Employees who are on vacation or on their long weekend or who are on medical leave for thirty (30) days or less shall be required to bid for the open
job within no more than two (2) days of their return. The Company will post for thirty (30) days, and regularly update a list including the title of the job bid, the date the job was bid, the name of the
	  	90

  

 19 

			
	 	 	successful bidder and the date the job was awarded. The successful bidder will be selected in accordance with the terms and provisions of this Section. An announcement of the successful
bidder shall be posted on the bulletin board within seventy two (72) hours of the time selection is made and the Union shall be furnished a copy of the bid sheet and name of the successful bidder. The successful bidder will be determined under the
following terms and provisions:
		
	91	 	 In accordance with the terms of this Section all positions within a department will be bid, except the entry level “E” positions within the Production
Department. Each job will be awarded on the basis of attendance, qualification, fitness, ability (experience, skill, education), seniority and demonstration of satisfactory job performance in employee’s existing position and the position
applied for.

		
	92	 	 The following priorities will apply in the Shipping and Production departments only:

		
	93	 	 Priority for ‘A’ and ‘B’ level positions:
  
 Employee must have twenty-four (24) months operating experience in production and be in good standing in their current
position with regard to attendance, job performance, proven knowledge of operation. All things being equal, seniority shall govern.

		
	94	 	 Priority for ‘C’ and ‘D’ level positions:

		
	 	 	 Plant wide seniority.

		
	95	 	 It is agreed that the Maintenance Department will be required to post only “D” and “E” level positions.

		
	96	 	 If in the opinion of the Company, those bidding on a job are not qualified or there are no bidders, the Company may:

		
	 	 	 (1)    Hire a new employee, or

		
	 	 	 (2)    Assign a probationary employee to the job or

		
	 	 	 (3)    Assign the job to the least senior employee in the area or department.

  

 20 

			
	 The Company will determine the successful bidder and when in the opinion of the Company a bidder is not qualified, they will be notified as to the reasons. When
employees are awarded a posted job and subsequently fail to perform the work satisfactorily after a trial period, they shall be returned to their former job. The duration of the trial period will depend on the job the employee is awarded, but will
not exceed thirty (30) days in duration. This thirty (30) day trial period may be extended upon mutual agreement between the Company and the Union. The employee will receive the rate of the new job during the thirty (30) day trial period when able
to assume full responsibility to perform the job.
	 	97
		
	 After the job has been awarded, the Company shall transfer the employee to the job within thirty (30) days of the award. If the employee has not been transferred
to the awarded job by the thirtieth (30th) day after such award, the Company will pay the rate of the awarded job or the currently held job, whichever is greater, commencing with the date of such award.
	 	98
		
	 1.      Employees awarded an “A” position are prevented from down-bidding or moving laterally for
eighteen (18) months (unless mutually agreed upon by the Company and Union) from the date of being awarded the “A” position.
	 	99
		
	 2.      Employees awarded a “B” or “C” position are prevented from down-bidding or moving
laterally for twelve (12) months from the date of being awarded the “B” or “C” position.
	 	100
		
	 3.      Employees awarded a “D” position are prevented from bidding laterally for twelve (12) months
from the date of being awarded the “D” position.
	 	101
		
	 Section 5. A temporary layoff shall be defined as a reduction in force of thirty (30) consecutive days or less. In case of a permanent reduction (over 30
consecutive days) in
	 	102

  

 21 

			
	 	 	the working force of the plant, employees shall be laid off according to seniority within the classification affected; in recalling, the most senior laid off employee shall be the first
recalled.
		
	103	 	 This provision shall not apply in circumstances where the needs of the plant require the retention of an employee with special abilities and
skills.

		
	 	 	 Permanent reductions in force within an area/department shall be handled as follows:

		
	104	 	 (a)    Employees affected may transfer or bump to any position of equal standing or less (A to A or lower, B to B or
lower, C to C or lower, D to D, based on their plant seniority) provided that:

		
	 	 	 1.      The position is currently held by a junior employee.

		
	 	 	 2.      The employee must be able to perform the job after 15 days of joint training by management and on the
job training.

		
	 	 	 3.      Any employee attempting to bump to an ‘A’ or ‘B’ level production position must have twenty-four (24) months production operating experience at the ‘A’ or ‘B’ operator
level.

		
	105	 	 (b)    Employees who cannot exercise their seniority rights as described above shall be transferred in accordance with
their seniority to any “C” level job if: a) the job is held by a junior employee and b) the employee is able to perform the job within fifteen (15) working days, or to any “D” and “E” level position as assigned,
provided:

		
	 	 	 (1)    The job is held by a junior employee, and

		
	 	 	 (2)    The affected employee is physically fit and able to perform the job.

		
	106	 	 (c)    Employees who are displaced from their jobs based on the above, shall exercise their seniority rights as
described in (a) and (b) above.

  

 22 

			
	 (d)    “A” and “B” operators with a compelling medical reason (written verification by a licensed
physician required) or a performance problem will be considered for placement in any open “C”, “D” or “E” level job. Such placement will be discussed with the appropriate Union official prior to moving the
employee.
	 	107
		
	 (e)    In the event of a department shutdown, the most senior employee will be allowed to transfer to an operation in
accordance with the above for training purposes. Training will be done jointly by management and operations personnel mutually agreed upon by the company and union. This process will continue until the decommission of the affected department is
complete.
	 	108
		
	 Section 6. When employees are hired on the same day, a lottery system shall be used to determine the seniority of each employee. Employees currently within
the employment of the Company having the same hire date will use a lottery system, should the need arise, to determine the seniority of each employee for bidding, reduction in force and recalls. For current employees only, a Union Representative
shall be present at the time of the lottery.
	 	109
		
	 The system shall consist of a selection of a number by each affected employee and the most senior employee shall be determined by the employee drawing the highest
number.
	 	110
		
	ARTICLE X	 	 
	Grievance Procedure	 	 
		
	 Section 1. A grievance is defined as a dispute between the Company and Union involving the terms and provisions of the Agreement. Grievances shall be
presented for consideration promptly, and will not be considered if they are presented later than ten (10) days after the date of the
	 	111

  

 23 

			
	 	  	incident, and in the event of grievances in regard to payroll error no later than thirty (30) days after employees receive their pay checks.
		
	112	  	 Section 2. The grievance procedure shall be as follows;
  
 STEP 1 The aggrieved employee, accompanied by the shop steward, if the employee so desires, will specifically ask the Coordinator for
a First Step grievance meeting, which will then be arranged. An answer shall be given by the Coordinator within forty-eight (48) hours.

		
	113	  	STEP 2 Failing satisfactory adjustment in Step 1, the grievance shall be reduced to writing stating the nature of the grievance, the applicable Article(s) and Section(s) of the
Agreement allegedly violated and the remedy sought. This shall be presented to the Plant Human Resources Manager or the Human Resources Manager’s designee not later than five (5) days after receipt of the first step answer.
		
	114	  	The Area Coordinator and/or the Department Manager and Plant Human Resource Manager or Human Resources Manager’s designee will meet with the Shop Steward, the Union President or his
designee and the aggrieved employee, if he so desires, within ten (10) days. An answer will be given by the Company within seventy-two (72) hours of the meeting.
		
	115	  	STEP 3 Failing satisfactory adjustment in Step 2, the grievance may be presented to the Plant Manager not later than five (5) days after receipt of the second step answer. The Plant
Manager or the Plant Manager’s authorized representative, a representative of the Employee Relations Department, and such other members of management as the Plant Manager may designate, will meet with a representative of the International
Union, if so desired, the Shop Steward, The Union President or his designee and the aggrieved employee, if he so desired, to discuss the matter. The Plant Manager shall give an answer in writing to the Union within

  

 24 

			
	seven (7) days after the meeting. All grievances must be resolved within 30 days after they are granted.	  	 
		
	STEP 4 If the grievance is not settled under the foregoing, it shall, upon written advice to the other party be submitted to arbitration. In such event the notice shall be in writing
within five (5) days after receipt of the Company’s Third Step answer.	  	116
		
	 Section 3. The Company and the Union shall, within twenty (20) days thereafter, Jointly request the Federal Mediation and Conciliation Service to submit a
panel of seven (7) arbitrators. The Parties shall meet within ten (10) days following receipt of the panel and select, by the alternating strike procedure, an arbitrator to hear the case. It is expressly understood that, “joint request”
means a single letter signed by both the Company and the Union. The request shall state the issue, to be arbitrated. If no agreement is reached on the issue, each party will state its determination of the issue in the joint request. In the event
either party refuses to sign the joint request, the other party may then unilaterally request a panel of arbitrators. The parties shall meet within ten (10) days of receipt of the arbitrator’s hearing availability dates, and schedule a bearing
date. The arbitrator, whose decision shall be final and binding upon the Parties, shall not hear or decide more than one (1) grievance unless mutually agreed otherwise by the Parties to this Agreement. In the event either Party finds all seven (7)
arbitrators unacceptable, up to three (3) panels may be requested, two (2) panels in discharge cases.
	  	117
		
	 Section 4. Any grievance referred to arbitration shall be decided promptly. The arbitrator shall make every effort to render a decision on an arbitration
case within thirty (30) days after the hearing. The arbitrator shall make such award as the arbitrator deems proper under the circumstances, but shall have no power to add to, delete from, or modify the terms of this Agreement. A decision by the
arbitrator
	  	118

  

 25 

			
	 	  	shall be stated in writing to the Company and to the Union, and shall be final and binding upon the parties of this Agreement and any employee involved in the dispute.
		
	119	  	 Section 5. The expenses of the Arbitrator, hearing room, and any other mutually agreed upon expenses, shall be divided equally between the Company and
the Union with each party paying the expenses of its own participants.

		
	120	  	 Section 6. Grievances resulting from the discharge of an employee must be presented in writing, signed by the aggrieved employee or Union Official, and
shall be presented at the THIRD STEP of the grievance procedure not more than five (5) days from the time of discharge, excluding Saturdays, Sundays, and holidays.

		
	121	  	 Section 7. Grievances shall be processed from step to step promptly. Failure by either party to process a grievance to the next step within the time
limits provided shall be construed as binding evidence that the answer was satisfactory at the preceding step. This shall apply to the SECOND, THIRD and FOURTH STEPS. In computing the periods of time provided for by this Article, Saturdays, Sundays,
and holidays shall be excluded. Any time limits of the grievance procedure may be extended by mutual agreement in writing.

		
	122	  	 Section 8. Grievances heard in the second step will be scheduled at a time mutually agreed upon by the Company and the Union.

		
	123	  	 Grievances must be heard in sequential order except for discharge grievances.

		
	124	  	 The Company will pay the grievant, Shop Steward and Union President or his designee for time lost while attending grievance meetings during the stated times
above.

		
	125	  	 In the event a grievance is filed by the Local on behalf of the Local or an individual(s) the Company will only pay for time lost to the Shop Steward and Union
President or his designee.

  

 26 

			
	 Section 9. The time limitations set forth herein for the Company’s or Union’s answer may be extended by mutual agreement of the Company and the
Union.
	  	126
		
	 Section 10. Shop stewards shall obtain permission from management before leaving the job to discuss or investigate a grievance or to take part in other
Union business and such permission will not be unduly withheld.
	  	127
		
	 Section 11. The Union agrees to supply the Company, in writing signed by its president, with the name and official title for any and all representatives
designated by it for the purpose of administering the terms and conditions of this Agreement. The Company shall not be bound to recognize anyone not so presented.
	  	128
		
	 ARTICLE XI
 Overtime lunches
	  	 
		
	 Section 1. The Company shall provide a meal money allowance in the amount of six dollars ($6) for employees required to work more than two (2) hours beyond
their scheduled quitting time, provided they were not so scheduled before reporting to work. Vending machine tokens in the amount of six dollars ($6) will be available to employees who wish to purchase their lunch on the premises.
	  	129
		
	 At each four (4) hour interval another meal money allowance will be provided while the employee is working.
	  	130
		
	 Employees called in with less than three (3) hours notice shall receive a meal money allowance after working more than four (4) hours and an additional meal money
allowance will be furnished at each additional four (4) hour interval while the employee is working.
	  	131
		
	 Employees shall eat lunch while on duty.
	  	 
		
	 Section 2. Meal money allowance(s) shall be computed on a weekly basis, and payable on a monthly basis.
	  	132

  

 27 

			
	 	 	 ARTICLE XII
 Benefit Programs

		
	133	 	 Section 1. The bargaining unit employees of the Chicago Heights plant will be eligible to participate in the same Flex Benefits Plan that is provided to
the salaried employees, at the same employee cost per program or option. It is understood that the employee cost will vary depending upon the options the employee selects, the age of the employee, and the number of dependents the employee is
covering.

		
	134	 	 The Flex Benefits Plan Includes:

		
	 	 	 Medical Plan

	 	 	 Dental Plan

	 	 	 Vision and Hearing

	 	 	 Life Insurance

	 	 	 (Basic, Supplemental, Dependent Life, and Personal Accident)

	 	 	 Long Term Disability

	 	 	 Long Term Care

	 	 	 Flexible Spending Account

		
	135	 	 Short Term Disability - All bargaining unit employees will be covered by the Short Term Disability program for non-occupational injury and illness. Employees
with less than two (2) years of service at the time they become disabled will receive their full base pay for up to ten weeks. Employees with more than two (2) years of service will receive their full base pay for up to six (6) months from the date
they become disabled.

		
	 	 	 Payment will not be made for:

		
	 	 	 a.      Any period of incapacity during which you are not under treatment by a licensed physician;
or

		
	 	 	 b.      Any sickness or injury caused directly by war, riot, or strike, or

		
	 	 	 c.      Any intentional self-inflicted injury; or

		
	 	 	 d.      Any disability which is incurred in employment, by the company or another employer, which is covered
by Workmen’s Compensation Law.

  

 28 

			
	 This program will be administered in accordance with the provisions of the Chicago Heights Attendance Control Program.
	 	136
		
	 Retirement Plan - The bargaining unit employees of the Chicago Heights plant will be eligible to participate in the same Defined Contribution retirement plan that
is provided to the salaried employees.
	 	137
		
	 Pre-Medicare Retiree Healthcare - Effective February 1, 2002, the Company will provide a Pre-Medicare Medical Benefit Allowance equal to 80% of Medical Option
06 to eligible employees who retire before age sixty five.
	 	138
		
	 Effective February 1, 2002, the Company will provide a Pre-Medicare Dental Benefit Allowance of 80% of Dental Option 02 to eligible employees who retire
before age sixty five.
	 	139
		
	 Employees eligible for these Pre-Medicare Medical and Dental Benefit Allowances must be at least sixty years of age and have ten years of service acquired after
age fifty. Employees retiring before they are eligible for these allowances will not become eligible for them at any point in the future.
	 	140
		
	 The Company will maintain retiree Medical and Dental coverage for eligible employees who retire before age sixty (60). The employee pays the full cost of the
premiums for Pre-Medicare Medical and Pre-Medicare Dental coverages. Employees eligible for these Pre-Medicare Medical and Dental plans must be at least fifty-five (55) years of age with ten (10) years of service acquired after age forty-five
(45).
	 	141
		
	 Post-Medicare Retiree Healthcare - Retirees who are enrolled in a Company group medical insurance plan at the time they become eligible for Medicare, will be
eligible for a Company Post-Medicare Benefit Allowance of $600 for single coverage and $1200 for retiree plus spouse. Post Medicare Dental coverage is not available.
	 	142

  

 29 

			
	143	 	 Tuition Assistance - All employees covered by this Agreement will be eligible for the Innophos Inc. Tuition Assistance Program.

		
	144	 	 Savings Plan - The Innophos Inc. 401(k) plan described in the plan booklet is available to the employees covered by this Agreement. The Company reserves the
right to alter, modify and/or discontinue the 401(k) plan at any time.

		
	145	 	 Section 2. Jury Duty Pay. If full-time employees who have completed their probationary period are required to report for jury service, or subpoenaed as a
witness for the State or Federal government in a court proceeding, the Company shall pay such employees the difference between the amount which the employees are paid for such jury service and the amount they would have received at their applicable
straight-time day rate had they worked their regularly scheduled hours of work on such days of jury service. As a condition to the receipt of any such pay the employees shall produce proper evidence as to the period of time which they served on the
jury and the pay they received therefore, excluding travel pay. When employees can reasonably and practically return to the plant and perform their regular job, or some other job, they should do so. Employees shall keep close contact, with their
immediate supervisor as to their availability for work and perform their regular duties as may be reasonably practicable, such as on weekends, jury holidays, etc. Employees shall notify their Coordinator upon being discharged from duty so that work
schedules can be arranged.

		
	146	 	 Section 3. Funeral Leave. Employees who have completed their probationary period with the Company, who are excused from work because of death in their
immediate family, shall be paid their straight-time day rate for their scheduled working hours so excused up to the first three (3)

  

 30 

			
	calendar days starting with the day of death and ending the day after the funeral. Absence will not be considered as time worked for the purpose of computing overtime payments. Members of the
immediate family, for the purpose of administering this benefit, shall be father, father-in-law, mother, mother-in-law, wife, husband, brother, sister, brother-in-law, sister-in-law, grandparents, son, son-in-law, daughter, or daughter-in-law. No
leave or allowance shall be granted when the employee does not attend the funeral of the deceased. Satisfactory proof of death of a member of the family and evidence of employee’s attendance at the service shall be submitted to
management.	 	 
		
	 Section 4. Military Clause. A military bonus will be paid employees inducted, or who otherwise volunteer, into the Armed Services for periods of one
(1) year or more as follows:
	 	147
		
	 (1)    Two (2) weeks (eighty (80) hours) regular straight-time earnings to those having completed one
(1) year or less than two (2) years of continuous service with the Company.
	 	148
		
	 (2)    Four (4) weeks (one hundred sixty (160) hours), regular straight-time earnings to those having completed
two (2) or more years of continuous service with the Company.
	 	149
		
	 The Union and the Company agree to abide by the provision of the Selective Service and Training Acts.
	 	150
		
	 ARTICLE XIII
 Leave of Absence
	 	 
		
	 Section 1. Personal Leave. When the requirements of the plant will permit, employees shall, on their written requests, be granted a leave of absence
without pay for a period not to exceed thirty (30) days in any calendar year, unless an extension is requested and the Company grants such
	 	151

  

 31 

			
	 	 	request. An employee, who, while on leave of absence, engages in other employment without the consent of the Company or fails to report for work at the expiration of their leave will be
considered as having quit without notice.
		
	 152
	 	 Section 2. Union Leave. Upon written request of the Union the Company agrees to grant a leave of absence, without pay, for no more than two (2) members
at any one (1) time for the purpose of engaging in bona fide Union business for periods not to exceed one (1) year. Any request for renewal of such leave of absence for Union business beyond one year shall be honored. It is further agreed, while on
such leave, the employee shall not receive credit for the time while on leave of absence for purposes of the pension plan or other benefit plans.

		
	 153
	 	 Upon written request by the Union, the Company will grant a leave of absence without pay for up to four (4) Union members to attend Union conferences not to
exceed sixteen (16) calendar days per year. In years in which the Union biannual convention is held, this time period will be extended up to thirty (30) days. At least one (1) week’s prior written notice must be given to the
Company.

		
	 154
	 	 Section 3. Medical Leave. Employees who have completed their probationary periods, and furnish proper evidence that they are incapacitated and prevented
from performing the duties of their jobs, will be granted a Medical Leave with payment under the Short Term Disability Plan and then, if necessary, under the Long Term Disability Plan. Application for and receipt of Short Term Disability benefits,
and, when appropriate, Long Term Disability benefits will be considered approval of a Medical Leave. The Company may require periodic medical substantiation to continue Medical Leave. Medical Leave will not be extended beyond eighteen (18 months)
except by mutual agreement.

		
	 155
	 	 Medical Disputes: If a dispute occurs over an employee’s ability to return to work or continue to work, the employee’s

  

 32 

			
	doctor and the Company doctor shall mutually agree on a third doctor who shall resolve the dispute. The cost of the third doctor will be assumed equally by the Company and the
employee.	  	 
		
	 ARTICLE XIV
 Safety and Health
	  	 
		
	 Section 1. The Company shall continue to maintain and institute the necessary precautions for safeguarding the health and safety of its employees, and all
employees are expected to cooperate in the implementation thereof. Both the Company and the Union recognize their mutual obligation to assist in the prevention, correction and elimination of any unhealthy and unsafe working conditions and practices.
Protective devices and other equipment necessary to properly protect employees from injury will be provided by the Company in accordance with Federal and State laws. Employees will make continuous use of such protective devices and other equipment
furnished for their protection.
	  	156
		
	 Section 2. Occupational Health Examination
	  	157
		
	 1)      The Union recognizes the Company’s right to establish medical standards and will not dispute such
standards. Further, the Company may require employees to take medical examinations and/or tests and the employees shall take the tests.
	  	 
		
	 2)      Employees may be removed from their present jobs temporarily or permanently, based upon such
examinations and/or test.
	  	158
		
	 3)      Employees removed from their jobs because of a failure to pass such examination or test shall
be:
	  	159
		
	 a)      Permitted to retain their base hourly rate of pay for 90 calendar days.
	  	160
		
	 b)      Transferred to a vacant job* which they are physically qualified to perform and possess the ability to
perform with minimal training.
	  	161

  

 33 

			
	 162
	 	 c)      If a vacant job is not available, the Company may displace a less senior employee to provide a job
which the disabled employee has the physical qualifications and ability to perform with minimal training, provided that the loss of such displaced employee’s skills does not impair the efficiency of the operations. The Company will use the same
procedure for such displaced employee.

		
	 163
	 	 d)      Employees removed from their jobs because of their failure to pass the medical examination or test
will be permitted to decline one permanent job offering under the provision of 3(b) above, if applicable, and one permanent job offering under 3(c) above.

		
	 164
	 	 e)      If the Company is unable to place a disabled or displaced employee into a job, such employee shall be
laid-off with recall rights under the Agreement.

		
	 165
	 	 * “Vacant Job,” under this procedure shall mean any temporary or permanent job opening available at the time the employee becomes disabled, any
permanent openings already posted and not filled, or, permanent opening planned to be posted in the immediate future, with the exception of the disabled employee(s) job(s) which will be posted under Article IX of the Agreement, if it is the decision
of the Company to fill the job(s).

		
	 166
	 	 4)      Whenever employees are removed from their jobs because of a failure to pass medical examinations
and/or tests because of disabilities attributable solely to their employment with the Company and are working in a job with an hourly rate lower than their retained rate, the retained rate will be used for retirement benefit calculations until the
rates of their jobs exceed such retained rates.

  

 34 

			
	 5)      If a dispute arises as to whether an employee’s disability is attributable solely to employment
with the Company, it shall be referred to an impartial medical doctor, acceptable to the Company and the Union whose decision shall be final. The party whose position is not sustained shall pay all medical expenses incurred under this
provision.
	 	167
		
	 6)      Any dispute under this Agreement shall be settled by item 5 above or under Article X of the collective
bargaining agreement whichever is applicable.
	 	168
		
	 7)      Results of any test and/or medical exams shall be kept confidential. Any employee may have such results
sent to their personal physician upon giving the Company a signed authorization so requesting.
	 	169
		
	 Section 3. The Company will continue to train all employees in the use, care and maintenance of safety equipment as well as the equipment with which the
employee works.
	 	170
		
	 Section 4. The Company will continue its practice of paying employees for the remainder of their shift when they are prevented from completing their shift
because of a disabling injury on the job.
	 	171
		
	 Section 5. The Company agrees to form a rotating Area Safety Committee consisting of no less than two (2) and no more than four (4) members of each area.
The Area Safety Committee shall tour its area once each month and make written constructive safety recommendations to the Area Coordinators. One-half (1/2) of the Area Safety Committee shall be appointed from among bargaining unit
employees.
	 	172
		
	 Section 6. A Plant Safety Committee will be appointed, consisting of a mutually agreed upon number of salaried and bargaining unit employees from
Production, Maintenance, Warehouse, and the Laboratory. The Committee shall meet at least monthly either to participate in
	 	173

  

 35 

			
	 	  	good housekeeping and safety inspections, or 10 discuss suggestions and improvements in the plant safety program. The Plant Safety Committee shall be periodically trained in the use of
industrial health and environmental detecting and/or measuring equipment. The Company and the Union shall cooperate with the Safety Committee to comply with the safety program outlined by the Safety Department.
		
	 174
	  	 Section 7. Safety Shoes. The Company will provide each employee not on STD or LTD with $250 each year for the purchase of Company approved safety shoes.
Employees on an approved leave of absence will be eligible for that year’s safety shoe allowance upon their return to work.

		
	 	  	 ARTICLE XV
 Miscellaneous

		
	 175
	  	 Section 1. When the Company calls employees into meetings to discuss an occurrence which could lead to a reprimand, the Company will so notify the
employees in order to give them an opportunity to have a Union representative present if they so desire. If disciplinary action is taken a copy of such action shall be given to the Union. After twelve (12) months, such disciplinary action shall not
be used for the purpose of progressive discipline.

		
	 176
	  	 Section 2. The Company shall furnish the employee and the Union with a written copy of all written reprimands and suspensions.

		
	 	  	 ARTICLE XVI
 Separability

		
	 177
	  	 Should any provision or part of a provision of this Agreement or any application thereof be or become unlawful by virtue of any Federal or State Law, or
Executive Order of the President of the United States or Governor of the State of Illinois pursuant to law, or final adjudication of any court of competent jurisdiction, the provision or application of a

  

 36 

			
	provision of this Agreement shall be modified in compliance with the law, order, or final adjudication but in all other respects the provisions of this Agreement shall continue in full force and
effect for the duration thereof.	  	 
		
	 ARTICLE XVII
 Outside Contractors
	  	 
		
	 It is the Company’s intent to have bargaining unit employees to perform the work on all Production and Maintenance repair projects whenever possible. When
this is not possible the Company will notify the Union prior to using outside contractors in the plant.
	  	178
		
	ARTICLE XVIII	  	 
	Effective Date, Termination, and Renewal	  	 
		
	 Section 1. This Agreement shall become effective upon its approval by the Company and the Union.
	  	179
		
	 Section 2. This Agreement shall continue in effect until 7:00 A.M., January 16, 2008 and shall automatically be renewed for sixty (60) day periods
thereafter unless notice terminating this Agreement is given by one party to the other in not less than sixty (60) days prior to January 16, 2008.
	  	180

  

					
	INNOPHOS INC.	 	 	 	PAPER, ALLIED-INDUSTRIAL,
	CHICAGO HEIGHTS, IL PLANT	 	 	 	 CHEMICAL & ENERGY WORKERS
 INTERNATIONAL
UNION, AFL-CIO

			
	  	 	 	 	  
	 	 	 	 	CLC LOCAL UNION 6-765
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  

  
 DATED: January 16, 2005 
  

 37 

			
	 	  	 MEMORANDUM OF AGREEMENT
 BETWEEN
 INNOPHOS INC.
 CHICAGO HEIGHTS, ILLINOIS PLANT
 AND
 CLC LOCAL UNION NO. 6-765
 PAPER,
ALLIED-INDUSTRIAL, CHEMICAL & ENERGY
 WORKERS UNION
 A.F.L. - C.I.O.

		
	 181
	  	In establishing a training program for employees, it is the intent of the Company to obtain qualified employees for various positions. While paper and pencil tests may be part of a training
program (except as described in Schedule III), such tests will not be used as a basis for disqualifying an employee for a position. Failure to demonstrate the ability to perform essential elements of a position will determine whether an employee is
qualified. Prior to implementing a training program, the Company will discuss with the Union the kind of tests to be posed.

  

					
	INNOPHOS INC.	 	 	 	PAPER, ALLIED-INDUSTRIAL,
	CHICAGO HEIGHTS, IL PLANT	 	 	 	 CHEMICAL & ENERGY WORKERS
 INTERNATIONAL
UNION, AFL-CIO

			
	  	 	 	 	  
	 	 	 	 	CLC LOCAL UNION 6-765
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  

  
 DATED: January 16, 2005 
  

 38 

			
	 MAINTENANCE DEPARTMENT
 TRAINING PROGRAM
 TESTING
	  	 
		
	 Testing of each craftsman will be done by the respective course instructor or institution. As part of the course makeup, successful completion will require a
passing grade.
	  	182
		
	TRAINING	  	 
		
	 Classroom instruction will be given by several instructional institutions such as:
	  	183
		
	 1.      Prairie State College, Chicago Heights
	  	 
	 2.      Joliet Junior College, Joliet
	  	 
	 3.      Coyne American Institute, Chicago (Training at Plant Site)
	  	 
	 4.      Industrial Trades In-House Training, Chicago (Training at Plant Site)
	  	 
		
	 Since no single instructional institution can train in all craft areas, a selection from the above which best suits our needs will be made.
	  	184
		
	 Computer Based Training (CBT) has been done and will continue to be utilized in the future.
	  	185
		
	OUTSIDE TRAINING	  	 
		
	 Classroom instructed training will occur on an off-hour (non-paid) basis. On-the-job training will consist of training provided at our plant site and at regional
training centers such as Prairie State College. Periodically certain instructional time will occur on regular working hours, at those times the employee will receive regular pay for those hours. It is not our intent to reduce work week hours due to
training requirements.
	  	186

  

 39 

					
	 	 	FURNISHED TOOLS	  	 
		
	187	 	 Very little change will occur from our current practice. The Company normally supplies all power tools, meters, expendable hand tool parts and all
safety equipment. In the case of welding, all materials directly related to the field of welding has and will be supplied. It is expected that all personal tools, i.e., wrench sets, screw drivers and such must be produced for self use by the
craftsmen as we are currently doing. Since most crafts have interchangeable tools (for example, pipe wrenches), the additional requirements will be minimal.

	
	TRAINING REQUIREMENTS
	ELECTRICAL/INSTRUMENTATION CRAFTSMAN
		
	188	 	FUNDAMENTAL COURSES (66 Hours)
	 	 	 Shop Mathematics
	  	24 Hours
	 	 	 Equipment Operation
	  	16 Hours
	 	 	 Rigging
	  	16 Hours
	 	 	 Oxyacetylene Burning
	  	10 Hours
			
	189	 	ELECTRICAL (340 Hours)	  	 
	 	 	 Fundamentals and Basic Circuits
	  	96 Hours
	 	 	 Direct Current
	  	48 Hours
	 	 	 Electrical Construction
	  	48 Hours
	 	 	 Alternating Current
	  	96 Hours
	 	 	 Programmable Controllers
	  	40 Hours
	 	 	 EPDM
	  	12 Hours
			
	190	 	INSTRUMENTATION (248 Hours)	  	 
	 	 	 Fundamentals of Electrical and Pneumatic Instrumentation
	  	80 Hours
	 	 	 Basic Electronics for Instrumentation
	  	80 Hours
	 	 	 Electronic Measuring Devices
	  	64 Hours
	 	 	 Microprocessors
	  	24 Hours

  

 40 

					
	self use by the craftsmen as we are currently doing. Since most crafts have interchangeable tools (for example, pipe wrenches), the additional requirements will be minimal.	  	 	  	191
			
	TRAINING REQUIREMENTS	  	 	  	 
	FACILITIES MECHANIC	  	 	  	 
			
	FUNDAMENTAL COURSES (90 Hours)	  	 	  	 
	 Shop Mathematics
	  	24 Hours	  	192
	 Equipment Operation
	  	32 Hours	  	 
	 Rigging
	  	16 Hours	  	 
	 Oxyacetylene Burning
	  	10 Hours	  	 
	 Use of Builder’s Transit
	  	8 Hours	  	 
			
	PAINTING (30 Hours)	  	 	  	193
	 Types of Paint and Uses
	  	10 Hours	  	 
	 Surface Preparation
	  	10 Hours	  	 
	 Applying Coatings
	  	10 Hours	  	 
			
	CARPENTRY (90 Hours)	  	 	  	 
	 Introduction to Carpentry
	  	20 Hours	  	194
	 Construction Elements - Outside
	  	20 Hours	  	 
	 Construction Elements - Inside
	  	20 Hours	  	 
	 Maintenance of Built-Up Roofs
	  	20 Hours	  	 
	 Installing & Maintaining Locks and Key Systems
	  	10 Hours	  	 
			
	BRICKLAYING (120 Hours)	  	 	  	195
	 Basic Bricklaying and Concrete Finishing
	  	120 Hours	  	 

  

 41 

					
	 	  	TRAINING REQUIREMENTS	  	 
	 	  	PIPEFITTER/WELDER	  	 
			
	196	  	FUNDAMENTAL COURSES (120 Hours)	  	 
	 	  	 Shop Mathematics
	  	24 Hours
	 	  	 Equipment Operation
	  	32 Hours
	 	  	 Rigging
	  	16 Hours
	 	  	 Blueprint Reading
	  	40 Hours
	 	  	 Use of Builder’s Transit
	  	8 Hours
			
	197	  	WELDING (256 Hours)	  	 
	 	  	 Weld 1 (Structural)
	  	128 Hours
	 	  	 Weld 2 (Pipe Welding)
	  	128 Hours
			
	198	  	PIPEFITTING (96 Hours)	  	 
			
	 	  	 TRAINING REQUIREMENTS
 MILLWRIGHTS
	  	 
			
	199	  	FUNDAMENTAL COURSES (120 Hours)	  	 
	 	  	 Shop Mathematics
	  	24 Hours
	 	  	 Equipment Operation
	  	32 Hours
	 	  	 Rigging
	  	16 Hours
	 	  	 Blueprint Reading
	  	40 Hours
	 	  	 Use of Builder’s Transit
	  	8 Hours
			
	200	  	WELDING (192 Hours)	  	 
	 	  	 Weld 1 (Structural)
	  	96 Hours
	 	  	 Weld 2 (Pipe Welding)
	  	96 Hours
			
	201	  	PIPEFITTING (60 Hours)	  	 
			
	202	  	MACHINING (112 Hours)	  	 
	 	  	 Introduction
	  	16 Hours
	 	  	 Precision Measurement
	  	24 Hours

  

 42 

					
	 Basic Machining
	  	48 Hours	  	 
	 Coupling Alignment
	  	24 Hours	  	 
			
	AUTOMOTIVE (136 Hours)	  	 	  	203
	 Automotive Engines
	  	16 Hours	  	 
	 Electrical Fundamentals
	  	16 Hours	  	 
	 Automotive Fundamentals
	  	16 Hours	  	 
	 Chassis Steering and Alignment
	  	16 Hours	  	 
	 Electrical Diagnosis
	  	16 Hours	  	 
	 Fuel System
	  	16 Hours	  	 
	 Tune-Up
	  	16 Hours	  	 
	 Brake Systems
	  	8 Hours	  	 
	 Differentials and Standard Transmissions
	  	8 Hours	  	 
	 Automotive Transmission
	  	8 Hours	  	 
			
	MECHANICAL (120 Hours)	  	 	  	204
	 Machine Components, Power Transmissions and Maintenance
	  	24 Hours	  	 
	 Troubleshooting, Measurement, Instruments
	  	24 Hours	  	 
	 Pumps, Turbines, Seals, Bearings and Compressors
	  	24 Hours	  	 
	 Hydraulics
	  	48 Hours	  	 
			
	TYPICAL EQUIPMENT REQUIREMENTS	  	 	  	 
	FOR THE FOLLOWING CLASSIFICATIONS	  	 	  	 
			
	MUST BE ABLE TO DO THE FOLLOWING:	  	 	  	 
	 1.      Millwright - Classification A, B, C, and D
	  	 	  	205
	 1.      Drott Carry Deck Crane
	  	 	  	 
	 2.      Forklift
	  	 	  	 
	 3.      Manlift/Platform Lift
	  	 	  	 

  

 43 

			
	 206
	 	 2.      E/I - Classifications A, B, C and D

	 	 	 1.      Forklift

	 	 	 2.      Manlift/Platform Lift

		
	 207
	 	 3.      Pipefitter (Welder) - Classifications A, B, C and D

	 	 	 1.      Drott Carry Deck Crane

	 	 	 2.      Forklift

	 	 	 3.      Manlift/Platform Lift

		
	 208
	 	 4.      Facilities Mechanic - Classifications A, B, C and D

	 	 	 1.      Drott Carry Deck Crane

	 	 	 2.      Forklift

	 	 	 3.      Manlift/Platform Lift

		
	 	 	MANDATORY MAINTENANCE ADVANCEMENT
		
	 209
	 	 All future employees hired and/or permanently assigned to the maintenance department after January 16, 2002 will be required to advance to the ‘A’ level
within their respective classification as a minimum. It would be expected that the employee would be continuously enrolled in a minimum of one class until the ‘A’ craft level is achieved.

		
	 210
	 	 This training can be achieved by, but not limited to, the methods that are contained within the agreement between the company and union. All training classes and
methods outside of this agreement must be mutually agreed to by both parties.

		
	 211
	 	 This process must be completed within a maximum time frame of four years after the date of hire, excluding the probationary period.

		
	 212
	 	 It is mutually agreed to that those employees with a seniority date prior to January 16, 2002 permanently assigned to the maintenance department, will not be
required to participate in the mandatory maintenance classification advancement policy.

  

 44 

			
	OPERATIONS DEPARTMENT TRAINING PROGRAM	 	 
		
	OBJECTIVE	 	 
		
	 To maintain and improve the operational skills and techniques of the work force in current methods of operation, as well as new methods as technology and
operational changes take place.
	 	213
		
	 To provide the opportunity for advancement to all members of the work force through personal development of higher level skills necessary to achieve those
positions.
	 	214
		
	TRAINING AIDS	 	215
		
	 1.      Process Flow Diagrams and Process Instrumentation Diagram
	 	 
	 2.      Process Description
	 	 
	 3.      Operations Manual
	 	 
	 4.      Operations J.A.’S
	 	 
	 5.      Analytical Procedures
	 	 
	 6.      Product Specifications
	 	 
	 7.      Operator Round Sheets
	 	 
	 8.      Classroom Training
	 	 
	 9.      On-the-Job Training
	 	 
	 10.    Published Operational Training Aids and Literature
	 	 
	 11.    Computer Based Training (CBT)
	 	 
		
	METHODS OF INSTRUCTION	 	216
		
	Training methods will vary depending on the type of task and process involved. Training will be conducted by area supervision, including but not limited to the Production Coordinator, Shift
Coordinator, and Production Engineers. The following method of instruction will be used as required:	 	 
		
	Formalized classroom training using the above training aids with group discussion and interaction.	 	217

  

 45 

			
	218	 	Computer Based Training (CBT).
		
	219	 	Quality circle-type meetings to improve operational technique and control.
		
	220	 	Field training for all operational tasks utilizing the “show-tell-do” method of instruction by supervision.
		
	221	 	On-the-job training to allow employees to repetitively accomplish a task until performed satisfactorily. Individual guidance provided by management and/or qualified operator.
		
	222	 	Completion of performance and skill profile tests to determine additional training needs of employee (see Operations Testing).
		
	223	 	Individualized personal instruction for all personnel in the particular areas that performance testing shows a weakness.
		
	 	 	FREQUENCY
		
	224	 	Improved technology and operational techniques change the procedures and tasks by which we manufacture our products. Additionally, changes in legislation and customer specifications impart a
continuing need to alter methods and procedures of operations. Frequency of training will be based on each process’ needs and the overall needs of that process’ operating team.
		
	225	 	All personnel will be afforded the same opportunity and availability to meet the acceptable standards of performance. Additionally, individualized instruction and training to improve on
individual weaknesses will be given within reason. The following guidelines will be utilized:
		
	226	 	 1.      All personnel will complete the entire training and testing program for their current position as a
bare

  

 46 

			
	 minimum within the first 18 months of a three year contract with satisfactory performance. Additional training will be given as required.
	 	 
		
	 2.      Personnel certified as qualified for relief and promotion to the next classification, and are awarded
that bid promotion will be trained and tested for the next progression classification within 12 working months of being awarded that position.
	 	227
		
	SCHEDULING	 	 
		
	Training will be conducted on a straight time and overtime basis as the operational needs of the plant dictate.	 	228
		
	SHIPPING AND MATERIAL HANDLING	 	 
	TRAINING PROGRAM	 	 
		
	 TESTING
	 	229
		
	The only formal test to be administered will be the lift truck driving test. The test will be administered internally by Shipping Department supervision. The tests will be similar in content to
the tests given in 1986. There will be a written test with a score of 80% required to pass and a driving test also with a score of 80% required to pass. Reading and writing skills are essential to pass the testing. To qualify for all other
positions, training will be done on the job using checklists for each job. As the employee performs the job satisfactorily and becomes qualified, the supervisor will record the qualifications on the checklist and sign off Parts of checklists may
require the person to fill out a form, checklist or inspection. Training, feedback and retraining will be set up for each individual as deemed necessary by supervision.	 	 
		
	 TRAINING
	 	230
		
	 All training will be set up and overseen by Shipping supervisors. On-the-job training will be conducted by both
	 	 

  

 47 

							
	 	 	supervisors and knowledgeable hourly employees. Supervisors will evaluate performance and certify as qualified or not.
		
	 	 	Outside consultants may be brought in from time to time to enhance skills or retrain employees, (examples: Don Resitar-pest control training, lift truck company representatives to
train on new trucks or features). Computer training from outside sources has been done and will continue in the future.
		
	231	 	 OUTSIDE TRAINING
  
 Training may be scheduled after hours or on Saturday, as well as during normal working hours. All time spent on mandatory training will be paid. As much training as
possible will be conducted during normal working hours.

		
	 	 	LABORATORY SKILLS UPGRADING PROGRAM
		
	232	 	 NEW
  
 Senior Tech-Relief          
 A.A.S. Chemistry or        
 Equivalent                        

		
	 	 	 Relieves All Position      
 in
Lab                              

		
	233	 	 Senior Tech-Level 1        
 A.A.S. Chemistry or        
 Equivalent                        

		
	 	 	Any/All Lab Analyses    
		
	 	 	 Directs & Trains others,
 Assigns/Prioritizes          

  

 48 

			
		
	 Performs Analytical         
 Problem Solving              
	 	 
		
	 Senior Tech-Level II       
 A.A.S. Chemistry or        
 Equivalent                        
	 	234
		
	Any/All Lab Analyses    	 	 
		
	Swing Shift as Needed    	 	 
		
	 Performs Analytical         
 Problem Solving               
	 	 
		
	 Junior
Tech                       
 1 Year College Education
 inc. or Equivalent             

Chemistry (2 Courses)      
 & Math                               
	 	235
		
	Any/All Lab Analyses    	 	 
		
	 Performs Analytical        
 Problem Solving              
	 	 
		
	 Sample Room Operator  
 H.S. Education inc.          
 Chemistry &
Math          
	 	236
		
	 QUALITY CONTROL LABORATORY EXTERNAL
 TRAINING PROGRAM
	 	 
		
	 PURPOSE
  
 To provide employees with an understanding of the chemical science principles, mathematics and operation of microprocessors applicable to their jobs.
	 	237

  

 49 

							
	238	 	 METHODS OF INSTRUCTION
  
 The program will be developed by an accredited local college or university. The faculty of the college will provide classroom style training and administer tests to
assure certain minimum standards of competency. When appropriate, laboratory assistance may be provided by the staff of the plant’s laboratory.

		
	239	 	The program will consist of two groups of training:
				
	 	 	Group 1	 	 	 	 
	 	 	 	 	 Algebra
 Basic Chemistry
 Analytical Chemistry
	 	 
				
	 	 	Group 2	 	 	 	 
	 	 	 	 	 Organic Chemistry
 Instrumental Analysis
 Microprocessors
	 	 
		
	240	 	The training will be offered in two sections - one day and one evening. Each course will be 10-12 weeks duration. Attendance will be during time periods other than scheduled work
hours. Certificates will be awarded for the successful completion of each level in the program.
		
	 	 	 QUALITY CONTROL LABORATORY INTERNAL
 TRAINING PROGRAM

		
	241	 	PURPOSE
		
	 	 	Internal training falls into three categories:
		
	 	 	 1)      Training an employee to perform a job new to him or her.

		
	 	 	 2)      Training an employee to perform a task new to him or her.

  

 50 

							
	 3)      Retraining an employee to perform a familiar task.
	 	 
		
	 TRAINING
  
 Historically, this training has been accomplished using both supervision and knowledgeable hourly employees. This practice will continue. However, representatives from
outside our plant (such as manufacturer’s representatives) will perform, some training when computerized information systems are installed in the laboratory. Training and retraining will be performed as deemed necessary by supervision and
during scheduled work hours.
	 	242
		
	 TESTING
  
 When training is completed, formal tests will be given to assure an employee has been adequately trained and is capable of performing the task or job accurately and
safely on a routine basis. Only topics covered during the training will be included on tests. Tests will be developed by supervision and the trainer(s), in cases where training is not performed by supervision. Tests will consist of one, two or three
parts depending upon the job or task:
	 	243
		
	 1)      Product sample testing (similar to tests given in 1986). Employees will be required to
identify whether the sample is bad and if so why.
	 	 
		
	 2)      Oral examination.
	 	 
		
	 3)      Written examination.
	 	 
		
	Tests will be given uniformly to all trainees.	 	 
		
	COMBINING OF CRAFTS - SKILL REQUIREMENTS	 	 
			
	MILLWRIGHT    	 	SKILLS REQUIRED	 	244
			
	CLASS A	 	Good working knowledge and skill of:	 	 

  

 51 

					
	 	  	 	  	 Welding - Oxyacetylene, Arc
 Pipefitting
 Machinist
 Auto Mechanic
 Mechanic
 Equipment operation

			
	 	  	CLASS B	  	Good working knowledge and skill of:
			
	 	  	 	  	 Three or more skills

			
	 	  	CLASS C	  	Good working knowledge and skill of:
			
	 	  	 	  	 Two skills

			
	 	  	CLASS D	  	Craft entry level
			
	245	  	FACILITIES MECHANIC	  	SKILLS REQUIRED
			
	 	  	CLASS A	  	Good working knowledge and skill of:
			
	 	  	 	  	 Painting
 Carpentry
 Bricklaying
 Equipment operation

			
	 	  	CLASS B	  	Good working knowledge and skill of:
			
	 	  	 	  	 Two or more

			
	 	  	CLASS C	  	Good working knowledge and skill of:
			
	 	  	 	  	 One

			
	 	  	CLASS D	  	Craft entry level

  

 52 

					
	 E/I CRAFTSMAN
	  	SKILLS REQUIRED	  	246
			
	 CLASS A
	  	 Good working knowledge and skill of:
	  	 
			
	 	  	 Electrical - Industrial Controls
 •      Troubleshooting
 •      Programmable Controls
 Instrumentation
 •      Industrial Controls
 •      Troubleshooting
 •      Electronic/Pneumatic
 •      Microprocessor
	  	 
			
	 CLASS B
	  	 Good working knowledge and skill of:
	  	 
			
	 	  	 One craft E or I with developing skill in other
	  	 
			
	 CLASS C
	  	 Good working knowledge and skill of:
	  	 
			
	 	  	 One craft E or I
	  	 
			
	 CLASS D
	  	 Craft entry level
	  	 

  

 53 

			
	 	  	MEMORANDUM OF AGREEMENT
	 	  	INNOPHOS INC.
	 	  	CHICAGO HEIGHTS, ILLINOIS PLANT
	 	  	AND
	 	  	CLC LOCAL UNION NO. 6-765
	 	  	PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY
	 	  	WORKERS UNION
	 	  	AFL - CIO
		
	247	  	Miscellaneous
		
	 	  	 In regard to jury duty pay and the scheduling of employees assigned to jury service the Company agrees to continue its practice of not requiring the employee
affected to work the third shift the day before serving on a jury. Also, the Company agrees not to require the employee who serves on a jury to work another shift on the same day that the employee serves as a juror.

		
	248	  	 The Company agrees to furnish welding gloves and to continue its practice in regard to the furnishing of gloves for safety purposes and for such other
application as the Company may from time to time determine.

		
	249	  	 The Company agrees to continue its practice of making minor repairs to personal tools of maintenance employees, such as replacing hammer handles, springs, etc.,
if parts are stored in our storeroom.

		
	250	  	 The Company will discuss any change in the practice of furnishing clothing for employees.

  

 54 

					
	INNOPHOS INC.	 	 	 	PAPER, ALLIED-INDUSTRIAL,
	CHICAGO HEIGHTS, IL PLANT	 	 	 	CHEMICAL & ENERGY WORKERS
	 	 	 	 	INTERNATIONAL UNION, AFL-CIO
			
	  	 	 	 	  
	  	 	 	 	CLC LOCAL UNION 6-765
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
	 DATED: January 16, 2005
	 	 	 	 

  

 55 

 MEMORANDUM OF AGREEMENT 
 INNOPHOS INC. 
 CHICAGO HEIGHTS, ILLINOIS PLANT 
 AND 
 CLC LOCAL UNION NO. 6-765

 PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY 
 WORKERS UNION 
 AFL - CIO 
  
 VACATION SELECTION GUIDE 
  

			
	251	 	 1)      By November 1 of each year the Company will post a notice on each area bulletin board announcing
that vacation week preference for the next year will be requested commencing November 15.

		
	252	 	 2)      Commencing on or about November 15, the supervisor will contact the employees in the area, beginning
with the most senior. Each employee shall select their first vacation period, which will be limited to three (3) consecutive weeks (if qualified therefor) when taken between May 15 and September 15. The foregoing procedure shall be repeated until
all employees’ vacations have been scheduled. Failure by an employee to state their preference within eight (8) hours will result in the employee being placed at the bottom of the selection list. Any vacation in excess of single day eligibility
must be posted by August 1 of each calendar year. Any such vacation not posted by August 1 shall be assigned by the Company per the departmental limits on number of employees at any one time.

		
	253	 	 3)      The Company and/or the Union shall attempt to contact employees absent due to illness or injury,
leave of absence or vacation to determine their preference.

  

 56 

			
	 Failure to obtain said employees’ preference within forty eight (48) hours of contact shall result in the employees being assigned vacation week(s) remaining
after all other area employees in the area have made their selection.
	 	 
		
	 4)      The Company shall post the final vacation list by January 15 which shall be the official vacation list
for the year.
	 	254
		
	 5)      Changes shall not be made in scheduled vacations except in case of emergency, or at personal request of
the employee for reasons satisfactory to the Company.
	 	255
		
	 6)      Nothing herein shall in any way alter the provision of Article VII, “Vacations” of the
bargaining Agreement.
	 	256

  

					
	 INNOPHOS INC.
 CHICAGO HEIGHTS, IL
PLANT
	 	 	 	PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY WORKERS INTERNATIONAL UNION,
AFL-CIO
			
	  	 	 	 	  
	 	 	 	 	CLC LOCAL UNION NO. 6-765
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  

  
 DATED: January 16, 2005 
  

 57 

 MEMORANDUM OF AGREEMENT 
 INNOPHOS INC. 
 CHICAGO HEIGHTS, ILLINOIS PLANT 
 AND 
 CLC LOCAL UNION NO. 6-765

 PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY 
 WORKERS UNION 
 AFL - CIO 
  

			
		
	257	 	 The Company agrees to provide the Union with a brief written outline of the main, primary duties of each job classification.

		
	258	 	 The purpose of such outlines shall be for information relative to the job for Job Posting and Bidding Procedure only.

		
	259	 	 Said written outlines are in no way to be interpreted, nor is it inferred as being a job description, or in any way reflecting the total overall job
duties.

		
	260	 	 The Company agrees to review the above outlines with a designated committee of three (3) representatives of the Union within ninety (90) days of the date of
this Memorandum.

  

					
	 INNOPHOS INC.
 CHICAGO HEIGHTS, IL
PLANT
	 	 	 	PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY WORKERS INTERNATIONAL UNION,
AFL-CIO
			
	  	 	 	 	  
	 	 	 	 	CLC LOCAL UNION NO. 6-765
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  

  
 DATED: January 16, 2005 
  

 58 

 MEMORANDUM OF AGREEMENT 
 INNOPHOS INC. 
 CHICAGO HEIGHTS, ILLINOIS PLANT 
 AND 
 CLC LOCAL UNION NO. 6-765

 PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY 
 WORKERS UNION 
 AFL - CIO 
  

			
	 The following guidelines will be followed in distributing and tracking overtime hours.
	 	261
		
	 Overtime Distribution
	 	262
		
	 1.      “To the low overtime standing employee in the job classification.”
	 	 
		
	 2.      “To the employee low in overtime performing the job.”
	 	 
		
	 3.      “To the low overtime standing employee in the job classification within the area at work at the
time.”
	 	 
		
	 4.      “To the low overtime standing qualified employee within the area at work at the
time.”
	 	 
		
	 Leaves of Absence
	 	263
		
	Employees who have been out on a leave of absence for more than 30 days, will have their year to date total overtime hours set at the average for their job classification upon returning to work,
unless their year to date total is higher than the average for the job classification. The average will be determined at the time the employee returns from the leave by dividing the total number of overtime hours in the classification by the number
of employees in the classification.	 	 

  

 59 

			
	 264
	 	Special Events Overtime (HAZMAT, Chemistry Connection etc.)
		
	 	 	OT earned from participating in activities not related to the normal job will be counted the same as any normal OT. Overtime earned from such activities will be counted in an employee’s
total overtime hours, and will be counted in determining low overtime standing in the classification.

  

					
	 INNOPHOS INC.
 CHICAGO HEIGHTS, IL
PLANT
	 	 	 	 PAPER, ALLED-INDUSTRIAL,
 CHEMICALS &
ENERGY WORKERS
 INTERNATIONAL UNION, AFL-CIO

			
	  	 	 	 	  
	  	 	 	 	CLC LOCAL UNION 6-765
			
	 	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  

  
 DATED: January 16, 2005 
  

 60 

			
	MEMORANDUM OF AGREEMENT	  	 
	BETWEEN	  	 
	RHODIA, INC.	  	 
	CHICAGO HEIGHTS, ILLINOIS PLANT	  	 
	AND	  	 
	CLC LOCAL UNION NO. 6-765	  	 
	PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY	  	 
	WORKERS	  	 
	INTERNATIONAL UNION, AFL - CIO	  	 
		
	In-Process Testing	  	265
		
	For over 1 year now, the Chicago Heights plant has been preparing for a significant and necessary change in the way it makes product. The transition to In-Process Testing will begin in a formal
way in February of 2002 and will effect the Phosphates Production units (Silica operators have been conducting In-Process Tests since that unit’s start up in 1995). The net result of this effort will be to have responsibility for several
production process tests shifted from the lab to the production operators. The QA Lab employees will continue to do all Finished Product tests.	  	 
		
	The goal of In-Process Testing is simple — greater efficiency and less waste for the plant Despite all the improvements that have taken place over the past several years, our plant still
produces 8-10 million pounds of off-spec product on an annual basis. Much of this bad product is produced because our operators cannot control their processes as closely as they would like. Having tests done in the production areas will give
operators quicker results for their process control tests, giving them a much better chance of avoiding making bad product. Preparing for In-Process Testing has also uncovered a number of tests that are currently being run, but actually are not
providing any value - these tests will be eliminated altogether, saving wasted work for the plant. It will eventually	  	266

  

 61 

			
	 	  	also mean fewer lab technicians will be needed in our QA Lab, although there will not be any job eliminations in the lab before July 2002.
		
	267	  	This change to having production operators doing some In-Process Tests will take time and training. Like any major change, it will not be immediate. Some areas of the plant will make the
transition quicker than others. In TS for example, lab equipment has been purchased and some training has been done already. In CD, however, capital money still needs to be spent to retrofit a small testing area in Area 3, and lots of training still
needs to occur.
		
	268	  	No production unit will be put on its own in doing In-Process Tests until he production management and the production operators all feel comfortable that they are ready. We know that every
current production operator is capable of running these tests - as much training as is necessary will be done to ensure that all operators will be able to make good decisions in running their units.
		
	269	  	In-Process Testing is a must for the future of Chicago Heights. Management has committed capital money and highly qualified trainers and has put together a time schedule that will allow units to
be phased in as they become ready to take on the tests.
		
	270	  	Please read the following to understand more about In-Process Testing:
		
	271	  	 What are the tests? 
 The test are intended
to be simple and relevant to the final product specification. Some of the test will be simplified versions of the current lab tests. Testing will not interfere with our ability to operate the units. The tests listed below represent all tests
currently performed from which some or all will be transferred.

  

 62 

							
	Who will do which tests?	  	 	  	 	  	272
				
	 POSITION

	  	 TESTS TO BE PERFORMED

	  	 APPROXIMATE
 HANDS ON TIME
 FOR TESTING
 (per shift)

	  	 
	TSP A	  	Pad, Seivings, Ratio, LOI	  	20 minutes additional	  	 
	SAPP	  	PH, Sailings, Pad, LOI, Pyro, Odor/Color	  	109 minutes	  	 
	Kasal	  	PH, Seivings, LOI, % Alumina	  	60 to 102 (SALP) minutes	  	 
	Platform A	  	PH, Pad, Seivings, LOI, Poly Acid Titration, Monocal Baume	  	26 minutes	  	 
	New CD A	  	South Tank Titration, T-208 Titration, pH, Pad Seivings	  	43 minutes	  	 
	CD B	  	PH,Pad, Seivings, LOI	  	126 - 158 (with/#2 mill) minutes	  	 
	Trical A	  	 PH, Pad,
 Viscosity, Seivings, LOI
	  	51 minutes	  	 
	TriTab	  	PH, Seivings	  	25 minutes	  	 
	Acid
Terminal B	  	Baume, color, iron, chloride	  	60 minutes	  	 

  
 NOTE: Raw material testing will be
done by the QC Lab. 
  

 63 

			
	273	  	When will this happen?
		
	 	  	In-Process testing will be phased in over six months according to the following guideline.
		
	 	  	 ̈    February
	 	  	         ̈    TSP
	 	  	         ̈    TRIMAG
		
	 	  	 ̈    March
	 	  	         ̈    Tricalcium
Phosphate
	 	  	         ̈    SAPP
		
	 	  	 ̈    May
	 	  	         ̈    Dicalcium
	 	  	         ̈    KASAL
		
	274	  	How will Management make sure that it follows through and supports this change?
		
	 	  	A joint Management and Union group will meet once every month during 2002. They will focus solely on In-Process Testing progress, problems, training, etc. This meeting will be open to any
hourly employee to attend to voice any problems they may be having with In-Process Testing.
		
	 	  	The joint group will meet on a scheduled basis throughout 2003 and 2004, as the union deems appropriate.
		
	 	  	Additionally, the Plant Manager, the Technical Manager, and the Vice President/General Manager of North American Specialty Phosphates, Linda Myrick will hold open employee meetings in 2002 to
answer any questions about the impact of In-Process Testing.
		
	275	  	QA Lab
		
	 	  	The company proposes changing the job description for the Sr. Tech A to reflect it will not be used as a Relief Tech. Instead, the A tech will be responsible for any and all lab
testing

  

 64 

 currently done by bargaining unit lab members, and will also be trained and responsible for using and maintaining
specific instrumentation in the QA Lab. This instrumentation will also be used by salaried lab employees. The Sr. Tech A may also be required to do method development, as the need arises. 
  
 Any lab employee may attempt to qualify for the Sr. Tech A classification - the number of Sr. Tech As will not be limited. 
  

					
	 INNOPHOS INC.
 CHICAGO HEIGHTS, IL
PLANT
	 	 	 	 PAPER, ALLIED-INDUSTRIAL,
 CHEMICAL &
ENERGY WORKERS
 INTERNATIONAL UNION, AFL-CIO

			
	 	 	 	 	 
	 	 	 	 	CLC LOCAL UNION 6-765
	 	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	DATED: January 16, 2005	 	 	 	 

  

 65 

 MEMORANDUM OF AGREEMENT 
 BETWEEN 
 INNOPHOS, INC. 
 CHICAGO HEIGHTS, ILLINOIS PLANT 
 AND

 CLC LOCAL UNION NO. 6-765 
 PAPER, ALLIED-INDUSTRIAL, CHEMICAL & ENERGY 
 WORKERS 
 INTERNATIONAL UNION, AFL - CIO 
  

			
	276	  	SHORT TERM DISABILITY
		
	 	  	Beginning January 1, 2005, provide every bargaining unit employee not on LTD an allowance of two (2) days per calendar year to cover the first two (2) days of any illness or absence. If
that time is not taken by the end of the year, it will be paid at the employee’s day shift straight time rate in the first check in January 2006.
		
	277	  	An employee returning from LTD before July 1 will be eligible upon return for a two (2) day allowance. An employee returning from LTD on or after July 1 will be eligible for a one
(1) day allowance.
		
	278	  	In addition, any employee with perfect attendance during the calendar year will receive a perfect attendance award of $600 in the first check in January 2006.
		
	279	  	If annual costs for hourly STD are under $230,000 in 2005, the above plan will continue in 2006 but the cap will be mutually adjusted by the union and the Company based on
headcount

  

 66 

			
	and the contractual wage increase. If annual costs for hourly STD are above $230,000 in 2005, starting January 1, 2006, and through the remainder of that year:	  	 
		
	 First and second days off will be without pay Illnesses involving hospital admittance will be paid from first day.
	  	 
		
	If hourly STD costs are maintained below the 2006 cap during the calendar year, 2007 will revert to the above plan, with the cap mutually adjusted by the Union and the Company based on headcount
and the contractual wage increase ($230,000).	  	280
		
	The annual cap does not include either the use or payout of the first two days allowance.	  	281

  

					
	 INNOPHOS INC.
 CHICAGO HEIGHTS, IL
PLANT
	 	 	 	 PAPER, ALLIED-INDUSTRIAL,
 CHEMICAL &
ENERGY WORKERS
 INTERNATIONAL UNION, AFL-CIO

			
	 	 	 	 	 
	 	 	 	 	CLC LOCAL UNION 6-765
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
			
	DATED: January 16, 2005	 	 	 	 

  

 67 

 Job Classification - Wage Rates 
  

										
	 	  	Effective
1/16705

	  	Effective
1/16/06

	  	Effective
1/16/07

	 Maintenance
	  	 	 	  	 	 	  	 	 
	 A’    Maintenance Jobs
	  	 	 	  	 	 	  	 	 
	 E/I Craftsman
	  	$	24.00	  	$	24.60	  	$	25.34
	 Millwright ‘AA’
	  	 	 	  	 	 	  	 	 
	 Millwright
	  	$	23.56	  	$	24.15	  	$	24.87
	 Facilities Mechanic
	  	 	 	  	 	 	  	 	 
				
	 B’     Maintenance Jobs
	  	 	 	  	 	 	  	 	 
	 E/I Craftsman
	  	$	22.73	  	$	23.30	  	$	23.99
	 Millwright
	  	 	 	  	 	 	  	 	 
	 Facilities Mechanic
	  	 	 	  	 	 	  	 	 
				
	 C’     Maintenance Jobs
	  	 	 	  	 	 	  	 	 
	 E/I Craftsman
	  	$	22.36	  	$	22.92	  	$	23.61
	 Millwright
	  	 	 	  	 	 	  	 	 
	 Facilities Mechanic
	  	 	 	  	 	 	  	 	 
	 Storeroom Clerk 1
	  	 	 	  	 	 	  	 	 
				
	 Production
	  	 	 	  	 	 	  	 	 
	 Relief Operator
	  	$	23.17	  	$	23.74	  	$	24.46
				
	 A’    Operator Jobs
	  	 	 	  	 	 	  	 	 
	 BH/TSP ‘A’ Operator
	  	$	23.42	  	$	24.01	  	$	24.73
	 CD ‘A’ Operator
	  	$	23.20	  	$	23.78	  	$	24.49
	 Trical Process Operator
	  	$	23.01	  	$	23.59	  	$	24.29
	 Kasal Operator
	  	 	 	  	 	 	  	 	 
	 SAPP Operator
	  	 	 	  	 	 	  	 	 
	 VC ‘A’ Operator
	  	 	 	  	 	 	  	 	 
	 Acid Term ‘A’ Operator
	  	 	 	  	 	 	  	 	 

  

 68 

										
	 B’     Operator Jobs
	  	 	 	  	 	 	  	 	 
	 CD B Operator
	  	$	22.06	  	$	22.61	  	$	23.29
				
	 C’     Operator Jobs
	  	 	 	  	 	 	  	 	 
	 TCP/TRITAB Pack-Bulk
	  	$	21.16	  	$	21.68	  	$	22.34
	 TSP ‘C’ Operator
	  	$	20.57	  	$	21.09	  	$	21.72
	 SAPP Mixer
	  	 	 	  	 	 	  	 	 
	 Specialty Mixer
	  	 	 	  	 	 	  	 	 
	 Filter Pond ‘C’
	  	 	 	  	 	 	  	 	 
	 CD/Trical RR and Truck Bulk Loader
	  	 	 	  	 	 	  	 	 

  
 C’ Classifications from
previous contracts not longer available for bid 
  

										
	 Red Circled
	  	 	 	  	 	 	  	 	 
	 CD Pack-Bulk Loader
	  	$	20.57	  	$	21.09	  	$	21.72
				
	 D’      Operator Jobs
	  	 	 	  	 	 	  	 	 
	 TSP Packager
	  	$	19.88	  	$	20.37	  	$	20.98
	 VC Packager
	  	 	 	  	 	 	  	 	 
	 CD Packager
	  	 	 	  	 	 	  	 	 
	 TCP Packager
	  	 	 	  	 	 	  	 	 
				
	 E’     Operator Jobs
	  	 	 	  	 	 	  	 	 
	 Process Helper
	  	$	15.38	  	$	15.77	  	$	16.24
				
	 Laboratory
	  	 	 	  	 	 	  	 	 
	 A’      Lab Jobs
	  	 	 	  	 	 	  	 	 
	 Technician
	  	$	22.42	  	$	22.98	  	$	23.67
				
	 Shipping
	  	 	 	  	 	 	  	 	 
	 B’     Shipping Jobs
	  	 	 	  	 	 	  	 	 
	 Shipper ‘B’
	  	$	18.49	  	$	18.95	  	$	19.52
				
	 C’     Shipping Jobs
	  	 	 	  	 	 	  	 	 
	 Shipper ‘C’
	  	$	17.40	  	$	17.83	  	$	18.37

  

 69 

 Shipping Job Classifications from previous contracts not longer available for bid 
  

										
	 Red Circled Shipper ‘A’
	  	$	21.85	  	$	22.40	  	$	23.07
	 Red Circled Shipper ‘B’
	  	$	21.29	  	$	21.82	  	$	22.48

  
 Employees in the Production A, B, C
operator classification who assume in-process testing duties will receive an additional fifty-five cents ($.55) per hour for the assumption of those duties as outlined in the attached In-Process Testing Memorandum of Agreement. The fifty-five cents
($.55) is included in the listed rates with the exception of the relief operator, who will be paid IPT when relieving in positions which require IPT. 
  
 Employees in the Shipper ‘B’ classification as of January 15, 2002, will be red-circled with regard to their base pay and will be eligible to continue to
receive increases on the current rate of pay, so long as they continue to work in the Shipper ‘B’ capacity. 
  
 The CD Pack-Bulk Loader classification will be eliminated effective January 16, 2005. Employees in the CD Pack-Bulk Loader classification as of January 15,
2005, will be red-circled with regard to their base pay and will be eligible to continue to receive increases on the current rate of pay, so long as they continue to work in the Atab capacity. 
  
 The wages listed here include team pay as referenced in the Memorandum of Agreement on
Employee Involvement, and are specifically tied to that agreement. 
  
 All new
hires and employees returning from layoff to the “E” positions will receive that contract rate of pay. 
  

 70 

 Effective on 7:00 a.m. June 16, 1987 employees working in a classification paying a rate lower than they were
receiving on January 16, 1987 will be “red circled” at the higher rate of pay. Any general increases will be on the classification rate of pay and not the individual’s rate of pay. Employees currently assigned the Maintenance
leadman classification will receive general increases on their individual rate and not on the classification rate of pay. 
  

					
	 INNOPHOS INC.
 CHICAGO HEIGHTS, IL
PLANT
	 	 	 	 PAPER, ALLIED-INDUSTRIAL,
 CHEMICAL &
ENERGY WORKERS
 INTERNATIONAL UNION, AFL-CIO

			
	  	 	 	 	  
	 	 	 	 	CLC LOCAL UNION 6-765
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  
			
	 DATED: January 16, 2005
	 	 	 	  

  

 71Amended and Restated Trust Agreement

 EXHIBIT 4.1 
  

M&I AUTO LOAN TRUST 2005-1 
  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 between 
  
 M&I DEALER AUTO SECURITIZATION, LLC 
 as the Depositor 
  
 DEUTSCHE BANK TRUST COMPANY DELAWARE 
 as the Owner Trustee 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as the Certificate Registrar and the Certificate Paying Agent 
  
 and 
  
 M&I
MARSHALL & ILSLEY BANK 
 as the Administrator 
  
 Dated as of November 22, 2005 
  

					
	1300581 05134611	 	 	  	2005-1 Trust Agreement

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page

	ARTICLE I     DEFINITIONS	  	1
			
	 Section 1.1
	    	Capitalized Terms	  	1
			
	 Section 1.2
	    	Other Interpretive Provisions	  	1
		
	ARTICLE II     ORGANIZATION	  	2
			
	 Section 2.1
	    	Name	  	2
			
	 Section 2.2
	    	Office	  	2
			
	 Section 2.3
	    	Purposes and Powers	  	2
			
	 Section 2.4
	    	Appointment of the Owner Trustee	  	3
			
	 Section 2.5
	    	Initial Capital Contribution of Owner Trust Estate	  	3
			
	 Section 2.6
	    	Declaration of Trust	  	3
			
	 Section 2.7
	    	Organizational Expenses; Liabilities of the Holders	  	4
			
	 Section 2.8
	    	Title to the Trust Property	  	4
			
	 Section 2.9
	    	Situs of the Trust	  	4
			
	 Section 2.10
	    	Representations and Warranties of the Depositor	  	4
			
	 Section 2.11
	    	Federal Income Tax Allocations	  	5
			
	 Section 2.12
	    	Representations and Warranties of the Administrator	  	6
		
	ARTICLE III     CERTIFICATES AND TRANSFER OF INTERESTS	  	7
			
	 Section 3.1
	    	Initial Ownership	  	7
			
	 Section 3.2
	    	The Certificates	  	7
			
	 Section 3.3
	    	Authentication of Certificates	  	7
			
	 Section 3.4
	    	Registration of Transfer and Exchange of Certificates	  	7
			
	 Section 3.5
	    	Mutilated, Destroyed, Lost or Stolen Certificates	  	9
			
	 Section 3.6
	    	Persons Deemed Certificateholders	  	9
			
	 Section 3.7
	    	Access to List of Certificateholders’ Names and Addresses	  	10
			
	 Section 3.8
	    	Maintenance of Office or Agency	  	10
			
	 Section 3.9
	    	Appointment of Certificate Paying Agent	  	10
			
	 Section 3.10
	    	Form of the Certificates	  	11
			
	 Section 3.11
	    	Transfer Restrictions	  	11
		
	ARTICLE IV     ACTIONS BY OWNER TRUSTEE	  	14
			
	 Section 4.1
	    	Prior Notice to Certificateholders with Respect to Certain Matters	  	14

  

					
	1300581 05134611	 	    -i-    	  	2005-1 Trust Agreement

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page

	 Section 4.2
	    	Action by Certificateholders with Respect to Certain Matters	  	15
			
	 Section 4.3
	    	Action by Certificateholders with Respect to Bankruptcy	  	15
			
	 Section 4.4
	    	Restrictions on Certificateholders’ Power	  	15
			
	 Section 4.5
	    	Certificateholder Control	  	15
		
	 ARTICLE V     APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	15
			
	 Section 5.1
	    	Establishment of Certificate Distribution Account	  	15
			
	 Section 5.2
	    	Application of Funds in Certificate Distribution Account	  	16
			
	 Section 5.3
	    	Method of Payment	  	16
			
	 Section 5.4
	    	No Segregation of Monies; No Interest	  	16
			
	 Section 5.5
	    	Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others	  	17
			
	 Section 5.6
	    	Signature on Returns; Tax Matters Partner	  	17
		
	 ARTICLE VI     AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	17
			
	 Section 6.1
	    	General Authority	  	17
			
	 Section 6.2
	    	General Duties	  	18
			
	 Section 6.3
	    	Action upon Instruction	  	18
			
	 Section 6.4
	    	No Duties Except as Specified in this Agreement or in Instructions	  	19
			
	 Section 6.5
	    	No Action Except under Specified Documents or Instructions	  	19
			
	 Section 6.6
	    	Restrictions	  	19
		
	 ARTICLE VII     CONCERNING OWNER TRUSTEE
	  	20
			
	 Section 7.1
	    	Acceptance of Trusts and Duties	  	20
			
	 Section 7.2
	    	Furnishing of Documents	  	21
			
	 Section 7.3
	    	Representations and Warranties	  	21
			
	 Section 7.4
	    	Reliance; Advice of Counsel	  	22
			
	 Section 7.5
	    	Not Acting in Individual Capacity	  	23
			
	 Section 7.6
	    	The Owner Trustee Not Liable for Certificates or Receivables	  	23
			
	 Section 7.7
	    	The Owner Trustee May Own Certificates and Notes	  	23
		
	 ARTICLE VIII     COMPENSATION OF OWNER TRUSTEE
	  	23
			
	 Section 8.1
	    	The Owner Trustee’s Fees and Expenses	  	23
			
	 Section 8.2
	    	Indemnification	  	24

  

					
	1300581 05134611	 	    -ii-    	  	2005-1 Trust Agreement

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page

	 Section 8.3
	    	Payments to the Owner Trustee	  	24
		
	ARTICLE IX     TERMINATION OF TRUST AGREEMENT	  	24
			
	 Section 9.1
	    	Termination of Trust	  	24
		
	ARTICLE X     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	25
			
	 Section 10.1
	    	Eligibility Requirements for the Owner Trustee	  	25
			
	 Section 10.2
	    	Resignation or Removal of the Owner Trustee	  	25
			
	 Section 10.3
	    	Successor Owner Trustee	  	26
			
	 Section 10.4
	    	Merger or Consolidation of the Owner Trustee	  	26
			
	 Section 10.5
	    	Appointment of Co-Trustee or Separate Trustee	  	27
		
	ARTICLE XI     MISCELLANEOUS	  	28
			
	 Section 11.1
	    	Supplements and Amendments	  	28
			
	 Section 11.2
	    	No Legal Title to Owner Trust Estate in Certificateholders	  	29
			
	 Section 11.3
	    	Limitations on Rights of Others	  	29
			
	 Section 11.4
	    	Notices	  	30
			
	 Section 11.5
	    	Severability	  	30
			
	 Section 11.6
	    	Separate Counterparts	  	30
			
	 Section 11.7
	    	Successors and Assigns	  	30
			
	 Section 11.8
	    	No Petition	  	30
			
	 Section 11.9
	    	No Recourse	  	30
			
	 Section 11.10
	    	Headings	  	31
			
	 Section 11.11
	    	GOVERNING LAW	  	31

  

			
	EXHIBITS	  	 
		
	Exhibit A	  	Form of Certificate
	Exhibit B	  	Form of Transferor Certificate
	Exhibit C	  	Form of Transferee Certificate

  

					
	1300581 05134611	 	    -iii-    	  	2005-1 Trust Agreement

 AMENDED AND RESTATED TRUST AGREEMENT 
  
 This AMENDED AND RESTATED TRUST AGREEMENT is made as of November 22, 2005 (as from time to amended,
supplemented or otherwise modified and in effect, this “Agreement”) between M&I DEALER AUTO SECURITIZATION, LLC, a Delaware limited liability company, as the depositor (the “Depositor”), DEUTSCHE BANK
TRUST COMPANY DELAWARE, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”), DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as certificate registrar (in such capacity the
“Certificate Registrar”) and as certificate paying agent (in such capacity the “Certificate Paying Agent”) and M&I Marshall & Ilsley Bank, a Wisconsin banking corporation as the administrator
(“M&I Bank”; in its capacity as administrator, the “Administrator”). 
  
 PRELIMINARY STATEMENTS 
  
 WHEREAS, the Depositor, the Owner Trustee and the Administrator are parties to that certain Trust Agreement dated as of October 24, 2005 (the “Original Trust Agreement”); and 
  
 WHEREAS, the Depositor, the Owner Trustee and the Administrator desire to
amend and restate the Original Trust Agreement, and the Certificate Registrar wishes to join such amendment and restatement, in its entirety on the terms and conditions provided for in this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the Original Trust Agreement is amended and restated to read in its entirety, and the parties hereto agree, as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1 Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix X to the Sale and Servicing Agreement between M&I Auto Loan Trust 2005-1, the Depositor,
M&I Bank and the Indenture Trustee, dated as of November 22, 2005 as the same may be amended and supplemented from time to time. 
  
 Section 1.2 Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when used in any certificate or
other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this
Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles; (b) terms defined in Article 9 of the UCC and not
otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references 

  

					
	1300581 05134611	 	 	  	2005-1 Trust Agreement

 
to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision
of such Section or definition; (e) the term “including” means “including without limitation”; (f) references to any law or regulation refer to that law or regulation as amended from time to time and include any
successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision
hereof. 
  
 ARTICLE II 
  
 ORGANIZATION 
  
 Section 2.1 Name. The trust created under the Original Trust
Agreement and continued hereunder shall be known as “M&I AUTO LOAN TRUST 2005-1” (the “Trust”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments
on behalf of such trust and sue and be sued. 
  
 Section 2.2
Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Administrator. 
  
 Section 2.3 Purposes and Powers. The purpose of the Trust is, and
the Trust shall have the power and authority, to engage in the following activities: 
  
 (a) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer and exchange the
Notes and the Certificates and to pay interest on and principal of the Notes and distributions on the Certificates; 
  
 (b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Depositor pursuant to the terms thereof, to
make deposits to and withdrawals from the Trust Accounts and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Trust; 
  
 (c) to establish and maintain the Certificate Distribution Account; 
  
 (d) to assign, grant, transfer, pledge, mortgage and convey
the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust
pursuant to, the Indenture; 
  
 (e) to enter into
and perform its obligations under the Basic Documents to which it is a party; 
  
 (f) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  

					
	1300581 05134611	 	    2    	  	2005-1 Trust Agreement

 (g) subject to compliance with the Basic Documents, to engage in such other activities as
may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 
  
 The Trust is hereby authorized to engage in the foregoing activities; provided, however, that neither the Trust nor the Owner Trustee on behalf of the Trust shall
have or exercise any powers not permitted of “Qualifying SPEs” (within the meaning of the Statement of Financial Accounting Standard No. 140 (“FAS 140”)) under FAS 140 or any successor accounting standard thereto.
Neither the Trust nor the Owner Trustee on behalf of the Trust shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. 

 
 Section 2.4 Appointment of the Owner Trustee. The Depositor
hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Act. 
  
 Section 2.5 Initial Capital Contribution of Owner Trust Estate. As of the date of the Original Trust Agreement,
the Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of such date, of the sum of $1, which constitutes part of the Owner
Trust Estate. 
  
 Section 2.6 Declaration of Trust.
The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties
hereto that, solely for income and franchise tax purposes, until the Certificates are held by other than the Depositor, the Trust will be disregarded as an entity separate from the Depositor and the Notes will be characterized as debt. At such time
that the Certificates are held by more than one Person, it is the intention of the parties hereto that, solely for income and franchise tax purposes, the Trust shall be treated as a partnership, with the assets of the partnership being the
Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being debt of the partnership. The Depositor and the Certificateholders by acceptance of a Certificate agree to such
treatment and agree to take no action inconsistent with such treatment. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust will not file or cause to be filed annual or other necessary returns, reports and
other forms consistent with the characterization of the Trust as an entity separate from its owner. In the event that the Trust is deemed to have more than one beneficial owner for federal income tax purposes, the Trust will file returns, reports
and other forms consistent with the characterization of the Trust as a partnership, and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as
of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. The Owner Trustee filed the Certificate of Trust with the
Secretary of State of Delaware as required by Section 3810(a) of the Statutory Trust Act. Notwithstanding anything herein or in the Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Trust constitute a
“business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 
  

					
	1300581 05134611	 	    3    	  	2005-1 Trust Agreement

 Section 2.7 Organizational Expenses; Liabilities of the Holders. 
  
 (a) The Administrator shall pay organizational expenses of
the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
  
 (b) No Certificateholder shall have any personal liability for any liability or obligation of the Trust.

  
 Section 2.8 Title to the Trust Property. Legal
title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity. 
  
 Section 2.9 Situs of the Trust. The Trust will be located in the State of Delaware and administered in the State of Delaware or New York or
Wisconsin. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state; provided, however, that nothing
herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Owner Trustee only in Delaware or New York, and payments will be made by the Owner Trustee only from
Delaware or New York. 
  
 Section 2.10 Representations and
Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee and the Administrator that: 
  
 (a) The Depositor is duly organized and validly existing as a Delaware limited liability company with power and authority to own its
properties and to conduct its business as such properties are currently owned and such business is presently conducted. 
  
 (b) The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses and approvals, except where the failure to have such qualifications, licenses and
approvals would not have a material adverse effect on the Depositor. 
  
 (c) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms and the Depositor has full power and authority to sell and assign the property to be sold and assigned to
and deposited with the Trust, and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor
and is enforceable against the Depositor in accordance with its terms. 
  
 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the 

  

					
	1300581 05134611	 	    4    	  	2005-1 Trust Agreement

 
terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the limited liability company agreement, of the Depositor,
or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 (e) There are no proceedings or investigations pending or, to the Depositor’s best knowledge, threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement, the Indenture, any of the other Basic Documents, the Notes or the
Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by the Depositor or its obligations under, or the validity or enforceability of, this Agreement or (iv) which might adversely affect the federal income tax
attributes, or applicable state tax franchise or income tax attributes, of the Notes or the Certificates. 
  
 Section 2.11 Federal Income Tax Allocations. If Certificates are held by more than one Person, 
  
 (a) amounts paid to Certificateholders pursuant to
Section 5.2(a) shall be treated as “guaranteed payments” within the meaning of Section 707(c) of the Code; and 
  
 (b) to the extent that the characterization provided for in paragraph (a) of this Section 2.11 is not respected,
gross ordinary income of the Trust for such month as determined for federal income tax purposes (and each item of income, gain, credit, loss or deduction entering into the computation thereof), to the extent thereof, shall be allocated among the
Certificateholders as of the first Record Date following the end of such month, in proportion to their Certificate Percentage Interests in the Trust on such date. 
  
 Net losses of the Trust, if any, for any month as determined for federal income tax purposes (and each item of income, gain, loss, credit
and deduction entering into the computation thereof) shall be allocated to the Depositor to the extent the Depositor is reasonably expected as determined by the Servicer to bear the economic burden of such net losses, then net losses shall be
allocated among the Certificateholders as of the first Record Date following the end of such month in proportion to their Certificate Percentage Interests on such Record Date. The Depositor is authorized to modify the allocations in this paragraph
if necessary or appropriate, in its sole discretion, for the allocations to fairly reflect the economic income, gain or loss to the Depositor, the Certificateholders, or as otherwise required by the Code. Notwithstanding anything provided in this
Section 2.11, if the Certificates are held solely by the Depositor, the application of this Section 2.11 shall be disregarded. 
  

					
	1300581 05134611	 	    5    	  	2005-1 Trust Agreement

 Section 2.12 Representations and Warranties of the Administrator. The Administrator hereby
represents and warrants to the Owner Trustee and the Depositor that: 
  
 (a) The Administrator is duly organized and validly existing as a Wisconsin banking corporation with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is presently conducted. 
  
 (b) The
Administrator is duly qualified to do business and in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, licenses and approvals, except where the failure to have such qualifications, licenses and approvals would not have a material adverse effect on the Administrator. 
  
 (c) The Administrator has the power and authority to execute and deliver this Agreement and to carry out its
terms and the Administrator has duly authorized the execution, delivery and performance of this Agreement and this Agreement is enforceable against the Administrator in accordance with its terms. 
  
 (d) The consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the organizational documents, of the
Administrator, or any material indenture, agreement or other instrument to which the Administrator is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Administrator’s knowledge, any order, rule or regulation applicable to the Administrator of any court or of any
federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Administrator or its properties. 
  
 (e) There are no proceedings or investigations pending or, to the Administrator’s best knowledge, threatened before any court,
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Administrator or its properties: (i) asserting the invalidity of this Agreement, the Indenture, any of the other Basic Documents, the
Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents,
(iii) seeking any determination or ruling that might materially and adversely affect the performance by the Administrator or its obligations under, or the validity or enforceability of, this Agreement or (iv) which might adversely affect
the federal income tax attributes, or applicable state tax franchise or income tax attributes, of the Notes or the Certificates. 
  

					
	1300581 05134611	 	    6    	  	2005-1 Trust Agreement

 ARTICLE III 
  
 CERTIFICATES AND TRANSFER OF INTERESTS 
  
 Section 3.1 Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust. 
  
 Section 3.2 The Certificates. The Certificates shall be executed by manual or facsimile signature of an authorized signatory of the Owner
Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and entitled to the
benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates. If a transfer of the Certificates is permitted pursuant to Section 3.11, a transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of
a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.4. 
  
 Section 3.3 Authentication of Certificates. Concurrently with the initial sale of the Trust Property to the
Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates in an aggregate Certificate Percentage Interest equal to 100% to be executed on behalf of the Trust, authenticated and delivered to or upon the
written order of the Depositor, signed by an authorized signatory, without further corporate action by the Depositor. No Certificate shall entitle its Holder to any benefit under this Agreement, or be valid for any purpose, unless there shall appear
on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or Deutsche Bank Trust Company Americas, as authenticating agent of the Trust, by manual signature; such
authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. Upon their issuance, the Certificates shall
represent fully-paid and, except as otherwise expressly provided in this Agreement, non-assessable beneficial interests in the assets of the Trust. 
  
 Section 3.4 Registration of Transfer and Exchange of Certificates. 
  
 (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.8, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein
provided. Deutsche Bank Trust Company Americas shall be the initial Certificate Registrar (the “Certificate Registrar”). No certificate may be sold, transferred, assigned, participated, pledged, or otherwise disposed of to any
Person except in accordance with the provisions of Section 3.11 and any attempted transfer in violation of Section 3.11 shall be null and void. 
  

					
	1300581 05134611	 	    7    	  	2005-1 Trust Agreement

 (b) Upon surrender for registration of transfer of any Certificate at the office or agency maintained
pursuant to Section 3.8, and upon compliance with the provisions of this Agreement relating to such transfer, the Owner Trustee shall execute, authenticate and deliver in the name of the designated transferee or transferees, one or more
new Certificates in authorized denominations of a like class and Certificate Percentage Interest dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may be exchanged
for other Certificates of the same class in authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.8. 
  
 (c) Every Certificate presented or surrendered for registration of transfer
or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney duly authorized in writing, with such signature
guaranteed by a member firm of the New York Stock Exchange, a commercial bank or trust company or an “eligible guarantor institution” with membership or participation in a Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered for
registration of transfer or exchange shall be canceled and subsequently disposed of by the Owner Trustee or the Certificate Registrar in accordance with its customary practice. 
  
 (d) No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or
the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
  
 (e) The preceding provisions of this Section 3.4 notwithstanding, the Owner Trustee shall not make and the
Certificate Registrar need not register any transfer or exchange of Certificates for a period of fifteen (15) days preceding any Payment Date for any payment with respect to the Certificates. 
  
 (f) Notwithstanding anything to the contrary in this Agreement, no transfer
(or purported transfer) of any Certificate (or any economic interest therein, including any contract described in Treasury Regulation section 1.7704-1(a)(2)(i)(B)) shall be effective, and any such transfer (or purported transfer) shall be void ab
initio, if after such transfer (or purported transfer) there would be more than 50 Certificateholders (where, for purposes of determining the number of Certificateholders, a person (beneficial owner) owning an interest in a partnership, grantor
trust, or S corporation (“flow-through entity”), that owns, directly or through other flow-through entities, an interest in the Trust, is treated as a Certificateholder if more than 50 percent of the value of such beneficial owner’s
interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Trust) or such transfer would otherwise cause the Trust to become a publicly traded partnership for U.S. federal income tax
purposes; 
  
 (g) No transfer (or purported transfer) of a
Certificate (or economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall 

  

					
	1300581 05134611	 	    8    	  	2005-1 Trust Agreement

 
be effective, and any such transfer (or purported transfer) shall be void ab initio, and no person shall otherwise become a Certificateholder, and none of
the Trust, the Administrator or any of the Certificateholders will recognize such transfer (or purported transfer), unless the transferee has first represented and warranted in writing to the Trust and the Certificateholders that: 
  
 (1) it is acquiring the Certificates for its own account and
is the sole beneficial owner of such Certificates; 
  
 (2) the transfer is not being effected on or through (x) an “established securities market” within the meaning of Section 7704(a)(1) of the Code, including without limitation, an over-the-counter market or an interdealer
quotation system that regularly disseminates firm buy or sell quotations or (y) a “secondary market” or “substantial equivalent thereof” within the meaning of Section 7704(a)(2) of the Code and any proposed, temporary
or final Treasury regulations thereunder; and 
  
 (3) such transfer will not cause the Trust to be classified as a publicly traded partnership for U.S. federal income tax purposes, and such purchaser or transferee will not take any action, including any subsequent disposition of such
Certificates or economic interest therein, that would cause the Trust to be treated as a publicly traded partnership for U.S. federal income tax purposes. 
  
 Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a protected purchaser, the Owner Trustee shall execute and shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and Certificate Percentage Interest. In connection with the issuance of any new Certificate under this
Section 3.5, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant
to this Section 3.5 shall constitute conclusive evidence of a beneficial interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  
 Section 3.6 Persons Deemed Certificateholders. Every Person by
virtue of becoming a Certificateholder in accordance with this Agreement shall be deemed to be bound by the terms of this Agreement. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 5.2 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any agent of the Owner Trustee or the Certificate Registrar shall be bound by any notice to the contrary.

  

					
	1300581 05134611	 	    9    	  	2005-1 Trust Agreement

 Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate
Registrar shall furnish or cause to be furnished to the Servicer, the Depositor, the Administrator or the Indenture Trustee, within 15 days after receipt by the Owner Trustee of a request therefor from the Servicer, the Depositor, the Administrator
or the Indenture Trustee in writing, a list, in such form as the Servicer, the Depositor, the Administrator or the Indenture Trustee may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If
Holders of Certificates evidencing not less than 25% of the Certificate Percentage Interests, apply in writing to the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with
respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after
the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold the
Depositor, the Administrator, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
  
 Section 3.8 Maintenance of Office or Agency. The Owner Trustee
shall maintain in the City of Wilmington, Delaware or New York, New York, an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner
Trustee in respect of the Certificates and the Basic Documents may be served (the “Certificate Register”). The Owner Trustee initially designates the office of Deutsche Bank Trust Company Americas, 60 Wall Street, 26th Floor, MSNYC 60-2606, New York, New York 10005, as its office for such purposes. The Owner Trustee shall give prompt written
notice to the Administrator and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
  
 Section 3.9 Appointment of Certificate Paying Agent. Certificate Paying Agent shall make distributions to Certificateholders from the
Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee; provided that this reporting shall not be required where the Owner Trustee is serving as Certificate
Paying Agent. Any Certificate Paying Agent shall have the revocable power, upon direction from the Administrator, with written copy provided to the Owner Trustee, to withdraw funds from the Certificate Distribution Account for the purpose of making
the distributions referred to above. The Owner Trustee may revoke such power and remove Certificate Paying Agent if the Owner Trustee determines in its sole discretion that Certificate Paying Agent shall have failed to perform its obligations under
this Agreement in any material respect. Certificate Paying Agent shall initially be Deutsche Bank Trust Company Americas. Certificate Paying Agent shall be permitted to resign upon 30 days’ written notice to the Owner Trustee and the Servicer.
In the event that the Owner Trustee shall no longer be Certificate Paying Agent, the Owner Trustee shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor
Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent
shall agree with the Owner Trustee that as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all 

  

					
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sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be
paid to such Certificateholders. Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner
Trustee. The provisions of Sections 7.1, 7.3, 7.4, 8.1 and 8.2 shall apply to the Certificate Paying Agent. Any reference in this Agreement to Certificate Paying Agent shall include any co-Certificate Paying Agent unless the context requires
otherwise. 
  
 Section 3.10 Form of the Certificates.
The Certificates, upon original issuance, will be issued in the form of a typewritten Certificate or Certificates representing definitive Certificates (the “Definitive Certificates”) and shall be registered in the name of M&I
Dealer Auto Securitization, LLC as the initial registered owner thereof. The Owner Trustee shall execute and authenticate, or cause to be authenticated, the Definitive Certificates in accordance with the instructions of the Depositor. Neither the
Certificate Registrar nor the Owner Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Certificates, the Owner Trustee
and each Certificate Paying Agent shall recognize the Holders of the Certificates as Certificateholders. The Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Owner
Trustee, as evidenced by its execution thereof. 
  
 Section 3.11 Transfer Restrictions. (a) No Certificate may be resold, assigned or transferred (including by pledge or hypothecation) unless such resale, assignment or transfer is (i) pursuant to an effective
registration statement under the Securities Act and any applicable state securities or “Blue Sky” laws, (ii) pursuant to Rule 144A promulgated under the Securities Act (“Rule 144A”) or (iii) pursuant to another
exemption from the registration requirements of the Securities Act and subject to the receipt by the Certificate Registrar and the Administrator of (A) a certification by both the prospective transferor and the prospective transferee of the
facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Certificate Registrar and the Administrator and (B) an opinion of counsel (which will not be at the expense of the Administrator or the
Certificate Registrar), satisfactory to the Administrator and the Certificate Registrar, to the effect that the transfer is in compliance with the Securities Act, and, in each case, in compliance with any applicable securities or “Blue
Sky” laws of any state of the United States. In addition, each transferee shall provide to the Certificate Registrar its tax identification number, address, nominee name (if applicable) and wire transfer instructions. Prior to any resale,
assignment or transfer of the Certificates described in clause (ii) above, each prospective purchaser of the Certificates shall have acknowledged, represented and agreed as follows: 
  
 (1) It is a “qualified institutional buyer” as
defined in Rule 144A (“QIB”) and is acquiring the Certificates for its own institutional account (and not for the account of others) and is the sole beneficial owner of such Certificates. 
  
 (2) It acknowledges that the Certificates have not been and
will not be registered under the Securities Act or the securities laws of any jurisdiction. 
  

					
	1300581 05134611	 	    11    	  	2005-1 Trust Agreement

 (3) It is familiar with Rule 144A and is aware that the sale is being made in reliance on
Rule 144A and it is not acquiring the Certificates with a view to, or for resale in connection with, a distribution that would constitute a public offering within the meaning of the Securities Act or a violation of the Securities Act, and that, if
in the future it decides to resell, assign, pledge or otherwise transfer any Certificates, such Certificates may be resold, assigned, pledged or transferred only (i) so long as such Certificate is eligible for resale pursuant to Rule 144A,
to a person whom it reasonably believes after due inquiry is a QIB acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs) to whom notice is given that the resale, pledge,
assignment or transfer is being made in reliance on Rule 144A, (ii) pursuant to an effective registration statement under the Securities Act or (iii) in a sale, pledge or other transfer made in a transaction otherwise exempt from the
registration requirements of the Securities Act, in which case (A) the Certificate Registrar shall require that both the prospective transferor and the prospective transferee certify to the Certificate Registrar and the Administrator in writing
the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Certificate Registrar and the Administrator and (B) the Certificate Registrar shall require a written opinion of counsel (which will not
be at the expense of the Administrator or the Certificate Registrar) satisfactory to the Administrator and the Certificate Registrar to the effect that such transfer will not violate the Securities Act, in each case in accordance with any applicable
securities or “Blue Sky” laws of any state of the United States. 
  
 (4) It is aware that it (or any account for which it is purchasing) may be required to bear the economic risk of an investment in the Certificates for an indefinite period, and it (or such account) is able to bear
such risk for an indefinite period. 
  
 (5) It
understands that the Certificates will bear legends substantially as set forth in Section 3.12. 
  
 (6) If it is acquiring any Certificates for the account of one or more qualified institutional buyers, it represents that it has sole
investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account. 
  
 (7) It acknowledges that the Certificate Registrar and the Depositor and their Affiliates, and others will
rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements. 
  
 Each transferor of the Certificates shall be required to execute or to have executed a representation letter substantially in the form of Exhibit
B, and each transferee shall be required to execute or to have executed a representation letter substantially in the form of Exhibit C, or each may deliver such other representations (or an opinion of counsel) as may be approved by the
Certificate Registrar and the Administrator, to the effect that such transfer may be made (i) pursuant to an exemption from registration under the Securities Act and any applicable state securities or “Blue Sky” laws and (ii) in
compliance with Section 3.4(f) and Section 3.4(g) hereof. 
  

					
	1300581 05134611	 	    12    	  	2005-1 Trust Agreement

 In addition, such prospective purchaser shall be responsible for providing additional information or
certification, as shall be reasonably requested by the Certificate Registrar or the Administrator, to support the truth and accuracy of the foregoing acknowledgments, representations and agreements, it being understood that such additional
information is not intended to create additional restrictions on the transfer of the Certificates. Neither the Depositor, the Administrator, the Trust nor the Certificate Registrar shall be obligated to register the Certificates under the Securities
Act or any state securities or “Blue Sky” laws. 
  
 In
determining compliance with the transfer restrictions contained in this Section 3.11, the Certificate Registrar may rely upon a written opinion of counsel (which may include in-house counsel of the Transferor), the cost of obtaining
which shall be an expense of the Holder of the Certificate to be transferred. 
  
 (b) No Certificate may be acquired or held (i) by any “employee benefit plan” whether or not subject to ERISA or a “plan” described by Section 4975(e)(1) of the Internal Revenue Code of
1986, as amended, or by any entity deemed to hold the assets of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment in such entity (each, a “Benefit Plan”). Each Person who acquires any
Certificate or interest therein shall certify that the foregoing conditions are satisfied. 
  
 Section 3.12 Legending of Certificates. Each Certificate shall bear a legend in substantially the following form, unless the Administrator determines otherwise in accordance with applicable law:

  
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT SUCH
CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT) ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) AND IS THE SOLE BENEFICIAL OWNER OF THIS CERTIFICATE, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS,
IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE 

  

					
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CERTIFICATE REGISTRAR AND THE ADMINISTRATOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY
TO THE OWNER TRUSTEE AND (II) A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE CERTIFICATE REGISTRAR OR THE ADMINISTRATOR) SATISFACTORY TO THE CERTIFICATE REGISTRAR AND THE ADMINISTRATOR, TO THE EFFECT THAT SUCH TRANSFER WILL
NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB
INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL PURPOSES. 
  
 NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) WITH PLAN ASSETS OF ANY
“EMPLOYEE BENEFIT PLAN” WHETHER OR NOT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” DESCRIBED BY SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
OR ANY ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN”). 
  
 ARTICLE IV 
  
 ACTIONS BY OWNER TRUSTEE 
  
 Section 4.1 Prior Notice to Certificateholders with Respect to
Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed
action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
  
 (a) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required; 
  
 (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the
Certificateholders; 
  
 (c) the amendment, change
or modification of the Sale and Servicing Agreement or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the
Certificateholders; or 
  

					
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 (d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the
consent to the assignment by the Note Registrar, Certificate Paying Agent or Indenture Trustee or the Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
  
 The Owner Trustee shall notify the Certificateholders in writing of any appointment of a
successor Certificate Paying Agent or the Certificate Registrar within five Business Days thereof. 
  
 Section 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the
direction of the Certificateholders, to (a) except as expressly provided in the Basic Documents, remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.1 thereof, (b) except as expressly provided in
the Basic Documents, sell the Receivables after the termination of the Indenture, (c) remove the Administrator under the Administration Agreement pursuant to Section 9 thereof or (d) appoint a successor Administrator pursuant
to Section 9 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders. 
  
 Section 4.3 Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust until one year and one day after the Outstanding Amount of all the Notes has been reduced to zero and without the
unanimous prior approval of all Certificateholders and the delivery to the Owner Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. 
  
 Section 4.4 Restrictions on Certificateholders’ Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Owner Trustee under this Agreement or any of the Basic Documents or would be
contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if given. 
  
 Section 4.5 Certificateholder Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this
Agreement may be taken by the Holders of Certificates evidencing not less than a majority of the Certificate Percentage Interests. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement
shall be effective if signed by Certificateholders of Certificates evidencing not less than a majority of the Certificate Percentage Interests at the time of the delivery of such notice. 
  
 ARTICLE V 
  
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 Section 5.1 Establishment of Certificate Distribution Account. The Owner Trustee, for the benefit of the Certificateholders, shall establish
and maintain in the name of the Trust an Eligible Deposit Account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Certificateholders. Except as otherwise provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. 
  

					
	1300581 05134611	 	    15    	  	2005-1 Trust Agreement

 Section 5.2 Application of Funds in Certificate Distribution Account. (a) Subject to
Section 9.2 hereof, on each Payment Date, the Owner Trustee will, or will cause the Certificate Paying Agent to, based on the information contained in the Servicer’s Report delivered on the related Determination Date pursuant to
Section 4.9 of the Sale and Servicing Agreement or, following the occurrence and during the continuation of an Event of Default pursuant to Section 5.4(b) of the Indenture, distribute to Certificateholders, as of the related
Record Date all amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement on such Payment Date based upon each Certificateholder’s Certificate Percentage Interest; 
  
 (b) In the event that any withholding tax is imposed on the
Certificate Registrar’s payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2. The Certificate Registrar is
hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Certificate Registrar
from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be
treated as cash distributed to such Certificateholder at the time it is withheld by the Certificate Registrar and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-United States Certificateholder), the Certificate Registrar may in its sole discretion withhold such amounts in accordance with this clause (b). In the event that a Certificateholder wishes to apply for a
refund of any such withholding tax, the Certificate Registrar shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Certificate Registrar for any out-of-pocket expenses
incurred. 
  
 Section 5.3 Method of Payment.
Distributions required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities therefor, if (a) such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such
Payment Date or (b) such Certificateholder is the Depositor, or an Affiliate thereof, or, if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. Notwithstanding the
foregoing, the final distribution in respect of any Certificate will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Owner Trustee pursuant to Section 3.8.

  
 Section 5.4 No Segregation of Monies; No Interest.
Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee or any Certificate Paying Agent hereunder including all Certificate Account Property need not be segregated in any manner except to the extent required by law or the
Indenture or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and neither the Owner Trustee nor or any Certificate Paying Agent shall be liable for any interest thereon. 
  

					
	1300581 05134611	 	    16    	  	2005-1 Trust Agreement

 Section 5.5 Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others. Subject to Section 2.6, the Administrator shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be
delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax
returns, (c) prepare and file such tax returns relating to the Trust (including a partnership information return, Form 1065, if applicable), and make such elections as may from time to time be required or appropriate under any applicable state
or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for federal income tax purposes, (d) cause such tax returns to be signed in the manner required by law and (e) collect
or cause to be collected any withholding tax as described in and in accordance with Section 5.2(b) with respect to income or distributions to Certificateholders. The Owner Trustee shall cooperate with the Administrator in making all
elections pursuant to this Section 5.5 as directed in writing by the Administrator. The Trust shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables
and shall elect under Section 171 of the Code to amortize any bond premium with respect to the Receivables. The Trust shall not make the election provided under Section 754 of the Code. 
  
 Section 5.6 Signature on Returns; Tax Matters Partner.
(a) Notwithstanding the provisions of Section 5.5 and subject to Section 2.6, the Depositor shall sign on behalf of the Trust the tax returns of the Trust, unless applicable law requires the Owner Trustee to sign such
documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Depositor. 
  
 (b) Subject to Section 2.6, the Depositor shall be the “tax matters partner” of the Trust pursuant to
Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 
  
 ARTICLE VI 
  
 AUTHORITY
AND DUTIES OF OWNER TRUSTEE 
  
 Section 6.1 General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is named as a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to
which the Trust or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Administrator shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written direction
of the Administrator, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $150,000,000 Class A-2 Notes in the aggregate principal amount of $178,000,000, Class A-3 Notes in
the aggregate principal amount of $175,000,000, Class A-4 Notes in the aggregate principal amount of $125,060,000 and Class B Notes in the aggregate principal amount of $21,940,000. In addition to the foregoing, the Owner Trustee is authorized,
but shall not be 

  

					
	1300581 05134611	 	    17    	  	2005-1 Trust Agreement

 
obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such
action as the Servicer or the Administrator recommends or directs in writing with respect to the Basic Documents, except to the extent that this Agreement expressly requires the consent of Certificateholders for such action. 
  
 Section 6.2 General Duties. It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents and to administer the Trust in the interest of Certificateholders, subject to the Basic Documents and
in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has
agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to
administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. 
  
 Section 6.3 Action upon Instruction. (a) Subject to Article IV, and in accordance with the Basic Documents, the Certificateholders
may, by written instruction, direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. 
  
 (b) The Owner Trustee shall not be required to take any
action hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of
any Basic Document or is otherwise contrary to law and a copy of such opinion has been provided to the Servicer. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this
Agreement or any Basic Document or is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner
Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner
Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee
receives two or more sets of conflicting instructions, the Owner Trustee shall act on the instructions from the group of Certificateholders holding the largest Certificate Percentage Interest. If the Owner 

  

					
	1300581 05134611	 	    18    	  	2005-1 Trust Agreement

 
Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified
in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of
the Certificateholders, and shall have no liability to any Person for such action or inaction. 
  
 Section 6.4 No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell,
dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder
or to prepare or file any filing with the Commission (including any filings required under the Sarbanes-Oxley Act of 2002, subject to Section 7.1(h) herein) for the Trust or to record this Agreement or any Basic Document. Deutsche Bank
Trust Company Delaware nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, Deutsche
Bank Trust Company Delaware that are not related to the ownership or the administration of the Trust Estate. 
  
 Section 6.5 No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and
(iii) in accordance with any document or written instruction delivered to the Owner Trustee pursuant to Section 6.3. 
  
 Section 6.6 Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth
in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income and franchise tax
purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Trust or any portion thereof to be treated as an association or publicly traded partnership
taxable as a corporation for federal income, state and local income or franchise tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.6. 
  

					
	1300581 05134611	 	    19    	  	2005-1 Trust Agreement

 ARTICLE VII 
  
 CONCERNING OWNER TRUSTEE 
  
 Section 7.1 Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this Agreement.
The Owner Trustee shall not be personally liable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of
any representation or warranty contained in Section 7.3 expressly made by Deutsche Bank Trust Company Delaware in its individual capacity, (iii) for liabilities arising from the failure of Deutsche Bank Trust Company Delaware to
perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In
particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
  
 (a) The Owner Trustee shall not be personally liable for any error of judgment made by a Responsible Officer of the Owner Trustee;

  
 (b) The Owner Trustee shall not be personally
liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Depositor, the Servicer, the Administrator or any Certificateholder; 
  
 (c) No provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk
funds or otherwise incur any personal liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (d) Under no circumstances shall the Owner Trustee be personally liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes or amounts distributable on the Certificates; 
  
 (e) The Owner Trustee shall not be personally liable for or in respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor or the Administrator or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the
certificate of authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any personal liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein and in
the Basic Documents; 
  
 (f) The Owner Trustee
shall not be personally liable for the default or misconduct of the Indenture Trustee, the Servicer, the Custodian, or the Administrator under any of 

  

					
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the Basic Documents or otherwise and the Owner Trustee shall have no duty or personal liability to perform obligations under this Agreement or the Basic
Documents that are required to be performed by the Indenture Trustee under the Indenture, the Servicer, the Custodian under the Sale and Servicing Agreement or the Administrator under the Administration Agreement; 
  
 (g) The Owner Trustee shall be under no duty to exercise any
of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or written direction of any of
the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of
the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful
misconduct in the performance of any such act; 
  
 (h) Notwithstanding anything contained herein to the contrary, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person any filings, certificates, affidavits or other instruments
required under the Sarbanes-Oxley Act of 2002; and 
  
 (i) In no event shall the Owner Trustee be personally liable (i) for special, consequential or punitive damages, (ii) for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories,
(iii) for the acts or omissions of brokers or dealers, and (iv) for any losses due to forces beyond the control of the Owner Trustee, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution,
nuclear or natural catastrophes or acts of God and interruptions. The Owner Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other person that has been obtained from, or provided to
the Owner Trustee by, any other entity. 
  
 Section 7.2
Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and
any other instruments furnished to the Owner Trustee under the Basic Documents. 
  
 Section 7.3 Representations and Warranties. Deutsche Bank Trust Company Delaware hereby represents and warrants to the Depositor and the Administrator, for the benefit of the Certificateholders, that:

  
 (a) It is a banking corporation duly
organized and validly existing in good standing under the laws of the State of Delaware and having an office within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this
Agreement. 
  

					
	1300581 05134611	 	    21    	  	2005-1 Trust Agreement

 (b) It has taken all corporate action necessary to authorize the execution and delivery
by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable
against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of
creditors of banks generally and to equitable limitations on the availability of specific remedies. 
  
 (d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute
any default under its charter documents or by-laws. 
  
 Section 7.4 Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion,
bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein,
the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other authorized officers of the relevant party, as to such fact or matter, and such certificate
shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or
the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or misconduct of such
agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected with reasonable care; and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the relevant area to be
selected with reasonable care and employed by it at the expense of the Trust. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons. In the event that none of the Trust, the Depositor nor the Administrator is able to bring action against such agents, custodians, nominees or attorneys for misconduct or negligence because of lack of
contractual privity with such agents, custodians, nominees or attorneys, then the Trust, the Depositor or the Administrator may direct the Owner Trustee and the Owner Trustee agrees in such circumstances to bring action, suit or other judicial or
administrative proceeding on behalf of the Trust, the Depositor or the Administrator at such parties’ expense. 
  

					
	1300581 05134611	 	    22    	  	2005-1 Trust Agreement

 Section 7.5 Not Acting in Individual Capacity. Except as provided in this Article VII,
in accepting the trusts hereby created, Deutsche Bank Trust Company Delaware acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
  
 Section 7.6 The Owner Trustee Not Liable for Certificates or Receivables. The recitals contained herein and in the Certificates (other than
the signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor or the Administrator, as the case may be, and the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no personal representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) or the Notes,
or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or personal liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed
to Certificateholders under this Agreement or the Noteholders under the Indenture, including: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of
any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the
compliance by the Depositor, the Administrator or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of Indenture Trustee,
the Administrator, or the Servicer or any subservicer taken in the name of the Owner Trustee. 
  
 Section 7.7 The Owner Trustee May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the
Depositor, Indenture Trustee, the Servicer and the Administrator in banking transactions with the same rights as it would have if it were not the Owner Trustee. 
  

ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  
 Section 8.1 The Owner Trustee’s Fees and Expenses. The Administrator shall pay to Deutsche Bank Trust Company Delaware pursuant to the
Administration Agreement from time to time reasonable compensation for all services rendered by Deutsche Bank Trust Company Delaware under this Agreement (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust). The Administrator, pursuant to the Administration Agreement, shall reimburse Deutsche Bank Trust Company Delaware upon its request for all reasonable expenses, disbursements and advances incurred or made by 

  

					
	1300581 05134611	 	    23    	  	2005-1 Trust Agreement

 
Deutsche Bank Trust Company Delaware in accordance with any provision of this Agreement or any Basic Document (including the reasonable compensation,
expenses and disbursements of such agents and counsel as Deutsche Bank Trust Company Delaware may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense as may be attributable to its
willful misconduct, gross negligence or bad faith. 
  
 Section 8.2 Indemnification. To the fullest extent permitted by law, the Administrator shall indemnify Deutsche Bank Trust Company Delaware in its individual capacity and as Owner Trustee and its successors, assigns, directors,
officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability and expense, tax (but not including any taxes asserted with respect to federal income or other income taxes), penalty or claim
(including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Deutsche Bank Trust Company Delaware in its individual capacity and as Owner Trustee or any
Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of Deutsche Bank Trust Company Delaware hereunder,
provided, however, that neither the Depositor nor the Servicer shall be liable for or required to indemnify Deutsche Bank Trust Company Delaware from and against any of the foregoing expenses arising or resulting from its own willful
misconduct, bad faith or gross negligence, or any of the matters described in the third sentence of Section 7.1. This Section 8.2 shall survive the termination of this Agreement and the Trust and the resignation or removal of
the Owner Trustee. 
  
 Section 8.3 Payments to the Owner
Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the Administration Agreement shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
  
 ARTICLE IX 
  
 TERMINATION OF TRUST AGREEMENT 
  
 Section 9.1 Termination of Trust. (a) The Trust shall
dissolve upon the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement, Article V and
Section 9.2. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Certificateholder’s legal
representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the rights, obligations and
liabilities of the parties hereto. 
  
 (b) Except
as provided in clause (a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust. 
  
 Section 9.2. Dissolution of the Trust/Termination of the Trust Agreement. Upon dissolution of the Trust, the Administrator shall wind up the
business and affairs of the Trust as required by Section 3808 of the Statutory Trust Act. The Administrator shall be responsible for 

  

					
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advising the Certificate Paying Agent of any liabilities of the Trust to be paid from the Certificate Distribution Account pursuant to this Section.
Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Trust in
respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Trust and at the written direction of the Certificateholders, shall be deemed to have made reasonable provision to pay all
claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation,
which may be signed solely by the Administrator, with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Trust shall terminate and this Agreement (other than
Article VIII) shall be of no further force or effect. 
  
 ARTICLE X 
  
 SUCCESSOR OWNER TRUSTEES AND
ADDITIONAL OWNER TRUSTEES 
  
 Section 10.1 Eligibility
Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to
supervision or examination by Federal or state authorities. If such bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this
Section 10.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an
institution satisfying the provisions of Section 3807(a) of the Statutory Trust Act. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall
resign immediately in the manner and with the effect specified in Section 10.2. 
  
 Section 10.2 Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator.
Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee reasonably acceptable to the Certificateholders which satisfies the eligibility requirements set forth in Section 10.1 by
written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to
petition for the appointment of any such successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.1 and shall fail to resign after written request therefor by the 

  

					
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Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove
the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and payment of all fees owed to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section 10.2 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The
Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  
 Section 10.3 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge
and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The
predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this
Section 10.2 unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.3, the Administrator shall mail notice of the
successor of such Owner Trustee to all Certificateholders, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Administrator shall fail to mail such notice within 10 days after acceptance of appointment by the successor Owner
Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 
  
 Section 10.4 Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary 

  

					
	1300581 05134611	 	    26    	  	2005-1 Trust Agreement

 
notwithstanding, be the successor of the Owner Trustee hereunder; provided that such corporation shall be eligible pursuant to
Section 10.1; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 
  
 Section 10.5 Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to
vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section 10.5, such powers, duties, obligations, rights and trusts as the Administrator and the Owner
Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3. 
  
 Each separate
trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
  
 (a) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner
Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to
the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (b) no trustee under this Agreement shall be personally liable by reason of
any act or omission of any other trustee under this Agreement; and 
  
 (c) the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the
Administrator. 
  

					
	1300581 05134611	 	    27    	  	2005-1 Trust Agreement

 Any separate trustee or co-trustee may at any time appoint the Owner 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 Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 Section 11.1 Supplements and Amendments. (a) This Agreement
may be amended by the Depositor, the Administrator and the Owner Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders or the Certificateholders: 
  
 (i) to cure any ambiguity or defect, to correct or
supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided that such action shall not adversely affect in any material respect the interests of any Noteholder or Certificateholder; 
  

(ii) in connection with any such election, to modify or eliminate existing provisions set forth in this Agreement relating to the
intended federal income tax treatment of the Notes or Certificates and the Trust in the absence of the election; it being a condition to any such amendment that each Rating Agency shall have notified the Depositor, the Administrator, Indenture
Trustee and the Owner Trustee in writing that the amendment will not result in a reduction or withdrawal of the rating of any outstanding Notes or Certificates with respect to which it is a Rating Agency; and 
  
 (iii) to add, modify or eliminate such provisions as may be
necessary or advisable in order to enable (a) the transfer to the Trust of all or any portion of the Receivables to be recognized as a sale under GAAP by the Depositor to the Trust, (b) the Trust to avoid becoming a member of the Depositor
consolidated group under GAAP or (c) the Depositor, the Administrator or any of their Affiliates to otherwise comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle; 
  
 provided that any amendment entered into pursuant to this Section 11.1(a)
shall not significantly change the permitted activities of the Trust as set forth herein. 
  
 (b) This Agreement may also be amended from time to time by the Depositor, the Administrator and the Owner Trustee, with prior written notice to the Rating Agencies, with the consent of the Holders of Notes evidencing
not less than a majority of the Outstanding Amount 

  

					
	1300581 05134611	 	    28    	  	2005-1 Trust Agreement

 
of the Controlling Note Class and, to the extent affected thereby, the consent of the Holders of Certificates evidencing not less than a majority of the
Certificate Percentage Interests for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of
the Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Percentage Interests required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes and Holders of all outstanding Certificates. 
  
 (c) Promptly after the execution of any such amendment or consent, the Administrator shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and each of the Rating
Agencies. 
  
 (d) It shall not be necessary for the consent of
Certificateholders, the Noteholders or Indenture Trustee pursuant to this Section 11.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent, where required, shall approve the
substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders
shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 (e) Prior to the execution of any amendment to this Agreement the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own
rights, duties or immunities under this Agreement or otherwise. 
  
 Section 11.2 No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions
with respect to their undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their
ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
  
 Section 11.3 Limitations on Rights of Others. Except for
Section 2.7, the provisions of this Agreement are solely for the benefit of the Owner Trustee (in its individual capacity and in its capacity as Owner Trustee), the Depositor, the Administrator, the Certificateholders, the Servicer and,
to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner
Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  

					
	1300581 05134611	 	    29    	  	2005-1 Trust Agreement

 Section 11.4 Notices. (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested,
if to the Owner Trustee, addressed to the Corporate Trust Office, with a copy to Deutsche Bank Trust Company Americas, 60 Wall Street, 26th Floor, MSNYC 60-2606, New York, New York 10005, Attention: Corporate Trust & Agency Services; if to the Depositor, addressed to 770 North Water Street, Milwaukee, Wisconsin 53202, Attention: Douglas D. Howe; if to
the Administrator, addressed to 770 North Water Street NW5, Milwaukee, Wisconsin 53202, Attention: Douglas D. Howe; or, as to each party, at such other address and in such manner as shall be designated by such party in a written notice to each other
party. 
  
 (b) Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to
have been duly given, whether or not the Certificateholder receives such notice. 
  
 Section 11.5 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 11.6 Separate Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 11.7 Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Administrator, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
  
 Section 11.8 No Petition. Each of the Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Certificate, and
the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding Obligations of each
Bankruptcy Remote Party, it will not institute against, or join any other Person in instituting against, such Bankruptcy Remote Party any bankruptcy, reorganization, receivership, arrangement, insolvency or liquidation proceedings or other similar
proceeding under the laws of the United States or any state of the United States. 
  
 Section 11.9 No Recourse. (a) Each Certificateholder by accepting a Certificate acknowledges that such Certificateholder’s Certificates represent beneficial interests in the Trust only and do not
represent interests in or obligations of the Servicer, the Administrator, the Depositor, the Owner Trustee (in its individual capacity), the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets,
except as expressly set forth or contemplated in this Agreement, the Certificates or the Basic Documents. 
  

					
	1300581 05134611	 	    30    	  	2005-1 Trust Agreement

 (b) In furtherance of and not in derogation of the foregoing, to the extent the Depositor enters into
other securitization transactions, each Certificateholder, by accepting a Certificate, acknowledges and agrees that it shall have no right, title or interest in or to any assets or interests therein of the Depositor (other than the Owner Trust
Estate and the Reserve Account relating to this transaction) conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons in connection therewith (whether by way of a sale, capital contribution or
by virtue of the granting of a Lien) (“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained in the preceding sentences of this Section 11.9, a Certificateholder either
(i) asserts an interest or claim to, or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned by the Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from
Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), and whether deemed asserted against or through the Depositor or any other Person owned by the Depositor, then each Certificateholder, by accepting a Certificate, further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor which, under the terms of the relevant documents relating to the securitization
of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and whether asserted against the Depositor or any other Person owned by the Depositor), including the payment of post-petition interest on such other obligations and
liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Certificateholder, by acceptance of a Certificate, further acknowledges and agrees that no
adequate remedy at law exists for a breach of this Section 11.9(b) and the terms of this Section 11.9(b) may be enforced by an action for specific performance. The provisions of this Section 11.9(b) shall be for
the third party benefit of those entitled to rely thereon and shall survive the termination of this Agreement. 
  
 Section 11.10 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
  
 Section 11.11 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 [Remainder of Page Intentionally Left Blank] 
  

					
	1300581 05134611	 	    31    	  	2005-1 Trust Agreement

 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above written. 
  

			
	DEUTSCHE BANK TRUST COMPANY
	    DELAWARE, as the Owner Trustee
		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	Elizabeth B. Ferry
	Title:	 	Assistant Vice President

  

					
	1300581 05134611	 	    S-1    	  	2005-1 Trust Agreement

			
	DEUTSCHE BANK TRUST COMPANY
	    AMERICAS, as Certificate Registrar
	    and as Certificate Paying Agent
		
	By:	 	 /s/ Louis Bodi

	Name:	 	Louis Bodi
	Title:	 	Vice President

  

					
	1300581 05134611	 	    S-2    	  	2005-1 Trust Agreement

			
	M&I DEALER AUTO SECURITIZATION, LLC,
	    as Depositor
		
	By:	 	 /s/ Donald H. Wilson

	Name:	 	Donald H. Wilson
	Title:	 	President

  

					
	1300581 05134611	 	    S-3    	  	2005-1 Trust Agreement

			
	M&I MARSHALL & ILSLEY BANK,
	    as the Administrator
		
	By:	 	 /s/ Donald H. Wilson

	Name:	 	Donald H. Wilson
	Title:	 	Senior Vice President

  

					
	1300581 05134611	 	    S-4    	  	2005-1 Trust Agreement

 EXHIBIT A 
  
 FORM OF CERTIFICATE 
  

			
	 NUMBER
 R-1
	 	100% CERTIFICATE PERCENTAGE INTEREST

  
 M&I AUTO LOAN TRUST
2005-1 
  
 CERTIFICATE 
  
 Evidencing a beneficial interest in the assets of the Trust, as defined
below, the property of which includes a pool of Receivables sold to the Trust by the Depositor, and evidencing a right to receive distributions in accordance with the Trust Agreement. 
  
 (This Certificate does not represent an interest in or obligation of M&I DEALER AUTO SECURITIZATION, LLC or any of
its Affiliates, except to the extent described below.) 
  
 THIS CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS
FOR WHICH IT IS ACTING AS AGENT, THAT SUCH CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH TO A PERSON WHOM THE
TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT) ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) AND IS THE SOLE BENEFICIAL OWNER OF THIS
CERTIFICATE, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
OTHER SECURITIES OR “BLUE SKY” LAWS, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE CERTIFICATE REGISTRAR AND THE ADMINISTRATOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE CERTIFICATE REGISTRAR OR THE ADMINISTRATOR) SATISFACTORY
TO THE CERTIFICATE REGISTRAR AND THE ADMINISTRATOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN 

  

					
	1300581 05134611	 	    A-1    	  	2005-1 Trust Agreement

 
ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE
IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL PURPOSES. 
  
 NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) WITH PLAN ASSETS OF ANY
“EMPLOYEE BENEFIT PLAN” WHETHER OR NOT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY “PLAN” DESCRIBED BY SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
OR ANY ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN”). 
  
 THIS CERTIFIES THAT M&I DEALER AUTO SECURITIZATION, LLC is the registered
owner of a 100% Certificate Percentage Interest that is nonassessable, fully-paid, beneficial interest in the assets of M&I AUTO LOAN TRUST 2005-1, a Delaware statutory trust (the “Trust”) formed by M&I Dealer Auto
Securitization, LLC, a Delaware limited liability company (the “Depositor”), entitling it to receive distributions under the Trust Agreement (as defined below). 
  
 The Trust was created pursuant to a Trust Agreement dated as of October 24, 2005, (the “Initial Trust
Agreement”), among the Depositor, M&I Marshall & Ilsley Bank (“M&I Bank”), as administrator (in such capacity, the “Administrator”) and Deutsche Bank Trust Company Delaware, as owner
trustee (the “Owner Trustee”) and amended and restated on November 22, 2005, by and among the Depositor, the Administrator, the Owner Trustee and Deutsche Bank Trust Company Americas, as certificate registrar and as certificate
paying agent (as so amended and restated, the “Trust Agreement”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in Appendix X to the Sale and Servicing Agreement between the Trust, M&I Bank in such capacity as the servicer (the “Servicer”) and JPMorgan Chase Bank, N.A. (the “Indenture Trustee”),
dated as of November 22, 2005, as the same may be amended or supplemented from time to time. 
  
 This Certificate is one of the duly authorized Certificates designated as M&I Auto Loan Trust 2005-1 Certificates (herein called the
“Certificates”). Also issued under the Indenture dated as of November 22, 2005, between the Trust, the Servicer and Indenture Trustee, are five classes of Notes designated as 4.40578% Class A-1 Notes (the “Class
A-1 Notes”), 4.75% Class A-2 Notes (the “Class A-2 Notes”), 4.83% Class A-3 Notes (the “Class A-3 Notes”) 4.86% Class A-4 Notes (the “Class A-4 Notes” and, together with the
Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and 5.02% Class B Notes (the “Class B Notes” and together with the Class A Notes the “Notes”).
This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound.

  

					
	1300581 05134611	 	    A-2    	  	2005-1 Trust Agreement

 Under the Trust Agreement, there will be distributed on the 20th day of each month (or, if such 20th day is not a Business Day, the next Business Day), commencing on December 20, 2005, to the Person in whose name this Certificate is registered at the close of business on the last day of the preceding month, such
Certificateholder’s Certificate Percentage Interest in the amount to be distributed to Certificateholders on such date. 
  
 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
  
 It is the intent of the Depositor and the Administrator pursuant to the Administration Agreement dated as of November 22, 2005, among the
Administrator, the Indenture Trustee and the Trust (the “Administration Agreement”) and the Certificateholder that, for purposes of federal income, state and local income and franchise tax, so long as the Certificate is held solely
by the Depositor, the Trust will be disregarded as an entity separate from its owner. At such time that the Certificate is held by more than one person, it is the intent of the Administrator and the Certificateholder that, for purposes of income and
franchise tax, the Trust will be treated as a partnership, the assets of which are the assets held by the Trust, and the Certificateholders will be treated as partners in that partnership. The Certificateholder, by acceptance of a Certificate,
agrees to treat, and to take no action inconsistent with the treatment of, the Certificates as such for tax purposes. 
  
 Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that, prior to the date which is one year and one day after the payment
in full of all outstanding Obligations of each Bankruptcy Remote Party, it will not institute against, or join any other Person in instituting against, such Bankruptcy Remote Party any bankruptcy, reorganization, receivership, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
  
 Each Certificateholder by accepting a Certificate acknowledges that such Certificateholder’s Certificates represent beneficial interests in the Trust
only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee (in its individual capacity), the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties
or their assets, except as expressly set forth or contemplated in the Trust Agreement, the Certificates or the Basic Documents. 
  
 In furtherance of and not in derogation of the foregoing, to the extent the Depositor enters into other securitization transactions, each
Certificateholder, by accepting a Certificate, acknowledges and agrees that it shall have no right, title or interest in or to any assets or interests therein of the Depositor (other than the Owner Trust Estate and the Reserve Account relating to
this transaction) conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons in connection therewith (whether by way of a sale, capital contribution or by virtue of the granting of a Lien)
(“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained herein, a Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, whether asserted against or
through the Depositor or any other Person owned by the Depositor, or (ii) is deemed to have any such 

  

					
	1300581 05134611	 	    A-3    	  	2005-1 Trust Agreement

 
interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or
otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through the Depositor or any other Person owned
by the Depositor, then each Certificateholder, by accepting a Certificate, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of
all obligations and liabilities of the Depositor which, under the terms of the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to priority of distribution or application under applicable law, including insolvency laws, and whether asserted against the Depositor or any
other Person owned by the Depositor), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the
Bankruptcy Code. Each Certificateholder, by acceptance of a Certificate, further acknowledges and agrees that no adequate remedy at law exists for a breach of this paragraph and the terms of this paragraph may be enforced by an action for specific
performance. The provisions of this paragraph shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of the Trust Agreement. 
  
 The Certificates may not be acquired by or for the account of or with the assets of (a) an employee benefit plan
whether or not subject to ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (each, a “Benefit
Plan”). By accepting and holding this Certificate, the Holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan and is not purchasing on behalf of a Benefit Plan. 
  
 Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

					
	1300581 05134611	 	    A-4    	  	2005-1 Trust Agreement

 IN WITNESS WHEREOF, the Owner Trustee has caused this Certificate to be duly executed on behalf of the
Trust. 
  

							
	 	 	M&I AUTO LOAN TRUST 2005-1
			
	 	 	By:	 	DEUTSCHE BANK TRUST COMPANY
	 	 	 	 	DELAWARE,
	 	 	 	 	not in its individual capacity,
	 	 	 	 	but solely as the Owner Trustee
				
	Dated:
                                	 	 	 	By:	 	  

  

					
	1300581 05134611	 	    A-5    	  	2005-1 Trust Agreement

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

									
	DEUTSCHE BANK TRUST COMPANY	 	 	 	DEUTSCHE BANK TRUST COMPANY
	AMERICAS, as Authenticating Agent	 	 	 	DELAWARE, as the Owner Trustee
					
	By:	 	  

	 	 	 	By:	 	  

	Name:	 	 	 	 	 	Name:	 	 
	Title:	 	 	 	 	 	Title:	 	 

  

					
	1300581 05134611	 	    A-6    	  	2005-1 Trust Agreement

 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
  
 (Please print or type name and
address, including postal zip code, of assignee) 
  
  
 the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 
  
                                       
                                        
                   Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

  

			
	Dated:
                                	 	  

		
	 	 	*
		
	 	 	Signature Guaranteed:
		
	 	 	*
	 	 	  

  

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

  

					
	1300581 05134611	 	 	  	2005-1 Trust Agreement

 EXHIBIT B 
  
 FORM OF TRANSFEROR CERTIFICATE 
  
 [Date] 
  
 M&I Auto Loan Trust 2005-1 
 c/o Deutsche Bank Trust Company Americas, 
     as the Certificate Registrar 
 60 Wall Street

 New York, New York 10005 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed sale of the 100% Certificate (the “Certificate”) of M&I Auto Loan Trust 2005-1 (the
“Trust”), a trust formed by M&I Dealer Auto Securitization, LLC, (the “Depositor”), we confirm that: 
  

	 	a.	the Depositor is the lawful owner of the Certificate with the full right to transfer the Certificate free from any and all claims and encumbrances whatsoever.

  

	 	b.	Neither the Depositor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Certificate, any interest in the Certificate or
any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Certificate, any interest in the Certificate or any other similar security from any person in any
manner, (c) otherwise approached or negotiated with respect to the Certificate, any interest in the Certificate or any other similar security with any person in any manner, (d) made any general solicitation with respect to the Certificate,
any interest in the Certificate or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with respect to the Certificate, any interest in the Certificate or any other similar security,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution under the Securities Act of 1933 (the “Securities Act”), or would render the disposition of
the Certificate a violation of Section 5 of the Securities Act or any state securities laws, or would require registration or qualification of the Certificate pursuant to the Securities Act or any state securities laws.

  

	 	c.	 The Depositor and any person acting on behalf of the Depositor in this matter reasonably believe that the Transferee is either (a) a “qualified
institutional buyer” (as that term is defined in Rule 144A (“Rule 144A”) under the Securities Act) purchasing for its own account or (b) either (i) an “accredited investor” within the meaning of paragraph
(1), (2), (3) or (7) of Rule 501(a) under the Securities Act or (ii) an entity in which all the equity owners are “accredited investors” within 

  

					
	1300581 05134611	 	    B-1    	  	2005-1 Trust Agreement

	 	 
the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act, and has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an investment in the Certificate. 

  

	 	d.	Unless the Transferee is either (a) an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) an
entity in which all the equity owners are “accredited investors” within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act that is furnishing a Transferee Certificate in the form of Exhibit
C to the Trust Agreement, the Depositor or a person acting on its behalf has taken reasonable steps to ensure that the Transferee is aware that the Depositor is relying on the exemption from the provisions of Section 5 of the Securities Act
provided by Rule 144A. 

  

	 	e.	The Depositor or a person acting on its behalf has furnished, or caused to be furnished, to the Transferee all information regarding (a) the Certificates and distributions
thereon, (b) the nature, performance and servicing of the Receivables, (c) the Trust Agreement, and (d) any credit enhancement mechanism associated with the Certificate, that the Transferee has requested. 

  

	 	f.	We are aware that no transfer of any Certificate (or any economic interest therein, including any contract described in Treasury Regulation Section 1.7704-1(a)(2)(i)(B)) shall
be effective, and any such transfer (or purported transfer) shall be void ab initio, if after such transfer (or purported transfer) there would be more than 50 Certificateholders or such transfer would otherwise cause the Trust to become a publicly
traded partnership for U.S. federal income tax purposes. 

  

			
	Very truly yours,
	Print Name of Transferor
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	1300581 05134611	 	    B-2    	  	2005-1 Trust Agreement

 EXHIBIT C 
  
 FORM OF TRANSFEREE CERTIFICATE 
  
 [Date] 
  
 M&I Auto Loan Trust 2005-1, 
 c/o Deutsche Bank Trust Company Americas, 
     as the Certificate Registrar 
 60 Wall Street

 New York, New York 10005 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of the 100% Certificates (the “Certificates”) of M&I Auto Loan Trust 2005-1 (the
“Trust”), a trust formed by M&I Dealer Auto Securitization, LLC (the “Depositor”), we confirm that: 
  

	 	a.	We are a “qualified institutional buyer” as defined in Rule 144A (“QIB”) and are acquiring the Certificates for our own institutional account (and not for
the account of others) and are the sole beneficial owner of such Certificates; 

  

	 	b.	We acknowledge that the Certificates have not been and will not be registered under the Securities Act or the securities laws of any jurisdiction; 

  

	 	c.	 We are familiar with Rule 144A and are aware that the sale is being made in reliance on Rule 144A and we are not acquiring the Certificates with a view to, or for
resale in connection with, a distribution that would constitute a public offering within the meaning of the Securities Act or a violation of the Securities Act, and that, if in the future we decide to resell, assign, pledge or otherwise transfer any
Certificates, such Certificates may be resold, assigned, pledged or transferred only (i) to the Depositor or any Affiliate thereof, (ii) so long as such Certificate is eligible for resale pursuant to Rule 144A, to a person whom we
reasonably believe after due inquiry is a QIB acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs) to whom notice is given that the resale, pledge, assignment or transfer
is being made in reliance on Rule 144A, (iii) pursuant to an effective registration statement under the Securities Act or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration
requirements of the Securities Act, in which case (A) the Certificate Registrar will require that both the prospective transferor and the prospective transferee certify to the Certificate Registrar and the Administrator in writing the facts
surrounding such transfer, which certification shall be in form and substance satisfactory to the Certificate Registrar and the Administrator and (B) the Certificate Registrar will require a written opinion of counsel (which will not be at the
expense of the Administrator 

  

					
	1300581 05134611	 	    C-1    	  	2005-1 Trust Agreement

	 	 
or the Certificate Registrar) satisfactory to the Administrator and the Certificate Registrar to the effect that such transfer will not violate the
Securities Act, in each case in accordance with any applicable securities or “Blue Sky” laws of any state of the United States; 

  

	 	d.	No Certificate will be acquired or held by any “employee benefit plan” whether or not subject to ERISA or a “plan” described by Section 4975(e)(1) of the
Internal Revenue Code of 1986, as amended, or by any entity deemed to hold the assets of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment in such entity; 

  

	 	e.	We are aware that we (or any account for which we are purchasing) may be required to bear the economic risk of an investment in the Certificates for an indefinite period, and we (or
such account) are able to bear such risk for an indefinite period; 

  

	 	f.	We understand that the Certificates will bear legends substantially as set forth in Section 3.12 of the Trust Agreement; 

  

	 	g.	If we are acquiring any Certificates for the account of one or more qualified institutional buyers, we represent that we have sole investment discretion with respect to each such
account and that we have full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account; 

  

	 	h.	We acknowledge that the Owner Trustee, the Depositor, and their Affiliates, and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and
agreements; 

  

	 	i.	We represent that the transfer is not being effected on or through (x) an “established securities market” within the meaning of Section 7704(a)(1) of the Code,
including without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations or (y) a “secondary market” or “substantial equivalent thereof” within the
meaning of Section 7704(a)(2) of the Code and any proposed, temporary or final Treasury regulations thereunder; 

  

	 	j.	We represent that such transfer will not cause the Trust to be classified as a publicly traded partnership for U.S. federal income tax purposes, and such purchaser or transferee
will not take any action, including any subsequent disposition of such Certificates or economic interest therein, that would cause the Trust to be treated as a publicly traded partnership for U.S. federal income tax purposes; and

  

	 	k.	We are aware that no transfer of any Certificate (or any economic interest therein, including any contract described in Treasury Regulation Section 1.7704-1(a)(2)(i)(B)) shall
be effective, and any such transfer (or purported transfer) shall be void ab initio, if after such transfer (or purported transfer) there would be more than 50 Certificateholders or such transfer would otherwise cause the Trust to become a publicly
traded partnership for U.S. federal income tax purposes. 

  

					
	1300581 05134611	 	    C-2    	  	2005-1 Trust Agreement

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

			
	Very truly yours,
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

					
	1300581 05134611	 	    C-3    	  	2005-1 Trust Agreement

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