Document:

Trust Agreement

 Exhibit 4.2 
  

TRUST AGREEMENT 
  
 BETWEEN 
  
 WHOLESALE AUTO RECEIVABLES CORPORATION 
 SELLER 
  
 AND 
  
 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION 
 OWNER TRUSTEE 
  
 DATED AS OF
OCTOBER 7, 2003 
  

 1 

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 SECTION 1.1
	  	Definitions	  	1
		
	 ARTICLE II ORGANIZATION
	  	1
	 SECTION 2.1
	  	Name	  	1
	 SECTION 2.2
	  	Office	  	1
	 SECTION 2.3
	  	Purposes and Powers	  	1
	 SECTION 2.4
	  	Appointment of Owner Trustee	  	2
	 SECTION 2.5
	  	Initial Capital Contribution of Owner Trust Estate	  	2
	 SECTION 2.6
	  	Declaration of Trust	  	2
	 SECTION 2.7
	  	Liability of the Certificate Owners	  	3
	 SECTION 2.8
	  	Title to Trust Property	  	3
	 SECTION 2.9
	  	Situs of Trust	  	3
	 SECTION 2.10
	  	Representations and Warranties of the Seller	  	3
	 SECTION 2.11
	  	Tax Treatment	  	4
		
	 ARTICLE III THE CERTIFICATES
	  	4
	 SECTION 3.1
	  	[Intentionally Omitted]	  	4
	 SECTION 3.2
	  	Form of the Certificates	  	4
	 SECTION 3.3
	  	Execution, Authentication and Delivery	  	5
	 SECTION 3.4
	  	Registration; Registration of Transfer and Exchange of Certificates	  	6
	 SECTION 3.5
	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	7
	 SECTION 3.6
	  	Persons Deemed Certificateholders	  	7
	 SECTION 3.7
	  	Access to List of Certificateholders’ Names and Addresses	  	8
	 SECTION 3.8
	  	Maintenance of Corporate Trust Office	  	8
	 SECTION 3.9
	  	Appointment of Paying Agent	  	8
	 SECTION 3.10
	  	Certificates Issued to Seller	  	8
	 SECTION 3.11
	  	Book-Entry Certificates	  	9
	 SECTION 3.12
	  	Notices to Clearing Agency	  	9
	 SECTION 3.13
	  	Termination of Book Entry Registration	  	10
	 SECTION 3.14
	  	Seller as Certificateholder	  	10
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	10
	 SECTION 4.1
	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	10
	 SECTION 4.2
	  	Action by Certificateholders with Respect to Certain Matters	  	11
	 SECTION 4.3
	  	Action by Certificateholders with Respect to Bankruptcy	  	11
	 SECTION 4.4
	  	Restrictions on Certificateholders’ Power	  	11
	 SECTION 4.5
	  	Majority Control	  	12

  

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	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	12
	 SECTION 5.1
	  	Establishment of Certificate Distribution Account	  	12
	 SECTION 5.2
	  	Application of Trust Funds	  	12
	 SECTION 5.3
	  	Method of Payment	  	13
	 SECTION 5.4
	  	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	14
	 SECTION 5.5
	  	Signature on Returns; Tax Matters Partner	  	14
		
	 ARTICLE VI THE OWNER TRUSTEE
	  	14
	 SECTION 6.1
	  	Duties of Owner Trustee	  	14
	 SECTION 6.2
	  	Rights of Owner Trustee	  	15
	 SECTION 6.3
	  	Acceptance of Trusts and Duties	  	15
	 SECTION 6.4
	  	Action upon Instruction by Certificateholders	  	17
	 SECTION 6.5
	  	Furnishing of Documents	  	18
	 SECTION 6.6
	  	Representations and Warranties of Owner Trustee	  	18
	 SECTION 6.7
	  	Reliance; Advice of Counsel	  	19
	 SECTION 6.8
	  	Owner Trustee May Own Certificates and Notes	  	19
	 SECTION 6.9
	  	Compensation and Indemnity	  	19
	 SECTION 6.10
	  	Replacement of Owner Trustee	  	20
	 SECTION 6.11
	  	Merger or Consolidation of Owner Trustee	  	21
	 SECTION 6.12
	  	Appointment of Co-Trustee or Separate Trustee	  	21
	 SECTION 6.13
	  	Eligibility Requirements for Owner Trustee	  	22
		
	 ARTICLE VII TERMINATION OF TRUST AGREEMENT
	  	22
	 SECTION 7.1
	  	Termination of Trust Agreement	  	22
	 SECTION 7.2
	  	[Reserved]	  	24
		
	 ARTICLE VIII AMENDMENTS
	  	24
	 SECTION 8.1
	  	Amendments Without Consent of Securityholders	  	24
	 SECTION 8.2
	  	Amendments With Consent of Certificateholders and Noteholders	  	25
	 SECTION 8.3
	  	Form of Amendments	  	26
		
	 ARTICLE IX MISCELLANEOUS
	  	26
	 SECTION 9.1
	  	No Legal Title to Owner Trust Estate	  	26
	 SECTION 9.2
	  	Limitations on Rights of Others	  	26
	 SECTION 9.3
	  	Derivative Actions	  	26
	 SECTION 9.4
	  	Notices	  	27
	 SECTION 9.5
	  	Severability of Provisions	  	27
	 SECTION 9.6
	  	Counterparts	  	27
	 SECTION 9.7
	  	Successors and Assigns	  	27
	 SECTION 9.8
	  	No Petition Covenants	  	27
	 SECTION 9.9
	  	No Recourse	  	28
	 SECTION 9.10
	  	Headings	  	28
	 SECTION 9.11
	  	Governing Law	  	28
	 SECTION 9.12
	  	Certificate Transfer Restrictions	  	28
	 SECTION 9.13
	  	Indemnification by and Reimbursement of the Servicer	  	29

  

 ii 

 EXHIBITS 
  

	 Exhibit A
	  	Form of Certificate of Authentication
	 Exhibit B
	  	Form of Certificate of Trust

  

 iii 

 THIS TRUST AGREEMENT, dated as of October 7, 2003, between WHOLESALE AUTO RECEIVABLES CORPORATION, a
Delaware corporation, as Seller, and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION as Owner Trustee. 
  
 In consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.1 Definitions. Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in Part I of
Appendix A to the Trust Sale and Servicing Agreement of even date herewith, among the Seller, the Servicer and the Trust (the “Trust Sale and Servicing Agreement”). All references herein to “the Agreement” or
“this Agreement” are to the Trust Agreement as it may be amended and supplemented from time to time, and all references herein to Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless
otherwise specified. The rules of construction set forth in Part II of such Appendix shall be applicable to this Agreement. 
  
 ARTICLE II 
 ORGANIZATION

  
 SECTION 2.1 Name. The Trust created hereby shall be
known as “Superior Wholesale Inventory Financing Trust VIII” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of
the Trust. 
  
 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 in Delaware as the Owner Trustee may designate by written notice to the Certificate Owners and the Seller. 
  
 SECTION 2.3 Purposes and Powers 
  
 (a) The purpose of the Trust is, and the Trust shall have the power and
authority, to engage in the following activities: 
  
 (i) to acquire, manage and hold the Receivables to be transferred to the Trust from time to time pursuant to the Trust Sale and Servicing Agreement; 
  

(ii) to issue and sell the Notes pursuant to the Indenture or to another indenture, note purchase agreement or similar agreement and
the Certificates pursuant to this Agreement, and to sell, transfer or exchange the Notes and the Certificates; 
  
 (iii) to acquire property and assets from the Seller pursuant to the Trust Sale and Servicing Agreement, to make payments or distributions
on the Securities, to make withdrawals from the Reserve Fund and other accounts established pursuant to the Basic Documents and to pay the organizational, start-up and transactional expenses of the Trust; 

 (iv) to establish, acquire, hold and terminate liquidity, credit and other enhancement
arrangements, including any Specified Support Arrangement existing from time to time, and perform its obligations thereunder; 
  
 (v) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the terms of the Indenture and to hold, manage
and distribute to the Certificate Owners pursuant to the terms of this Agreement and the Trust Sale and Servicing Agreement any portion of the Trust Estate released from the lien of, and remitted to the Trust pursuant to, the Indenture; 

 
 (vi) to enter into and perform its obligations and
exercise its rights under the Basic Documents to which it is to be a party; 
  
 (vii) 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 
  
 (viii) 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 Securityholders. 
  
 The Trust shall not 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 Basic Documents. 
  
 SECTION 2.4
Appointment of Owner Trustee. The Seller 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. 
  
 SECTION 2.5 Initial Capital Contribution of Owner Trust Estate. The
Seller hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of the date hereof, of the foregoing contribution,
which shall constitute the initial Owner Trust Estate and shall be deposited in the Certificate Distribution Account. The Seller 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. 
  
 SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Owner Trust Estate in trust upon and subject to the conditions and obligations set forth herein and in the Trust Sale
and Servicing Agreement for the use and benefit of the Certificate Owners, 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 Statute, that this Agreement constitute the governing instrument of such statutory trust and that the Certificates represent the equity interests therein. The rights of the Certificateholders shall be determined as set forth herein and in the
Statutory Trust Statute and the relationship between the parties created by this Agreement shall not constitute indebtedness. The parties hereto agree that, unless otherwise required by appropriate taxing authorities, the Trust shall file or cause
to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust as a partnership for such tax purposes. Effective as of the date hereof, the Owner 

  

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Trustee shall have all rights, powers and duties set forth in this Agreement, the Trust Sale and Servicing Agreement and the Statutory Trust Statute with
respect to accomplishing the purposes of the Trust. The Owner Trustee agrees to file the certificate required under § 3810 et seq. of the Statutory Trust Statute in connection with the formation of the Trust as a statutory trust under the
Statutory Trust Statute. 
  
 SECTION 2.7 Liability of the
Certificate Owners. Certificateholders and holders of beneficial interests in Certificates shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the Delaware
General Corporation Law. 
  
 SECTION 2.8 Title to Trust
Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a
trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  
 SECTION 2.9 Situs of Trust. The Trust shall be located and administered in the State of Delaware. 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 other than Delaware; provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in Delaware or New York, payments and distributions shall be made by the Trust only from Delaware or New York. The only office
of the Trust shall be the Corporate Trust Office in Delaware. 
  
 SECTION 2.10 Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Owner Trustee that: 
  
 (a) The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and
authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire and own the
Receivables contemplated to be transferred to the Trust pursuant to the Trust Sale and Servicing Agreement. 
  
 (b) The Seller is duly qualified to do business and, where necessary is in good standing (or is exempt from such requirement), and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, except where the failure to so qualify or obtain licenses or approvals would not have a
material adverse effect on its ability to perform its obligations under the Basic Documents to which it is a party. 
  
 (c) The Seller has the power and authority to execute and deliver this Agreement, to carry out its terms and to consummate the transactions contemplated
herein; and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the Seller by all necessary corporate action. 
  

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 (d) The execution of this Agreement and the consummation of the transactions contemplated herein by the
Seller and the fulfillment of the terms of this Agreement by the Seller shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the certificate of
incorporation or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents), or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation
applicable to the Seller of any Governmental Authority having jurisdiction over the Seller or any of its properties. 
  
 SECTION 2.11 Tax Treatment. The Seller and Owner Trustee, by entering into this Agreement, and the Certificateholders and the Certificate Owners,
by acquiring any Certificate or interest in the Trust, (i) express their intention that the Certificates shall qualify under applicable tax law as partnership interests in a partnership, with the assets of the partnership held by the Trust, (ii)
unless otherwise required by appropriate taxing authorities, agree to treat the Certificates as partnership interests for purposes of federal, state and local income and franchise taxes, Michigan single business tax and any other taxes imposed upon,
measured by or based upon gross or net income, and (iii) agree that immediately upon there being more than one owner of Certificates, Section 5.5 of this Agreement will become applicable. 
  
 ARTICLE III 
 THE CERTIFICATES 
  
 SECTION 3.1 [Intentionally Omitted] 
  
 SECTION 3.2 Form of the Certificates 
  
 (a) The Certificates (other than the Certificates issued pursuant to Section 3.10 to and held by the Seller or its affiliates) shall be issued in denominations of at least $2,500,000 (or such other amount as
the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than $250,000). The Certificates shall represent the entire beneficial
interest in the Trust. The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Responsible Officer 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 Trust, shall be duly issued, fully paid and non-assessable beneficial interests in the Trust, 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. 
  
 (b) The Definitive Certificates, if and when issued in accordance with the terms applicable to the relevant class of
Certificates, shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) all as determined by the officers executing such Certificates, as evidenced by their
execution of such Certificates. 
  

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 (c) The Certificates shall be issued in fully-registered form. The Certificates of any class will be
substantially in the form attached to the Certificate Issuance Order pursuant to which Certificates of such class are issued for the first time. The terms of any Certificates as set forth in a Certificate Issuance Order shall form part of this
Agreement. 
  
 SECTION 3.3 Execution, Authentication and
Delivery 
  
 (a) On the Initial Closing Date, concurrently
with the initial sale, transfer and assignment of Receivables to the Trust pursuant to the Trust Sale and Servicing Agreement, the Owner Trustee shall cause Certificates with an aggregate initial Certificate Balance equal to $132,000,000 to be
executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Seller, signed by its chairman of the board, its president or any vice president, without further corporate action by the Seller, in authorized
denominations. Such Certificates shall have the terms, provisions and rights specified in the related Certificate Issuance Order for such class of Certificates to be dated the Initial Closing Date. Such Certificate Issuance Order shall be considered
a part of this Agreement. 
  
 (b) From time to time after the
Initial Closing Date, at the direction of the Seller (a “Certificate Issuance Order”), and upon satisfaction of the conditions set forth in Section 4.9 of the Trust Sale and Servicing Agreement, the Owner Trustee shall cause
additional Certificates of any class theretofore issued, or Certificates of a new class, with an aggregate initial Certificate Balance specified by the Seller, to be executed on behalf of the Trust, authenticated and delivered to or upon the written
order of the Seller, signed by its chairman of the board, its president or any vice president, without further corporate action by the Seller, in authorized denominations. All such Certificates shall have the terms, provisions and rights specified
in the related Certificate Issuance Order for such class of Certificates, may have a different Certificate Rate than the Certificates of any other class, and may be issued in book entry form pursuant to Section 3.11 hereof. The Certificate Rate for
any such Certificates issued after the Initial Closing Date shall be set forth in the related Certificate Issuance Order. The terms of any Certificates as provided in a Certificate Issuance Order shall be considered terms of this Agreement. Any
Certificate Issuance Order issued pursuant to this Section shall be considered a part of this Agreement. 
  
 (c) No Certificate of any class shall entitle its holder to any benefit under this Agreement, or shall 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 the Owner Trustee’s authenticating agent, 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. JPMorgan Chase Bank is hereby appointed as the Owner Trustee’s
authenticating agent. 
  

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 SECTION 3.4 Registration; 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 provided herein; provided, however, that no Certificate (other than the Certificates issued pursuant to Section 3.10 to and held by the Seller or its affiliates) may be subdivided upon transfer or exchange in a
manner such that the resulting Certificate if it had been sold in the original offering would have had an initial offering price of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being
treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than $250,000) and any attempted transfer of a Certificate in contravention of this restriction shall be void ab initio and the purported
transferor shall continue to be treated as the owner of such Certificate for all purposes. JPMorgan Chase Bank shall be the initial Certificate Registrar. Upon any resignation of a Certificate Registrar, the Owner Trustee shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties of Certificate Registrar. 
  
 (b) Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.8, the Owner Trustee
shall execute on behalf of the Trust, authenticate and deliver (or shall cause JPMorgan Chase Bank, as its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates of
the same class in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. 
  
 (c) At the option of a Holder, Certificates may be exchanged for other Certificates of the same class in authorized denominations of a like amount upon
surrender of the Certificates to be exchanged at the Corporate Trust Office maintained pursuant to Section 3.8. Whenever any Certificates are so surrendered for exchange, the Owner Trustee shall execute on behalf of the Trust, authenticate
and deliver (or shall cause JPMorgan Chase Bank, as its authenticating agent, to authenticate and deliver) one or more Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. Such Certificates shall be
delivered to the Holder making the exchange. 
  
 (d) 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 Holder or his
attorney duly authorized in writing and such other documents and instruments as may be required by Section 9.12. Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Owner
Trustee or Certificate Registrar in accordance with its customary practice. The Owner Trustee shall certify to the Seller that surrendered Certificates have been duly canceled and retained or destroyed, as the case may be. 
  
 (e) 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. 

 

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 SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Certificates 
  
 (a) If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar, the Owner Trustee and the Trust such security or indemnity
as may be required by them to hold each of them harmless, then, in the absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute on behalf of
the Trust and the Owner Trustee shall authenticate and deliver (or shall cause JPMorgan Chase Bank, as its authenticating agent, to authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
replacement Certificate of the same class in authorized denominations of a like amount; provided, however, that if any such destroyed, lost or stolen Certificate, but not a mutilated Certificate, shall have become or within seven days
shall be due and payable, then instead of issuing a replacement Certificate the Owner Trustee may pay distributions to such destroyed, lost or stolen Certificate when so due or payable. 
  
 (b) If, after the delivery of a replacement Certificate or distribution in respect of a destroyed, lost or stolen
Certificate pursuant to subsection 3.5(a), a protected bona fide purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Owner Trustee shall be
entitled to recover such replacement Certificate (and any distributions or payments made with respect thereto) from the Person to whom it was delivered or any Person taking such replacement Certificate from such Person to whom such replacement
Certificate was delivered or any assignee of such Person, except a protected bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Owner Trustee in connection therewith. 
  
 (c) In connection with
the issuance of any replacement Certificate under this Section 3.5, the Owner Trustee may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of the Owner Trustee and the Certificate Registrar) connected therewith. 
  
 (d) Any duplicate Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall
constitute an original additional beneficial interest in the Trust, whether or not the mutilated, destroyed, lost or stolen Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the benefits of this Agreement
equally and proportionately with any and all other Certificates duly issued hereunder. 
  
 (e) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Certificates. 
  
 SECTION 3.6 Persons Deemed
Certificateholders. Prior to due presentation of a Certificate for registration of transfer, 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
Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be affected by any notice to the
contrary. 
  

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 SECTION 3.7 Access to List of Certificateholders’ Names and Addresses. The Owner Trustee
shall furnish or cause to be furnished to the Servicer and the Seller, within 15 days after receipt by the Owner Trustee of a request therefor from the Servicer or the Seller in writing, a list, in such form as the Servicer or the Seller may
reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Servicer, the Seller 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 Corporate Trust Office. The Owner Trustee shall maintain in the City of 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 Owner Trustee initially
designates the offices of JPMorgan Chase Bank, as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Seller 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 Paying
Agent. The 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 and the Servicer;
provided that no such reports shall be required so long as the Seller is the sole Certificateholder. Any Paying Agent shall have the revocable power 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 the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in
any material respect. The Paying Agent shall initially be JPMorgan Chase Bank. JPMorgan Chase Bank shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Owner Trustee. If JPMorgan Chase Bank shall no longer be the
Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all
sums, if any, held by it for distribution to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to
the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the Owner Trustee also in its role as
Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise. 
  
 SECTION 3.10 Certificates
Issued to Seller. On and after the Initial Closing Date, the Seller shall retain beneficial and record ownership of Certificates representing at least 0.5% of the Certificate Balance of each class of Certificates. Certificates issued to the
Seller shall be in definitive form only. 
  

 8 

 SECTION 3.11 Book-Entry Certificates. If, and to the extent, so provided in the related
Certificate Issuance Order, Certificates (other than those described in Section 3.10) may be issued in the form of a typewritten certificate or certificates representing Book-Entry Certificates. Any such Book Entry Certificate shall be
delivered to the Clearing Agency by or on behalf of the Trust and shall be registered on the Certificate Register in the name of the Clearing Agency (or its nominee) and no Certificate Owner shall receive a Definitive Certificate. If and to the
extent Book-Entry Certificates have been issued pursuant to this Section 3.11 with respect to any Certificates: 
  
 (a) the provisions of this Section 3.11 shall be in full force and effect; 
  
 (b) the Certificate Registrar and the Owner Trustee shall be entitled to deal with the Clearing Agency for all purposes of
this Agreement (including the distribution of Certificate Balance and interest on such Certificates and the giving of instructions or directions hereunder) as the sole Holder of such Certificates, and shall have no obligation to the Certificate
Owners; 
  
 (c) to the extent that the provisions of this
Section 3.11 conflict with any other provisions of this Agreement, the provisions of this Section 3.11 shall control; 
  
 (d) the rights of the Certificate Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency Participants and, unless and until Definitive Certificates are issued pursuant to Section 3.13, the initial Clearing Agency shall make book entry
transfers among the Clearing Agency Participants and receive and transmit distributions of Certificate Balance and interest on such Certificates to such Clearing Agency Participants; and 
  
 (e) whenever this Agreement requires or permits actions to be taken based upon instructions or directions of Holders of
Certificates evidencing a specified percentage of the Voting Interests, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received written instructions to such effect from Certificate Owners and/or
Clearing Agency Participants owning or representing, respectively, such required percentage of Voting Interests and has delivered such instructions to the Owner Trustee. 
  
 The Seller or the Owner Trustee may set a record date for the purpose of determining the identity of Holders of Certificates entitled to
vote or to consent to any action by vote as provided in this Agreement. 
  
 SECTION 3.12 Notices to Clearing Agency. With respect to any Certificates issued as Book-Entry Certificates, whenever a notice or other communication to the Certificateholders is required under this Agreement, unless and until
Definitive Certificates representing such Certificates shall have been issued to the related Certificate Owners pursuant to Section 3.13, the Owner Trustee shall give all such notices and communications specified herein to be given to the
related Certificateholders to the Clearing Agency and shall have no further obligation to such Certificate Owners. 
  

 9 

 SECTION 3.13 Termination of Book Entry Registration. If for any Certificates issued as Book-Entry
Certificates (i) the Administrator advises the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Certificates, and the Administrator is unable to locate a
qualified successor, (ii) the Administrator at its option advises the Owner Trustee in writing that it elects to terminate the book entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicing Default,
Certificate Owners representing beneficial interests aggregating at least a majority of the then outstanding Voting Interests advise the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer
in the best interest of the Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee of the occurrence of any such event and of the availability of Definitive Certificates to Certificate Owners
requesting the same. Upon surrender to the Owner Trustee of the typewritten Certificate or Certificates representing Book-Entry Certificates by the Clearing Agency, accompanied by registration instructions, the Owner Trustee shall execute and
authenticate the related Definitive Certificates in accordance with the instructions of the Clearing Agency. 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. No Certificate Owner shall have the right to request that Definitive Certificates be issued to such Certificate Owner (or its nominee) or request that its interest be exchanged for a
Definitive Certificate or Definitive Certificates other than in accordance with the foregoing provisions of this Section 3.13, unless, in respect of a class of Certificates other than the Class 2003-A Certificates, the relevant Certificate
Issuance Order provides otherwise. Upon the issuance of Definitive Certificates, the Owner Trustee shall recognize the Holders of such Definitive Certificates as Certificateholders. 
  
 SECTION 3.14 Seller as Certificateholder. The Seller in its individual or any other capacity may become the owner or
pledgee of Certificates and may otherwise deal with the Owner Trustee or its Affiliates as if it were not the Seller. 
  
 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE

  
 SECTION 4.1 Prior Notice to Certificateholders with
Respect to Certain Matters. The Owner Trustee shall not take action with respect to the following matters, unless (i) the Owner Trustee shall have notified the Certificateholders in writing of the proposed action at least 30 days before the
taking of such action, and (ii) 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 initiation of any claim or lawsuit by the Trust
(other than an action to collect on a Receivable or an action by the Indenture Trustee pursuant to the Indenture) and the compromise of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a Receivable or
an action by the Indenture Trustee pursuant to the Indenture); 
  
 (b) the election by the Trust to file an amendment to the Certificate of Trust, a conformed copy of which is attached hereto as Exhibit B; 
  

 10 

 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is required; 
  
 (d) 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 interest of the Certificateholders (it being understood that the issuance of additional Certificates as
contemplated by Section 3.3 shall not be deemed to materially adversely affect the interests of the Certificateholders); 
  
 (e) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a
manner that would not materially adversely affect the interests of the Certificateholders; or 
  
 (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by
the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
  
 SECTION 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written
direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator pursuant to Section 10 of the Administration Agreement, (c)
remove the Servicer under the Trust Sale and Servicing Agreement pursuant to Section 8.2 thereof or (d) except as expressly provided in the Basic Documents, sell the Receivables transferred to the Trust pursuant to the Trust Sale and
Servicing Agreement or any interest therein after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon the affirmative vote of, or a written consent signed by, the holders of a
majority of the Voting Interests upon at least 30 days prior notice thereof. 
  
 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 without the unanimous prior
approval of all Holders of Certificates (including the Seller) 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. By its
acceptance of any Certificate issued to it on any Closing Date, the Seller agrees that it, at any time that it is the holder thereof, shall not approve or be deemed to have approved the commencement of a voluntary proceeding in bankruptcy relating
to the Trust for purposes of this Section 4.3 unless such commencement is approved by the affirmative vote of all of the members of the Seller’s board of directors. 
  
 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 Trust or 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. 
  

 11 

 SECTION 4.5 Majority Control. Except as expressly provided herein, any action that may be taken or
consent that may be given or withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by the Holders of Certificates evidencing not less than a majority of the Voting
Interests thereof. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Certificates evidencing not less than a majority of the Voting
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 
  
 (a) The Servicer, for the benefit of the Certificateholders, shall establish
and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Superior Wholesale Inventory Financing Trust VIII Certificate Distribution Account (the “Certificate Distribution Account”), bearing an
additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with JPMorgan Chase Bank. 
  
 (b) The Owner Trustee shall possess all right, title and interest in and to
all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders.
Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof)
shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Certificate Distribution Account. 
  
 (c)
All amounts held in the Certificate Distribution Account shall, to the extent permitted by applicable laws, rules and regulations, be invested, at the written direction of the Servicer in Eligible Investments (in the name of the Owner Trustee or its
nominee). Such written direction shall constitute certification by the Servicer (or such other Person) that any such investment is authorized by this Section 5.1. 
  
 SECTION 5.2 Application of Trust Funds 
  
 (a) On each Monthly Distribution Date, based upon the Servicer’s Accounting for such Monthly Distribution Date, the
Owner Trustee shall distribute to the Certificateholders of each class of Certificates the amounts deposited in the Certificate Distribution Account with respect to such class of Certificates pursuant to Section 4.5 of the Trust Sale and
Servicing Agreement with respect to such Monthly Distribution Date pro rata to the Certificates of such class. 
  

 12 

 (b) On each Monthly Distribution Date, the Owner Trustee shall include with each distribution to each
Certificateholder the statement provided to the Owner Trustee by the Servicer pursuant to Section 4.8 of the Trust Sale and Servicing Agreement for such class of Certificates in respect of such Monthly Distribution Date setting forth, among
other things, the amount of the distribution allocable to Certificate Balance and to interest, the Certificate Balance after giving effect to such distribution, the balance of the Reserve Fund (and amounts, if any, distributed from the Reserve
Fund), and the Monthly Servicing Fee with respect to the Monthly Distribution Date or the related Collection Period, as applicable, each since the last statement so provided to such Certificateholders; provided that no such statement shall be
required to be sent by the Owner Trustee so long as the Seller is the sole Certificateholder. 
  
 (c) If any withholding tax is imposed on the Trust’s distribution (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; provided that the Owner Trustee shall not have an obligation to withhold any such amount so long as the Seller is the sole Certificateholder. The Owner Trustee 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 Owner Trustee 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 Trust 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-U.S.
Certificateholder), the Owner Trustee may in its sole discretion withhold such amounts in accordance with this subsection 5.2(c). If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall
reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 
  
 (d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the
Indenture, the Owner Trustee shall, upon notice from the Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuer Order to the Indenture Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture
Trustee to pay such funds to or at the order of the Seller. 
  
 SECTION 5.3 Method of Payment. Subject to Section 7.1(c) and subject to the right of the Owner Trustee and the Clearing Agency to agree otherwise in the case of Book-Entry Certificates, distributions required to be made to
Certificateholders of any class on any Monthly Distribution Date shall be made to each Certificateholder of record of such class on the related Record Date either by wire transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Record Date, or, if not, by check
mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. 
  

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 SECTION 5.4 Accounting and Reports to the Certificateholders, the Internal Revenue Service and
Others. The Owner Trustee 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 to each Certificateholder, as may be required by the Code and applicable
Treasury Regulations or otherwise, such information as may be required to enable each Certificateholder to prepare its federal income tax return, (c) file such tax returns relating to the Trust 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 subsection 5.2(c) with respect to income or distributions to Certificateholders. In preparing and filing tax
returns for the Trust, the Owner Trustee shall allocate taxable income of the Trust for each Collection Period in the following manner: (A) to the Certificateholders, an amount equal to the sum of (1) interest distributable on the Certificates on
the Monthly Distribution Date related to such Collection Period and (2) any Trust income attributable to discount on the Receivables that corresponds to any excess of the Certificate Balance of the Certificates over their initial issue price; and
(B) to the Seller, if and to the extent that the taxable income of the Trust for such Collection Period exceeds the amount computed under (A) above. Unless otherwise permitted or required by any applicable law or regulation, the Owner Trustee shall
allocate amounts of taxable income of the Trust for a particular Collection Period among the Certificateholders in proportion to the Certificate Balance owned by them as of the Record Date for the related Monthly Distribution Date. 
  
 SECTION 5.5 Signature on Returns; Tax Matters Partner. Subject to
Section 2.11, the Owner Trustee shall sign on behalf of the Trust any and all tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which case such documents shall be signed by the Seller. The
Seller shall be the “tax matters partner” of the Trust pursuant to the Code. 
  
 ARTICLE VI 
 THE OWNER TRUSTEE 
  
 SECTION 6.1 Duties of Owner Trustee 
  
 (a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this
Agreement and the other Basic Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement. No implied covenants or obligations
shall be read into this Agreement. 
  
 (b) 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. 
  

 14 

 (c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon certificates or
opinions furnished to the Owner Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the Owner Trustee
shall have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 
  
 (d) The Owner Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that: 
  
 (i) this subsection
6.1(d) shall not limit the effect of subsection 6.1(a) or (b); 
  
 (ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; and

  
 (iii) the Owner Trustee shall not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 4.1, 4.2 or 6.4. 
  
 (e) Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent
required by law or the Trust Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
  
 (f) The Owner Trustee shall not take any action that (i) is inconsistent with
the purposes of the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Owner Trustee, result in the Trust’s becoming taxable as a corporation for federal income tax purposes. 
  
 (g) The Certificateholders shall not direct the Owner Trustee to take action
that would violate the provisions of this Section 6.1. 
  
 SECTION 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to
which the Trust is to be a party, in such form as the Seller shall approve as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be 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 Administrator recommends with respect to the Basic Documents. 
  
 SECTION 6.3 Acceptance of Trusts and Duties. Except as otherwise
provided in this Article VI, in accepting the trusts hereby created, Chase Manhattan Bank USA, National Association acts solely as 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. 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 monies actually received by it 

  

 15 

 
constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be liable or accountable
hereunder or under any Basic Document under any circumstances, except (i) for its own negligent action, its own negligent failure to act or its own wilful misconduct or (ii) in the case of the inaccuracy of any representation or warranty contained
in Section 6.6 and expressly made 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 at no time have any responsibility or liability for or with respect to the legality, validity
and enforceability of any Receivable held by the Trust, or the perfection and priority of any security interest created by any such Receivable in any 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 distributions and payments to be made to Certificateholders under this Agreement or to Noteholders under the Indenture, including, without limitation: the existence and contents of
any such Receivable on any computer or other record thereof; the validity of the assignment of any such Receivable to the Trust or of any intervening assignment; the completeness of any such Receivable; the performance or enforcement of any such
Receivable; the compliance by the Seller 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 the Administrator, the
Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee; 
  
 (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of 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 financial 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 liable for indebtedness evidenced by or arising under any of the Basic Documents, including the
principal of and interest on the Notes or the Certificate Balance of and interest on the Certificates; 
  
 (e) the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the validity or sufficiency of any provision of this
Agreement or for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, the Notes,
the Certificates (other than the certificate of authentication on the Certificates) or of any Receivables held by the Trust or any related documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any
Noteholder or to any Certificateholder, other than as expressly provided for herein and in the Basic Documents; 
  

 16 

 (f) the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the
Indenture Trustee, the Seller or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the Basic Documents that are
required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Pooling and Servicing Agreement or the Trust Sale and Servicing Agreement; and 
  
 (g) the Owner Trustee shall be under no obligation 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 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 negligence or wilful misconduct in the
performance of any such act. 
  
 SECTION 6.4 Action upon
Instruction by Certificateholders 
  
 (a) Subject to
Section 4.4, 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 Section
4.5. 
  
 (b) Notwithstanding the foregoing, 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 shall have 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. 
  
 (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, intent, interpretation or meaning of any provision of this Agreement or the Basic Documents, 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, and, to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received appropriate instructions 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 which is consistent, in its view, with this Agreement or the Basic Documents, and as it shall deem to be in the best interests of the Certificateholders,
and the Owner Trustee shall have no liability to any Person for any such action or inaction. 
  
 (d) Notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute any
certificates or other documents required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder, and the refusal to comply with any such instructions shall not constitute a default or breach under any Basic
Document. 
  

 17 

 SECTION 6.5 Furnishing of Documents. The Owner Trustee shall furnish (a) 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 and (b) to the Noteholders and the Certificateholders, promptly upon receipt of a written request therefor, copies of the Pooling and Servicing Agreement, the Trust Sale and Servicing Agreement, the Administration Agreement, the Custodian
Agreement and this Agreement. 
  
 SECTION 6.6 Representations
and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Seller, for the benefit of the Certificateholders, that: 
  
 (a) It is a national banking association duly organized, validly existing and in good standing under the laws of the United States of America. 

 
 (b) It has full power, authority and legal right to execute, deliver and
perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. The eligibility requirements set forth in Section 6.13 are satisfied with respect to it. 
  
 (c) The execution, delivery and performance by it of this Agreement (i) shall
not violate any provision of any law or regulation governing the banking and trust powers of the Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Owner Trustee or any of its
assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Owner Trustee or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or
imposition of any lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could reasonably be expected to
have a materially adverse effect on the Owner Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 
  
 (d) The execution, delivery and performance by the Owner Trustee of this
Agreement shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority regulating the banking and corporate trust
activities of banks or trust companies in the jurisdiction in which the Trust was formed. 
  
 (e) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes the legal, valid and binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law. 
  

 18 

 SECTION 6.7 Reliance; Advice of Counsel 
  
 (a) The Owner Trustee shall incur no 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 and need not investigate
any fact or matter in any such document. 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 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, attorneys, custodians or nominees pursuant to
agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the
Owner Trustee with reasonable care; and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted
in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any Basic Document. 
  
 SECTION 6.8 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 Seller, the Administrator, the Indenture Trustee and the Servicer in transactions in the same manner as it would have if it were not the Owner Trustee. 
  
 SECTION 6.9 Compensation and Indemnity. The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Seller and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its other
reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and
performance of its rights and its duties hereunder. The Servicer shall indemnify the Owner Trustee and its successors, assigns, agents and servants in accordance with the provisions of Section 7.1 of the Trust Sale and Servicing Agreement.
The indemnities contained in this Section 6.9 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Article VI shall be deemed not
to be a part of the Owner Trust Estate immediately after such payment. 
  

 19 

 SECTION 6.10 Replacement of Owner Trustee 
  
 (a) The Owner Trustee may at any time give notice of its intent to resign
and be discharged from the trusts hereby created by giving written notice thereof to the Administrator; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section
6.10(c). The Administrator may appoint a successor Owner Trustee by delivering written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee shall have been appointed and have
accepted appointment within 30 days after the giving of such notice, the resigning Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Administrator shall remove the
Owner Trustee if: 
  
 (i) the Owner Trustee shall
cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; 
  
 (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; 
  
 (iii) a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
  
 (iv) the Owner Trustee shall otherwise be incapable of acting. 
  
 (b) If the Owner Trustee resigns or is removed or if a vacancy exists in the office of Owner Trustee for any reason 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 shall pay
all fees owed to the outgoing Owner Trustee. 
  
 (c) Any
resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a
written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing Owner Trustee and the Administrator, and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant
to this Section 6.10 shall be eligible to act in such capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, 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 Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  
 (d) 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. 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. 
  

 20 

 (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 6.10, the
Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. 
  
 SECTION 6.11 Merger or Consolidation of Owner Trustee. Any Person 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 Person succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any further act on the part of any
of the parties hereto; provided, however, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 
  
 SECTION 6.12 Appointment of Co-Trustee or Separate Trustee 
  
 (a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of
any jurisdiction in which any part of the Owner Trust Estate or any of the Dealers 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 as separate trustee or 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 6.12, 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 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 
  
 (b) Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the 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; 
  
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this
Agreement; and 
  

 21 

 (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
  
 (c) Any notice, request or other writing given to the 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. 
  
 (d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or cotrustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 SECTION 6.13 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times satisfy the requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (b) be
authorized to exercise corporate trust powers; (c) have an aggregate capital, surplus and undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or state authorities; and (d) have (or have a parent which
has) a long-term unsecured debt rating of at least BBB- by Standard & Poor’s and at least Baa3 by Moody’s. If such corporation 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 6.13, the aggregate capital, surplus and undivided profits of such corporation shall be deemed to be its aggregate capital, surplus and undivided profits as
set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and
with the effect specified in Section 6.10. 
  
 ARTICLE
VII 
 TERMINATION OF TRUST AGREEMENT 
  
 SECTION 7.1 Termination of Trust Agreement 
  
 (a) The Trust shall terminate in accordance with Section 3808 of the Statutory Trust Statute on the date (the “Trust Termination Date”)
on which the first of the following occurs: (i) if the Seller so elects, the day following the Monthly Distribution Date on which all amounts required to be paid to the Securityholders pursuant to the Basic Documents have been paid (or deposited in
the related Distribution Account and the aggregate Outstanding Amount of the Revolving Notes is zero and (ii) the Specified Trust Termination Date. This Agreement and the 

  

 22 

 
obligations of the parties hereunder (other than Section 6.9 hereof and as otherwise expressly provided herein) shall terminate and be of no further
force or effect (x) if the Trust Termination Date is determined pursuant to clause (i) above, on the Trust Termination Date and (y) if the Trust Termination Date is determined pursuant to clause (ii) above on the date following the Monthly
Distribution Date on which the final payments to be made to the Securityholders pursuant to the Basic Documents have been paid (or deposited in the appropriate Distribution Accounts). 
  
 (b) 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 the Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. Except as provided in Section 7.1(a), neither the Seller nor any Certificateholder shall be entitled to revoke or terminate the
Trust or this Agreement. 
  
 (c) Notice of any termination of the
Trust specifying the Monthly Distribution Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for distribution of the final distribution and cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.4 of the Trust Sale and Servicing Agreement, stating: (i) the Monthly Distribution Date upon or with
respect to which the final distribution of the Certificate Balance of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated; (ii) the amount of any such final
distribution of the Certificate Balance; and (iii) that the Record Date otherwise applicable to such Monthly Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office of the
Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of
the Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Monthly Distribution Date pursuant to Section 5.2. 
  
 (d) Notice of any termination of the Trust specifying the Monthly Distribution Date upon which the Certificateholders shall
surrender their Certificates to the Paying Agent for distribution of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five Business Days of receipt of notice of such
termination from the Servicer given pursuant to Section 9.4 of the Trust Sale and Servicing Agreement, stating: (i) the Monthly Distribution Date upon or with respect to which the final distribution of the Certificate Balance of the
Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated; (ii) the amount of any such final distribution of the Certificate Balance; and (iii) that the Record Date otherwise
applicable to such Monthly Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the
Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to
Certificateholders amounts distributable on such Monthly Distribution Date pursuant to Section 5.2. The Seller shall have the beneficial interest in any assets remaining in the Trust following final payment of the Certificates. 
  

 23 

 (e) If all of the Certificateholders shall not surrender their Certificates for cancellation within six
months after the date specified in the written notice specified in subsection 7.1(c), the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the
final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate
steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable laws with respect
to escheat of funds, any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the Seller and distributed by the Owner Trustee to the Seller and the Owner Trustee shall have no further
liability to the Certificateholders with respect thereto. 
  
 (f)
Upon the winding up of the Trust and its termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the
Statutory Trust Statute. 
  
 SECTION 7.2 [Reserved]

  
 ARTICLE VIII 
 AMENDMENTS 
  
 SECTION 8.1 Amendments Without Consent of Securityholders. This Agreement may be amended by the Seller and the Owner Trustee without the consent of
any of the Securityholders (but with prior notice to the Rating Agencies) to: 
  
 (i) cure any ambiguity, 
  
 (ii) correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement, 
  
 (iii) add or supplement any credit, liquidity or other enhancement arrangement for the benefit of any
Securityholders (provided that if any such addition shall affect any series or class of Securityholders differently than any other series or class of Securityholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of any series or class of Securityholders), 
  
 (iv) add to the covenants, restrictions or obligations of the Seller or the Owner Trustee for the benefit of the Securityholders,

  

 24 

 (v) evidence and provide for the acceptance of the appointment of a successor trustee
with respect to the Owner Trust Estate and add to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, 
  
 (vi) restrict transfers of Certificates (or interests
therein) or as otherwise required to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code, 
  
 (vii) to add provisions to or delete or modify the existing provisions of this Agreement as appropriate to allow the Trust to issue
foreign currency-denominated Notes, or 
  
 (viii)
add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Securityholders. 
  
 SECTION 8.2 Amendments With Consent of Certificateholders and
Noteholders. This Agreement may be amended from time to time by the Seller and the Owner Trustee with the consent of Noteholders whose Notes evidence not less than a majority of the Outstanding Amount of the Notes as of the close of business on
the preceding Monthly Distribution Date and the consent of Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as of the close of business on the preceding Monthly Distribution Date (which consent, whether
given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future Holders of such Notes or Certificates and of any Notes or Certificates issued upon the
transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Notes or Certificates 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, however, that no such amendment shall 
  
 (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that shall be
required to be made on any Security without the consent of the Holder thereof (it being understood that the issuance of any Securities after the Initial Closing Date as contemplated by this Agreement, the Trust Sale and Servicing Agreement and the
Indenture and the specification of the terms and provisions thereof pursuant to a Certificate Issuance Order (with respect to any Certificates) or an Officer’s Issuance Certificate (with respect to any Notes) shall not be deemed to have such
effect for purposes hereof), 
  
 (b) adversely effect the rating
of any series or class of Securities without the consent of the Holders of two-thirds of the Outstanding Amount of such series of Notes or the Voting Interests with respect to such class of Certificates, as appropriate or 
  
 (c) reduce the aforesaid percentage required to consent to any such
amendment, without the consent of the Holders of all of the Notes and all of the Voting Interests with respect to Certificates then outstanding. Prior to the execution of any such amendment, supplement or consent, the Owner Trustee shall furnish
written notification of the substance of such amendment, supplement or consent to the Rating Agencies. 
  

 25 

 SECTION 8.3 Form of Amendments 
  
 (a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or 8.2, the Owner
Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder and the Indenture Trustee. 
  
 (b) It shall not be necessary for the consent of Securityholders or the Indenture Trustee pursuant to Section 8.2 to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Securityholders provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by Securityholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 (c) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of
such amendment with the Secretary of State. 
  
 (d) Prior to the
execution of any amendment to this Agreement or the Certificate of Trust, 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.
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. 
  
 ARTICLE IX 
 MISCELLANEOUS 
  
 SECTION 9.1 No Legal Title to Owner Trust Estate. 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 ownership interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise, of any right, title, and 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 9.2 Limitations on Rights of Others. Except for Section
2.7, Section 7.1(c) and Section 9.13, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Certificateholders, the Administrator 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. 
  
 SECTION
9.3 Derivative Actions. Any provision contained herein to the contrary notwithstanding, the right of any Certificate Owner to bring a derivative action in the right of the Trust is hereby made expressly subject to the following limitations
and requirements: 
  
 (a) such Certificate Owner must meet all
requirements set forth in the Statutory Trust Statute; and 
  

 26 

 (b) no Certificate Owner may bring a derivative action in the right of the Trust without the prior
written consent of Certificate Owners owning, in the aggregate, a beneficial interest in Certificates representing 50% of the then outstanding Certificate Balance. 
  
 SECTION 9.4 Notices 
  
 (a) All demands, notices and communications upon or to the Seller, the Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating
Agencies under this Agreement shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement. 
  
 (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 Holder
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 9.5 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed enforceable to the fullest extent permitted, and if not so permitted,
shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the
Holders thereof. 
  
 SECTION 9.6 Counterparts. This
Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 
  
 SECTION 9.7 Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Seller, the Owner Trustee and each Certificateholder and their respective 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 9.8 No Petition Covenants. The Owner Trustee by entering this Trust Agreement and each Certificateholder, by accepting a Certificate (or
interest therein) issued hereunder, hereby covenants and agrees that they shall not, prior to the day that is one year and one day after the termination of the Trust, acquiesce, petition or otherwise invoke or cause the Seller or the Trust to invoke
in any court or government authority for the purpose of commencing or sustaining a case against the Seller or the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Seller or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller or the Trust. 
  

 27 

 SECTION 9.9 No Recourse. Each Certificateholder and Certificate Owner, by accepting a Certificate
(or interest therein), shall agree that such Person’s Certificates (or interest therein) represent beneficial interests in the Trust only and do not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the
Basic Documents. Except as expressly provided in the Basic Documents, neither the Seller, the Servicer nor the Owner Trustee in their respective individual capacities, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of Certificate Balance with respect to or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Certificates or this Agreement, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the
assets of the Issuer. Each Certificateholder or Certificate Owner by the acceptance of a Certificate (or beneficial interest therein) shall agree that, except as expressly provided in the Basic Documents, in the case of nonpayment of any amounts
with respect to the Certificates, it shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom. 
  
 SECTION 9.10 Headings. The headings herein are for purposes of reference only and shall not affect the meaning or interpretation of any provision
hereof. 
  
 SECTION 9.11 Governing Law. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 SECTION 9.12 Certificate Transfer Restrictions 
  
 (a) Unless specified otherwise in the Certificate Issuance Order with respect to a class of Certificates, the Certificates (or interests therein) may not be acquired by or for the account of a Benefit Plan. By accepting and holding a
Certificate (or interest therein), the Holder thereof and any related Certificate Owner shall each be deemed to have represented and warranted that it is not a Benefit Plan and, if requested to do so by the Seller pursuant to Section 3.4(b),
the Certificateholder and the Certificate Owner shall execute and deliver to the Owner Trustee an Undertaking Letter in the form set forth in the Certificate Issuance Order for such class. The Certificates are also subject to the minimum
denomination specified in Section 3.4(a). 
  
 (b) The
Certificates will not be registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the Certificates are not transferable other than pursuant to an exemption from the registration requirements of
the Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the Certificates (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to
the Seller, (ii) so long as the Certificates are eligible for resale pursuant 

  

 28 

 
to Rule 144A under the Securities Act, such sale, pledge or other transfer is made to a person whom the transferor reasonably believes after due inquiry is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are Qualified Institutional Buyers) to whom notice is given that the sale, pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made
in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Seller in
writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Seller, and (B) the Owner Trustee shall require a written opinion of counsel (which will not be at the expense
of the Seller or the Owner Trustee) satisfactory to the Seller and the Owner Trustee to the effect that such transfer will not violate the Securities Act. No sale, pledge or other transfer may be made to any one person for Certificates with a face
amount of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than $250,000) and,
in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for Certificates with a face amount of less than such amount for each
such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Certificates for all purposes. Neither the Seller
nor the Owner Trustee shall be obligated to register the Certificates under the Securities Act, qualify the Certificates under the securities laws of any state or provide registration rights to any purchaser or holder thereof. 
  
 (c) Each Certificate shall bear a legend to the effect set forth in
subsections (a) and (b) above. 
  
 (d) The Seller shall be
responsible for determining compliance with the restrictions set forth in this Section 9.12. 
  
 SECTION 9.13 Indemnification by and Reimbursement of the Servicer. The Owner Trustee acknowledges and agrees to reimburse (i) the Servicer and its
directors, officers, employees and agents in accordance with Section 7.3(b) of the Trust Sale and Servicing Agreement and (ii) the Seller and its directors, officers, employees and agents in accordance with Section 3.4 of the Trust
Sale and Servicing Agreement. The Owner Trustee further acknowledges and accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Owner Trustee harmless as set forth in Section
7.1(a) of the Trust Sale and Servicing Agreement. 
  
 * * * * *

  

 29 

 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. 
  

	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, as Owner Trustee
	
	 By:

	 	 	     Name:

	 	 	     Title:

	
	WHOLESALE AUTO RECEIVABLES CORPORATION, Seller
	
	 By:

	 	 	     Name: S.N. Richard

	 	 	     Title: Manager-Securitization

	
	JPMORGAN CHASE BANK, as Certificate Registrar, Paying Agent and Authenticating Agent
	
	 By:

	 	 	     Name:

	 	 	     Title:

 EXHIBIT A 
  

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

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

	  	 	  	 By:

	 Name:

	  	 	  	 Name:

	 Title:

	  	 	  	 Title:

 EXHIBIT B 
  

CERTIFICATE OF TRUST OF  
 SUPERIOR
WHOLESALE INVENTORY FINANCING TRUST VIII 
  
 THIS Certificate
of Trust of Superior Wholesale Inventory Financing Trust VIII (the “Trust”), dated as of October 7, 2003, is being duly executed and filed by Chase Manhattan Bank USA, National Association, a Delaware banking corporation, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.). 
  
 1. Name. The name of the statutory trust formed hereby is Superior Wholesale Inventory Financing Trust VIII. 
  
 2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is Chase Manhattan Bank USA, National Association, 500 Stanton Christiana Road, 3rd Floor/OPS4, Newark, DE 19713. 
  
 3. This
Certificate of Trust shall be effective on October 7, 2003. 
  
 IN
WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust as of the date first-above written. 
  

	Chase Manhattan Bank USA, National Association, not in its individual capacity but solely as Owner Trustee under a Trust Agreement dated as of October 7, 2003.
	
	 By:

	 Name:

	 Title:Pooling and Servicing Agreement

 Exhibit 4.3 
  

POOLING AND SERVICING AGREEMENT 
  
 BETWEEN 
  
 GENERAL MOTORS ACCEPTANCE CORPORATION 
  
 SELLER AND SERVICER 
  
 AND 
  
 WHOLESALE AUTO
RECEIVABLES CORPORATION 
  
 PURCHASER 
  
 DATED AS OF OCTOBER 7, 2003 
  
 Superior Wholesale Inventory Financing Trust VIII 

 TABLE OF CONTENTS 
  

	 	 	 	  	 	  	Page

	 ARTICLE I
	  	 	  	 
	 	 	 DEFINITIONS
	  	1
	 	 	 Section 1.01
	  	 Definitions
	  	1
			
	 ARTICLE II
	  	 	  	 
	 	 	 PURCHASE AND SALE OF ELIGIBLE RECEIVABLES
	  	2
	 	 	 Section 2.01
	  	 Purchase and Sale of Eligible Receivables
	  	2
	 	 	 Section 2.02
	  	 Purchase Price
	  	2
	 	 	 Section 2.03
	  	 Addition of Accounts
	  	3
	 	 	 Section 2.04
	  	 Optional Removal of Accounts
	  	4
	 	 	 Section 2.05
	  	 Removal of Ineligible Accounts
	  	4
	 	 	 Section 2.06
	  	 Custody of Documentation
	  	5
			
	 ARTICLE III
	  	 	  	 
	 	 	 ADMINISTRATION AND SERVICING OF RECEIVABLES SECTION
	  	5
	 	 	 Section 3.01
	  	 Appointment of Servicer and Acceptance of Appointment
	  	5
	 	 	 Section 3.02
	  	 Rights and Duties of the Servicer
	  	5
	 	 	 Section 3.03
	  	 Servicing Compensation; Payment of Certain Expenses by the Servicer
	  	7
	 	 	 Section 3.04
	  	 Representations, Warranties and Covenants of the Servicer
	  	7
	 	 	 Section 3.05
	  	 Servicer’s Accounting and Reports
	  	10
	 	 	 Section 3.06
	  	 Pre-Closing Collections
	  	11
	 	 	 Section 3.07
	  	 Collections Received by GMAC
	  	11
			
	 ARTICLE IV
	  	 	  	 
	 	 	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	11
	 	 	 Section 4.01
	  	 Representations and Warranties of GMAC Relating to the Accounts and the Receivables
	  	11
	 	 	 Section 4.02
	  	 Representations and Warranties of GMAC Relating to GMAC and the Agreement
	  	13
	 	 	 Section 4.03
	  	 Representations and Warranties of the Purchaser
	  	15
	 	 	 Section 4.04
	  	 Covenants of GMAC
	  	16
			
	 ARTICLE V
	  	 	  	 
	 	 	 CERTAIN MATTERS RELATING TO GMAC
	  	17
	 	 	 Section 5.01
	  	 Merger or Consolidation of, or Assumption of the Obligations of, GMAC
	  	17
	 	 	 Section 5.02
	  	 GMAC Indemnification of the Purchaser
	  	17
	 	 	 Section 5.03
	  	 GMAC Acknowledgment of Transfers to the Issuer
	  	17
			
	 ARTICLE VI
	  	 	  	 
	 	 	 ADDITIONAL AGREEMENTS
	  	18
	 	 	 Section 6.01
	  	 Additional Obligations of GMAC and the Purchaser
	  	18

  

 i 

	 	  	 Section 6.02
	  	 Effect of Involuntary Case Involving GMAC
	  	18
	 	  	 Section 6.03
	  	 Intercreditor Agreements.
	  	19
			
	 ARTICLE VII
	  	 	  	 
	 	  	 MISCELLANEOUS PROVISIONS
	  	20
	 	  	 Section 7.01
	  	 Amendment
	  	20
	 	  	 Section 7.02
	  	 Protection of Right, Title and Interest in and to Receivables
	  	20
	 	  	 Section 7.03
	  	 Costs and Expenses
	  	21
	 	  	 Section 7.04
	  	 GOVERNING LAW
	  	21
	 	  	 Section 7.05
	  	 Notices
	  	21
	 	  	 Section 7.06
	  	 Severability of Provisions
	  	21
	 	  	 Section 7.07
	  	 Assignment
	  	21
	 	  	 Section 7.08
	  	 Further Assurances
	  	22
	 	  	 Section 7.09
	  	 No Waiver; Cumulative Remedies
	  	22
	 	  	 Section 7.10
	  	 Counterparts
	  	22
	 	  	 Section 7.11
	  	 Third-Party Beneficiaries
	  	22
	 	  	 Section 7.12
	  	 Merger and Integration
	  	22
	 	  	 Section 7.13
	  	 Confidential Information
	  	22
	 	  	 Section 7.14
	  	 Headings
	  	22
	 	  	 Section 7.15
	  	 Termination
	  	22
	 	  	 Section 7.16
	  	 No Petition Covenants
	  	22
	 	  	 Section 7.17
	  	 Jurisdiction
	  	23

  
 Appendix 
  
 Appendix A - Definitions and Rules of Construction 
  
 Appendix B - Demands, Communications and Notices 
  
 Appendix C - Additional Representations and Warranties 
  
 Exhibits 
  
 Exhibit A - List of Locations of the Schedule of Accounts 
  
 Exhibit B - Form of Assignment for the Initial Closing Date 
  
 Exhibit C - Form of Assignment for Each Addition Date 
  
 Exhibit D - Form of Opinion of Counsel With Respect to Addition of Accounts 
  

 ii 

 THIS POOLING AND SERVICING AGREEMENT is made as of October 7, 2003, between GENERAL MOTORS ACCEPTANCE
CORPORATION, a Delaware corporation (referred to herein as “GMAC” in its capacity as seller of the Receivables specified herein and as the “Servicer” in its capacity as servicer of the Receivables), and WHOLESALE
AUTO RECEIVABLES CORPORATION, a Delaware corporation (the “Purchaser”). 
  
 WHEREAS, GMAC, in the ordinary course of its business, generates certain payment obligations by financing the floor plan inventory of motor vehicle dealers; 
  
 WHEREAS, GMAC desires to sell and assign to the Purchaser, and the Purchaser
desires to purchase from GMAC, certain of such existing and future payment obligations arising or acquired from time to time; 
  
 WHEREAS, the Purchaser desires to transfer and assign its interest in such payment obligations to Superior Wholesale Inventory Financing Trust VIII (the
“Issuer”) pursuant to the Trust Sale and Servicing Agreement; 
  
 WHEREAS, the Issuer desires to issue the Initial Securities to fund its acquisition of such payment obligations; 
  
 WHEREAS, the Purchaser, the Issuer and GMAC (as the holder of such payment obligations not sold to the Purchaser hereunder) desire that the Servicer shall
service such payment obligations; and 
  
 WHEREAS, the Servicer is
willing to service such payment obligations and related payment obligations in accordance with the terms hereof and of the Trust Sale and Servicing Agreement for the benefit of the Purchaser, GMAC, the Issuer and each other party identified or
described herein or in the Trust Sale and Servicing Agreement as having an interest therein as owner, trustee, secured party or holder of the Securities (all such parties being collectively referred to herein as “Interested
Parties”). 
  
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Section 1.01 Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in
and shall have the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Pooling and Servicing Agreement as it may be amended,
supplemented or modified from time to time, and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such
Appendix A shall be applicable to this Agreement. 

 ARTICLE II 
 PURCHASE AND SALE OF ELIGIBLE RECEIVABLES 
  
 Section 2.01 Purchase and Sale of Eligible Receivables. 
  
 (a) By execution of this Agreement, on the Initial Closing Date, GMAC does hereby sell, transfer, assign and otherwise convey to the Purchaser, without
recourse, all of its right, title and interest in, to and under all of the Eligible Receivables existing in the Accounts listed on the Schedule of Accounts (which is kept at locations listed in Exhibit A) as of the close of business on the
Initial Cut-Off Date and all monies due or to become due thereon after the Initial Cut-Off Date, all Collateral Security with respect thereto and all amounts received with respect thereto (including all Interest Collections received in the calendar
month in which the Initial Cut-Off Date occurs, whether or not received prior to the Initial Cut-Off Date) and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries). 
  
 (b) Subject to Section 6.02, as of each Receivables Purchase Date,
GMAC does hereby sell, transfer, assign and otherwise convey to the Purchaser, without recourse, all of its right, title and interest in, to and under all Eligible Receivables created or deemed created in the Accounts in the Pool of Accounts on such
date and all monies due or to become due thereon after such date, all Collateral Security with respect thereto and all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and
Recoveries). 
  
 (c) It is the intention of GMAC and the Purchaser
that the transfers and assignments contemplated by this Agreement shall constitute sales of the property described in Section 2.01(a) and Section 2.01(b) from GMAC to the Purchaser and that the beneficial interest in and title to such
property shall not be part of GMAC’s estate in the event of the filing of a bankruptcy petition by or against GMAC under any Insolvency Law. The foregoing sales, transfers, assignments and conveyances and any subsequent sales, transfers,
assignments and conveyances contemplated hereby do not constitute, and are not intended to result in, the creation or an assumption by the Purchaser of any obligation of the Servicer, GMAC (if GMAC is not the Servicer), General Motors or any other
Person in connection with the Receivables described above or under any agreement or instrument relating thereto, including any obligation to any Dealers. 
  
 (d) Subject to Section 2.06 and ARTICLE III hereof, GMAC shall retain all right, title and interest in, to and under the Receivables in the
Accounts in the Pool of Accounts that GMAC has not transferred to the Purchaser hereunder. Such Receivables, together with any Receivables repurchased by GMAC or (so long as GMAC is the Servicer) the Servicer from the Purchaser or the Trust pursuant
to this Agreement or the Trust Sale and Servicing Agreement, all monies due or to become due on such Receivables, all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and
Recoveries) are collectively referred to herein as the “Retained Property”. 
  
 Section 2.02 Purchase Price. On the Initial Closing Date, in consideration for the sale of the property described in Section 2.01(a) to the Purchaser, the Purchaser shall pay to GMAC $3,632,000,000
(representing the aggregate principal balance of the Eligible Receivables as of the close of business on the Initial Cut-Off Date so sold on the Initial Closing Date) in 
  

 2 

 
immediately available funds, and GMAC shall deliver to the Purchaser an executed assignment substantially in the form of Exhibit B hereto. The Purchaser
shall pay, subject to Section 6.02, for property described in Section 2.03 sold by GMAC to the Purchaser on each Addition Date and property described in Section 2.01(b) sold by GMAC to the Purchaser on each Receivables Purchase
Date, a price equal to the principal balance of the Eligible Receivables to be purchased on each such date. Such purchase price shall be payable by the Purchaser on each such date in immediately available funds. 
  
 Section 2.03 Addition of Accounts. 
  
 (a) Offers to Designate Additional Accounts. From time to time, GMAC
may, at its option, offer to designate and the Purchaser may, at its option, request the designation of, one or more Accounts (each, an “Additional Account”) to be included as Accounts in the Pool of Accounts, subject to the
conditions specified in Section 2.03(b) below. If the Purchaser, at its option, elects to accept any such offer by GMAC or if GMAC, at its option, agrees to any such request of the Purchaser, GMAC shall sell and assign to the Purchaser, and the
Purchaser shall purchase from GMAC, all of GMAC’s right, title and interest in, to and under all of the Eligible Receivables in each such Additional Account as of the related Additional Cut-Off Date and all monies due or to become due thereon
after such date, all Collateral Security with respect thereto, all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries), effective as of the Addition Date specified in a
written notice provided by the Servicer, on behalf of GMAC, to the Purchaser (the “GMAC Addition Notice”). Effective as of each such Addition Date, such Additional Account shall be included in the Pool of Accounts and Eligible
Receivables arising therein from and after the Additional Cut-Off Date shall be subject to purchase under Section 2.01(b) above. Each GMAC Addition Notice shall specify the related Additional Cut-Off Date and shall be given (with a copy to
the Rating Agencies) on or before the fifth Business Day but not more than 30 days prior to the related Addition Date. 
  
 (b) Conditions. GMAC shall be permitted to designate, and the Purchaser shall be permitted to accept the designation of, Additional Accounts, in
accordance with Section 2.03(a) only upon satisfaction of each of the following conditions on or prior to the related Addition Date: 
  
 (i) GMAC shall represent that as of the related Additional Cut-Off Date each such Additional Account is an Eligible Account and that each
Receivable arising thereunder identified as an Eligible Receivable and conveyed to the Purchaser on such Addition Date is an Eligible Receivable; 
  
 (ii) GMAC shall have delivered to the Purchaser a duly executed written assignment in substantially the form of Exhibit C and the
list required to be delivered pursuant to Section 7.02(d); 
  
 (iii) GMAC shall have agreed to deliver to the Purchaser, for deposit in the Collection Account, to the extent required by the Trust Sale and Servicing Agreement, all Collections with respect to the Eligible
Receivables arising in such Additional Accounts since the Additional Cut-Off Date within two Business Days after such Addition Date; 
  

 3 

 (iv) as of the Addition Date, neither GMAC nor the Purchaser is insolvent nor shall any
of them have been made insolvent by such transfer nor is either of them aware of any pending insolvency; 
  
 (v) the Schedule of Accounts shall have been amended to reflect such Additional Accounts and the Schedule of Accounts as so amended shall
be true and correct as of the Addition Date; 
  
 (vi) GMAC shall have delivered to the Purchaser a certificate of an Authorized Officer of GMAC confirming the items set forth in clauses (i) through (v) above; 
  
 (vii) the conditions set forth in Section 2.7(b) of the Trust Sale and Servicing Agreement shall have
been satisfied; and 
  
 (viii) GMAC shall have
delivered to the Purchaser an Opinion of Counsel of GMAC substantially in the form of Exhibit D. 
  
 Section 2.04 Optional Removal of Accounts. From time to time, GMAC may, at its option, request from the Purchaser, and the Purchaser may, at its
option, offer to GMAC, the right to designate an Account for removal from the Pool of Accounts. Subject to the satisfaction by the Purchaser of the conditions set forth in Section 2.8 of the Trust Sale and Servicing Agreement, GMAC, at its
option, may accept offers to designate an Account for removal or request from the Purchaser the right to designate an Account for removal by furnishing a written notice (the “GMAC Removal Notice”) to the Purchaser not less than five
Business Days but not more than 30 days prior to the Removal Commencement Date. On and after the Removal Commencement Date with respect to a Randomly Selected Account, GMAC shall not transfer Receivables with respect to such Randomly Selected
Account to the Purchaser. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to reflect such Account becoming a Removed Account as of the Removal Date. At any time after the Removal Date, at
the written request of GMAC, the Purchaser shall assign to GMAC, without recourse, representation or warranty, effective as of the Removal Date, all of the Purchaser’s right, title and interest in, to and under the Receivables arising in such
Account and related Collateral Security. 
  
 Section 2.05
Removal of Ineligible Accounts. If at any time an Account shall be deemed a Randomly Selected Account as described in Section 2.9 of the Trust Sale and Servicing Agreement, the Purchaser shall give notice thereof to GMAC at the time it
gives notice to the parties identified in such Section 2.9. From and after the Removal Commencement Date with respect to a Randomly Selected Account pursuant to such Section 2.9, GMAC shall not transfer Receivables with respect to such
Randomly Selected Account to the Purchaser. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to reflect such Account becoming a Removed Account as of the Removal Date. At any time after
such removal, at the written request of GMAC, the Purchaser shall assign to GMAC, without recourse, representation or warranty, effective as of the Removal Date, all of the Purchaser’s right, title and interest in, to and under the Receivables
in such Account and related Collateral Security. 
  

 4 

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

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

  
 Section 3.02 Rights and Duties of the Servicer.

  
 (a) The Servicer shall manage, service and administer the
Receivables described in Section 3.01, including, without limitation, collecting payments due under the Receivables and providing for charge-offs of uncollectible Receivables, with reasonable care and all in accordance with the
Servicer’s customary and usual servicing procedures for servicing wholesale receivables comparable to the Receivables which the Servicer services for its own account, including the Floor Plan Financing Guidelines, except insofar as any failure
to do so would not have a material adverse effect on the interests of Securityholders. The Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder or under the Trust Sale and Servicing
Agreement, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable, including monitoring the insurance maintained by Dealers. The Servicer is hereby authorized to commence, in its own
name or in the name of any Interested Party, a Proceeding to enforce any Receivable subject hereto, to enforce all obligations of GMAC and the Purchaser under this Agreement and under the Trust Sale and Servicing Agreement or to commence or
participate in a Proceeding (including without limitation a bankruptcy proceeding) relating to or involving any such Receivable. If in any Proceeding it is held that the Servicer may not enforce a Receivable arising under an Account in the Pool of
Accounts on the ground that it is not a real party in 
  

 5 

 
interest or a holder entitled to enforce such Receivable, the Purchaser, GMAC and each other Interested Party shall, at the Servicer’s expense, take
such steps as the Servicer reasonably deems necessary or appropriate to enforce the Receivable, including bringing suit in the name of such Person. If the Servicer commences or participates in such a Proceeding in its own name, each Interested Party
shall thereupon be deemed to have automatically assigned such Receivable to the Servicer for purposes of commencing or participating in any such Proceeding as a party or claimant, and the Servicer is hereby authorized and empowered to execute and
deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such Proceeding. Each Interested Party shall furnish the Servicer with any powers of
attorney and other documents and take any other steps which the Servicer may reasonably deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement and the Trust Sale and Servicing
Agreement. Except to the extent required by the preceding two sentences, the authority and rights granted to the Servicer in this Section 3.02 shall be nonexclusive and shall not be construed to be in derogation of the retention by any
Interested Party (to the extent of its rights in a Receivable) of equivalent authority and rights. Without limiting the generality of the foregoing and subject to any Servicing Default, the Servicer is hereby authorized and empowered, unless such
power and authority is revoked by any Interested Party on account of the occurrence of such a Servicing Default, to: 
  
 (i) instruct the Issuer to make allocations, withdrawals and payments to or from the Collection Account, the Distribution Accounts, the
Reserve Fund, the 2003-A Term Note Cash Accumulation Reserve Fund, the 2003-A Certificate Cash Accumulation Reserve Fund and any other related bank accounts or funds as set forth in the Trust Sale and Servicing Agreement; 
  
 (ii) instruct the Issuer or any Interested Party to take any
action required or permitted under any Specified Support Arrangement; 
  
 (iii) execute and deliver, on behalf of the Issuer for the benefit of any related Securityholders, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and to the extent permitted under and in compliance with applicable requirements of law, to commence enforcement proceedings with respect to any
such Receivable; and 
  
 (iv) make any filings,
reports, notices, applications, registrations with, and seek any consents or authorizations from, the U.S. Securities and Exchange Commission and any State securities authority on behalf of the Issuer as may be necessary or advisable to comply with
any U.S. Federal or State securities law or reporting requirement. 
  
 (b) The Servicer shall not be obligated to use separate servicing procedures, offices, employees or accounts for servicing the Receivables in the Accounts in the Pool of Accounts from the procedures, offices, employees and accounts used by
the Servicer in connection with servicing other receivables. The Servicer shall, at its own expense, on or prior to the Initial Closing Date, in the case of the Initial Accounts, and on or prior to the applicable 
  

 6 

 
Addition Date, in the case of Additional Accounts, indicate in its computer files that the Eligible Receivables in the Accounts in the Pool of Accounts have
been sold and transferred by GMAC to the Purchaser hereunder and by the Purchaser to the Trust under the Trust Sale and Servicing Agreement. 
  
 (c) Except as otherwise required to comply with all Requirements of Law, the Servicer may change the terms and provisions of the Floor Plan Financing
Agreements or the Floor Plan Financing Guidelines in any respect (including the calculation of the amount or the timing of charge-offs and the rate of the finance charge assessed thereon), only if: 
  
 (i) in the reasonable belief of the Servicer, no Early
Amortization Event shall occur as a result of such change; 
  
 (ii) such change is made applicable to the comparable segment of any similar portfolio of accounts serviced by the Servicer and not only to the Accounts in the Pool of Accounts; and 
  
 (iii) in the case of a reduction in the rate of such finance
charges, the Servicer (and, if GMAC is not then the Servicer, GMAC) does not reasonably expect any such reduction, after considering amounts due and amounts payable under any Specified Support Agreements and Investment Proceeds for the related
period, to result in the Net Receivables Rate for any Collection Period being less than the sum of (A) the weighted average of the rates of interest payable to all holders of Securities and (B) the Monthly Servicing Fee for the related period;

  
 provided, however, that nothing herein shall prevent the Servicer from
modifying the terms of the Floor Plan Financing Agreement with any dealer on a case-by-case basis in a manner consistent with the Floor Plan Financing Guidelines. 
  
 Section 3.03 Servicing Compensation; Payment of Certain Expenses by the Servicer. The Servicer is entitled to receive
the Monthly Servicing Fee as described in the Trust Sale and Servicing Agreement. The Monthly Servicing Fee shall be payable to the Servicer solely to the extent amounts are available for payment in accordance with the terms of the Trust Sale and
Servicing Agreement. Subject to any limitations on the Servicer’s liability under the Trust Sale and Servicing Agreement, the Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement
and the Trust Sale and Servicing Agreement (including disbursements of the Issuer, fees and disbursements of any trustees, accountants and outside auditors, taxes imposed on the Servicer, expenses incurred in connection with distributions and
reports to Securityholders and all other fees and expenses not expressly stated under this Agreement or the Trust Sale and Servicing Agreement to be for the account of the Securityholders, but in no event including federal, state and local income
and franchise taxes, if any, of the Issuer or any holder of the Securities). 
  
 Section 3.04 Representations, Warranties and Covenants of the Servicer. 
  
 (a) The Servicer hereby makes, and any successor Servicer by its appointment under this Agreement and under the Trust Sale and Servicing Agreement shall
make, on each Closing Date (and on the date of any such appointment) the following representations, warranties 
  

 7 

 
and covenants on which the Purchaser relies in accepting and holding the Receivables and the related Collateral Security hereunder and the Issuer shall rely
in acquiring and holding such Receivables and the related Collateral Security under the Trust Sale and Servicing Agreement and in issuing the Securities: 
  
 (i) Organization and Good Standing. The Servicer has been duly organized and is validly existing as a corporation in good standing
under the laws of the State of Delaware (or, in the case of a Servicer other than GMAC, other applicable law of its jurisdiction of incorporation), with power and authority to own its properties and to conduct its businesses as such properties are
presently owned and such businesses are presently conducted. 
  
 (ii) Due Qualification. The Servicer is duly qualified to do business and, where necessary, is in good standing as a foreign corporation (or is exempt from such requirement) and has obtained all necessary
licenses and approvals in each jurisdiction in which the conduct of its businesses requires such qualification, except where the failure to so qualify or obtain licenses or approvals would not have material adverse effect on its ability to perform
its obligations under this Agreement. 
  
 (iii)
Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and the Trust Sale and Servicing Agreement, to carry out the terms of each such agreement and to service the Accounts in the Pool of Accounts
and the Receivables arising therein as provided herein and in the Trust Sale and Servicing Agreement, and the execution, delivery and performance of this Agreement and the Trust Sale and Servicing Agreement have been duly authorized by the Servicer
by all necessary corporate action on the part of the Servicer. 
  
 (iv) Binding Obligation. This Agreement constitutes, and the Trust Sale and Servicing Agreement, when duly executed and delivered by the Servicer, shall constitute, the legal, valid and binding obligation of
the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect, affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
  
 (v) No Violation. The execution of this Agreement and the consummation of the transactions
contemplated by this Agreement and the Trust Sale and Servicing Agreement by the Servicer and the fulfillment of the terms of this Agreement and the Trust Sale and Servicing Agreement by the Servicer, shall not conflict with, result in any breach of
any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or by-laws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which
the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant
to the Basic Documents), or violate any law or, to the best of the Servicer’s knowledge, any order, rule or 
  

 8 

 
regulation applicable to the Servicer of any Governmental Authority having jurisdiction over the Servicer or any of its properties, except where any such
conflict or violation would not have a material adverse effect on its ability to perform its obligations under this Agreement or the Trust Sale and Servicing Agreement. 
  
 (vi) No Proceedings. To the Servicer’s knowledge, there are no Proceedings or investigations
pending, or threatened, against the Servicer before any Governmental Authority having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or the Trust Sale and Servicing Agreement or any Securities issued
thereunder, (B) seeking to prevent the issuance of the such Securities, the execution of this Agreement or the consummation of any of the transactions contemplated by this Agreement or the Trust Sale and Servicing Agreement or (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity and enforceability of, this Agreement or the Trust Sale and Servicing Agreement. 
  
 (vii) Compliance with Requirements of Law. The
Servicer shall duly satisfy all obligations on its part to be fulfilled under or in connection with the Receivables and the Accounts to be serviced under this Agreement and the Trust Sale and Servicing Agreement, shall maintain in effect all
qualifications required under Requirements of Law in order to service properly such Receivables and such Accounts and shall comply in all material respects with all Requirements of Law in connection with servicing such Receivables and such Accounts,
except, in each case, where a failure to do so would not have a material adverse effect on the interests of the Securityholders. 
  
 (viii) No Rescission or Cancellation. The Servicer shall not permit any rescission or cancellation of any Receivable sold and
assigned to the Purchaser hereunder that the Servicer services under this Agreement and the Trust Sale and Servicing Agreement, except as ordered by a court of competent jurisdiction or other Governmental Authority. 
  
 (ix) Protection of Interested Party Rights. The
Servicer shall take no action, nor omit to take any action, which would impair the rights or interests of Interested Parties in the Receivables sold and assigned to the Purchaser hereunder that the Servicer services under this Agreement and the
Trust Sale and Servicing Agreement or in the related Vehicle Collateral Security nor shall it reschedule, revise or defer payments due on any such Receivable except, in each case, in a manner consistent with the Floor Plan Financing Guidelines or as
otherwise contemplated herein or in the Trust Sale and Servicing Agreement. The Servicer shall not permit any such Receivable to become subject to any right of set-off or any offsetting balance. 
  
 (x) Negative Pledge. Except for the conveyances
hereunder to the Issuer pursuant to the Trust Sale and Servicing Agreement and the pledge of the Trust Estate to the Indenture Trustee pursuant to the Indenture, and as provided in Section 6.03, the Servicer shall not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist, any Lien on any Receivable sold and assigned to the Purchaser hereunder (and any related Collateral Security), whether now existing or 
  

 9 

 
hereafter created, or any interest therein, and the Servicer shall defend the right, title and interest of the Purchaser, the Issuer and any Interested Party
in, to and under such property, whether now existing or hereafter created, against all claims of third parties claiming through or under the Purchaser or the Servicer. The Servicer shall notify the Purchaser promptly after becoming aware of any Lien
on such property other than the conveyances hereunder or under the Trust Sale and Servicing Agreement or the Indenture. 
  
 (b) Notice of Breach. Upon discovery by the Purchaser or the Servicer of a breach of any of the representations, warranties and covenants set forth
in this Section 3.04, the party discovering such breach shall give prompt written notice to the other party. 
  
 (c) Purchase of Receivables. If any covenants of the Servicer under Sections 3.04(a)(vii), (viii), (ix) or (x) has not
been complied with in all material respects with respect to any Eligible Receivable or Account in the Pool of Accounts and such noncompliance has a material adverse effect on the interests of Securityholders or any other Interested Parties in such
Receivable or such Account, the Servicer shall purchase such Receivable (or, in the case of a breach affecting less than the entire principal amount of a Receivable, to the extent of the breach) or all Eligible Receivables under such Account (each,
an “Administrative Receivable”) from the Issuer, on the terms and conditions set forth in this Section 3.04. 
  
 (d) Payment of Purchase Price. The Servicer shall purchase each Administrative Receivable no later than two Business Days (or such other period as
may be agreed by the Applicable Trustee) following discovery by the Servicer (including through the receipt of notice thereof) of the event giving rise to such Administrative Receivable by depositing in the Collection Account, on the date on which
such purchase is deemed to occur, an amount (in immediately available funds) equal to the principal amount of such Receivable plus accrued and unpaid interest thereon through the date of purchase. The amount so deposited with respect to a Receivable
(an “Administrative Purchase Payment”) shall be included in Trust Principal Collections (to the extent of the principal amount of such Receivable) and Interest Collections (as to the remainder of such amount) on such date and shall
be applied in accordance with the terms of this Agreement and the Trust Sale and Servicing Agreement. 
  
 (e) Sole Remedy. The obligation of the Servicer to purchase Receivables as described in this Section 3.04, and to make the deposits required
to be made to the Collection Account as provided in the preceding paragraph, shall constitute the sole remedy respecting the event giving rise to such obligation available to any Securityholders, the Purchaser, the Owner Trustee, the Indenture
Trustee or the Issuer. 
  
 Section 3.05 Servicer’s
Accounting and Reports. 
  
 (a) On or before each
Determination Date, the Servicer shall deliver to the Purchaser, the Owner Trustee, the Indenture Trustee and the Rating Agencies a Servicer’s Accounting with respect to the immediately preceding Collection Period executed by an Authorized
Officer of the Servicer containing all information necessary for making the allocations, deposits and distributions required by the Trust Sale and Servicing Agreement, the Trust Agreement and the Indenture on the related Distribution Date, and all
information necessary to each such party for sending any statements required to be sent to Securityholders with respect to such Distribution Date under the Trust Sale and Servicing Agreement. 
  

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 (b) On each Business Day, the Servicer shall deliver to the Indenture Trustee a Servicer’s
Accounting executed by an Authorized Officer of the Servicer (i) containing the Daily Trust Balance, the Daily Trust Invested Amount and all related amounts to the extent necessary to determine the Cash Collateral Amount for such date as described
in Section 4.5(d) of the Trust Sale and Servicing Agreement and (ii) if any series or class of Securities is then in a Payment Period, Cash Accumulation Period or Rapid Amortization Period, or if the Trust is then in an Early Amortization
Period or a Wind Down period, containing such instructions and computations as are necessary to effect the allocation and application of Principal Collections and other Available Trust Principal on such day. 
  
 (c) At any time that GMAC does not have a long-term rating of at least BBB-
from Standard & Poor’s and at least Baa3 from Moody’s, the Servicer shall identify on a daily basis all Eligible Receivables and, on or before each Determination Date, the Servicer shall deliver to the Owner Trustee a list identifying
all Eligible Receivables as of the last day of the related Collection Period. 
  
 Section 3.06 Pre-Closing Collections. Within two Business Days after the Initial Closing Date, GMAC shall deliver to the Purchaser all collections on the Receivables in the Accounts in the Pool of Accounts held
by GMAC on the Initial Closing Date to the extent such collections would be required to be on deposit on such date if this Agreement and the Trust Sale and Servicing Agreement had been in effect from and after the Initial Cut-Off Date and the
Revolving Period had commenced on such date. The Purchaser hereby directs GMAC to deposit such amount on its behalf into the Collection Account. 
  
 Section 3.07 Collections Received by GMAC. GMAC hereby agrees to deliver all Collections on the Receivables in the Accounts in the Pool of Accounts
received by GMAC from or on behalf of Dealers to the Servicer and consents to the application, allocation and distribution thereof in accordance with the terms and provisions of this Agreement and the Trust Sale and Servicing Agreement. 

 
 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Section 4.01 Representations and Warranties of GMAC Relating to the Accounts and the Receivables. 
  
 (a) Representations and Warranties. As of the dates set forth below,
GMAC makes the following representations and warranties to the Purchaser as to the Accounts in the Pool of Accounts and the Receivables sold to the Purchaser hereunder, on which the Purchaser relies in accepting such Receivables: 
  
 (i) as of the Initial Cut-Off Date, each Account included in
the Pool of Accounts is an Eligible Account; 
  

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 (ii) as of the Initial Cut-Off Date, each Receivable that is identified as an Eligible
Receivable and conveyed to the Purchaser on the Initial Closing Date is an Eligible Receivable; 
  
 (iii) as of each Additional Cut-Off Date, each related Additional Account is an Eligible Account and each Receivable arising thereunder
that is identified as an Eligible Receivable and conveyed to the Purchaser on the related Addition Date is an Eligible Receivable; 
  
 (iv) as of each date that Receivables are sold and transferred hereunder pursuant to Section 2.01(b), each Receivable that is
identified as an Eligible Receivable and so conveyed to the Purchaser on such date is an Eligible Receivable; and 
  
 (v) the representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are
attached to this Agreement as Appendix C, are true and correct to the extent that they are applicable. 
  
 (b) Survival; Notice of Breach. The representations and warranties set forth in this Section 4.01 shall survive the transfer and assignment of the
Eligible Receivables in the Accounts in the Pool of Accounts and related items to the Purchaser from time to time and the subsequent assignment and transfer of its interests therein to the Issuer pursuant to the Trust Sale and Servicing Agreement.
Upon discovery by GMAC or the Purchaser of a breach of any of the representations and warranties set forth in this Section 4.01, the party discovering such breach shall give prompt written notice to the other party. 
  
 (c) Repurchase. GMAC acknowledges that the Purchaser shall assign its
rights and remedies hereunder with respect to the Eligible Receivables arising in the Accounts in the Pool of Accounts to the Issuer under the Trust Sale and Servicing Agreement. GMAC hereby covenants and agrees with the Purchaser that (i) in the
event of a breach of any of GMAC’s representations and warranties contained in Section 4.01(a) with respect to any Receivable or with respect to any Account that materially and adversely affects the interests of the Purchaser or the
Trust in any Receivable or (ii) in the event that the payment of all or a portion of the principal amount of any Receivable held by the Purchaser or the Trust is deferred pursuant to DPP or any other installment sales program or similar arrangement,
unless and to the extent such breach or deferral shall have been cured in all material respects, GMAC shall repurchase the interest of the Issuer in such Receivable (to the extent of such breach or deferral) on the date and for the amount specified
in Section 2.5 of the Trust Sale and Servicing Agreement, without further notice from the Purchaser hereunder and without any representation, warranty or recourse from the Purchaser or the Issuer. Without limiting the generality of the
foregoing, a Receivable shall not be an Eligible Receivable, and thus shall be subject to repurchase, if and to the extent that, (A) the Servicer adjusts downward the principal amount of such Receivable because of a rebate, refund, credit adjustment
or billing error to the related Dealer or (B) such Receivable was created in respect of a Vehicle which was refused or returned by the related Dealer. 
  

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 (d) Sole Remedy. The obligation of GMAC to repurchase any Receivable shall constitute the sole
remedy respecting the event giving rise to such obligation available to the Purchaser and to any Interested Party. 
  
 Section 4.02 Representations and Warranties of GMAC Relating to GMAC and the Agreement. 
  
 (a) Representations and Warranties. GMAC, in its capacity as seller,
hereby makes as of each Closing Date the following representations and warranties on which the Purchaser relies. The following representations and warranties shall survive the sale, transfer and assignment of the Receivables hereunder: 

 
 (i) Organization and Good Standing. GMAC has been
duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its businesses as such properties are presently owned and such businesses
are presently conducted; 
  
 (ii) Due
Qualification. GMAC is duly qualified to do business and, where necessary, is in good standing as a foreign corporation (or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction in which the
conduct of its businesses requires such qualification, except where the failure to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Agreement; 
  
 (iii) Power and Authority. GMAC has the power and
authority to execute and deliver this Agreement, to carry out its terms, and to consummate the transactions contemplated herein, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
herein have been duly authorized by GMAC by all necessary corporate action on the part of GMAC; 
  
 (iv) No Violation. The execution of this Agreement and the consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms of this Agreement by GMAC shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or by-laws
of GMAC, or any indenture, agreement, mortgage, deed of trust or other instrument to which GMAC is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents) or violate any law or, to the best of GMAC’s knowledge, any order, rule or regulation applicable to GMAC of any Governmental
Authority having jurisdiction over GMAC or any of its properties, except where any such conflict or violation would not have a material adverse effect on its ability to perform its obligations with respect to the Purchaser or any Interested Party
under this Agreement or the Trust Sale and Servicing Agreement; 
  
 (v) No Proceedings. To GMAC’s knowledge, there are no Proceedings or investigations pending, or threatened, against GMAC before any 
  

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Governmental Authority having jurisdiction over GMAC or its properties (A) asserting the invalidity of this Agreement, the Trust Sale and Servicing
Agreement, the Custodian Agreement or the Administration Agreement, (B) seeking to prevent the execution of this Agreement or the consummation of any of the transactions contemplated by this Agreement, the Trust Sale and Servicing Agreement, the
Custodian Agreement or the Administration Agreement or (C) seeking any determination or ruling that might materially and adversely affect the performance by GMAC of its obligations under, or the validity or enforceability of, this Agreement, the
Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement; 
  
 (vi) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of GMAC, enforceable against GMAC in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
  
 (vii) Record of Accounts. The Schedule of Accounts is an accurate and complete listing in all material respects of all of the
Accounts in the Pool of Accounts as of the Initial Cut-Off Date or the applicable Additional Cut-Off Date, as the case may be, and the information contained therein with respect to the identity of such Accounts is true and correct in all material
respects; and 
  
 (viii) Valid Sale. With
respect to the Initial Accounts, this Agreement and the related assignment to be delivered on the Initial Closing Date or, in the case of Additional Accounts, the related assignment as described in Section 2.03(b), when duly executed and
delivered, shall constitute a valid sale, transfer and assignment to the Purchaser of all right, title and interest of GMAC in, to and under the Eligible Receivables thereunder and the related Vehicle Collateral Security, whether then existing or
thereafter created, and the proceeds thereof, enforceable against creditors of and purchasers from GMAC. To the extent such filings are required therefor, upon the filing of the financing statements described in Section 7.02(a) (and, in the
case of Eligible Receivables hereafter created in the Accounts in the Pool of Accounts and the proceeds thereof, upon the creation thereof) the Purchaser shall have a first priority perfected ownership interest in such property, except for Liens
permitted under Section 4.04(a). Except as otherwise provided in the Trust Sale and Servicing Agreement or this Agreement, neither General Motors, GMAC nor any Person claiming through or under General Motors or GMAC has any claim to or
interest in the Trust Estate. 
  
 (b) Survival; Notice of
Breach. The representations and warranties set forth in this Section 4.02 shall survive the transfer and assignment of the Receivables and related items to the Purchaser hereunder and the subsequent assignment and transfer of its interests
therein to the Issuer pursuant to the Trust Sale and Servicing Agreement. Upon discovery by GMAC or the Purchaser of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice
to the other party. 
  

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 (c) Repurchase. If (i) the Purchaser is required to purchase Receivables and related Collateral
Security pursuant to Section 3.1(c) of the Trust Sale and Servicing Agreement and (ii) the condition giving rise to such purchase obligation shall also constitute a breach of a representation or warranty pursuant to Section 4.02(a),
GMAC shall repurchase such Receivables and such Collateral Security and shall pay to the Purchaser, prior to the time the Purchaser is required to pay such amount pursuant to the Trust Sale and Servicing Agreement, an amount equal to the
Reassignment Amount. 
  
 (d) Sole Remedy. The obligation of
GMAC to purchase such Receivables and such Collateral Security pursuant to this Section 4.02 shall constitute the sole remedy available to the Purchaser and to any Interested Party against GMAC respecting the event giving rise to such
obligation. 
  
 Section 4.03 Representations and Warranties of
the Purchaser. The Purchaser hereby represents and warrants to GMAC as of each Closing Date that: 
  
 (a) Organization and Good Standing. The Purchaser has been duly organized and is validly existing as a corporation in good standing under the laws of the
State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has, power, authority and legal
right to acquire and own the Eligible Receivables arising in the Accounts in the Pool of Accounts and the Collateral Security related thereto; 
  
 (b) Due Qualification. The Purchaser is duly qualified to do business and, where necessary, is in good standing as a foreign corporation (or is
exempt from such requirement) and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify
or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Agreement; 
  
 (c) Power and Authority. The Purchaser has the power and authority to execute and deliver this Agreement, to carry out its terms and to consummate
the transactions contemplated herein, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the Purchaser by all necessary corporate action on the part
of the Purchaser; 
  
 (d) No Violation. The execution of
this Agreement and the consummation of the transactions contemplated by this Agreement by the Purchaser and the fulfillment of the terms of this Agreement by the Purchaser shall not conflict with, result in any breach of any of the terms and
provisions of or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of the Purchaser, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Purchaser is a
party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic
Documents), or violate any law or, to the best of the Purchaser’s knowledge, any order, rule or regulation applicable to the Purchaser of any Governmental Authority having jurisdiction over the Purchaser or any of its properties, except where
any such conflict or violation would not have a material adverse effect on its ability to perform its obligations with respect to GMAC or any Interested Party under this Agreement or the Trust Sale and Servicing Agreement; 
  

 15 

 (e) No Proceedings. To the Purchaser’s knowledge, there are no Proceedings or investigations
pending, or threatened, against the Purchaser before any Governmental Authority having jurisdiction over the Purchaser or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the execution of this Agreement or the
consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Purchaser of its obligations under, or the validity or
enforceability of, this Agreement; and 
  
 (f) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and by general principles or equity, regardless of whether such enforceability is considered in a proceeding
in equity or at law. 
  
 Section 4.04 Covenants of GMAC.
GMAC hereby covenants that: 
  
 (a) Negative Pledge.
Except for the conveyances hereunder and under the Trust Sale and Servicing Agreement and the pledge of the Trust Estate to the Indenture Trustee under the Indenture and as provided in Section 6.03, GMAC shall not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist, any Lien on any Eligible Receivable in any Account in the Pool of Accounts (and any related Vehicle Collateral Security), whether now existing or hereafter created, or
any interest therein, and GMAC shall defend the right, title and interest of the Purchaser and any Interested Party in, to and under such property, whether now existing or hereafter created, against all claims of third parties claiming through or
under GMAC. GMAC shall notify the Purchaser and the Issuer promptly after becoming aware of any Lien on any such property other than the conveyances hereunder or under the Trust Sale and Servicing Agreement or the Indenture. Nothing herein shall
prohibit GMAC from granting, creating, incurring or suffering to exist any Lien on all or any portion of the Retained Property. 
  
 (b) Delivery of Collections. All payments received by GMAC from or on behalf of a Dealer in respect of Receivables in any Accounts in the Pool of
Accounts or any Collateral Security (except as contemplated in Section 6.03 with respect to any property constituting Common Collateral that is not Vehicle Collateral Security in connection with any Other Indebtedness) shall be received by
GMAC in its capacity as Servicer, unless GMAC is no longer the Servicer, in which case GMAC shall deliver all such payments to the Servicer as soon as practicable after receipt thereof, but in no event later than two Business Days after receipt
thereof. 
  
 (c) Compliance with Requirements of Law. GMAC
shall comply in all material respects with all Requirements of Law applicable to GMAC, except where any such failure to comply would not have a material adverse effect on its ability to perform its obligations under this Agreement. 
  

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 (d) No Petition. Neither the Servicer nor GMAC shall at any time institute against the Purchaser
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law. 
  
 ARTICLE V 
 CERTAIN MATTERS RELATING TO GMAC 
  
 Section 5.01
Merger or Consolidation of, or Assumption of the Obligations of, GMAC. 
  
 (a) Notwithstanding anything to the contrary in this Agreement, any Person (i) into which GMAC may be merged or consolidated, (ii) resulting from any merger, conversion or consolidation to which GMAC shall be a party,
(iii) succeeding to the business of GMAC or (iv) more than 50% of the voting interests of which is owned, directly or indirectly, by General Motors and which is otherwise originating receivables, which Person in any of the foregoing cases (other
than GMAC as the surviving entity of such merger or consolidation) executes an agreement of assumption to perform every obligation of GMAC, as seller, under this Agreement and the Trust Sale and Servicing Agreement, shall be the successor to GMAC
under this Agreement, as seller, without the execution or filing of any document or any further act on the part of any of the parties to this Agreement or the Trust Sale and Servicing Agreement, anything in this Agreement to the contrary
notwithstanding. 
  
 (b) GMAC shall provide notice of any merger,
consolidation or succession pursuant to this Section 5.01 to the Rating Agencies. 
  
 Section 5.02 GMAC Indemnification of the Purchaser. GMAC shall indemnify the Purchaser for any liability as a result of the failure of an Eligible Receivable sold hereunder to be originated in compliance with
all Requirements of Law. This indemnity obligation shall be in addition to any obligation that GMAC may otherwise have. 
  
 Section 5.03 GMAC Acknowledgment of Transfers to the Issuer. By its execution of the Trust Sale and Servicing Agreement, GMAC acknowledges that the
Purchaser shall, pursuant to the Trust Sale and Servicing Agreement, transfer the Receivables purchased hereunder and related Collateral Security to the Issuer and assign its rights associated therewith under this Agreement to the Issuer, subject to
the terms and conditions of the Trust Sale and Servicing Agreement, and that the Issuer shall in turn further pledge, assign or transfer its rights in such property and this Agreement to the Indenture Trustee under the Indenture. GMAC further
acknowledges that the Purchaser shall assign its rights under the Custodian Agreement to the Issuer. 
  

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 ARTICLE VI 
 ADDITIONAL AGREEMENTS 
  
 Section 6.01 Additional Obligations of GMAC and the Purchaser. 
  
 (a) Supplemental Principal Allocations. On or before the Business Day prior to each Monthly Distribution Date for the Wind Down Period or an Early Amortization Period or the Payment Period for a series of Term
Notes, GMAC shall deposit into the Collection Account, on behalf of the Purchaser, an amount equal to the Supplemental Principal Allocation for such Monthly Distribution Date. Such amount shall be recorded as an advance under the Intercompany
Advance Agreement and shall bear interest and be payable as provided therein. 
  
 (b) Removed Accounts. With respect to each Removed Account, if and to the extent that any related Receivable held by the Trust on the related Removal Commencement Date (determined without giving effect to the
special allocation of Principal Collections pursuant to Section 2.8(c) or Section 2.9(b), as applicable, of the Trust Sale and Servicing Agreement) is charged-off as uncollectible at any time following the related Removal Date, the
Purchaser shall pay the amount so charged-off to GMAC. 
  
 Section
6.02 Effect of Involuntary Case Involving GMAC. 
  
 (a)
Suspension of Purchases. The Purchaser shall suspend the purchase (and GMAC shall suspend the sale) of Receivables hereunder if either party shall receive notice at its principal corporate office that GMAC has become an involuntary party to
(or has been made the subject of) any proceeding provided for by any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to GMAC or relating to all or substantially all of its property (an
“Involuntary Case”). 
  
 (b) Resumption of
Purchases. Notwithstanding any cessation or suspension of purchases pursuant to Section 6.02(a), if GMAC or the Purchaser has obtained an order from the court having jurisdiction over an Involuntary Case approving the continuation of the
sale of Receivables by GMAC to the Purchaser and/or approving the sale of Receivables originating in the Accounts in the Pool of Accounts since the date of the suspension of such sales on the same terms (including Section 6.03 hereof) as, or on
terms that do not have a material adverse effect on Securityholders as compared to, the terms in effect prior to the commencement of such Involuntary Case, and further providing that the Purchaser and any of its transferees (including the Issuer)
may rely on such order for the validity and nonavoidance of such transfer (the “Order”), the Purchaser may resume the purchase (and GMAC may resume the sale) of Receivables pursuant to the terms hereof; provided, however, that so
long as such Involuntary Case shall continue, notwithstanding anything in this Agreement to the contrary, the purchase price of such Receivables (which shall not be less than reasonably equivalent value therefor or greater than the principal balance
thereof) shall be paid by the Purchaser to GMAC in cash not later than the same Business Day of any such sale, and such Receivables shall be considered transferred to the Purchaser only to the extent that the purchase price therefor has been paid in
cash on the same Business Day. 
  
 (c) Cessation of
Purchases. If an Order is obtained but subsequently is reversed or rescinded or expires, the Purchaser shall immediately cease to purchase (and GMAC shall immediately cease to sell) Receivables hereunder. Notwithstanding anything contained in
Section 6.02(b), if an Involuntary Case has not been dismissed by the first Business Day following the 60 day period beginning on the day on which notice of an Involuntary Case was received by either party, whether or not an Order was
obtained, the Purchaser shall not thereafter purchase Receivables from GMAC hereunder and GMAC shall not thereafter designate Additional Accounts for transfer to the Purchaser or sell Receivables hereunder. 
  

 18 

 Section 6.03 Intercreditor Agreements. 
  
 (a) Common Collateral. In connection with loans or advances made or to
be made by GMAC to a Dealer from time to time other than pursuant to an Account (collectively, “Other Indebtedness”), GMAC may have a security interest in property constituting Collateral Security (the “Common
Collateral”). 
  
 (b) Agreements of GMAC with respect
to Common Collateral. GMAC agrees that with respect to the Receivables of each Dealer: 
  
 (i) GMAC’s security interest in any Common Collateral that is Vehicle Collateral Security (and the proceeds thereof) in connection
with any Other Indebtedness is subordinate to the security interest therein in connection with such Receivables and assigned to the Purchaser hereunder; 
  
 (ii) GMAC shall not apply the proceeds of any such Common Collateral that is Vehicle Collateral Security in connection with any Other
Indebtedness in any manner that is materially adverse to the Purchaser or the Issuer and the Securityholders until all required payments in respect of such Receivable have been made; and 
  
 (iii) in realizing upon any such Common Collateral that is Vehicle Collateral Security in connection with
any such Receivables, neither the Purchaser nor the Issuer (nor the Servicer on behalf of either) shall be obligated to protect or preserve the rights of GMAC in such Common Collateral. 
  
 (c) Agreements of the Purchaser with respect to Common Collateral. The Purchaser agrees that with respect to the
Receivables of each Dealer: 
  
 (i) the
Purchaser’s security interest in any Common Collateral that is not Vehicle Collateral Security (and the proceeds thereof) in connection with such Receivables assigned to the Purchaser hereunder is subordinate to the security interest therein in
connection with any Other Indebtedness; 
  
 (ii)
the Purchaser (or the Servicer on its behalf) shall not apply the proceeds of any such Common Collateral that is not Vehicle Collateral Security in connection with any such Receivables in any manner that is materially adverse to GMAC until all
required payments in respect of such Other Indebtedness have been made; and 
  
 (iii) in realizing upon any such Common Collateral that is not Vehicle Collateral Security in connection with such Other Indebtedness, GMAC shall not be obligated to protect or preserve the rights of the Purchaser or
the Issuer in such Collateral Security. 
  

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 (d) Obligations of Issuer. The Trust Sale and Servicing Agreement shall provide that the Issuer is
subject to this Section 6.03. 
  
 (e) Obligations of
Assignees and Transferees. If, other than pursuant hereto, GMAC in any manner assigns or transfers any right or obligation with respect to any Other Indebtedness or any property constituting Common Collateral, GMAC shall make such assignment or
transfer subject to the provisions of this Section 6.03 and shall require such assignee or transferee to acknowledge that it takes such assignment or transfer subject to the provisions of this Section 6.03 and to agree that it shall
require the same acknowledgment from any subsequent assignee or transferee. 
  
 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
  
 Section 7.01 Amendment. This Agreement may be amended from time to
time (subject to Section 10.1(g) of the Trust Sale and Servicing Agreement) by a written amendment duly executed and delivered by GMAC and the Purchaser. 
  
 Section 7.02 Protection of Right, Title and Interest in and to Receivables. 
  
 (a) GMAC or the Purchaser or both shall execute and file such financing statements and cause to be executed and filed such
continuation statements or other statements, all in such manner and in such places as may be required by law fully to evidence, preserve, maintain and protect the interest of the Purchaser hereunder in the Eligible Receivables arising in the
Accounts in the Pool of Accounts and the related Collateral Security and in the proceeds thereof (including, without limitation, UCC-1 financing statements on or prior to the Initial Closing Date). GMAC shall deliver (or cause to be delivered) to
the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
  
 (b) Within 60 days after GMAC makes any change in its name, identity or corporate structure that would make any financing statement or continuation
statement filed in accordance with Section 7.02(a) seriously misleading within the meaning of the UCC, GMAC shall give the Purchaser notice of any such change. 
  
 (c) GMAC shall give the Purchaser at least 60 days prior written notice of any relocation of its principal executive office
or change in its jurisdiction of organization if, as a result of such relocation or change, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new
financing statement. GMAC shall at all times maintain its principal executive office and its jurisdiction of incorporation within the United States of America. 
  

(d) In connection with the sale and transfer hereunder of the Receivables in the Accounts in the Pool of Accounts and the related Collateral Security
from GMAC to the Purchaser, GMAC shall, at its own expense, on or prior to the Initial Closing Date, in the case of the Initial Accounts, and on or prior to the applicable Addition Date, in the case of Additional Accounts, (i) indicate in its
computer files that the Eligible Receivables in the Accounts in the Pool of Accounts have been sold and transferred, and the Collateral Security assigned, to the 

  

 20 

 
Purchaser pursuant to this Agreement and that such property has been sold and transferred to the Issuer pursuant to the Trust Sale and Servicing Agreement
and (ii) deliver to the Purchaser a true and complete list of all such Accounts specifying for each such Account, as of the Initial Cut-Off Date, in the case of the Initial Accounts, and as of the applicable Additional Cut-Off Date, in the case of
Additional Accounts, its account number and the outstanding principal balance of Eligible Receivables in such Account. Such list, as supplemented from time to time to reflect Additional Accounts, Randomly Selected Accounts and Removed Accounts
(including Accounts removed as described in Section 2.05), shall be the Schedule of Accounts and is hereby incorporated into and made a part of this Agreement. 
  
 (e) The Servicer shall furnish to the Purchaser at any time upon request a list of all Accounts then included in the Pool of
Accounts, together with a reconciliation of such list to the Schedule of Accounts as initially furnished pursuant to the Trust Sale and Servicing Agreement and to each notice furnished before such request indicating removal from or addition to the
Accounts in the Pool of Accounts. 
  
 Section 7.03 Costs and
Expenses. GMAC agrees to pay all reasonable out-of-pocket costs and expenses of the Purchaser, including fees and expenses of counsel, in connection with the perfection as against third parties of the Purchaser’s right, title and interest
in, to and under the Receivables sold hereunder and the enforcement of any obligation of GMAC hereunder. 
  
 Section 7.04 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 7.05 Notices. All demands, notices and communications upon or
to GMAC, the Purchaser, or any other Person identified in Section 10.3 of the Trust Sale and Servicing Agreement under this Agreement shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement. 
  
 Section 7.06 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed enforceable to the fullest extent permitted, and if not so permitted,
shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of any Securities or rights of any
Interested Parties. 
  
 Section 7.07 Assignment.
Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by GMAC without the prior written consent of the Purchaser and the Issuer. The Purchaser may assign all or a portion of its rights, remedies, powers and
privileges under this Agreement to the Issuer pursuant to the Trust Sale and Servicing Agreement. 
  

 21 

 Section 7.08 Further Assurances. GMAC and the Purchaser agree to do and perform, from time to
time, any and all acts and to execute any and all further instruments required or reasonably requested by the other party to more fully effect the purposes of this Agreement, including the execution of any financing statements or continuation
statements relating to the Receivables for filing under the provisions of the Uniform Commercial Code of any applicable jurisdiction and to evidence the repurchase of any interest in any Receivable by GMAC or the Servicer. 
  
 Section 7.09 No Waiver; Cumulative Remedies. No failure or delay on
the part of the Purchaser in exercising any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided
by law. 
  
 Section 7.10 Counterparts. This Agreement may
be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 
  
 Section 7.11 Third-Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto, the Interested Parties and their respective successors and permitted assigns. Except as otherwise expressly provided in this Agreement, no other Person shall have any right or obligation
hereunder. 
  
 Section 7.12 Merger and Integration. Except
as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not
be modified, amended, waived, or supplemented except as provided herein. 
  
 Section 7.13 Confidential Information. The Purchaser agrees that it shall neither use nor disclose to any Person the names and addresses of Dealers, except in connection with the enforcement of the
Purchaser’s rights hereunder, under the Trust Sale and Servicing Agreement, under the Receivables or as required by law. 
  
 Section 7.14 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any
provision hereof. 
  
 Section 7.15 Termination. This
Agreement (except for Section 5.02) shall terminate immediately after the termination of the Trust Sale and Servicing Agreement; provided, that if at the time of the termination of the Trust Sale and Servicing Agreement, the Purchaser has not
made all payments to GMAC required to be made under Section 6.01, this Agreement (except for Section 5.02) shall not terminate until immediately after all such payments have been made. 
  
 Section 7.16 No Petition Covenants. Notwithstanding any prior
termination of this Agreement, GMAC shall not, prior to the date which is one year and one day after the final 
  

 22 

 
distribution with respect to the Securities to the Note Distribution Account, the Revolver Distribution Account or the Certificate Distribution Account, as
applicable, acquiesce, petition or otherwise invoke or cause the Purchaser to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Purchaser under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or any substantial part of its property, or ordering the winding up or liquidation of the affairs
of the Purchaser. 
  
 Section 7.17 Jurisdiction. Any action
or proceeding arising out of or relating to this Agreement shall be submitted to the exclusive jurisdiction of any United States Federal or New York State Court sitting in the Borough of Manhattan, New York, New York. 
  
 * * * * 
  

 23 

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

	 GENERAL MOTORS ACCEPTANCE CORPORATION
 Seller and Servicer

		
	 By:
	 	  

	 	 	 Name:
	 	 Karen A. Sabatowski

	 	 	 Title:
	 	 Director-Securitization and Cash Management

	
	 WHOLESALE AUTO RECEIVABLES CORPORATION,
 Purchaser

		
	 By:
	 	  

	 	 	 Name:
	 	 S.N. Richard

	 	 	 Title:
	 	 Manager-Securitization

  

 APPENDIX A 
  
 Definitions and Rules of Construction 
  
 Part I  
  
 For ease of reference, capitalized terms defined herein have been consolidated with and are contained in Appendix A to the Trust Sale and Servicing
Agreement of even date herewith among GMAC, Wholesale Auto Receivables Corporation and Superior Wholesale Inventory Financing Trust VIII. 
  
 Part II 
  
 For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix A to the Trust Sale and Servicing
Agreement of even date herewith among GMAC, Wholesale Auto Receivables Corporation and Superior Wholesale Inventory Financing Trust VIII. 

 APPENDIX A 
  
 PART I - DEFINITIONS 
  

All terms defined in this Appendix shall have the defined meanings when used in the Basic Documents, unless otherwise defined therein. 
  
 2003-A Certificates: The Floating Rate Asset Backed Certificates,
Class 2003-A described in the Trust Agreement. 
  
 2003-A Term
Notes: The Floating Rate Asset Backed Term Notes, Series 2003-A. 
  
 2003-RN1 Note: The Floating Rate Asset Backed Revolving Note, Series 2003-RN1. 
  
 2003-RN2 Note: The Floating Rate Asset Backed Revolving Note, Series 2003-RN2. 
  
 Account: An individual line of credit or related lines of credit represented by a Floor Plan Financing Agreement extended or maintained by GMAC to
a United States corporation or other Person located in the United States engaged generally in the business of purchasing Vehicles from a manufacturer or distributor thereof and holding such Vehicles for sale or lease in the ordinary course of
business. 
  
 Accountants’ Report: The report
described in Section 4.2 of the Trust Sale and Servicing Agreement. 
  
 Accumulation Account: With respect to any series of Notes or class of Certificates, an Eligible Deposit Account established and maintained by the Servicer with the Indenture Trustee, in the name of the
Indenture Trustee, on behalf of the holders of such series of Notes or class of Certificates, which shall constitute a Designated Account, and which shall have such additional terms and provisions as shall be set forth in the Officer’s Issuance
Certificate with respect to such series of Notes or in the Certificate Issuance Order with respect to such class of Certificates. 
  
 Act: An Act as specified in Section 11.3(a) of the Indenture. 
  
 Actual/360 Day Count: (i) If applicable with respect to any series of Notes, the calculation method set forth as such
in the relevant Officer’s Issuance Certificate, and (ii) if applicable with respect to any class of Certificates, the calculation method set forth as such in the Trust Agreement or the relevant Certificate Issuance Order, as the case may be.

  
 Addition Date: The date as of which an Additional
Account is added to the Pool of Accounts. 
  
 Addition
Notice: The notice specified in Section 2.7(a) of the Trust Sale and Servicing Agreement. 

 Additional Account: An Account as described in Section 2.03(a) of the Pooling and Servicing
Agreement to be included in the Pool of Accounts after the Initial Cut-Off Date. 
  
 Additional Cut-Off Date: The date specified in the GMAC Addition Notice described in Section 2.03(a) of the Pooling and Servicing Agreement. 
  
 Additional Trust Principal: With respect to any Monthly Distribution Date, the amount, if any, of Available Trust
Interest and funds in the Reserve Fund applied to cover the Trust Defaulted Amount or to cover unreimbursed Trust Charge-Offs on such Monthly Distribution Date. 
  

Administration Agreement: That certain Administration Agreement, dated as of the Initial Closing Date, among GMAC, as Administrator, the Issuer
and the Indenture Trustee, as amended and supplemented from time to time. 
  
 Administrative Purchase Payment: means: 
  

	 	(i)	the payment described in Section 3.04(d) of the Pooling and Servicing Agreement and 

  

	 	(ii)	any payment by the Servicer pursuant to Section 9.3 of the Trust Sale and Servicing Agreement (which payment, in the case of this clause (ii), shall equal the greater of (A)
the amount computed as specified in Section 3.04 of the Pooling and Servicing Agreement with respect to the Receivables and (B) the outstanding principal balance and accrued and unpaid interest on all Notes on the related Monthly Distribution
Date). 

  
 Administrative Receivable: A
Receivable described in Section 3.04(c) of the Pooling and Servicing Agreement. 
  
 Administrator: GMAC or any successor Administrator under the Administration Agreement. 
  
 Affiliate: With respect to any specified Person, any other Person controlling, controlled by or under common control with such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 Agency Office: The office of the Issuer maintained pursuant to Section 3.2 of the Indenture. 
  
 Aggregate Certificateholders’ Interest: With respect to any
Monthly Distribution Date, an amount equal to the sum of (a) the Certificateholders’ Interest for all classes of Certificates for such Monthly Distribution Date and (b) the Certificateholders’ Interest Carryover Shortfall for the preceding
Monthly Distribution Date. 
  

 - 2 - 

 Aggregate Certificateholders’ Principal: With respect to any Monthly Distribution Date, the
sum of the amounts required to be distributed (or set aside for distribution in an Accumulation Account, or in the Certificate Distribution Account or otherwise) as Certificate Balance on each class of Certificates on such Monthly Distribution Date
pursuant to the Trust Agreement (including any Certificate Issuance Order) and the Trust Sale and Servicing Agreement. 
  
 Aggregate Noteholders’ Interest: With respect to any Monthly Distribution Date, the sum of the Noteholders’ Interest for all series of
Term Notes. 
  
 Aggregate Noteholders’ Principal: With
respect to any Monthly Distribution Date, the sum of the amounts required to be paid (or set aside for payment in an Accumulation Account, or in the Term Note Distribution Account or otherwise) as principal on each series of Term Notes on such
Monthly Distribution Date pursuant to the Indenture and the Trust Sale and Servicing Agreement. 
  
 Aggregate Revolver Interest: With respect to any Monthly Distribution Date, the sum of (a) the Revolver Interest for all series of Revolving Notes
for such Monthly Distribution Date and (b) the Revolver Interest Carryover Shortfall for the preceding Monthly Distribution Date. 
  
 Aggregate Revolver Principal: With respect to any Monthly Distribution Date, the sum of the amounts required to be paid (or set aside for payment
in an Accumulation Account, or in the Revolver Distribution Account or otherwise) as principal on each series of Revolving Notes on such Monthly Distribution Date pursuant to the Indenture and the Trust Sale and Servicing Agreement. 
  
 Applicable Trustee: So long as the Outstanding Amount for any series
of Term Notes or the Revolving Notes is greater than zero and the Indenture has not been discharged in accordance with its terms, the Indenture Trustee, and thereafter, the Owner Trustee. 
  
 Auction Vehicles: Under GMAC’s current practices and policies, Vehicles purchased at a closed auction conducted
by General Motors or others. 
  
 Authentication Agent: With
respect to a series of Notes, the authentication agent for such series of Notes acting on behalf of the Indenture Trustee designated as such by or pursuant to Section 2.1 of the Indenture. 
  
 Authorized Officer: With respect to the Issuer, any officer of the
Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Initial Closing Date (as such list
may be modified or supplemented from time to time thereafter) and, so long as the Administration Agreement is in effect, any Vice President or more senior officer of the Administrator who is authorized to act for the Administrator in matters
relating to the Issuer and to be acted upon by the Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the Initial Closing Date
(as such list may be modified or supplemented from time to time thereafter). With respect to any other Person, any Vice President or more senior officer of such Person who is authorized to act for such Person with respect to such matters.

  

 - 3 - 

 Available Receivable: A Receivable that is identified by GMAC as satisfying the criteria set forth
in clauses (a) through (p) of the definition of Eligible Receivable. 
  
 Available Trust Interest: With respect to any Monthly Distribution Date, the sum of: 
  

	 	(1)	Trust Interest Collections, 

  

	 	(2)	Shared Investment Proceeds, 

  

	 	(3)	the net amounts, if any, paid to the Trust under any Specified Support Arrangements which have not been designated as specific to any series or class of Securities, and

  

	 	(4)	if the Servicer exercises its option to purchase the assets of the Trust under Section 9.3 of the Trust Sale and Servicing Agreement, the amount described in such section as
being treated as Available Trust Interest. 

  
 Available Trust Principal: 
  

	 	(i)	With respect to any day during a Collection Period, Trust Principal Collections for such day minus any amounts paid out of Trust Principal Collections on such day to the Servicer as
reimbursement for outstanding Servicer Liquidity Advances, and 

  

	 	(ii)	On the Monthly Distribution Date related to such Collection Period, the sum of 

  

	 	(a)	Additional Trust Principal, if any, for such Monthly Distribution Date; 

  

	 	(b)	the Cash Collateral Amount on such Monthly Distribution Date; and 

  

	 	(c)	for each Monthly Distribution Date related to the Wind Down Period or an Early Amortization Period or the Payment Period for a series of Term Notes, if the amount on deposit in the
Reserve Fund on such Monthly Distribution Date exceeds zero, the Supplemental Principal Allocation for such current Monthly Distribution Date. 

  
 Bankruptcy Code: Title 11 of the United States Code, as the same may be amended from time to time. 
  

 - 4 - 

 Basic Documents: The Certificate of Trust, the Trust Agreement (including all Certificate Issuance
Orders), the Pooling and Servicing Agreement, the Trust Sale and Servicing Agreement, the Custodian Agreement, the Administration Agreement, the Indenture (including all Officer’s Issuance Certificates), any Depository Agreement, any paying
agent agreement, the Specified Support Arrangements and the other documents and certificates delivered in connection therewith from time to time. 
  
 Benefit Plan: Any one of (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of
ERISA, (b) a plan described in Section 4975(e)(1)(I) of the Code or (c) any entity whose underlying assets include plan assets by reason of a plan’s investment in such entity. 
  
 Book-Entry Certificates: Certificates in which ownership and transfers shall be made through book entries by a
Clearing Agency as described in Section 3.11 of the Trust Agreement. 
  
 Book-Entry Notes: Term Notes in which ownership and transfers shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture. 
  
 Business Day: Unless otherwise defined in an Officer’s Issuance
Certificate (with respect to the series of Notes issued thereunder) or a Certificate Issuance Order (with respect to the class of Certificates issued thereunder), any day other than a Saturday, a Sunday or any other day on which banks in New York,
New York or Detroit, Michigan, may, or are required to, be closed. 
  
 Cash Accumulation Account: With respect to any series of Term Notes or class of Certificates, an Eligible Deposit Account designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance
Order applicable to such series of Term Notes or class of Certificates. 
  
 Cash Accumulation Account Earnings: With respect to any series of Term Notes or class of Certificates, the investment earnings on funds deposited in the Cash Accumulation Account with respect to such series of Term Notes or class of
Certificates designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  
 Cash Accumulation Event: With respect to any series of Term Notes or
class of Certificates, any of the events designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  
 Cash Accumulation Period: With respect to any series of Term Notes or
class of Certificates, the period designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  
 Cash Accumulation Reserve Fund: With respect to any series of Term
Notes or class of Certificates, the fund designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  

 - 5 - 

 Cash Accumulation Reserve Fund Deposit Amount: For any Monthly Distribution Date with respect to
any series of Term Notes or class of Certificates, the excess, if any, of the Cash Accumulation Reserve Fund Required Amount over the amount on deposit in the Cash Accumulation Reserve Fund, in each case, for that series of Notes or class of
Certificates. 
  
 Cash Accumulation Reserve Fund Initial
Deposit: With respect to any series of Term Notes or class of Certificates, the amount designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of Term Notes or
class of Certificates. 
  
 Cash Accumulation Reserve Fund
Release Amount: With respect to any series of Term Notes or class of Certificates, the amount designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of Term
Notes or class of Certificates. 
  
 Cash Accumulation Reserve
Fund Required Amount: With respect to any series of Term Notes or class of Certificates, the amount designated as such in the Officer’s Issuance Certificate or the Trust Agreement or Certificate Issuance Order applicable to such series of
Term Notes or class of Certificates. 
  
 Cash Collateral
Amount: The amount of funds actually on deposit in the Collection Account on such date which have been set aside in order to maintain Trust Equilibrium. 
  
 Cede: CEDE & Co., as the nominee of DTC. 
  
 Certificate: Any one of the asset backed certificates executed by the Owner Trustee and authenticated by the Owner Trustee in substantially the
form attached to the Certificate Issuance Order applicable to such class of certificates. 
  
 Certificate Allocation Percentage: Until the Fully Funded Date for each series of Notes has occurred, zero, and after the Fully Funded Date for each series of Notes, for any class of Certificates that requires
Available Trust Principal to be retained or set aside during any period to fund swap payments, if any, or make distribution of Certificate Balance with respect to such class of Certificates (the “Referent Class”), the percentage equivalent
to the following: 
  

	 	(1)	if such date does not relate to a Wind Down Period or an Early Amortization Period for the Trust: 

  

	 Certificate Allocation Percentage
 for a Referent Class
	 	=	 	 (Aggregate Certificate Balance of Referent Class)

	 	 	 	(Sum of Aggregate Certificate Balance for all Referent Classes)

  
 where, for purposes
of this equation only: 
  

 - 6 - 

 “Aggregate Certificate Balance of Referent Class” is the Certificate Balance of such Referent
Class as of the close of business on the day preceding the first day of the Payment Period with respect to such class. 
  
 “Sum of Aggregate Certificate Balance for all Referent Classes” is the sum of the “Aggregate Certificate Balance of Referent Class”
for all classes of Certificates which are on that date a Referent Class. 
  

	 	(2)	if such date relates to a Wind Down Period or an Early Amortization Period for the Trust: 

  

	 Certificate Allocation Percentage
 for a Referent Class
	 	=	 	 (Aggregate Certificate Balance of Referent Class)

	 	 	 	(Sum of Aggregate Certificate Balance for each Class of Certificates)

  
 where, for purposes
of this equation only: 
  
 “Aggregate Certificate Balance
of Referent Class” is the Certificate Balance of the Referent Class then outstanding on the last day of the Revolving Period. 
  
 “Sum of Aggregate Certificate Balance for each Class of Certificates” is the sum of the “Aggregate Certificate Balance of Referent
Class” for all classes of Certificates then outstanding on the last day of the Revolving Period, except for any class, the Certificate Balance of which has been fully paid or provided for (calculated for this purpose as though each outstanding
class is a Referent Class on that date). 
  
 Certificate
Balance: With respect to any Monthly Distribution Date, (i) with respect to the 2003-A Certificates (a) $132,000,000, plus (b) the initial certificate balance of the 2003-A Certificates issued after the Initial Closing Date, minus
(c) all distributions in respect of Certificate Balance of the 2003-A Certificates actually made on or prior to such date, minus (d) unreimbursed Trust Charge-Offs on such Monthly Distribution Date (determined after giving effect to the
application of Available Trust Interest and other amounts available to reimburse Trust Charge-Offs on such date) allocated to the 2003-A Certificates, up to the Certificate Balance of the 2003-A Certificates on such Monthly Distribution Date
calculated without regard to this clause (d); and (ii) with respect to any other class of Certificates, the amount designated as such in the Certificate Issuance Order applicable to such class of Certificates. Any unreimbursed Trust Charge-Offs
applied to reduce the Certificate Balance shall be applied against each class of Certificates on such Monthly Distribution Date, pro rata on the basis of the Certificate Balance of the Certificates of such class outstanding on the preceding Monthly
Distribution Date (calculated without reduction for any unreimbursed Trust Charge-Offs). 
  
 Certificate Depository: With respect to any Book-Entry Certificates for which Definitive Certificates have not been issued, any depository selected from time to time by the Owner Trustee on behalf of the Trust
in whose name the relevant Certificates are registered. 
  

 - 7 - 

 Certificate Depository Agreement: With respect to any class of Certificates originally issued as
Book-Entry Certificates, the agreement, dated as of the Closing Date for such class, among the Issuer, the Owner Trustee and the Clearing Agency relating to such Certificates, as the same may be amended and supplemented from time to time.

  
 Certificate Distribution Account: The account
designated as such, established and maintained pursuant to Section 5.1(a) of the Trust Agreement. 
  
 Certificate Issuance Order: An order establishing the terms of any Certificates to be issued pursuant to Section 3.3 of the Trust Agreement.

  
 Certificate of Trust: The certificate of trust of the
Issuer substantially in the form of Exhibit B to the Trust Agreement to be filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
  
 Certificate Owner: With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Book
Entry Certificate, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance
with the rules of such Clearing Agency). 
  
 Certificate
Rate: With respect to any Monthly Distribution Date, the interest rate designated as such pursuant to the Trust Agreement and in the related Certificate Issuance Order. 
  
 Certificate Register: The register of Certificates specified in Section 3.4(a) of the Trust Agreement.

  
 Certificate Registrar: The registrar at any time of the
Certificate Register, appointed pursuant to Section 3.4(a) of the Trust Agreement. 
  
 Certificated Security: As of any date, has the meaning given to such term under the applicable UCC in effect on such date. 
  
 Certificateholder: A Person in whose name a Certificate is registered on the Certificate Register. 
  
 Certificateholders’ Interest: With respect to any Monthly
Distribution Date, for any class of Certificates, the product of (a) the Certificate Balance (without reduction for unreimbursed Trust Charge-Offs) for such class on the prior Monthly Distribution Date (or, in the case of the initial Monthly
Distribution Date following the issuance of such class of Certificates, on the related Closing Date) plus the initial Certificate Balance (without reduction for unreimbursed Trust Charge-Offs) of any Certificates of such class issued since such
prior Monthly Distribution Date, (b) the Certificate Rate for such Monthly Distribution Date and (c) a fraction, the numerator of which is the number of days elapsed from and including the prior Monthly Distribution Date (or in the case of the
initial Monthly Distribution Date, from and including the Initial Closing Date), to but excluding that Monthly Distribution Date and the denominator of which is 360. 
  

 - 8 - 

 Certificateholders’ Interest Carryover Shortfall: With respect to any Monthly Distribution
Date, the excess of (a) the Aggregate Certificateholders’ Interest for such Monthly Distribution Date over (b) the amount that was actually deposited in the Certificate Distribution Account on such Monthly Distribution Date in respect of
Aggregate Certificateholders’ Interest. 
  
 Clearing
Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The Clearing Agency for the 2003-A Term Notes and the Class 2003-A Certificates shall be DTC. Unless otherwise specified in
an Officer’s Issuance Certificate (with respect to the series of Notes issued thereunder) or a Certificate Issuance Order (with respect to the class of Certificates issued thereunder), the Clearing Agency for any other Security shall be DTC.

  
 Clearing Agency Participant: A securities broker,
dealer, bank, trust company, clearing corporation or other financial institution or other Person for whom from time to time a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 
  
 Closing Date: Each of the Initial Closing Date and any subsequent date
on which Term Notes, Certificates or Revolving Notes are issued or the Specified Maximum Revolver Balance is increased or decreased pursuant to Section 4.9 of the Trust Sale and Servicing Agreement. 
  
 Code: The Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder. 
  
 Collateral: The
collateral specified in the granting clause of the Indenture. 
  
 Collateral Security: With respect to an Account included in the Pool of Accounts and the Receivables arising in such Account, all collateral security granted to secure the obligations of the related Dealer in connection therewith and
any proceeds therefrom, including all Vehicle Collateral Security, and, to the extent applicable, other motor vehicles, parts inventory, equipment, fixtures, service accounts, realty and guarantees. 
  
 Collection Account: The account designated as such, established and
maintained pursuant to Section 6.1(a)(i) of the Trust Sale and Servicing Agreement. 
  
 Collection Period: With respect to any Monthly Distribution Date, the calendar month preceding the month in which such Monthly Distribution Date occurs; provided, however, that for the initial Monthly
Distribution Date, the related Collection Period shall include such preceding calendar month and that portion of the second preceding calendar month occurring on and after the Initial Cut-Off Date. 
  
 Collections: Interest Collections and Principal Collections.

  
 Common Collateral: The property constituting Collateral
Security described as such in Section 6.03(a) of the Pooling and Servicing Agreement. 
  

 - 9 - 

 Control: (x) The Indenture Trustee shall have obtained “Control” over a Security
Entitlement if: 
  

	 (i)
	    	 (a)
	    	the Indenture Trustee is the Securities Intermediary for the Designated Account in which such Security Entitlement is held, or
			
	 	    	 (b)
	    	the Indenture Trustee
				
	 	    	 	    	 (1)
	    	is identified in the records of the Securities Intermediary as the person having such a Security Entitlement against the Securities Intermediary, or
				
	 	    	 	    	 (2)
	    	has obtained the agreement, in writing, of the Securities Intermediary for such Security Entitlement that it will comply with orders of the Indenture Trustee regarding the sale or
redemption of the Security Entitlement without further consent of any other person, and
		
	 (ii)
	    	the Securities Intermediary for such Security Entitlement
			
	 	    	 (a)
	    	is the registered owner of the related Financial Asset,
			
	 	    	 (b)
	    	is the holder of the Security Certificate for the related Financial Asset, or
			
	 	    	 (c)
	    	holds its interest in the related Financial Asset directly through a clearing corporation (as defined in Revised Article 8); and

  
 (y) the Indenture
Trustee shall have obtained “Control” over a Federal Book-Entry Security if: 
  

	 (i)
	    	 (a)
	    	the Indenture Trustee is a participant in the book entry system maintained by the Federal Reserve Bank that is acting as fiscal agent for the issuer of such Federal
Book-Entry Security; and
			
	 	    	 (b)
	    	such Federal Reserve Bank has indicated by book entry that such Federal Book-Entry Security has been credited to the Indenture Trustee’s securities account in
such book entry system; or
			
	 (ii)
	    	 (a)
	    	the Indenture Trustee
				
	 	    	 	    	(1)	    	is identified in the records of a Securities Intermediary as the Person having a Security Entitlement in respect of such Federal Book-Entry Security against such Securities
Intermediary; or

  

 - 10 - 

				
	 	    	 	    	(2)	    	has obtained the agreement, in writing, of the Securities Intermediary for such Security Entitlement that it will comply with orders of the Trustee regarding the sale or
redemption of the Security Entitlement without further consent of any other Person; and
			
	 	    	 (b)
	    	the Securities Intermediary for such Security Entitlement is a participant in the book entry system maintained by the Federal Reserve Bank that is acting as fiscal agent
for the issuer of such Federal Book-Entry Security; and
			
	 	    	 (c)
	    	such Federal Reserve Bank has indicated by book entry that such Federal Book-Entry Security has been credited to the Securities Intermediary’s securities account in
such book entry system.

  
 Controlled Deposit
Amount: With respect to any series or class of Securities, on any date, the amount provided by the terms of such Securities; provided, however, that the Controlled Deposit Amount for any series of Term Notes shall not exceed the then Outstanding
Amount of such Notes. 
  
 Corporate Trust Office: With
respect to the Indenture Trustee or the Owner Trustee, the principal office at which at any particular time the corporate trust business of the Indenture Trustee or Owner Trustee, respectively, shall be administered, which offices at the Initial
Closing Date are located: 
  
 in the case of the Indenture
Trustee, at: 
  
 The Bank of New York 
 101 Barclay Street, 12 East 
 New York, New
York 10286 
 Attention: Corporate Trust Trustee Administration 
  
 and in the case of the Owner Trustee, at: 
  
 Chase Manhattan Bank USA, National Association 
 c/o JPMorgan Chase Bank 
 500 Stanton Christiana Road, 3rd Floor/OPS4 
 Newark, DE 19713 
 Attention: Institutional Trust Services 
  
 provided that, when the definition of “Corporate Trust Office” is used in connection with providing notice to the Owner Trustee, a copy
of such notice shall also be sent to: 
  
 JPMorgan Chase Bank

 4 New York Plaza, 15th Floor 
 New York, New York 10004 
 Attention: Institutional Trust Services 
  

 - 11 - 

 Custodian: GMAC, as Servicer, or another custodian named from time to time pursuant to the
Custodian Agreement. 
  
 Custodian Agreement: The Custodian
Agreement, dated as of the Initial Closing Date, between the Custodian, GMAC and WARCO, as amended and supplemented from time to time. 
  
 Daily Remittance Period: The periods designated as such in the Officer’s Issuance Certificate of any series of Notes or in the Certificate
Issuance Order of any class of Certificates. 
  
 Daily Trust
Balance: For any date, the aggregate principal balance of all Receivables held by the Trust on such date (which shall not include the Retained Property). 
  
 Daily Trust Invested Amount: For any date during a Collection Period, an amount equal to (without duplication) 
  

	 	(a)	the aggregate Outstanding Amount of the Term Notes on such date (less any Trust Charge-Offs that are allocable to but have not been applied to those Term Notes) plus

  

	 	(b)	the outstanding Certificate Balance on such date plus 

  

	 	(c)	the Net Revolver Balance for such date (less any Trust Charge-Offs that are allocable to but have not been applied to those Revolving Notes) minus 

  

	 	(d)	the Cash Collateral Amount for such date minus 

  

	 	(e)	any amounts held on such date in a related Distribution Account, Cash Accumulation Account or other account for payment of principal on the Notes or distribution of Certificate
Balance on the Certificates. 

  
 Dealer: Any
corporation, entity or other Person the Receivables of which are included in the Trust. 
  
 Dealer Overconcentration Percentage: 1.0% or such higher percentage as the Seller shall select upon satisfaction of the Rating Agency Condition. 
  
 Dealer Overconcentration Receivables: With respect to any date, with respect to any Dealer or group of affiliated
Dealers (as determined in accordance with the Servicer’s standard procedures for identifying and tracking accounts of affiliated Dealers), the outstanding Available Receivables with respect to such Dealer or group of affiliated Dealers to the
extent, if any, of the excess of 
  

	 	(a)	the aggregate principal balance of all such Available Receivables on such date over 

  

 - 12 - 

	 	(b)	the Dealer Overconcentration Percentage of the sum of 

  

	 	(i)	the Specified Maximum Revolver Balance and 

  

	 	(ii)	the aggregate Outstanding Amount for all Term Notes in each case, as of such date or, if applicable, as of the commencement of any then occurring Early Amortization Period, Wind
Down Period or Payment Period. 

  
 If, on any date, there exist
Dealer Overconcentration Receivables with respect to a Dealer or group of affiliated Dealers, those Receivables constituting Eligible Receivables shall be those Available Receivables that were originated on the earliest dates, with the more recently
originated Receivables being Dealer Overconcentration Receivables. If not all Available Receivables originated on any date are Eligible Receivables, a Receivable related to a Vehicle with a lower vehicle identification number shall constitute an
Eligible Receivable before a Receivable related to a Vehicle with a higher vehicle identification number. All Available Receivables that are not Eligible Receivables pursuant to the foregoing shall be Dealer Overconcentration Receivables. If an
Available Receivable that is a Dealer Overconcentration Receivable on the date such Receivable is created subsequently ceases to be a Dealer Overconcentration Receivable such that such Receivable becomes an Eligible Receivable pursuant to the
foregoing, such Eligible Receivable shall be deemed created on the date it so becomes an Eligible Receivable. 
  
 Default: Any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
  
 Defaulted Receivables: For any Monthly Distribution Date, all
Receivables held by the Trust that were charged-off as uncollectible during the related Collection Period, other than any such Receivables that are subject to repurchase by the Seller or GMAC or purchase by the Servicer on such Monthly Distribution
Date (unless certain events of bankruptcy, insolvency or receivership have occurred with respect to the Seller, GMAC or the Servicer, as the case may be, in which event Defaulted Receivables shall include the principal amount of such otherwise
excluded Receivables). 
  
 Deficiency Amount: The amounts
determined to be Deficiency Amounts in Section 4.5(c)(ii) of the Trust Sale and Servicing Agreement. 
  
 Definitive Certificates: The Certificates issued pursuant to the Trust Agreement in definitive form either upon original issuance or upon
termination of book-entry registration with respect to such Certificates pursuant to Section 3.13 of the Trust Agreement. 
  
 Definitive Notes: The Notes issued pursuant to the Indenture in definitive form. 
  

 - 13 - 

 Definitive Term Notes: The Term Notes issued pursuant to the Indenture in definitive form either
upon original issuance or upon termination of book-entry registration with respect to such Term Notes pursuant to Section 2.12 of the Indenture. 
  
 Delivery: When used with respect to Designated Account Property, “Delivery” means: 
  

	 (i)
	    	 (a)
	    	with respect to Physical Property or any Certificated Security, transfer thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the
Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank; and
			
	 	    	 (b)
	    	with respect to a Security Certificate or any other Designated Account Property that constitutes Physical Property and that is not a Security Entitlement transfer of
such Security Certificate or other Designated Account Property to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture
Trustee or its nominee or custodian or endorsed in blank; and
		
	 (ii)
	    	with respect to any Uncertificated Security that is not a Federal Book-Entry Security:
			
	 	    	(a)	    	if the issuer of such Uncertificated Security is organized under the laws of a jurisdiction that has not adopted Revised Article 8, registration on the books and
records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the transfer to the Indenture Trustee or its nominee or custodian of such Uncertificated Security and the making
by such financial intermediary of entries on its books and records identifying such Uncertificated Securities as belonging to the Indenture Trustee or its nominee or custodian; and
			
	 	    	(b)	    	if the issuer of such Uncertificated Security is organized under the laws of a jurisdiction that has adopted Revised Article 8, (x) the issuer registers the Indenture
Trustee as the registered owner or (y) the Indenture Trustee otherwise satisfies the requirements for obtaining “control” under Section 8-106(c) of Revised Article 8.

  
 Depository
Agreement: The Note Depository Agreement, the Certificate Depository Agreement and any similar agreement executed in connection with the issuance of any series of Securities originally issued as Book-Entry Notes or Book-Entry Certificates.

  

 - 14 - 

 Designated Account Property: The Designated Accounts, all amounts and investments held from time
to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), including the Reserve Fund Initial Deposit, and all proceeds of the foregoing. 

 
 Designated Accounts: The Collection Account, the Term Note
Distribution Account, the Revolver Distribution Account, the Accumulation Accounts, the Reserve Fund, all Cash Accumulation Reserve Funds and any other account so designated in an Officer’s Issuance Certificate or Certificate Issuance Order,
collectively. 
  
 Determination Date: The tenth day of each
calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. 
  
 Distribution Accounts: The Term Note Distribution Account, Certificate Distribution Account and Revolver Distribution Account. 
  
 DPP: Delayed Payment Privilege, a program of GMAC under which GMAC may agree with a dealer not to require payment of
principal promptly upon the sale or lease of the vehicle to a customer. 
  
 DTC: The Depository Trust Company, a limited-purpose trust company certified under the New York Banking Law. 
  
 Early Amortization Event: An event described as such in Section 9.1 of the Trust Sale and Servicing Agreement or any amendment or supplement.

  
 Early Amortization Period: The period commencing on the
day on which an Early Amortization Event is deemed to have occurred, and ending on the first to occur of (a) the payment in full of all outstanding Securities, (b) the recommencement of the Revolving Period as described in Sections 9.1(j) and
9.5 of the Trust Sale and Servicing Agreement and (c) the Trust Termination Date. A Monthly Distribution Date is related to an Early Amortization Period if the last day of the related Collection Period occurred during an Early Amortization
Period. 
  
 Eligible Account: An Account which, as of the
date of determination thereof: 
  

	 	(a)	is in favor of a Person that is not subject to voluntary or involuntary liquidation, that is not classified in “programmed” or “no credit” status and in which
General Motors or an Affiliate does not have a more than 20% equity interest, 

  

	 	(b)	has been established by GMAC or General Motors, 

  

	 	(c)	is maintained and serviced by GMAC, 

  

	 	(d)	is not a Fleet Account or a Marine Account, 

  

	 	(e)	with respect to which, during the preceding 12 months, GMAC has not charged off, without recovery, any amount in excess of $25,000 and 

  

 - 15 - 

	 	(f)	is not an Account on which the related obligor has materially breached its obligation to pay the related Receivable upon sale of the Vehicle related thereto (a material breach, for
these purposes, includes, without limitation, any failure to pay such Receivable which GMAC knows to be attributable in whole or in part to such obligor’s unwillingness or financial inability to pay). 

  
 Eligible Deposit Account: Either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof (or any domestic branch of a foreign
bank), having corporate trust powers and acting as trustee for funds deposited in such account so long as any of the securities of such depository institution has a credit rating from each Rating Agency then rating such securities in one of its
generic rating categories which signifies investment grade. 
  
 Eligible Institution: Either 
  

	 	(a)	the corporate trust department of the Indenture Trustee or the Owner Trustee, as applicable, or 

  

	 	(b)	a depository institution organized under the laws of the United States of America or any one of the States thereof (or any domestic branch of a foreign bank),

  

	 	(i)	which has either (A) a long-term unsecured debt rating acceptable to the Rating Agencies or (B) a short-term unsecured debt rating or certificate of deposit rating acceptable to the
Rating Agencies and 

  

	 	(ii)	whose deposits are insured by the FDIC or any successor thereto. 

  
 Eligible Investments: Book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which (at
the time made) evidence: 
  

	 	(a)	direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 

  

	 	(b)	demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State
thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or State banking or depository institution authorities; provided, however, that at the time of the investment or contractual commitment to
invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) thereof shall have a
credit rating from each of the Rating Agencies then rating such obligations in the highest investment category granted thereby; 

  

 - 16 - 

	 	(c)	commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from each of the Rating Agencies then rating such commercial paper in
the highest investment category granted thereby; 

  

	 	(d)	investments in money market or common trust funds having a rating from each of the Rating Agencies then rating such funds in the highest investment category granted thereby for
money market funds (including funds for which the Indenture Trustee or the Owner Trustee or any of their respective affiliates is investment manager or advisor, so long as such fund shall have such rating, provided, however, that no funds in the
2003-A Term Note Cash Accumulation Account or the 2003-A Term Note Distribution Subaccount shall be invested in Eligible Investments described in this clause (d)); 

  

	 	(e)	bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 

  

	 	(f)	repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a Person with the Required Deposit Rating or otherwise approved by the Rating Agencies; and 

  

	 	(g)	any other investment permitted by each of the Rating Agencies; 

  
 in each case, other than as permitted by the Rating Agencies, maturing 
  

	 	(i)	not later than the Business Day immediately preceding the next Monthly Distribution Date or 

  

	 	(ii)	on such next Monthly Distribution Date if either 

  

	 	(A)	such investment is in the institution with which the Term Note Distribution Account, the Certificate Distribution Account or the Accumulation Accounts, as the case may be, is then
maintained or 

  

	 	(B)	 the Indenture Trustee (so long as the short-term unsecured debt obligations of the Indenture Trustee are rated at least P-1 by Moody’s and A-1 by Standard
& Poor’s on the date such investment is made) shall advance funds on such Monthly Distribution Date to the Term Note Distribution Account, the Certificate Distribution Account or the Accumulation Accounts, as the case may be, in the amount
payable on such investment on such Monthly Distribution Date pending receipt thereof to the extent necessary to make distributions on the Notes or the Certificates, as the case may be, on such Monthly Distribution 

  

 - 17 - 

	 	 
Date. For purposes of the foregoing, unless the Indenture Trustee objects at the time an investment is made, the Indenture Trustee shall be deemed to have
agreed to make such advance with respect to such investment. 

  
 As used in this definition, a rating is in the “highest investment category” of a rating category which has relative gradations within that category only if it has the highest rating within that category (so
that, for example, commercial paper with a rating of A-1 is not considered to be in the “highest investment category,” but a rating of A-1+ is within the “highest investment category”). 
  
 Eligible Receivable: With respect to any date, a Receivable:

  

	 	(a)	which was originated by GMAC in the ordinary course of business or which was originated by General Motors in the ordinary course of business and acquired by GMAC;

  

	 	(b)	which arose under an Account that was an Eligible Account (and not a Selected Account) at the time of the transfer of such Receivable from GMAC to the Seller;

  

	 	(c)	which is payable in United States dollars; 

  

	 	(d)	to which GMAC had good and marketable title immediately prior to the transfer thereof by GMAC to the Seller and which has been the subject of a valid transfer and assignment from
GMAC to the Seller of all of GMAC’s right, title and interest therein and the related Vehicle Collateral Security (including any proceeds thereof); 

  

	 	(e)	which is advanced against a Vehicle; 

  

	 	(f)	which at the time of transfer thereof by GMAC to the Seller is secured by a first priority perfected security interest in the Vehicle related thereto; 

  

	 	(g)	with respect to which all consents, licenses and approvals of any Governmental Authority in connection with the transfer thereof to the Seller and to the Trust have been obtained
and are in full force and effect; 

  

	 	(h)	which was created in compliance in all material respects with all Requirements of Law applicable thereto; 

  

	 	(i)	as to which, at all times following the transfer of such Receivable to the Trust, the Trust has either a first priority perfected security interest or good and marketable title
thereto, free and clear of all Liens (other than Liens permitted pursuant to the Trust Sale and Servicing Agreement); 

  

 - 18 - 

	 	(j)	which has been the subject of a valid transfer and assignment from the Seller to the Trust of all the Seller’s right, title and interest therein and the related Vehicle
Collateral Security (including any proceeds thereof); 

  

	 	(k)	which is the legal, valid, binding and assignable payment obligation of the Dealer relating thereto, enforceable against such Dealer in accordance with its terms, except as such
enforceability may be limited by the Insolvency Laws; 

  

	 	(l)	which at the time of transfer thereof by GMAC to the Seller is not subject to any valid right of rescission, setoff or any other defense (including defenses arising out of
violations of usury laws) of the related Dealer; 

  

	 	(m)	as to which, at the time of transfer thereof to the Trust, GMAC and the Seller have satisfied in all material respects all their respective obligations with respect to such
Receivable required to be satisfied at such time; 

  

	 	(n)	as to which, at the time of transfer thereof to the Trust, neither GMAC nor the Seller has taken or failed to take any action that would impair the rights of the Trust or the
Securityholders therein; 

  

	 	(o)	which constitutes “chattel paper”, an “account”, a “general intangible” or a “payment intangible” as defined in Article 9 of the UCC as then
in effect in the State of Michigan; 

  

	 	(p)	with respect to which the related Dealer has not postponed principal payment pursuant to DPP (or any similar arrangement) or any other instalment payment program;

  

	 	(q)	which, at the time of transfer thereof to the Trust, does not constitute a Dealer Overconcentration Receivable; 

  

	 	(r)	which, at the time of transfer thereof to the Trust, does not constitute a Used Vehicle Overconcentration Receivable; and 

  

	 	(s)	which, at the time of transfer thereof to the Trust, does not constitute an Excess Available Receivable. 

  
 Notwithstanding the foregoing, any other Receivable identified by GMAC as an Eligible Receivable shall also be deemed an Eligible Receivable
unless and until such Receivable is thereafter determined not to satisfy the eligibility criteria set forth above and reassigned by the Trust to GMAC or the Seller pursuant to the Trust Sale and Servicing Agreement and the Pooling and Servicing
Agreement (it being understood that any such subsequent determinations shall not affect any prior transfers of such Receivable and such Receivable shall be reassigned to GMAC and the Seller only as specifically provided in the Trust Sale and
Servicing Agreement and the Pooling and Servicing Agreement). An Eligible Receivable shall be deemed created or originated on the date it is identified by GMAC as an Eligible Receivable. With respect to any Dealer, Eligible Receivables shall be
determined net of any funds held by GMAC for such 

  

 - 19 - 

 
Dealer for cash management, liquidity and working capital purposes. Within any such Account, Eligible Receivables shall be those Available Receivables
originated on the earliest dates. If not all Available Receivables originated on any date are Eligible Receivables, a Receivable relating to a Vehicle with a lower vehicle identification number shall constitute an Eligible Receivable before a
Receivable relating to a Vehicle with a higher vehicle identification number. If there is a reduction on any date of the amount so held for such Dealer, a Receivable or Receivables shall be deemed created on such date to the extent of such reduction
and such Receivable(s) shall be Eligible Receivable(s) if the eligibility criteria set forth above are satisfied and based on such date of origination and the vehicle identification number of the related Vehicle as described above. 
  
 ERISA: The Employee Retirement Income Security Act of 1974, as
amended. 
  
 Event of Default: An event described in
Section 5.1 of the Indenture. 
  
 Excess Available
Receivables: For any date, Available Receivables to the extent, if any, of the excess of: 
  

	 	(a)	the aggregate principal balance of Available Receivables less the aggregate principal balance of (1) Dealer Overconcentration Receivables and (2) Used Vehicle Overconcentration
Receivables over 

  

	 	(b)	the Maximum Pool Balance. 

  
 If, on any date, there exist Excess Available Receivables, a pro rata portion of the Receivables in each Account in the Pool of Accounts shall constitute Excess Available Receivables (based on the aggregate principal
balance of the Receivables in each such Account). Within each such Account, Eligible Receivables shall be those Available Receivables that were originated on the earliest dates, with the more recently originated Receivables being Excess Available
Receivables. If not all Available Receivables originated on any date within an Account are Eligible Receivables, a Receivable related to a Vehicle with a lower vehicle identification number shall constitute an Eligible Receivable before a Receivable
related to a Vehicle with a higher vehicle identification number. All Available Receivables that are not Eligible Receivables pursuant to the foregoing shall be Excess Available Receivables. If an Available Receivable that is an Excess Available
Receivable on the date such Receivable is originated or created subsequently ceases to be an Excess Available Receivable such that such Receivable becomes an Eligible Receivable pursuant to the foregoing, such Eligible Receivable shall be deemed
originated or created on the date it so becomes an Eligible Receivable. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
  
 Executive Officer: With respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the
Treasurer of such corporation; and with respect to any partnership, any general partner thereof. 
  
 Exempt Deposit Date: With respect to any Notes, a Monthly Distribution Date which is not a Payment Date for such Notes. 
  

 - 20 - 

 FDIC: The Federal Deposit Insurance Corporation or any successor thereto. 
  
 Federal Book-Entry Security: An obligation issued by the U.S.
Treasury, the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, or any other direct obligation of, or obligation fully guaranteed as to timely payment of principal and interest by, the United States of America,
that is a book-entry security held through the Federal Reserve System pursuant to Federal Book-entry regulations. 
  
 Final Revolving Period Termination Date: November 30, 2008. 
  
 Financial Asset: Has the meaning given such term in Article 8 of the New York UCC. As used herein, the Financial
Asset “related to” a Security Entitlement is the Financial Asset in which the entitlement holder (as defined in Article 8 of the New York UCC) holding such Security Entitlement has the rights and property interest specified in Article 8 of
the New York UCC. 
  
 Fitch: Fitch, Inc. 
  
 Fleet Accounts: Credit lines or accounts pursuant to which advances
may be made to finance Vehicles intended for sale to fleet customers, generally in lots of more than 10. 
  
 Floor Plan Financing Agreement: Collectively, the Wholesale Security Agreement, and the related agreements between GMAC and a Dealer or the
Wholesale Installment Sales Finance Agreement and related agreements between General Motors and a Dealer, or, in each case, any successor agreements, pursuant to which GMAC or General Motors, as the case may be, agrees to extend credit to such
Dealer to purchase or finance Vehicles and other vehicles and related items, and pursuant to which such Dealer grants to GMAC or to General Motors, as the case may be, a security interest in the specific Vehicles financed by GMAC or by General
Motors, certain other vehicles, certain other collateral and the proceeds thereof. 
  
 Floor Plan Financing Guidelines: The Servicer’s written policies and procedures, as such policies and procedures may be amended from time to time, relating to (a) the operation of its floor plan financing
business, including the policies and procedures for determining the interest rates charged to Dealers and other terms and conditions relating to the Servicer’s wholesale financing accounts, the creditworthiness of Dealers and the extension of
credit to Dealers, and (b) the maintenance of accounts and collection of receivables. 
  
 Fully Funded Date: With respect to (a) any series of Notes, the date designated as such in the Officer’s Issuance Certificate applicable to such series of Notes and (b) any class of Certificates, the date
designated as such in the Certificate Issuance Order applicable to such class of Certificates. 
  
 General Motors: General Motors Corporation, a Delaware corporation. 
  
 GMAC: General Motors Acceptance Corporation, a Delaware corporation, and a wholly-owned subsidiary of General Motors. 
  

 - 21 - 

 GMAC Addition Notice: The notice described in Section 2.03(a) of the Pooling and Servicing
Agreement. 
  
 GMAC Removal Notice: The notice described in
Section 2.04 of the Pooling and Servicing Agreement. 
  
 Governmental Authority: The United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

  
 Holder: The Person in whose name a Note or Certificate,
as the case may be, is registered on the Note Register or the Certificate Register, as applicable. 
  
 Indenture: The Indenture, dated as of the Initial Closing Date, between the Issuer and the Indenture Trustee, as amended and supplemented from time
to time, including all Officer’s Issuance Certificates. 
  
 Indenture Trustee: The Bank of New York, a New York banking corporation, not in its individual capacity but solely as trustee under the Indenture, or any successor trustee under the Indenture. 
  
 Independent: When used with respect to any specified Person, that the
Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the
Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar functions. 
  
 Independent Certificate: A certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1
of the Indenture, made by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the
definition of “Independent” and that the signer is Independent within the meaning thereof. 
  
 Indirect Participant: A securities broker, dealer, bank, trust company or other Person that clears through or maintains a custodial relationship
with a Clearing Agency Participant, either directly or indirectly. 
  
 Ineligible Account: An Account that does not satisfy the criteria to be an Eligible Account. 
  
 Initial Account: An Account identified on the Schedule of Accounts as in the Pool of Accounts as of the Initial Cut-Off Date. 
  
 Initial Closing Date: October 7, 2003. 
  

 - 22 - 

 Initial Cut-Off Date: October 3, 2003. 
  
 Initial Monthly Distribution Date: November 17, 2003. 
  
 Initial Securities: The 2003-A Term Notes, the 2003-RN1 Revolving
Note, the 2003-RN2 Revolving Note and the 2003-A Certificates. 
  
 Insolvency Event: With respect to a specified Person, (a) the entry of a decree or order by a court, agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, trustee or
liquidator for such Person, in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of such Person’s affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 90 consecutive days, (b) the consent by such Person to the appointment of a conservator, receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or
similar proceedings of or relating to such Person or of or relating to substantially all of such Person’s property or (c) such Person shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable insolvency, bankruptcy or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations. 
  
 Insolvency Laws: The Bankruptcy Code and any other applicable federal or State bankruptcy, insolvency or other
similar law. 
  
 Insolvency Proceeds: The proceeds
described in Section 9.2(a) of the Trust Sale and Servicing Agreement. 
  
 Intercompany Advance Agreement: The Intercompany Advance Agreement dated as of January 25, 1994 between WARCO and GMAC, as amended and supplemented from time to time. 
  
 Interest Collections: For any Collection Period, collections received
during such Collection Period on the Receivables existing under the Accounts in the Pool of Accounts that the Servicer attributes to interest and other non-principal charges pursuant to the Floor Plan Financing Guidelines, including Administrative
Purchase Payments and Warranty Payments in excess of the principal portion thereof. 
  
 Interest Rate: With respect to any series of Notes the rate or rates designated as such in the Officer’s Issuance Certificate applicable to such series of Notes. 
  
 Interested Party: GMAC, the Seller, the Issuer and each other party
identified or described in the Pooling and Servicing Agreement or in the Trust Sale and Servicing Agreement as having an interest in Receivables as owner, trustee, secured party or holder of the Securities. 
  
 Investment Company Act: The Investment Company Act of 1940, as
amended. 
  
 Investment Proceeds: With respect to any
Monthly Distribution Date, investment earnings on funds deposited in the Designated Accounts and the Certificate Distribution Account net of losses and investment expenses during the related Collection Period. 
  

 - 23 - 

 Involuntary Case: Any Proceeding provided for any insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings of or relating to any Person or relating to all or substantially all of its property. 
  
 Issuer: The party named as such in the Pooling and Servicing Agreement, the Trust Sale and Servicing Agreement and the Indenture until a successor
replaces it and, thereafter, the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 
  
 Issuer Order and Issuer Request: A written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to
the Indenture Trustee. 
  
 LIBOR Business Day: Any day on
which commercial banks in London are open for business (including dealings in foreign exchange and foreign currency deposits). 
  
 Lien: Any security interest, lien, charge, pledge, equity or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens
that attach by operation of law. 
  
 Marine Accounts:
Credit lines or accounts pursuant to which advances are made to finance new and used boats and related items. 
  
 Maximum Pool Balance: The sum of 
  

	 	(a)	the Maximum Revolver Balance, 

  

	 	(b)	the aggregate outstanding principal balance of all Term Notes (after giving effect to any amounts on deposit in the Term Note Distribution Accounts and any Accumulation Accounts for
payments of principal of the Term Notes), and 

  

	 	(c)	the aggregate outstanding Certificate Balance of all Certificates (after giving effect to any amounts on deposit in the Certificate Distribution Account and any Accumulation Account
for distributions with respect to Certificate Balance). 

  
 Maximum Revolver Balance: At any time, the Specified Maximum Revolver Balance, as such amount may be increased or decreased from time to time in accordance with the Trust Sale and Servicing Agreement; provided, however, that at any
time additional borrowings may not be made under a Revolving Note (including, if applicable, during the Wind Down Period or an Early Amortization Period), the Maximum Revolver Balance shall include the Specified Maximum Revolver Balance attributable
to such Note only to the extent of the Net Revolver Balance with respect to such Note. For purposes of the foregoing, if and so long as the holder of any Revolving Notes has determined not to make any further advances thereunder but additional
borrowings are otherwise then permitted thereunder, the proviso to the previous sentence shall be applicable in determining Excess Available Receivables but shall otherwise be inapplicable. 
  

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 Monthly Available Amount: With respect to a Monthly Distribution Date, the aggregate of the
amounts designated as such for each series of Notes separately in the Officer’s Issuance Certificate applicable to each such series of Notes. 
  
 Monthly Carrying Costs: With respect to a Monthly Distribution Date, the aggregate of the costs designated as such for each series of Notes
separately in the Officer’s Issuance Certificate applicable to each such series of Notes. 
  
 Monthly Distribution Date: The fifteenth day of each calendar month or, if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing November 17, 2003. A Monthly Distribution Date
is related to the Collection Period prior to the Collection Period in which such Monthly Distribution Date occurs. 
  
 Monthly Payment Rate: For any Collection Period, the percentage obtained by dividing Principal Collections for such Collection Period by the
average daily aggregate principal balance of all Receivables (including Receivables included in the Retained Property) included in the Accounts in the Pool of Accounts during such Collection Period. 
  
 Monthly Remittance Condition: Any of the conditions specified in
Section 6.2(b) of the Trust Sale and Servicing Agreement. 
  
 Monthly Servicing Fee: The fee described in Section 5.1 of the Trust Sale and Servicing Agreement. 
  
 Moody’s: Moody’s Investors Service, Inc. 
  
 Net Revolver Balance: For any date, the aggregate outstanding principal balance under the Revolving Notes minus any amounts on deposit in the
Revolver Distribution Account on such date for the payment of principal. 
  
 New Vehicles: Under GMAC’s current practices and policies, Vehicles of any model year that are not Auction Vehicles, that generally have been driven less than 200 miles and that are either (a) untitled or
(b) titled solely for purposes of State laws requiring demonstration vehicles to be titled. 
  
 New York UCC: The UCC as in effect in the State of New York. 
  
 Note Depository: With respect to any Book-Entry Notes for which Definitive Term Notes have not been issued, any depository selected from time to
time by the Indenture Trustee on behalf of the Trust in whose name a series of Notes is registered. The Note Depository for the 2003-A Term Notes shall be Cede & Co., the nominee of the Clearing Agency for such series. 
  
 Note Depository Agreement: With respect to any series of Term Notes
originally issued as Book-Entry Notes, the agreement, dated as of the Closing Date for such series, among the Issuer, the Indenture Trustee and the Clearing Agency relating to such Term Notes, as the same may be amended and supplemented from time to
time. 
  

 - 25 - 

 Note Owner: With respect to any Term Note issued as a Book Entry Note, the Person who is the
beneficial owner of such Book Entry Note, as reflected on the books of the related Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an Indirect
Participant, in each case in accordance with the rules of such Clearing Agency). 
  
 Note Register: With respect to any series of Notes, the register of such Notes specified in Section 2.4 of the Indenture. 
  
 Note Registrar: The registrar at any time of the Note Register, appointed pursuant to Section 2.4 of the
Indenture. 
  
 Noteholders: Holders of record of the Notes
pursuant to the Indenture and, with respect to any series of Notes, holders of record of such series of Notes pursuant to the Indenture. 
  
 Noteholders’ Interest: With respect to a series of Notes, for any Monthly Distribution Date, the amount specified as such in the
Officer’s Issuance Certificate applicable to such series of Notes. 
  
 Notes: The Term Notes and the Revolving Notes. 
  
 Officer’s Certificate: A certificate signed by any Authorized Officer of the Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, and
delivered to the Indenture Trustee. Unless otherwise specified, any reference in the Indenture to an officer’s certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 
  
 Officer’s Issuance Certificate: An Officer’s Certificate
establishing the terms of any series of Notes pursuant to Section 2.1 of the Indenture. 
  
 One-Month LIBOR: With respect to each Monthly Distribution Date, the rate for deposits in U.S. Dollars for a period of one month which appears on the Bridge Information Systems Telerate Service Page 3750 as of
11:00 a.m., London time, for the 2003-A Term Notes, and the 2003-A Certificates, on the day that is two LIBOR Business Days prior to the Monthly Distribution Date immediately preceding such Monthly Distribution Date (or, in the case of the Initial
Monthly Distribution Date, two LIBOR Business Days prior to the Initial Closing Date) and for the 2003-RN1 Revolving Note and the 2003-RN2 Revolving Note, on the day that is two LIBOR Business Days prior to the first day of the Collection Period
related to that Monthly Distribution Date (or, in the case of the Initial Monthly Distribution Date, two LIBOR Business Days prior to the Initial Closing Date)(such day, a “LIBOR Determination Date”). 
  
 If such rate does not appear on such page (or such other page as may replace that page on
that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee after consultation with the Seller), the rate will be the One Month Reference Bank Rate.
The “One Month Reference Bank Rate” will be determined on the basis of the rates at which deposits in U.S. dollars are offered by the reference banks (which will four major banks that are engaged in transactions in the London
interbank market, selected by the Indenture Trustee after consultation with the seller) as of 11:00 

  

 - 26 - 

 
a.m., London time, on the applicable LIBOR Determination Date to prime banks in the London interbank market for a period of one month commencing on such
preceding Monthly Distribution Date in amounts approximately equal to the principal balance of the 2003-A Term Notes, the 2003-RN1 Revolving Note, the 2003-RN2 Revolving Note or the Certificate Balance of the 2003-A Certificates then outstanding, as
applicable. The Indenture Trustee will request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations,
rounded upwards to the nearest one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate will be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates
quoted by one or more major banks in New York, selected by the Indenture Trustee after consultation with the Seller, as of 11:00 a.m., New York time, on such date to leading European banks for U.S. dollar deposits for a period of one month
commencing on such applicable date in amounts approximately equal to the then outstanding principal balance of the related series of Notes or the Certificate Balance of the related class of Certificates then outstanding, as applicable. If no such
quotation can be obtained, the rate will be One-Month LIBOR for the prior Monthly Distribution Date. 
  
 Opinion of Counsel: A written opinion of counsel, who may, except as otherwise expressly provided, be an employee of the Seller, the Servicer or
GMAC. In addition, for purposes of the Indenture: (a) such counsel shall be satisfactory to the Indenture Trustee, (b) the opinion shall be addressed to the Indenture Trustee as Trustee and (c) the opinion shall comply with any applicable
requirements of Section 11.1 of the Indenture and shall be in form and substance satisfactory to the Indenture Trustee. 
  
 Other Indebtedness: The indebtedness of Dealers to GMAC defined in Section 6.03(a) of the Pooling and Servicing Agreement. 
  
 Outstanding: With respect to any Notes, as of the date of
determination, subject to Section 4.5(g) of the Trust Sale and Servicing Agreement, all such Notes theretofore authenticated and delivered under the Indenture except: 
  

	 	(a)	Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation; 

  

	 	(b)	Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders
of such Notes; provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefore, satisfactory to the Indenture Trustee, has been made; and

  

	 	(c)	 Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture
Trustee is presented that any such Notes are held by a bona fide purchaser; provided, however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice,
consent 

  

 - 27 - 

	 	 
or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the
foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons. 

  
 Outstanding Amount: As of any date, with respect to any series of Term
Notes or Revolving Notes, the aggregate principal amount of such Notes Outstanding at such date. 
  
 Owner Trust Estate: All right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II of
the Trust Sale and Servicing Agreement, all funds on deposit from time to time in the Designated Accounts and the Certificate Distribution Account, the Specified Support Arrangements and all other property of the Trust from time to time, including
any rights of the Owner Trustee and the Trust pursuant to the Trust Sale and Servicing Agreement and the Administration Agreement. 
  
 Owner Trustee: Chase Manhattan Bank USA, National Association, a national banking association or any successor trustee under the Trust Agreement.

  
 Paying Agent: With respect to the Indenture, the
Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuer to make the payments to and distributions from the Collection
Account, the Term Note Distribution Account and the Revolver Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer. With respect to the Trust Agreement, any paying agent or co-paying agent appointed
pursuant to Section 3.9 of the Trust Agreement that meets the eligibility standards for the Owner Trustee specified in Section 6.13 of the Trust Agreement, and initially JPMorgan Chase Bank. 
  
 Payment Date: With respect to a series of Notes, each date specified
for payment of interest or principal on the Notes pursuant to the Indenture. With respect to a series of Notes providing for monthly payment of interest or principal, Payment Date means a Monthly Distribution Date. 
  
 Payment Period: With respect to a series of Term Notes or Revolving
Notes, the period, if any, described in the related Officer’s Issuance Certificate during which amounts are required to be set aside and/or paid as principal on such Term Notes or Revolving Notes prior to the Wind Down Period or an Early
Amortization Period. 
  

 - 28 - 

 Person: Any legal person, including any individual, corporation, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or Governmental Authority. 
  
 Physical Property: Means bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of the UCC and are susceptible of physical delivery. 
  
 Pool of Accounts: At any time, all Accounts identified on the Schedule of Accounts as amended and supplemented from time to time pursuant to the
Pooling and Servicing Agreement and the Trust Sale and Servicing Agreement. From and after the related Removal Date, an Account shall no longer be deemed included in the Pool of Accounts. 
  
 Pooling and Servicing Agreement: The Pooling and Servicing Agreement, dated as of the Initial Closing Date, between
GMAC and the Purchaser, as amended and supplemented from time to time. 
  
 Predecessor Note: With respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and
delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 Principal Allocation Percentage: for a series of Notes that has
reached its Fully Funded Date, zero, and for any other series of Notes (the “Referent Series”) which requires Available Trust Principal to be retained or set aside during any period to fund swap payments, if any, or principal payments with
respect to the Referent Series on any date, is the percentage equivalent to the following: 
  
 (1) if such date does not relate to a Wind Down Period or an Early Amortization Period for the Trust: 
  

	 Principal Allocation Percentage
 for a Referent Series
	 	=	 	 (Aggregate Principal Balance of Referent Series)

	 	 	 	(Sum of Aggregate Principal Balance for all Referent Series)

  
 where, for purposes
of this equation only: 
  
 “Aggregate Principal Balance of
Referent Series” is 
  

	 	(i)	with respect to any Referent Series of Term Notes, the aggregate initial principal balance with respect to such Referent Series or 

  

	 	(ii)	 with respect to any Referent Series of Revolving Notes, the outstanding principal balance of such Referent Series as of the close of business on the day preceding
the first day of the Payment Period with respect to such series 

  

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“Sum of Aggregate Principal Balance for all Referent Series” is the sum of the “Aggregate Principal Balance of Referent Series” for each
series of Notes which is on that date a Referent Series 

  
 (2) if such date relates to a Wind Down Period or an Early Amortization Period for the Trust: 
  

	 Principal Allocation Percentage
 for a Referent Series
	 	=	 	 (Aggregate Principal Balance of Referent Series)

	 	 	 	(Sum of Aggregate Principal Balance for each Series of Notes)

  

	 	    	where, for purposes of this equation only: 

  

	 	    	“Aggregate Principal Balance of Referent Series” is the aggregate outstanding principal balance of the Referent Series then outstanding on the last day of the Revolving
Period 

  

	 	    	“Sum of Aggregate Principal Balance for each Series of Notes” is the sum of the “Aggregate Principal Balance of Referent Series” for all series then outstanding
on the last day of the Revolving Period, except for any series the principal balance of which has been fully paid or provided for (calculated for this purpose as though each outstanding series is a Referent Series on that date).

  
 Principal Collections: For any day or any
period, collections received on such date or during such period, as applicable, on the Receivables existing under the Accounts in the Pool of Accounts that the Servicer attributes to principal pursuant to the Floor Plan Financing Guidelines,
including the principal portion of Warranty Payments and Administrative Purchase Payments. 
  
 Priority Payment Amount: Any make-whole payment, payment to an interest rate swap counterparty, or other payment or deposit obligation specified in an Officers’ Issuance Certificate for a series of Notes
or a Certificate Issuance Order as constituting a “Priority Payment Amount,” which designates such amount as having priority of payment over the principal balance of the Certificates; provided, that no amount shall constitute a Priority
Payment Amount unless either (x) each holder of a Certificate has consented to the designation of such amount as a Priority Payment Amount or (y) the Rating Agency Condition has been satisfied with respect to such designation. 
  
 Proceeding: Any suit in equity, action at law or other judicial or
administrative proceeding. 
  
 Program: The program
described in Section 4.2 of the Trust Sale and Servicing Agreement. 
  
 Purchaser: Wholesale Auto Receivables Corporation, a Delaware corporation, or its successor in interest pursuant to the Pooling and Servicing Agreement. 
  

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 Randomly Selected Account: An Account designated as such as described in Section 2.8 or
2.9 of the Trust Sale and Servicing Agreement. 
  
 Rapid
Amortization Distribution Date: With respect to a class of Certificates, the meaning given to such term in the Certificate Issuance Order applicable to such class of Certificates. 
  
 Rapid Amortization Events: With respect to a series of Term Notes, the events designated as such in the
Officer’s Issuance Certificate or Certificate Issuance Order applicable to such series of Term Notes or a class of Certificates. 
  
 Rapid Amortization Payment Date: With respect to a series of Term Notes, the meaning given to such term in the Officer’s Issuance Certificate
applicable to such series of Term Notes. 
  
 Rapid Amortization
Period: With respect to a series of Term Notes or a class of Certificates, the meaning given to such term in the Officer’s Issuance Certificate or Certificate Issuance Order applicable to such series of Term Notes or a class of
Certificates. 
  
 Rating Agencies: As of any date, with
respect to any series or class of Securities, the nationally recognized statistical rating organizations that are requested by the Seller to provide ratings on such Securities and that are rating such Securities on such date. 
  
 Rating Agency Condition: With respect to any action, with respect to
any series or class of Securities that are then rated, the condition that each of the Rating Agencies with respect to such Securities shall have notified the Seller, the Servicer and the Issuer in writing that such action shall not result in a
downgrade, suspension or withdrawal of the then current rating of such Securities. 
  
 Reassignment Amount: For any Monthly Distribution Date, after giving effect to any allocations, withdrawals and deposits otherwise to be made on such Monthly Distribution Date, the sum of the Daily Trust
Invested Amount (which, for such purpose, shall be calculated without reduction for the Cash Collateral Amount) and accrued but unpaid interest on all outstanding Securities to the extent not previously distributed to Securityholders. 
  
 Receivable: At any time, the right to receive payment on a loan made
under an Account included in the Pool of Accounts. 
  
 Receivables Purchase Date: Each Business Day during the Revolving Period on which Eligible Receivables are created in any Account then included in the Pool of Accounts, subject to Section 6.02 of the Pooling and Servicing
Agreement. 
  
 Record Date: (a) With respect to any series
of Term Notes that are Book-Entry Notes and with respect to any Payment Date, the close of business on the day immediately preceding such Payment Date, or if Definitive Term Notes are issued therefor, the last day of the preceding Collection Period,
(b) with respect to any series of Notes other than those described in clause (a) and with respect to any Payment Date, the last day of the preceding Collection Period and (c) unless stated otherwise in the applicable Certificate Issuance Order, with
respect to any 

  

 - 31 - 

 
Monthly Distribution Date (i) for any Certificates in book-entry form or Certificates initially issued to the Seller, the close of business on the day
immediately preceding such Monthly Distribution Date, and (ii) for any Certificates issued in definitive form, other than Certificates initially issued to the Seller, the close of business on the last day of the preceding Collection Period.

  
 Recoveries: For any Monthly Distribution Date, all
amounts received, including insurance proceeds, by the Servicer during the related Collection Period with respect to Eligible Receivables that have previously become Defaulted Receivables. 
  
 Redemption Date: For a series of Term Notes or class of Certificates,
the date, if any, specified as such in the Officer’s Issuance Certificate or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  
 Redemption Price: For a series of Term Notes or class of Certificates, the price, if any, specified as such in the
Officer’s Issuance Certificate or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  
 Registered Holder: The Person in whose name a Note is registered on the Note Register on the applicable Record Date. 
  
 Remaining Interest Amounts: The amounts designated as Remaining
Interest Amounts in Section 4.5(c) of the Trust Sale and Servicing Agreement. 
  
 Removal Balance: The balance described in Section 2.8 of the Trust Sale and Servicing Agreement. 
  
 Removal Commencement Date: The date described as such in Section 2.8 of the Trust Sale and Servicing Agreement. 
  
 Removal Date: The date described as such in Section 2.8 of the
Trust Sale and Servicing Agreement. 
  
 Removal Notice: The
notice described in Section 2.8 of the Trust Sale and Servicing Agreement. 
  
 Removed Account: An Account that has been removed from the Pool of Accounts pursuant to Sections 2.04 or 2.05 of the Pooling and Servicing Agreement and/or Sections 2.8 or 2.9 of the
Trust Sale and Servicing Agreement. 
  
 Required Cash
Collateral Amount: As specified in Section 4.5(d)(iii) of the Trust Sale and Servicing Agreement, with respect to any date, the amount that is required to be held in the Collection Account on behalf of the Trust in order to maintain Trust
Equilibrium. 
  
 Required Deposit Rating: A rating on
short-term unsecured debt obligations of P-1 by Moody’s and A-1+ by Standard & Poor’s. Any requirement that short-term unsecured debt obligations have the “Required Deposit Rating” shall mean that such short-term unsecured
debt obligations have the foregoing required ratings from each of such rating agencies. 
  

 - 32 - 

 Required Payment: With respect to any series of Term Notes or class of Certificates, the amount
provided by the Officer’s Issuance Certificate or Certificate Issuance Order applicable to such series of Term Notes or class of Certificates. 
  
 Required Payment Period Length: With respect to a series of Notes or class of Certificates, the period length specified as such in the
Officer’s Issuance Certificate or Certificate Issuance Order applicable to such series of Notes or class of Certificates. 
  
 Required Revolver Payment: With respect to any Monthly Distribution Date, the aggregate amount required to be paid (or set aside for payment) as
principal on all Revolving Notes on such Monthly Distribution Date pursuant to the Indenture and the Trust Sale and Servicing Agreement. 
  
 Requirement of Law: With respect to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether Federal, State or local (including usury
laws and the Federal Truth in Lending Act). 
  
 Reserve
Fund: The account designated as such, established and maintained pursuant to Section 6.1(a)(v) of the Trust Sale and Servicing Agreement. 
  
 Reserve Fund Deposit Amount: With respect to any Monthly Distribution Date, the excess, if any, of the Reserve Fund Required Amount over the amount
on deposit in the Reserve Fund (after taking into account any withdrawals from the Reserve Fund on such Monthly Distribution Date). 
  
 Reserve Fund Funding Condition: Will be satisfied on the date of recommencement of the Revolving Period if: 
  

	 	(a)	the amount on deposit in the Reserve Fund equals or exceeds the Reserve Fund Required Amount as of such date of recommencement; and 

  

	 	(b)	the amount on deposit in each Cash Accumulation Reserve Fund equals or exceeds the Cash Accumulation Reserve Fund Required Amounts thereof as of such date of recommencement.

  
 Reserve Fund Initial Deposit:
$262,920,000. 
  
 Reserve Fund Property: The property
described in Section 4.6(c) of the Trust Sale and Servicing Agreement. 
  
 Reserve Fund Required Amount: 
  

	 	(a)	For any Monthly Distribution Date related to the Revolving Period or Wind Down Period, 6.0% of the Maximum Pool Balance as of such Monthly Distribution Date (or if, as of such
Monthly Distribution Date, the long-term debt obligations of GMAC are rated less than “BBB-” by Standard & Poor’s, then 7.0%), 

  

 - 33 - 

	 	(b)	for any Monthly Distribution Date during any Early Amortization Period occurring prior to the Fully Funded Date for all Securities, 6.0% of the Maximum Pool Balance as of the last
day of the Revolving Period (or if, as of the last day of the Revolving Period the long-term debt obligations of GMAC are rated less than “BBB-” by Standard & Poor’s, then 7.0%), and 

  

	 	(c)	for any Monthly Distribution Date falling on or after the Fully Funded Date for all Securities, zero. 

  
 Reserve Fund Trigger Amount: $20,000,000. 
  
 Responsible Officer: With respect to the Indenture Trustee or the Owner Trustee, any officer within the Corporate
Trust Office of such trustee with direct responsibility for the administration of this transaction, and, with respect to the Servicer, the President, any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer
or assistant officer of such Person customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 
  
 Retained Property: The interest of GMAC described in Section 2.01(d) of the Pooling and Servicing Agreement. 
  
 Revised Article 8: Revised Article 8 (1994 Version) (and corresponding amendments to Article 9) as promulgated in 1994 by the National Conference
of Commissioners on Uniform State Laws, in the form in which it has been adopted in the State of New York. 
  
 Revolver Distribution Account: The account designated as such, established and maintained pursuant to Section 6.1(a)(iii) of the Trust Sale
and Servicing Agreement. 
  
 Revolver Interest: With
respect to any Monthly Distribution Date, for any series of Revolving Notes, except as otherwise provided in the related Officer’s Issuance Certificate, the product of (a) the average daily Series Net Revolver Balance for such series during the
related Collection Period and (b) the Revolver Interest Rate for such series for such Monthly Distribution Date. 
  
 Revolver Interest Carryover Shortfall: For any Monthly Distribution Date, the excess of (a) the Aggregate Revolver Interest for such Monthly
Distribution Date over (b) the amount that was actually deposited in the Revolver Distribution Account on such Monthly Distribution Date in respect of Aggregate Revolver Interest. 
  
 Revolver Interest Rate: For any series of Revolving Notes, the interest rate specified as such in the applicable
Officer’s Issuance Certificate. 
  

 - 34 - 

 Revolver Monthly Payment Date: Means the 15th day of each month, or if such day is not a U.S.
Business Day, the next U.S. Business Day. 
  
 Revolver Payment
Date: Means a Revolver Monthly Payment Date or such other payment date as is specified in an Officer’s Issuance Certificate for a series of Revolving Notes. 
  
 Revolving Note: Any asset-backed revolving note executed by the Issuer by any of its Authorized Officers and
authenticated by the Indenture Trustee in the form attached to the Officer’s Issuance Certificate applicable to such series of revolving notes. 
  
 Revolving Noteholder: Any Holder of a Revolving Note. 
  
 Revolving Period: The period commencing on the Initial Cut-Off Date and continuing until the earlier of (a) the commencement of an Early
Amortization Period and (b) the occurrence of the Scheduled Revolving Period Termination Date; provided that, at the option of the Seller, the Revolving Period shall recommence (subject to termination upon the earlier to occur of an event described
in the preceding clauses (a) or (b)) as described in Sections 9.1(j) and 9.5 of the Trust Sale and Servicing Agreement. 
  
 Schedule of Accounts: The list of Accounts that is required to be kept at the locations specified in the Pooling and Servicing Agreement and the
Trust Sale and Servicing Agreement, as such list may be amended and supplemented from time to time. 
  
 Scheduled Revolving Period Termination Date: June 30, 2004; provided that the Scheduled Revolving Period Termination Date shall be
automatically extended to the last day of each succeeding month (but not beyond the Final Revolving Period Termination Date) unless the Seller, prior to the then Scheduled Revolving Period Termination Date, elects to cause such extension not to
occur by providing written notice to such effect to the Servicer, the Owner Trustee (who shall provide notice to the Certificateholders), the Indenture Trustee and the Rating Agencies. Unless such notice is given, each such extension shall become
effective as of the Business Day prior to the then Scheduled Revolving Period Termination Date. In addition, the Seller may, at any time prior to the then Scheduled Revolving Period Termination Date, elect to extend the Scheduled Revolving Period
Termination Date to the last day of any specified month (but not beyond the Final Revolving Period Termination Date), subject thereafter to further automatic extensions beyond the last day of such specified month as described in the preceding two
sentences. 
  
 Secretary of State: The Secretary of State
of the State of Delaware. 
  
 Securities: The Term Notes,
the Revolving Notes and the Certificates. 
  
 Securities
Act: The Securities Act of 1933, as amended. 
  
 Securities
Distribution Accounts: The Term Note Distribution Accounts, the Revolver Distribution Account and the Certificate Distribution Account. 
  
 Securities Intermediary: Has the meaning given to such term in Section 6.1(b)(i) of the Trust Sale and Servicing Agreement. 
  

 - 35 - 

 Security Certificate: Has the meaning given such term in Revised Article 8. 
  
 Security Entitlement: Has the meaning given such term in Revised
Article 8. 
  
 Securityholders: The Noteholders and the
Certificateholders. 
  
 Seller: The Person executing the
Trust Sale and Servicing Agreement as the Seller, or its successor in interest pursuant to Section 3.3 of the Trust Sale and Servicing Agreement. 
  
 Series Net Revolver Balance: With respect to any series of Revolving Notes, for any date, the aggregate outstanding principal balance under such
series of Revolving Notes minus any amounts on deposit in the Revolver Distribution Account on such date for the payment of principal on such series of Revolving Notes. 
  
 Series Shortfall: With respect to a series of Notes, the amounts designated as such in the Officer’s Issuance
Certificate applicable to such series of Notes. 
  
 Series
Specified Maximum Revolver Balance: For any series of Revolving Notes, the maximum balance specified as such in the Officer’s Issuance Certificate applicable to such series of Revolving Notes. 
  
 Servicer: The Person executing the Trust Sale and Servicing Agreement
as the Servicer, or its successor in interest pursuant to Section 7.2 of the Trust Sale and Servicing Agreement. 
  
 Servicer Advance: For any Monthly Distribution Date, the amount, if any, advanced by the Servicer as described in Section 4.5(c) of the
Trust Sale and Servicing Agreement. 
  
 Servicer Liquidity
Advance: For any series of Term Notes, if the Officer’s Issuance Certificate for such series provides for a Servicer Liquidity Advance, an advance by the Servicer, stated in dollars, to the Trust made to the extent a required principal
payment for any series of Notes for any Monthly Distribution Date cannot otherwise be made, after giving effect to all issuances of Securities and additional borrowings under the Revolving Notes on such Monthly Distribution Date, as they are
available. However, the Servicer can only make Servicer Liquidity Advances to the extent that the Servicer, in its sole discretion, expects to recover such advances from subsequent Trust Principal Collections. Servicer Liquidity Advances with
respect to a series of Term Notes will be reimbursed (a) if Available Trust Principal is being set aside for that series of Term Notes, out of that series’ share of Available Trust Principal and (b) if Available Trust Principal is not being set
aside for Term Notes, out of a portion of Trust Principal Collections not to exceed a fraction, the numerator of which is the outstanding principal balance of that series of Term Notes and the denominator of which is the outstanding balance of all
series of Notes as of that date. 
  
 Servicer’s
Accounting: A certificate, completed by and executed on behalf of the Servicer, in accordance with Section 3.05 of the Pooling and Servicing Agreement. 
  

 - 36 - 

 Servicing Default: An event described as such in Section 8.1 of the Trust Sale and
Servicing Agreement. 
  
 Servicing Fee Rate: 1%.

  
 Shared Investment Proceeds: Investment Proceeds other
than 
  

	 	(A)	Cash Accumulation Account Earnings for the 2003-A Term Notes, 

  

	 	(B)	Term Note Distribution Subaccount Earnings for the 2003-A Term Notes, 

  

	 	(C)	Investment Proceeds from the Cash Accumulation Reserve Fund with respect to the 2003-A Term Notes, 

  

	 	(D)	Investment Proceeds from any other account established for other series of Term Notes in which funds are accumulated to pay principal on such Notes at designated times, and

  

	 	(E)	any other Investment Proceeds which are designated in an Officer’s Issuance Certificate or Certificate Issuance Order as not constituting Shared Investment Proceeds.

  
 Specified Certificate Percentage: 3.0%.

  
 Specified Maximum Revolver Balance: The maximum
aggregate amount of borrowings that may be made under the Revolving Notes during the Revolving Period, which shall initially be equal to $2,250,000,000. 
  
 Specified Support Arrangement: Any letter of credit, security bond, cash collateral account, spread account, guaranteed rate agreement, maturity or
liquidity facility, tax protection agreement, interest rate swap agreement, interest rate cap agreement, other derivative product or other arrangement to provide liquidity or credit support for the benefit of holder of one or more series or classes
of Securities (other than the Reserve Fund), whether or not such arrangement is an asset of the Trust, designated as such. As of the Initial Closing Date, the Specified Support Arrangements will consist of the 2003-A Term Note Cash Accumulation
Reserve Fund and the 2003-A Certificate Cash Accumulation Reserve Fund. 
  
 Specified Trust Termination Date: September 1, 2023. 
  
 Standard & Poor’s: Standard & Poor’s Ratings Services. 
  
 State: Any one of the fifty states of the United States of America or the District of Columbia. 
  
 Stated Final Distribution Date: in respect of a class of Certificates, the date, specified as such in the Trust Agreement or the related
Certificate Issuance Order, on which final distribution of Certificate Balance on such class of Certificates shall be due and payable. 
  

 - 37 - 

 Stated Final Payment Date: In respect of a series of Notes, the date, specified as such in the
related Officer’s Issuance Certificate, on which final payment of principal on such series of Notes shall be due and payable. 
  
 Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended
from time to time. 
  
 Supplemental Principal Allocation:
With respect to any Monthly Distribution Date related to the Wind Down Period or an Early Amortization Period or a Payment Period for any series or class of Securities, an amount (not less than zero) equal to the lesser of 
  

	 	(a)	the excess, if any, of 

  

	 	(i)	the product of 

  

	 	(A)	the percentage equivalent of a fraction (which shall never exceed 100%), the numerator of which is the Daily Trust Balance and the denominator of which is the principal balance of
all Receivables (including Receivables included in the Retained Property) in the Accounts included in the Pool of Accounts, in each case, as of the termination of the Ordinary Revolving Period, and 

  

	 	(B)	the aggregate amount of Principal Collections on all Receivables (including Receivables included in the Retained Property) in the Accounts included in the Pool of Accounts for each
day during the related Collection Period over 

  

	 	(ii)	the aggregate amount of Trust Principal Collections for each day during the related Collection Period (provided, that no amount shall be included pursuant to clause (i)(B) or (ii)
for any day in such Collection Period that occurred during the Ordinary Revolving Period) and 

  

	 	(b)	an amount equal to: 

  

	 	(i)	the Daily Trust Balance as of the termination of the Ordinary Revolving Period, plus 

  

	 	(ii)	the Cash Collateral Amount on the last day of the Ordinary Revolving Period, minus 

  

	 	(iii)	the Available Trust Principal for each Monthly Distribution Date from and after the final Monthly Distribution Date for the Revolving Period through but excluding such current
Monthly Distribution Date, minus 

  

 - 38 - 

	 	(iv)	the amount added to unreimbursed Trust Charge-Offs on each Monthly Distribution Date from and after the final Monthly Distribution Date for the Revolving Period through and
including such current Monthly Distribution Date, minus 

  

	 	(v)	Available Trust Principal for such current Monthly Distribution Date (assuming the Supplemental Principal Allocation for such Monthly Distribution Date was zero).

  
 For purposes of this definition, “Ordinary
Revolving Period” means the period ending on the Business Day preceding the commencement of the Wind Down Period or the Early Amortization Period for the Trust or the Payment Period such series or class of Securities. 
  
 SWIFT VIII Reserve Funds: The Reserve Fund, the Cash Accumulation
Reserve Funds, and any other fund designated as a SWIFT VIII Reserve Fund in an Officer’s Issuance Certificate or a Certificate Issuance Order. 
  
 Targeted Final Distribution Date: With respect to any class of Certificates, the date, if any, specified as such in the related Certificate
Issuance Order, on which the Certificate Balance thereof is scheduled to be distributed on such class of Certificates, to the extent not previously distributed. 
  

Targeted Final Payment Date: With respect to any series of Notes, the date, if any, specified as such in the related Officer’s Issuance
Certificate, on which all principal is scheduled to be paid as principal on such series of Notes, to the extent not previously paid. 
  
 Temporary Notes: The Notes specified in Section 2.3 of the Indenture. 
  
 Term Note: Any asset-backed term note executed by the Issuer by any of its Authorized Officers and authenticated by
the Indenture Trustee in the form attached to the Officer’s Issuance Certificate applicable to such series of term notes. 
  
 Term Note Distribution Account: The account designated as such, established and maintained pursuant to Section 6.1(a)(ii) of the Trust Sale
and Servicing Agreement. 
  
 Term Note Distribution
Subaccount: With respect to any series of Notes, a subaccount of the Term Note Distribution Account which is used as specified in the Officer’s Issuance Certificate for such series of Notes. 
  
 Term Note Distribution Subaccount Earnings: With respect to any series
of Notes, any Investment Proceeds in respect of funds in the Term Note Distribution Subaccount for such series. 
  
 Term Noteholder: Any Holder of a Term Note. 
  
 Treasury Regulations: The regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
  

 - 39 - 

 Trust: Superior Wholesale Inventory Financing Trust VIII, a Delaware statutory trust created
pursuant to the Trust Agreement. 
  
 Trust Agreement: The
Trust Agreement, dated as of the Initial Closing Date, between the Seller and the Owner Trustee, as amended and supplemented from time to time, including all Certificate Issuance Orders. 
  
 Trust Charge-Offs: With respect to any Monthly Distribution Date, the amount of the Trust Defaulted Amount for such
Monthly Distribution Date that is not covered through the application of Trust Interest Collections and funds in the Reserve Fund or otherwise. As of any date, unreimbursed Trust Charge-Offs shall equal the aggregate Trust Charge-Offs for all prior
Monthly Distribution Dates unless and to the extent such amounts are treated as Additional Trust Principal pursuant to Section 4.5(c) of the Trust Sale and Servicing Agreement; provided, however, that any Trust Charge-Offs
allocated to any Notes as described in Section 4.5(g) of the Trust Sale and Servicing Agreement at the time of the final principal payment on such Notes shall reduce unreimbursed Trust Charge-Offs. 
  
 Trust Defaulted Amount: With respect to any Monthly Distribution Date,
an amount (not less than zero) equal to the principal amount of all Defaulted Receivables. 
  
 Trust Equilibrium: Is achieved when the Daily Trust Balance equals the Daily Trust Invested Amount. 
  
 Trust Estate: All money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of the
Indenture for the benefit of the Noteholders and (only to the extent expressly provided in the Indenture) the Certificateholders (including, without limitation, the Collateral described in the Granting Clause of the Indenture), including the
proceeds thereof, the Reserve Fund and the Reserve Fund Property pledged to the Indenture Trustee pursuant to the Trust Sale and Servicing Agreement and any other property and interests that are pledged to the Indenture Trustee for the benefit of
Securityholders pursuant to a supplement to the Trust Sale and Servicing Agreement or otherwise. 
  
 Trust Indenture Act or TIA: The Trust Indenture Act of 1939, as amended. 
  
 Trust Interest Allocation: For any series of Notes, for any Monthly Distribution Date, an amount equal to the product
of (1) Available Trust Interest less the amounts paid to the Servicer pursuant to clause (1) of Section 4.5(c)(i) of the Trust Sale and Servicing Agreement and (2) the Trust Interest Allocation Percentage for such series. 

 
 Trust Interest Allocation Percentage: With respect to any series of
Notes, for any Monthly Distribution Date, a fraction calculated as set forth in the following equation: 
  

	 Trust Interest
 Allocation Percentage
	 	=	 	 (UPB of Note Series)

	 	 	 	(UPB of All Term Notes) + (UPB of All Revolving Notes)

  

 - 40 - 

 where, for purposes of this equation only: 
  
 “UPB of Note Series” is 
  

	 	(1)	for a series of Term Notes, the Unaccumulated Principal Balance for such series of Term Notes and 

  

	 	(2)	for a series of Revolving Notes, the daily average outstanding principal balance for such series of Revolving Notes during the related Collection Period 

  
 “UPB of All Term Notes” is the Unaccumulated Principal Balances of
all series of Term Notes then outstanding; and 
  
 “UPB of
All Revolving Notes” is the daily average of the outstanding principal balance of all Revolving Notes during the related Collection Period. 
  
 Trust Interest Collections: With respect to any Monthly Distribution Date (subject to adjustment as described in Section 4.5(c)(v) of the
Trust Sale and Servicing Agreement), an amount equal to the sum of (a) the product of (i) the Trust Percentage and (ii) Interest Collections for the related Collection Period and (b) Recoveries. 
  
 Trust Percentage: With respect to any Monthly Distribution Date, the
percentage equivalent of a fraction (which shall never exceed 100%), (a) the numerator of which is the average Daily Trust Balance during the related Collection Period and (b) the denominator of which is the average daily aggregate principal balance
of all Receivables (including Receivables included in the Retained Property) in the Accounts in the Pool of Accounts during the related Collection Period. 
  
 Trust Principal Collections: With respect to any date, the sum of (a) the amount of Principal Collections on Receivables held by the Trust and (b)
the principal portion of all Warranty Payments and Administrative Purchase Payments, if any, on such date. 
  
 Trust Receivables Purchases: On any Business Day, the purchase by the Trust from the Seller of additional Receivables pursuant to Section
2.1(b) of the Trust Sale and Servicing Agreement. 
  
 Trust
Sale and Servicing Agreement: The Trust Sale and Servicing Agreement, dated as of the Initial Closing Date, between the Seller, the Servicer and the Issuer, as amended and supplemented from time to time. 
  
 Trust Termination Date: The date specified in Section 7.1 of
the Trust Agreement. 
  
 UCC: The Uniform Commercial Code
as in effect in the States of Delaware, Michigan, or New York, and as may be amended from time to time. 
  
 Unaccumulated Principal Balance: With respect to any series of Term Notes as of a Monthly Distribution Date, 
  

 - 41 - 

	 	(1)	the daily average of the outstanding principal balance of such Term Notes during the related Collection Period minus 

  

	 	(2)	with respect to the 2003-A Term Notes, the daily average during the related Collection Period of the sum of 

  

	 	(x)	the amount of funds on deposit in the relevant Note Cash Accumulation Account, and 

  

	 	(y)	the amount of funds on deposit in the relevant Term Note Distribution Account in respect of the outstanding principal balance of Term Notes. 

  
 Uncertificated Security: As of any date, has the meaning given to such
term under the applicable UCC as in effect on such date. 
  
 Undertaking Letter: Any letter referred to in Sections 3.4 and 9.12 of the Trust Agreement or Section 2.15 of the Indenture. 
  
 Unregistered Note: Any Note that has not been registered under the Securities Act and is subject to the provisions of
Section 2.15 of the Indenture. 
  
 Unsatisfied
Deficiency Amount: The amounts determined to be Unsatisfied Deficiency Amounts in Section 4.5(c)(ii) of the Trust Sale and Servicing Agreement. 
  
 Used Vehicle Overconcentration Percentage: 20% or such higher percentage as the Seller shall select upon satisfaction of the Rating Agency
Condition. 
  
 Used Vehicle Overconcentration Receivables:
For any date with respect to any Receivables owned by the Trust which were advanced against Used Vehicles, the outstanding Available Receivables with respect to those Receivables to the extent, if any, of the excess of: 
  
 (1) the aggregate principal balance of all those Available Receivables on
that date over 
  
 (2) the Used Vehicle Overconcentration
Percentage of the sum of (a) the Specified Maximum Revolver Balance, (b) the aggregate Outstanding Amount of all Term Notes and (c) the Certificate Balance of all outstanding Certificates as of that date or, if applicable, as of the commencement of
any then occurring Early Amortization Period, Wind Down Period or Payment Period. 
  
 Used Vehicles: Under GMAC’s current practices and policies, Auction Vehicles and Vehicles which have been previously titled; provided, however, that vehicles that are titled solely for purposes of state
laws requiring demonstration vehicles to be titled shall not be considered Used Vehicles. 
  
 Vehicle: An automobile or light truck. 
  

 - 42 - 

 Vehicle Collateral Security: With respect to an Account and the Receivables arising under such
Account, the security interest in the Vehicles of the related Dealer granted to secure the obligations of such Dealer in connection therewith and any proceeds therefrom. 
  
 Voting Interests: As of any date, the aggregate outstanding Certificate Balance of all Certificates; provided,
however, that if GMAC and its affiliates own less than 100% of the Certificates, Certificates owned by GMAC, the Trust or any Affiliate of GMAC or the Trust (other than the Seller) shall be disregarded and deemed not to be outstanding, except that,
in determining whether the Owner Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Certificates that the Owner Trustee knows to be so owned shall be so disregarded.
Certificates so owned that have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Owner Trustee the pledgor’s right so to act with respect to such Certificates and that the pledgee
is not GMAC or the Trust or any Affiliate of GMAC or the Trust (other than the Seller). 
  
 WARCO: Wholesale Auto Receivables Corporation, a Delaware corporation and a wholly-owned subsidiary of GMAC. 
  
 Warranty Payment: The payment described in Section 2.5(a) of the Trust Sale and Servicing Agreement. 
  
 Warranty Receivable: A Receivable subject to repurchase as and to the
extent described in Section 2.5(a) of the Trust Sale and Servicing Agreement. 
  
 Wind Down Period: The period commencing on the day immediately after the Scheduled Revolving Period Termination Date and continuing until the earlier of (a) the commencement of an Early Amortization Period and
(b) the date on which all of the Securities have been paid in full. The first Monthly Distribution Date for the Wind Down Period shall be the earlier of the Monthly Distribution Date in January 2009 and the Monthly Distribution Date related to the
first Collection Period included in the Wind Down Period. 
  

 - 43 - 

 PART II - RULES OF CONSTRUCTION 
  

	(A)	Accounting Terms. As used in this Appendix or the Basic Documents, accounting terms which are not defined, and accounting terms partly defined, herein or therein shall have
the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Appendix or the Basic Documents are inconsistent with the meanings of such terms under generally
accepted accounting principles, the definitions contained in this Appendix or the Basic Documents will control. 

  

	(B)	“Hereof,” etc. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Appendix or any Basic
Document will refer to this Appendix or such Basic Document as a whole and not to any particular provision of this Appendix or such Basic Document; and Section, Schedule and Exhibit references contained in this Appendix or any Basic Document are
references to Sections, Schedules and Exhibits in or to this Appendix or such Basic Document unless otherwise specified. The word “or” is not exclusive. 

  

	(C)	Including. Whenever the term “including” (whether or not that term is followed by the phrase “but not limited to” or “without limitation” or
words of similar effect) is used in this Appendix or the Basic Documents in connection with a listing of items within a particular classification, that listing will be interpreted to be illustrative only and will not be interpreted as a limitation
on, or exclusive listing of, the items within that classification. 

  

	(D)	Number and Gender. Each defined term used in this Appendix or the Basic Documents has a comparable meaning when used in its plural or singular form. Each gender-specific term
used in this Appendix or the Basic Documents has a comparable meaning whether used in a masculine, feminine or gender-neutral form. 

  

	(E)	Reference to Monthly Distribution Dates. With respect to any Monthly Distribution Date, the “related Collection Period,” and the “related Record Date,”
will mean the Collection Period and Record Date, respectively, immediately preceding such Monthly Distribution Date, and the relationships among Collection Periods and Record Dates will be correlative to the foregoing relationships.

 APPENDIX B 
  
 Notice Addresses and Procedures 
  
 All requests, demands, directions, consents, waivers, notices, authorizations and communications provided or permitted under
any Basic Document to be made upon, given or furnished to or filed with the Seller, the Servicer, the Administrator, the Indenture Trustee, the Issuer, the Owner Trustee, the Custodian or the Rating Agencies shall be in writing, personally
delivered, sent by facsimile with a copy to follow via first class mail or mailed by certified mail-return receipt requested, and shall be deemed to have been duly given upon receipt: 
  

	 	(A)	in the case of the Seller, at the following address: 

  
 Wholesale Auto Receivables Corporation 
 Corporation Trust Center 
 1209 Orange Street 
 Wilmington, Delaware 19801 
  
 with a copy to: 
  
 Wholesale Auto Receivables Corporation 
 Attention: Vice President 
 200 Renaissance Center, 12th Floor 
 Detroit, Michigan 48265 
  

	 	(B)	in the case of the Servicer, the Administrator or the Custodian, at the following address: 

  
 General Motors Acceptance Corporation 
 Attention: Vice President 
 200 Renaissance Center, 12th Floor 
 Detroit, Michigan 48265 
  

	 	(C)	in the case of the Indenture Trustee, at its Corporate Trust Office, 

  

	 	(D)	in the case of the Issuer or the Owner Trustee, to the Owner Trustee at its Corporate Trust Office, 

  
 with a copy to: 
  
 Wholesale Auto Receivables Corporation 
 Attention: Vice President 
 200 Renaissance Center, 12th Floor 
 Detroit, Michigan 48265 
  

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

	 	(E)	in the case of Moody’s Investors Service, Inc., to: 

  
 Moody’s Investors Service, Inc. 
 ABS Monitoring Department 
 99 Church Street 
 New York, New York 10007 
  

	 	(F)	in the case of Standard & Poor’s Ratings Services, to: 

  
 Standard & Poor’s Ratings Services 
 55 Water Street 
 29th Floor 
 New York, New York 10041-0003 
  

	 	(G)	in the case of Fitch Ratings, to: 

  
 Fitch Ratings 
 One State Street Plaza 
 New York, New York 10004 
 Attention: Asset Backed Surveillance 
  
 or at such other address as shall be designated by such Person in a written notice to the other parties to this Agreement. 
  
 Where any Basic Document provides for notice to Noteholders or
Certificateholders of any condition or event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder or Certificateholder affected by such
condition or event, at such Person’s address as it appears on the Note Register or Certificate Register, as applicable, not later than the latest date, and not earlier than the earliest date, prescribed in such Basic Document for the giving of
such notice. If notice to Noteholders or Certificateholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholders or Certificateholders shall affect the sufficiency of such
notice with respect to other Noteholders or Certificateholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually received.

  

 2 

 APPENDIX B 
  
 Demands, Communications and Notices 
  
 For ease of reference, the notice address and procedures have been consolidated with and are contained in Part II of
Appendix B to the Trust Sale and Servicing Agreement of even date herewith among GMAC, Wholesale Auto Receivables Corporation and Superior Wholesale Inventory Financing Trust VIII. 

 APPENDIX C 
  
 Additional Representations and Warranties 
  
 1. While it is the intention of GMAC and WARCO that the transfers and assignments contemplated by this Agreement and the
First Step Assignment shall constitute sales of the Trust Assets (as defined herein) from GMAC to WARCO, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the property described in clauses (a) and
(b) of Section 2.01 of this Agreement (the “Trust Assets”) in favor of WARCO, which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers from GMAC. 
  
 2. All steps necessary to perfect GMAC’s security interest against each
Obligor in the property securing the Trust Assets have been taken. 
  
 3. The Trust Assets constitute “accounts,” “chattel paper” or “payment intangibles” within the meaning of the applicable UCC. 
  
 4. GMAC owns and has good and marketable title to the Trust Assets free and clear of any Liens, claim or encumbrance of any
Person. GMAC has received all consents and approvals required by the terms of the Trust Assets as to the sale of the Trust Assets hereunder to WARCO. 
  
 5. GMAC has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Trust Assets granted to the WARCO hereunder. 
  
 6. GMAC, as Custodian, has in its possession the Eligible Receivables Files and holds them in accordance with its customary procedures and any and all
other documents that the Servicer or the Seller shall keep on file, in accordance with its customary procedures, relating to the Eligible Receivables. All financing statements filed or to be filed against GMAC in favor of WARCO in connection
herewith describing the Trust Assets contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.” 
  
 7. Other than the security interest granted to WARCO pursuant to the Basic
Documents, GMAC has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Trust Assets. GMAC has not authorized the filing of and is not aware of any financing statements that include a description of
collateral covering the Trust Assets other than any financing statement (i) relating to the security interest granted to WARCO, the Issuer and the Indenture Trustee under the Basic Documents, (ii) that has been terminated, or (iii) that names the
Trust as secured party. GMAC is not aware of any judgment or tax lien filings against GMAC. 
  
 8. The representations, warranties and certifications contained in paragraphs 1-7 above shall survive the sales, transfers and assignments to WARCO. No failure or delay on the part of WARCO in exercising any right,
remedy, power or privilege with respect to this Agreement shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege with respect to this Agreement preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. 

 EXHIBIT A 
  

LIST OF LOCATIONS OF THE 
 SCHEDULE OF ACCOUNTS 
  
 The Schedule of
Accounts is 
 on file at the offices of: 
  
 1. The Indenture Trustee 
  
 2. The Owner Trustee 
  
 3. General Motors Acceptance Corporation 
  
 4. Wholesale Auto Receivables Corporation 

 EXHIBIT B 
  

FORM OF ASSIGNMENT FOR INITIAL CLOSING DATE  
  
 For value received, in accordance with the Pooling and Servicing Agreement, dated as of October 7, 2003 (the “Pooling and Servicing
Agreement”), between General Motors Acceptance Corporation, a Delaware corporation (“GMAC”), and Wholesale Auto Receivables Corporation, a Delaware corporation (the “Purchaser”), GMAC does hereby sell,
assign, transfer and otherwise convey unto the Purchaser, without recourse, all of its right, title and interest in, to and under all of the Eligible Receivables existing in the Accounts listed in the Schedule of Accounts as of the close of business
on the Initial Cut-Off Date and, so long as each such Account is included in the Pool of Accounts, all Eligible Receivables created or deemed created thereunder on each Receivables Purchase Date and all monies due or to become due thereon after the
Initial Cut-Off Date or such Receivables Purchase Date, as appropriate, all Collateral Security with respect thereto and all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and
Recoveries). 
  
 The foregoing sale, transfer, assignment and
conveyance and any sales, transfers, assignments and conveyances subsequent to the date hereof do not constitute, and are not intended to result in, the creation or an assumption by the Purchaser of any obligation of the Servicer, GMAC (if GMAC is
not the Servicer), General Motors or any other Person in connection with the Accounts, the Receivables or under any agreement or instrument relating thereto, including any obligation to any Dealers. 
  
 It is the intention of GMAC and the Purchaser that the transfers and
assignments contemplated by this Assignment, including transfers and assignments subsequent to the date hereof, shall constitute a sale of the property described herein and in the Pooling and Servicing Agreement from GMAC to the Purchaser and the
beneficial interest in and title to such property shall not be part of GMAC’s estate in the event of the filing of a bankruptcy petition by or against GMAC under any bankruptcy law. 
  
 This Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned
contained in the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 
  
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Pooling and Servicing Agreement. 
  
 * * * * * 

 IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of October 7, 2003.

  

	GENERAL MOTORS ACCEPTANCE CORPORATION
		
	 By:
	 	  

	 	 	 Name:
	 	 Karen A. Sabatowski

	 	 	 Title:
	 	 Director-Securitization and Cash Management

 EXHIBIT C 
  

FORM OF ASSIGNMENT FOR EACH ADDITION DATE  
  
 For value received, in accordance with the Pooling and Servicing Agreement, dated as of October 7, 2003 (the “Pooling and Servicing
Agreement”), between General Motors Acceptance Corporation, a Delaware corporation (“GMAC”), and Wholesale Auto Receivables Corporation, a Delaware corporation (the “Purchaser”), GMAC does hereby sell,
assign, transfer and otherwise convey unto the Purchaser, without recourse, with respect to the Additional Accounts to which this Assignment relates, all of its right, title and interest in, to and under all of the Eligible Receivables as of the
close of business on the related Additional Cut-Off Date in such Additional Accounts and, so long as each such Account is included in the Pool of Accounts, all Eligible Receivables created or deemed created thereunder on each Receivables Purchase
Date and all monies due or to become due thereon after such Additional Cut- Off Date or such Receivables Purchase Date, as appropriate, all Collateral Security with respect thereto and all amounts received with respect thereto and all proceeds
thereof (including “proceeds” as defined in the UCC and Recoveries). 
  
 The foregoing sale, transfer, assignment and conveyance and any sales, transfers, assignments and conveyances subsequent to the date hereof do not constitute, and are not intended to result in, the creation or an
assumption by the Purchaser of any obligation of the Servicer, GMAC (if GMAC is not the Servicer), General Motors or any other Person in connection with the Accounts, the Receivables or under any agreement or instrument relating thereto, including
any obligation to any Dealers. 
  
 It is the intention of GMAC and
the Purchaser that the transfers and assignments contemplated by this Assignment, including transfers and assignments subsequent to the date hereof, shall constitute a sale of the property described herein and in the Pooling and Servicing Agreement
from GMAC to the Purchaser and the beneficial interest in and title to such property shall not be part of GMAC’s estate in the event of the filing of a bankruptcy petition by or against GMAC under any bankruptcy law. 
  
 This Assignment is made pursuant to and upon the representations, warranties
and agreements on the part of the undersigned contained in the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 
  
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Pooling and Servicing Agreement. 
  
 * * * * * 

 IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of
                        ,            .

  

	GENERAL MOTORS ACCEPTANCE CORPORATION
		
	 By:
	 	  

	 	 	 Name:
	 	 Karen A. Sabatowski

	 	 	 Title:
	 	 Director-Securitization and Cash Management

 EXHIBIT D 
  

FORM OF OPINION OF COUNSEL 
 WITH RESPECT TO ADDITION OF ACCOUNTS 
  
 Provision to be Included in Opinion of Counsel 
 Delivered Pursuant to Section 2.03(b)(viii) 
 of the Pooling and Servicing Agreement 
  
 The opinion set forth below may be subject to standard qualifications, assumptions, limitations and exceptions. 
  
 The Assignment delivered on the Addition Date has been duly
authorized, executed and delivered by GMAC, and constitutes the valid and legally binding obligation of GMAC, enforceable against GMAC in accordance with its terms.

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