Capital Auto Receivables Asset Trust 20__-_ $[______] Class A-2 Asset Backed Notes $[______] Class A-3 Asset Backed Notes $[______] Class A-4 Asset Backed Notes $[______] Class B Asset Backed Notes $[______] Class C Asset Backed Notes Capital Auto...
EXHIBIT 1.1
Capital
Auto Receivables Asset Trust 20__-_
$[______] Class A-2 Asset Backed Notes
$[______] Class A-3 Asset Backed Notes
$[______] Class A-4 Asset Backed Notes
$[______] Class B Asset Backed Notes
$[______] Class C Asset Backed Notes
Capital Auto Receivables LLC
(Depositor)
$[______] Class A-3 Asset Backed Notes
$[______] Class A-4 Asset Backed Notes
$[______] Class B Asset Backed Notes
$[______] Class C Asset Backed Notes
Capital Auto Receivables LLC
(Depositor)
GMAC LLC
(Sponsor and Servicer)
(Sponsor and Servicer)
UNDERWRITING AGREEMENT
_________, 20___
[Underwriters]
As Representatives of the several
Underwriters on Schedule 1
Underwriters on Schedule 1
Dear Ladies and Gentlemen:
1. Introductory. Capital Auto Receivables LLC, a Delaware limited liability company
(the “Depositor,” which term with respect to matters prior to October 20, 2006, shall refer
to Capital Auto Receivables, Inc., which was the predecessor of Capital Auto Receivables LLC),
proposes to sell to the Underwriters $[ ] aggregate principal balance of Class A-2 Asset
Backed Notes (the “Class A-2 Notes”), $[ ] aggregate principal balance of Class A-3
Asset Backed Notes (the “Class A-3 Notes”), $[ ] aggregate principal balance of Class
A-4 Asset Backed Notes (the “Class A-4 Notes”, and together with Class A-2 Notes and the
Class A-3 Notes, the “Class A Notes”), $[ ] aggregate principal balance of its Class B
Asset Backed Notes (the “Class B Notes”) and $[ ] aggregate principal balance of its
Class C Asset Backed Notes (the “Class C Notes” and together with the Class A Notes and the
Class B Notes, the “Offered Notes”) of the
Capital Auto Receivables Asset Trust 20__-__ (the
“Trust”). The Trust is also issuing, concurrently with the Offered Notes, $[ ]
aggregate principal balance of [Class A-1 Asset Backed Notes (the “Class A-1 Notes”) and]
$[ ] aggregate principal balance of Class D Asset Backed Notes (the “Class D Notes”).
The [Class A-1 Notes and] the Class D Notes will be sold in one or more private placements by the
Depositor.
The assets of the Trust will include, among other things, a pool of retail installment sales
contracts and direct purchase money loans for new and used automobiles and light trucks (the
“Receivables”)
and certain monies due or received thereunder on and after
, 20___
(the “[Initial] Cutoff Date”), such Receivables to be transferred to the Trust by the
Depositor and serviced by GMAC LLC (“GMAC” or the “Servicer” and the term “GMAC,”
with respect to matters prior to July 20, 2006, shall refer to General Motors Acceptance
Corporation, which was the predecessor of GMAC LLC). The aggregate amount financed under the
Receivables, exclusive of accrued interest, as of the [Initial] Cutoff Date will be $[ ]. The
Offered Notes will be issued pursuant to an indenture, to be dated as of the [Initial] Closing Date
(as defined below) (as amended and supplemented from time to time, the “Indenture”),
between the Trust and
[ ], as indenture trustee (the “Indenture Trustee”). The Trust
has been formed pursuant to a trust agreement, dated as of
,
20 (to be amended and restated
as of ,
20 and as further amended and supplemented from time to time, the “Trust
Agreement”), between the Depositor and [ ], as trustee, acting thereunder not in its
individual capacity but solely as trustee of the Trust (the “Owner Trustee”). GMAC will
serve as the initial custodian of the Receivable Files (as defined in a trust sale and servicing
agreement, to be dated as of the [Initial] Closing Date (as amended and supplemented from time to
time, the “Trust Sale and Servicing Agreement”), among the Depositor, the Servicer and the
Trust) pursuant to the Trust Sale and Servicing Agreement and a custodian agreement, to be dated as
of the [Initial] Closing Date (as amended and supplemented from time to time, the “Custodian
Agreement”), between the Servicer and the Depositor.
Any reference herein to the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Final Prospectus shall be deemed to refer to and include the documents
incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the
Exchange Act on or before the Effective Date of the Registration Statement or the issue date of the
Base Prospectus, any Preliminary Prospectus or the Final Prospectus, as the case may be; and any
reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed
to refer to and include the filing of any document under the Exchange Act after the Effective Date
of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus
or the Final Prospectus, as the case may be, deemed to be incorporated therein by reference.
Certain terms used herein are defined in Section 15 hereof. Capitalized terms not
otherwise defined in this Agreement shall have the meanings assigned to them in Part I of
Appendix A to the Trust Sale and Servicing Agreement.
2. Representations and Warranties of the Depositor. The Depositor represents and
warrants to, and agrees with, the several underwriters named in Schedule 1 (the
“Underwriters”) that:
(a) The Depositor meets the requirements for use of Form S-3 under the Act and has
prepared and filed with the Commission a registration statement (No. 333-147112), including
a prospectus, on Form S-3 pursuant to Rule 415 under the Act on November 2, 2007, as amended
by Pre-Effective Amendment No. 1 on January 15, 2008, for the registration under the Act of
asset-backed securities (issuable in series and classes thereof), including the Offered
Notes, which registration statement has become effective, and a copy of which, as amended to
the date hereof, has heretofore been delivered to the Underwriters. The Depositor has filed
or will file with the Commission, pursuant to Rule 424(b), one or more Preliminary
Prospectuses and has delivered the
2
Final Preliminary Prospectus [and the Additional Information Statement] to the
Underwriters on or prior to the Applicable Time for delivery to prospective investors. The
Depositor will file with the Commission pursuant to Rule 424(b) a Final Prospectus relating
to the Offered Notes and the method of distribution thereof.
(b) On the Effective Date, the Registration Statement complied, and when the Final
Prospectus is first filed in accordance with Rule 424(b), the Final Prospectus will comply,
in all material respects, with the applicable requirements of the Act; on the Effective
Date, the Registration Statement did not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in order to make
the statements therein not misleading; on the date of any filing pursuant to Rule 424(b) and
on the [Initial] Closing Date, the Final Prospectus will not include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading;
provided, however, that the Depositor makes no representations or warranties
as to the information contained in or omitted from the Registration Statement or the Final
Prospectus (or any supplement thereto) (i) in reliance upon and in conformity with the
Underwriter Information (as defined in Section 7(b)), (ii) relating to and included in the
ABS Tables [or (iii) relating to and included in the Swap Information]. As of the [Initial]
Closing Date, the representations and warranties of the Depositor in a pooling and servicing
agreement, to be dated as of the [Initial] Closing Date (the “Pooling and Servicing
Agreement”), between GMAC and the Depositor, in the Trust Sale and Servicing Agreement
and in the Trust Agreement will be true and correct in all material respects.
(c) As of the Applicable Time, the Disclosure Package did not include any untrue
statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Depositor makes no representations
or warranties as to the information contained in or omitted from the Disclosure Package (i)
in reliance upon and in conformity with the Underwriter Information, (ii) included in the
ABS Tables [or (iii) included in the Swap Information].
(d) At the earliest time after the filing of the Registration Statement that the
Depositor or another offering participant made a bona fide offer (within the
meaning of Rule 164(h)(2)) of the Offered Notes, the Depositor was not an “ineligible
issuer,” as defined in Rule 405.
(e) Each Issuer Free Writing Prospectus, as of its issue date, does not and will not
include any information that conflicts or will conflict with the information then contained
in the Registration Statement; provided, however, that the Depositor makes
no representations or warranties as to the information contained in or omitted from any
Issuer Free Writing Prospectus (1) in reliance upon and in conformity with the Underwriter
Information, (2) relating to the ABS Tables or (3) relating to the Swap Information.. If at
any time following issuance of an Issuer Free Writing Prospectus there has occurred or does
occur an event or development as a result of which such Issuer Free Writing Prospectus would
conflict with the information then contained in the
3
Registration Statement or would include an untrue statement of a material fact or would
omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, (i) the Depositor has
notified or will promptly notify the Underwriters and (ii) the Depositor has amended or
supplemented or will promptly amend or supplement such Issuer Free Writing Prospectus to
eliminate or correct such conflict, untrue statement or omission.
(f) This Agreement has been duly authorized, executed and delivered by the Depositor.
3. Purchase, Sale and Delivery of the Offered Notes. Each Underwriter executing this
Agreement on its own behalf and as a Representative of the several Underwriters (the
“Representatives”) hereby represents and warrants to the Depositor that it has been
authorized by the other Underwriters to execute this Agreement on their behalf. On the basis of
the representations, warranties and agreements herein contained, but subject to the terms and
conditions herein set forth, the Depositor agrees to sell to the Underwriters, and each Underwriter
agrees, severally and not jointly, to purchase from the Depositor, the respective principal balance
of each class of Offered Notes set forth opposite the name of such Underwriter on Schedule
1. Each class of Offered Notes is to be purchased at the respective purchase price set forth
on Schedule 2, plus accrued interest to the extent set forth on such Schedule 2.
The Depositor will deliver the Offered Notes to the Representatives for the account of the
Underwriters against payment of the purchase price in immediately available funds, at the office of
Xxxxxxxx & Xxxxx LLP, 000 Xxxx Xxxxxxxx Xxxxx, Xxxxxxx, Xxxxxxxx
00000, on , 20___ at 10:00
a.m. (Chicago time), or at such other time and place not later than seven full business days
thereafter as the Representatives and the Depositor determine, such time being herein referred to
as the “[Initial] Closing Date.” The Offered Notes so to be delivered will be initially
represented by global notes registered in the name of Cede & Co., the nominee of The Depository
Trust Company (“DTC”). The interests of beneficial owners of the Offered Notes will be
represented by book entries on the records of DTC and participating members thereof. Definitive
notes will be available only under limited circumstances.
4. Offering by Underwriters; Representations and Covenants of the Underwriters.
(a) It is understood that the Underwriters propose to offer the Offered Notes for sale
to the public (which may include selected dealers) as set forth in the Final Prospectus.
Each Underwriter agrees that all such offers and sales by such Underwriter will be made in
compliance with all applicable laws and regulations, including all laws and regulations with
respect to pricing of the Offered Notes and disclosure of underwriting commissions from the
Depositor or any other person.
(b) The Underwriters have not provided and will not provide any ABS Informational and
Computational Material to prospective investors. For the purposes hereof, “ABS
Informational and Computational Material” as used herein shall have the meanings given
such term in Item 1101(a) of Regulation AB under the Exchange Act.
4
(c) Each Underwriter represents that it has delivered the Final Preliminary Prospectus
and the Additional Information Statement to prospective investors prior to or at the
Applicable Time.
(d) Each Underwriter represents, as of the [Initial] Closing Date, that other than the
Base Prospectus, any Preliminary Prospectus, the Final Preliminary Prospectus and any Free
Writing Prospectus identified on Schedule 3, it did not provide any prospective
investors with any “written communication” (as defined in Rule 405 under the Act) that
constitutes an offer to sell or solicitation of an offer to buy the Offered Notes, other
than those identified on Schedule 4; provided, however, that,
notwithstanding the foregoing, the Depositor agrees that the Underwriters may disseminate
without the approval of the Depositor one or more “written communications” (as defined in
Rule 405 under the Act) in the form of information on Bloomberg to prospective investors
relating to relating to (A) the prepayment speed and clean-up call information of the
Offered Notes, any derivatives expected to be entered into in connection with the Offered
Notes, and the weighted average life and payment window of one or more classes of Offered
Notes, (B) a column or other entry showing the status of the subscriptions for the Offered
Notes (both for the issuance as a whole and for each Underwriter’s retention) and (C)
information customarily included in confirmations of sales of securities and notices of
allocations and information contemplated by Rule 134 of the Act (the “Bloomberg
Information”), which the Underwriters represent shall not be required to be filed with
the Commission pursuant to the safe harbor provided by Rule 134 or because such information
is a Free Writing Prospectus that is not an Issuer Free Writing Prospectus (each such
written communication, an “Underwriter Free Writing Prospectus”). As used herein,
the term “Issuer Information” means any information of the type specified in clauses
(1) – (5) of footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform),
other than Underwriter Derived Information. As used herein, the term “Underwriter
Derived Information” shall refer to information of the type described in clause (5) of
footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform) when prepared by
any Underwriter, including traditional computational and analytical materials prepared by
the Underwriter.
(e) Each Underwriter severally represents, warrants and agrees with the Depositor that:
(i) each Underwriter Free Writing Prospectus prepared by it will not, as of the
date such Underwriter Free Writing Prospectus was conveyed or delivered to any
prospective purchaser of Offered Notes, when taken as a whole together with the
Disclosure Package, include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements contained therein, in the light
of the circumstances under which they were made, not misleading; provided, however,
that no Underwriter makes such representation, warranty or agreement to the extent
such untrue statements in or omissions from any Underwriter Free Writing Prospectus
were made in reliance upon and in conformity with any (A) written information
furnished to the related Underwriter by the Depositor or GMAC expressly for use in
such Underwriter Free Writing Prospectus, which information was not corrected by
information subsequently
5
provided by the Depositor or GMAC to the related Underwriter prior to the time
of use of such Underwriter Free Writing Prospectus, (B) information accurately
extracted from any Preliminary Prospectus or the Final Prospectus, which information
was not corrected by information subsequently provided by the Depositor or GMAC to
the related Underwriter prior to the time of use of such Underwriter Free Writing
Prospectus or (C) Issuer Information (as defined in Section 4(d));
(ii) each Underwriter Free Writing Prospectus prepared by it shall contain a
legend substantially in the form of and in compliance with Rule 433(c)(2)(i) of the
Act, and shall otherwise conform to any applicable requirements for “free writing
prospectuses” under the Act;
(iii) none of the information in any Underwriter Free Writing Prospectus will
conflict with the information then contained in the Registration Statement or any
prospectus or prospectus supplement that is a part thereof; and
(iv) such Underwriter has in place, and covenants that it shall maintain,
internal controls and procedures that it reasonably believes to be sufficient to
ensure compliance in all material respects with all applicable legal requirements of
the Act and the rules and regulations thereunder with respect to the generation and
use of Underwriter Free Writing Prospectuses in connection with the offering of the
Offered Notes.
(f) Each Underwriter that uses the Internet or other electronic means to offer or sell
the Offered Notes severally represents that it has in place, and covenants that it shall
maintain, internal controls and procedures which it reasonably believes to be sufficient to
ensure compliance in all material respects with all applicable legal requirements under the
Act and applicable procedures, if any, worked out with the staff of the Commission relating
to the use of the Internet or relating to computerized or electronic means of delivery to
prospective investors of the Prospectus and any related “road-show” materials, in each case
in connection with the offering of the Offered Notes.
5. Covenants of the Depositor. The Depositor covenants and agrees with the
Underwriters that:
(a) The Depositor shall furnish to the Representatives without charge, during the
period mentioned in Section 5(e) below, as many copies of the Final Prospectus and
any supplements and amendments thereof or thereto as the Representatives may reasonably
request.
(b) The Depositor has filed or shall file each Preliminary Prospectus pursuant to and
in accordance with Rule 424(b) not later than the second business day following the date it
is first used.
(c) The Depositor shall prepare and file the Final Prospectus pursuant to and in
accordance with Rule 424(b) not later than the second business day following the date it is
first used.
6
(d) The Depositor shall advise the Representatives promptly of any proposal to amend or
supplement the Registration Statement, any Preliminary Prospectus or the Final Prospectus
and shall consult with them and their counsel with respect to any comments they may have on
any such proposed amendment or supplement; provided, however, that no such
advice or consultation shall be necessary for Exchange Act reports filed by the Depositor in
the ordinary course that contain opinions, the Basic Documents or related agreements,
monthly distribution reports, annual reports and suspension of duty to report notices.
(e) If, at any time when a prospectus relating to the Offered Notes is (or but for the
exemption in Rule 172 would be required to be) delivered under the Act in connection with
sales by any Underwriter or dealer, any event occurs as a result of which the Final
Preliminary Prospectus or the Final Prospectus as then amended or supplemented would include
an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading, or if it is necessary at any time to amend the Registration Statement or
supplement the Final Preliminary Prospectus or the Final Prospectus to comply with the Act,
the Depositor promptly shall (1) notify the Representatives of such event and (2) prepare
and file with the Commission, subject to paragraph (c) of this Section 5, an
amendment or supplement which will correct such statement or omission or effect such
compliance.
(f) The Depositor represents and agrees that, unless it obtains the prior consent of
the Representatives, and each Underwriter, severally and not jointly, represents and agrees
with the Depositor that, unless it obtains the prior consent of the Depositor, it has not
made and will not make any offer relating to the Offered Notes that would constitute an
Issuer Free Writing Prospectus or that would otherwise constitute a Free Writing Prospectus;
provided, however, that the prior consent of the parties hereto shall be
deemed to have been given with respect to the Free Writing Prospectuses included in
Schedule 3 hereto and the Bloomberg Information.
(g) The Depositor shall take such action in order to exempt the Offered Notes from the
qualification for offer and sale under the securities or “Blue Sky” laws of such
jurisdictions as the Representatives shall reasonably request and to pay all reasonable
expenses (including reasonable fees and disbursements of counsel) in connection with such
exemption and in connection with the determination of the legality of the Offered Notes for
purchase under the laws of such jurisdictions as the Representatives may designate.
Thereafter, until all of the Offered Notes have been retired, the Depositor shall arrange
for the filing and making of, and shall pay all fees applicable to, such statements and
reports and renewals of registration necessary in order to continue to exempt the Offered
Notes for secondary market transactions in the various jurisdictions in which the Offered
Notes were originally exempted for sale.
(h) For a period from the date of this Agreement until the retirement of the Offered
Notes, or until such time as no Underwriter shall continue to maintain a secondary market in
the Offered Notes, whichever first occurs, the Depositor shall deliver or cause to be
delivered to the Representatives, upon request, the Servicer’s annual
7
statement as to compliance pursuant to Section 4.01(a) of the Trust Sale and
Servicing Agreement concerning Item 1123 of Regulation AB and the Report of Assessment of
Compliance with Servicing Criteria furnished to the Indenture Trustee and the Owner Trustee
pursuant to Section 4.02(a) of the Trust Sale and Servicing Agreement concerning
Item 1122 of Regulation AB, promptly after the same are furnished to the Indenture Trustee
and the Owner Trustee.
(i) So long as any of the Offered Notes are outstanding, the Depositor shall furnish to
the Representatives (i) as soon as available, a copy of each report of the Depositor filed
with the Commission under the Exchange Act or mailed to the holders of the Offered Notes,
and (ii) from time to time, such other information concerning the Depositor as the
Representatives may reasonably request.
(j) If the transactions contemplated by this Agreement are not consummated or this
Agreement is terminated pursuant to Section 9 below, the Depositor shall pay or
cause to be paid all expenses incident to the performance of the Depositor’s obligations
under this Agreement, and will pay or cause to be paid or will reimburse the Underwriters
for any reasonable expenses (including reasonable fees and disbursements of outside counsel)
incurred by them in connection with (i) qualification or exemption of the Offered Notes for
offer and sale and the determination of their legality for purchase under the laws of such
jurisdictions as the Representatives have reasonably requested pursuant to Section
5(g) and the printing of memoranda relating thereto, (ii) any fees charged by investment
rating agencies for the rating of the Offered Notes, and (iii) expenses incurred in
printing, if applicable, and distributing any Preliminary Prospectus and the Final
Prospectus (including any amendments and supplements thereto) to the Underwriters.
(k) To the extent, if any, that any rating necessary to satisfy the condition set forth
in Section 6(j) is conditioned upon the furnishing of documents or the taking of
other actions by the Depositor on or after the [Initial] Closing Date, the Depositor shall
furnish such documents and take such other actions.
(l) If, during the period after the [Initial] Closing Date in which a prospectus
relating to the Offered Notes is required to be delivered under the Act, the Depositor
receives notice that a stop order suspending the effectiveness of the Registration Statement
or preventing the offer and sale of the Offered Notes is in effect, the Depositor shall
advise the Representatives of the issuance of such stop order.
(m) The Depositor acknowledges and agrees that each Underwriter is acting solely in the
capacity of an arm’s length contractual counterparty to the Depositor with respect to the
offering of securities contemplated hereby (including in connection with determining the
terms of the offering) and not as a fiduciary to, or an agent of, the Depositor or any other
person. Additionally, each Underwriter is not advising the Depositor or any other person as
to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The
Depositor shall consult with its own advisors concerning such matters and shall be
responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no responsibility or liability to the
Depositor with respect thereto. Any review by the
8
Underwriters of the Depositor, the transactions contemplated hereby or other matters
relating to such transactions will be performed solely for the benefit of the Underwriters
and shall not be on behalf of the Depositor.
6. Conditions to the Obligations of the Underwriters. The obligations of the
Underwriters hereunder are subject to the following conditions:
(a) The Representatives shall have received a letter, dated as of the date of the Final
Preliminary Prospectus, with respect to the Final Preliminary Prospectus, and a letter,
dated as of the [Initial] Closing Date with respect to the Final Prospectus, each of which
is from Deloitte & Touche LLP in form and substance reasonably acceptable to the
Representatives.
(b) No stop order suspending the effectiveness of the Registration Statement shall be
in effect, and no proceedings for such purpose shall be pending before or threatened by the
Commission and there shall have been no material adverse change (not in the ordinary course
of business) in the condition of the Depositor and its subsidiaries, taken as a whole, from
that set forth in (i) the Disclosure Package as of the Applicable Time and (ii) the
Registration Statement and the Final Prospectus; and the Representatives shall have
received, on the [Initial] Closing Date, a certificate, dated the [Initial] Closing Date and
signed by an executive officer of the Depositor, to the foregoing effect. The officer
signing such certificate may rely on the best of his/her knowledge as to proceedings pending
or threatened.
(c) The Representatives shall have received on the [Initial] Closing Date an opinion of
the General Counsel of the Depositor, dated the [Initial] Closing Date, substantially to the
effect set forth in Exhibit A.
(d) The Representatives shall have received on the [Initial] Closing Date an opinion of
Xxxxxxxx & Xxxxx LLP, special counsel to the Depositor, dated the [Initial] Closing Date,
substantially to the effect set forth in Exhibit B.
(e) The Representatives shall have received a letter with respect to the Disclosure
Package as of the date hereof and with respect to the Final Prospectus, as of the date
thereof and as of the [Initial] Closing Date, of Xxxxxxxx & Xxxxx LLP, special counsel to
the Depositor.
(f) The Representatives shall have received a letter with respect to the Disclosure
Package as of the date hereof and with respect to the Final Prospectus, as of the date
thereof and as of the [Initial] Closing Date, of Xxxxx Xxxxx LLP, counsel for the
Underwriters.
(g) The Representatives shall have received a certificate signed by an executive
officer or officers of the Depositor, dated the [Initial] Closing Date, in which such
officer or officers, to the best of their knowledge after reasonable investigation, shall
state that the representations and warranties of the Depositor in this Agreement, the Trust
Sale and the Servicing Agreement, the Trust Agreement, and the Pooling and Servicing
Agreement are true and correct and that the Depositor has complied with all agreements
9
and satisfied all conditions on its part to be performed or satisfied hereunder or
thereunder at or before the [Initial] Closing Date.
(h) On or prior to the [Initial] Closing Date, the Depositor shall not offer, sell,
contract to sell or otherwise dispose of any additional similar asset-backed securities
(which shall not affect the Depositor’s right to offer, sell, contract to sell or otherwise
dispose of the Class A-1 or Class D Notes) without the Representatives’ prior written
consent.
(i) The Representatives shall have received on the [Initial] Closing Date an opinion or
opinions of Xxxxxxxx & Xxxxx LLP, special counsel to the Depositor, dated the [Initial]
Closing Date, in form and substance reasonably satisfactory to the Representatives, (i) with
respect to the characterization of the transfer of the Receivables by GMAC to the Depositor
as a sale or contribution and (ii) concluding that a bankruptcy court would not under
applicable federal bankruptcy law, apply the doctrine of substantive consolidation to
consolidate the assets and liabilities of the Depositor with the assets and liabilities of
GMAC and (iii) concluding that none of the following matters conflicts with, or results in
any breach of any terms and provisions of, or constitutes (with or without notice or lapse
of time) a default under, or results in the creation of any lien, charge or encumbrance upon
any of the property or assets of the Depositor or GMAC pursuant to the terms of, any
indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor or
GMAC is subject: the issue and delivery of the Offered Notes; or the consummation of the
transactions contemplated by the Trust Sale and Servicing Agreement, the Pooling and
Servicing Agreement, the Trust Agreement, the Custodian Agreement and the Administration
Agreement; or the fulfillment of the terms of any of the foregoing.
(j) The Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are rated in the
highest rating category for long-term (i.e., “AAA”) obligations by at least one nationally
recognized rating agency. The Class B Notes are rated at least in the “A” category for
long-term obligations or its equivalent by at least one nationally recognized rating agency.
The Class C Notes are rated at least in the “BBB” category for long-term obligations or its
equivalent by at least one nationally recognized rating agency. On the [Initial] Closing
Date, the aggregate principal balance of Class D Notes set forth in the Final Prospectus
shall have been issued by the Trust.
(k) On the [Initial] Closing Date, the aggregate principal balance of Class A-1 Notes
set forth in the Final Prospectus shall have been issued by the Trust.
(l) On the [Initial] Closing Date, the aggregate principal balance of Class D Notes set
forth in the Final Prospectus shall have been issued by the Trust.
The Depositor will furnish the Representatives with conformed copies of such further opinions,
certificates, letters and documents as the Representatives reasonably request.
10
7. Indemnification and Contribution.
(a) The Depositor agrees to indemnify and hold harmless the Underwriters and each
person, if any, who controls an Underwriter within the meaning of either Section 15 of the
Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages
and liabilities caused by any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, the Disclosure Package or the Final Prospectus
(if used within the period set forth in Section 5(e) hereof and as amended or
supplemented if the Depositor shall have furnished any amendments or supplements thereto),
or caused by any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they are made, not misleading, except insofar as such losses,
claims, damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission made (i) in reliance upon and in conformity with the
Underwriter Information or (ii) in reliance upon information included in the ABS Tables.
(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless
the Depositor, its directors, its officers who sign the Registration Statement and any
person controlling the Depositor to the same extent as the foregoing indemnity from the
Depositor to such Underwriter in Section 7(a), but only with reference to
(i) information relating to the Underwriter Information; and the Depositor
acknowledges that the following items constitute the only “Underwriter
Information”:
(A) the statements made by the Underwriters under the caption “Underwriting” in
the Disclosure Package and the Final Prospectus with respect to the following:
(I) the legal names of the Underwriters in the table titled
“Aggregate Principal Amount to be Purchased”;
(II) the table relating to selling concessions and reallowances
and the paragraph of text preceding such table; and
(III) to the extent the fourth to last sentence under the
caption “Underwriting” applies to the Underwriters, the
representation of the Underwriters relating to purchase transactions,
over-allotment transactions, stabilizing transactions, syndicate
covering transactions and penalty bids; and
(B) each of the Underwriters’ “street names” on the front cover and the back
cover, if any, of the Final Preliminary Prospectus and the Final Prospectus; and
(ii) any Underwriter Free Writing Prospectus (as defined in Section
4(d)), when taken as a whole together with the Disclosure Package;
11
provided, however, that no Underwriter shall be liable to the extent that
any such loss, claim, damage or liability arises out of or is based upon any statement in or
omission from any Underwriter Free Writing Prospectus in reliance upon and in conformity
with (A) any written information furnished to the related Underwriter by the Depositor or
GMAC expressly for use therein, which information was not corrected by information
subsequently provided by the Depositor or GMAC to the related Underwriter prior to the time
of use of such Underwriter Free Writing Prospectus, (B) information accurately extracted
from any Preliminary Prospectus or the Final Prospectus, which information was not corrected
by information subsequently provided by the Depositor or GMAC to the related Underwriter
prior to the time of use of such Underwriter Free Writing Prospectus or (C) Issuer
Information (as defined in Section 4(d)).
(c) In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to
either of Sections 7(a) or (b), such person (the “indemnified
party”) shall promptly notify the person against whom such indemnity may be sought (the
“indemnifying party”) in writing and the indemnifying party, upon request of the
indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to
represent the indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified party shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of such
indemnified party unless (i) the indemnifying party and the indemnified party shall have
mutually agreed to the retention of such counsel or (ii) the named parties to any such
proceeding (including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood
that the indemnifying party shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more
than one separate firm for all such indemnified parties. Such firm shall be designated in
writing by the Representatives in the case of parties indemnified pursuant Section
7(a) and by the Depositor in the case of parties indemnified pursuant to Section
7(b). The indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or judgment. No
indemnifying party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened proceeding in respect of which any indemnified
party is a party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement (i) includes an unconditional release of such indemnified party from
all liability on any claims that are the subject matter of such action and (ii) does not
include a statement as to, or admission of, fault, culpability or a failure to act by or on
behalf of the indemnified party.
If the indemnification provided for in this Section 7 is unavailable to an
indemnified party under Section 7(a) or 7(b) or insufficient in respect of
any losses, claims, damages or liabilities referred to therein, then the indemnifying party,
in lieu of
12
indemnifying such indemnified party, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect not only the relative benefits but also the relative
fault of the Depositor on the one hand and of the Underwriters on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative fault of
the Depositor on the one hand and of the Underwriters on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Depositor or by the Underwriters and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.
The Depositor and the Underwriters agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation or by
any other method of allocation which does not take account of the considerations referred to
in the immediately preceding paragraph. The amount paid or payable by an indemnified party
as a result of the losses, claims, damages and liabilities referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 7, the Underwriters shall not be required to contribute any amount in excess
of the amount by which the total price at which the Offered Notes were offered for sale
exceeds the amount of any damages which the Underwriters have otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Underwriters’ obligations in this Section 7 to indemnify and
contribute are several in proportion to their respective underwriting obligations and not
joint.
The indemnity and contribution agreements contained in this Section 7 and the
representations and warranties of the Depositor in this Agreement shall remain operative and
in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by an Underwriter or on behalf of the Underwriters or any person
controlling the Underwriters or by or on behalf of the Depositor, its directors or officers
or any person controlling the Depositor, and (iii) acceptance of and payment for any of the
Offered Notes.
8. Default by an Underwriter. If any one or more Underwriters shall fail to purchase
and pay for any of the Offered Notes agreed to be purchased by such Underwriters hereunder and such
failure to purchase shall constitute a default in the performance of its or their obligations under
this Agreement, the Representatives may make arrangements satisfactory to the Depositor in its sole
discretion for the purchase of such Offered Notes by other persons, including any of the
Underwriters, but if no such arrangements are made by the [Initial] Closing Date, the remaining
Underwriters shall be obligated severally to take up and pay for (in the respective proportions
that the amount of Offered Notes set forth opposite their names in Schedule 1 bears
13
to the aggregate amount of Offered Notes set forth opposite the names of all the remaining
Underwriters) the Offered Notes which the defaulting Underwriters agreed but failed to purchase;
provided, however, that in the event that the aggregate amount of Offered Notes
which the defaulting Underwriters agreed but failed to purchase shall exceed 10% of the aggregate
amount of all of the Offered Notes set forth in Schedule 1, the remaining Underwriters
shall have the right to purchase all, but shall not be under any obligation to purchase any, of the
Offered Notes and if such nondefaulting Underwriters do not purchase all the Offered Notes, this
Agreement will terminate without liability to any nondefaulting Underwriter, the Trust or the
Depositor (other than under Section 7). In the event of a default by any Underwriter as
set forth in this Section 8, the [Initial] Closing Date shall be postponed for such period,
not exceeding seven days, as the non-defaulting Underwriters shall determine in order that the
required changes in the Registration Statement and the Final Prospectus or in any other documents
or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting
Underwriter of its liability, if any, to the Depositor and any nondefaulting Underwriter for
damages occasioned by its default hereunder.
9. Termination. (a) If this Agreement shall be terminated by the Representatives
because of any failure or refusal on the part of the Depositor to comply with the terms or to
fulfill any of the conditions of this Agreement, or if for any reason the Depositor shall be unable
to perform its obligations under this Agreement, the Depositor will reimburse the Underwriters for
all reasonable out-of-pocket expenses (including the reasonable fees and disbursements of their
outside counsel) reasonably incurred by the Underwriters in connection with the offering of the
Offered Notes.
(b) The Representatives may terminate this Agreement (upon consultation with the Depositor) at
any time prior to the [Initial] Closing Date if, in the opinion of the Representatives, there shall
have been such a change in national or international financial, political or economic conditions
that in their view will have a materially adverse effect on the success of the offering and
distribution of or a secondary market for the Offered Notes in the United States. After
consultation with the Depositor, the parties to this Agreement shall be released and discharged
from their respective obligations under this Agreement without liability on the part of either the
Underwriters or on the part of the Depositor (other than under Section 7), and,
notwithstanding Section 9(a), each party will pay its own expenses.
10. Survival of Certain Representations and Obligations. The respective indemnities,
agreements, representations, warranties and other statements of the Depositor or its officers and
of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation, or statement as to the results thereof, made by or on
behalf of the Underwriters or the Depositor or any of their officers or directors or any
controlling persons, and will survive delivery of and payment for the Offered Notes.
11. Notices. All communications hereunder will be in writing, and, if sent to the
Representatives, will be mailed, delivered or sent by facsimile transmission and confirmed to the
Representatives at [ ], [ ], Attention: [ ], facsimile: [ ]; or
if sent to the Depositor, will be mailed, delivered or sent by facsimile transmission and confirmed
to it at 000 Xxxxxxxxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxx, Xxxxxxxx 00000; Attention:
Director—U.S. Securitization, facsimile: (000) 000-0000.
14
12. Successors. This Agreement will inure to the benefit of and be binding upon the
parties hereto and their respective successors and the officers and directors and controlling
persons referred to in Section 7, and no other person will have any right or obligation
hereunder.
13. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS
PROVISIONS (EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
14. Counterparts. This Agreement may be signed in any number of counterparts, each of
which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.
15. Definitions. The terms which follow, when used in this Agreement, shall have the
meanings indicated.
“ABS Tables” shall mean the tables (other than the table under the caption
“Schedule of Anticipated Payments by Month: Receivables Requiring Discounting”) under the
caption of “Weighted Average Life of the Notes—Percent of Initial Note Principal Balance
Outstanding at Various ABS Percentages” in the Disclosure Package or the Final Prospectus,
as applicable.
“Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.
“Additional Information Statement” means the Additional Information Statement,
dated , 20___, with respect to the Offered Notes.
“Applicable
Time” means , 20__.
“Base Prospectus” means the prospectus, dated as of , 20___, contained
in the Registration Statement at the Effective Date.
“Commission” means the Securities and Exchange Commission.
“Disclosure Package” means the following, taken as a whole, (i) the Base
Prospectus, as amended and supplemented to the Applicable Time, (ii) the Final Preliminary
Prospectus, (iii) the Issuer Free Writing Prospectuses, if any, identified on Schedule
3 hereto and (iv) any other Free Writing Prospectus that the parties hereto shall
hereafter expressly agree in writing to treat as part of the Disclosure Package.
“Effective Date” means with respect to any part of the Registration Statement,
any post-effective amendment or amendments thereto and any Rule 462(b) Registration
Statement relating thereto, the date and time that such part of the Registration Statement,
any post-effective amendment or amendments thereto and any Rule 462(b) Registration
Statement relating thereto became or becomes effective.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission promulgated thereunder.
15
“Final Preliminary Prospectus” means the Preliminary Prospectus, dated as of
, 20_.
“Final Prospectus” means the final prospectus supplement relating to the
Offered Notes that was first filed pursuant to Rule 424(b) after the Applicable Time,
together with the Base Prospectus, and otherwise satisfies Section 10(a) of the Act. For
the purposes of this definition, the Final Prospectus shall include the “Static Pool Data”
set forth in Appendix A thereto.
“Free Writing Prospectus” means a free writing prospectus as defined in Rule
405.
“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as
defined in Rule 433, relating to the Offered Notes that (i) is required to be filed with the
Commission by the Depositor or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i)
because it contains a description of the Offered Notes or of the offering that does not
reflect the final terms, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the Depositor’s records
pursuant to Rule 433(g).
“Preliminary Prospectus” means any preliminary prospectus supplement listed on
Schedule 5 or filed with the Commission pursuant to Rule 424(b) to the Base
Prospectus that describes the Offered Notes and the offering thereof and is used prior to
filing of the Final Prospectus, together with the Base Prospectus. For purposes of this
definition, information contained in a form of prospectus or preliminary prospectus
supplement that is deemed to be a part of the Registration Statement pursuant to Rule 430B
shall be considered to be included in the Preliminary Prospectus only as of the actual time
that form of prospectus or prospectus supplement is filed with the Commission pursuant to
Rule 424(b), and shall include the “Static Pool Data” set forth in Appendix A
thereto.
“Registration Statement” means the registration statement referred to in
Section 2(a) above, including exhibits incorporated by reference therein and any
prospectus or prospectus supplement relating to the Offered Notes that is filed with the
Commission pursuant to Rule 424 and deemed part of such registration statement pursuant to
Rule 430B, as amended at the Applicable Time (or, if not effective at the Applicable Time,
in the form in which it shall become effective), and, in the event any post-effective
amendment thereto or any Rule 462(b) Registration Statement becomes effective prior to the
[Initial] Closing Date, shall also mean such registration statement as so amended or such
Rule 462(b) Registration Statement, as the case may be. Such term shall include any Rule
430A Information deemed to be included therein at the Effective Date as provided by Rule
430A.
“Regulation AB” means Subpart 229.1100 — Asset Backed Securities (Regulation
AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time and subject to
such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg.
1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by
the Commission or its staff from time to time.
16
“Rule 134,” “Rule 164,” “Rule 172,” “Rule 405,”
“Rule 415,” “Rule 424,” “Rule 430A,” “Rule 430B,” “Rule
433” and “Rule 462” refer to such rules under the Act.
“Rule 462(b) Registration Statement” means a registration statement and any
amendments thereto filed pursuant to Rule 462(b) relating to the offering covered by the
registration statement referred to in Section 2(a) hereof.
[“Swap Information” means the information under the captions “The Transfer and
Servicing Agreements—Interest Rate Swaps—Swap Counterparty” and “—Swap Counterparty
Ratings” in the Disclosure Package or the Final Prospectus, as applicable.]
17
If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement between the Depositor and you in accordance with its terms.
Very truly yours, Capital Auto Receivables LLC |
||||
By: | ||||
Name: | ||||
Title: | ||||
The foregoing Underwriting
Agreement is hereby confirmed
and accepted as of the date
first above written by the undersigned
acting on their own behalf and as a
Representative of the several Underwriters.
Agreement is hereby confirmed
and accepted as of the date
first above written by the undersigned
acting on their own behalf and as a
Representative of the several Underwriters.
[______________________]
By:
|
||||
Name: | ||||
Title: |
[______________________]
By:
|
||||
Name: | ||||
Title: |
[______________________]
By:
|
||||
Name: | ||||
Title: |
By:
|
||||
Name: | ||||
Title: |
S-1
[______________________]
By:
|
||||
Name: | ||||
Title: |
S-2
SCHEDULE 1
Underwriters | Class A-2 Notes | Class A-3 Notes | Class A-4 Notes | Class B Notes | Class C Notes | |||||||||||||||
[________________] |
||||||||||||||||||||
[________________] |
||||||||||||||||||||
[________________] |
||||||||||||||||||||
[________________] |
||||||||||||||||||||
[________________] |
||||||||||||||||||||
[________________] |
||||||||||||||||||||
[________________] |
||||||||||||||||||||
Total |
SCHEDULE 2
Security | Interest Rate | Purchase Price | ||
Class A-2 Notes |
% | % | ||
Class A-3 Notes |
% | % | ||
Class A-4 Notes |
% | % | ||
Class B Notes |
% | % | ||
Class C Notes |
% | % |
SCHEDULE 3
Free Writing Prospectuses
[(1) Additional Information Statement, dated , 20 , attached hereto.]
SCHEDULE 4
“Written Communication” (as defined in Rule 405 under the Act) Provided to Prospective
Investors and Not Identified in Section 4(d)
Investors and Not Identified in Section 4(d)
None.
SCHEDULE 5
Preliminary Prospectuses
(1) | Final Preliminary Prospectus, as defined herein. |
EXHIBIT A
[Opinion of General Counsel of Depositor]
EXHIBIT B
[Opinion of Xxxxxxxx & Xxxxx LLP]