EXHIBIT 99.8
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ADMINISTRATION AGREEMENT
AMONG
CAPITAL AUTO RECEIVABLES ASSET TRUST 2002-1
ISSUER
AND
GENERAL MOTORS ACCEPTANCE CORPORATION
ADMINISTRATOR
AND
BANK ONE, NATIONAL ASSOCIATION
INDENTURE TRUSTEE
DATED AS OF JANUARY 24, 2002
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ADMINISTRATION AGREEMENT, dated as of January 24, 2002, among CAPITAL AUTO
RECEIVABLES ASSET TRUST 2002-1, a Delaware business trust (the "Issuer"),
GENERAL MOTORS ACCEPTANCE CORPORATION, a Delaware corporation, as administrator
(the "Administrator"), and BANK ONE, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Indenture Trustee (the "Indenture Trustee").
W I T N E S S E T H :
WHEREAS, the Issuer is issuing Notes pursuant to an Indenture, dated as of
January 24, 2002 (as amended and supplemented from time to time, the
"Indenture"), between the Issuer and the Indenture Trustee;
WHEREAS, the Issuer has entered into (or assumed) certain agreements in
connection with the issuance of the Notes and the Certificates, including (i)
the Trust Sale and Servicing Agreement, (ii) the Note Depository Agreement and
(iii) the Indenture;
WHEREAS, pursuant to the Basic Documents, the Issuer and Bankers Trust
(Delaware), as Owner Trustee, are required to perform certain duties in
connection with (a) the Notes and the Collateral and (b) the Certificates;
WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator
perform certain of the duties of the Issuer and the Owner Trustee referred to in
the preceding clause, and to provide such additional services consistent with
the terms of this Agreement and the Basic Documents as the Issuer and the Owner
Trustee may from time to time request;
WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties agree as follows:
1. Certain Definitions. Capitalized terms used but not otherwise defined
herein shall have the respective meanings assigned them in Part I of Appendix A
to the Trust Sale and Servicing Agreement of even date herewith, among the
Issuer, the Seller and General Motors Acceptance Corporation, as Servicer (as it
may be amended, supplemented or modified from time to time, the "Trust Sale and
Servicing Agreement"). All references herein to "the Agreement" or "this
Agreement" are to this Administration Agreement as it may be amended,
supplemented or modified from time to time, and all references herein to
Sections are to Sections 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.
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2. Duties of the Administrator.
(a) Duties with Respect to the Depository Agreements and the
Indenture.
(i) The Administrator agrees to perform all its duties as Administrator and
the duties of the Issuer under the Indenture, the Swap Counterparty Rights
Agreement and the Depository Agreements. In addition, the Administrator shall
consult with the Owner Trustee regarding the duties of the Issuer under the
Indenture, the Swap Counterparty Rights Agreement and the Depository Agreements.
The Administrator shall monitor the performance of the Issuer and shall advise
the Owner Trustee when action is necessary to comply with the Issuer's duties
under the Indenture, the Swap Counterparty Rights Agreement and the Depository
Agreements. The Administrator shall prepare for execution by the Issuer or shall
cause the preparation by other appropriate persons of all such documents,
reports, filings, instruments, certificates, notices and opinions as it shall be
the duty of the Issuer to prepare, file or deliver pursuant to the Indenture,
the Swap Counterparty Rights Agreement and the Depository Agreements. In
furtherance of the foregoing, the Administrator shall take all appropriate
action that it is the duty of the Issuer to take pursuant to the Indenture and
the Swap Counterparty Rights Agreement, including, without limitation, such of
the foregoing as are required with respect to the following matters under the
Indenture (references are to sections of the Indenture and the Swap Counterparty
Rights Agreement, as applicable):
(A) the preparation of or obtaining of the documents and instruments
required for authentication of the Notes and delivery of the same to the
Indenture Trustee (Section 2.2 of the Indenture);
(B) the duty to cause the Note Register to be kept and to give the
Indenture Trustee notice of any appointment of a new Note Registrar and the
location, or change in location, of the Note Register (Section 2.4 of the
Indenture);
(C) the notification of Noteholders of the final principal payment on their
Notes (Section 2.7(d) of the Indenture);
(D) the preparation, obtaining or filing of the instruments, opinions and
certificates and other documents required for the release of collateral (Section
2.9 of the Indenture);
(E) the preparation of Definitive Notes and arranging the delivery thereof
(Section 2.12 of the Indenture);
(F) the maintenance of an office in the Borough of Manhattan, the City of
New York, for registration of transfer or exchange of Notes (Section 3.2 of the
Indenture);
(G) the duty to cause newly appointed Paying Agents, if any, to deliver to
the Indenture Trustee the instrument specified in the Indenture regarding funds
held in trust (Section 3.3 of the Indenture);
(H) the direction to the Indenture Trustee to deposit monies with Paying
Agents, if any, other than the Indenture Trustee (Section 3.3 of the Indenture);
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(I) the obtaining and preservation of the Issuer's qualification to do
business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of the Indenture, the
Notes, the Collateral and each other instrument and agreement included in the
Trust Estate (Section 3.4 of the Indenture);
(J) the preparation of all supplements, amendments, financing statements,
continuation statements, instruments of further assurance and other instruments,
in accordance with Section 3.5 of the Indenture, necessary to protect the Trust
Estate (Section 3.5 of the Indenture);
(K) the delivery of the Opinion of Counsel on the Closing Date, in
accordance with Section 3.6 of the Indenture, as to the Trust Estate, and the
annual delivery of the Officers' Certificate and certain other statements, in
accordance with Section 3.9 of the Indenture, as to compliance with the
Indenture (Sections 3.6 and 3.9 of the Indenture);
(L) the identification to the Indenture Trustee in an Officers' Certificate
of a Person with whom the Issuer has contracted to perform its duties under the
Indenture (Section 3.7(b) of the Indenture);
(M) the notification of the Indenture Trustee and the Rating Agencies of a
Servicer Default pursuant to the Trust Sale and Servicing Agreement and, if such
Servicer Default arises from the failure of the Servicer to perform any of its
duties under the Trust Sale and Servicing Agreement, the taking of all
reasonable steps available to remedy such failure (Section 3.7(d) of the
Indenture);
(N) the preparation and obtaining of documents and instruments required for
the release of the Issuer from its obligations under the Indenture (Section 3.11
of the Indenture);
(O) the delivery of notice to the Indenture Trustee of each Event of
Default under the Indenture, each Servicer Default, each default by the Seller
under the Trust Sale and Servicing Agreement and each default by GMAC under the
Pooling and Servicing Agreement (Section 3.19 of the Indenture);
(P) the monitoring of the Issuer's obligations as to the satisfaction and
discharge of the Indenture and the preparation of an Officers' Certificate and
the obtaining of the Opinion of Counsel and the Independent Certificate relating
thereto (Section 4.1 of the Indenture);
(Q) the compliance with any written directive of the Indenture Trustee with
respect to the sale of the Trust Estate in a commercially reasonable manner if
an Event of Default shall have occurred and be continuing (Section 5.4 of the
Indenture);
(R) the preparation and delivery of notice to Noteholders and the Swap
Counterparty of the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee (Section 6.8 of the Indenture);
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(S) the preparation of any written instruments required to confirm more
fully the authority of any co-trustee or separate trustee and any written
instruments necessary in connection with the resignation or removal of any
co-trustee or separate trustee (Section 6.10 of the Indenture);
(T) the furnishing of the Indenture Trustee with the names and addresses of
Noteholders during any period when the Indenture Trustee is not the Note
Registrar (Section 7.1 of the Indenture);
(U) the preparation, the execution on behalf of the Issuer and the filing
with the Commission, any applicable state agencies and the Indenture Trustee of
documents required to be filed on a periodic basis with, and summaries thereof
as may be required by rules and regulations prescribed by, the Commission and
any applicable state agencies and the transmission of such summaries, as
necessary, to the Noteholders (Section 7.3 of the Indenture);
(V) the opening of one or more accounts in the Trust's name, the
preparation of Issuer Orders, Officer's Certificates and Opinions of Counsel and
all other actions necessary with respect to investment and reinvestment of funds
in the Designated Accounts (Sections 8.2 and 8.3 of the Indenture);
(W) the preparation of an Issuer Request and Officer's Certificate and the
obtaining of an Opinion of Counsel and Independent Certificates, if necessary,
for the release of the Trust Estate as defined in the Indenture (Sections 8.4
and 8.5 of the Indenture);
(X) the preparation of Issuer Orders and the obtaining of Opinions of
Counsel with respect to the execution of supplemental indentures and the mailing
to the Noteholders of notices with respect to such supplemental indentures
(Sections 9.1, 9.2 and 9.3 of the Indenture);
(Y) the execution and delivery of new Notes conforming to any supplemental
indenture (Section 9.6 of the Indenture);
(Z) the notification of Noteholders and the Rating Agencies of redemption
of the Class A-4 Notes or the duty to cause the Indenture Trustee to provide
such notification (Sections 10.1 and 10.2 of the Indenture);
(AA) the preparation of all Officer's Certificates, Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuer to the
Indenture Trustee to take any action under the Indenture (Section 11.1(a) of the
Indenture);
(BB) the preparation and delivery of Officers' Certificates and the
obtaining of Independent Certificates, if necessary, for the release of property
from the lien of the Indenture (Section 11.1(b) of the Indenture);
(CC) the notification of the Rating Agencies upon the failure of the
Indenture Trustee to give such notification, of the information required
pursuant to Section 11.4 (Section 11.4 of the Indenture);
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(DD) the preparation and delivery to Noteholders and the Indenture Trustee
of any agreements with respect to alternate payment and notice provisions
(Section 11.6 of the Indenture);
(EE) the recording of the Indenture, if applicable (Section 11.15 of the
Indenture);
(FF) the delivery to the Indenture Trustee of an Officer's Certificate and
an Opinion of Counsel addressed to the Issuer, each stating that any
consolidation or merger of the Issuer and related supplemental indenture shall
have no material adverse tax consequence to the Swap Counterparty, as required
pursuant to Section 2.01(a) of the Swap Counterparty Rights Agreement;
(GG) the delivery to the Indenture Trustee of an Officer's Certificate and
an Opinion of Counsel addressed to the Issuer, each stating that any sale,
conveyance, exchange, transfer or disposition of property or assets of the
Issuer and related supplemental indenture shall have no material adverse tax
consequence to the Swap Counterparty, as required pursuant to Section 2.01(b) of
the Swap Counterparty Rights Agreement;
(HH) the delivery of a copy to the Swap Counterparty of any notice it shall
deliver pursuant to Section 3.7(d) of the Indenture in respect of the occurrence
of a Servicer Default under the Trust Sale and Servicing Agreement (Section
4.02(b) of the Swap Counterparty Rights Agreement);
(II) the delivery of prompt written notice to the Swap Counterparty of each
Event of Default under the Indenture, each Servicer Default, each default on the
part of the Seller of its obligations under the Trust Sale and Servicing
Agreement and each default on the part of GMAC of its obligations under the
Pooling and Servicing Agreement (Section 4.02(c) of the Swap Counterparty Rights
Agreement);
(JJ) the delivery to the Swap Counterparty, within five Business Days after
learning of the occurrence thereof, of a copy of the written notice in the form
of an Officer's Certificate delivered to the Indenture Trustee, of any event
which with the giving of notice and the lapse of time would become an Event of
Default under Section 5.1(d) of the Indenture, its status and what action the
Issuer is taking or proposes to take with respect thereto (Section 4.02(d) of
the Swap Counterparty Rights Agreement);
(KK) the delivery of written notice to the Swap Counterparty at least 60
days prior to the removal of the Administrator without cause pursuant to Section
10(b) of the Administration Agreement (Section 4.08(a) of the Swap Counterparty
Rights Agreement);
(LL) the delivery to the Swap Counterparty of a copy of any written notice
from the Issuer to the Administrator effecting the immediate removal of the
Administrator pursuant to Section 10(d) of the Administration Agreement (Section
4.08(b) of the Swap Counterparty Rights Agreement);
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(MM) the prompt transmittal to the Swap Counterparty of any notice received
by the Issuer from the Noteholders to the Swap Counterparty (Section 4.10 of the
Swap Counterparty Rights Agreement);
(NN) the delivery to the Swap Counterparty of summaries of any information,
documents or reports required to be filed by the Issuer pursuant to Section
7.3(a)(i) and 7.3(a)(ii) of the Indenture (Section 4.10(f) of the Swap
Counterparty Rights Agreement);
(OO) the delivery to the Swap Counterparty of a copy of the Annual
Statement of Compliance required by Section 3.9 of the Indenture (Section
4.11(c) of the Swap Counterparty Rights Agreement); and
(ii) The Administrator will perform those payment and indemnity obligations
of the Servicer under Section 3.01 of the Pooling and Servicing Agreement and
Section 6.01 of the Trust Sale and Servicing Agreement in the event that the
Servicer fails to perform such obligations.
(b) Additional Duties.
(i) In addition to the duties of the Administrator set forth above,
the Administrator shall perform all the duties of the Issuer under the
Basic Documents, including, without limitation, making all calculations and
shall prepare for execution by the Issuer or the Owner Trustee or shall
cause the preparation by other appropriate persons of all such documents,
reports, filings, instruments, certificates, notices and opinions as it
shall be the duty of the Issuer or the Owner Trustee to prepare, file or
deliver pursuant to the Basic Documents, and at the request of the Owner
Trustee shall take all appropriate action that it is the duty of the Issuer
or the Owner Trustee to take pursuant to the Basic Documents. Subject to
Section 7 of this Agreement, and in accordance with the directions of the
Owner Trustee, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Basic Documents) as are not covered by any of the foregoing
provisions and as are expressly requested by the Owner Trustee and are
reasonably within the capability of the Administrator.
(ii) Notwithstanding anything in this Agreement or the Basic Documents
to the contrary, the Administrator shall be responsible for promptly
notifying the Owner Trustee if any withholding tax is imposed on the
Trust's payments to a Certificateholder as contemplated in Section 5.2(c)
of the Trust Agreement. Any such notice shall specify the amount of any
withholding tax required to be withheld by the Owner Trustee pursuant to
such provision.
(iii) Notwithstanding anything in this Agreement or the Basic
Documents to the contrary, the Administrator shall be responsible for
performance of the duties of the Owner Trustee set forth in Section 5.4 of
the Trust Agreement with respect to, among other things, accounting and
reports to Certificateholders; provided, however, that if the Owner Trustee
is notified by the Administrator that the Issuer is deemed to be taxable as
a partnership for federal income tax purposes, the Owner Trustee shall
retain responsibility for the distribution to the Certificateholders of the
Schedule K-1s necessary to enable each Certificateholder to prepare its
federal and state income tax returns.
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(iv) The Administrator may satisfy any obligations it may have with
respect to clauses (ii) and (iii) above by retaining, at the expense of the
Trust payable by the Administrator, a firm of independent public
accountants acceptable to the Owner Trustee which shall perform the
obligations of the Administrator thereunder.
(v) The Administrator shall perform the duties of the Administrator
specified in Section 6.10 of the Trust Agreement required to be performed
in connection with the resignation or removal of the Owner Trustee, and any
other duties expressly required to be performed by the Administrator under
the Trust Agreement.
(vi) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into
transactions with or otherwise deal with any of its Affiliates; provided,
however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in
the Administrator's opinion, no less favorable to the Issuer than would be
available from Persons that are not Affiliates of the Administrator.
(vii) The Administrator shall indemnify, defend and hold harmless the
Indenture Trustee and the Owner Trustee from and against any and all costs,
expenses, losses, claims, damages, and liabilities to the extent that such
cost, expense, loss, claim, damage, or liability arose out of, or was
imposed upon the Indenture Trustee or the Owner Trustee through the
negligence, willful misfeasance or bad faith of the Administrator in the
performance of its duties under this Agreement or by reason of reckless
disregard of its obligations and duties under this Agreement.
Indemnification under this Section 2(b)(vii) shall include, without
limitation, reasonable fees and expenses of counsel and expenses of
litigation. If the Administrator has made any indemnity payments pursuant
to this Section 2(b)(vii) and the recipient thereafter collects any of such
amounts from others, the recipient shall promptly repay such amounts
collected to the Administrator, without interest.
(c) Non-Ministerial Matters.
(i) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any
action unless, within a reasonable time before the taking of such action,
the Administrator shall have notified the Owner Trustee of the proposed
action and the Owner Trustee shall not have withheld consent or provided an
alternative direction. For the purpose of the preceding sentence,
"non-ministerial matters" shall include, without limitation:
(A) the amendment of or any supplement to the Indenture;
(B) the initiation of any claim or lawsuit by the Issuer and the
compromise of any action, claim or lawsuit brought by or against the
Issuer;
(C) the amendment, change or modification of any of the Basic
Documents;
(D) the appointment of successor Note Registrars, successor
Paying Agents and successor Indenture Trustees pursuant to the
Indenture or the appointment of successor Administrators or Successor
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Servicers, or the consent to the assignment by the Note Registrar,
Paying Agent or Indenture Trustee of its obligations under the
Indenture; and
(E) the removal of the Indenture Trustee.
(ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any
payments to the Noteholders under the Basic Documents, (y) sell the Trust
Estate pursuant to Section 5.4 of the Indenture or (z) take any other
action that the Issuer directs the Administrator not to take on its behalf.
3. Successor Servicer and Administrator. The Issuer shall undertake, as
promptly as possible after the giving of notice of termination to the Servicer
of the Servicer's rights and powers pursuant to Section 7.02 of the Trust Sale
and Servicing Agreement, to enforce the provisions of Sections 7.02, 7.03 and
7.04 of the Trust Sale and Servicing Agreement with respect to the appointment
of a successor Servicer. Such successor Servicer shall, upon compliance with
Sections 10(e)(ii) and (iii), become the successor Administrator hereunder.
4. Records. The Administrator shall comply with Section 5.4 of the Trust
Agreement, including, without limitation, maintaining appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Seller at any time during normal business hours.
5. Compensation. As compensation for the performance of the Administrator's
obligations under this Agreement and as reimbursement for its expenses related
thereto, the Servicer shall pay the Administrator a monthly fee in the amount of
$1,500.
6. Additional Information To Be Furnished to the Issuer. The Administrator
shall furnish to the Issuer from time to time such additional information
regarding the Collateral as the Issuer shall reasonably request.
7. Independence of the Administrator. For all purposes of this Agreement,
the Administrator shall be an independent contractor and shall not be subject to
the supervision of the Issuer or the Owner Trustee with respect to the manner in
which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Issuer, the Administrator shall have no authority to
act for or represent the Issuer or the Owner Trustee in any way and shall not
otherwise be deemed an agent of the Issuer or the Owner Trustee.
8. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.
9. Other Activities of Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its
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sole discretion, from acting in a similar capacity as an administrator for any
other person or entity even though such person or entity may engage in business
activities similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee.
10. Term of Agreement; Resignation and Removal of Administrator.
(a) This Agreement shall continue in force until the termination of the
Issuer, upon which event this Agreement shall automatically terminate.
(b) Subject to Section 10(e), the Administrator may give notice of its
intent to resign its duties hereunder by providing the Issuer with at least 60
days' prior written notice.
(c) Subject to Section 10(e), the Issuer may remove the Administrator
without cause by providing the Administrator with at least 60 days' prior
written notice.
(d) Subject to Section 10(e), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator if any of the following events shall occur:
(i) the Administrator shall default in the performance of any of its
duties under this Agreement and, after notice from the Issuer of such
default, shall not cure such default within ten days (or, if such default
cannot be cured in such time, shall not give within ten days such assurance
of cure as shall be reasonably satisfactory to the Issuer);
(ii) a court having jurisdiction in the premises shall enter a decree
or order for relief, and such decree or order shall not have been vacated
within 60 days, in respect of the Administrator in any involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or appoint a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for the Administrator or any
substantial part of its property or order the winding-up or liquidation of
its affairs; or
(iii) the Administrator shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of a receiver,
liquidator, assignee, trustee, custodian, sequestrator or similar official
for the Administrator or any substantial part of its property, shall
consent to the taking of possession by any such official of any substantial
part of its property, shall make any general assignment for the benefit of
creditors or shall fail generally to pay its debts as they become due.
The Administrator agrees that if any of the events specified in clauses
(i), (ii) or (iii) of this Section 10(d) shall occur, it shall give written
notice thereof to the Issuer, the Swap Counterparty and the Indenture Trustee
within seven days after the happening of such event.
(e) No resignation or removal of the Administrator pursuant to this Section
10 shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer, (ii) such successor Administrator shall have agreed in
writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder, and (iii) the Rating Agency Condition has been
satisfied with respect to such proposed appointment.
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11. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 10(a) or the
resignation or removal of the Administrator pursuant to Section 10(b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the effective date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 10(a) deliver to the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section
10(b) or (c), respectively, the Administrator shall cooperate with the Issuer
and take all reasonable steps requested to assist the Issuer in making an
orderly transfer of the duties of the Administrator.
12. Notices. All demands, notices and communications upon or to the Issuer,
the Administrator or the Indenture Trustee under this Agreement shall be
delivered as specified in Appendix B of the Trust Sale and Servicing Agreement.
13. Amendments.
(a) This Agreement may be amended from time to time with prior notice to
the Rating Agencies by a written amendment duly executed and delivered by the
Issuer, the Administrator and the Indenture Trustee, with the written consent of
the Owner Trustee, without the consent of the Financial Parties, for any of the
following purposes:
(i) to add provisions hereof for the benefit of the Noteholders and
Certificateholders or to surrender any right or power herein conferred upon
the Administrator;
(ii) to cure any ambiguity or to correct or supplement any provision
herein which may be inconsistent with any other provision herein;
(iii) to evidence and provide for the appointment of a successor
Administrator hereunder and to add to or change any of the provisions of
this Agreement as shall be necessary to facilitate such succession; and
(iv) to add any provisions to or change in any manner or eliminate any
of the provisions of this Agreement or to modify in any manner the rights
of the Noteholders or Certificateholders; provided, however, that such
amendment under this Section 13(a)(iv) shall not, as evidenced by an
Opinion of Counsel, materially and adversely affect in any material respect
the interest of any Noteholder or Certificateholder.
(b) This Agreement may also be amended by the Issuer, the Administrator and
the Indenture Trustee with prior notice to the Rating Agencies and with the
written consent of the Owner Trustee and the holders of Notes evidencing at
least a majority in the Outstanding Amount of the Notes as of the close of the
immediately preceding Distribution Date and the holders of Certificates
evidencing at least a majority of the Voting Interests as of the close of the
preceding Distribution Date for the purpose of adding any provisions to,
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of Noteholders or the Certificateholders;
provided, however, that no such amendment may (i) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that are required to be made for the
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benefit of the Noteholders or Certificateholders, (ii) reduce the percentage of
the holders of Notes and Certificates which are required to consent to any
amendment of this Agreement or (iii) modify or alter any provision of this
Section 13, except to provide that certain additional provisions of this
Agreement and the Basic Documents cannot be modified or waived without the
consent of each Noteholder and Certificateholder affected thereby, without, in
any such case, the consent of the holders of all the outstanding Notes and
Certificates.
(c) Notwithstanding Sections 13(a) and (b), the Administrator may not amend
this Agreement without the permission of the Seller, which permission shall not
be unreasonably withheld.
14. Successors and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuer and the Owner Trustee and subject to the satisfaction of the Rating
Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator, provided that such successor organization executes
and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an
agreement in which such corporation or other organization agrees to be bound
hereunder by the terms of such assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall
bind any successors or assigns of the parties hereto.
15. GOVERNING LAW. THIS AGREEMENT 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
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
16. Headings. The section headings hereof have been inserted for
convenience of reference only and shall not define or limit any of the terms or
provisions hereof.
17. Separate Counterparts. This Agreement may be executed by the parties in
separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the
same instrument.
18. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall for any reason
whatsoever be held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.
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19. Not Applicable to General Motors Acceptance Corporation in Other
Capacities. Nothing in this Agreement shall affect any obligation General Motors
Acceptance Corporation may have in any other capacity.
20. Limitation of Liability of Owner Trustee and Indenture Trustee.
(a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Bankers Trust (Delaware), not in its
individual capacity but solely as Owner Trustee and in no event shall Bankers
Trust (Delaware) have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all purposes
of this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI of the Trust Agreement.
(b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Bank One, National Association, not in its
individual capacity but solely in its capacity as Indenture Trustee and in no
event shall Bank One, National Association have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer.
21. Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary
to this Agreement and is entitled to the rights and benefits hereunder and may
enforce the provisions hereof as if it were a party hereto.
* * * * *
13
IN WITNESS WHEREOF, the parties have caused this Administration Agreement
to be duly executed by their respective officers as of the day and year first
above written.
CAPITAL AUTO RECEIVABLES ASSET TRUST 2002-1
By: BANKERS TRUST (DELAWARE),
not in its individual capacity,
but solely as Owner
Trustee on behalf of the Trust
By: CHARLES C. GREITER
________________________________
Name: Charles C. Greiter
Title: Attorney-in-fact
BANK ONE, NATIONAL ASSOCIATION,
not in its individual capacity but solely as
Indenture Trustee
By: ________________________________
Name:
Title:
GENERAL MOTORS ACCEPTANCE
CORPORATION, as Administrator
By: KAREN A. SABATOWSKI
_________________________________
Name: Karen A. Sabatowski
Title: Director - Securitization and Cash
Management