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Title: |
Sale and Servicing Agreement |
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Date: |
2001 |
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Preview shows 5KB of 274KB total |
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$72 |
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ID: |
#1899466 |
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SALE AND SERVICING AGREEMENT
by and among
MMCA AUTO OWNER TRUST 2001-1,
as the Trust
MMCA AUTO RECEIVABLES TRUST,
as Seller
and
MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,
as Servicer
Dated as of April 1, 2001
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
{S} {C} {C}
SECTION 1.1 Definitions.................................................................................1
SECTION 1.2 Other Definitional Provisions..............................................................19
SECTION 1.3 Business Day Certificate...................................................................19
ARTICLE II
TRUST PROPERTY
SECTION 2.1 Conveyance of Trust Property...............................................................20
SECTION 2.2 Representations and Warranties of the Seller as to the Receivables.........................21
SECTION 2.3 Repurchase upon Breach.....................................................................26
SECTION 2.4 Custody of Receivable Files................................................................27
SECTION 2.5 Duties of Servicer as Custodian............................................................27
SECTION 2.6 Instructions; Authority to Act.............................................................28
SECTION 2.7 Custodian's Indemnification................................................................29
SECTION 2.8 Effective Period and Termination...........................................................29
ARTICLE III
ADMINISTRATION AND SERVICING OF
RECEIVABLES AND TRUST PROPERTY
SECTION 3.1 Duties of Servicer.........................................................................30
SECTION 3.2 Collection and Allocation of Receivable Payments...........................................33
SECTION 3.3 Realization upon Receivables...............................................................35
SECTION 3.4 Physical Damage Insurance..................................................................35
SECTION 3.5 Maintenance of Security Interests in Financed Vehicles.....................................35
SECTION 3.6 Covenants of Servicer......................................................................36
SECTION 3.7 Purchase by Servicer upon Breach...........................................................36
SECTION 3.8 Servicing Compensation.....................................................................36
SECTION 3.9 Servicer's Certificate.....................................................................37
SECTION 3.10 Annual Statement as to Compliance; Notice of Event of Servicing Termination...............37
SECTION 3.11 Annual Independent Certified Public Accountants' Reports..................................38
SECTION 3.12 Access to Certain Documentation and Information Regarding Receivables.....................38
SECTION 3.13 Reports to the Commission.................................................................38
SECTION 3.14 Reports to Rating Agencies................................................................39
ARTICLE IV
DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS
TO CERTIFICATEHOLDERS AND NOTEHOLDERS
SECTION 4.1 Accounts...................................................................................39
SECTION 4.2 Collections................................................................................41
SECTION 4.3 Application of Collections.................................................................42
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