Document:

Officer's Issuance Certificate

 Exhibit 4.1 
  

EXECUTION COPY 
  
 OFFICER’S ISSUANCE CERTIFICATE 
  
 Class A Floating Rate Asset Backed Revolving Note, Series 2005-RN2 
  
 The undersigned hereby certifies, pursuant to the Indenture dated as of June 23, 2005 (the “Indenture”),
between Superior Wholesale Inventory Financing Trust XII (the “Issuer” or the “Trust”) and The Bank of New York, a New York banking corporation, as Indenture Trustee, that there has been established pursuant to and
in conformity with resolutions duly adopted by the Board of Directors of Wholesale Auto Receivables Corporation, a Delaware corporation (the “Seller”), a Note to be issued under and in conformity with the Indenture, which shall have
the terms specified herein. Capitalized terms used herein shall have the meanings specified in Appendix 1 hereto or, if not defined therein, then shall have the meanings set forth in Appendix A to the Trust Sale and Servicing Agreement, dated as of
June 23, 2005, among the Issuer, the Seller and General Motors Acceptance Corporation (the “Trust Sale and Servicing Agreement”). 
  

	1.	Designation and Series Specified Maximum Revolver Balance. 

  

	1.1.	The designation of this series of Notes is the Class A Floating Rate Asset Backed Revolving Note, Series 2005-RN2 (the “2005-RN2 Revolving Note”). The 2005-RN2
Revolving Note shall be in the form set forth in Exhibit A hereto. For the purpose of the Indenture and all other Basic Documents, the 2005-RN2 Revolving Note shall count as a separate series of Notes. 

  

	1.2.	The Series Specified Maximum Revolver Balance of the 2005-RN2 Revolving Note which may be authenticated and delivered under the Indenture (except for the 2005-RN2 Revolving Note
authenticated and delivered upon registration and transfer of, or in exchange for, or in lieu of, any other 2005-RN2 Revolving Note pursuant to the Indenture) is $1,370,000,000 (subject to the provisions of Section 5 hereof).

  

	1.3.	The 2005-RN2 Revolving Note shall be issued on the 2005-RN2 Note Closing Date. 

  

	1.4.	The “Targeted Final Payment Date” for the 2005-RN2 Revolving Note shall be the Revolver Monthly Payment Date in September 2005 (also referred to as the “2005-RN2
Targeted Final Payment Date”). 

  

	1.5.	The “Stated Final Payment Date” for the 2005-RN2 Revolving Note shall be the Monthly Distribution Date in June 2010 (also referred to as the “2005-RN2 Stated Final
Payment Date”). 

  

	2.	Specified Support Arrangement 

  

	2.1.	With respect to the 2005-RN2 Revolving Note, there will be no Specified Support Arrangements. 

  

	3.	Payment of Interest. 

  

	3.1.	 The 2005-RN2 Revolving Note shall bear interest at the “Revolver Interest Rate” for the 2005-RN2 Revolving Note, which shall be equal to, with respect to
any Monthly 

	 	 
Distribution Date, One-Month LIBOR plus 0.20% per annum (or, with respect to the August 2005 Monthly Distribution Date, 3.58%), calculated on the basis of a
year of 360 days and the actual number of days elapsed during the related Collection Period (or, with respect to the August 2005 Monthly Distribution Date, the period from and including the 2005-RN2 Note Closing Date to but excluding July 31, 2005).
Interest shall accrue on the daily Series Net Revolver Balance attributable to the 2005-RN2 Revolving Note during a Collection Period such that the Revolver Interest for the 2005-RN2 Revolving Note for any Monthly Distribution Date shall, subject to
the following two sentences, equal the product of (a) the average daily Series Net Revolver Balance for the 2005-RN2 Revolving Note during the related Collection Period and (b) the Revolver Interest Rate for the 2005-RN2 Revolving Note for such
Monthly Distribution Date. With respect to the final Monthly Distribution Date for the 2005-RN2 Revolving Note, Revolver Interest for the 2005-RN2 Revolving Note shall include an additional amount equal to the product of (a) the average daily Series
Net Revolver Balance for the 2005-RN2 Revolving Note for the period from and including the first day of the Collection Period in which such Monthly Distribution Date occurs through but excluding such Monthly Distribution Date (or, with respect to
the August 2005 Monthly Distribution Date, the period from and including the 2005-RN2 Note Closing Date to but excluding July 31, 2005) and (b) the Revolver Interest Rate for the 2005-RN2 Revolving Note for the immediately following Monthly
Distribution Date. Interest on the 2005-RN2 Revolving Note for any Monthly Distribution Date, beginning August 15, 2005, shall be paid on such Monthly Distribution Date as provided in the Trust Sale and Servicing Agreement and the Indenture, and any
interest not paid on such Monthly Distribution Date shall be due on the next Monthly Distribution Date. 

  

	4.	Application of the 2005-RN2 Monthly Available Amount. 

  

	 	(a)	Pursuant to Section 4.5(c)(i) clause (2) of the Trust Sale and Servicing Agreement, on each Monthly Distribution Date, the Trust Interest Allocation of the 2005-RN2 Revolving
Note will be withdrawn by the Indenture Trustee, based upon the Servicer’s Accounting for such Monthly Distribution Date, from the account in which such funds are held, for application pursuant to Section 4(b) of this Officer’s
Issuance Certificate. 

  

	 	(b)	The Indenture Trustee, based upon the Servicer’s Accounting for such Monthly Distribution Date, on such Monthly Distribution Date will transfer an amount equal to the lesser of

  
 (x) the Trust Interest
Allocation for the 2005-RN2 Revolving Note for such Monthly Distribution Date; and 
  
 (y) the Noteholders’ Interest for the 2005-RN2 Revolving Note for such Monthly Distribution Date, 
  
 to the Revolver Distribution Account for payment of
interest on the 2005-RN2 Revolving Note. 
  

 2 

 Any shortfall of the Trust Interest Allocation for the 2005-RN2 Revolving Note for a Monthly Distribution
Date below the Noteholders’ Interest for the 2005-RN2 Revolving Note for such Monthly Distribution Date shall constitute a “Series Shortfall” for the 2005-RN2 Revolving Note. Any excess of the Trust Interest Allocation for the
2005-RN2 Revolving Note for a Monthly Distribution Date over the Noteholders’ Interest for the 2005-RN2 Revolving Note for such Monthly Distribution Date shall constitute a “Remaining Interest Amount.” 
  

	5.	Series Specified Maximum Revolver Balance 

  

	5.1.	The Series Specified Maximum Revolver Balance of the 2005-RN2 Revolving Note shall be $1,370,000,000 (subject to increase or decrease in accordance with Section 4.9(a) of the
Trust Sale and Servicing Agreement). 

  

	5.2.	Aggregate borrowings outstanding at any time under the 2005-RN2 Revolving Note are limited to the Series Specified Maximum Revolver Balance of the 2005-RN2 Revolving Note. No
additional borrowings may be made under the 2005-RN2 Revolving Note during the Payment Period for the 2005-RN2 Revolving Note, the Wind Down Period or any Early Amortization Period. 

  

	5.3.	Additional borrowings at any time under the 2005-RN2 Revolving Note are subject to the discretion of the holder of 2005-RN2 Revolving Note and shall be made as agreed to from time
to time by such holder and the Trust. 

  

	6.	Allocations and Payments in Respect of Principal 

  

	6.1.	Revolving Period 

  

	6.1.1	During the Revolving Period, at the discretion of the Seller, payments of principal on the 2005-RN2 Revolving Note may, but shall not be required to, be paid on a daily basis,

  

	 	(a)	if no series of Class A Notes then requires Available Trust Principal to be retained or set aside to fund principal payments, out of all Available Trust Principal, or

  

	 	(b)	if any series of Class A Notes then requires Available Trust Principal to be retained or set aside to fund principal payments, out of the excess, if any, of the Principal Allocation
Percentage for such series of Notes of Available Trust Principal over the amounts required to be retained or set aside with respect to such series of Notes. 

  

	6.1.2	If one or more series of Revolving Notes are issued and outstanding while the 2005-RN2 Revolving Note is outstanding, payments of principal on such other Revolving Notes and the
2005-RN2 Revolving Note shall be made as determined by the Seller unless otherwise agreed by the Seller, the holders of such other Revolving Notes and the holders of the 2005-RN2 Revolving Note. 

  

 3 

	6.1.3	The 2005-RN2 Revolving Note may be extended or renewed (and the 2005-RN2 Targeted Final Payment Date adjusted accordingly) at any time prior to the beginning of the Payment Period
for the 2005-RN2 Note (which period may not be less than 1 calendar month) by written notice from the affected holders thereof to the Indenture Trustee and the Seller setting forth the new 2005-RN2 Targeted Final Payment Date; provided that
such new 2005-RN2 Targeted Final Payment Date shall be a Monthly Distribution Date on or prior to the June 2008 Monthly Distribution Date. Principal on the 2005-RN2 Revolving Note will be due (to the extent of funds available for such purpose) in
instalments on the number of consecutive Monthly Distribution Dates determined by the Servicer in its sole discretion (the “Instalment Number”) ending on the then applicable 2005-RN2 Targeted Final Payment Date (which may be prior
to the Scheduled Revolving Period Termination Date) unless such 2005-RN2 Targeted Final Payment Date has been extended to a date after the commencement of the Wind Down Period. Such instalments will be based on the outstanding balance as of the open
of business on the first day of the related Payment Period. 

  

	6.2.	Payment Period 

  

	6.2.1	Unless the Wind Down Period or an Early Amortization Period has commenced and is continuing, the Payment Period for the 2005-RN2 Revolving Note shall commence on the first day of
the Collection Period related to the Monthly Distribution Date that is the Monthly Distribution Date(s) equal to the Instalment Number minus one (1) immediately preceding the then applicable 2005-RN2 Targeted Final Payment Date, and shall continue
until the earliest of 

  

	 	(a)	the commencement of an Early Amortization Period, 

  

	 	(b)	the commencement of the Wind Down Period, and 

  

	 	(c)	the date upon which the 2005-RN2 Revolving Note is paid in full. 

  

	6.2.2	If the Payment Period for the 2005-RN2 Revolving Note shall be terminated upon the occurrence of an Early Amortization Event described in clauses (i) or (k) of Section 9.1 of
the Trust Sale and Servicing Agreement and no other Early Amortization Event has occurred, such Payment Period may be recommenced if the Seller elects to recommence the Revolving Period as described in Section 9.5(a) of the Trust Sale and
Servicing Agreement. If the Payment Period for the 2005-RN2 Revolving Note shall be terminated upon the commencement of a Wind Down Period prior to the Final Revolving Period Termination Date, such Payment Period may be recommenced, if the Seller
elects to recommence the Revolving Period as described in Section 9.5(b) of the Trust Sale and Servicing Agreement. 

  

	6.2.3	 During any Collection Period related to the Payment Period for the 2005-RN2 Revolving Note, the Principal Allocation Percentage for the 2005-RN2 Revolving Note of
Available Trust Principal shall be allocated and set aside on a daily basis 

  

 4 

	 	 
in the Revolver Distribution Account up to the amount of the 2005-RN2 Controlled Payment Amount (as defined below) for the Monthly Distribution Date related
to such Collection Period, and amounts in excess thereof shall be available for the purpose of purchasing additional Receivables pursuant to Section 4.5(d)(i) of the Trust Sale and Servicing Agreement and to make discretionary payments of
principal on the 2005-RN2 Revolving Note as provided above or any other Revolving Note or as otherwise provided in the Trust Sale and Servicing Agreement. 

  
 The “2005-RN2 Controlled Payment Amount” means 
  

	 	(i)	for any of the first Monthly Distribution Dates equal to the Instalment Number relating to the Payment Period for the 2005-RN2 Revolving Note, if any, the excess, if any, of

  
 (x) the product of 

 
 (A) the product of (I) a fraction, the numerator of which is one (1) and
the denominator of which is the Instalment Number and (II) the Outstanding Amount of the 2005-RN2 Revolving Note as of the open of business on the first day of such Payment Period; and 
  
 (B) the number (not to exceed the Instalment Number) of Collection Periods that have occurred with respect to such Payment
Period through and including the Collection Period relating to such Monthly Distribution Date over 
  
 (y) the aggregate amount paid or set aside for payment as principal on the 2005-RN2 Revolving Note for the preceding Monthly Distribution Date, and

  

	 	(ii)	for each Monthly Distribution Date thereafter, the lesser of 

  
 (x) the then Outstanding Amount of the 2005-RN2 Revolving Note as of such Monthly Distribution Date, and 
  
 (y) the Principal Allocation Percentage for the 2005-RN2 Revolving Note of
Available Trust Principal with respect to such Monthly Distribution Date. 
  

	6.2.4	 On each Monthly Distribution Date during the Payment Period for the 2005-RN2 Revolving Note, all amounts set aside in the Revolver Distribution Account for the
related Collection Period, together with the Principal Allocation Percentage 

  

 5 

	 	 
for the 2005-RN2 Revolving Note of Available Trust Principal for such Monthly Distribution Date to the extent necessary to satisfy the 2005-RN2 Controlled
Payment Amount shall be paid as principal on the 2005-RN2 Revolving Note (to the extent of the Outstanding Amount thereof). So long as the 2005-RN2 Controlled Payment Amount is paid to the extent of Available Trust Principal so allocated to the
2005-RN2 Revolving Note for such Monthly Distribution Date and related Collection Period, there shall be no Event of Default under Section 5.1(b) of the Indenture. 

  
 * * * * 
  
 The undersigned has read or has caused to be read the Indenture, including the provisions of Section 2.1 and the
definitions relating thereto, and the resolutions adopted by the Board of Directors referred to above. Based on such examination, the undersigned has, in the undersigned’s opinion, made such examination or investigation as is necessary to
enable the undersigned to express an informed opinion as to whether all conditions precedent set forth in the Indenture and the other Basic Documents relating to the establishment of the form and terms of a series of Notes under the Indenture have
been complied with. In the opinion of the undersigned, all such conditions precedent have been complied with in respect of the 2005-RN2 Revolving Note. 
  
 * * * * 
  

 6 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer’s Issuance Certificate as of
the 14th day of July, 2005. 
  

			
	WHOLESALE AUTO RECEIVABLES
CORPORATION
		
	By:	 	 /s/ C. J. Vannatter

	Name:	 	C. J. Vannatter
	Title:	 	Vice President

 APPENDIX 1 
 to 
 OFFICER’S ISSUANCE CERTIFICATE 
 FOR 2005-RN2 REVOLVING NOTE 
  
 Definitions. 
  
 1. Reference to General Rule. 

 
 Capitalized terms used herein and not defined shall have the meanings
assigned to such terms in the Indenture and in Appendix A to the Trust Sale and Servicing Agreement, dated as of June 23, 2005, among General Motors Acceptance Corporation, as Servicer, Wholesale Auto Receivables Corporation, as Seller, and Superior
Wholesale Inventory Financing Trust XII, as Issuer. 
  
 2. Definitions Specific
to the 2005-RN2 Revolving Note 
  
 The following terms are
defined with respect to the 2005-RN2 Revolving Note only, are not defined in Appendix A to the Trust Sale and Servicing Agreement and, when used in the Basic Documents, shall have the defined meanings set forth below: 
  
 2005-RN2 Controlled Payment Amount: Has the meaning set forth in Section
6.2.3 of this Officer’s Issuance Certificate. 
  
 2005-RN2 Note Closing Date: July 14, 2005. 
  
 2005-RN2
Revolving Note: Has the meaning set forth in Section 1.1 of this Officer’s Issuance Certificate. 
  
 2005-RN2 Stated Final Payment Date: Has the meaning set forth in Section 1.5 of this Officer’s Issuance Certificate. 
  
 2005-RN2 Targeted Final Payment Date: Has the meaning set forth in Section
1.4 of this Officer’s Issuance Certificate. 
  
 Instalment Number: Has the meaning set forth in Section 6.1.3 of this Officer’s Issuance Certificate. 
  
 3. Specification for 2005-RN2 Revolving Note of Terms Defined in Appendix A to the Trust Sale and Servicing Agreement. 
  
 The following terms, when used in the Indenture, the Trust Sale and
Servicing Agreement and/or other Basic Documents, with respect to the 2005-RN2 Revolving Note, shall have the meanings set forth below (and, if used in this Officer’s Issuance Certificate, shall be used with respect to the 2005-RN2 Revolving
Note only, except where expressly indicated otherwise): 
  
 Distribution Account: For the purpose of the Basic Documents, the Revolver Distribution Account. 
  

 App-1 

 Fully Funded Date: With respect to the 2005-RN2 Revolving Note, the date on which (i) the outstanding
principal amount of the 2005-RN2 Revolving Note has been reduced to zero and the 2005-RN2 Revolving Note has been cancelled or (ii) the amount on deposit in the Distribution Account equals the Outstanding Amount of the 2005-RN2 Revolving Note.

  
 Monthly Available Amount: With respect to the 2005-RN2
Revolving Note, the total Trust Interest Allocation for the 2005-RN2 Revolving Note. 
  
 Monthly Carrying Costs: With respect to the 2005-RN2 Revolving Note, the Noteholders’ Interest. 
  
 Noteholders’ Interest: With respect to the 2005-RN2 Revolving Note, the sum of (i) the Revolver Interest for the 2005-RN\2 Revolving Note and (ii)
the portion of the Revolver Interest Carryover Shortfall, if any, allocable to the 2005-RN2 Revolving Note. 
  
 Payment Period: The period described as such in Section 6.2 of this Officer’s Issuance Certificate. 
  
 Remaining Interest Amount: The amounts designated as such in Section 4
of this Officer’s Issuance Certificate. 
  
 Revolver Interest
Rate: With respect to the 2005-RN2 Revolving Note, has the meaning set forth in Section 3.1 of this Officer’s Issuance Certificate. 
  
 Series Net Revolver Balance: With respect to the 2005-RN2 Revolving Note, for any date, the aggregate outstanding principal balance under the 2005-RN2
Revolving Note minus any amounts on deposit in the Revolver Distribution Account on such date for the payment of principal on the 2005-RN2 Revolving Note. 
  
 Series Shortfall: The amounts designated as such in Section 4 of this Officer’s Issuance Certificate. 
  
 Series Specified Maximum Revolver Balance: The maximum balance specified in
Section 1.2 of this Officer’s Issuance Certificate. 
  
 Stated Final Payment Date: The 2005-RN2 Stated Final Payment Date. 
  
 Targeted Final Payment Date: The 2005-RN2 Targeted Final Payment Date. 
  

 App-2 

 EXHIBIT A 
  

[FORM OF 2005-RN2 REVOLVING NOTE] 
  

			
	 No. R-1
	 	$1,370,000,000

  
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND THE VARIOUS STATE SECURITIES LAWS. NO TRANSFER OF THIS NOTE SHALL BE MADE UNLESS SUCH TRANSFER IS MADE IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE ACT OR ANY APPLICABLE
STATE SECURITIES LAWS AND IS OTHERWISE IN COMPLIANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. 
  
 THIS NOTE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (i) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, OR (iii) ANY ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY. BY ACCEPTING AND HOLDING THIS NOTE (OR AN INTEREST HEREIN), THE HOLDER HEREOF AND ANY RELATED NOTE OWNER SHALL EACH BE DEEMED TO HAVE
REPRESENTED AND WARRANTED THAT IT IS NOT AND IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OF A BENEFIT PLAN AND, IF REQUESTED TO DO SO BY THE SELLER, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE INDENTURE TRUSTEE AN UNDERTAKING LETTER TO SUCH EFFECT
IN THE FORM SPECIFIED IN THE TRUST AGREEMENT. 
  
 IT IS EXPECTED
THAT THE PRINCIPAL AMOUNT OUTSTANDING OF THIS NOTE WILL INCREASE AND DECREASE OVER TIME, BUT WILL NOT EXCEED THE PRINCIPAL AMOUNT SHOWN ON THE FACE HEREOF. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. 
  
 SUPERIOR WHOLESALE INVENTORY
FINANCING TRUST XII 
  
 CLASS A FLOATING RATE ASSET-BACKED
REVOLVING NOTE, SERIES 2005-RN2 
  
 SUPERIOR WHOLESALE INVENTORY
FINANCING TRUST XII, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to U.S. Bank National Association, as 

  

 A-1 

 
Collateral Trustee u/a dtd 6/18/01, as amended, Custodian, under a Participation and Custodial Agreement dtd 7/14/05, Wholesale Auto Receivables Corporation
issuer, or registered assigns (the “Noteholder”), the Outstanding Amount attributable to this Note from time to time under the Indenture, at the times stated and in the amounts specified in the Indenture (as defined on the reverse side of
this Note). 
  
 The Issuer shall pay interest on this Note on the
dates, in the amounts and in the manner set forth in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied to interest and principal as provided in the Indenture. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
  
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
  

 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  
 Date: July 14, 2005 
  

			
	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST XII
		
	 By:
	 	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	 /s/ John J. Cashin

	 Name:
	 	 John J. Cashin

	 Title:
	 	 Vice President

  
 INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of
the Notes designated above and referred to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee
		
	 By:
	 	 /s/ Jonathan Farber

	 Name:
	 	 Jonathan Farber

	 Title:
	 	 Assistant Vice President

  

 A-3 

 REVERSE OF NOTE 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A Floating Rate Asset-Backed Revolving Note, Series
2005-RN2 (herein called the “2005-RN2 Revolving Note”), issued under an Indenture, dated as of June 23, 2005 (such Indenture, as supplemented or amended, including all Officer’s Issuance Certificates is herein called the
“Indenture”), between the Issuer and The Bank of New York, a New York banking corporation, as trustee (the “Indenture Trustee”, which term includes any successor trustee under the Indenture), to which Indenture
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The 2005-RN2 Revolving Note is one of the duly authorized series of Notes of the Issuer issued and
to be issued from time to time pursuant to the Indenture (collectively, as to all Notes of all such series, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a
part hereof), to which Indenture the Holder of this Note by virtue of acceptance hereof (or of any interest herein) assents and by which such Person is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the
Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The 2005-RN2 Revolving Note and all other Notes issued pursuant to the Indenture, except as otherwise provided thereunder, are and shall be equally and ratably secured by the Collateral pledged as security therefor as
provided in the Indenture. 
  
 Each Noteholder, by acceptance of a
Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder, by acceptance of a Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder shall not, prior to the
date which is one year and one day after the termination of the Trust Agreement, acquiesce, petition or otherwise invoke or cause the Seller or the Issuer to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Seller or the Issuer 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
Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller or the Issuer. 
  
 Each Noteholder, by acceptance of a Note, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as indebtedness secured
by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or net income. 
  

 A-4 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend
certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
  
 The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The 2005-RN2 Revolving Note is issuable only in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

 
 This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided
in the Basic Documents, neither the Seller, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of
the Issuer. Each Noteholder, by the acceptance of a Note, agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note. 
  

 A-5 

 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or another identifying number of assignee 
  
 __________________________________________ 
  
                                        
                                        
             FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 ________________________________________________________________________________________________________________________________________________________________________

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

							
	 Dated:
	 	  

	 	 	 	 1

	 	 	 	 	 	 	Signature Guaranteed
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	  

	 	 	 	  

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

  

 A-6Consulting Agreement dated September 13, 2004

 Exhibit 4.10 
  
 PSi Technologies Holdings, Inc. and Mr. K. Kanapathi 
 Consulting Agreement 
  
 This Consulting Agreement entered into effective as of September 13, 2004 (“Effective Date”), by and between PSI Technologies (referred to here as PSi), a corporation having its principal place of business at FTI Complex, Taguig,
Metro Manila, Philippines and Mr. K. Kanapathi (referred to here as the Consultant) having its principal place of business at Kuala Lumpur, Malaysia. 
  
 IT IS AGREED: 
  
 1. Responsibilities of Consultant 
  
 The Consultant will provide advisory service to the Managing Director and his team for both our Taguig and Laguna Facility. He is expected to directly give his inputs to the President and CEO of PSI as well as present
to the Board regularly his assessment with regard to OPERATIONAL METRICS in the facility being covered for a particular period. The Consultant’s number one priority is how to increase the Gross Profit Margin via achievement of operational
indices. The Consultant will also evaluate the performance and capability of the Operational Team of either Taguig and Laguna facility and make proper recommendation to the President and CEO within a reasonable period of time. The Consultant will
prioritize the Taguig Facility in terms of his review and advisory service. 
  
 2. Consulting Fees 
  
 PSI Technologies shall pay
to the Consultant an amount equal to US $600.00 per day for each of the consulting day done. A performance bonus equivalent to USD 20,000 will be provided if performance metrics specifically GPM (Gross Profit Margins) is met by Q4 of 2004 for our
Taguig Facility. For purposes of target setting, we are setting 11% as our GPM Target for Q4 in Taguig. 
  
 All travel costs will be billed separately as long as supported by proper actual documents. The consulting fees will be paid upon submission of billing
documents to PSi. Bills related to your accommodation will be billed directly to PSi. 
  
 Upon termination of the Agreement, payments under this paragraph shall cease, provided however, that Consultant shall be entitled to payments for billable time that occurred prior to the date of termination and for
which Consultant has not yet been paid. 
  
 3. Term and Termination

  
 Term: The term of this Agreement shall start September
13, 2004. Consulting days that will be served is dependent upon mutual agreement between the Consultant and PSi, in particular the President and CEO. 
  
 Termination: Either party may terminate this Agreement at its convenience, for any or no reason whatsoever, upon thirty (30) days’ prior written
notice to the other. In such event, Consultant shall continue to provide services until the termination date, unless otherwise advised by PSI Technologies. 
  
 4. Survival 
  
 Section 5 shall survive termination or expiration of this Agreement for a period of six months ( 6) from the effective date of such termination or
expiration. 
  
 Section 6 shall survive termination or expiration
of this Agreement for a period of twenty-four (24) months from the effective date of such termination or expiration. 
  

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 5. Indemnification 
  
 Consultant shall indemnify, defend and hold PSI Technologies harmless from any expenses, damages, costs, or losses resulting from any suit or proceeding
brought for infringement of patents, trademarks, copyrights or other intellectual property or for unfair competition arising from compliance with designs, specifications or instructions. 
  
 6. Confidentiality 
  
 Consultant recognizes that PSI Technologies has and will have copyrights, business affairs, future plans, trade secrets, process information, technical
information, and other proprietary information (collectively, “Information”) which are valuable, special and unique assets of PSI Technologies. Consultant agrees that he will not at any time or in any manner, either directly or indirectly,
use any Information for the Consultant’s own benefit, or divulge, disclose or communicate in any manner any Information to any third party without the prior written consent of PSI Technologies. Consultant will protect Information and treat it
as strictly confidential. 
  
 7. General 
  
 This Agreement constitutes the complete understanding and agreement with
respect to the subject matter hereof. This Agreement may not be waived, modified or amended unless mutually agreed upon in writing. 
  
 Agreed to this: 13 September, 2004 
  

			
	 PSi Technologies Holdings, Inc.
	  	 Consultant

		
	 /s/    ARTHUR J. YOUNG, JR.

	  	 /s/    KANAPATHI

	Arthur J. Young, Jr.	  	Mr. K. Kanapathi
	Chairman & CEO	  	 

  

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