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Title: |
Sale and Servicing Agreement |
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Date: |
2001 |
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Preview shows 5KB of 259KB total |
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$50 |
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ID: |
#1899492 |
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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 March [ ], 2001
============================================================================
TABLE OF CONTENTS
Page
----
ARTICLE I
DEFINITIONS
SECTION 1.1 Definitions..................................................1
SECTION 1.2 Other Definitional Provisions...............................20
SECTION 1.3 Business Day Certificate....................................21
ARTICLE II
TRUST PROPERTY
SECTION 2.1 Conveyance of Trust Property................................21
SECTION 2.2 Representations and Warranties of the Seller as to
the Receivables...........................................23
SECTION 2.3 Repurchase upon Breach......................................28
SECTION 2.4 Custody of Receivable Files.................................29
SECTION 2.5 Duties of Servicer as Custodian.............................29
SECTION 2.6 Instructions; Authority to Act..............................30
SECTION 2.7 Custodian's Indemnification.................................31
SECTION 2.8 Effective Period and Termination............................31
ARTICLE III
ADMINISTRATION AND SERVICING OF
RECEIVABLES AND TRUST PROPERTY
SECTION 3.1 Duties of Servicer..........................................32
SECTION 3.2 Collection and Allocation of Receivable Payments............35
SECTION 3.3 Realization upon Receivables................................37
SECTION 3.4 Physical Damage Insurance...................................38
SECTION 3.5 Maintenance of Security Interests in Financed Vehicles......38
SECTION 3.6 Covenants of Servicer.......................................38
SECTION 3.7 Purchase by Servicer upon Breach............................38
SECTION 3.8 Servicing Compensation......................................39
SECTION 3.9 Servicer's Certificate......................................39
SECTION 3.10 Annual Statement as to Compliance; Notice of Event
of Servicing Termination..................................40
SECTION 3.11 Annual Independent Certified Public Accountants'
Reports...................................................40
SECTION 3.12 Access to Certain Documentation and Information
Regarding Receivables.....................................41
SECTION 3.13 Reports to the Commission...................................41
SECTION 3.14 Reports to Rating Agencies..................................41
ARTICLE IV
DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS
TO CERTIFICATEHOLDERS AND NOTEHOLDERS
SECTION 4.1 Accounts....................................................42
SECTION 4.2 Collections.................................................45
SECTION 4.3 Application of Collections..................................46
SECTION 4.4 Advances....................................................46
SECTION 4.5 Additional Deposits.........................................48
SECTION 4.6 Allocation of Total Available Funds.........................48
SECTION 4.7 Reserve Account.............................................50
SECTION 4.8 Net Deposits................................................52
SECTION 4.9 Statements to Noteholders and Certificateholders............52
SECTION 4.10 Control of Securities Accounts..............................53
ARTICLE V
YIELD SUPPLEMENT LETTER OF CREDIT AND
THE YIELD SUPPLEMENT ACCOUNT
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