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
SEPTEMBER 16, 2004 

 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	  	5
	 SECTION 3.5
	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	6
	 SECTION 3.6
	  	Persons Deemed Certificateholders	  	7
	 SECTION 3.7
	  	Access to List of Certificateholders’ Names and Addresses	  	7
	 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	  	8
	 SECTION 3.12
	  	Notices to Clearing Agency	  	9
	 SECTION 3.13
	  	Termination of Book Entry Registration	  	9
	 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	  	11

  

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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	  	13
	 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

  

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 EXHIBITS 
  

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

  

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 THIS TRUST AGREEMENT, dated as of September 16, 2004, 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 X” 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. Effective as of the date hereof, the Owner 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 

  

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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. As long as the Seller is the sole owner of the Certificates, the Seller and Owner Trustee, by entering into this
Agreement, (i) express their intention that the Trust will be disregarded for federal income tax purposes and will be treated as a division of the Seller and (ii) agree that Section 5.5 of this Agreement will not be applicable. If the Seller
is not the sole owner of the Certificates, through sale of the Certificates or otherwise, the Seller and the Owner Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any Certificates or interest therein, (i) express
their intention that the Certificates will qualify as equity interests in either (A) if all Certificates are owned solely by a single Person, a division of such single Person, disregarded as a separate entity for federal income tax purposes, or (B)
a partnership for applicable income tax purposes and (ii) unless otherwise required by the appropriate taxing authorities, agree to treat the Certificates as equity interests in an entity as described in clause (i) of this Section 2.11 for
the purposes of federal income taxes, state and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by, or based upon gross or net income. The parties agree that, unless otherwise required by
appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax purposes. 
  
 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

  

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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. 
  
 (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 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 $185,791,700 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 (a “Certificate
Issuance Order”). Such Certificates shall have the terms, provisions and rights specified in the related Certificate Issuance Order for such Certificates to be dated the Closing Date. Such Certificate Issuance Order shall be considered a
part of this Agreement. 
  
 (b) 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. 
  
 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 

  

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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 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 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. 
  
 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 in authorized
denominations of a like amount; provided, however, that if any such destroyed, lost or stolen 

  

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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. 
  
 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. 
  

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 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 Closing Date, the Seller initially shall retain beneficial and record ownership of Certificates representing 100% of the Certificate Balance of the Certificates.
Certificates issued to the Seller shall be Definitive Certificates. 
  
 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 

  

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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. 
  
 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 

  

 9 

 
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 2004-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; 
  
 (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; 
  

 10 

 (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. 
  
 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. 
  

 11 

 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 X 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 (or the Paying
Agent on its behalf) 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. 
  
 (b) On each Monthly Distribution Date, the Owner Trustee (or the Paying Agent on its behalf) shall include with each distribution to each
Certificateholder the statement provided to the Owner Trustee (or the Paying Agent on its behalf) 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, and the Monthly Servicing Fee with respect to the
Monthly Distribution Date or the related 

  

 12 

 
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 (or the Paying Agent on its behalf) shall not have an obligation to withhold any such amount so long as the Seller is the sole Certificateholder. The Owner Trustee (or the Paying
Agent on its behalf) 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 (or the Paying Agent on its behalf) 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. 
  
 SECTION 5.4 Accounting and Reports to the Certificateholders, the Internal
Revenue Service and Others. The Owner Trustee shall maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, 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, 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 in accordance with 

  

 13 

 
Section 2.11 for applicable income tax purposes, cause such tax returns to be signed in the manner required by law and collect or cause to be
collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. In the event that Trust is characterized as a partnership for federal income tax purposes, the
Owner Trustee shall allocate taxable income of the Trust for each Collection Period in the following manner in preparing and filing tax returns for the Trust: (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. 
  
 (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. 
  

 14 

 (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; 
  
 (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; and 

 
 (iv) in no event shall the Owner Trustee be liable for
any damages in the name of special, indirect or consequential damages, however styled, including, without limitation, lost profits. 
  
 (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; 
  
 (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 

  

 16 

 
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 

  

 17 

 
comply with any such instructions shall not constitute a default or breach under any Basic Document. 
  
 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 

  

 20 

 
vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 (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; 
  

 21 

 (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 
  
 (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 co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the 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 

  

 22 

 
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 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 

  

 23 

 
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. 
  
 (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), 
  

 24 

 (iv) add to the covenants, restrictions or obligations of the Seller or the Owner Trustee
for the benefit of the Securityholders, 
  
 (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, 
  
 (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:	 	 /s/ John J. Cashin

	 	 	 Name:
	 	 John J. Cashin

	 	 	 Title:
	 	 Vice President

  

					
	 WHOLESALE AUTO RECEIVABLES
 CORPORATION, as Seller

		
	By:	 	 /s/ C. J. Vannatter

	 	 	 Name:
	 	 C. J. Vannatter

	 	 	 Title:
	 	 Vice President

  

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

		
	By:	 	 /s/ David Contino

	 	 	 Name:
	 	 David Contino

	 	 	 Title:
	 	 Assistant Vice President

  

 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 X 
  
 THIS Certificate of
Trust of Superior Wholesale Inventory Financing Trust X (the “Trust”), dated as of September 16, 2004, 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 X. 
  
 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 September 16, 2004. 
  
 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 September 16, 2004.
		
	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 SEPTEMBER 16, 2004 
  
 Superior Wholesale Inventory Financing Trust X 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I
	  	 
	 DEFINITIONS
	  	1
	 Section 1.01
	  	Definitions	  	1
		
	 ARTICLE II
	  	 
	 PURCHASE AND SALE OF ELIGIBLE RECEIVABLES
	  	2
	 Section 2.01
	  	Purchase and Sale of Eligible Receivables	  	2
	 Section 2.02
	  	Purchase Price	  	2
	 Section 2.03
	  	Addition of Accounts	  	3
	 Section 2.04
	  	Optional Removal of Accounts	  	4
	 Section 2.05
	  	Removal of Ineligible Accounts	  	5
	 Section 2.06
	  	Custody of Documentation	  	5
		
	 ARTICLE III
	  	 
	 ADMINISTRATION AND SERVICING OF RECEIVABLES SECTION
	  	5
	 Section 3.01
	  	Appointment of Servicer and Acceptance of Appointment	  	5
	 Section 3.02
	  	Rights and Duties of the Servicer	  	5
	 Section 3.03
	  	Servicing Compensation; Payment of Certain Expenses by the Servicer	  	7
	 Section 3.04
	  	Representations, Warranties and Covenants of the Servicer	  	8
	 Section 3.05
	  	Servicer’s Accounting and Reports	  	11
	 Section 3.06
	  	Pre-Closing Collections	  	11
	 Section 3.07
	  	Collections Received by GMAC	  	11
		
	 ARTICLE IV
	  	 
	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	12
	 Section 4.01
	  	Representations and Warranties of GMAC Relating to the Accounts and the Receivables	  	12
	 Section 4.02
	  	Representations and Warranties of GMAC Relating to GMAC and the Agreement	  	13
	 Section 4.03
	  	Representations and Warranties of the Purchaser	  	15
	 Section 4.04
	  	Covenants of GMAC	  	16
		
	 ARTICLE V
	  	 
	 CERTAIN MATTERS RELATING TO GMAC
	  	17
	 Section 5.01
	  	Merger or Consolidation of, or Assumption of the Obligations of, GMAC	  	17
	 Section 5.02
	  	GMAC Indemnification of the Purchaser	  	17
	 Section 5.03
	  	GMAC Acknowledgment of Transfers to the 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	  	22
	 Section 7.08
	  	Further Assurances	  	22
	 Section 7.09
	  	No Waiver; Cumulative Remedies	  	22
	 Section 7.10
	  	Counterparts	  	22
	 Section 7.11
	  	Third-Party Beneficiaries	  	22
	 Section 7.12
	  	Merger and Integration	  	22
	 Section 7.13
	  	Confidential Information	  	22
	 Section 7.14
	  	Headings	  	22
	 Section 7.15
	  	Termination	  	23
	 Section 7.16
	  	No Petition Covenants	  	23
	 Section 7.17
	  	Jurisdiction	  	23
			
	Appendix	  	 	  	 
		
	 Appendix A - Definitions and Rules of Construction
	  	 
		
	 Appendix B - Demands, Communications and Notices
	  	 
		
	 Appendix C - Additional Representations and Warranties
	  	 
			
	Exhibits	  	 	  	 
		
	 Exhibit A - List of Locations of the Schedule of Accounts
	  	 
		
	 Exhibit B - Form of Assignment for the Initial Closing Date
	  	 
		
	 Exhibit C - Form of Assignment for Each Addition Date
	  	 
		
	 Exhibit D - Form of Opinion of Counsel With Respect to Addition of Accounts
	  	 

  

 ii 

 THIS POOLING AND SERVICING AGREEMENT is made as of September 16, 2004, 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 X (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 $4,371,584,700 (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 

  

 3 

 
Additional Accounts since the Additional Cut-Off Date within two Business Days after such Addition Date; 
  
 (iv) as of the Addition Date, neither GMAC nor the Purchaser
is insolvent nor shall any of them have been made insolvent by such transfer nor is either of them aware of any pending insolvency; 
  
 (v) the Schedule of Accounts shall have been amended to reflect such Additional Accounts and the Schedule of Accounts as so amended shall
be true and correct as of the Addition Date; 
  
 (vi) GMAC shall have delivered to the Purchaser a certificate of an Authorized Officer of GMAC confirming the items set forth in clauses (i) through (v) above; 
  
 (vii) the conditions set forth in Section 2.7(b) of the Trust Sale and Servicing Agreement shall have
been satisfied; and 
  
 (viii) GMAC shall have
delivered to the Purchaser an Opinion of Counsel of GMAC substantially in the form of Exhibit D. 
  
 Section 2.04 Optional Removal of Accounts. From time to time, GMAC may, at its option, request from the Purchaser, and the Purchaser may, at its
option, offer to GMAC, the right to designate an Account for removal from the Pool of Accounts. Subject to the satisfaction by the Purchaser of the conditions set forth in Section 2.8 of the Trust Sale and Servicing Agreement, GMAC, at its
option, may accept offers to designate an Account for removal or request from the Purchaser the right to designate an Account for removal by furnishing a written notice (the “GMAC Removal Notice”) to the Purchaser not less than five
Business Days but not more than 30 days prior to the Removal Commencement Date. On and after the Removal Commencement Date with respect to a Randomly Selected Account, GMAC shall not transfer Receivables with respect to such Randomly Selected
Account to the Purchaser. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to reflect such Account becoming a Removed Account as of the Removal Date. At any time after the Removal Date, at
the written request of GMAC, the Purchaser shall assign to GMAC, without recourse, representation or warranty, effective as of the Removal Date, all of the Purchaser’s right, title and interest in, to and under the Receivables arising in such
Account and related Collateral Security. Notwithstanding anything in this Agreement to the contrary, in the event the Purchaser shall exercise its right to remove Receivables from the Trust pursuant to Section 2.8(c) of the Trust Sale and
Servicing Agreement, the Purchaser may, at its option, offer to GMAC the right to purchase such removed Receivables with regard to some or all of the Randomly Selected Accounts without recourse, representation or warranty. In the event GMAC shall
accept such offer, GMAC shall pay for such Receivables by transferring to the Purchaser, in exchange for the Receivables to be purchased, cash and/or Excess Available Receivables with an aggregate principal amount equal to the Removal Balance
related to such Randomly Selected Accounts as of the date of removal. On the date of such transfer, all of the Purchaser’s right, title and interest in, to and under the 

  

 4 

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

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

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

  
 Section 3.02 Rights and Duties of the Servicer.

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

  

 5 

 
account, including the Floor Plan Financing Guidelines, except insofar as any failure to do so would not have a material adverse effect on the interests of
Securityholders. The Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder or under the Trust Sale and Servicing Agreement, to do any and all things in connection with such servicing and
administration which it may deem necessary or desirable, including monitoring the insurance maintained by Dealers. The Servicer is hereby authorized to commence, in its own name or in the name of any Interested Party, a Proceeding to enforce any
Receivable subject hereto, to enforce all obligations of GMAC and the Purchaser under this Agreement and under the Trust Sale and Servicing Agreement or to commence or participate in a Proceeding (including without limitation a bankruptcy
proceeding) relating to or involving any such Receivable. If in any Proceeding it is held that the Servicer may not enforce a Receivable arising under an Account in the Pool of Accounts on the ground that it is not a real party in interest or a
holder entitled to enforce such Receivable, the Purchaser, GMAC and each other Interested Party shall, at the Servicer’s expense, take such steps as the Servicer reasonably deems necessary or appropriate to enforce the Receivable, including
bringing suit in the name of such Person. If the Servicer commences or participates in such a Proceeding in its own name, each Interested Party shall thereupon be deemed to have automatically assigned such Receivable to the Servicer for purposes of
commencing or participating in any such Proceeding as a party or claimant, and the Servicer is hereby authorized and empowered to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or
other documents or instruments in connection with any such Proceeding. Each Interested Party shall furnish the Servicer with any powers of attorney and other documents and take any other steps which the Servicer may reasonably deem necessary or
appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement and the Trust Sale and Servicing Agreement. Except to the extent required by the preceding two sentences, the authority and rights granted
to the Servicer in this Section 3.02 shall be nonexclusive and shall not be construed to be in derogation of the retention by any Interested Party (to the extent of its rights in a Receivable) of equivalent authority and rights. Without
limiting the generality of the foregoing and subject to any Servicing Default, the Servicer is hereby authorized and empowered, unless such power and authority is revoked by any Interested Party on account of the occurrence of such a Servicing
Default, to: 
  
 (i) instruct the Issuer to make
allocations, withdrawals and payments to or from the Collection Account, the Distribution Accounts, the Reserve Fund, the Cash Accumulation Reserve Funds with respect to the 2004-A Term Notes 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 
  

 6 

 (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 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 

  

 7 

 
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 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. 
  

 8 

 (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 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 

  

 9 

 
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 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 

  

 10 

 
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. 
  
 (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. 
  

 11 

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

  

 12 

 
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. 
  
 (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 

  

 13 

 
which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents) or violate any law or, to the best of GMAC’s knowledge, any order, rule or regulation applicable to GMAC of any Governmental Authority having jurisdiction
over GMAC or any of its properties, except where any such conflict or violation would not have a material adverse effect on its ability to perform its obligations with respect to the Purchaser or any Interested Party under this Agreement or the
Trust Sale and Servicing Agreement; 
  
 (v) No
Proceedings. To GMAC’s knowledge, there are no Proceedings or investigations pending, or threatened, against GMAC before any Governmental Authority having jurisdiction over GMAC or its properties (A) asserting the invalidity of this
Agreement, the Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement, (B) seeking to prevent the execution of this Agreement or the consummation of any of the transactions contemplated by this Agreement, the
Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement or (C) seeking any determination or ruling that might materially and adversely affect the performance by GMAC of its obligations under, or the validity or
enforceability of, this Agreement, the Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement; 
  
 (vi) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of GMAC, enforceable against GMAC in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
  
 (vii) Record of Accounts. The Schedule of Accounts is an accurate and complete listing in all material respects of all of the
Accounts in the Pool of Accounts as of the Initial Cut-Off Date or the applicable Additional Cut-Off Date, as the case may be, and the information contained therein with respect to the identity of such Accounts is true and correct in all material
respects; and 
  
 (viii) Valid Sale. With
respect to the Initial Accounts, this Agreement and the related assignment to be delivered on the Initial Closing Date or, in the case of Additional Accounts, the related assignment as described in Section 2.03(b), when duly executed and
delivered, shall constitute a valid sale, transfer and assignment to the Purchaser of all right, title and interest of GMAC in, to and under the Eligible Receivables thereunder and the related Vehicle Collateral Security, whether then existing or
thereafter created, and the proceeds thereof, enforceable against creditors of and purchasers from GMAC. To the extent such filings are required therefor, upon the filing of the financing statements described in Section 7.02(a) (and, in the
case of Eligible Receivables hereafter created in the Accounts in the Pool of Accounts and the proceeds thereof, upon the creation thereof) the Purchaser shall have a first priority perfected 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 

  

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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. 
  
 (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 

  

 15 

 
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; 
  
 (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 

  

 16 

 
constituting Common Collateral that is not Vehicle Collateral Security in connection with any Other Indebtedness) shall be received by GMAC in its capacity
as Servicer, unless GMAC is no longer the Servicer, in which case GMAC shall deliver all such payments to the Servicer as soon as practicable after receipt thereof, but in no event later than two Business Days after receipt thereof. 
  
 (c) Compliance with Requirements of Law. GMAC shall comply in all
material respects with all Requirements of Law applicable to GMAC, except where any such failure to comply would not have a material adverse effect on its ability to perform its obligations under this Agreement. 
  
 (d) No Petition. Neither the Servicer nor GMAC shall at any time
institute against the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law. 
  
 ARTICLE V 
 CERTAIN MATTERS RELATING TO GMAC 
  
 Section 5.01 Merger or Consolidation of, or Assumption of the Obligations of, GMAC. 
  
 (a) Notwithstanding anything to the contrary in this Agreement, any Person (i) into which GMAC may be merged or consolidated, (ii) resulting from any
merger, conversion or consolidation to which GMAC shall be a party, (iii) succeeding to the business of GMAC or (iv) more than 50% of the voting interests of which is owned, directly or indirectly, by General Motors 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 

  

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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. 
  
 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 

  

 18 

 
transferred to the Purchaser only to the extent that the purchase price therefor has been paid in cash on the same Business Day. 
  
 (c) Cessation of Purchases. If an Order is obtained but subsequently
is reversed or rescinded or expires, the Purchaser shall immediately cease to purchase (and GMAC shall immediately cease to sell) Receivables hereunder. Notwithstanding anything contained in Section 6.02(b), if an Involuntary Case has not
been dismissed by the first Business Day following the 60 day period beginning on the day on which notice of an Involuntary Case was received by either party, whether or not an Order was obtained, the Purchaser shall not thereafter purchase
Receivables from GMAC hereunder and GMAC shall not thereafter designate Additional Accounts for transfer to the Purchaser or sell Receivables hereunder. 
  
 Section 6.03 Intercreditor Agreements. 
  
 (a) Common Collateral. In connection with loans or advances made or to be made by GMAC to a Dealer from time to time other than pursuant to an
Account (collectively, “Other Indebtedness”), GMAC may have a security interest in property constituting Collateral Security (the “Common Collateral”). 
  
 (b) Agreements of GMAC with respect to Common Collateral. GMAC agrees that with respect to the Receivables of each
Dealer: 
  
 (i) GMAC’s security interest in
any Common Collateral that is Vehicle Collateral Security (and the proceeds thereof) in connection with any Other Indebtedness is subordinate to the security interest therein in connection with such Receivables and assigned to the Purchaser
hereunder; 
  
 (ii) GMAC shall not apply the
proceeds of any such Common Collateral that is Vehicle Collateral Security in connection with any Other Indebtedness in any manner that is materially adverse to the Purchaser or the 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 

  

 19 

 
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. 
  
 (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

  

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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 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 

  

 21 

 
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. 
  
 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. 
  

 22 

 Section 7.15 Termination. This Agreement (except for Section 5.02) shall terminate
immediately after the termination of the Trust Sale and Servicing Agreement; provided, that if at the time of the termination of the Trust Sale and Servicing Agreement, the Purchaser has not made all payments to GMAC required to be made under
Section 6.01, this Agreement (except for Section 5.02) shall not terminate until immediately after all such payments have been made. 
  
 Section 7.16 No Petition Covenants. Notwithstanding any prior termination of this Agreement, GMAC shall not, prior to the date which is one year
and one day after the final distribution with respect to the Securities to the Note Distribution Account, the Revolver Distribution Account or the Certificate Distribution Account, as applicable, acquiesce, petition or otherwise invoke or cause the
Purchaser to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Purchaser under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Purchaser. 
  
 Section 7.17 Jurisdiction. Any action or proceeding arising out of or
relating to this Agreement shall be submitted to the exclusive jurisdiction of any United States Federal or New York State Court sitting in the Borough of Manhattan, New York, New York. 
  
 * * * * 
  

 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:
	 	 /s/ N. L. Bugg

	 	 	 Name:
	 	 N. L. Bugg

	 	 	 Title:
	 	 Director - U.S. Securitization

  

					
	 WHOLESALE AUTO RECEIVABLES CORPORATION,
 Purchaser

		
	 By:
	 	 /s/ C. J. Vannatter

	 	 	 Name:
	 	 C. J. Vannatter

	 	 	 Title:
	 	 Vice President

  

 EXHIBIT A 
  

LIST OF LOCATIONS OF THE 
 SCHEDULE OF ACCOUNTS 
  
 The Schedule of
Accounts is 
 on file at the offices of: 
  

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	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 September 16, 2004 (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 September [16],
2004. 
  

					
	GENERAL MOTORS ACCEPTANCE CORPORATION
		
	 By:
	 	 
	 	 	 Name:
	 	 N. L. Bugg

	 	 	 Title:
	 	 Director - U.S. Securitization

  

 EXHIBIT C 
  

FORM OF ASSIGNMENT FOR EACH ADDITION DATE 
  
 For value received, in accordance with the Pooling and Servicing Agreement, dated as of September 16, 2004 (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 September 16,
2004 
  

					
	GENERAL MOTORS ACCEPTANCE CORPORATION
		
	 By:
	 	 
	 	 	 Name:
	 	 N. L. Bugg

	 	 	 Title:
	 	 Director - U.S. Securitization

  

 EXHIBIT D 
  

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

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

 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 X. 
  

 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. 
  

 34

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