Document:

exv4w5

 

Exhibit 4.5

EXECUTION COPY

OFFICER’S ISSUANCE CERTIFICATE

Class A Floating Rate Asset Backed Revolving Note, Series 2007-RN1

     The undersigned hereby certifies, pursuant to the Indenture dated as of February 13, 2007 (the
“Indenture”), between Superior Wholesale Inventory Financing Trust 2007-AE-1 (the
“Issuing Entity” or the “Trust”) and The Bank of New York Trust Company, N.A., a
national banking association, 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
LLC, a Delaware limited liability company (the “Depositor”), 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 February 13, 2007 among the Issuing Entity, the Depositor and GMAC LLC (the “Trust Sale and
Servicing Agreement”).

	1.	 	Designation and Series Specified Maximum Revolver Balance.

	 	(a)	 	The designation of this series of Notes is the Class A Floating Rate Asset
Backed Revolving Note, Series 2007-RN1 (the “2007-RN1 Revolving Note”). The
2007-RN1 Revolving Note shall be in the form set forth in Exhibit A hereto. For
purposes of the Indenture and all other Basic Documents, the 2007-RN1 Revolving Note
shall count as a separate series of Notes.
	 
	 	(b)	 	The Series Specified Maximum Revolver Balance of the 2007-RN1 Revolving Note
which may be authenticated and delivered under the Indenture (except for the 2007-RN1
Revolving Note authenticated and delivered upon registration and transfer of, or in
exchange for, or in lieu of, any other 2007-RN1 Revolving Note pursuant to the
Indenture) is $400,000,000 (subject to the provisions of Section 5 hereof).
	 
	 	(c)	 	The 2007-RN1 Revolving Note shall be issued on the 2007-RN1 Note Closing Date.
	 
	 	(d)	 	The “Payment Period Commencement Date” for the 2007-RN1 Revolving Note (also
referred to as the “2007-RN1 Payment Period Commencement Date”) shall be the first
Business Day following the occurrence of the Commitment Expiration Date (as such term
is defined in the Note Purchase Agreement).
	 
	 	(e)	 	The “Stated Final Payment Date” for the 2007-RN1 Revolving Note shall be the
Monthly Distribution Date related to the twenty-fourth Collection Period following the
2007-RN1 Payment Period Commencement Date; however, notwithstanding the foregoing, the
Stated Final Payment Date shall occur no later than the Monthly Distribution Date in
January 2012.

	2.	 	Specified Support Arrangement

 

 

	 	(a)	 	With respect to the 2007-RN1 Revolving Note, Specified Support Arrangements
consist solely of the 2007-RN1 Revolving Note Basis Swap.

	3.	 	Payment of Interest.

	 	(a)	 	Interest on the 2007-RN1 Revolving Note shall be calculated as provided in the
2007-RN1 Note Purchase Agreement. Noteholder Interest for the 2007-RN1 Revolving Note
for any Monthly Distribution Date shall be paid on such Monthly Distribution Date, and
any interest not paid on such Monthly Distribution Date shall be due on the next
Monthly Distribution Date.

	4.	 	Application of the 2007-RN1 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 2007-RN1 Revolving Note and any net payment received by the Trust under the
2007-RN1 Revolving Note Basis Swap (the “2007-RN1 Monthly Available Amount”) 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, will apply the 2007-RN1 Monthly Available Amount on such Monthly
Distribution Date as follows:

	 	(i)	 	an amount equal to the net payment (other than termination
payments), if any, due from the Trust under the 2007-RN1 Revolving Note Basis
Swap will be paid to the related Basis Swap Counterparty,
	 
	 	(ii)	 	an amount, equal to the sum of (i) the Noteholders’ Interest
for the 2007-RN1 Revolving Note for such Monthly Distribution Date and (ii) any
basis swap termination payments due from the Trust by reason of a default by
the Trust under the 2007-RN1 Revolving Note Basis Swap, shall be allocated
ratably between such Noteholders’ Interest and any such termination payments
due in proportion to their respective amounts, and that portion allocated to
such Noteholders’ Interest will be deposited into the Revolver Distribution
Account for payment of interest on the 2007-RN1 Revolving Note, and that
portion allocated to such termination payments shall be paid to the Basis Swap
Counterparty,
	 
	 	(iii)	 	an amount equal to the Deficiency Amount with respect to the
2007-RN1 Revolving Note for such Monthly Distribution Date shall be deposited
into the Revolver Distribution Account for payment of such Deficiency Amount on
the 2007-RN1 Revolving Note.

Any shortfall of the 2007-RN1 Monthly Available Amount for a Monthly Distribution Date below
the amounts described in subclauses (i), (ii), and (iii) above for such Monthly

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Distribution Date (the “2007-RN1 Monthly Carrying Costs”) shall constitute a “Series
Shortfall” for the 2007-RN1 Revolving Note. Any excess of the 2007-RN1 Monthly Available
Amount for a Monthly Distribution Date over the 2007-RN1 Monthly Carrying Costs for such
Monthly Distribution Date shall constitute a “Remaining Interest Amount.”

	5.	 	Series Specified Maximum Revolver Balance

	 	(a)	 	The Series Specified Maximum Revolver Balance of the 2007-RN1 Revolving Note
shall be $400,000,000 (subject to increase or decrease in accordance with Section
4.9(a) of the Trust Sale and Servicing Agreement).
	 
	 	(b)	 	Aggregate borrowings outstanding at any time under the 2007-RN1 Revolving Note
are limited to the Series Specified Maximum Revolver Balance of the 2007-RN1 Revolving
Note. No additional borrowings may be made under the 2007-RN1 Revolving Note during
the Payment Period for the 2007-RN1 Revolving Note, the Wind Down Period or any Early
Amortization Period.
	 
	 	(c)	 	Additional borrowings at any time under the 2007-RN1 Revolving Note shall be
made as provided in Section 2.03 of the 2007-RN1 Note Purchase Agreement.

	6.	 	Allocations and Payments in Respect of Principal

	 	(a)	 	Revolving Period

	 	(i)	 	During the Revolving Period, at the discretion of the
Depositor, payments of principal on the 2007-RN1 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.

	 	(ii)	 	If one or more series of Revolving Notes are issued and
outstanding while the 2007-RN1 Revolving Note is outstanding, payments of
principal on such other Revolving Notes and the 2007-RN1 Revolving Note shall
be made as determined by the Depositor unless otherwise agreed by the
Depositor, the holders of such other Revolving Notes and the holders of the
2007-RN1 Revolving Note.

	 	(b)	 	Payment Period

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	 	(i)	 	Unless the Wind Down Period or an Early Amortization Period has
commenced and is continuing, the Payment Period for the 2007-RN1 Revolving Note
shall commence on the 2007-RN1 Payment Period Commencement 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 2007-RN1 Revolving Note
is paid in full.

	 	(ii)	 	If the Payment Period for the 2007-RN1 Revolving Note shall be
terminated upon the occurrence of an Early Amortization Event described in
clauses (g) or (i) 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 Depositor 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 2007-RN1 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 Depositor elects to recommence the Revolving Period as described in
Section 9.5(b) of the Trust Sale and Servicing Agreement.
	 
	 	(iii)	 	During any Collection Period related to the Payment Period for
the 2007-RN1 Revolving Note, the Principal Allocation Percentage for the
2007-RN1 Revolving Note of Available Trust Principal shall be allocated and set
aside on a daily basis in the Revolver Distribution Account up to the amount of
the 2007-RN1 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 application according to Section 4.5(d)
of the Trust Sale and Servicing Agreement.

The “2007-RN1 Controlled Payment Amount” means

	 	(1)	 	for any of the first three
Monthly Distribution Dates relating to the Payment Period, if
any, for the 2007-RN1 Revolving Note, the excess, if any, of

	 	(x)	 	the product of

(A) one-third of the Outstanding Amount of the 2007-RN1 Revolving Note as of the
open of business on the first day of such Payment Period; and

(B) the number (not to exceed three) of Collection Periods that have occurred with respect
to such Payment Period through and including the Collection Period relating to such Monthly
Distribution Date, with a partial Collection Period accounted for as the ratio of remaining
days to the total number of days during such Collection Period, over

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	 	(y)	 	the aggregate amount paid or set aside for payment as principal on the 2007-RN1 Revolving
Note for the preceding Monthly Distribution Dates related to such Payment Period, and

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

	 	(x)	 	the then Outstanding Amount of the 2007-RN1 Revolving Note as of such Monthly Distribution
Date, and
	 	 	 	 
	 	(y)	 	the Principal Allocation Percentage for the 2007-RN1 Revolving Note of Available Trust
Principal with respect to such Monthly Distribution Date.

	 	(iv)	 	On each Monthly Distribution Date during the Payment Period for
the 2007-RN1 Revolving Note, all amounts set aside in the Revolver Distribution
Account for the related Collection Period, together with the Principal
Allocation Percentage for the 2007-RN1 Revolving Note of Available Trust
Principal for such Monthly Distribution Date to the extent necessary to satisfy
the 2007-RN1 Controlled Payment Amount shall be paid as principal on the
2007-RN1 Revolving Note (to the extent of the Outstanding Amount thereof). So
long as the 2007-RN1 Controlled Payment Amount is paid to the extent of
Available Trust Principal so allocated to the 2007-RN1 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.

	 	(c)	 	Early Amortization Period, Rapid Amortization Period and Winddown Period

	 	(i)	 	“Rapid Amortization Period” for the 2007-RN1 Revolving Notes
will commence upon the occurrence of a Rapid Amortization Event and will end
upon the earlier to occur of (i) the date on which the 2007-RN1 Revolving Notes
are paid in full and (ii) the Trust Termination Date. “Rapid Amortization
Event” for the 2007-RN1 Revolving Notes means any event defined as a Rapid
Amortization Event for any other series of Notes of the Trust.
	 
	 	(ii)	 	During any Collection Period related to an Early Amortization
Period or Winddown Period for the Trust or a Rapid Amortization Period for the
2007-RN1 Revolving Notes, the Principal Allocation Percentage for the 2007-RN1
Revolving Note of Available Trust Principal shall be allocated and set aside on
a daily basis in the Revolver Distribution Account up to the Outstanding Amount
of the 2007-RN1 Revolving Notes, and amounts in excess thereof shall be
available for application according to Section 4.5(d) of the Trust Sale
and Servicing Agreement.
	 
	 	(iii)	 	On each Monthly Distribution Date during any Early
Amortization Period, Winddown Period or Rapid Amortization Period with respect
to the 2007-RN1 Revolving Notes, all amounts set aside in the Revolver
Distribution Account for the related Collection Period, together with the
Principal

5

 

Allocation Percentage for the 2007-RN1 Revolving Note of Available Trust
Principal for such Monthly Distribution Date to the extent necessary to pay
the Outstanding Amount of the 2007-RN1 Revolving Notes shall be paid as
principal on the 2007-RN1 Revolving Note (to the extent of the Outstanding
Amount thereof).

* * * *

     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 2007-RN1 Revolving Note.

* * * *

6

 

          IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer’s Issuance Certificate
as of February 13, 2007.

	 	 	 	 	 
	 	WHOLESALE AUTO RECEIVABLES LLC

 	 
	 	By:  	/s/ Carl J. Vannatter
 	 
	 	 	Name:  	Carl J. Vannatter 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

APPENDIX 1

to

OFFICER’S ISSUANCE CERTIFICATE

FOR 2007-RN1 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 February
13, 2007, among GMAC LLC, as Servicer, Wholesale Auto Receivables LLC, as Depositor, and Superior
Wholesale Inventory Financing Trust 2007-AE-1, as Issuing Entity.

	2.	 	Definitions Specific to the 2007-RN1 Revolving Note

     The following terms are defined with respect to the 2007-RN1 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:

     2007-RN1 Controlled Payment Amount: Has the meaning set forth in Section 6(b)(iii) of
this Officer’s Issuance Certificate.

     2007-RN1 Monthly Available Amount: Has the meaning set forth in Section 4 of this
Officer’s Issuance Certificate.

     2007-RN1 Monthly Carrying Costs: Has the meaning set forth in Section 4 of this
Officer’s Issuance Certificate.

     2007-RN1 Note Closing Date: February 13, 2007.

     2007-RN1 Note Purchase Agreement: The Note Purchase Agreement, dated as of the date hereof,
among the Trust, Depositor, Servicer, certain conduit purchasers, certain conduit managing agents,
and Barclays Bank PLC.

     2007-RN1 Payment Period Commencement Date: Has the meaning set forth in Section 1(d)
of this Officer’s Issuance Certificate.

     2007-RN1 Revolving Note: Has the meaning set forth in Section 1(a) of this Officer’s
Issuance Certificate.

     Deficiency Amount: Has the meaning set forth in the 2007-RN1 Note Purchase Agreement.

     Fees and Expenses: Has the meaning given to it in the 2007-RN1 Note Purchase Agreement.

App-1

 

	3.	 	Specification for 2007-RN1 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 2007-RN1 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
2007-RN1 Revolving Note only, except where expressly indicated otherwise):

     Distribution Account: For the purpose of the Basic Documents, the Revolver Distribution
Account.

     Fully Funded Date: With respect to the 2007-RN1 Revolving Note, the date on which (a)
either (i) the outstanding principal amount of the 2007-RN1 Revolving Note has been reduced
to zero and all Fees and Expenses have been paid in full, or (ii) the amount on deposit in the
Distribution Account equals the Outstanding Amount of the 2007-RN1 Revolving Note, plus all
outstanding Fees and Expenses, and (b) either (i) the Commitment Expiration Date (as such term is
defined in the Note Purchase Agreement) has occurred, or (ii) all such commitments with
respect to the 2007-RN1 Revolving Note have been terminated.

     Monthly Available Amount: With respect to the 2007-RN1 Revolving Note, the 2007-RN1 Monthly
Available Amount.

     Monthly Carrying Costs: With respect to the 2007-RN1 Revolving Note, the 2007-RN1 Monthly
Carrying Costs.

     Noteholders’ Interest: With respect to the 2007-RN1 Revolving Note, the Revolver Interest.

     Payment Period: The period described as such in Section 6(b) 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: Has the meaning specified in Section 1.01 of the Note Purchase
Agreement.

     Series Net Revolver Balance: With respect to the 2007-RN1 Revolving Note, for any date, the
aggregate outstanding principal balance under the 2007-RN1 Revolving Note minus any amounts on
deposit in the Revolver Distribution Account on such date for the payment of principal on the
2007-RN1 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(b) of this Officer’s Issuance Certificate.

App-2

 

     Stated Final Payment Date: Has the meaning set forth in Section 1(e) of this Officer’s
Issuance Certificate.

App-3

 

EXHIBIT A

[FORM OF 2007-RN1 REVOLVING NOTE]

	 	 	 
	No. R-1

	 	$[•]

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. THIS NOTE (OR AN INTEREST HEREIN) ALSO
MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF A BENEFIT PLAN THAT IS
NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA (INCLUDING,
WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) IF SUCH
ACQUISITION WOULD RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER, OR A VIOLATION OF, ANY APPLICABLE LAW THAT IS SUBSTANTIALLY
SIMILAR TO ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH
HOLDER OF THIS NOTE, BY ACCEPTING THIS NOTE, WILL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING
LIMITATIONS AND, IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH PERSON
SHALL EXECUTE AND DELIVER TO THE INDENTURE TRUSTEE AN UNDERTAKING
LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE INDENTURE.

A-1

 

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 2007-AE-1

CLASS A FLOATING RATE ASSET-BACKED REVOLVING NOTE, SERIES 2007-RN1

     SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for
value received, hereby promises to pay to [                                        ], Wholesale Auto Receivables LLC,
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 Issuing Entity 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 Issuing Entity 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 Issuing Entity has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Date:                     

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1
	 
	 	By:  	HSBC Bank USA, National Association, not in its individual capacity but
solely as Owner Trustee under the Trust Agreement	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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 Trust Company, N.A., not in its individual capacity but
solely as Indenture Trustee	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-3

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A Floating Rate Asset-Backed Revolving Note, Series 2007-RN1 (herein called the “2007-RN1
Revolving Note”), issued under an Indenture, dated as of February 13, 2007 (such Indenture, as
supplemented or amended, including all Officer’s Issuance Certificates is herein called the
“Indenture”), between the Issuing Entity and The Bank of New York Trust Company, N.A., a
national banking association, 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 Issuing Entity, the Indenture Trustee
and the Noteholders. The 2007-RN1 Revolving Note is one of the duly authorized series of Notes of
the Issuing Entity 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 2007-RN1 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 Issuing Entity, the Owner Trustee or
the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their
individual capacities, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing
Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

     Each 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
Depositor or the Issuing Entity to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the
Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation
of the affairs of the Depositor or the Issuing Entity.

A-4

 

     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.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuing Entity and the rights of the
Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders
of Notes representing a majority of the Outstanding Amount of all the 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 Issuing Entity with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any
one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend certain terms and conditions set forth in
the Indenture without the consent of the Noteholders.

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

     The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

     The 2007-RN1 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 Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in
their respective individual capacities, any owner of a beneficial interest in the Issuing Entity,
nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the
Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. 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

A-5

 

against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

A-6

 

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-7exv4w6

 

Exhibit 4.6

     EXECUTION COPY

CERTIFICATE ISSUANCE ORDER

Floating Rate Asset Backed Certificates, Class 2007-A

     The undersigned hereby certifies, pursuant to the Trust Agreement dated as of February 13,
2007 (the “Trust Agreement”), between Wholesale Auto Receivables LLC, a Delaware limited
liability company (the “Depositor”), and HSBC Bank USA, National Association, a national
banking association, as Owner Trustee (the “Owner Trustee”), that there has been
established pursuant to and in conformity with resolutions duly adopted by the Board of Directors
of the Depositor, a class of Certificates to be issued under and in conformity with the Trust
Agreement, which class of Certificates shall have the terms specified herein. Capitalized terms
used and not otherwise defined herein shall have the meanings specified in Appendix 1
hereto or, if not defined therein, then shall have the meanings set forth in Part 1 of Appendix
A to the Trust Sale and Servicing Agreement, dated as of February 13, 2007, among Superior
Wholesale Inventory Financing Trust 2007-AE-1 (the “Issuing Entity” or the
“Trust”), the Depositor and GMAC LLC (the “Trust Sale and Servicing Agreement”).

	1.	 	Designation and Certificate Balance.
	 
	1.1	 	The designation of the class of Certificates is the Floating Rate Asset Backed Certificates,
Class 2007-A (the “Certificates”). The Certificates shall be in the form set forth in
Exhibit A hereto. For the purposes of the Trust Agreement and the other Basic
Documents, the Certificates shall be a separate class of Certificates.
	 
	1.2	 	The Certificate Balance of the Certificates to be authenticated and delivered pursuant to the
Trust Agreement on the Certificate Closing Date is $209,300,000.
	 
	1.3	 	The Certificates shall be issued on the “Certificate Closing Date.”
	 
	2.	 	Denomination, Form, Book Entry Registration and Transfer Restrictions.
	 
	2.1	 	Denominations. The Certificates (other than those initially issued to the Depositor) will be
issued and authorized in minimum denominations of $2,500,000 (or such other amount as the
Depositor 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 $2,500,000).
	 
	2.2	 	Certificates. The Certificates to be issued on the Certificate Closing Date to the Depositor
shall be issued as Definitive Certificates.
	 
	2.3	 	Clearing Agency. For the Certificates, there shall be no Clearing Agency.
	 
	2.4	 	Definitive Certificates. The Depositor shall receive a Definitive Certificate representing
the Certificateholder’s interest in a Certificate
	 
	2.4.1	 	The Definitive Certificates shall become void in their entirety unless presented for payment
within a period of 10 years from the relevant date in respect thereof. After

 

 

the date on which
the Certificates becomes void in their entirety, no claim may be made in respect thereof. In
this Section 2.4.2, the “relevant date” is the date on which a payment first becomes
due or (if the full amount of the moneys payable has not been duly received by the Owner
Trustee on or prior to such date) the date on which the full amount of such moneys having been
so received, notice to that effect is duly given to the Holders of the Certificates.

	2.5	 	Authentication Agent; Certificates Registrar.
	 
	2.5.1	 	The initial Authentication Agent for the Certificates will be the Owner Trustee.
	 
	2.5.2	 	The initial Certificates Registrar for the Certificates will be the Owner Trustee.
	 
	2.6	 	Transfer Restrictions
	 
	2.6.1	 	The Certificates (or interests therein) may not be acquired by or for the account of (i) a
Benefit Plan or (ii) an employee benefit plan or plan that is not subject to the provisions of
Title I of ERISA (including, without limitation, foreign or governmental plans) if such
acquisition would result in a non-exempt prohibited transaction under, or a violation of, any
applicable law that is substantially similar to ERISA or Section 4975 of the Code. 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, nor
is it acquiring the Certificate for the account of, (i) a Benefit Plan or (ii) an employee
benefit plan or plan that is not subject to the provisions of Title I of ERISA (including,
without limitation, foreign or governmental plans) if such acquisition would result in a
non-exempt prohibited transaction under, or a violation of, any applicable law that is
substantially similar to ERISA or Section 4975 of the Code. The Certificates are also subject
to the minimum denomination specified in Section 2.1.
	 
	2.6.2	 	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 Depositor, (ii) so long as the Certificates are
eligible for resale pursuant 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 Depositor in

-2-

 

writing the
facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Owner Trustee and the Depositor, and (B) the Owner Trustee shall
require a written opinion of counsel (which will not be at the expense of the Depositor
or the Owner Trustee) satisfactory to the Depositor 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 Depositor 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 $2,500,000) and, in the case of any Person acting on
behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of
the Securities Act) acting in its fiduciary capacity), for 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 Depositor 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.

	3.	 	Specified Support Arrangements.
	 
	 	 	With respect to the Certificates, there shall be no Specified Support Arrangements.
	 
	4.	 	Allocation and Payment of Interest.
	 
	4.1	 	Payment of Interest.
	 
	4.1.1	 	Interest on the Certificate Balance (without reduction for unreimbursed Trust Charge-Offs or
Reallocated Principal Amounts) of the Certificates will be payable in arrears by the Trust.
Interest will accrue from and including the Certificate Closing Date, or from and including
the most recent Monthly Distribution Date on which interest has been paid, to but excluding
the current Monthly Distribution Date. Interest accrued as of any Monthly Distribution Date,
but not paid on such Monthly Distribution Date, will be due on the next Monthly Distribution
Date.
	 
	4.1.2	 	Interest on the Certificates will accrue at a rate equal to One-Month LIBOR plus 2.50% per
annum and will be payable on each Monthly Distribution Date, and will be calculated on the
basis of the Actual/360 Day Count.
	 
	4.1.3	 	Notwithstanding the foregoing Sections 4.1.1 through 4.1.2, interest will be payable
from, and only to the extent of, amounts paid by the Trust to the Certificate
Distribution Account with respect to the Certificates pursuant to Section
4.5(c)(i)(Clause(3))(l) of the Trust Sale and Servicing Agreement.

-3-

 

	5.	 	Allocations and Distributions in Respect of Certificate Balance.
	 
	5.1	 	General.
	 
	5.1.1	 	During the Revolving Period, until the commencement of either the Payment Period for the
Certificates or a Rapid Amortization Period for the Certificates which is not an Early
Amortization Period for the Trust, no distributions of Certificate Balance on the Certificates
shall be required or distributed and Available Trust Principal shall not be set aside for such
purpose.
	 
	5.1.2	 	For the Certificates, there shall be no Required Payments or Servicer Liquidity Advances as
contemplated by Section 4.5(e) of the Trust Sale and Servicing Agreement, and the term
“Priority Payment Amount” shall have no effect.
	 
	5.1.3	 	For purposes of Section 6.2(b)(iv) of the Trust Sale and Servicing Agreement, the
period of time which begins upon the commencement of a Payment Period, Cash Accumulation
Period or Rapid Amortization Period for the Certificates and which ends upon the Certificate
Balance of the Certificates being paid or provided for in full shall constitute a “Daily
Remittance Period.”
	 
	5.1.4	 	During any period in which funds are being set aside or distributed in respect of the
Certificate Balance of the Certificates, no amount shall be set aside or distributed to the
extent that it would cause the total amount so set aside or distributed to exceed the
Certificate Balance of the Certificates.
	 
	5.2	 	Deposits of Principal Collections.
	 
	5.2.1	 	During Payment Period. On each day during the Payment Period for the Certificates until the
Certificate Balance of the Certificates have been distributed or provided for in full, after
the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has
occurred, the Servicer will instruct the Indenture Trustee to withdraw from the Collection
Account and transfer to the Trust for deposit in the Certificate Distribution Account for the
Certificates all Available Trust Principal allocated to the Certificates on such day pursuant
to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement.
	 
	5.2.2	 	During Cash Accumulation Period. On each day during the Cash Accumulation Period until the
Certificate Balance of the Certificates has been distributed or provided for in full, after
the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has
occurred, the Servicer will instruct the Indenture Trustee to withdraw from the Collection
Account and deposit in the Certificate Cash Accumulation Account all Available Trust Principal
allocated to the Certificates on such day pursuant to the applicable clause of Section
4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit in the
Certificate Cash Accumulation Account equals the Certificate Balance of the Certificates.
Immediately upon the earliest of (i) the Certificate Targeted Final Distribution Date, (ii) the
occurrence of a Rapid Amortization Event, and (iii) the date on which the Revolving
Period cannot recommence and the Rating Agency Condition shall have been

-4-

 

satisfied, the
Indenture Trustee shall withdraw any amounts held in the Certificate Cash Accumulation
Account (other than Investment Proceeds thereon) and transfer such amounts to the Trust
for deposit into the Certificate Distribution Account. The Trust will use amounts in
the Certificate Cash Accumulation Account only to make payments as provided in this
Certificate Issuance Order.

	5.2.3	 	During Rapid Amortization Period. Immediately upon the commencement of a Rapid Amortization
Period for the Certificates, the Indenture Trustee shall withdraw any amounts held in the
Certificate Cash Accumulation Account (other than Investment Proceeds thereon) and transfer
such amounts to the Trust for deposit into the Certificate Distribution Account; and on each
day during the Rapid Amortization Period for the Certificates, after the Fully Funded Date for
all outstanding series of Term Notes and Revolving Notes has occurred, all Available Trust
Principal allocated to the Certificates on such day pursuant to the applicable clause of
Section 4.5(d) of the Trust Sale and Servicing Agreement will be deposited in the
Certificate Distribution Account with respect to the Certificates. All amounts so allocated
during a Rapid Amortization Period will be distributed to the Holders of the Certificates on
the related Monthly Distribution Date.
	 
	5.3	 	Distributions in Respect of Certificate Balance.
	 
	5.3.1	 	Certificate Targeted Final Distribution Date. On the Certificate Targeted Final
Distribution Date, unless a Rapid Amortization Period has earlier commenced, the Owner Trustee
shall withdraw from the Certificate Distribution Account (and, if a Cash Accumulation Period
is then in effect, the Indenture Trustee shall transfer all amounts on deposit in the
Certificate Cash Accumulation Account to the Certificate Distribution Account with respect to
the Certificates) and distribute to the Holders of the Certificates the lesser of:

	 	(a)	 	the Certificate Balance of the Certificates and
	 
	 	(b)	 	the amount of funds available in the Certificate Distribution Account
for that purpose on such Monthly Distribution Date.

	5.3.2	 	Following the Certificate Targeted Final Distribution Date. If the amount distributed to
the Holders of the Certificates on the Certificate Targeted Final Distribution Date was less
than the Certificate Balance of the Certificates on the Certificate Targeted Final
Distribution Date and if a Rapid Amortization Period is not then in effect, then on each
Monthly Distribution Date thereafter, the Servicer shall instruct the Owner Trustee to
withdraw from the Certificate Distribution Account for payment to the Holders of the
Certificates the funds deposited in the Certificate Distribution Account with respect to the
Certificates.
	 
	5.3.3	 	During Rapid Amortization Period. On each Monthly Distribution Date related to a Rapid
Amortization Payment Date, the Owner Trustee (based on the Servicer’s Accounting for such
Monthly Distribution Date) shall distribute to the Holders of the Certificates the lesser of
the amount of Available Principal Funds for such Monthly

-5-

 

Distribution Date and the Certificate
Balance of the Certificates on the last day of the related Collection Period.

	6.	 	Payment Period, Rapid Amortization Period and Cash Accumulation Period.
	 
	6.1	 	Payment Period.
	 
	6.1.1	 	Unless a Cash Accumulation Period or a Rapid Amortization Period for the Certificates has
commenced and is continuing, the Payment Period for the Certificates will commence upon a date
that is no earlier than July 1, 2009 and no later than December 1, 2009 (the “Latest
Commencement Date”). On the Determination Date in June 2009 and on each Determination Date
thereafter before the commencement of the Payment Period, the Servicer will determine the
date, if any, on which the Payment Period shall commence prior to the Latest Commencement
Date, by calculating the Required Payment Period Length. The Payment Period will commence with
the first day of the Collection Period which follows the first Determination Date on which the
Required Payment Period Length is equal to or greater than the number of full Collection
Periods remaining between such Determination Date and the Certificate Targeted Final
Distribution Date.

     The “Required Payment Period Length” as of a Determination Date, is
calculated as follows (rounded up in all cases to the nearest whole integer):

	 	 	 	 	 
	Required

	 	 	 	Outstanding Balance
	Payment Period

	 	=
	 	Recent Minimum Daily Trust Balance x Minimum Monthly Payment Rate
	Length

	 	 	 	 

where, for purposes of this equation only:

“Outstanding Balance” is the Certificate Balance of all Certificates and
the outstanding principal balance of all Notes with scheduled Payment Periods
during the Payment Period for the Certificates;

“Recent Minimum Daily Trust Balance” is the minimum expected Daily Trust
Balance during the period between such Determination Date and December 31, 2009
as determined by the Servicer; and

“Minimum Monthly Payment Rate” is the minimum Monthly Payment Rate
during the twelve Collection Periods preceding such Determination Date.

	6.1.2	 	The Payment Period for the Certificates will terminate upon the earliest of (1) the
occurrence of a Cash Accumulation Event, (2) the Certificate Balance of the
Certificates is paid or provided for in full, and (3) the occurrence of a Rapid
Amortization Event.
	 
	6.1.3	 	If the Payment Period for the Certificates shall be terminated upon the occurrence of an
Early Amortization Event described in clauses (g) or (i) of Section 9.1 of the
Trust Sale and Servicing Agreement and no other Early Amortization Event has occurred,

-6-

 

such
Payment Period shall be recommenced if the Depositor 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 Certificates shall be terminated upon the commencement of the Wind Down
Period prior to the Final Revolving Period Termination Date, such Payment Period shall be
recommenced, if the Depositor elects to recommence the Revolving Period as described in
Section 9.5(b) of the Trust Sale and Servicing Agreement.

	6.2	 	Rapid Amortization Period.
	 
	6.2.1	 	“Rapid Amortization Period” for the Certificates will commence upon the occurrence
of a Rapid Amortization Event and will end upon the earliest to occur of (i) the date on which
the Certificate Balance of the Certificates is paid in full and (ii) the Trust Termination
Date.
	 
	6.2.2	 	“Rapid Amortization Event” for the Certificates means any of the following events:

	 	(a)	 	the occurrence of any of the Early Amortization Events set forth in
Sections 9.1(a) and (n) of the Trust Sale and Servicing Agreement,
	 
	 	(b)	 	either the Trust or the Depositor becomes required to register as an
“investment company” within the meaning of the Investment Company Act, and
	 
	 	(c)	 	any Rapid Amortization Event for the Term Notes.

	6.3	 	Cash Accumulation Period.
	 
	6.3.1	 	A “Cash Accumulation Period” for the Certificates will commence upon the occurrence
of a Cash Accumulation Event and will terminate on the earliest to occur of:

	 	(a)	 	the date on which the Certificate Balance of the Certificates is paid
in full,
	 
	 	(b)	 	the occurrence of a Rapid Amortization Event for the Certificates,
	 
	 	(c)	 	the Trust Termination Date, and
	 
	 	(d)	 	the date on which, pursuant to Section 9.5(a) of the Trust Sale
and Servicing Agreement, the Revolving Period recommences.

	6.3.2	 	“Cash Accumulation Event” for the Certificates means any of the following events:

	 	(a)	 	any of the Early Amortization Events other than the Early Amortization
Events specified in Sections 9.1(a) and (n) of the Trust Sale and Servicing
Agreement, and
	 
	 	(b)	 	the commencement of the Wind Down Period.

-7-

 

	6.3.3	 	If a Cash Accumulation Period commences as a result of the occurrence of an Early
Amortization Event described in clauses (g) or (i) of Section 9.1 of the Trust
Sale and Servicing Agreement and no other Early Amortization Event has occurred, such Cash
Accumulation Period may be terminated, and the Revolving Period may be recommenced, if the
Depositor elects to recommence the Revolving Period as described in Section 9.5(a) of
the Trust Sale and Servicing Agreement.
	 
	7.	 	Optional Purchase by the Servicer.
	 
	7.1	 	At any time from and after the time that:

	 	(a)	 	the Daily Trust Balance is equal to or less than 10% of the highest
sum, at any time since the Initial Closing Date, of the Daily Trust Balance plus
the Cash Collateral Amount plus the total of all amounts on deposit in the
Accumulation Accounts and Distribution Accounts; and
	 
	 	(b)	 	either no Term Notes are outstanding or the Wind Down Period is in
effect,

     the Servicer may, at its option, purchase from the Trust, as of the last day of any
Collection Period, all remaining receivables and other assets then held by the Trust, at
a price equal to the aggregate Administrative Purchase Payments for such receivables
plus the appraised value of such other assets (which price will not be less than the
outstanding principal balance and unpaid interest on all notes and Certificates). Such
amount will be treated as Trust Principal Collections received during such Collection
Period to the extent of the principal portion of the aggregate Administrative Purchase
Payments so paid, with the remainder being Trust Interest Collections.

	8.	 	Certificate Cash Accumulation Reserve Fund.
	 
	 	 	For the Certificates, there shall be no Cash Accumulation Reserve Fund.
	 
	9.	 	Certificate Cash Accumulation Account.
	 
	9.1	 	The Servicer, for the benefit of the Holders of the Certificates, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“Certificate Cash Accumulation Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Holders of the Certificates.
The Certificate Cash Accumulation Account shall be a Designated Account.
	 
	9.2	 	Certificate Cash Accumulation Account Earnings shall constitute Shared Investment Proceeds.

-8-

 

	10.	 	[Reserved].
	 
	11.	 	Pledge of the Certificate Account Property.
	 
	 	 	In order to provide for timely payments in accordance with Section 4.5 of the
Trust Sale and Servicing Agreement and the terms of the Certificates, to assure the
availability for the benefit of the Certificateholders, of the amounts maintained in the
Certificate Cash Accumulation Account and the Certificate Distribution Account, the
Trust hereby pledges to the Indenture Trustee and its successors and assigns, all its
right, title and interest in and to the Certificate Cash Accumulation Account and all
proceeds of the foregoing, including, without limitation, all other amounts and
investments held from time to time in the Certificate Cash Accumulation Account (whether
in the form of deposit accounts, Physical Property, book-entry securities,
uncertificated securities or otherwise), (collectively, the “Certificate Account
Property”), to have and to hold all the aforesaid property, rights and privileges
unto the Indenture Trustee, its successors and assigns, in trust for the uses and
purposes, and subject to the terms and provisions, set forth in this Certificate
Issuance Order and in Section 4.6 of the Trust Sale and Servicing Agreement. The
Indenture Trustee shall hold and distribute the Certificate Account Property in
accordance with the terms and provisions of the Trust Sale and Servicing Agreement. By
its acknowledgment of this Certificate Issuance Order of the Certificates, the Indenture
Trustee acknowledges and accepts such trusts as are specified herein with respect to the
Certificate Account Property.

* * * *

          The undersigned has read or has caused to be read the Trust Agreement, including the
provisions of Section 3.3 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
Trust Agreement and the other Basic Documents relating to the establishment of the form and terms
of a class of Certificates under the Trust Agreement have been complied with. In the opinion of the
undersigned, all such conditions precedent have been complied with in respect of the Certificates.

* * * *

-9-

 

     IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate Issuance Order as
of February 13, 2007.

	 	 	 	 	 
	 	WHOLESALE AUTO RECEIVABLES LLC

 	 
	 	By:  	/s/ Carl J. Vannatter
 	 
	 	 	Name:  	Carl J. Vannatter 	 
	 	 	Title:  	Vice President 	 

-10-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Acknowledged and Accepted: 

The Bank of New York Trust Company, N.A.,

not in its individual capacity, but solely as

Indenture Trustee

 	 
	 	By:  	/s/ Keith R. Richardson
 	 
	 	 	Name:  	Keith R. Richardson 	 
	 	 	Title:  	Vice President 	 
	 
	 	HSBC Bank USA, National Association

not in its individual capacity, but solely as

Owner Trustee

 	 
	 	By:  	/s/ Elena Zheng
 	 
	 	 	Name:  	Elena Zheng 	 
	 	 	Title:  	Assistant Vice President 	 

-11-

 

	 	 	 	 	 

APPENDIX 1

to

CERTIFICATE ISSUANCE ORDER

FOR THE CertificateS

Definitions.

	1.	 	Reference to General Rule.

     Capitalized terms used herein and not defined shall have the meanings assigned to such terms
in the Trust Agreement and in Appendix A to the Trust Sale and Servicing Agreement dated as of
February 13, 2007 among GMAC LLC, as Servicer, Wholesale Auto Receivables LLC, as Depositor, and
Superior Wholesale Inventory Financing Trust 2007-AE-1, as Issuing Entity. All references herein to
“the Certificate Issuance Order” are to the Certificate Issuance Order with respect to the
Certificates, dated February 13, 2007.

	2.	 	Definitions Specific to the Certificates.

     The following terms are defined with respect to the Certificates 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:

     Certificate Closing Date: February 13, 2007.

     Certificate Rate: The interest rate specified in Section 4.1 of the
Certificate Issuance Order.

	3.	 	Specification for Certificates of Terms Defined in Appendix A to the Trust Sale and Servicing
Agreement.

     The following terms, when used in the Trust Agreement, the Trust Sale and Servicing Agreement
and/or other Basic Documents, with respect to the Certificates, shall have the meanings set forth
below (and, if used in the Certificate Issuance Order, shall be used with respect to the
Certificates only, except where expressly indicated otherwise):

     Certificate Cash Accumulation Account: The account established as provided in
Section 9.1 of the Certificate Issuance Order.

     Certificate Cash Accumulation Account Earnings: On a Monthly Distribution Date, the
investment earnings during the related Collection Period on funds deposited in the Certificate Cash
Accumulation Account, net of losses and investment expenses with respect to such funds.

     Certificate Stated Final Distribution Date: The Monthly Distribution Date in January
2012.

     Certificate Targeted Final Distribution Date: The Monthly Distribution Date in January
2010.

 

 

     Actual/360 Day Count: For the computation of accrued interest, means using the actual
number of days elapsed during the period from and including the preceding Monthly Distribution Date
(or, in the case of the initial Monthly Distribution Date, from and including the Certificate
Closing Date) to but excluding the current Monthly Distribution Date, and a year of 360 days.

     Cash Accumulation Event: Any of the events set forth as such in Section 6.3.2
of the Certificate Issuance Order.

     Cash Accumulation Period: A period described as such in Section 6.3.1 of the
Certificate Issuance Order.

     Daily Remittance Period: Has the meaning set forth in Section 5.1.3 of the
Certificate Issuance Order.

     Fully Funded Date: The day on which:

	 	(a)	 	the sum of the amount on deposit in the Certificate Cash Accumulation
Account and in the Certificate Distribution Account for the Certificate Balance of
the Certificates equals the Certificate Balance of the Certificates, or
	 
	 	(b)	 	the Certificates have been paid in full.

     Payment Period: The period described as such in Section 6.1 of the Certificate
Issuance Order.

     Rapid Amortization Event: Any of the events set forth as such in Section 6.2.2
of the Certificate Issuance Order.

     Rapid Amortization Payment Date: Each Monthly Distribution Date, commencing with the
Monthly Distribution Date related to the first full calendar month following the commencement of
the Rapid Amortization Period and continuing until the earlier of the date that the Certificate
Balance of the Certificates is distributed in full or the Trust Termination Date.

     Rapid Amortization Period: The period described as such in Section 6.2.1 of
the Certificate Issuance Order.

     Required Payment Period Length: With respect to the Payment Period, the period of time
described in Sections 6.1.1 and 6.1.2 of the Certificate Issuance Order.

-13-

 

EXHIBIT A

[FORM OF CLASS 2007-A CERTIFICATE]

	 	 	 
	NUMBER

	 	$_____________
	R_____

	 	CUSIP NO. _____

SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OF AMERICA OR ANY
FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE (OR INTEREST HEREIN)
THE HOLDER (OR OWNER) OF THIS CERTIFICATE (OR SUCH INTEREST) IS DEEMED TO REPRESENT
TO WHOLESALE AUTO RECEIVABLES LLC OR ITS ASSIGNEE OR SUCCESSOR (THE
“DEPOSITOR”) AND THE OWNER TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS
CERTIFICATE (OR INTEREST HEREIN) 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). NEITHER THE DEPOSITOR 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.

          NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE (OR INTEREST HEREIN) MAY
BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE
TO THE DEPOSITOR, (ii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
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” (AS DEFINED IN RULE 144A), ACTING FOR ITS
OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS
GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, 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 DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND
THE DEPOSITOR, AND (B) THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL
(WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR OR THE OWNER TRUSTEE)
SATISFACTORY TO THE DEPOSITOR 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 DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT THE TRUST FROM
BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), BUT IN NO
EVENT LESS THAN $2,500,000) AND, IN THE CASE OF ANY PERSON ACTING ON BEHALF OF ONE
OR MORE THIRD PARTIES (OTHER THAN A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE
SECURITIES ACT) ACTING IN ITS FIDUCIARY CAPACITY), FOR 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.

          THIS CERTIFICATE (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. THIS CERTIFICATE (OR AN INTEREST HEREIN) ALSO MAY NOT
BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE BENEFIT PLAN OR PLAN THAT IS NOT
SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA (INCLUDING, WITHOUT LIMITATION,
FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF, ANY APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE. EACH HOLDER OF THIS
CERTIFICATE, BY ACCEPTING THIS CERTIFICATE WILL BE

-15-

 

DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING
LIMITATIONS, AND, IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH PERSON SHALL EXECUTE
AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM
SPECIFIED IN THE TRUST AGREEMENT.

          IF THERE IS MORE THAN ONE OWNER OF THE CERTIFICATES, EACH CERTIFICATEHOLDER OR
CERTIFICATE OWNER, BY ACCEPTING THIS CERTIFICATE (OR INTEREST HEREIN), (i) EXPRESSES
ITS INTENTION THAT THE CERTIFICATES WILL QUALIFY UNDER APPLICABLE TAX LAW AS
PARTNERSHIP INTERESTS IN A PARTNERSHIP, WITH THE ASSETS OF THE PARTNERSHIP BEING THE
ASSETS HELD BY THE TRUST, AND (ii) UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING
AUTHORITIES, AGREES TO TREAT THE CERTIFICATES AS INTERESTS IN SUCH A PARTNERSHIP FOR
PURPOSES OF FEDERAL INCOME, 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.

          EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER, BY ITS ACCEPTANCE OF THIS
CERTIFICATE (OR INTEREST HEREIN), COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER
OR CERTIFICATE OWNER, AS THE CASE MAY BE, 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 DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR
GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST
THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR
SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN,
SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR ANY SUBSTANTIAL PART OF
ITS PROPERTY, OR ORDERING THE WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE
DEPOSITOR.

Superior Wholesale Inventory Financing Trust 2007-AE-1

FLOATING RATE ASSET BACKED CERTIFICATES, CLASS 2007-A

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of Wholesale Auto Receivables generated from time
to time in a portfolio of revolving financing arrangements with dealers to finance
automobile and other vehicle inventories and collections thereon and certain other
property.

-16-

 

(This Certificate does not represent an interest in or obligation of Wholesale Auto
Receivables LLC, GMAC LLC, General Motors Corporation, the Owner Trustee or any of
their respective affiliates, except to the extent described in the Basic Documents.)

          THIS CERTIFIES THAT _____________ is the registered owner of a nonassessable, fully-paid,
fractional undivided interest in Superior Wholesale Inventory Financing Trust 2007-AE-1 (the
“Trust”) formed by Wholesale Auto Receivables LLC, a Delaware limited liability company.

          The Trust was created pursuant to a Trust Agreement, dated as of February 13, 2007 (as amended
and supplemented from time to time, the “Trust Agreement”), between the Depositor and HSBC
Bank USA, National Association, as owner trustee (the “Owner Trustee”), a summary of
certain of the pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust
Agreement.

          This Certificate is one of the duly authorized Certificates designated as “Floating Rate Asset
Backed Certificates, Class 2007-A” (the “Certificates”). This Certificate is issued under
and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which
are incorporated herein by reference and made a part hereof, to which Trust Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such holder is bound.

          Under the Trust Agreement, there shall be distributed on the 15th day of each month or, if
such 15th day is not a Business Day, the next succeeding Business Day, commencing on March 15, 2007
(each, a “Monthly Distribution Date”), to the person in whose name this Certificate is
registered on the related Record Date (as defined below), interest accrued hereon to the extent of
funds available therefor and such Certificateholder’s fractional undivided interest in the amount
of distributions in respect of Certificate Balance to be distributed to Certificateholders on such
Monthly Distribution Date. Interest shall accrue on this Certificate at the applicable Certificate
Rate (as set forth on the reverse hereof) on the Certificate Balance represented by this
Certificate (without reduction for any unreimbursed Trust Charge-Offs or Reallocated Principal
Amounts), and interest accrued hereon as of any Monthly Distribution Date but not distributed on
such Monthly Distribution Date shall be due on the next Monthly Distribution Date. No distributions
of Certificate Balance shall be made on any Certificate until all Notes have been paid (or provided
for) in full. The entire unpaid Certificate Balance on this Certificate shall be due and payable on
the Monthly Distribution Date in January 2012 (the “Stated Final Distribution Date”).
However, the actual distribution in full of the Certificate could occur sooner or later than such
date. The “Record Date,” with respect to any Monthly Distribution Date, means the last day
of the preceding Collection Period.

          The distributions in respect of Certificate Balance and interest on this Certificate are
payable in such coin or currency of the United States of America as at the time of distribution is
legal tender for payment of public and private debts. All distributions made by the Trust with
respect to this Certificate shall be applied first to interest due and payable on this Certificate
as

-17-

 

provided above and then to the unpaid distributions in respect of Certificate Balance of this
Certificate.

          The Holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
and to the extent described in the Trust Sale and Servicing Agreement and the Indenture.

          Each Certificateholder or Certificate Owner, by its acceptance of a Certificate (or interest
therein), covenants and agrees that such Certificateholder or Certificate Owner, as the case may
be, 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 Depositor to invoke the process of
any court or governmental authority for the purpose of commencing or sustaining a case against the
Depositor under any federal or state bankruptcy, insolvency, reorganization or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Depositor or any substantial part of its property, or ordering the winding-up or
liquidation of the affairs of the Depositor. By its acceptance of this Certificate, the Depositor
agrees that it shall not be deemed to have approved the commencement of a voluntary proceeding in
bankruptcy relating to the Trust for purposes of Section 4.3 of the Trust Agreement unless
such commencement was approved by the affirmative vote of all of the members of the Depositor’s
board of directors.

          Distributions on this Certificate shall be made as provided in the Trust Agreement without the
presentation or surrender of this Certificate or the making of any notation hereon, to each
Certificateholder of record on the immediately preceding 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. Except as otherwise provided in the Trust Agreement and notwithstanding
the above, the final distribution on this Certificate shall be made after due notice by the Owner
Trustee of the pendency of such distribution and only upon presentation and surrender of this
Certificate at the office maintained for such purpose by the Owner Trustee in the City of New York.

          Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

          Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee by manual signature, this Certificate shall not entitle the holder
hereof to any benefit under the Trust Agreement or the Trust Sale and Servicing Agreement or be
valid for any purpose.

          THIS CERTIFICATE 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

-18-

 

REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

-19-

 

          IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed.

Dated: ________

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY
FINANCING TRUST 2007-AE-1

By: HSBC Bank USA, National Association, not

in its individual capacity but solely as Owner

Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within-mentioned Trust Agreement.

	 	 	 	 	 
	 	HSBC Bank USA, National Association, not in its individual capacity but solely
as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-20-

 

	 	 	 	 	 

REVERSE OF CERTIFICATE

          The Certificates do not represent an obligation of, or an interest in, the Depositor, the
Servicer, GMAC LLC, General Motors Corporation, the Indenture Trustee, the Owner Trustee or any
affiliates of any of them and no recourse may be had against such parties or their assets, except
as may be expressly set forth or contemplated herein or in the Trust Agreement or the Basic
Documents. In addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections and recoveries with
respect to the Receivables held by the Trust (and certain other amounts), all as more specifically
set forth herein, in the Trust Agreement and the Trust Sale and Servicing Agreement. A copy of each
of the Trust Sale and Servicing Agreement and the Trust Agreement may be examined during normal
business hours at the principal office of the Depositor, and at such other places, if any,
designated by the Depositor, by any Certificateholder upon written request.

          The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof
and the modification of the rights and obligations of the Depositor and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee
with the consent of the 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. Any
such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or
in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this
Certificate. The Trust Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates or the Notes.

          The term “Certificate Rate” as used in this Certificate means, with respect to any
Monthly Distribution Date, One-Month LIBOR plus 2.50%.

          As provided in the Trust Agreement and subject to certain limitations therein set forth, the
transfer of this Certificate is registerable in the Certificate Register upon surrender of this
Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Owner Trustee in the City of New York, accompanied by (i) a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder hereof or such Holder’s attorney duly authorized in writing, (ii) any certificate and/or
Opinion of Counsel required by Section 9.12(b) of the Trust Agreement, and (iii) if
requested by the Depositor, the Undertaking Letter required by Section 9.12(a) of the Trust
Agreement, and thereupon one or more new Certificates of the same class of authorized denominations
evidencing the same aggregate interest in the Trust shall be issued to the designated transferee.

          The initial Certificate Registrar appointed under the Trust Agreement is HSBC Bank USA, N.A.

-21-

 

          The Certificates (other than those issued to the Depositor or its affiliates) are issuable
only as registered Certificates without coupons in denominations of $2,500,000 or greater (or such
other amount as the Depositor 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
$2,500,000). As provided in the Trust Agreement and subject to certain limitations therein set
forth, Certificates are exchangeable for new Certificates of the same class of authorized
denominations evidencing the same aggregate denomination, as requested by the Holder surrendering
the same; provided, however, that no Certificate (other than those issued to the
Depositor 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 Depositor 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 $2,500,000). No service charge shall be made for any such
registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge payable in connection
therewith.

          The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such
agent shall be affected by any notice to the contrary.

          The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate upon the distribution to Certificateholders of all amounts required to be
paid to them pursuant to the Trust Agreement and the Trust Sale and Servicing Agreement and the
disposition of all property held as part of the Trust.

-22-

 

CERTIFICATE OF TRANSFER

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

the within
Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing __________________________________________________________ Attorney to transfer said Certificate on the books of the Certificate
Registrar, with full power of substitution in the premises.

          In connection with any sale, pledge or transfer of this Certificate the undersigned hereby
represents to the Owner Trustee and the Depositor that such sale, pledge or transfer is being made
to a person whom the undersigned reasonably believes after due inquiry is a “qualified
institutional buyer” (as defined in Rule 144A under the United States Securities Act of 1933, as
amended) 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
resale, pledge or transfer is being made in reliance on Rule 144A.

If such sale, pledge or other transfer is being made pursuant to (a) above, the undersigned
acknowledges that such institutional investor must execute a certificate substantially in the form
specified in the Trust Agreement.

 

	 	 	 
	Dated: 	 

	 	 *
	 
	 

	 	Signature Guaranteed: 	 *

 

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

-23-

 

EXHIBIT B

INVESTOR LETTER

Wholesale Auto Receivables LLC

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

HSBC Bank USA, National Association

10 East 40th Street

14th Floor

New York, NY 10016

Ladies and Gentlemen:

     In connection with our proposed purchase of a one or more Floating Rate Asset-Backed
Certificates, Class 2007-A (the “Certificates”), representing a fractional undivided
interest in the Superior Wholesale Inventory Financing Trust 2007-AE-1, issued under a trust
agreement, to be dated as of February 13, 2007 (the “Trust Agreement”), between Wholesale
Auto Receivables LLC, a Delaware limited liability company (the “Depositor”) and HSBC Bank
USA, National Association, as owner trustee, acting thereunder not in its individual capacity but
solely as owner trustee of the Trust (the “Owner Trustee”), we confirm that:

     1. We understand that the Certificate has not been registered under the United
States Securities Act of 1933, as amended (the “Securities Act”), or the
securities laws of any jurisdiction and may not be sold except as permitted in the
following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that such Certificates (or an interest
therein) may be resold, pledged or transferred only (i) to the Depositor, (ii) so
long as such Certificates are eligible for resale pursuant to Rule 144A under the
Securities Act (“Rule 144A”), to a person whom the transferor reasonably
believes after due inquiry to be a “qualified institutional buyer” as defined in
Rule 144A acting for its own account (and not for the account of others) or as a
fiduciary or agent for others (which others also are “qualified institutional
buyers”) to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A, or (iii) in a sale, pledge or other transfer made in a
transaction otherwise exempt from the registration requirements of the Securities
Act, in which case (A) the Owner Trustee shall require that both the prospective
transferor and the prospective transferee certify to the Owner Trustee and the
Depositor in writing the facts surrounding such transfer, which certification shall
be in form and substance satisfactory to the Owner Trustee and the Depositor, and
(B) the Owner Trustee shall require a written opinion of counsel (which will not be
at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor
and the Owner Trustee to the effect that such transfer will not violate

 

 

the Securities Act, in each case in accordance with any applicable securities
laws of any state of the United States. We will notify any purchaser of the
Certificates (or an interest therein) from us of the above resale restrictions, if
then applicable. We further understand that in connection with any transfer of the
Certificates (or interest therein) by us that the Depositor and the Owner Trustee
may request, and if so requested we will furnish, such certification and other
information as they may reasonably require to confirm that any such transfer
complies with the foregoing restrictions. We understand that no sale, pledge or
other transfer may be made to any one person for Certificates (or an interest
therein) with a face amount of less than $2,500,000 (or such other amount as the
Depositor may determine in order to prevent the Trust from being treated as a
“publicly traded partnership” under Section 7704 of the United States Internal
Revenue Code of 1986, as amended, but in no event less than $2,500,000) and, in the
case of any person acting on behalf of one or more third parties (other than a bank
(as defined in Section 3(a)(2) of the Securities Act) acting in its
fiduciary capacity), for Certificates with a face amount of less than such amount
for each such third party. Any attempted transfer will be void ab initio and the
purported transferor will continue to be treated as the owner of the Certificates
for all purposes. We understand that no sale, pledge or other transfer of the
Certificates may be made to (i) an “employee benefit plan” (as defined in Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
that is subject to the provisions of Title I of ERISA, (ii) a plan described in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) any entity whose underlying assets include plan assets by reason of investment
by an employee benefit plan or plan in such entity, or (iv) an employee benefit plan
or plan that is not subject to the provisions of Title I of ERISA (including,
without limitation, foreign or governmental plans) if such sale, pledge or other
transfer would result in a non-exempt prohibited transaction under, or a violation
of, any applicable law that is substantially similar to ERISA or Section 4975 of the
Code.

     2. We are a “qualified institutional buyer” as defined under Rule 144A under
the Securities Act and are acquiring the Certificates (or an interest therein) for
our own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are “qualified institutional buyers”). We are familiar
with Rule 144A under the Securities Act and are aware that the transferor of the
Certificates (or an interest therein) and other parties intend to rely on the
statements made herein and the exemption from the registration requirements of the
Securities Act provided by Rule 144A. We are aware that we (or any account for
which we are purchasing) may be required to bear the economic risk of an investment
in the Certificate until such time as the trust terminates, and that we (or such
account) are able to bear such risk for such period.

-2-

 

     3.
You are entitled to rely upon this letter and you are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	Very truly yours,

(Name of Purchaser)

 	 
	 	By:  	 	 
	 	Date: 	 	 
	 	 	 	 
	 

-3-

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