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Title: |
Sale and Servicing Agreement |
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Date: |
2002 |
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Preview shows 5KB of 252KB total |
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$66 |
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ID: |
#1899185 |
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SALE AND SERVICING AGREEMENT
by and among
MMCA AUTO OWNER TRUST 2002-2,
as the Trust
MMCA AUTO RECEIVABLES TRUST,
as Seller
and
MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,
as Servicer
Dated as of June 3, 2002
==============================================================================
TABLE OF CONTENTS
Page
ARTICLE I - DEFINITIONS AND USAGE............................................1
Section 1.1 Definitions.......................................1
Section 1.2 Business Day Certificate..........................1
ARTICLE II - TRUST PROPERTY..................................................1
Section 2.1 Conveyance of Trust Property......................1
Section 2.2 Representations and Warranties of
the Seller as to the Receivables................6
Section 2.3 Repurchase upon Breach...........................12
Section 2.4 Custody of Receivable Files......................12
Section 2.5 Duties of Servicer as Custodian..................13
Section 2.6 Instructions; Authority to Act...................14
Section 2.7 Custodian's Indemnification......................14
Section 2.8 Effective Period and Termination.................14
ARTICLE III - ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST
PROPERTY......................................................14
Section 3.1 Duties of Servicer...............................14
Section 3.2 Collection and Allocation of Receivable
Payments.......................................17
Section 3.3 Realization upon Receivables.....................19
Section 3.4 Physical Damage Insurance........................20
Section 3.5 Maintenance of Security Interests in
Financed Vehicles..............................20
Section 3.6 Covenants of Servicer............................20
Section 3.7 Purchase by Servicer upon Breach.................20
Section 3.8 Servicing Compensation...........................21
Section 3.9 Servicer's Certificate...........................21
Section 3.10 Annual Statement as to Compliance; Notice
of Event of Servicing Termination..............21
Section 3.11 Annual Independent Certified Public
Accountants' Reports...........................22
Section 3.12 Access to Certain Documentation and
Information Regarding Receivables..............22
Section 3.13 Reports to the Commission........................23
Section 3.14 Reports to Rating Agencies.......................23
ARTICLE IV - DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO
CERTIFICATEHOLDERS AND NOTEHOLDERS.............................23
Section 4.1 Accounts.........................................23
Section 4.2 Collections......................................27
Section 4.3 Application of Collections.......................28
Section 4.4 Advances.........................................29
Section 4.5 Additional Deposits..............................30
Section 4.6 Allocation of Total Available Funds..............30
Section 4.7 Reserve Account..................................33
Section 4.8 Net Deposits.....................................34
Section 4.9 Statements to Noteholders and
Certificateholders.............................34
Section 4.10 Control of Securities Accounts...................35
Section 4.11 Pre-Funding Account..............................35
Section 4.12 Negative Carry Account...........................36
ARTICLE V - YIELD SUPPLEMENT LETTER OF CREDIT AND THE YIELD
SUPPLEMENT ACCOUNT..............................................36
Section 5.1 Yield Supplement Letter of Credit and
the Yield Supplement Account...................36
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