Exhibit 4.4
ADMINISTRATION AGREEMENT
This ADMINISTRATION AGREEMENT, dated as of December 1,
2001 (as the same may be amended, supplemented or otherwise modified from
time to time and in effect, this "Agreement"), is by and among MMCA AUTO
OWNER TRUST 2001-4, a Delaware business trust (the "Issuer"), MITSUBISHI
MOTORS CREDIT OF AMERICA, INC., a Delaware corporation, as administrator
(the "Administrator"), and BANK OF TOKYO-MITSUBISHI TRUST COMPANY, a New
York banking corporation, not in its individual capacity but solely as
Indenture Trustee (the "Indenture Trustee").
W I T N E S S E T H:
WHEREAS, the Issuer is issuing 2.010% Class A-1 Asset
Backed Notes, 2.89% Class A-2 Asset Backed Notes, 3.97% Class A-3 Asset
Backed Notes, 4.92% Class A-4 Asset Backed Notes and 4.84% Class B Asset
Backed Notes (collectively, the "Notes") pursuant to the Indenture, dated
as of December 1, 2001 (as amended, supplemented or otherwise modified and
in effect from time to time, the "Indenture"), between the Issuer and the
Indenture Trustee (terms not defined in this Agreement shall have the
meaning set forth in, or incorporated by reference into, the Indenture or,
if not defined therein, in the amended and restated trust agreement, dated
as of October 1, 1999, between the Administrator, as beneficiary, and Chase
Manhattan Bank USA, N.A. (formerly known as Chase Manhattan Bank Delaware),
a national banking association, as trustee);
WHEREAS, the Issuer has entered into certain agreements
in connection with the issuance of the Notes and of certain beneficial
interests in the Issuer, including (i) a Sale and Servicing Agreement,
dated as of December 1, 2001 (as amended, supplemented or otherwise
modified and in effect from time to time, the "Sale and Servicing
Agreement"), among the Issuer, Mitsubishi Motors Credit of America, Inc.,
as servicer, and MMCA Auto Receivables Trust, as seller (the "Seller"),
(ii) a Letter of Representations, dated as of the Closing Date (as amended,
supplemented or otherwise modified and in effect from time to time, the
"Note Depository Agreement"), among the Issuer, the Administrator, the
Indenture Trustee and The Depository Trust Company ("DTC") relating to the
Notes and (iii) the Indenture (collectively, the "Related Agreements");
WHEREAS, pursuant to the Related Agreements, the Issuer
and the Owner Trustee are required to perform certain duties in connection
with (a) the Notes and the collateral therefor pledged pursuant to the
Indenture (the "Collateral") and (b) the beneficial interests in the Issuer
(the registered holders of such interests being referred to herein as the
"Certificateholders");
WHEREAS, the Issuer and the Owner Trustee desire to have
the Administrator perform certain of the duties of the Issuer and the Owner
Trustee referred to in the preceding clause and to provide such additional
services consistent with the terms of this Agreement and the Related
Agreements as the Issuer and the Owner Trustee may from time to time
request; and
WHEREAS, the Administrator has the capacity to provide
the services required hereby and is willing to perform such services for
the Issuer and the Owner Trustee on the terms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants
contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1. Duties of the Administrator.
(a) Duties with Respect to the Related Agreements.
(i) The Administrator agrees to perform all its duties as
Administrator under the Note Depository Agreement. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of
the Issuer or the Owner Trustee under the Related Agreements. The
Administrator shall monitor the performance of the Issuer and shall advise
the Owner Trustee when action is necessary to comply with the Issuer's or
the Owner Trustee's duties under the Related Agreements. The Administrator
shall prepare for execution by the Issuer or the Owner Trustee, or shall
cause the preparation by other appropriate persons of, all such documents,
reports, filings, instruments, certificates and opinions that it shall be
the duty of the Issuer or the Owner Trustee to prepare, file or deliver
pursuant to the Related Agreements. In furtherance of the foregoing, the
Administrator shall take all appropriate action that is the duty of the
Issuer or the Owner Trustee to take pursuant to the Indenture including,
without limitation, such of the foregoing as are required with respect to
the following matters under the Indenture (references are to sections of
the Indenture):
(A) causing the Note Register to be kept and notifying
the Indenture Trustee of any appointment of a new
Note Registrar and the location, or change in
location, of the Note Register (Section 2.5);
(B) notifying the Noteholders of the final principal
payment on their Notes (Section 2.8(e));
(C) preparing or obtaining the documents and
instruments required for authentication of the
Notes and delivering the same to the Indenture
Trustee (Section 2.2);
(D) preparing, obtaining or filing of the instruments,
opinions and certificates and other documents
required for the release of collateral (Section
2.10);
(E) maintaining an office in the Borough of Manhattan,
City of New York, for registration of transfer or
exchange of the Notes (Section 3.2);
(F) causing newly appointed Paying Agents, if any, to
deliver to the Indenture Trustee the instrument
specified in the Indenture regarding funds held in
trust (Section 3.3);
(G) directing the Indenture Trustee to deposit monies
with Paying Agents, if any, other than the
Indenture Trustee (Section 3.3);
(H) obtaining and preserving the Issuer's
qualification to do business in each jurisdiction
in which such qualification is or shall be
necessary to protect the validity and
enforceability of the Indenture, the Notes, the
Collateral and each other instrument and agreement
included in the Trust Estate (Section 3.4);
(I) preparing all supplements and amendments to the
Indenture and all financing statements,
continuation statements, instruments of further
assurance and other instruments and taking such
other action as is necessary or advisable to
protect the Trust Estate (Section 3.5);
(J) delivering the Opinion of Counsel on the Closing
Date and annually delivering Opinions of Counsel
as to the Trust Estate, and annually delivering
the Officer's Certificate and certain other
statements as to compliance with the Indenture
(Sections 3.6 and 3.9);
(K) identifying to the Indenture Trustee in an
Officer's Certificate a Person with whom the
Issuer has contracted to perform its duties under
the Indenture (Section 3.7(b));
(L) notifying the Indenture Trustee and the Rating
Agencies of an Event of Servicing Termination
under the Sale and Servicing Agreement and, if
such Event of Servicing Termination arises from
the failure of the Servicer to perform any of its
duties under the Sale and Servicing Agreement with
respect to the Receivables, taking all reasonable
steps available to remedy such failure (Section
3.7(d));
(M) causing the Servicer to comply with Sections 3.7,
3.9, 3.10, 3.11, 3.12, 3.13, 3.14, and 4.9 and
Article VII of the Sale and Servicing Agreement
(Section 3.14);
(N) preparing and obtaining documents and instruments
required for the conveyance or transfer of any of
the Issuer's properties or assets (Section
3.10(b));
(O) delivering written notice to the Indenture Trustee
and the Rating Agencies of each Event of Default
under the Indenture and each default by the
Issuer, the Servicer or the Seller under the Sale
and Servicing Agreement and by the Seller or
Mitsubishi Motors Credit of America, Inc. under
the Purchase Agreement (Section 3.19);
(P) monitoring the Issuer's obligations as to the
satisfaction and discharge of the Indenture and
preparing an Officer's Certificate and obtaining
the Opinion of Counsel and the Independent
Certificate relating thereto (Section 4.1);
(Q) delivering to the Noteholders and the Note Owners
any Officer's Certificate received from the Issuer
regarding the default in the observance or
performance of any material covenant or agreement
of the Issuer made in the Indenture or the breach
of any representation or warranty of the Issuer
made in the Indenture or in any certificate or
other writing delivered pursuant to the Indenture
(Sections 5.1 and 7.4(b));
(R) complying with any written direction of the
Indenture Trustee with respect to the sale of the
Trust Estate at one or more public or private
sales called and conducted in any manner permitted
by law if an Event of Default shall have occurred
and be continuing (Section 5.4);
(S) preparing and delivering notice to the Noteholders
of the removal of the Indenture Trustee and
appointing a successor Indenture Trustee (Section
6.8);
(T) preparing any written instruments required to
confirm more fully the authority of any co-trustee
or separate trustee and any written instruments
necessary in connection with the resignation or
removal of any co-trustee or separate trustee
(Section 6.10);
(U) furnishing the Indenture Trustee with the names
and addresses of the Noteholders during any period
when the Indenture Trustee is not the Note
Registrar (Section 7.1);
(V) preparing and, after execution by the Issuer,
filing with the Securities and Exchange Commission
(the "Commission"), any applicable state agencies
and the Indenture Trustee, documents required to
be filed on a periodic basis with, and summaries
thereof as may be required by rules and
regulations prescribed by, the Commission and any
applicable state agencies and transmitting such
summaries, as necessary, to the Noteholders
(Section 7.3);
(W) delivering to the Noteholders of Officer's
Certificates and reports, if any, delivered to the
Indenture Trustee pursuant to Section 3.10 and
3.11 of the Sale and Servicing Agreement (Section
7.4);
(X) opening one or more accounts in the Issuer's name,
preparing and delivering Issuer Orders, Officer's
Certificates and Opinions of Counsel and all other
actions necessary with respect to investment and
reinvestment of funds in the Trust Accounts
(Sections 8.2 and 8.3);
(Y) preparing an Issuer Request and Officer's
Certificate and obtaining an Opinion of Counsel
and Independent Certificates, if necessary, for
the release of the Trust Estate (Sections 8.4 and
8.5);
(Z) preparing Issuer Orders and obtaining Opinions of
Counsel with respect to the execution of
supplemental indentures and mailing to the
Noteholders and to the Rating Agencies notices
with respect to such supplemental indentures
(Sections 9.1, 9.2 and 9.3);
(AA) executing and delivering new Notes conforming to
any supplemental indenture (Section 9.6);
(BB) notifying the Noteholders and the Rating Agencies
of redemption of the Notes or causing the
Indenture Trustee to provide such notification
(Section 10.1);
(CC) preparing and delivering all Officer's
Certificates and Opinions of Counsel and obtaining
any Independent Certificates with respect to any
requests by the Issuer to the Indenture Trustee to
take any action under the Indenture (Section
11.1(a));
(DD) preparing and delivering Officer's Certificates
and obtaining any Independent Certificates
necessary for the release of property from the
lien of the Indenture (Section 11.1(b));
(EE) notifying the Rating Agencies, upon the failure of
the Indenture Trustee to give such notification,
of the information required pursuant to Section
11.4 of the Indenture (Section 11.4);
(FF) preparing and delivering to the Noteholders and
the Indenture Trustee any agreements with respect
to alternate payment and notice provisions
(Section 11.6);
(GG) recording the Indenture, if applicable (Section
11.15); and
(HH) preparing Definitive Notes in accordance with the
instructions of the Clearing Agency (Section
2.13).
(ii) The Administrator will:
(A) pay the Indenture Trustee from time to time
reasonable compensation for all services rendered
by the Indenture Trustee under the Indenture
(which compensation shall not be limited by any
provision of law in regard to the compensation of
a trustee of an express trust);
(B) except as otherwise expressly provided in the
Indenture, reimburse the Indenture Trustee upon
its request for all reasonable expenses,
disbursements and advances incurred or made by the
Indenture Trustee in accordance with any provision
of the Indenture (including the reasonable
compensation, expenses and disbursements of its
agents and counsel), except any such expense,
disbursement or advance as may be attributable to
its negligence or bad faith;
(C) indemnify the Indenture Trustee and its agents
for, and hold them harmless against, any losses,
liability or expense incurred without negligence
or bad faith on their part, arising out of or in
connection with the acceptance or administration
of the transactions contemplated by the Indenture,
including the reasonable costs and expenses of
defending themselves against any claim or
liability in connection with the exercise or
performance of any of their powers or duties under
the Indenture; and
(D) indemnify the Owner Trustee (in its individual and
trust capacities) and its agents for, and hold
them harmless against, any losses, liability or
expense incurred without negligence or bad faith
on their part, arising out of or in connection
with the acceptance or administration of the
transactions contemplated by the Trust Agreement,
including the reasonable costs and expenses of
defending themselves against any claim or
liability in connection with the exercise or
performance of any of their powers or duties under
the Trust Agreement.
(b) Additional Duties.
(i) In addition to the duties of the Administrator set
forth above, the Administrator shall perform such calculations and shall
prepare or shall cause the preparation by other appropriate persons of, and
shall execute on behalf of the Issuer or the Owner Trustee, all such
documents, reports, filings, instruments, certificates and opinions that it
shall be the duty of the Issuer or the Owner Trustee to prepare, file or
deliver pursuant to the Related Agreements or Section 5.5 of the Trust
Agreement, and at the request of the Owner Trustee shall take all
appropriate action that it is the duty of the Issuer or the Owner Trustee
to take pursuant to the Related Agreements. In furtherance thereof, the
Owner Trustee shall, on behalf of itself and of the Issuer, execute and
deliver to the Administrator and to each successor Administrator appointed
pursuant to the terms hereof, one or more powers of attorney substantially
in the form of Exhibit A hereto, appointing the Administrator the
attorney-in-fact of the Owner Trustee and the Issuer for the purpose of
executing on behalf of the Owner Trustee and the Issuer all such documents,
reports, filings, instruments, certificates and opinions. Subject to
Section 5 of this Agreement, and in accordance with the directions of the
Owner Trustee, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Related Agreements) as are not covered by any of the
foregoing provisions and as are expressly requested by the Owner Trustee
and are reasonably within the capability of the Administrator. Such
responsibilities shall include obtaining and maintaining any licenses
required to be obtained or maintained by the Issuer under the Pennsylvania
Motor Vehicle Sales Finance Act. In addition, the Administrator shall
promptly notify the Indenture Trustee and the Owner Trustee in writing of
any amendment to the Pennsylvania Motor Vehicle Sales Finance Act that
would affect the duties or obligations of the Indenture Trustee or the
Owner Trustee under any Basic Document and shall assist the Indenture
Trustee or the Owner Trustee in obtaining and maintaining any licenses
required to be obtained or maintained by the Indenture Trustee or the Owner
Trustee thereunder. In connection therewith, the Administrator shall cause
the Seller to pay all fees and expenses under such Act.
(ii) Notwithstanding anything in this Agreement or the
Related Agreements to the contrary, the Administrator shall be responsible
for promptly notifying the Owner Trustee in the event that any withholding
tax is imposed on the Issuer's payments (or allocations of income) to a
Certificateholder as contemplated in Section 5.2(c) of the Trust Agreement.
Any such notice shall specify the amount of any withholding tax required to
be withheld by the Owner Trustee pursuant to such provision.
(iii) Notwithstanding anything in this Agreement or the
Related Agreements to the contrary, the Administrator shall be responsible
for performing the duties of the Issuer or the Owner Trustee set forth in
Section 5.2(b) and (c), Section 5.5(a), (b), (c), (d) and (e), the second
paragraph of Section 5.5 and Section 5.6(a) of the Trust Agreement with
respect to, among other things, accounting and reports to the
Certificateholders.
(iv) The Administrator will provide, prior to January 15,
2002, a certificate of a Responsible Officer in form and substance
satisfactory to the Owner Trustee as to whether any tax withholding is then
required and, if required, the procedures to be followed with respect
thereto to comply with the requirements of the Code. The Administrator
shall be required to update the letter in each instance that any additional
tax withholding is subsequently required or any previously required tax
withholding shall no longer be required.
(v) The Administrator shall perform the duties of the
Administrator specified in Section 10.2 of the Trust Agreement required to
be performed in connection with the resignation or removal of the Owner
Trustee, and any other duties expressly required to be performed by the
Administrator under the Trust Agreement or any other Related Agreement.
(vi) In carrying out the foregoing duties or any of its
other obligations under this Agreement, the Administrator may enter into
transactions or otherwise deal with any of its affiliates; provided,
however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in
the Administrator's opinion, no less favorable to the Issuer than would be
available from unaffiliated parties.
(c) Non-Ministerial Matters.
(i) With respect to matters that in the reasonable
judgment of the Administrator are non-ministerial, the Administrator shall
not take any action unless within a reasonable time before the taking of
such action, the Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding
sentence, "non-ministerial matters" shall include, without limitation:
(A) the amendment of or any supplement to the
Indenture;
(B) the initiation of any claim or lawsuit by the
Issuer and the compromise of any action, claim or
lawsuit brought by or against the Issuer (other
than in connection with the collection of the
Receivables or Permitted Investments);
(C) the amendment, change or modification of the
Related Agreements;
(D) the appointment of successor Note Registrars,
successor Paying Agents and successor Indenture
Trustees pursuant to the Indenture or the
appointment of successor Administrators or
Successor Servicers, or the consent to the
assignment by the Note Registrar, Paying Agent or
Indenture Trustee of its obligations under the
Indenture; and
(E) the removal of the Indenture Trustee.
(ii) Notwithstanding anything to the contrary in this
Agreement, the Administrator shall not be obligated to, and shall not, (x)
make any payments to the Noteholders under the Related Agreements or (y)
take any other action that the Issuer directs the Administrator not to take
on its behalf.
2. Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books
of account and records shall be accessible for inspection by the Issuer,
the Owner Trustee and the Indenture Trustee at any time during normal
business hours.
3. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and, as reimbursement for
its expenses related thereto, the Administrator shall be entitled to $500
per month which shall be solely an obligation of the Seller.
4. Additional Information To Be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably
request.
5. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall
not be subject to the supervision of the Issuer or the Owner Trustee with
respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or
the Owner Trustee in any way and shall not otherwise be deemed an agent of
the Issuer or the Owner Trustee.
6. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee
as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed
to impose any liability as such on any of them or (iii) shall be deemed to
confer on any of them any express, implied or apparent authority to incur
any obligation or liability on behalf of the others.
7. Other Activities of Administrator. Nothing herein shall prevent
the Administrator or its Affiliates from engaging in other businesses or,
in its sole discretion, from acting in a similar capacity as an
administrator for any other person or entity even though such person or
entity may engage in business activities similar to those of the Issuer,
the Owner Trustee or the Indenture Trustee.
8. Term of Agreement; Resignation and Removal of Administrator.
(a) This Agreement shall continue in force until the
dissolution of the Issuer, upon which event this Agreement shall
automatically terminate.
(b) Subject to Sections 8(e) and 8(f), the Administrator may
resign its duties hereunder by providing the Issuer with at least 60 days'
prior written notice.
(c) Subject to Sections 8(e) and 8(f), the Issuer may remove
the Administrator without cause by providing the Administrator with at
least 60 days' prior written notice; provided, however, that in the event
the Servicer is removed as the Servicer pursuant to Section 8.1 of the Sale
and Servicing Agreement upon the occurrence of a Event of Servicing
Termination, the Servicer shall be simultaneously removed as Administrator
hereunder.
(d) Subject to Sections 8(e) and 8(f), at the sole option of
the Issuer, the Administrator may be removed immediately upon written
notice of termination from the Issuer to the Administrator if any of the
following events shall occur:
(i) the Administrator shall default in the performance of
any of its duties under this Agreement and, after notice of such
default, shall not cure such default within ten days (or, it such
default cannot be cured in such time, shall not give within ten
days such assurance of cure as shall be reasonably satisfactory to
the Issuer);
(ii) a court having jurisdiction in the premises shall
enter a decree or order for relief, and such decree or order shall
not have been vacated within 60 days, in respect of the
Administrator in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in
effect or appoint a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for the Administrator or
any substantial part of its property or order the winding-up or
liquidation of its affairs; or
(iii) the Administrator shall commence a voluntary case
under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, shall consent to the entry of an order
for relief in an involuntary case under any such law, shall
consent to the appointment of a receiver, liquidator, assignee,
trustee, custodian, sequestrator or similar official for the
Administrator or any substantial part of its property, shall
consent to the taking of possession by any such official of any
substantial part of its property, shall make any general
assignment for the benefit of creditors or shall fail generally to
pay its debts as they become due.
The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) of this Section 8 shall occur, it shall give written notice
thereof to the Issuer and the Indenture Trustee within seven days after the
happening of such event.
(e) No resignation or removal of the Administrator pursuant
to this Section shall be effective until a successor Administrator shall
have been appointed by the Issuer and such successor Administrator shall
have agreed in writing to be bound by the terms of this Agreement in the
same manner as the Administrator is bound hereunder.
(f) The appointment of any successor Administrator shall be
effective only after satisfaction of the Rating Agency Condition with
respect to the proposed appointment.
(g) Subject to Section 8(e) and 8(f), the Administrator
acknowledges that upon the appointment of a Successor Servicer pursuant to
the Sale and Servicing Agreement, the Administrator shall immediately
resign and such Successor Servicer shall automatically become the
Administrator under this Agreement.
9. Action upon Termination, Resignation or Removal. Promptly upon
the effective date of termination of this Agreement pursuant to Section
8(a), the resignation of the Administrator pursuant to Section 8(b) or the
removal of the Administrator pursuant to Section 8(c) or (d), the
Administrator shall be entitled to be paid all fees and reimbursable
expenses accruing to it to this date of such termination, resignation or
removal. The Administrator shall forthwith upon such termination pursuant
to Section 8(a) deliver to the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation of the Administrator pursuant to Section 8(b) or
the removal of the Administrator pursuant to Section 8(c) or (d), the
Administrator shall cooperate with the Issuer and take all reasonable steps
requested to assist the Issuer in making an orderly transfer of the duties
of the Administrator.
10. Notices. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows:
(a) if to the Issuer or the Owner Trustee, to:
MMCA Auto Owner Trust 2001-4
c/o Wilmington Trust Company
Xxxxxx Square North
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000-0000
Attention: Corporate Trust Administration Department
Telephone: (000) 000-0000
Fax: (000) 000-0000
(b) if to the Administrator, to:
Mitsubishi Motors Credit of America, Inc.
0000 Xxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxx 00000-0000
Attention: Executive Vice President and Treasurer
Telephone: (000) 000-0000
Fax: (000) 000-0000
(c) If to the Indenture Trustee, to:
Bank of Tokyo-Mitsubishi Trust Company
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Attention: Corporate Trust Administration
Telephone: (000) 000-0000
Fax: (000) 000-0000
or to such other address as any party shall have provided to the other
parties in writing. Any notice required to be in writing hereunder shall be
deemed given if such notice is mailed by certified mail, postage prepaid,
or hand-delivered to the address of such party as provided above.
11. Amendments. This Agreement may be amended from time to time by
a written amendment duly executed and delivered by the Issuer, the
Administrator and the Indenture Trustee, with the written consent of the
Owner Trustee and the consent of the Certificateholder (which consent shall
not be unreasonably withheld) but without the consent of the Noteholders,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement in order to: (i) cure
any ambiguity, to revise, correct or supplement any provisions herein, (ii)
enable the transfer to the Issuer of all or any portion of the Receivables
to be derecognized under GAAP, (iii) enable the transfer to the Issuer of
all or any portion of the Receivables to be derecognized by MMCA under
GAAP, (iv) enable the Issuer to avoid becoming a member of the Servicer's
consolidated group under GAAP or (v) enable the Transferor or any Affiliate
of the Transferor or any of their Affiliates to otherwise comply with or
obtain more favorable treatment under any law or regulation or any
accounting rule or principle; provided that such amendment will not, as set
forth in an Opinion of Counsel satisfactory to the Indenture Trustee and
the Owner Trustee, materially and adversely affect the interest of any
Noteholder or Certificateholder; provided, further, that no such amendment
shall be inconsistent with the derecognition of the Receivables by MMCA
under GAAP or cause the Issuer to become a member of MMCA's consolidated
group under GAAP. This Agreement may also be amended by the Issuer, the
Administrator and the Indenture Trustee with the written consent of the
Owner Trustee and the holders of Notes evidencing at least a majority of
the Outstanding Amount of the Notes, voting as a group, and the holders of
Certificates evidencing at least a majority of the Certificate Balance for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment may increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that are required to be made for the benefit
of the Noteholders or the Certificateholders or reduce the aforesaid
percentages of the holders of Notes and Certificates which are required to
consent to any such amendment, without the consent of the holders of all
the outstanding Notes and Certificates. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the consent of the
Seller, which permission shall not be unreasonably withheld.
12. Successors and Assigns. This Agreement may not be assigned by
the Administrator unless such assignment is previously consented to in
writing by the Issuer and the Owner Trustee and subject to the satisfaction
of the Rating Agency Condition in respect thereof. Any assignment without
such consent and satisfaction shall be null and void. An assignment with
such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound
hereunder. Notwithstanding the foregoing, this Agreement may be assigned by
the Administrator without the consent of the Issuer or the Owner Trustee to
a corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator; provided that
such successor organization executes and delivers to the Issuer, the Owner
Trustee and the Indenture Trustee an agreement in which such corporation or
other organization agrees to be bound hereunder by the terms of said
assignment in the same manner as the Administrator is bound hereunder.
Subject to the foregoing, this Agreement shall bind any successors or
assigns of the parties hereto.
13. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF
LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW),
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.
14. Headings. The Section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the
meaning, construction or affect of this Agreement.
15. Counterparts. This Agreement may be executed in counterparts,
each of which when so executed shall be an original, but all of which
together shall constitute but one and the same agreement.
16. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.
17. Not Applicable to Mitsubishi Motors Credit of America, Inc. in
Other Capacities. Nothing in this Agreement shall affect any obligation
Mitsubishi Motors Credit of America, Inc. may have in any capacity other
than as Administrator under this Agreement.
18. Limitation of Liability of Owner Trustee and Indenture
Trustee.
(a) Notwithstanding anything contained herein to the
contrary, this instrument has been countersigned by Wilmington Trust
Company not in its individual capacity but solely in its capacity as Owner
Trustee of the Issuer and in no event shall Wilmington Trust Company in its
individual capacity or any beneficial owner of the Issuer have any
liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder, as to all of which recourse
shall be had solely to the assets of the Issuer. For all purposes of this
Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.
(b) Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by Bank of Tokyo-Mitsubishi
Trust Company not in its individual capacity but solely as Indenture
Trustee and in no event shall Bank of Tokyo-Mitsubishi Trust Company have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which
recourse shall be had solely to the assets of the Issuer.
19. Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party
hereto.
20. Successor Servicer and Administrator. The Administrator shall
undertake, as promptly as possible after the giving of notice of
termination to the Servicer of the Servicer's rights and powers pursuant to
Section 8.2 of the Sale and Servicing Agreement, to enforce the provisions
of Section 8.2 with respect to the appointment of a successor Servicer.
Such successor Servicer shall, upon compliance with the last sentence of
Section 8.2 of the Sale and Servicing Agreement, become the successor
Administrator hereunder; provided, however, that if the Indenture Trustee
shall become such successor Administrator, the Indenture Trustee shall not
be required to perform any obligations or duties or conduct any activities
as successor Administrator that would be prohibited by law and not within
the banking and trust powers of the Indenture Trustee. In such event, the
Indenture Trustee may appoint a sub-administrator to perform such
obligations and duties.
21. No Petition; Subordination; Claims Against Seller.
(a) Notwithstanding any prior termination of this Agreement,
the Seller, the Administrator, the Owner Trustee and the Indenture Trustee
shall not, prior to the date which is one year and one day after the
termination of this Agreement with respect to the Issuer, acquiesce,
petition or otherwise invoke or cause the Issuer to invoke the process of
any court or government authority for the purpose of commencing or
sustaining a case against the Issuer under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Issuer or
any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer.
(b) Notwithstanding any prior termination of this Agreement,
(x) the Issuer, the Administrator, the Owner Trustee and the Indenture
Trustee shall not, prior to the date which is one year and one day after
the termination of this Agreement with respect to the Seller, acquiesce,
petition or otherwise invoke or cause the Seller to invoke the process of
any court or government authority for the purpose of commencing or
sustaining a case against the Seller under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Seller or
any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Seller; (y) any claim that the Issuer,
the Administrator, the Owner Trustee and the Indenture Trustee may have at
any time against the Subtrust Assets of any Subtrust unrelated to the
Notes, the Certificates or the Receivables, and any claim that they may
have at any time against the Seller that they may seek to enforce against
the Subtrust Assets of any Subtrust unrelated to the Notes, the
Certificates or the Receivables, shall be subordinate to the payment in
full, including post-petition interest, in the event that the Seller
becomes a debtor or debtor in possession in a case under any applicable
Federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect or otherwise subject to any insolvency, reorganization,
liquidation, rehabilitation or other similar proceedings, of the claims of
the holders of any Securities related to such unrelated Subtrust and the
holders of any other notes, bonds, contracts or other obligations that are
related to such unrelated Subtrust and (z) the Issuer, the Administrator,
the Owner Trustee and the Indenture Trustee hereby irrevocably make the
election afforded by Title 00 Xxxxxx Xxxxxx Code Section 1111(b)(1)(A)(i)
to secured creditors to receive the treatment afforded by Title 00 Xxxxxx
Xxxxxx Code Section 1111(b)(2) with respect to any secured claim that they
may have at any time against the Depositor. The obligations of the Seller
under this Agreement are limited to the related Subtrust and the related
Subtrust Assets.
IN WITNESS WHEREOF, the parties have caused this Agreement
to be duly executed and delivered as of the day and year first above
written.
MMCA AUTO OWNER TRUST 2001-4
By: WILMINGTON TRUST COMPANY,
not in its individual capacity but
solely as Owner Trustee
By: /s/ W. Xxxxx Xxxxxxxxxx
---------------------------------
Name: W. Xxxxx Xxxxxxxxxx
Title: Vice President
BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
not in its individual capacity but solely
as Indenture Trustee
By: /s/ X. Xxxxxxxxx
------------------------------------
Name: X. Xxxxxxxxx
Title: Trust Officer
MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,
as Administrator
By: /s/ C.A. Xxxxxxx
-----------------------------------
Name: C.A. Xxxxxxx
Title: Executive Vice President and
General Manager
EXHIBIT A
POWER OF ATTORNEY
STATE OF DELAWARE }
}
COUNTY OF NEW CASTLE }
KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust Company, a
banking corporation, not in its individual capacity but solely as owner
trustee (the "Owner Trustee") for MMCA AUTO OWNER TRUST 2001-4 (the
"Issuer"), does hereby make, constitute and appoint Mitsubishi Motors
Credit of America, Inc., in its capacity as administrator under the
Administration Agreement dated as of December 1, 2001 (the "Administration
Agreement"), among the Issuer, Mitsubishi Motors Credit of America, Inc.
and Bank of Tokyo-Mitsubishi Trust Company, as Indenture Trustee, as the
same may be amended from time to time, and its agents and attorneys, as
Attorneys-in-Fact to execute on behalf of the Owner Trustee or the Issuer
all such documents, reports, filings, instruments, certificates and
opinions as it should be the duty of the Owner Trustee or the Issuer to
prepare, file or deliver pursuant to the Related Agreements, or pursuant to
Section 5.5 of the Trust Agreement, including, without limitation, to
appear for and represent the Owner Trustee and the Issuer in connection
with the preparation, filing and audit of Federal, state and local tax
returns pertaining to the Issuer, and with full power to perform any and
all acts associated with such returns and audits that the Owner Trustee
could perform, including without limitation, the right to distribute and
receive confidential information, defend and assert positions in response
to audits, initiate and defend litigation, and to execute waivers of
restrictions on assessments of deficiencies, consents to the extension of
any statutory or regulatory time limit, and settlements.
All powers of attorney for this purpose heretofore filed or
executed by the Owner Trustee are hereby revoked.
Capitalized terms that are used and not otherwise defined herein
shall have the meanings ascribed thereto in the Administration Agreement.
EXECUTED this ___ day of __________, 2001.
WILMINGTON TRUST COMPANY,
not in its individual capacity but
solely as Owner Trustee
By:____________________________
Name:
Title:
STATE OF DELAWARE }
}
COUNTY OF NEW CASTLE }
Before me, the undersigned authority, on this day personally
appeared ____________________, known to me to be the person whose name is
subscribed to the foregoing instruments, and acknowledged to me that he/she
signed the same for the purposes and considerations therein expressed.
Sworn to before me this ____ day of __________, 2001.
-----------------------------------
Notary Public - State of Delaware
