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Document Preview Trust Sale and Servicing Agreement |
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Title: |
Trust Sale and Servicing Agreement |
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Entities: |
Bank One, NA; Cede & Co.; Citibank, NA; Depository Trust Co.; Deutsche Bank Trust Company Americas; General Motors Corp.; Kirkland & Ellis; Mayer, Brown, Rowe & Maw; Capital Auto Receivables Inc. |
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Date: |
2002 |
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Size: |
Preview shows 12KB of 225KB total |
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Price: |
$71 |
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ID: |
#120766 |
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================================================================================
TRUST SALE AND SERVICING AGREEMENT
AMONG
GENERAL MOTORS ACCEPTANCE CORPORATION
SERVICER
CAPITAL AUTO RECEIVABLES, INC.
SELLER
AND
CAPITAL AUTO RECEIVABLES ASSET TRUST 2002-5
ISSUER
DATED AS OF NOVEMBER 13, 2002
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
{S} {C}
ARTICLE I CERTAIN DEFINITIONS ...................................................................... 1
Section 1.01 Definitions ........................................................................ 1
ARTICLE II CONVEYANCE OF RECEIVABLES; ISSUANCE OF SECURITIES ....................................... 1
Section 2.01 Conveyance of Receivables .......................................................... 1
Section 2.02 Custody of Receivable Files ........................................................ 2
Section 2.03 Acceptance by Issuer ............................................................... 3
Section 2.04 Representations and Warranties as to the Receivables ............................... 3
Section 2.05 Repurchase of Receivables Upon Breach of Warranty .................................. 3
Section 2.06 Realization Upon Liquidating Receivables ........................................... 4
ARTICLE III THE SELLER ............................................................................. 4
Section 3.01 Representations of Seller .......................................................... 4
Section 3.02 Liability of Seller ................................................................ 6
Section 3.03 Merger or Consolidation of, or Assumption of the Obligations of Seller; Amendment of
Certificate of Incorporation ..................................................................... 6
Section 3.04 Limitation on Liability of Seller and Others ....................................... 7
Section 3.05 Seller May Own Notes or Certificates ............................................... 7
ARTICLE IV SERVICER'S COVENANTS; DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO NOTEHOLDERS AND
CERTIFICATEHOLDERS ................................................................................. 7
Section 4.01 Annual Statement as to Compliance; Notice of Servicer Default ...................... 7
Section 4.02 Annual Independent Accountants' Report ............................................. 8
Section 4.03 Access to Certain Documentation and Information Regarding the Receivables .......... 8
Section 4.04 Amendments to Schedule of Receivables .............................................. 9
Section 4.05 Assignment of Administrative Receivables and Warranty Receivables .................. 9
Section 4.06 Distributions ...................................................................... 9
Section 4.07 Reserve Account .................................................................... 12
Section 4.08 Net Deposits ....................................................................... 13
Section 4.09 Statements to Securityholders ...................................................... 13
ARTICLE V CERTIFICATEHOLDER AND NOTEHOLDER STATEMENTS AND ACCOUNTS; COLLECTIONS, DEPOSITS AND
INVESTMENTS; ADVANCES .............................................................................. 14
Section 5.01 Establishment of Accounts .......................................................... 14
Section 5.02 Collections ........................................................................ 18
Section 5.03 Investment Earnings and Supplemental Servicing Fees ................................ 19
Section 5.04 Monthly Advances ................................................................... 19
Section 5.05 Additional Deposits ................................................................ 20
ARTICLE VI LIABILITIES OF SERVICER AND OTHERS ...................................................... 20
Section 6.01 Liability of Servicer; Indemnities ................................................. 20
Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of the Servicer ....... 21
Section 6.03 Limitation on Liability of Servicer and Others ..................................... 22
Section 6.04 Delegation of Duties ............................................................... 23
Section 6.05 Servicer Not to Resign ............................................................. 23
ARTICLE VII DEFAULT ................................................................................ 23
Section 7.01 Servicer Defaults .................................................................. 23
Section 7.02 Consequences of a Servicer Default ................................................. 24
Section 7.03 Indenture Trustee to Act; Appointment of Successor ................................. 25
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
Section 7.04 Notification to Noteholders and Certificateholders ................................. 25
Section 7.05 Waiver of Past Defaults ........................................................... 25
Section 7.06 Repayment of Advances .............................................................. 26
ARTICLE VIII TERMINATION ........................................................................... 26
Section 8.01 Optional Purchase of All Receivables; Insolvency of Seller; Termination of Trust ... 26
ARTICLE IX MISCELLANEOUS PROVISIONS ................................................................ 28
Section 9.01 Amendment .......................................................................... 28
Section 9.02 Protection of Title to Trust ....................................................... 29
Section 9.03 Notices ............................................................................ 31
Section 9.04 GOVERNING LAW ...................................................................... 31
Section 9.05 Severability of Provisions ......................................................... 31
Section 9.06 Assignment ......................................................................... 32
Section 9.07 Third-Party Beneficiaries .......................................................... 32
Section 9.08 Separate Counterparts .............................................................. 32
Section 9.09 Headings and Cross-References ...................................................... 32
Section 9.10 Assignment to Indenture Trustee .................................................... 32
Section 9.11 No Petition Covenants .............................................................. 32
Section 9.12 Limitation of Liability of Indenture Trustee and Owner Trustee ..................... 32
Section 9.13 Tax Treatment ...................................................................... 33
Section 9.14 Furnishing Documents ............................................................... 33
{/TABLE}
EXHIBIT A Schedule of Receivables
EXHIBIT B Form of Second Step Receivables Assignment
APPENDIX A Definitions and Rules of Construction
APPENDIX B Notices Addresses and Procedures
ii
{PAGE}
THIS TRUST SALE AND SERVICING AGREEMENT is made as of November 13, 2002 by
and among General Motors Acceptance Corporation, a Delaware corporation and in
its capacity as Servicer under the Pooling and Servicing Agreement described
below (the "Servicer"), Capital Auto Receivables, Inc., a Delaware corporation
(the "Seller"), and Capital Auto Receivables Asset Trust 2002-5, a Delaware
statutory trust (the "Issuer").
WHEREAS, on the Closing Date GMAC sold the Receivables to the Seller;
WHEREAS, GMAC, as Servicer, has agreed to service the Receivables pursuant
to the Pooling and Servicing Agreement;
WHEREAS, the Seller desires to sell the Receivables to the Issuer on the
Closing Date in exchange for the Notes and Certificates pursuant to the terms of
this Agreement;
WHEREAS, the Servicer desires to perform the servicing obligations set
forth herein for and in consideration of the fees and other benefits set forth
in this Agreement and in the Pooling and Servicing Agreement; and
WHEREAS, Seller and the Issuer wish to set forth the terms pursuant to
which the Receivables are to be sold by the Seller to the Issuer and serviced by
the Servicer.
NOW, THEREFORE, in consideration of the foregoing, the other good and
valuable consideration and the mutual terms and covenants contained herein, the
parties hereto agree as follows:
ARTICLE I
CERTAIN DEFINITIONS
Section 1.01 Definitions. Certain capitalized terms used in the above
recitals and in this Agreement are defined in and shall have the respective
meanings assigned to them in Part I of Appendix A to this Agreement. All
references herein to "the Agreement" or "this Agreement" are to this Trust Sale
and Servicing Agreement as it may be amended, supplemented or modified from time
to time, the exhibits hereto and the capitalized terms used herein which are
defined in such Appendix A, and all references herein to Articles, Sections and
subsections are to Articles, Sections or subsections of this Agreement unless
otherwise specified. The rules of construction set forth in Part II of such
Appendix A shall be applicable to this Agreement.
ARTICLE II
CONVEYANCE OF RECEIVABLES; ISSUANCE OF SECURITIES
Section 2.01 Conveyance of Receivables.
(a) In consideration of the Issuer's delivery of the Notes and
the Certificates to, or upon the order of, the Seller, the Seller does hereby
enter into this Agreement and the related Second Step Receivables Assignment in
the form attached as Exhibit B to this Agreement (the "Second Step Receivables
Assignment") and agrees to fulfill all of its obligations hereunder and
thereunder and to sell, transfer, assign and otherwise convey to the Issuer,
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