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EXHIBIT 4-R
SERIES 2002-CC SUPPLEMENT
Among
DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC, as Seller
DAIMLERCHRYSLER SERVICES NORTH AMERICA LLC, as Servicer
and
THE BANK OF NEW YORK, as Trustee
Dated as of June 1, 2002
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TABLE OF CONTENTS
Page
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ARTICLE I
Creation of the Series 2002-CC Certificates
SECTION 1.01. Designation...................................................................................1
ARTICLE II
Definitions
SECTION 2.01. Definitions...................................................................................2
ARTICLE III
Servicing Fee
SECTION 3.01. Servicing Compensation........................................................................8
ARTICLE IV
Rights of Series 2002-CC Certificateholders and Allocation and Application of Collections
SECTION 4.01. Allocations; Payments to Seller; Excess Principal Collections and Unallocated Principal
Collections...................................................................................9
SECTION 4.02. Establishment of Excess Funding Account.......................................................9
SECTION 4.03. Application of Available Interest Amounts and Available Principal Amounts....................10
SECTION 4.04. Excess Principal Collections.................................................................11
SECTION 4.05. Excess Funding Account.......................................................................11
ARTICLE V
Reports to Series 2002-CC Certificateholders
SECTION 5.01. Distributions................................................................................13
SECTION 5.02. Reports and Statements to Series 2002-CC Certificateholders..................................13
ARTICLE VI
No Additional Early Amortization Events
ARTICLE VII
[Reserved]
ARTICLE VIII
Final Distributions
SECTION 8.01. Sale of Certificateholders' Interest Pursuant to
Section 2.03 of the Agreement; Distributions Pursuant to
Section 7.01 of this Series Supplement or Section 2.03 or
12.02(c) of the Agreement....................................................................14
SECTION 8.02. Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to
Section 9.02 of the Agreement................................................................14
SECTION 8.03. Sale of Receivables Pursuant to an Indenture Supplement......................................15
ARTICLE IX
Miscellaneous Provisions
SECTION 9.01. Certain Permitted Actions, Amendments to the Agreement; Additional Covenants;................15
SECTION 9.02. Ratification of Agreement....................................................................18
SECTION 9.03. Counterparts.................................................................................18
SECTION 9.04. Dealer Concentrations........................................................................18
SECTION 9.05. The Certificates; Restrictions on Transfer...................................................18
SECTION 9.06. GOVERNING LAW................................................................................18
EXHIBIT A Form of Series 2002-CC Certificate..........................................................A-1
EXHIBIT B Form of Distribution Date Statement.........................................................B-1
SCHEDULE 1 Location of Excess Funding Account
ii
SERIES 2002-CC SUPPLEMENT dated as of June 1, 2002 (this "Series
Supplement"), among DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC, a
Delaware limited liability company, as Seller, DAIMLERCHRYSLER SERVICES
NORTH AMERICA LLC, a Michigan limited liability company, as Servicer,
and THE BANK OF NEW YORK, a New York banking corporation, as Trustee.
Pursuant to the Amended and Restated Pooling and Servicing Agreement
dated as of December 5, 2001 (as amended and supplemented, the "Agreement"),
among DaimlerChrysler Wholesale Receivables LLC, as Seller, DaimlerChrysler
Services North America LLC, as Servicer, and The Bank of New York, as Trustee,
the Seller has created the CARCO Auto Loan Master Trust (the "Trust"). Section
6.03 of the Agreement provides that the Seller may from time to time direct the
Trustee to issue, on behalf of the Trust, one or more new Series of Investor
Certificates representing fractional undivided interests in the Trust. The
Principal Terms of any new Series are to be set forth in a Supplement to the
Agreement.
Pursuant to this Series Supplement, the Seller and the Trustee shall
create a new Series of Investor Certificates and specify the Principal Terms
thereof.
ARTICLE I
Creation of the Series 2002-CC Certificates
SECTION 1.01. Designation.
(a) There is hereby created a Series of Investor Certificates to be
issued pursuant to the Agreement and this Series Supplement to be known as the
"Auto Loan Asset Backed Certificates, Series 2002-CC". This Series Supplement is
the Series 2002-CC Supplement referred to in (i) the DCMOT Trust Agreement and
(ii) the Indenture.
(b) In the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision contained in the
Agreement, the terms and provisions of this Series Supplement shall govern.
(c) Notwithstanding anything to the contrary in the Agreement, clause
(c) of the definition "Tax Opinion" shall not apply with respect to the Series
2002-CC Certificates and any provision of the Agreement (including, for the
avoidance of doubt, clause (a) of the definition "Tax Opinion") that requires a
Series of Investor Certificates to be treated as debt for tax purposes shall not
apply to the Series 2002-CC Certificates. The Seller intends, and the Holders of
the Series 2002-CC Certificates agree by accepting the Series 2002-A
Certificates, that the Series 2002-CC Certificates represent an equity interest
in the assets of the Trust for tax purposes.
(d) Notwithstanding the definition "Required Participation Amount" in
the Agreement, the calculation of the Required Participation Amount as it
relates to Series 2002-CC shall be made as follows: an amount equal to the sum
of (i) the sum of the amounts for each series of Notes obtained by multiplying
the Required Participation Percentage for Series 2002-CC by the nominal
liquidation amount of such series of Notes and (ii) the sum of the
overcollateralization amounts for each series of Notes on the preceding
Distribution Date after giving effect to the allocations, deposits and payments
made on such Distribution Date.
(e) The Series 2002-CC Certificates need not be rated.
ARTICLE II
Definitions
SECTION 2.01. Definitions.
(a) Whenever used in this Series Supplement the following words and
phrases shall have the following meanings.
"Adjusted Invested Amount" shall mean, with respect to Series
2002-CC for any Collection Period and for purposes of the definition
"Series Adjusted Invested Amount" in the Agreement, the sum of (i) the
Invested Amount for such Collection Period and (ii) the sum of the
amounts (other than investment earnings) on deposit in the principal
funding account for each outstanding series of Notes and the principal
amounts paid to holders of each outstanding series of Notes (exclusive
of principal paid from the Excess Funding Amount).
"Allocable Defaulted Amount" shall mean, with respect to any
Collection Period, the product of (a) the Series 2002-CC Allocation
Percentage with respect to such Collection Period and (b) the Defaulted
Amount with respect to such Collection Period.
"Allocable Miscellaneous Payments" shall mean, with respect to
any Distribution Date, the product of (a) the Series 2002-CC Allocation
Percentage for the related Collection Period and (b) Miscellaneous
Payments for such Collection Period.
"Allocable Non-Principal Collections" shall mean, with respect
to any Deposit Date, the product of (a) the Series 2002-CC Allocation
Percentage for the related Collection Period and (b) the aggregate
amount of Collections of Non-Principal Receivables relating to such
Deposit Date.
"Allocable Principal Collections" shall mean, with respect to
any Deposit Date, the product of (a) the Series 2002-CC Allocation
Percentage for the related Collection Period and (b) the aggregate
amount of Collections in respect of Principal Receivables relating to
such Deposit Date.
"Automatic Additional Accounts" shall have the meaning
specified in Section 9.01(d).
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"Available Interest Amounts" shall mean, with respect to any
Distribution Date or the related Collection Period, the sum of (i) an
amount equal to the product of (a) the Floating Allocation Percentage
for such Collection Period and (b) the Allocable Non-Principal
Collections deposited in the Collection Account for such Collection
Period and (ii) the Investment Proceeds for such Collection Period.
"Available Principal Amounts" shall mean, with respect to any
Distribution Date or the related Collection Period, the sum of (a) the
product of the Principal Allocation Percentage for such Collection
Period and the Allocable Principal Collections deposited in the
Collection Account for such Collection Period and (b) the Series
2002-CC Excess Principal Collections on deposit in the Collection
Account in respect of such Distribution Date.
"Certificateholders Monthly Servicing Fee" shall have the
meaning specified in Section 3.01.
"Closing Date" shall mean June 11, 2002.
"DCMOT" shall mean DaimlerChrysler Master Owner Trust, a
Delaware business governed by the DCMOT Trust Agreement.
"DCMOT Trust Agreement" shall mean the Trust Agreement dated
as of June 1, 2002 between the Seller, as depositor, and Chase
Manhattan Bank USA, National Association, as owner trustee, as amended
and supplemented from time to time.
"DCS" shall mean DaimlerChrysler Services North America LLC, a
Michigan limited liability company, and its successors in interest and
permitted assigns.
"Early Amortization Event" shall mean any Early Amortization
Event specified in Section 9.01 of the Agreement.
"Early Amortization Period" shall not apply with respect to
the Series 2002-CC Certificates.
"Early Redemption Event" shall mean any early redemption event
specified as such in any Indenture Supplement.
"Excess Funding Account" shall have the meaning specified in
Section 4.02(a)(i).
"Excess Available Principal Amounts" shall mean, with respect
to any Distribution Date, the sum of all Shared Excess Available
Principal Amounts for all series of Notes that are not required for
payment or deposit into an account under the Indenture Supplement for
any series on the related payment date.
"Floating Allocation Percentage" shall mean, with respect to
any Collection Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which is the
Invested Amount for such Collection Period and the denominator of which
is the product of (a) the Pool Balance as of the last day of the
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immediately preceding Collection Period and (b) the Series 2002-CC
Allocation Percentage for the Collection Period in respect of which the
Floating Allocation Percentage is being calculated; provided, however,
that, with respect to the June 2002 Collection Period, the Floating
Allocation Percentage shall mean the percentage equivalent of a
fraction, the numerator of which is the Invested Amount on the Closing
Date and the denominator of which is the product of (x) the Pool
Balance on the Series Cut-Off Date and (y) the Series 2002-CC
Allocation Percentage with respect to the Series Cut-Off Date.
"Indenture" shall mean the Indenture dated as of June 1, 2002
between DCMOT and The Bank of New York, as Indenture Trustee, as
amended and supplemented from time to time.
"Indenture Supplement" shall mean any supplement to the
Indenture pursuant to which a series of Notes is issued, as amended and
supplemented from time to time.
"Indenture Trustee" shall mean the indenture trustee under the
Indenture.
"Initial Distribution Date" shall mean July 15, 2002.
"Invested Amount" shall mean, with respect to any Collection
Period, an amount equal to the sum of the Series Nominal Liquidation
Amounts for all series of Notes determined on the Determination Date
occurring in such Collection Period (in each case, after giving effect
to the allocations, distributions, withdrawals and deposits to be made
on the Distribution Date following the Determination Date during the
Collection Period in which such date occurs).
"Investment Proceeds" shall mean, with respect to any
Determination Date, all interest and other investment earnings
accumulated for the immediately preceding Collection Period (net of
losses and investment expenses) on funds on deposit in the Excess
Funding Account, together with an amount equal to the Series 2002-CC
Allocation Percentage of the interest and other investment earnings
(net of losses and investment expenses) on funds held in the Collection
Account credited to the Collection Account pursuant to Section 4.02 of
the Agreement.
"Investor Default Amount" shall mean, with respect to any
Distribution Date, an amount equal to the product of (a) the Allocable
Defaulted Amount for the related Collection Period and (b) the Floating
Allocation Percentage for the related Collection Period.
"Monthly Payment Rate" shall mean, for any Collection Period,
the percentage derived from dividing the Principal Collections for such
Collection Period by the average daily Pool Balance for such Collection
Period.
"Monthly Servicing Fee" shall have the meaning specified in
Section 3.01.
"Monthly Servicing Fee Rate" shall mean, with respect to
Series 2002-CC on a monthly basis, 1/12 of 1% per month, or such lesser
percentage as the Servicer shall
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determine in connection with a waiver by the Servicer of all or any
portion of the Monthly Servicing Fee on any date. The annual servicing
fee rate is 1%.
"Moody's" shall mean Moody's Investors Service, Inc.
"Notes" shall mean the notes issued from time to time in
series under the Indenture and the Indenture Supplements.
"Principal Allocation Percentage" shall mean, with respect to
any Collection Period, the percentage equivalent (which shall never
exceed 100%) of a fraction, (a) the numerator of which is the sum of
the Series Nominal Liquidation Amounts for all series of Notes for such
Collection Period (except that if a series of Notes is no longer in its
Revolving Period (as defined in the applicable Indenture Supplement),
its Series Nominal Liquidation Amount, for the purpose of this
calculation, shall be its Series Nominal Liquidation Amount as of the
last day of its most recently ended Revolving Period) and (b) the
denominator of which is the product of (x) the Pool Balance as of the
last day of the Revolving Period and (y) the Series 2002-CC Allocation
Percentage for the Collection Period in respect of which the Principal
Allocation Percentage is being calculated; provided that with respect
to that portion of any Collection Period that comes after the date on
which any Early Redemption Event (in respect of which the Early
Redemption Period is not terminated and the Revolving Period
recommenced) in respect of a series of Notes occurs, the Principal
Allocation Percentage shall reset for such portion of the Collection
Period using the Pool Balance as of the close of business on the date
on which the Early Redemption Event occurs.
"Reassignment Amount" shall mean, with respect to any
Distribution Date, after giving effect to any deposits and
distributions otherwise to be made on such Distribution Date, the sum
of (a) the Invested Amount on such Distribution Date and (b) accrued
and unpaid interest on the outstanding dollar principal amount of all
of the Notes through the day preceding such Distribution Date.
"Required Participation Percentage" shall mean, with respect
to Series 2002-CC, 103%; provided, however, that if either (a) the
aggregate amount of Principal Receivables due from either AutoNation,
Inc. and its affiliates or United Auto Group, Inc. and its affiliates
at the close of business on the last day of any Collection Period with
respect to which such determination is being made pursuant to Section
9.04 is greater than 4% of the Pool Balance on such last day or (b) the
aggregate amount of Principal Receivables due from any other Dealer or
group of affiliated Dealers at the close of business on the last day of
any Collection Period with respect to which such determination is being
made pursuant to Section 9.04 is greater than 1.5% of the Pool Balance
on such last day, the Required Participation Percentage shall mean, as
of such last day and with respect to such Collection Period and the
immediately following Collection Period only, 104%; provided, further,
that the Seller may, upon 10 days' prior notice to the Trustee and each
Rating Agency and upon satisfaction of the Rating Agency Condition,
reduce the Required Participation Percentage to a percentage which
shall not be less than 100%.
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"Revolving Period" shall not apply with respect to the Series
2002-CC Certificates.
"Seller's Collections" shall mean, with respect to any
Collection Period, the sum of (a) the Seller's Percentage of Allocable
Non-Principal Collections for the related Collection Period, plus (b)
the Seller's Percentage of Allocable Principal Collections for the
related Collection Period.
"Seller's Percentage" shall mean 100% minus (a) the Floating
Allocation Percentage, when used with respect to Non-Principal
Receivables and Defaulted Receivables or (b) the Principal Allocation
Percentage, when used with respect to Principal Receivables.
"Series 2002-CC" shall mean the Series of Investor
Certificates, the terms of which are specified in this Series
Supplement.
"Series 2002-CC Allocation Percentage" shall mean, with
respect to any Collection Period, the percentage equivalent of a
fraction, the numerator of which is the Adjusted Invested Amount for
such Collection Period and the denominator of which is the Trust
Adjusted Invested Amount for such Collection Period.
"Series 2002-CC Certificateholders" shall mean the Holders of
Series 2002-CC Certificates. Initially, the Indenture Trustee, as the
pledgee of DCMOT under the Indenture, shall be the only Holder of
Series 2002-CC Certificates.
"Series 2002-CC Certificateholders' Interest" shall mean the
Certificateholders' Interest with respect to Series 2002-CC.
"Series 2002-CC Certificates" shall mean any one of the
certificates executed by the Seller and authenticated by the Trustee,
substantially in the form of Exhibit A. Initially, there will be only
one Series 2002-CC Certificate, which will be held by the Indenture
Trustee as pledgee of DCMOT under the Indenture.
"Series 2002-CC Excess Principal Collections" shall mean that
portion of Excess Principal Collections allocated to Series 2002-CC
pursuant to Section 4.04.
"Series 2002-CC Expected Payment Date" shall be the latest
expected payment date for any series of Notes, as determined from time
to time.
"Series 2002-CC Final Payment Date" shall mean the first
Distribution Date on which, after giving effect to all payments to be
made on that Distribution Date, the outstanding principal amount of all
series of Notes will be paid in full.
"Series 2002-CC PFA Earnings Shortfall" means, with respect to
each Distribution Date, the sum of the PFA Earnings Shortfalls for all
series of Notes as calculated under the related Indenture Supplements.
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"Series 2002-CC Principal Shortfall" shall have the meaning
specified in Section 4.04(b).
"Series Cut-Off Date" shall mean June 1, 2002.
"Series Nominal Liquidation Amount" shall have, with respect
to any series of Notes, the meaning assigned in the related Indenture
Supplement.
"Standard & Poor's" shall mean Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc.
"Termination Date" shall mean the Trust Termination Date.
"Termination Proceeds" shall mean any Termination Proceeds
arising out of a sale of Receivables (or interests therein) pursuant to
Section 9.01.
"Transfer Date" shall have the meaning assigned in the
Indenture.
(b) Notwithstanding anything to the contrary in this Series Supplement
or the Agreement, the term "Rating Agency" shall mean, whenever used in this
Series Supplement or the Agreement with respect to Series 2002-CC, Moody's and
Standard & Poor's. As used in this Series Supplement and in the Agreement with
respect to Series 2002-CC, "highest investment category" shall mean (i) in the
case of Standard & Poor's, A-l+ or AAA, as applicable, and (ii) in the case of
Moody's, P-1 or Aaa, as applicable. Any notice required to be given to a Rating
Agency pursuant to the Agreement or this Series Supplement shall also be given
to Fitch Ratings ("Fitch"), although Fitch shall not be deemed to be a Rating
Agency for any purposes of the Agreement or this Series Supplement with respect
to Series 2002-CC.
(c) All capitalized terms used herein and not otherwise defined herein
have the meanings ascribed to them in the Agreement. The definitions in Section
2.01 are applicable to the singular as well as to the plural forms of such terms
and to the masculine as well as to the feminine and neuter genders of such
terms.
(d) The words "hereof", "herein" and "hereunder" and words of similar
import when used in this Series Supplement shall refer to this Series Supplement
as a whole and not to any particular provision of this Series Supplement;
references to any Article, Section or Exhibit are references to Articles,
Sections and Exhibits in or to this Series Supplement unless otherwise
specified; and the term "including" and its variations means "including without
limitation".
(e) Unless otherwise expressly provided herein, a reference to a series
of Notes is a reference only to outstanding series of Notes.
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ARTICLE III
Servicing Fee
SECTION 3.01. Servicing Compensation. The monthly servicing fee (the
"Monthly Servicing Fee") shall be payable to the Servicer, in arrears, on each
Distribution Date in respect of any Collection Period (or portion thereof)
occurring prior to the earlier of the first Distribution Date following the
Termination Date and the first Distribution Date on which the Invested Amount is
zero, in an amount equal to the product of (a) the Monthly Servicing Fee Rate,
(b) the Pool Balance as of the last day of the Collection Period second
preceding such Distribution Date and (c) the Series 2002-CC Allocation
Percentage with respect to the immediately preceding Collection Period. The
share of the Monthly Servicing Fee allocable to the Series 2002-CC
Certificateholders with respect to any Distribution Date (the
"Certificateholders Monthly Servicing Fee") shall be equal to the product of (i)
the Monthly Servicing Fee and (ii) the Floating Allocation Percentage for the
related Collection Period. A portion of the Certificateholders Monthly Servicing
Fee shall be allocated to each series of Notes in accordance with the related
Indenture Supplement, and such portion shall be paid in accordance with such
Indenture Supplement and only to the extent of funds available for such payment
pursuant to such Indenture Supplement. The remainder of the Monthly Servicing
Fee shall be paid by the Seller and in no event shall the Trust, the Trustee or
the Series 2002-CC Certificateholders be liable for the share of the Monthly
Servicing Fee to be paid by the Seller; and the remainder of the Servicing Fee
shall be paid by the Seller and the Investor Certificateholders of other Series
and in no event shall the Series 2002-CC Certificateholders be liable for the
share of the Servicing Fee to be paid by the Seller or the Investor
Certificateholders of other Series.
The Servicer will be permitted, in its sole discretion, to waive all or
any portion of the Monthly Servicing Fee for any Distribution Date by notice to
the Trustee on or before the related Determination Date; provided that the
Servicer believes that sufficient Collections of Non-Principal Receivables will
be available on any future Distribution Date to pay the Certificateholders
Monthly Servicing Fee relating to the waived Monthly Servicing Fee. If the
Servicer so waives all or any portion of the Monthly Servicing Fee for any
Distribution Date, the Monthly Servicing Fee and the Certificateholders Monthly
Servicing Fee for such Distribution Date shall be deemed to be reduced by the
amount so waived for all purposes of this Series Supplement and the Agreement;
provided, however, that such Certificateholders Monthly Servicing Fee shall be
paid on a future Distribution Date solely to the extent amounts are available
therefor pursuant to the applicable Indenture Supplement; provided, further,
that, to the extent any such waived Certificateholders Monthly Servicing Fee is
so paid, the related portion of the Monthly Servicing Fee to be paid by the
Seller shall be paid by the Seller to the Servicer.
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ARTICLE IV
Rights of Series 2002-CC Certificateholders and
Allocation and Application of Collections
SECTION 4.01. Allocations; Payments to Seller; Excess Principal
Collections and Unallocated Principal Collections.
(a) Collections of Non-Principal Receivables and Principal Receivables,
Miscellaneous Payments and Defaulted Amounts allocated to Series 2002-CC
pursuant to Article IV of the Agreement shall be allocated and distributed as
set forth in this Article.
(b) Subject to Section 4.01(c), the Servicer shall instruct the Trustee
to withdraw from the Collection Account and pay to the Seller the following
amounts on each Deposit Date:
(i) an amount equal to the Seller's Percentage for the related
Collection Period of Allocable Non-Principal Collections deposited in
the Collection Account for such Deposit Date; and
(ii) an amount equal to the Seller's Percentage for the
related Collection Period of Allocable Principal Collections deposited
in the Collection Account for such Deposit Date, if the Seller's
Participation Amount (determined after giving effect to any Principal
Receivables transferred to the Trust on such Deposit Date) exceeds the
Trust Available Subordinated Amount for the immediately preceding
Determination Date (after giving effect to the allocations,
distributions, withdrawals and deposits to be made on the Distribution
Date immediately following such Determination Date).
The withdrawals to be made from the Collection Account pursuant to this
Section 4.01(b) do not apply to deposits into the Collection Account that do not
represent Collections, including Miscellaneous Payments, payment of the purchase
price for the Certificateholders' Interest pursuant to Section 2.03 of the
Agreement, payment of the purchase price for the Series 2002-CC
Certificateholders' Interest pursuant to Section 7.01 of this Series Supplement
and proceeds from the sale, disposition or liquidation of Receivables pursuant
to Section 9.02 or 12.02 of the Agreement.
(c) Notwithstanding Section 4.01(b), on each Transfer Date the Servicer
shall instruct the Trustee to retain the Series 2002-CC PFA Earnings Shortfall
for such Transfer Date from the amounts that would otherwise be distributed to
the Seller and to pay such Series 2002-CC PFA Earnings Shortfall to the
Indenture Trustee for application under the Indenture Supplements.
SECTION 4.02. Establishment of Excess Funding Account.
(a) (i) The Servicer, for the benefit of the Series 2002-CC
Certificateholders, shall establish and maintain in the name of the
Trustee, on behalf of the Trust, an Eligible Deposit Account (the
"Excess Funding Account"), which shall be identified as the "Excess
Funding Account for CARCO Auto Loan Master Trust, Series 2002-CC" and
shall bear a designation clearly indicating that the funds deposited
therein are held for the
9
benefit of the Series 2002-CC Certificateholders. No deposit will be
made to the Excess Funding Account on the Closing Date.
(i) At the direction of the Servicer, funds on deposit in the
Excess Funding Account shall be invested by the Trustee in Eligible
Investments selected by the Servicer. All such Eligible Investments
shall be held by the Trustee for the benefit of the Series 2002-CC
Certificateholders. On each Distribution Date, all interest and other
investment earnings (net of losses and investment expenses) on funds on
deposit in the Excess Funding Account shall be included in Investment
Proceeds. Funds deposited in the Excess Funding Account on any
Distribution Date shall be invested at the direction of the Servicer in
Eligible Investments that will mature so that such funds will be
available on or before the following Distribution Date or a later date
if the Rating Agencies confirm to the Trustee that such later date will
not cause a Ratings Effect.
(b) (i) The Trustee shall possess all right, title and interest in and
to all funds on deposit from time to time in, and all Eligible
Investments and other financial assets credited to, the Excess Funding
Account and in all proceeds thereof. The Excess Funding Account shall
be under the sole dominion and control of the Trustee for the benefit
of the Series 2002-CC Certificateholders. If, at any time, the Excess
Funding Account ceases to be an Eligible Deposit Account, the Trustee
(or the Servicer on its behalf) shall within 10 Business Days (or such
longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent) establish a new Excess Funding Account meeting the
conditions specified in paragraph (a)(i) above as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new
Excess Funding Account. Neither the Seller, the Servicer nor any person
or entity claiming by, through or under the Seller, the Servicer or any
such person or entity shall have any right, title or interest in, or
any right to withdraw any amount from, the Excess Funding Account,
except as expressly provided herein. Schedule 1, which is hereby
incorporated into and made part of this Series Supplement, identifies
the Excess Funding Account by setting forth the account number of such
account, the account designation of each such account and the name of
the institution with which such account has been established. If a
substitute Excess Funding Account is established pursuant to this
Section, the Servicer shall provide to the Trustee an amended Schedule
1, setting forth the relevant information for such substitute Excess
Funding Account.
(ii) Pursuant to the authority granted to the Servicer in
Section 3.01(a) of the Agreement, the Servicer shall have the power,
revocable by the Trustee, to make withdrawals and payments or to
instruct the Trustee to make withdrawals and payments from the Excess
Funding Account for the purposes of carrying out the Servicer's or
Trustee's duties hereunder.
SECTION 4.03. Application of Available Interest Amounts and Available
Principal Amounts. The Servicer shall cause the Trustee to distribute, on each
Distribution Date, commencing with the Initial Distribution Date, Available
Interest Amounts and Available Principal Amounts to the Series 2002-CC
Certificateholders. So long as the Indenture Trustee is a Series 2002-C
Certificateholder, the Indenture Trustee shall apply such distributions made to
it under the Indenture and the Indenture Supplements.
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SECTION 4.04. Excess Principal Collections.
(a) On each Distribution Date, the Indenture Trustee is required, to
the extent provided in the Indenture Supplements, to pay to the Trustee the
Excess Available Principal Amounts, if any, in respect of such Distribution
Date. On each Distribution Date, commencing with the Initial Distribution Date,
the Excess Available Principal Amounts, if any, for the related Collection
Period received by the Trustee from the Indenture Trustee shall be:
(i) first deposited to the Excess Funding Account to the
extent, if any, that the sum of (A) the Invested Amount, (B) the
aggregate amount on deposit in the principal funding accounts (other
than any net investment earnings) for all series of Notes and (C) the
amount on deposit in the Excess Funding Account (other than any
Investment Proceeds) prior to the allocation on such Distribution Date
is less than the sum of (x) the aggregate outstanding dollar principal
amount of all of the series of Notes and (y) the sum of the
overcollateralization amounts for all series of Notes; and
(ii) second any remainder treated as Excess Principal
Collections and applied in accordance with Section 4.04 of the
Agreement.
Amounts (other than investment earnings) being deposited to the Excess
Funding Account pursuant to Section 4.04(a)(i) shall be allocated among each
series of Notes (other than any series of Notes that is not in its revolving
period) pro rata on the basis of its Series Nominal Liquidation Amount.
(b) The "Series 2002-CC Principal Shortfall", with respect to a
Distribution Date, shall equal the amount, if any, by which (i) the sum of all
payments of principal, deposits of principal and other applications of Available
Principal Amounts (other than as Excess Available Principal Amounts) required to
be made under the Indenture Supplements for all series of Notes exceeds (ii) the
related Available Principal Amounts (excluding any portion thereof consisting of
Excess Principal Collections). "Series 2002-CC Excess Principal Collections,"
with respect to any Distribution Date, shall mean an amount equal to the Series
2002-CC Principal Shortfall for such Distribution Date; provided, however, that,
if the aggregate amount of Excess Principal Collections for all Series for such
Distribution Date is less than the aggregate amount of Principal Shortfalls for
all Series entitled to share Excess Principal Collections for such Distribution
Date, then Series 2002-CC Excess Principal Collections for such Distribution
Date shall equal the product of (x) Excess Principal Collections for all Series
for such Distribution Date and (y) a fraction, the numerator of which is the
Series 2002-CC Principal Shortfall for such Distribution Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all
Series entitled to share Excess Principal Collections for such Distribution
Date.
SECTION 4.05. Excess Funding Account.
(a) On the Distribution Date next following the end of the revolving
period for a series of Notes, any funds (other than investment earnings) on
deposit in the Excess Funding Account that are allocable to such series of Notes
shall be distributed to the Indenture Trustee for application under the
Indenture Supplement for such series of Notes.
11
(b) On each Determination Date, the Seller shall determine whether the
sum of the Invested Amount, the amount on deposit in the Excess Funding Account
(other than any Investment Proceeds) and the amount on deposit in the principal
funding accounts for all series of Notes (other than any investment earnings) is
greater than the aggregate outstanding dollar principal amount of all series of
Notes plus the aggregate overcollateralization amount for all series of Notes.
If on any such Determination Date such sum is greater than the aggregate
outstanding principal dollar Amount of all series of Notes plus the aggregate
overcollateralization amount for all series of Notes and thus there are
sufficient Principal Receivables in the Trust to permit an increase in the
Invested Amount without causing an Early Redemption Event to occur with respect
to any outstanding series of Notes, the Seller shall notify the Trustee of the
amount of the increase in the Invested Amount. Subject to the provisions set
forth below in this Section 4.05(b) and to Sections 4.05(c) and (d), upon
receipt of such notice the Invested Amount shall be increased by the amount
specified, and the Servicer shall instruct the Trustee to withdraw from the
Excess Funding Account and pay to the Seller or allocate to one or more other
Series, on the immediately succeeding Distribution Date, an amount equal to the
amount of such increase in the Invested Amount. Such payment shall be in payment
or partial payment pursuant to the Receivables Purchase Agreement for additional
Principal Receivables transferred to the Trust or allocated to Series 2002-CC.
To the extent that the Invested Amount is increased by any payment to the Seller
or any allocation to one or more other Series, the Seller's Interest or such
other Series invested amount, as applicable, shall be reduced by the amount of
such payment. Such increase in the Invested Amount shall be allocated among each
series of Notes (other than any series of Notes that is not in its revolving
period) pro rata on the basis of the Series Nominal Liquidation Amounts of such
series of Notes. In addition, any increase in the Invested Amount is subject to
the condition that after giving effect to such increase (i) the Pool Balance
equals or exceeds (ii) the sum of (A) the Required Participation Amount and (B)
the sum of any subordinated amounts supporting any Enhancement for all other
Series. In connection with the foregoing, the Seller shall endeavor (taking into
account any seasonality experienced in the Accounts in the Trust) to minimize
the amounts on deposit, from time to time, in the Excess Funding Account.
(c) In the event that other Series issued by the Trust provide for
excess funding accounts or other arrangements similar to the Excess Funding
Account involving fluctuating levels of investments in Principal Receivables,
(i) the allocation of additional Principal Receivables to increase the Invested
Amount and the invested amounts of such other Series (and the related
withdrawals from the Excess Funding Account and the other excess funding or
similar accounts) will be based on the proportion that the amount on deposit in
the Excess Funding Account bears to amounts on deposit in the excess funding
accounts of all Series providing for excess funding accounts or such similar
arrangements or to amounts otherwise similarly available and (ii) the deposit of
amounts into the Excess Funding Account and the excess funding accounts of such
other Series will be pro rata based on the proportion that the Adjusted Invested
Amount bears to the adjusted invested amounts of all Series providing for excess
funding accounts or such similar arrangements.
(d) In the event that any other Series is in an amortization, early
amortization or accumulation period, the amounts of any withdrawals from the
Excess Funding Account shall be applied first to satisfy in full any then
applicable funding or payment requirements of such Series and second to make a
payment to the Seller. In the event that more than one other Series is in an
12
amortization, early amortization or accumulation period, the amounts of any
withdrawals from the Excess Funding Account shall be allocated (and, if
necessary, reallocated) among such Series as specified in the related Series
Supplement to meet the funding or payment requirements of each such Series first
to satisfy in full all then applicable funding or payment requirements of each
such Series and second to make a payment to the Seller.
ARTICLE V
Reports to Series 2002-CC Certificateholders
SECTION 5.01. Distributions. Except as provided in Section 12.02 of the
Agreement with respect to a final distribution, distributions to Series 2002-CC
Certificateholders hereunder shall be made by check mailed to each Series
2002-CC Certificateholder at such Certificateholder's address appearing in the
Certificate Register without presentation or surrender of any Series 2002-CC
Certificate or the making of any notation thereon; provided, however, that, with
respect to Series 2002-CC Certificates registered in the name of the Indenture
Trustee, such distributions shall be made to the Indenture Trustee in
immediately available funds.
SECTION 5.02. Reports and Statements to Series 2002-CC
Certificateholders.
(a) At least two Business Days prior to each Distribution Date,
commencing with the Initial Distribution Date, the Servicer will provide to the
Trustee, and on each such Distribution Date, the Servicer will make available
via the Internet, a statement substantially in the form of Exhibit B prepared by
the Servicer setting forth certain information relating to the Trust and the
Series 2002-CC Certificates.
(b) A copy of each statement provided pursuant to paragraph (a) will be
made available for inspection at the Corporate Trust Office.
ARTICLE VI
No Additional Early Amortization Events
(a) No Additional Early Amortization Events. There shall be no
additional Early Amortization Events with respect to Series 2002-CC.
The Trustee agrees that, upon gaining knowledge of the occurrence of
any event described in Section 9.01 of the Agreement, it shall (a) promptly
provide notice to the Rating Agencies of the occurrence of such event and (b)
notify the Series 2002-CC Certificateholders of the occurrence of such event
within 45 days of the expiration of the applicable grace period, if any.
13
ARTICLE VII
[Reserved]
ARTICLE VIII
Final Distributions
SECTION 8.01. Sale of Certificateholders' Interest Pursuant to Section
2.03 of the Agreement; Distributions Pursuant to Section 7.01 of this Series
Supplement or Section 2.03 or 12.02(c) of the Agreement.
(a) The amount to be paid by the Seller to the Collection Account with
respect to Series 2002-CC in connection with a purchase of the Series 2002-CC
Certificateholders' Interest pursuant to Section 2.03 of the Agreement shall
equal the Reassignment Amount for the Distribution Date on which such repurchase
occurs.
(b) With respect to the Reassignment Amount deposited into the
Collection Account pursuant to Section 2.03 of the Agreement, the Trustee shall,
not later than 12:00 noon, New York City time, on the Distribution Date on which
such amounts are deposited (or, if such date is not a Distribution Date, on the
immediately following Distribution Date) distribute the following amounts to the
Indenture Trustee for application under the Indenture Supplements: (x) the
Invested Amount and the amount on deposit in the Excess Funding Account and (y)
the amount of accrued and unpaid interest on the unpaid balance of the Notes of
all series.
(c) With respect to any Termination Proceeds deposited into the
Collection Account pursuant to Section 12.02(c) of the Agreement, the Trustee
shall, not later than 12:00 noon, New York City time, on the Distribution Date
on which such amounts are deposited (or, if such date is not a Distribution
Date, on the immediately following Distribution Date) pay such Termination
Proceeds to the Indenture Trustee for application under the Indenture
Supplements.
(d) [Reserved].
(e) Notwithstanding anything to the contrary in this Series Supplement
or the Agreement, the entire amount distributed pursuant to 8.01 and all other
amounts distributed to the Series 2002-CC Certificateholders on such date shall
be deemed to be a final distribution pursuant to Section 12.02 of the Agreement
with respect to the Series 2002-CC Certificates.
SECTION 8.02. Distribution of Proceeds of Sale, Disposition or
Liquidation of the Receivables Pursuant to Section 9.02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Distribution
Date following the date on which the Insolvency Proceeds are deposited into the
Collection Account pursuant to Section 9.02(b) of the Agreement, the Trustee
shall first (in each case, after giving effect to any deposits and distributions
otherwise to be made on such Distribution Date) deduct an amount equal to the
Invested Amount on such Distribution Date from the portion of the Insolvency
Proceeds allocated to Allocable Principal Collections and pay such amount to the
14
Indenture Trustee for application under the Indenture Supplements; provided that
the amount of such deposit shall not exceed the product of (x) the portion of
the Insolvency Proceeds allocated to Allocable Principal Collections and (y) the
Floating Allocation Percentage with respect to the related Collection Period.
The remainder of the portion of the Insolvency Proceeds allocated to Allocable
Principal Collections shall be allocated to the Seller's Interest and shall be
released to the Seller on such Distribution Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution
Date, the Trustee shall pay to the Indenture Trustee for application under the
Indenture Supplements the portion of the Insolvency Proceeds allocated to
Allocable Non-Principal Collections; provided that the amount of such payment
shall not exceed (x) the product of (A) the portion of the Insolvency Proceeds
allocated to Allocable Non-Principal Collections and (B) the Floating Allocation
Percentage. The remainder of the portion of the Insolvency Proceeds allocated to
Allocable Non-Principal Collections shall be allocated to the Seller's Interest
and shall be released to the Seller on such Distribution Date.
(c) Notwithstanding anything to the contrary in this Series Supplement
or in the Agreement, the entire amount distributed pursuant to this Section and
all other amounts distributed in full to the Series 2002-CC Certificateholders
on the Distribution Date and any distribution made pursuant to this Section
shall be deemed to be a final distribution pursuant to Section 12.02 of the
Agreement with respect to Series 2002-CC.
SECTION 8.03. Sale of Receivables Pursuant to an Indenture Supplement.
If the Indenture Trustee, acting pursuant to a provision of an Indenture
Supplement, directs the Trustee to sell an amount of Receivables, then the
Trustee shall sell or cause to be sold such amount of Receivables and pay the
proceeds of such sale to the Indenture Trustee for application under such
Indenture Supplement.
ARTICLE IX
Miscellaneous Provisions
SECTION 9.01. Certain Permitted Actions, Amendments to the Agreement;
Additional Covenants;
(a) Notwithstanding anything to the contrary in the Agreement, funds on
deposit in the Collection Account may be invested in any Eligible Investments
(as that term is defined in this Series Supplement) that will mature so that
funds collected in respect of the Receivables in a Collection Period will be
available on or before the following Distribution Date.
(b) Notwithstanding anything to the contrary in the Agreement,
including Section 2.07(c) thereof, the Seller shall not be required to make any
deposit to the Collection Account in respect of the Repurchased Receivables
Price of any receivables repurchased by the Seller from the Trust pursuant to
such Section.
(c) Notwithstanding anything to the contrary herein or in the
Agreement, but subject to the other limitations described in Section 4.03 of the
Agreement, DCS need not deposit
15
collections with respect to any Collection Period in the Collection Account
until the related Distribution Date.
(d) Unless otherwise agreed to by the Rating Agencies, notwithstanding
anything to the contrary herein or in the Agreement, the Seller may from time to
time, at its discretion, and subject only to the limitations specified in this
paragraph, designate Additional Accounts to be added to the Trust. (Additional
Accounts designated to be added to the Trust in accordance with the provisions
of this Section 9.01(d) are referred to herein as "Automatic Additional
Accounts".) On the Addition Date with respect to any Automatic Additional
Accounts, the Trust shall purchase the Receivables in such Automatic Additional
Accounts (and such Automatic Additional Accounts shall be deemed to be Accounts
for purposes of the Agreement) as of the close of business on the applicable
Additional Cut-Off Date, subject to the satisfaction of the following
conditions:
(i) such Automatic Additional Accounts shall be Eligible
Accounts;
(ii) the Seller shall, to the extent required by Section 4.03
of the Agreement, have deposited in the Collection Account all
Collections with respect to such Automatic Additional Accounts since
the Additional Cut-Off Date;
(iii) no selection procedures believed by the Seller to be
adverse to the interests of the Series 2002-CC Certificateholders were
used in selecting such Automatic Additional Accounts;
(iv) as of each of the Additional Cut-Off Date and the
Addition Date, no Insolvency Event with respect to DCS or the Seller
shall have occurred nor shall the transfer of the Receivables arising
in the Automatic Additional Accounts to the Trust have been made in
contemplation of the occurrence thereof;
(v) the addition of the Receivables arising in the Automatic
Additional Accounts shall not cause an early amortization event or any
event that, after the giving of notice or the lapse of time, would
constitute a early amortization event to occur with respect to any
Series or an early redemption date to occur with respect to any series
of Notes;
(vi) on or before each Addition Date with respect to Automatic
Additional Accounts, the Seller shall have delivered to the Trustee and
the Rating Agencies (A) an Opinion of Counsel with respect to the
Receivables in the Automatic Additional Accounts substantially in the
form of Exhibit G-2 to the Agreement and (B) a Tax Opinion with respect
to such addition;
(vii) within ten Business Days of the date on which any such
Receivables are added to the Trust, the Seller shall have delivered to
the Trustee a written assignment and a computer file or a microfiche
list containing a true and complete list of the related Automatic
Additional Accounts specifying for each such Account its account
number, the collection status, the aggregate amount outstanding in such
Account and the aggregate amount of Principal Receivables outstanding
in such Account; and
16
(viii) the Seller shall have delivered to the Trustee an
Officer's Certificate of the Seller, dated the Addition Date, to the
effect that conditions (i) through (v) and (vii) above have been
satisfied.
The Seller hereby represents and warrants to the Trust as of the
related Addition Date as to the matters relating to it set forth in paragraphs
(iii) and (iv) above and that the file or list described below is, as of the
applicable Additional Cut-Off Date, true and complete in all material respects.
In connection with the designation of Automatic Additional Account to
be added to the Trust, the Seller shall deliver to the Trustee (i) the computer
file or microfiche list required to be delivered pursuant to Section 2.01 of the
Agreement with respect to such Automatic Additional Accounts and (ii) a duly
executed, written Assignment (including an acceptance by the Trustee for the
benefit of the Certificateholders), substantially in the form of Exhibit B to
the Agreement.
Unless each Rating Agency otherwise consents, the number of Automatic
Additional Accounts added to the Trust with respect to any of the three
consecutive Collection Periods beginning in January, April, July and October of
each calendar year shall not exceed 8% of the number of Accounts as of the first
day of the calendar year during which such Collection Periods commence and the
number of Automatic Additional Accounts designated during any such calendar year
shall not exceed 20% of the number of Accounts as of the first day of such
calendar year. On or before the first business day of each Collection Period
beginning in January, April, July and October of each calendar year, the Seller
shall have requested and obtained notification from each Rating Agency of any
limitations to the right of the Seller to designate Eligible Accounts as
Automatic Additional Accounts during any period which includes such Collection
Period. To the extent that Automatic Additional Accounts have been added to the
Trust during the three consecutive Collection Periods ending in the calendar
month prior to such date, on or before January 31, April 30, July 31, October 31
of each calendar year, the Trustee shall have received confirmation from each
Rating Agency that the addition of all Automatic Additional Accounts included as
Accounts during the three consecutive Collection Periods ending in the calendar
month prior to such date shall not have resulted in any applicable Rating Agency
reducing or withdrawing its rating of any outstanding Series or Class of
Certificates. If such Rating Agency confirmation with respect to any Automatic
Additional Accounts is not so received, such Automatic Additional Accounts will
be removed from the Trust.
(e) Each Holder of a Series 2002-CC Certificate, by such Holder's
acceptance thereof, will be deemed to have consented to an amendment to the
Agreement that incorporates the provisions of Sections 9.01(a), 9.01(b), 9.01(c)
and 9.01(d).
(f) Except for the conveyance hereunder to the Trustee and the transfer
to the Indenture Trustee under the Indenture and the Indenture Supplements, the
Seller will not sell, pledge, assign or transfer to any other Person any rights
it might have to funds on deposit in the Excess Funding Account or Investment
Proceeds with respect thereto.
(g) Notwithstanding anything to the contrary in Section 12.02(c) of the
Agreement, the following shall be applicable to the Series 2002-CC Certificates:
17
In the event that the Invested Amount is greater than zero on the
Termination Date (after giving effect to deposits and distributions otherwise to
be made on the Termination Date), the Trustee will sell or cause to be sold on
the Termination Date Receivables (or interests therein) in an amount equal to
110% of the Invested Amount on the Termination Date (after giving effect to the
allocations, distributions, withdrawals and deposits to be made on the
Distribution Date following such Determination Date); provided, however, that in
no event shall such amount exceed the product of the Series 2002-CC Allocation
Percentage (for the Collection Period in which the Termination Date occurs) of
all the Receivables on the Termination Date. The proceeds (the "Termination
Proceeds") from such sale shall be immediately deposited into the Collection
Account for the benefit of the Series 2002-CC Certificateholders.
SECTION 9.02. Ratification of Agreement. As supplemented by this Series
Supplement, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Series Supplement shall be read, taken and
construed as one and the same instrument.
SECTION 9.03. Counterparts. This Series Supplement may be executed in
two or more counterparts (and by different parties on separate counterparts)
each of which shall be an original, but all of which together shall constitute
one and the same instrument.
SECTION 9.04. Dealer Concentrations. So long as this Series 2002-CC
shall be outstanding, on the last day of each Collection Period, the Servicer
shall, for purposes of determining the Required Participation Percentage,
determine (a) if the aggregate amount of Principal Receivables due from either
AutoNation, Inc. and its affiliates or United Auto Group, Inc. and its
affiliates at the close of business on such last day is greater than 4% of the
Pool Balance on such last day and (b) if the aggregate amount of Principal
Receivables due from any other Dealer or group of affiliated Dealers at the
close of business on such last day is greater than 1.5% of the Pool Balance on
such last day. The Servicer shall promptly provide the Trustee and the Indenture
Trustee a report setting forth the basis for such determination. The Trustee
upon request from any Rating Agency will make such report available to such
Rating Agency.
SECTION 9.05. The Certificates; Restrictions on Transfer.
Notwithstanding anything to the contrary in the Agreement, each of the Series
2002-CC Certificates may be executed by manual or facsimile signature on behalf
of the Seller by any assistant secretary of the Seller. The Series 2002-CC
Certificates shall constitute a medium for investment and a "security" within
the meaning of Article 8 of the UCC of the State of New York and each other
applicable jurisdiction. Except for the transfer to the Indenture Trustee and
any transfer to the Seller and any of its Affiliates, the Series 2002-CC shall
not be transferred unless the Trustee receives a Tax Opinion (except that clause
(a) of the definition "Tax Opinion" shall not apply to the Series 2002-CC
Certificates) with respect to such transfer.
SECTION 9.06. GOVERNING LAW. THIS SERIES SUPPLEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.
18
IN WITNESS WHEREOF, the Seller, the Servicer and the Trustee have
caused this Series Supplement to be duly executed by their respective officers
as of the day and year first above written.
DAIMLERCHRYSLER WHOLESALE
RECEIVABLES LLC, by CHRYSLER FINANCIAL
RECEIVABLES CORPORATION, a member,
by:
-------------------------------------
Name:
Title:
DAIMLERCHRYSLER SERVICES NORTH
AMERICA LLC, as Servicer,
by:
-------------------------------------
Name:
Title:
THE BANK OF NEW YORK,
as Trustee,
by:
-------------------------------------
Name:
Title:
19
EXHIBIT A
[FORM OF CERTIFICATE]
FACE OF CERTIFICATE
REGISTERED
Certificate No. R-[ CUSIP NO. [ ]
CARCO AUTO LOAN MASTER TRUST
AUTO LOAN ASSET BACKED CERTIFICATES, SERIES 2002-CC
evidencing a fractional undivided interest in certain
assets of the
CARCO AUTO LOAN MASTER TRUST
the corpus of which consists primarily of wholesale (i.e., dealer floorplan)
receivables (the "Receivables") generated from time to time in the ordinary
course of business in a portfolio of revolving financing arrangements (the
"Accounts") of DaimlerChrysler Services North America LLC meeting certain
eligibility criteria. This certificate ("Certificate") does not represent an
interest in, or obligation of, DaimlerChrysler Wholesale Receivables LLC (the
"Seller" or "DCWR"), DaimlerChrysler Services North America LLC or any affiliate
thereof.
Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement referred to on
the reverse side hereof or be valid for any purpose.
This Certificate shall constitute a medium for investment and a
"security" within the meaning of Article 8 of the Uniform Commercial Code of the
State of New York and each other applicable jurisdiction.
A-1
THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.
IN WITNESS WHEREOF, the Seller has caused this Certificate to be duly
executed.
DAIMLERCHRYSLER WHOLESALE RECEIVABLES
LLC, by CHRYSLER FINANCIAL
RECEIVABLES CORPORATION, a member
by
----------------------------------
Name:
Title:
Dated:
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Certificates described in the within-mentioned
Pooling and Servicing Agreement.
THE BANK OF NEW YORK
as Trustee,
by
----------------------------------
Authorized Officer
A-2
REVERSE OF CERTIFICATE
This certifies that The Bank of New York, as Indenture Trustee (the
"Series 2002-CC Certificateholder"), is the registered owner of a fractional
undivided interest in certain assets of the CARCO AUTO LOAN MASTER TRUST (the
"Trust") created pursuant to an Amended and Restated Pooling and Servicing
Agreement dated as of December 5, 2001 (as amended and supplemented from time to
time, the "P&S") among DaimlerChrysler Wholesale Receivables LLC (the "Seller"),
DaimlerChrysler Services North America LLC, as servicer (the "Servicer"), and
The Bank of New York, as trustee (the "Trustee"), as supplemented by the Series
2002-CC Supplement dated as of June 1,2002 among the Seller, the Servicer and
the Trustee (the "Series Supplement"), that are allocated to the Series 2002-CC
Certificateholders' Interest pursuant to the P&S and the Series Supplement. The
P&S and the Series Supplement are hereinafter collectively referred to as the
"Pooling and Servicing Agreement". Terms used herein and not otherwise defined
herein have the meaning assigned in the Pooling and Servicing Agreement.
The corpus of the Trust will include (a) all of the Seller's right,
title and interest in, to and under the Receivables in each Account and all
Collateral Security with respect thereto owned by the Seller at the close of
business on the Cut-Off Date, in the case of the Initial Accounts, and on the
applicable Additional Cut-Off Date, in the case of Additional Accounts, and all
monies due or to become due and all amounts received with respect thereto and
all proceeds (including "proceeds" as defined in Section 9-315 of the UCC as in
effect in the State of Michigan and Recoveries) thereof, (b) all of the Seller's
rights, remedies, powers and privileges with respect to such Receivables under
the Receivables Purchase Agreement, (c) all of the Seller's right, title and
interest in, to and under the Receivables in each Account (other than any newly
created Receivables in any Designated Account) and all Collateral Security with
respect thereto owned by the Seller at the close of business on each Transfer
Date and not theretofore conveyed to the Trust, all monies due or to become due
and all amounts received with respect thereto and all proceeds (including
"proceeds" as defined in Section 9-315 of the UCC as in effect in the State of
Michigan and Recoveries) thereof, (d) all monies on deposit in, and Eligible
Investments or other investments credited to, the Collection Account or any
Series Account, (e) any Enhancements and (f) all other assets and interests
constituting the Trust. In addition to the Certificates, the Seller's
Certificate will be issued pursuant to the Pooling and Servicing Agreement which
will represent the Seller's Interest in the Trust. The Seller's Certificate will
represent the interest in the Trust Assets not represented by the Investor
Certificates.
The Receivables consist of advances made directly or indirectly by
DaimlerChrysler Services North America LLC to domestic automobile dealers
franchised by DaimlerChrysler Corporation or any other automobile manufacturers.
Subject to the terms and conditions of the Pooling and Servicing
Agreement, the Seller may from time to time direct the Trustee, on behalf of the
Trust, to issue one or more new Series of Investor Certificates, which will
represent fractional undivided interests in certain of the Trust Assets.
This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling and Servicing Agreement to which, as
amended and supplemented from time to time, the Series 2002-CC Certificateholder
by virtue of the acceptance hereof assents and is bound.
A-3
Although a summary of certain provisions of the Pooling and Servicing Agreement
is set forth below, this Certificate does not purport to summarize the Pooling
and Servicing Agreement and reference is made to the Pooling and Servicing
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee. A copy of the Pooling and Servicing Agreement
(without schedules and exhibits) may be requested from the Trustee by writing to
the Trustee at The Bank of New York, 101 Barclay Street, New York, New York
10286, Attention: Corporate Trust Office. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to them in the Pooling
and Servicing Agreement.
The Seller has entered into the Pooling and Servicing Agreement and the
Series 2002-CC Certificates have been (or will be) issued with the intention
that the Series 2002-CC Certificates will qualify under applicable tax law as an
equity interest in the Receivables. The Seller, each Beneficiary and each
Certificateholder and Certificate Owner, by the acceptance of its Certificate or
Book-Entry Certificate, as applicable, agrees to treat the Series 2002-CC
Certificates as an equity interest in the Receivables for Federal income taxes,
state and local income, single business and franchise taxes and any other taxes
imposed on or measured by income.
On each Distribution Date, the Trustee shall distribute to each Series
2002-CC Certificateholder of record at the close of business on the day
preceding such Distribution Date (each a "Record Date") such Certificateholder's
pro rata share (based on the aggregate fractional undivided interest represented
by the Series 2002-CC Certificates held by such Certificateholder, except as
otherwise provided in the Pooling and Servicing Agreement) of such amounts on
deposit in the Collection Account and the Excess Funding Account as are payable
in respect of the Series 2002-CC Certificates pursuant to the Pooling and
Servicing Agreement. Distributions with respect to this Certificate will be made
by the Trustee by check mailed to the address of the Certificateholder of record
appearing in the Certificate Register without the presentation or surrender of
this Certificate or the making of any notation thereon (except for the final
distribution in respect of this Certificate) except that with respect to Series
2002-CC Certificates registered in the name of Indenture Trustee, distributions
will be made in immediately available funds. Final payment of this Certificate
will be made only upon presentation and surrender of this Certificate at the
office or agency specified in the notice of final distribution delivered by the
Trustee to the Series 2002-CC Certificateholder in accordance with the Pooling
and Servicing Agreement.
On any Distribution Date on or after the Distribution Date on which the
Notes of each series under the Indenture have been paid in full, the Servicer
shall have the option to purchase the entire Series 2002-CC Certificateholders'
Interest in the Trust at a purchase price equal to the Reassignment Amount using
funds on deposit in the Excess Funding Account and amounts on deposit in the
Collection Account as are payable to the Series 2002-CC Certificateholders or,
to the extent of any insufficiency of such funds (the "Insufficiency Amount"),
funds in an amount equal to the Insufficiency Amount provided by DaimlerChrysler
Services North America LLC.
This Certificate does not represent an obligation of, or an interest
in, DaimlerChrysler Corporation, the Seller, the Servicer, or any affiliate of
any of them and is not insured or guaranteed by any governmental agency or
instrumentality. This Certificate is limited in right of
A-4
payment to certain Collections with respect to the Receivables (and certain
other amounts), all as more specifically set forth herein and in the Pooling and
Servicing Agreement.
The Pooling and Servicing Agreement may be amended from time to time
(including in connection with the issuance of a Supplemental Certificate) by the
Servicer, the Seller and the Trustee, without the consent of any of the Series
2002-CC Certificateholders, so long as any such action shall not, as evidenced
by an Opinion of Counsel, adversely affect in any material respect the interests
of the Certificateholders of any outstanding Series. The Trustee may, but shall
not be obligated to, enter into any such amendment which affects the Trustee's
rights, duties or immunities under the Pooling and Servicing Agreement or
otherwise. Notwithstanding anything contained therein to the contrary, the
Trustee, with the consent of any Enhancement Providers, may at any time and from
time to time amend, modify or supplement the form of Distribution Date
Statement.
The Pooling and Servicing Agreement may also be amended from time to
time (including in connection with the issuance of a Supplemental Certificate)
by the Servicer, the Seller and the Trustee with the consent of the Holders of
Investor Certificates evidencing not less than 66-2/3% of the aggregate unpaid
principal amount of the Investor Certificates of all adversely affected Series,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Pooling and Servicing Agreement or of
modifying in any manner the rights of the Investor Certificateholders; provided,
however, that no such amendment to the Pooling and Servicing Agreement shall (i)
reduce in any manner the amount of or delay the timing of distributions to be
made to Investor Certificateholders or deposits of amounts to be so distributed
without the consent of each such affected Investor Certificateholder; (ii)
change the definition or the manner of calculating any Certificateholder's
interest without the consent of each affected Investor Certificateholder; (iii)
reduce the amount available under any Enhancement without the consent of each
affected Investor Certificateholder; (iv) adversely affect the rating of any
Series or class by each Rating Agency without the consent of the holders of
certificates of such Series or class evidencing not less than 66-2/3% of the
aggregate unpaid principal amount of the Investor Certificates of such Series or
class; or (v) reduce the aforesaid percentage required to consent to any such
amendment without the consent of all Investor Certificateholders. The Pooling
and Servicing Agreement may not be amended in any manner which adversely affects
the interests of any Enhancement Provider without its prior consent.
As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, the transfer of this Certificate is
registrable in the Certificate Register of the Trustee upon surrender of this
Certificate for registration of transfer at the office or agency maintained by
the Trustee in New York, New York, accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by the Holder hereof
or such Holder's attorney duly authorized, and thereupon one or more new Series
2002-CC Certificates of authorized denominations evidencing the same aggregate
fractional undivided interest will be issued to the designated transferee or
transferees.
The Series 2002-CC Certificates are issuable only as registered
certificates without coupons in denominations specified in the Pooling and
Servicing Agreement.
A-5
As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, Series 2002-CC Certificates are
exchangeable for new Series 2002-CC Certificates evidencing like aggregate
fractional undivided interests as requested by the Certificateholder
surrendering such Certificates. No service charge may be imposed for any such
exchange but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith.
The Servicer, the Trustee, the Transfer Agent and Registrar and any
agent of any of them, may treat the person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Servicer nor
the Trustee, the Transfer Agent and Registrar, nor any agent of any of them,
shall be affected by notice to the contrary except in certain circumstances
described in the Pooling and Servicing Agreement.
A-6
ASSIGNMENT
Social Security or other identifying number of assignee
_______________________________
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________
______________________________________________________________________________
(name and address of assignee)
the within certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________, attorney, to transfer said certificate
on the books kept for registration thereof, with full power of substitution in
the premises.
Dated: ____________________________ _________________________________ *
Signature Guaranteed:
_________________________________
__________________________
(*) NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the reverse of the within Certificate in every
particular, without alteration, enlargement or any change whatsoever.
A-7
EXHIBIT B
[FORM OF DISTRIBUTION DATE STATEMENT - SERIES 2002-CC]
Distribution Date:
DAIMLERCHRYSLER MASTER OWNER TRUST - SERIES 2002-A
COLLECTION PERIOD: APRIL 1, 2002 THROUGH APRIL 30, 2002
DESCRIPTION OF COLLATERAL
- -------------------------
On the Distribution Date, the Series EXPECTED ACCUMULATION EARLY REDEMPTION
2002-A balances were: FINAL
PAYMENT PERIOD PERIOD
------- ------ ------
DATE
----
Notes $
Principal Amount of $
Series Notes
$
Series
Overcollateralization @
9.89%
Dealer
Overconcentration
Amount
-----------
Nominal
Liquidation
Amount
Required 3.00% Seller's interest in receivables pool
Participation
Excess Receivables
-----------
Total Collateral
===========
Collateral as % of
Notes
B-1
CARCO/DCMOT AUTO LOAN MASTER TRUST POOL ACTIVITY
During the past collection period (calendar month),
the following activity occurred:
DCMOT SERIES
CARCO COLL CERT ALLOCATION
ALLOCATION
TOTAL POOL 0.0000% 100.0000%
---------- ------- ---------
Beginning Principal
Pool Balance $
Collections of
Principal
Investment in New
Receivables
Additions of New
Accounts
Losses from
Defaulted Dealers
Reallocation for
series Series Allocation percentage for next period:
Addit'n/Removal
----------- ----------- -------------
Ending Balance
Average
Receivable Balance
$
Collection Rate as
% of Average
Losses as % of
Average
B-2
DISTRIBUTIONS TO INVESTORS Distribution Date:
-------------------------- Days:
INTEREST COLLECTIONS LIBOR Telerate 3750:
- --------------------
During the past collection period (calendar month),
the following activity occurred:
SERIES
TOTAL POOL ALLOCATION ACTUAL PER $1000 NOTES
---------- ---------- ------ ---------------
Interest $ Principal $
Collections Interest @ Actual/
Recoveries on LIBOR + 6.0 360 day
Receivables basis
Written Off
Investment
Income
----------- ------------
Total Available
B-3
SCHEDULE 1
SERIES 2002-CC EXCESS FUNDING ACCOUNT
Account no. 052578
The Bank of New York
101 Barclay Street
New York, New York 10286
Schedule I-1