EXHIBIT 4-E
EXECUTION COPY
DAIMLERCHRYSLER MASTER OWNER TRUST
as Issuer
and
THE BANK OF NEW YORK
as Indenture Trustee
SERIES 2002-A INDENTURE SUPPLEMENT
dated as of June 1, 2002
to
INDENTURE
dated as of June 1, 2002
TABLE OF CONTENTS
Page
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ARTICLE I
Definitions and Other Provisions of General Application
Section 1.01. Definitions...................................................................................1
Section 1.02. Governing Law.................................................................................8
Section 1.03. Counterparts..................................................................................8
Section 1.04. Ratification of Indenture.....................................................................8
ARTICLE II
The Notes
Section 2.01. Creation and Designation......................................................................9
Section 2.02. Form of Delivery; Depository; Denominations...................................................9
Section 2.03. Delivery and Payment..........................................................................9
ARTICLE III
Allocations, Deposits and Payments
Section 3.01. Allocations of Series 2002-A Available Interest Amount........................................9
Section 3.02. Amounts to be Treated as Series 2002-A Available Interest Amount; Other Deposits
to the Interest Funding Account..............................................................10
Section 3.03. Allocations of Reductions from Investor Charge-Offs to the Overcollateralization
Amount and the Nominal Liquidation Amount of the Series 2002-A Notes.........................11
Section 3.04. Allocations of Reinstatements of Nominal Liquidation Amount Deficit and
Overcollateralization Amount Deficit.........................................................11
Section 3.05. Application of Series 2002-A Available Principal Amount......................................11
Section 3.06. Computation of Reductions to the Nominal Liquidation Amount of the Series 2002-A
Notes and the Overcollateralization Amount from Reallocations of Series 2002-A
Available Principal Amounts..................................................................12
Section 3.07. Targeted Deposits of Series 2002-A Available Principal Amounts to the Principal
Funding Account..............................................................................12
Section 3.08. Amounts to be Treated as Series 2002-A Available Principal Amounts; Other
Deposits to Principal Funding Account........................................................13
Section 3.09. Withdrawals from Interest Funding Account....................................................13
Section 3.10. Withdrawals from Principal Funding Account...................................................14
Section 3.11. Limit on Repayment of the Series 2002-A Notes................................................14
Section 3.12. Calculation of Nominal Liquidation Amount of Series 2002-A Notes and
Overcollateralization Amount.................................................................14
Section 3.13. Netting of Deposits and Payments.............................................................16
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Section 3.14. Payments to Noteholders......................................................................16
Section 3.15. Exercise of Put Feature; Sale of Receivables for Accelerated Notes...........................17
Section 3.16. Calculation Agent; Determination of LIBOR....................................................18
Section 3.17. Excess Available Interest Amounts Sharing....................................................19
Section 3.18. Excess Available Principal Amounts Sharing...................................................19
Section 3.19. Computation of Interest......................................................................20
Section 3.20. Variable Accumulation Period.................................................................20
Section 3.21. Payments to the Issuer.......................................................................21
ARTICLE IV
Early Redemption of Notes
Section 4.01. Early Redemption Events......................................................................21
ARTICLE V
Accounts and Investments
Section 5.01. Accounts.....................................................................................23
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EXHIBITS
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EXHIBIT A FORM OF SERIES 2002-A NOTE
EXHIBIT B FORM OF SERIES 2002-A SCHEDULE TO PAYMENT INSTRUCTIONS
EXHIBIT C FORM OF SERIES 2002-A SCHEDULE TO MONTHLY NOTEHOLDERS' STATEMENT
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This SERIES 2002-A INDENTURE SUPPLEMENT (this "Indenture
Supplement"), by and between DAIMLERCHRYSLER MASTER OWNER TRUST, a statutory
business trust created under the laws of the State of Delaware (the "Issuer"),
having its principal office at c/o Chase Manhattan Bank USA, National
Association, 000 Xxxxxxx Xxxxxxxxxx Xxxx, Xxxxxx, Xxxxxxxx 00000, and The Bank
of New York, a New York banking corporation, ( the "Indenture Trustee"), is made
and entered into as of June 1, 2002.
Pursuant to this Indenture Supplement, the Issuer shall create a new
series of Notes and shall specify the principal terms thereof.
ARTICLE I
Definitions and Other Provisions of General Application
Section 1.01. Definitions. For all purposes of this Indenture
Supplement, except as otherwise expressly provided or unless the context
otherwise requires:
(1) the terms defined in this Article have the meanings assigned
to them in this Article, and include the plural as well as the
singular;
(2) all other terms used herein which are defined in the
Indenture, the Pooling and Servicing Agreement or the Series
2002-CC Supplement, either directly or by reference therein,
have the meanings assigned to them therein;
(3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally
accepted accounting principles and, except as otherwise herein
expressly provided, the term "generally accepted accounting
principles" with respect to any computation required or
permitted hereunder means such accounting principles as are
generally accepted in the United States of America at the date
of such computation;
(4) all references in this Indenture Supplement to designated
"Articles," "Sections" and other subdivisions are to the
designated Articles, Sections and other subdivisions of this
Indenture Supplement as originally executed. The words
"herein," "hereof" and "hereunder" and other words of similar
import refer to this Indenture Supplement as a whole and not
to any particular Article, Section or other subdivision;
(5) in the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision
contained in the Indenture, the terms and provisions of this
Indenture Supplement shall be controlling;
(6) except as expressly provided herein, each capitalized term
defined herein shall relate only to the Series 2002-A Notes
and no other Series of Notes issued by the Issuer; and
(7) "including" and words of similar import will be deemed to be
followed by "without limitation."
"Accumulation Period" means the period from and including the
Accumulation Period Commencement Date to but excluding the Series 2002-A
Termination Date.
"Accumulation Period Commencement Date" means December 1, 2004 or,
if the Issuer, acting directly or through the Administrator, makes an election
pursuant to Section 3.20, the later date selected by the Issuer pursuant to that
Section.
"Accumulation Period Length" means the number of full Collection
Periods between the Accumulation Period Commencement Date and the Series 2002-A
Expected Principal Payment Date.
"Adjusted Outstanding Dollar Amount" means, with respect to the
Series 2002-A Notes, the Outstanding Dollar Principal Amount of the Series
2002-A less (i) any funds (other than investment earnings) in the Principal
Funding Account and (ii) any amount (exclusive of investment earnings) in the
Excess Funding Account that is allocable to Series 2002-A.
"Administration Agreement" means the Administration Agreement dated
as of June 1, 2002 between the Issuer, the Indenture Trustee and the
Administrator.
"Administrator" means DCS as administrator under the Administration
Agreement.
"Aggregate Series Available Interest Amount Shortfall" means the sum
of the Series Available Interest Amount Shortfalls for all series of Notes (as
such term is defined in each of the related Indenture Supplements).
"Aggregate Series Available Principal Shortfall" means the sum of
the Series Available Principal Amount Shortfalls for all series of Notes (as
such term is defined in the related Indenture Supplements).
"applicable investment category" means Aaa or P-1 in the case of
Xxxxx'x and AAA or A-1+ in the case of Standard & Poor's.
"Calculation Agent" is defined in Section 3.16.
"Controlled Accumulation Amount" means $400,000,000; provided,
however, that if the Accumulation Period Length with respect to the Series
2002-A Notes is determined to be less than five months pursuant to Section 3.20,
the Controlled Accumulation Amount for any Payment Date will be equal to (i) the
Initial Dollar Principal Amount of the Series 2002-A Notes divided by (ii) the
Accumulation Period Length.
"Controlled Deposit Amount" means, with respect to any Payment Date,
the amount by which (i) the Controlled Accumulation Amount exceeds (ii) any
funds in the Excess Funding Account that are allocable to Series 2002-A and will
be deposited into the Principal Funding Account on such Payment Date.
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"DaimlerChrysler" means DaimlerChrysler Corporation, a Delaware
corporation, and its successors.
"DCS" means DaimlerChrysler Services North America LLC, a Michigan
limited liability company, and its successors and permitted assigns.
"Early Redemption Period" means the period from and including the
date on which an Early Redemption Event occurs to but excluding the earliest of
(i) the Payment Date on which the Outstanding Dollar Principal Amount of the
Series 2002-A Notes is reduced to zero, (ii) the Legal Maturity Date and (iii)
if the Early Redemption Date has occurred before the scheduled termination of
the Revolving Period, the day on which the Revolving Period recommences pursuant
to Section 4.01.
"Incremental Overcollateralization Amount" means, at the time of
determination, the product obtained by multiplying
(i) a fraction, the numerator of which is the Series 2002-A Nominal
Liquidation Amount (calculated without including the Incremental
Overcollateralization Amount), and the denominator of which is the Pool
Balance on the last day of the preceding Collection Period
by (ii) the excess, if any, of
(a) the sum of the Overconcentration Amount and the
aggregate amount of Ineligible Receivables on that date
over (b) the aggregate amount of Ineligible Receivables and
Receivables in Accounts containing Dealer
Overconcentrations, in each case that became Defaulted
Receivables during the preceding Collection Period and
are not subject to reassignment from the CARCO Trust,
unless insolvency events relating to DCWR or the
Servicer as described in Section 9.01(b), (c), (d) or
(e) of the Pooling and Servicing Agreement have
occurred.
"Indenture" means the Indenture dated as of June 1, 2002 between the
Issuer and The Bank of New York, as Indenture Trustee, as amended and
supplemented from time to time.
"Initial Dollar Principal Amount" means, with respect to the Series
2002-A Notes, $2,000,000,000.
"Initial Primary Overcollateralization Amount" means $197,802,198,
which is the product of (i) the Overcollateralization Percentage and (ii) the
initial Nominal Liquidation Amount of the Series 2002-A Notes.
"Interest Funding Account" means the account designated as such and
established pursuant to Section 5.01(a).
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"Interest Payment Date" means the 15th day of each calendar month
commencing July 15, 2002, or if such 15th day is not a Business Day, the next
succeeding Business Day.
"Interest Period" means, with respect to any Interest Payment Date,
the period from and including the previous Interest Payment Date (or in the case
of the initial Interest Payment Date, from and including the Issuance Date) to
but excluding such current Interest Payment Date.
"Investor Charge-Off" means, with respect to any Payment Date, the
aggregate amount, if any, by which the Series 2002-A Investor Default Amount, if
any, for the preceding Monthly Period exceeds the Series 2002-A Available
Interest Amount for such Payment Date available after giving effect to clauses
(a), (b) and (c) of Section 3.01.
"Investor Default Amount" is defined in the Series 2002-CC
Supplement.
"Issuance Date" means June 11, 2002.
"Legal Maturity Date" means the Payment Date in May 2007.
"LIBOR" means, for any Interest Period, the London interbank offered
rate determined in accordance with Section 3.16.
"LIBOR Determination Date" means, with respect to an Interest
Period, the second London Business Day prior to the commencement of such
Interest Period.
"London Business Day" means a day that is both a Business Day and a
day on which banking institutions in the City of London, England are not
required or authorized by law to be closed.
"Monthly Period" has the meaning set forth in the Indenture;
provided, however, that with respect to this Indenture Supplement, the "first
Monthly Period" means the period beginning on and including the Series 2002-CC
Cut-Off Date and ending on and including June 30, 2002. The Monthly Period is
the same as the Collection Period.
"Nominal Liquidation Amount of the Series 2002-A Notes" means, with
respect to the Series 2002-A Notes, the amount calculated pursuant to Section
3.12(a).
"Nominal Liquidation Amount Deficit" means, with respect to the
Series 2002-A Notes, the excess of the Adjusted Outstanding Dollar Principal
Amount of the Series 2002-A Notes over the Nominal Liquidation Amount of the
Series 2002-A Notes.
"Overcollateralization Amount" means, with respect to the Series
2002-A Notes, the amount calculated pursuant to Section 3.12(b). The initial
Overcollateralization Amount is $197,802,198.
"Overcollateralization Amount Deficit" means, with respect to the
Series 2002-A Notes, the excess of the aggregate of the reallocations and
reductions made pursuant to
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Section 3.12(b)(ii)(C) and (D) over the aggregate amount of all reinstatements
made pursuant to Section 3.12(b)(ii)(B).
"Overcollateralization Percentage" means 9.8901% ; provided that the
Overcollateralization percentage shall be 11.11% so long as the rating of the
long-term unsecured debt of DaimlerChrysler AG is less than "BBB-" by Standard
& Poor's.
"Paying Agent" means, initially, the Indenture Trustee.
"PFA Earnings" means, with respect to each Payment Date, the
investment earnings on funds in the Principal Funding Account (net of investment
expenses and losses) for the period from and including the immediately preceding
Payment Date to but excluding such Payment Date.
"PFA Earnings Shortfall" means, for any Payment Date, the excess, if
any, of (a) the PFA Earnings Target for such Payment Date over (b) the PFA
Earnings for such Payment Date.
"PFA Earnings Target" means, for any Payment Date, with respect to
any amount on deposit in the Principal Funding Account, the Dollar amount of
interest that would have accrued on such amount for the period from and
including the preceding Payment Date to but excluding such Payment Date if such
amount had borne interest at the related Series 2002-A Note Interest Rate.
"Pooling and Servicing Agreement" means the Amended and Restated
Pooling and Servicing Agreement dated as of December 5, 2001 between DCWR, as
seller, DCS, as servicer, and The Bank of New York as trustee, as amended,
restated and supplemented from time to time.
"Primary Overcollateralization Amount" means the, at the time of
determination, the product of (i) the Overcollateralization Percentage and (ii)
the Nominal Liquidation Amount of the Series 2002-A Notes at such time; provided
that if an Early Redemption Period has commenced and the Revolving Period has
not recommenced, then the amount referred to in clause (ii) shall be the Nominal
Liquidation Amount of the Series 2002-A Notes at the commencement of the Early
Redemption Period.
"Principal Funding Account" means the trust account designated as
such and established pursuant to Section 5.01(a).
"Principal Payment Date" with respect to the Series 2002-A Notes
means the Series 2002-A Expected Principal Payment Date or, upon the
acceleration of the Series 2002-A Notes following an Event of Default or the
occurrence of an Early Redemption Event, each Interest Payment Date.
"Put Feature" means, with respect to the Series 2002-A Notes, the
right of the Holders to put the Series 2002-A Notes to the Issuer upon
satisfaction of the conditions set forth in Section 3.15(a) and receive the
amounts specified in Section 3.15(a).
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"Receivables Sales Proceeds" means, with respect to the Series
2002-A Notes, the proceeds of the sale of Receivables with respect to such
series of Notes pursuant to Section 3.15. Receivables Sales Proceeds do not
constitute Available Principal Amounts.
"Receivables Sales Proceeds Deposit Amount" means, with respect to
the Series 2002-A Notes in respect of which the Trust has received Receivables
Sales Proceeds, the amount of Receivables Sales Proceeds on deposit in the
Principal Funding Account.
"Record Date" means, for any Payment Date, (i) if the Series 2002-A
Notes are Global Notes, the day preceding such Payment Date and (ii) if the
Series 2002-A Notes are definitive Notes, the last day of the calendar month
ending before such Payment Date.
"Reference Banks" means four major banks engaged in transactions in
the London interbank market selected by the Calculation Agent.
"Required Primary Overcollateralization Amount" means, for any
Payment Date, the product of (i) the Overcollateralization Percentage and (ii)
the Nominal Liquidation Amount of the Series 2002-A Notes calculated after
giving effect to allocations, deposits and payments to be made on such Payment
Date but without giving effect to the reductions in Sections 3.12 (a)(ii)(C) and
(D) and the reinstatements in Section 3.12(a)(ii)(B).
"Series 2002-A Account" is defined in Section 5.01(a).
"Series 2002-A Available Amount" means, with respect to any Payment
Date, the sum of the Series 2002-A Available Interest Amount and the Series
2002-A Available Principal Amount for such Payment Date.
"Series 2002-A Available Interest Amount" means, with respect to any
Payment Date, the sum of (a) the Available Interest Amount allocated to Series
2002-A pursuant to Section 501 of the Indenture, and (b) any amounts to be
treated as part of the Series 2002-A Available Interest Amount pursuant to
Section 3.02(a).
"Series 2002-A Available Interest Amount Shortfall" means, with
respect to any Payment Date, the excess, if any, of (a) the aggregate amount
required to be applied pursuant to Sections 3.01(a) through (e) for such Payment
Date over (b) the Series 2002-A Available Interest Amount (excluding amounts to
be treated as part of the Series 2002-A Available Interest Amount pursuant to
Section 3.17(a) for such Payment Date); provided, however, that the Issuer, when
authorized by an Officer's Certificate, may amend or otherwise modify this
definition of Series 2002-A Available Interest Amount Shortfall if the Note
Rating Agencies confirm in writing that the amendment or modification will not
cause a Ratings Effect.
"Series 2002-A Available Principal Amount" means, with respect
to any Payment Date, the sum of (a) the Available Principal Amount allocated to
Series 2002-A pursuant to Section 502 of the Indenture and (b) any amounts to be
treated as part of the Series 2002-A Available Principal Amount pursuant to
Section 3.01(d) or 3.01(e).
"Series 2002-A Available Principal Amount Shortfall" means,
with respect to any Payment Date, the excess, if any, of (a) the aggregate
amount required to be applied pursuant to
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Section 3.07 over (b) the Series 2002-A Available Principal Amount (excluding
amounts to be treated as part of the Series 2002-A Available Principal Amount
pursuant to Section 3.18(a) for such Payment Date); provided, however, that the
Issuer, when authorized by an Officer's Certificate, may amend or otherwise
modify this definition of Series 2002-A Available Principal Amount Shortfall if
the Note Rating Agencies confirm in writing that the amendment or modification
will not cause a Ratings Effect.
"Series 2002-A Expected Principal Payment Date" means the Payment
Date in May 2005.
"Series 2002-A Floating Allocation Percentage" means, with respect
to any Payment Date, the percentage equivalent, which shall never exceed 100%,
of a fraction, the numerator of which is the Series 2002-A Nominal Liquidation
Amount as of the last day of the immediately preceding Collection Period and the
denominator of which is the sum of the series nominal liquidation amounts for
all series of Notes (including Series 2002-A) on that day.
"Series 2002-A Investor Default Amount" means, with respect to any
Payment Date, the product of the Investor Default Amount with respect to such
Payment Date and the Series 2002-A Floating Allocation Percentage for such
Payment Date.
"Series 2002-A Monthly Interest" is defined in Section 3.01(b).
"Series 2002-A Nominal Liquidation Amount" means, at the time of
determination, the amount equal to the sum of (i) the Nominal Liquidation Amount
of the Series 2002-A Notes at such time and (ii) the Overcollateralization
Amount at such time.
"Series 2002-A Note Interest Rate" means, with respect to an
Interest Period, a rate per annum equal to LIBOR, as determined by the
Calculation Agent on the related LIBOR Determination Date with respect to such
Interest Period, plus 0.06%.
"Series 2002-A Noteholder" means a Person in whose name a Series
2002-A Note is registered in the Note Register or the bearer of any Series
2002-A Note in Bearer Note form (including a Global Note in bearer form), as the
case may be.
"Series 2002-A Notes" means any of the notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of Exhibit A hereto.
"Series 2002-A Principal Allocation Percentage" means, with respect
to any Payment Date, the percentage equivalent, which shall never exceed 100%,
of a fraction the numerator of which is the Series 2002-A Nominal Liquidation
Amount as of the last day of the immediately preceding Collection Period or, if
the Accumulation Period or Early Redemption Period has commenced, as of the last
day of the Collection Period immediately preceding the commencement of the Early
Redemption Period or Accumulation Period, and the denominator of which is the
sum of the series nominal liquidation amounts for each series of notes
(including Series 2002-A) as of the last day of the immediately preceding
Collection Period, provided, however, that for any series that is amortizing or
accumulating principal, the series nominal
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liquidation amount of that series will be the series nominal liquidation amount
as of the last day of the Collection Period prior to the commencement of such
amortization or accumulation.
"Series 2002-A Servicing Fee" means, with respect to any Payment
Date, the pro rata portion of the Certificateholders Monthly Servicing Fee
allocable to the Series 2002-A Notes based on the Series 2002-A Floating
Allocation Percentage for such Payment Date.
"Series 2002-A Termination Date" means the earliest to occur of (a)
the Principal Payment Date on which the Outstanding Dollar Principal Amount of
the Series 2002-A Notes is reduced to zero, (b) the Legal Maturity Date and (c)
the date on which the Indenture is discharged and satisfied pursuant to Article
VI thereof.
"Shared Excess Available Interest Amount" means, with respect to any
Payment Date with respect to any series of Notes, either (i) the Series 2002-A
Available Interest Amount for such Payment Date available after application in
accordance with Sections 3.01(a) through (e) or (ii) the amounts allocated to
the Notes of other series that the applicable Indenture Supplements for such
series specify are to be treated as "Shared Excess Available Interest Amount."
"Shared Excess Available Principal Amount" means, with respect to
any Payment Date and any series of Notes, either (i) the Series 2002-A Available
Principal Amount for such Payment Date applied as Shared Excess Available
Principal Amount in accordance with Section 3.05 or (ii) the amounts allocated
to the Notes of other series that the Indenture Supplements for such series
specify are to be treated as "Shared Excess Available Principal Amount."
"Telerate Page 3750" means the display page so designated on the Dow
Xxxxx Telerate Service (or such other page as may replace that page on that
service, or any other service that may be nominated as the information vendor,
for the purpose of displaying London interbank offered rates of major banks).
Section 1.02. Governing Law. THIS INDENTURE SUPPLEMENT WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.
Section 1.03. Counterparts. This Indenture Supplement may be
executed in any number of counterparts, each of which so executed will be deemed
to be an original, but all such counterparts will together constitute but one
and the same instrument.
Section 1.04. Ratification of Indenture. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read,
taken and construed as one and the same instrument.
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ARTICLE II
The Notes
Section 2.01. Creation and Designation.
(a) There is hereby created a series of Notes to be issued pursuant
to the Indenture and this Indenture Supplement to be known as "DaimlerChrysler
Master Owner Trust Floating Rate Auto Dealer Loan Asset Backed Notes, Series
2002-A" or the "Series 2002-A Notes." The Series 2002-A Notes will be issued in
one class.
(b) The Series 2002-A Notes shall not be subordinated to any other
series of Notes.
Section 2.02. Form of Delivery; Depository; Denominations.
(a) The Series 2002-A Notes shall be delivered in the form of global
Registered Notes as provided in Sections 202 and 301(i) of the Indenture,
respectively.
(b) The Depository for the Series 2002-A Notes shall be The
Depository Trust Company, and the Series 2002-A Notes shall initially be
registered in the name of Cede & Co., its nominee.
(c) The Series 2002-A Notes will be issued in minimum denominations
of $1,000 and integral multiples of that amount.
Section 2.03. Delivery and Payment. The Issuer shall execute and
deliver the Series 2002-A Notes to the Indenture Trustee for authentication, and
the Indenture Trustee shall deliver the Series 2002-A Notes when authenticated,
each in accordance with Section 303 of the Indenture.
ARTICLE III
Allocations, Deposits and Payments
Section 3.01. Allocations of Series 2002-A Available Interest
Amount. On each Payment Date, the Indenture Trustee will apply the Series 2002-A
Available Interest Amount as follows:
(a) first, if neither DCS nor any of its Affiliates is the Servicer,
to pay the Series 2002-A Servicing Fee plus any previously due and unpaid Series
2002-A Servicing Fee (to the extent it has not been waived by the Servicer for
such Payment Date) to the Servicer;
(b) second, to deposit to the Interest Funding Account an amount
equal to the product of (i)(A) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is
360, times (B) the Series 2002-A Note Interest Rate applicable to the related
Interest Period, times (ii) the Outstanding Dollar Principal Amount of the
Series 2002-A Notes determined as of the Record Date preceding the related
Payment
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Date (the "Series 2002-A Monthly Interest"), plus an amount equal to the excess,
if any, of the aggregate amount accrued pursuant to this Section 3.01(b) as of
prior Interest Periods over the aggregate amount of interest paid to the Series
2002-A Noteholders pursuant to this Section 3.01(b) in respect of such prior
Interest Periods, together with interest at the Series 2002-A Note Interest Rate
on such delinquent amount, to the extent permitted by applicable law;
(c) third, if DCS or any of its Affiliates is the Servicer, to pay
the Series 2002-A Servicing Fee plus any previously due and unpaid Series 2002-A
Servicing Fee (to the extent it has not been waived by the Servicer for such
Payment Date) to the Servicer;
(d) fourth, to be treated as part of the Series 2002-A Available
Principal Amount for application in accordance with Section 3.05 in an amount
equal to the Series 2002-A Investor Default Amount, if any, for the preceding
Monthly Period;
(e) fifth, to be treated as part of the Series 2002-A Available
Principal Amount for application in accordance with Section 3.05 in an amount
equal to the sum of (x) the Nominal Liquidation Amount Deficit, if any, and (y)
the Overcollateralization Amount Deficit, if any;
(f) sixth, to be treated as Shared Excess Available Interest Amount
for application in accordance with Section 3.17; and
(g) seventh, to the Issuer.
Section 3.02. Amounts to be Treated as Series 2002-A Available
Interest Amount; Other Deposits to the Interest Funding Account. The following
deposits and payments will be made on the following dates:
(a) Amounts to be Treated as Series 2002-A Available Interest
Amount. In addition to the Available Interest Amount allocated to Series 2002-A
pursuant to Section 501 of the Indenture, the following amounts shall be treated
as part of the Series 2002-A Available Interest Amount for application in
accordance with this Article III:
(i) PFA Earnings Shortfall. The PFA Earnings Shortfall, to the
extent funded pursuant to Section 4.01(c) of the Series 2002-CC Supplement, will
be treated as part of the Series 2002-A Available Interest Amounts for the
related Payment Date.
(ii) Account Earnings. Any PFA Earnings for any Payment Date will be
treated as part of the Series 2002-A Available Interest Amount for such Payment
Date.
(iii) Shared Excess Available Interest Amounts. Any Shared Excess
Available Interest Amounts allocable to Series 2002-A will be treated as part of
the Series 2002-A Available Interest Amounts pursuant to Section 3.17(a).
(b) Receivables Sales Proceeds. Receivables Sales Proceeds received
by the Issuer pursuant to Section 3.15(c)(ii) for the Series 2002-A Notes will
be deposited into the applicable Interest Funding Account on the date of receipt
by the Issuer.
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Section 3.03. Allocations of Reductions from Investor Charge-Offs to
the Overcollateralization Amount and the Nominal Liquidation Amount of the
Series 2002-A Notes. On each Payment Date when there is an Investor Charge-Off
with respect to the related Monthly Period, such Investor Charge-Off will be
allocated on that date to the Overcollateralization Amount and the Nominal
Liquidation Amount of the Series 2002-A Notes as set forth in this Section.
(a) First, the amount of such Investor Charge-Off will be allocated
to the Overcollateralization Amount in an amount equal to lesser of (i) such
Investor Charge-Off and (ii) the Overcollateralization Amount (computed prior to
giving effect to such Investor Charge-Off and any reallocation of Series 2002-A
Available Principal Amount on such date). In such case, the
Overcollateralization Amount will be reduced by an amount equal to the portion
of such Investor Charge-Off that is allocated to the Overcollateralization
Amount pursuant to this clause (a); provided, however, that no such allocation
will reduce the Overcollateralization Amount below zero.
(b) Second, the amount of such Investor Charge-Off remaining after
giving effect to clause (a) above will be allocated to the Series 2002-A Notes
in an amount equal to the lesser of (i) the excess, if any, of the Investor
Charge-Off for such Monthly Period over the amount of the reduction of the
Overcollateralization Amount pursuant to clause (a) above and (ii) the Nominal
Liquidation Amount of the Series 2002-A Notes (computed prior to giving effect
to such Investor Charge-Off and any reallocations of Series 2002-A Available
Principal Amounts on such date). In such case, the Nominal Liquidation Amount of
the Series 2002-A Notes will be reduced by an amount equal to the portion of
such Investor Charge-Off that is allocated to the Series 2002-A Notes pursuant
to this clause (b); provided, however, that no such allocation will reduce the
Nominal Liquidation Amount of the Series 2002-A Notes below zero.
Section 3.04. Allocations of Reinstatements of Nominal Liquidation
Amount Deficit and Overcollateralization Amount Deficit. If, as of any Payment
Date, there is any Series 2002-A Available Interest Amount available pursuant to
Section 3.01(e) to reimburse any Nominal Liquidation Amount Deficit or
Overcollateralization Amount Deficit as of such Payment Date, such funds will be
allocated as follows:
(a) first, to the Nominal Liquidation Amount of the Series 2002-A
Notes, but in no event will the Nominal Liquidation Amount of the Series 2002-A
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the
Series 2002-A Notes; and
(b) second, to the Overcollateralization Amount, but in no event
will the Overcollateralization Amount be increased above the
Overcollateralization Amount calculated as if there had been no reduction of the
Overcollateralization Amount pursuant to Section 3.03 or 3.06.
Section 3.05. Application of Series 2002-A Available Principal
Amount. On each Payment Date, the Indenture Trustee will apply the Series 2002-A
Available Principal Amount as follows:
11
(a) first, if, after giving effect to deposits to be made with
respect to such Payment Date pursuant to Section 3.01(b), the Series 2002-A
Notes have not received the full amount targeted to be deposited pursuant to
Section 3.01(b) with respect to that Payment Date, then the Series 2002-A
Available Principal Amount will be allocated to the Interest Funding Account in
an amount equal to the lesser of the following amounts:
(i) the amount of the deficiency in such targeted amount to be
deposited into the Interest Funding Account; and
(ii) the Series 2002-A Nominal Liquidation Amount (determined
after giving effect to the application of the Investor Charge-Off pursuant
to Section 3.03);
(b) second, if Series 2002-A is in its Accumulation Period or an
Early Redemption Period, (i) any remaining Series 2002-A Available Principal
Amount (after giving effect to clause (a)) will be applied to make the targeted
deposit to the Principal Funding Account pursuant to Section 3.07 and (ii) any
remaining Series 2002-A Available Principal Amount (after giving effect to
clause (i)) will be treated as Shared Excess Available Principal Amount;
(c) third, if Series 2002-A is not in its Accumulation Period or an
Early Redemption Period, any remaining Series 2002-A Available Principal Amount
(after giving effect to clauses (a) and (b)) will be treated as Shared Excess
Available Principal Amount; and
(d) fourth, if the Outstanding Dollar Principal Amount of the Series
2002-A has been reduced to zero on or before such Payment Date, the remaining
Series 2002-A Available Principal Amount (after giving effect to clauses (a),
(b) and (c)) shall be paid to the Issuer.
Section 3.06. Computation of Reductions to the Nominal Liquidation
Amount of the Series 2002-A Notes and the Overcollateralization Amount from
Reallocations of Series 2002-A Available Principal Amounts.
(a) Each reallocation of a portion of the Series 2002-A Available
Principal Amount that is deposited to the Interest Funding Account pursuant to
Section 3.05(a) will reduce the Overcollateralization Amount; provided, however,
that such reduction shall not exceed the Overcollateralization Amount (after
giving effect to any reductions pursuant to Section 3.03 for Investor
Charge-Offs).
(b) Each reallocation of a portion of the Series 2002-A Available
Principal Amount that is deposited to the Interest Funding Account pursuant to
Section 3.05(a) in excess of the amounts applied pursuant to clause (a) above
that reduce the Overcollateralization Amount to zero will reduce the Nominal
Liquidation Amount of the Series 2002-A Notes; provided, however, that the
amount of such reduction shall not exceed the Nominal Liquidation Amount of the
Series 2002-A Notes (after giving effect to any reductions pursuant to Section
3.03 for Investor Charge-Offs).
Section 3.07. Targeted Deposits of Series 2002-A Available Principal
Amounts to the Principal Funding Account. The Series 2002-A Available Principal
Amount that is
12
targeted to be deposited into the Principal Funding Account with respect to any
Payment Date will be (i) the amount determined pursuant to clause (a) or (b)
below for such Payment Date, as applicable, or if more than one such clause is
applicable, the highest amount determined pursuant to any one of such clauses,
and (ii) any targeted deposit pursuant to clause (i) for any prior Payment Date
to the extent not previously deposited, but in no case more than the Nominal
Liquidation Amount of the Series 2002-A Notes (computed immediately before
giving effect to such deposit but after giving effect to any reductions thereof
due to any Investor Charge-Offs and any reallocations of the Series 2002-A
Available Principal Amount on such date).
(a) Budgeted Deposits. Subject to Section 3.07(b), with respect to
each Principal Payment Date, beginning with the Accumulation Commencement Date,
the targeted deposit to be made into the Principal Funding Account will be the
Controlled Deposit Amount for the related Payment Date.
(b) Event of Default, Early Redemption Event, Other Optional or
Mandatory Redemption. If the Series 2002-A Notes have been accelerated during a
Monthly Period after the occurrence of an Event of Default, or if an Early
Redemption Event with respect to the Series 2002-A Notes occurs during a Monthly
Period, or with respect to the Monthly Period immediately preceding any other
date fixed for any other optional or mandatory redemption of the Series 2002-A
Notes, the targeted deposit for the Series 2002-A Notes with respect to the
Payment Date following such Monthly Period and each following Payment Date is
equal to the Nominal Liquidation Amount of the Series 2002-A Notes as of the
close of business on the last day of the preceding Monthly Period (taking into
effect any reallocations on the following Payment Date).
Section 3.08. Amounts to be Treated as Series 2002-A Available
Principal Amounts; Other Deposits to Principal Funding Account. The following
deposits and payments will be made on the following dates:
(a) Amounts to be Treated as Series 2002-A Available Principal
Amount. In addition to the Available Principal Amount allocated to the Series
2002-A pursuant to Section 502 of the Indenture, any portion of the Series
2002-A Available Interest Amount that is allocated pursuant to Section 3.01(d)
or 3.01(e) shall be treated as part of the Series 2002-A Available Principal
Amount for application in accordance with Section 3.05.
(b) Receivables Sale Proceeds. Receivables Sales Proceeds applied
pursuant to Section 3.15(c)(i) for the Series 2002-A Notes will be deposited
into the Principal Funding Account on the date of receipt by the Indenture
Trustee.
(c) Withdrawals from Excess Funding Account. Any withdrawal from the
Excess Funding Account pursuant to Section 4.05(a) of the Series 2002-CC
Supplement that is allocable to Series 2002-A will be deposited into the
Principal Funding Account on the date of receipt by the Indenture Trustee.
Section 3.09. Withdrawals from Interest Funding Account. Withdrawals
made pursuant to this Section 3.09 with respect to the Series 2002-A Notes will
be made from the Interest Funding Account only after all allocations and
reallocations have been made pursuant to
13
Sections 3.02 and 3.05. Such withdrawals will be limited to the amount then on
deposit in the Interest Funding Account.
(a) Withdrawals for Series 2002-A Notes. On each Interest Payment
Date, any amount on deposit in the Interest Funding Account for the Series
2002-A Notes shall be paid to the Paying Agent.
(b) Payment to the Issuer. After payment in full of the Series
2002-A Notes, any amount remaining on deposit in the Interest Funding Account
will be paid to the Issuer.
If the aggregate amount available for withdrawal from the Interest
Funding Account is less than all withdrawals required to be made from the
Interest Funding Account, then the aggregate amount on deposit will be withdrawn
and, if payable to more than one Person, applied pro rata based on the
respective amounts of the withdrawals required to be made.
Section 3.10. Withdrawals from Principal Funding Account.
Withdrawals made pursuant to this Section 3.10 with respect to the Series 2002-A
Notes will be made from the Principal Funding Account only after all allocations
and reallocations have been made pursuant to Sections 3.07 and 3.08. In no event
will the amount of the withdrawal be more than the amount then on deposit in the
Principal Funding Account.
(a) Withdrawals for the Series 2002-A Notes. On each Principal
Payment Date, any amount on deposit in the Principal Funding Account shall be
paid to the Paying Agent.
(b) Payment to the Issuer. Upon payment in full of the Series 2002-A
Notes, any remaining amount on deposit in the Principal Funding Account will be
paid to the Issuer.
If the aggregate amount available for withdrawal from the Principal
Funding Account is less than all withdrawals required to be made from that
Principal Funding Account, then the amounts on deposit will be withdrawn and, if
payable to more than one Person, applied pro rata based on the amounts of the
respective withdrawals required to be made.
Section 3.11. Limit on Repayment of the Series 2002-A Notes. No
amounts on deposit in the Principal Funding Account will be applied to pay
principal of the Series 2002-A Notes in excess of the Outstanding Dollar
Principal Amount of the Series 2002-A Notes.
Section 3.12. Calculation of Nominal Liquidation Amount of Series
2002-A Notes and Overcollateralization Amount.
(a) On or prior to each Payment Date the Issuer shall calculate the
Nominal Liquidation Amount of the Series 2002-A Notes, which shall be the
following amount:
(i) as of the Issuance Date, the Initial Dollar Principal Amount of
the Series 2002-A Notes; and
(ii) thereafter, an amount equal to, without duplication:
14
(A) the Nominal Liquidation Amount of the Series 2002-A Notes
immediately after the prior date of determination; plus
(B) the share of all reinstatements of the Nominal Liquidation
Amount Deficit pursuant to Section 3.01(e) that is allocated to the
Nominal Liquidation Amount of the Series 2002-A Notes pursuant to
Section 3.04(a) since the prior date of determination; minus
(C) the share of all reallocations of the Series 2002-A
Available Principal Amount pursuant to Section 3.05(a) that is
allocated to the Nominal Liquidation Amount of the Series 2002-A
Notes pursuant to Section 3.06(b) since the prior date of
determination; minus
(D) the amount of the reduction of the Nominal Liquidation
Amount of the Series 2002-A Notes resulting from an allocation of an
Investor Charge-Off pursuant to Section 3.03(b) since the prior date
of determination; minus
(E) the amount (other than investment earnings) deposited in
the Principal Funding Account (after giving effect to any deposits,
allocations, reallocations or withdrawals to be made on that day)
since the prior date of determination; minus
(F) the amount (other than investment earnings) deposited into
the Excess Funding Account since the prior date of determination in
connection with a reduction in Principal Receivables that is
allocable to Series 2002-A; plus
(G) the amount (other than investment earnings) withdrawn from
the Excess Funding Account since the prior date of determination in
connection with the purchase of additional Principal Receivables
that is allocable to Series 2002-A;
provided, however, that (1) the Nominal Liquidation Amount of the Series 2002-A
Notes may never be less than zero, (2) the Nominal Liquidation Amount of the
Series 2002-A Notes may never be greater than the Adjusted Outstanding Dollar
Principal Amount of the Series 2002-A Notes and (3) if the Series 2002-A Notes
have caused a sale of Receivables pursuant to Section 3.15, then the Nominal
Liquidation Amount of Series 2002-A Notes the Series 2002-A will be zero.
(b) On or prior to each Payment Date the Issuer shall calculate the
Overcollateralization Amount, which shall be the following amount:
(i) as of the date of issuance of the Series 2002-A Notes, the
initial Overcollateralization Amount; and
(ii) thereafter, an amount equal to, without duplication:
(A) the Primary Overcollateralization Amount of the Series
2002-A Notes immediately after the prior date of determination; plus
15
(B) the share of all reimbursements of the
Overcollateralization Amount Deficit pursuant to Section 3.01(e)
that is allocated to the Overcollateralization Amount pursuant to
Section 3.04(b) since the prior date of determination; minus
(C) the share of all reallocations of the Series 2002-A
Available Principal Amount pursuant to Section 3.05(a) that is
allocated to the Overcollateralization Amount pursuant to Section
3.06(a) since the prior date of determination; minus
(D) the amount of the reduction of the Overcollateralization
Amount resulting from an allocation of Investor Charge-Offs pursuant
to Section 3.03(a) since the prior date of determination; plus
(E) the Incremental Overcollateralization Amount;
provided, however, that the Overcollateralization Amount shall never be less
than zero and, after the Outstanding Dollar Principal Amount of the Series
2002-A Notes has been reduced to zero, the Overcollateralization Amount shall be
zero.
Section 3.13. Netting of Deposits and Payments. The Issuer, in its
sole discretion, may make all deposits to the Interest Funding Account and the
Principal Funding Account pursuant to Sections 3.01 and 3.07 with respect to any
Payment Date net of, and after giving effect to, (a) all reallocations to be
made pursuant to Section 3.07 and (b) all payments to the Issuer pursuant to
Section 3.05.
Section 3.14. Payments to Noteholders.
(a) All payments of principal, interest or other amounts to Holders
of the Series 2002-A Notes will be made pro rata based on the Stated Principal
Amount of their Series 2002-A Notes.
(b) Any installment of interest or principal, if any, payable on any
Series 2002-A Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal
Payment Date shall be paid by the Paying Agent to the Person in whose name such
Series 2002-A Note (or one or more Predecessor Notes) is registered on the
Record Date, by wire transfer of immediately available funds to such Person's
account as has been designated by written instructions received by the Paying
Agent from such Person not later than the close of business on the third
Business Day preceding the date of payment or, if no such account has been so
designated, by check mailed first-class, postage prepaid to such Person's
address as it appears on the Note Register on such Record Date, except that (i)
with respect to Notes registered on the Record Date in the name of the nominee
of Cede & Co., payment shall be made by wire transfer in immediately available
funds to the account designated by such nominee and (ii) with regard to any
payments of interest or principal made pursuant to Section 3.09(b) or Section
3.10(b), respectively, payment shall be made by wire transfer in immediately
available funds to the account designated by the Issuer.
16
(c) The right of the Series 2002-A Noteholders to receive payments
from the Issuer will terminate on the first Business Day following the Series
2002-A Termination Date.
Section 3.15. Exercise of Put Feature; Sale of Receivables for
Accelerated Notes.
(a) If (i) an Early Amortization Event in Section 9.01 (b), (c), (d)
or (e) of the Pooling and Servicing Agreement occurs or (ii) the Series 2002-A
Notes have been accelerated pursuant to Section 702 of the Indenture following
an Event of Default, each Holder of a Series 2002-A may notify the Indenture
Trustee that it desires to exercise the Put Feature in respect of its Series
2002-A Notes. The Put Feature shall be deemed to be exercised only if at least
one of the following conditions is met:
(i) the Holders of Series 2002-A Notes evidencing at least 90% of
the Outstanding Dollar Principal Amount of the Series 2002-A Notes have
notified the Indenture Trustee that they desire to exercise the Put
Feature in respect of their Series 2002-A Notes; or
(ii) the Majority Holders of the Series 2002-A Notes have notified
the Indenture Trustee that they desire to exercise the Put Feature in
respect of their Series 2002-A Notes and the net proceeds of the sale of
Receivables pursuant to such exercise (as described below) plus amounts on
deposit in the Principal Funding Account would be sufficient to pay all
amounts due on the Series 2002-A Notes; or
(iii) (A) the Indenture Trustee determines that the funds to be
allocated to the Series 2002-A Notes, including (1) Series 2002-A
Available Interest Amounts and Series 2002-A Available Principal Amounts
and (2) amounts on deposit in the Principal Funding Account, may not be
sufficient on an ongoing basis to make payments on the Series 2002-A Notes
as such payments would have become due if such obligations had not been
declared due and payable, are not likely to be sufficient to make payments
on the Series 2002-A Notes when due and (B) Holders of Series 2002-A Notes
evidencing at least 66-2/3% of the Outstanding Dollar Principal Amount of
the Series 2002-A Notes have notified the Indenture Trustee that they
desire to exercise the Put Feature in respect of their Series 2002-A
Notes.
If the Put Feature is deemed to be exercised as provided in the preceding
sentence, it shall be deemed to be exercised by all Holders of the Series 2002-A
Notes, whether or not they actually give notice of their desire to exercise the
Put Feature. Upon such deemed exercise of the Put Feature, the Indenture Trustee
shall cause the CARCO Trust to sell Principal Receivables and the related
Non-Principal Receivables (or interests therein) in an amount up to the Series
2002-A Nominal Liquidation Amount plus any past due interest on the Series
2002-A Notes. The proceeds of such sale shall be applied in accordance with
Section 706 of the Indenture. The Holders of the Series 2002-A Notes shall
maintain their rights in their Series 2002-A Notes until such sale proceeds have
been applied in accordance with Section 706 of the Indenture and shall present
their Series 2002-A Notes to the Issuer in accordance with Section 706 of the
Indenture as part of their exercise of the Put Feature.
17
(b) If the Nominal Liquidation Amount of the Series 2002-A Notes is
greater than zero on the Legal Maturity Date (after giving effect to deposits
and distributions otherwise to be made on the Legal Maturity Date), the Issuer
will cause the CARCO Trust to sell Principal Receivables and the related
Non-Principal Receivables on the Legal Maturity Date in an amount up to the
Series 2002-A Nominal Liquidation Amount plus any past due interest on the
Series 2002-A Notes.
(c) Sales proceeds received with respect to the Series 2002-A Notes
pursuant to clause (b) will be allocated in the following priority:
(i) first, to be deposited in the Principal Funding Account, an
amount up to the Adjusted Outstanding Dollar Principal Amount of the
Series 2002-A Notes immediately before giving effect to such deposit; and
(ii) second, to be deposited in the Interest Funding Account, the
balance of such sales proceeds.
(d) Any amount remaining on deposit in the Interest Funding Account
after a sale of Receivables pursuant to this Section 3.15 after final payment of
the Series 2002-A Notes pursuant to Section 503 of the Indenture, will be
treated as part of the Series 2002-A Available Interest Amount.
Section 3.16. Calculation Agent; Determination of LIBOR.
(a) The Issuer hereby agrees that for so long as any Series 2002-A
Notes are Outstanding, there shall at all times be an agent appointed to
calculate LIBOR for each Interest Period (the "Calculation Agent"). The Issuer
hereby initially appoints the Indenture Trustee as the Calculation Agent for
purposes of determining LIBOR for each Interest Period. The Calculation Agent
may be removed by the Issuer at any time. If the Calculation Agent is unable or
unwilling to act as such or is removed by the Issuer, or if the Calculation
Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly
appoint a replacement Calculation Agent that does not control or is not
controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties, and the Issuer may not remove the
Calculation Agent, without a successor having been duly appointed.
(b) On each LIBOR Determination Date, the Calculation Agent shall
determine LIBOR to equal the offered rate for Unites States dollar deposits for
one month that appears on Telerate Page 3750 as of 11:00 A.M., London time, on
the second LIBOR Business Day prior to the Interest Period. If that rate appears
no Telerate Page 3750, LIBOR will be that rate. If on any LIBOR Determination
Date the offered rate does not appear on Telerate page 3750, the Calculation
Agent will request each of the Reference Banks, to provide the Calculation Agent
with its offered quotation for United States dollar deposits for one month to
prime banks interbank market as of 11:00 A.M., London time, on the date. If at
least two Reference Banks provide Calculation Agent with the offered quotations,
LIBOR on the date will e the arithmetic mean, rounded upwards, if necessary, to
the nearest
18
1/100,000 of 1% (.0000001), with five one-millionths of a percentage
point rounded upward, of all the quotations. If on the date fewer LIBOR on that
date will be the arithmetic mean, rounded upwards, if necessary, to the nearest
1/100,000 of 1% (.0000001), with five one-millionths of a percentage point
rounded upward, of the offered per annum rates that one or more leading banks in
The City of New York selected by the Calculation Agent are quoting as of 11:00
A.M., New York City time, on that date to leading quoting as described above,
LIBOR for that date will be LIBOR applicable to the Interest Period.
(c) The Series 2002-A Note Interest Rate, applicable to the then
current and the immediately preceding Interest Periods, may be obtained by
telephoning the Indenture Trustee at its corporate trust office at (212) [ ]
or such other telephone number as shall be designated by the Indenture Trustee
for such purpose by prior written notice by the Indenture Trustee to each
Noteholder from time to time.
(d) On each LIBOR Determination Date, the Calculation Agent shall
send to the Indenture Trustee and the Beneficiary, by facsimile transmission,
notification of LIBOR for the following Interest Period.
Section 3.17. Excess Available Interest Amounts Sharing.
(a) Shared Excess Available Interest Amounts allocable to Series
2002-A on any Payment Date shall be treated as part of the Series 2002-A
Available Interest Amount for such Payment Date.
(b) The Shared Excess Available Interest Amount allocable to Series
2002-A with respect to any Payment Date shall mean an amount equal to the Series
2002-A Available Interest Amounts Shortfall, if any, for such Payment Date;
provided, however, that if the aggregate amount of Shared Excess Available
Interest Amounts for all series of Notes for such Payment Date is less than the
Aggregate Series Available Interest Amounts Shortfall for such Payment Date,
then the Shared Excess Available Interest Amount allocable to Series 2002-A on
such Payment Date shall equal the product of (i) Shared Excess Available
Interest Amounts for all series of Notes and (ii) a fraction, the numerator of
which is the Series Available Interest Amounts Shortfall with respect to Series
2002-A for such Payment Date and the denominator of which is the aggregate
amount of Aggregate Series Available Interest Amounts Shortfall for all series
of Notes for such Payment Date.
(c) Any Shared Excess Available Interest Amount that is not required
to be applied to make a payment or deposit in respect of a series of Notes shall
be paid to the Issuer.
Section 3.18. Excess Available Principal Amounts Sharing.
(a) The Shared Excess Available Principal Amount allocable to Series
2002-A on any Payment Date shall be treated as Series 2002-A Available Principal
Amounts for such Payment Date.
(b) The Shared Excess Available Principal Amount allocable to Series
2002-A with respect to any Payment Date shall mean an amount equal to the Series
Available Principal Amount Shortfall, if any, with respect to Series 2002-A for
such Payment Date; provided, however, that if the aggregate amount of Shared
Excess Available Principal Amounts for all series of Notes for such Payment Date
is less than the Aggregate Series Available Principal Amounts Shortfall for such
Payment Date, then Shared Excess Available Principal
19
Amounts allocable to Series 2002-A on such Payment Date shall equal the product
of (i) Shared Excess Available Principal Amounts for all series of Notes and
(ii) a fraction, the numerator of which is the Series Available Principal
Amounts Shortfall with respect to Series 2002-A for such Payment Date and the
denominator of which is the aggregate amount of Aggregate Series Available
Principal Amounts Shortfall for all series of Notes for such Payment Date.
(c) Any Shared Excess Available Principal Amount not required to be
applied to make a payment or deposit in respect of a series of Notes shall be
paid to the CARCO Trust Trustee to be applied as Excess Available Principal
Amounts pursuant to Section 4.04(a) of the Series 2002-CC Supplement.
Section 3.19. Computation of Interest.
(a) Interest on the Series 2002-A Notes shall be computed on the
basis of a 360-day year and the actual number of days elapsed in the related
Interest Period.
(b) Unless otherwise specified in this Indenture Supplement,
interest for any period will be calculated from and including the first day of
such period to and including the last day of such period.
Section 3.20. Variable Accumulation Period.
The Issuer, acting directly or through the Administrator, may elect,
by written notice to the Indenture Trustee and the Beneficiary, to delay, from
time to time, the commencement of the Accumulation Period, and extend the length
of the Revolving Period, subject to the conditions set forth in this Section
3.20; provided, however, that the Accumulation Period shall commence no later
than the first day of the Monthly Period ending immediately prior to the Series
2002-A Expected Final Payment Date. Any such election by the Issuer shall be
made not later than the first day of the last scheduled Monthly Period of the
Revolving Period (including any prior extension of the Revolving Period pursuant
to this Section 3.20).
The Issuer may make such election only if he following conditions
are satisfied:
(i) the Issuer shall have delivered to the Indenture Trustee a
certificate to the effect that the Issuer reasonably believes that the
delay in the commencement of the Accumulation Period would not result in
the Outstanding Dollar Principal Amount of the Series 2002-A Notes not
being paid in full on the Series 2002-A Expected Principal Payment Date;
(ii) the Note Rating Agencies shall have advised the Issuer that
such election to delay the commencement of the Accumulation Period would
not cause the rating of any class of any series of Notes then outstanding
to be lowered or withdrawn; and
(iii) the amount to be deposited in the Principal Funding Account in
respect of Controlled Accumulation Amount shall have been adjusted.
Notwithstanding anything herein or in the Indenture to the contrary, the
Administrator may, on behalf of the Issuer, (i) perform all such calculations as
are necessary to determine whether the
20
Accumulation Period may be delayed pursuant to this Section 3.20 and (ii) elect
to delay the Accumulation Period pursuant to this Section 3.20.
Section 3.21. Payments to the Issuer.
As an administrative convenience for the Issuer, the Indenture
Trustee shall pay to the Beneficiary all amounts payable hereunder to the
Issuer. The Issuer shall give the Indenture Trustee written instructions as to
who the Beneficiary is or Beneficiaries are and where to make such payments.
Section 3.22. Payment Instructions and Monthly Noteholders' Report.
Notwithstanding anything in the Indenture or herein to the contrary, the Issuer
may amend the form of Payment Instruction for the Series 2002-A Notes and the
Series 2002-A Schedule to Monthly Noteholders' Statement from time to time
without the consent of the Indenture Trustee or any Noteholder if it receives
written confirmation from each Note Rating Agency that such amendment will not
cause a Ratings Effect.
ARTICLE IV
Early Redemption of Notes
Section 4.01. Early Redemption Events. In addition to the events
identified as Early Redemption Events in Section 1201 of the Indenture, each of
the following events will also be an Early Redemption Event with respect to the
Series 2002-A Notes:
(1) the occurrence of the Early Amortization Event specified in Section 901(f)
of the Pooling and Servicing Agreement; [note: this is not a change; this
replaces the descriptive language taken from the Prospectus Supplement
with a reference to the provision of the PSA that was being described]
(2) the occurrence of the Early Amortization Event specified in Section
9.01(g) of the Pooling and Servicing Agreement; [note: no change, same
reason]
(3) the occurrence of any Early Amortization Event specified in Section
9.01(b), (c), (d) or (e) of the Pooling and Servicing Agreement;
(4) the occurrence of the Early Amortization Event specified in Section
9.01(a) of the Pooling and Servicing Agreement; [note: no change, same
reason]
(5) on any Payment Date, the Primary Overcollateralization Amount for such
Payment Date is reduced to an amount less than the Required Primary
Overcollateralization Amount on that Payment Date after giving effect to
the distributions to be made on such Payment Date; provided that, for the
purpose of determining whether an Early Redemption Event has occurred
pursuant to this clause (5), any reduction of the Primary
Overcollateralization Amount resulting from reallocations of the Series
2002-A Available Principal Amounts to pay interest on the Series 2002-A
Notes in the event LIBOR is equal to or greater than the prime rate upon
which interest on the Receivables is calculated on the applicable LIBOR
Determination Date will be considered an Early
21
Redemption Event only if LIBOR remains equal to or greater than such prime
rate for the next 30 consecutive days following such LIBOR Determination
Date;
(6) any Service Default occurs;
(7) on any Determination Date, as of the last day of the preceding Collection
Period, the aggregate amount of Principal Receivables relating to Used
Vehicles exceeds 20% of the Pool Balance on that last day;
(8) on any Determination Date, the average of the Monthly Payment Rates for
the three preceding Collection Periods is less than 20%;
(9) the Outstanding Dollar Principal Amount of the Series 2002-A Notes is not
repaid by the Series 2002-A Expected Principal Payment Date;
(10) the Issuer becomes an investment company within the meaning of the
Investment Company Act of 1940; and
(11) the occurrence of an Event of Default with respect of the Series 2002-A
Notes.
Notwithstanding the foregoing in this Section 4.01, in the case of
any event described in clause (1), (2) or (6) above, an Early Redemption Event
with respect to Series 2002-A will be deemed to have occurred only if, after the
applicable grace period described in such clause, if any, either the Indenture
Trustee or Series 2002-A Noteholders holding Series 2002-A Notes evidencing more
than 50% of the Outstanding Dollar Principal Amount of the Series 2002-A Notes
by written notice to the Seller, the Servicer, the Trustee and the Indenture
Trustee, if given by Series 2002-A Noteholders, declare that an Early Redemption
Event has occurred as of the date of that notice. In the case of any Early
Redemption Event described in Section 9.01(h) of the Pooling and Servicing
Agreement or any event described in clause (3), (4), (5), (7), (8), (9), (10) or
(11) above, an Early Redemption Event with respect to Series 2002-A will be
deemed to have occurred without any notice or other action on the part of the
Trustee or the Series 2002-A Noteholders immediately upon the occurrence of that
event.
Notwithstanding the foregoing in this Section 4.01, if (x) an Early
Redemption Period results from the failure by DCWR to convey Receivables in
Additional Accounts to the CARCO Trust, as described in clause (4) above during
the Revolving Period, (y) no other Early Redemption Event that has not been
cured or waived in accordance with the Indenture has occurred and (z) each Notes
Rating Agency has confirmed that recommencing the Revolving Period will not
cause a Ratings Effect, then the Early Redemption Period resulting from such
failure will terminate and the Revolving Period will recommence as of the end of
the first Collection Period during which the Seller would no longer be required
to convey Receivables in Additional Accounts to the CARCO Trust; provided that,
the Revolving Period will not recommence if the scheduled termination date of
the Revolving Period has occurred.
Notwithstanding the foregoing in this Section 4.01, if an Early
Redemption Event (other than the Early Redemption Event specified in clause (3)
above and any of the Early Redemption Events specified in Section 1201(c) of the
Indenture) has occurred and the scheduled termination of the Revolving Period
has not occurred, the Indenture Trustee shall
22
request from Standard & Poor's a confirmation that such Early Redemption Event
will not cause a Ratings Effect. If the Indenture Trustee receives such
confirmation and the Majority Holders of Series 2002-A Notes consent to the
recommencement of the Revolving Period, the related Early Redemption Period
shall terminate and the Revolving Period shall recommence.
ARTICLE V
Accounts and Investments
Section 5.01. Accounts.
(a) Accounts; Deposits to and Distributions from Accounts. On or
before the Issuance Date, the Indenture Trustee will cause to be established and
maintained two Qualified Accounts denominated as follows: the "Interest Funding
Account" and the "Principal Funding Account" (collectively, the "Series 2002-A
Accounts") in the name of the Indenture Trustee, bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2002-A Noteholders. The Series 2002-A Accounts constitute Supplemental
Accounts and shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the Series 2002-A Noteholders. If, at any time, the
institution holding any Series 2002-A Account ceases to be a Qualified
Institution, the Issuer will within ten (10) Business Days (or such longer
period, not to exceed thirty (30) calendar days, as to which each Note Rating
Agency may consent) establish a new applicable Series 2002-A Account, that is a
Qualified Account and shall transfer any cash and/or investments to such new
Series 2002-A Account. From the date such new Series 2002-A Account is
established, it will be a Series 2002-A Account, bearing the name of the Series
2002-A Account it has replaced.
(b) All payments to be made from time to time by the Indenture
Trustee to Series 2002-A Noteholders out of funds in the Series 2002-A Accounts
pursuant to this Indenture Supplement will be made by the Indenture Trustee to
the Paying Agent not later than 12:00 noon on the applicable Interest Payment
Date or Principal Payment Date but only to the extent of funds in the applicable
Account or as otherwise provided in Article III.
23
IN WITNESS WHEREOF, the parties hereto have caused this Indenture
Supplement to be duly executed as of the day and year first above written.
DAIMLERCHRYSLER MASTER OWNER TRUST,
By: DaimlerChrysler Wholesale Receivables
LLC, as Beneficiary and not in its
individual capacity
By:
----------------------------------------
Name:
Title:
Attest:
THE BANK OF NEW YORK, as Indenture Trustee
and not in its individual capacity
By:
----------------------------------------
Name:
Title:
Attest:
24
INDENTURE SUPPLEMENT
EXHIBIT A
[FORM OF] SERIES 2002-A NOTE
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.
THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, DAIMLERCHRYSLER WHOLESALE
RECEIVABLES LLC OR THE CARCO AUTO LOAN MASTER TRUST, OR JOIN IN ANY INSTITUTION
AGAINST THE ISSUER, DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC OR THE CARCO AUTO
LOAN MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES
FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS
RELATING TO THE NOTES OR THE INDENTURE.
THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A
BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF DAIMLERCHRYSLER WHOLESALE
RECEIVABLES LLC FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE
TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.
A-1
REGISTERED $_________
No. __ CUSIP NO. __________
DAIMLERCHRYSLER MASTER OWNER TRUST
FLOATING RATE AUTO DEALER LOAN ASSET BACKED NOTES, SERIES 2002-A
DaimlerChrysler Master Owner Trust, a statutory business trust created
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered assigns,
subject to the following provisions, a principal sum of _______________________
payable on the May 2005 Payment Date (the "Expected Principal Payment Date"),
except as otherwise provided below or in the Indenture; provided, however, that
the entire unpaid principal amount of this Note shall be due and payable on the
May 2007 Payment Date (the "Legal Maturity Date"). On each Interest Payment Date
the Issuer will pay interest on the outstanding principal of this Note at the
per annum rate equal to the applicable LIBOR (determined as provided in the
Indenture Supplement referred to within) plus 0.06%. Interest will accrue on
this Note from each Interest Payment Date (or, in the case of the first Interest
Payment Date, from the date of issuance of this Note) to but excluding the
following Interest Payment Date. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.
The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.
Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.
Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.
A-2
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.
DAIMLERCHRYSLER MASTER OWNER TRUST,
as Issuer
By: DAIMLERCHRYSLER WHOLESALE RECEIVABLES
LLC, not in its individual capacity but
solely as Beneficiary under the Trust
Agreement
By: CHRYSLER FINANCIAL RECEIVABLES
CORPORATION, a member
By: ----------------------------------------
Name:
Title:
Date: , 200[ ]
---------------
A-3
INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the
within-mentioned Indenture.
THE BANK OF NEW YORK, not in its individual
capacity but solely as Indenture Trustee
By:
----------------------------------------
Name:
Title:
Date: , 200[ ]
---------------
A-4
[REVERSE OF NOTE]
This Series 2002-A Note is one of the Notes of a duly authorized issue of
Notes of the Issuer, designated as its Floating Rate Auto Dealer Loan Asset
Backed Notes, Series 2002-A (herein called the "Notes"), all issued under an
Indenture dated as June 1, 2002 (such indenture, as supplemented or amended, is
herein called the "Indenture"), as supplemented by an Indenture Supplement dated
as of June 1, 200[ ] (the "Indenture Supplement"), between the Issuer and The
Bank of New York, as indenture trustee (the "Indenture Trustee", which term
includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture and the Indenture Supplement. All terms used in this Note
that are defined in the Indenture or the Indenture Supplement, each as
supplemented or amended, shall have the meanings assigned to them in or pursuant
to the Indenture or the Indenture Supplement, as so supplemented or amended.
The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.
Principal of the Notes will be payable on the Expected Principal Payment
Date in an amount described on the face hereof. Upon the occurrence of certain
events specified in the Indenture or the Indenture Supplement, payments of
principal of the Notes may be made prior to or after the Expected Principal
Payment Date.
As described above, the entire unpaid principal amount of this Note shall
be due and payable on the Legal Maturity Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes may be due and payable following
an Event of Default in the manner provided in Section 702 of the Indenture;
provided, however, that such acceleration of the entire unpaid principal amount
of the Notes may be rescinded by the holders of not less than a majority of the
Outstanding Dollar Principal Amount of the Notes. All principal payments on the
Notes shall be made pro rata to the Noteholders entitled thereto.
On any day occurring on or after the date on which the aggregate Nominal
Liquidation Amount of the Series 2002-A Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Servicer has the right, but not the
obligation, to cause the Issuer to redeem the Series 2002-A Notes in whole but
not in part, pursuant to Section 1202 of the Indenture equal the Outstanding
Dollar Principal Amount of the Series 2002-A Notes, plus interest accrued and
unpaid to but excluding the date of redemption.
Subject to the terms and conditions of the Indenture, the Beneficiary may,
from time to time, direct the Owner Trustee, on behalf of the Issuer, to issue
one or more series or classes of Notes.
On each Payment Date, the Paying Agent shall distribute to each Series
2002-A Noteholder of record on the related Record Date (except for the final
distribution with respect to this Note) such Series 2002-A Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay interest and principal on the
A-5
Series 2002-A Notes. Final payments of this Note will be made only upon
presentation and surrender of this Note at the office or offices therein
specified.
Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes)
on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the
nominee of the clearing agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee's principal Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in the City of New
York.
As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or
trust company located, or having a correspondent located, in the City of New
York or the city in which the Corporate Trust Office is located, or a member
firm of a national securities exchange, and such other documents as the
Indenture Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or
exchange.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in
A-6
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that it will not at any time institute
against DaimlerChrysler Wholesale Receivables LLC, the CARCO Trust or the
Issuer, or join in any institution against DaimlerChrysler Wholesale Receivables
LLC, the CARCO Trust or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or any Derivative
Agreement.
Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note is
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall
be affected by notice to the contrary.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing not
less than a majority of the Outstanding Dollar Principal Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Holders of Notes representing specified percentages of the Outstanding Dollar
Principal Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of Holders of the Notes issued thereunder.
The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.
The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.
A-7
The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.
THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.
No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.
No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer on the Notes or under the Indenture or any certificate
or other writing delivered in connection herewith or therewith, against (i) the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer or the Owner Trustee or of any
successor or assign of the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Owner
Trustee has no such obligations in its individual capacity). The Holder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Indenture and the Indenture Supplement in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
A-8
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee
---------------------------
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
(name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints attorney, to transfer said Note 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 face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.
A-9
EXHIBIT B
[FORM OF] SERIES 2002-A SCHEDULE TO PAYMENT INSTRUCTION
DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC
--------------------------------------------------------------------------------
DAIMLERCHRYSLER MASTER OWNER TRUST
--------------------------------------------------------------------------------
Unless otherwise indicated, capitalized terms used in this schedule to
the Payment Instruction have their respective meanings set forth in the
Indenture; provided, that the "preceding Monthly Period" shall mean the
Monthly Period immediately preceding the calendar month in which this
Payment Instruction is delivered. This Payment Instruction is delivered
pursuant to Section 908 of the Indenture.
The date of this schedule to the Payment Instruction is a Transfer
Date.
1. Allocations of Available Interest Amounts:
A. Available Interest Amounts applicable to Series 2002-A ............................. $_______
2. Allocations of Available Principal Amounts:
A. Available Principal Amounts applicable to Series 2002-A ............................ $_______
3. Components of Series 2002-A Available Principal Amounts
A. Available Principal Amount allocated to
Series 2002-A ...................................................................... $_______
B. Pursuant to Section 3.01(d)......................................................... $_______
C. Pursuant to Section 3.01(e)......................................................... $_______
4. Series 2002-A Floating Allocation Percentage............................................ $_______
5. Series 2002-A Principal Allocation Percentage........................................... $_______
6. Series 2002-A Note Interest Rate........................................................ ._______%
7. Series 2002-A Monthly Interest.......................................................... $_______
8. Series 2002-A Excess Available Interest Amount.......................................... $_______
9. Series 2002-A Excess Available Principal Amount......................................... $_______
10. PFA Earnings Shortfall.................................................................. $_______
11. PFA Earnings............................................................................ $_______
B-1
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Payment Instruction this ____ day of __________, ____.
DAIMLERCHRYSLER MASTER OWNER TRUST
By DaimlerChrysler
Services (North
America) LLC, as
Servicer of the CARCO
Trust and
administrator of the
DaimlerChrysler Master
Owner Trust
By: _______________________________
Name:
Title:
B-2
EXHIBIT C
[FORM OF] SERIES 2002-A SCHEDULE TO MONTHLY NOTEHOLDERS' STATEMENT
DATE: ______ __, ____
DAIMLERCHRYSLER MASTER OWNER TRUST
MONTHLY PERIOD ENDING _______ __, ____
Reference is made to the Series 2002-CC Supplement (the "Series 2002-CC
Supplement"), dated as of June 1, 2002, between DaimlerChrysler Wholesale
Receivables LLC, as Seller, DaimlerChrysler Services (North America) LLC, as
Servicer, and The Bank of New York, as Trustee, and the Indenture (the
"Indenture"), dated as of June 1, 2002, between Daimler Chrysler Master Owner
Trust, as Issuer, and The Bank of New York, as Indenture Trustee. Terms used
herein and not defined herein have the meanings ascribed to them in the Series
2002-CC Supplement, the Indenture and the related Indenture Supplements, as
applicable.
The following computations are prepared with respect to the Payment Date
of _______ __, ____ and with respect to the performance of the DaimlerChrysler
Master Owner Trust during the related Collection Period and the Series 2002-A
Notes.
A. Reductions of and Increases to Series 2002-A Nominal Liquidation
Amount:
[Increases
from
amounts Reductions
withdrawn due to Effect of
Series 2002-A from the amounts Deposits to
Nominal Increases Principal Reductions on or
Liquidation from Funding Reimbursements due to deposits Withdrawals Current
Amount for accretions in respect of from reallocations Reductions in the from the Series 2002-A
prior on Principal Prefunding Available of Available due to Principal Excess Nominal
Collection for Discount Excess Interest Principal Investor Funding Funding Liquidation
Period Notes Account] Amounts Amounts Charge-Offs Account Account Amount
------ ----- -------- ------- ------- ----------- ------- ------- ------
C-1
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Monthly Noteholders' Statement this __th day of __________, _____.
DAIMLERCHRYSLER MASTER OWNER TRUST
By DaimlerChrysler Services North
America LLC, as Administrator
on behalf of the Beneficiary
By
------------------------------
Name:
Title:
C-2
