SALE AGREEMENT by and between BANC OF AMERICA SECURITIES AUTO TRUST 2006-G1, as Issuer and BAS SECURITIZATION LLC, as Seller Dated as of November 14, 2006
Exhibit 10.2
by and between
as Issuer
and
BAS SECURITIZATION LLC,
as Seller
Dated as of November 14, 2006
TABLE OF CONTENTS
Page | ||||
ARTICLE I DEFINITIONS AND USAGE |
1 | |||
SECTION 1.1 Definitions |
1 | |||
SECTION 1.2 Other Interpretive Provisions |
1 | |||
ARTICLE II CONVEYANCE OF TRANSFERRED ASSETS |
2 | |||
SECTION 2.1 Conveyance of Transferred Assets |
2 | |||
SECTION 2.2 Representations and Warranties of the Seller regarding the Receivables |
2 | |||
SECTION 2.3 Repurchase upon Breach |
3 | |||
ARTICLE III THE SELLER |
3 | |||
SECTION 3.1 Representations and Warranties of Seller |
3 | |||
SECTION 3.2 Liability of the Seller; Indemnities |
5 | |||
SECTION 3.3 Merger or Consolidation of, or Assumption of the Obligations of, Seller |
6 | |||
SECTION 3.4 Limitation on Liability of Seller and Others |
6 | |||
SECTION 3.5 Seller May Own Notes and/or Residual Interest |
7 | |||
SECTION 3.6 Xxxxxxxx-Xxxxx Act Requirements and 1934 Act Filings |
7 | |||
SECTION 3.7 Compliance with Organizational Documents |
7 | |||
SECTION 3.8 Perfection Representations, Warranties and Covenants |
7 | |||
ARTICLE IV MISCELLANEOUS PROVISIONS |
7 | |||
SECTION 4.1 Amendment |
7 | |||
SECTION 4.2 Protection of Title |
9 | |||
SECTION 4.3 Other Liens or Interests |
9 | |||
SECTION 4.4 Transfers Intended as Sale; Security Interest |
9 | |||
SECTION 4.5 Information Requests |
10 | |||
SECTION 4.6 Notices, Etc |
10 | |||
SECTION 4.7 Choice of Law |
11 | |||
SECTION 4.8 Headings |
11 | |||
SECTION 4.9 Counterparts |
11 | |||
SECTION 4.10 Waivers |
11 | |||
SECTION 4.11 Entire Agreement |
11 | |||
SECTION 4.12 Severability of Provisions |
11 |
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TABLE OF CONTENTS
(continued)
(continued)
Page | ||||
SECTION 4.13 Binding Effect |
11 | |||
SECTION 4.14 Acknowledgment and Agreement |
11 | |||
SECTION 4.15 Cumulative Remedies |
12 | |||
SECTION 4.16 Nonpetition Covenant |
12 | |||
SECTION 4.17 Submission to Jurisdiction; Waiver of Jury Trial |
12 | |||
SECTION 4.18 Limitation of Liability |
13 | |||
SECTION 4.19 Third-Party Beneficiaries |
13 | |||
Schedule I Notice Addresses |
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Exhibit A Form of Assignment pursuant to Sale Agreement |
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Exhibit B Perfection Representations, Warranties and Covenants |
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Appendix A Definitions |
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SALE AGREEMENT, dated as of November 14, 2006 (as amended, supplemented or otherwise modified
and in effect from time to time, this “Agreement”), by and between BANC OF AMERICA
SECURITIES AUTO TRUST 2006-G1, a Delaware statutory trust (the “Issuer”) and BAS
SECURITIZATION LLC, a Delaware limited liability company, as seller (the “Seller”).
ARTICLE I
SECTION 1.1 Definitions. Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used but not otherwise defined herein are defined in
Appendix A hereto, which also contains rules as to usage that are applicable herein.
SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement, unless the
context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and
accounting terms partly defined in this Agreement to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting principles; (b) terms defined
in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this
Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and
words of similar import refer to this Agreement as a whole and not to any particular provision of
this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are
references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and
references to any paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of such Section or
definition; (e) the term “including” means “including without limitation”; (f) except as otherwise
expressly provided herein, references to any law or regulation refer to that law or regulation as
amended from time to time and include any successor law or regulation; (g) references to any Person
include that Person’s successors and assigns; and (h) headings are for purposes of reference only
and shall not otherwise affect the meaning or interpretation of any provision hereof.
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ARTICLE II
SECTION 2.1 Conveyance of Transferred Assets. In consideration of the Issuer’s sale
and delivery to, or upon the order of, the Seller of all of the Notes and the Residual Interest
on the Closing Date, the Seller does hereby irrevocably sell, transfer, assign and otherwise
convey to the Issuer without recourse (subject to the obligations herein) all right, title and
interest of the Seller, whether now owned or hereafter acquired, in, to and under the Transferred
Assets, identified in an Assignment substantially in the form of Exhibit A delivered on the
Closing Date. The sale, transfer, assignment and conveyance made hereunder does not constitute and
is not intended to result in an assumption by the Issuer of any obligation of the Seller, XXXX,
XXXX or any Originator to the Obligors or any other Person in connection with the Receivables or
the other assets and properties conveyed hereunder or any agreement, document or instrument related
thereto.
SECTION 2.2 Representations and Warranties of the Seller regarding the Receivables.
The Seller makes the following representations and warranties with respect to the Receivables, on
which the Issuer relies in purchasing the Receivables and pledging the same to the Indenture
Trustee. Such representations and warranties speak as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables by the Seller to the Issuer pursuant to this
Agreement and the pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to the
Indenture.
(i) Schedule of Receivables. No selection procedures adverse to the
Noteholders have been used by the Seller in selecting the Receivables from all
receivables owned by the Seller which were acquired from BANA pursuant to the
Purchase Agreement.
(ii) No Sale or Transfer. No Receivable has been sold, transferred, assigned
or pledged by the Seller to any Person other than the Issuer.
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SECTION 2.3 Repurchase upon Breach. (a) Upon discovery by any party hereto of a
breach of any of the representations and warranties set forth in Section 2.2 with respect
to any Receivable at the time such representations and warranties were made which materially and
adversely affects the interests of the Issuer or the Noteholders in such Receivable, the party
discovering such breach shall give prompt written notice thereof to the other parties hereto;
provided, that the failure to give such notice shall not affect any obligation of the Seller
hereunder. If the breach materially and adversely affects the interests of the Issuer or the
Noteholders in such Receivable, then the Seller shall either (i) correct or cure such breach or
(ii) purchase such Receivable from the Issuer, in either case on or before the last day of the
second Collection Period following the date the Seller became aware of or was notified of such
breach. Any such breach or failure will not be deemed to have a material and adverse effect if
such breach or failure does not affect the ability of the Issuer to receive and retain timely
payment in full on such Receivable. Any such purchase by the Seller shall be at a price equal to
the Repurchase Price. In consideration for such repurchase, the Seller shall make (or shall cause
to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into
the Collection Account on the date of such repurchase. Upon payment of such Repurchase Price by
the Seller, the Issuer shall release and shall execute and deliver such instruments of release,
transfer or assignment, in each case without recourse or representation, as may be reasonably
requested by the Seller to evidence such release, transfer or assignment or more effectively vest
in the Seller or its designee all of the Issuer’s rights in any Receivable and related Transferred
Assets repurchased pursuant to this Section 2.3. It is understood and agreed that the
right to cause the Seller to repurchase (or to enforce the obligations of BANA under the Purchase
Agreement, XXXX under the XXXX Purchase Agreement or GMAC under the GMAC Sale Agreement to
repurchase) any Receivable as described above shall constitute the sole remedy respecting such
breach available to the Issuer and the Indenture Trustee. Neither the Owner Trustee nor the
Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Receivable pursuant to this Section 2.3.
(b) In addition to the foregoing repurchase obligations, if the interest of the Issuer in any
Receivable is materially and adversely affected by a breach by XXXX of a representation or warranty
relating to such Receivable in the XXXX Purchase Agreement, or a breach by GMAC of a representation
or warranty relating to such Receivable in the GMAC Sale Agreement, the Seller shall repurchase
such Receivable from the Issuer but only if XXXX or GMAC, as applicable, shall in fact repurchase
such Receivable. The Seller shall promptly remit (or shall cause BANA to remit) into the
Collection Account the purchase price paid by XXXX with respect to such Receivable.
ARTICLE III
SECTION 3.1 Representations and Warranties of Seller. The Seller makes the following
representations and warranties as of the Closing Date on which the Issuer will be deemed to have
relied in acquiring the Transferred Assets. The representations and warranties speak as of the
execution and delivery of this Agreement and will survive the conveyance of the
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Transferred Assets to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the
Indenture:
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any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii)
seek any determination or ruling that would materially and adversely affect the performance by the
Seller of its obligations under this Agreement or any of the other Transaction Documents or the
collectibility or enforceability of the Receivables or have a material adverse effect on the
Noteholders, or (iv) relate to the Seller that would materially and adversely affect the federal or
Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.
SECTION 3.2 Liability of the Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically undertaken by the Seller
under this Agreement, and hereby agrees to the following:
(a) The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the
Indenture Trustee, the Noteholders and the Residual Interestholder from and against any loss,
liability or expense incurred by reason of the Seller’s violation of federal or State securities
laws in connection with the registration or the sale of the Notes.
(b) The Seller will pay any and all taxes levied or assessed upon the Issuer or upon all or
any part of the Trust Estate.
(c) Indemnification under this Section 3.2 will survive the resignation or removal of
the Owner Trustee or the Indenture Trustee and the termination of this Agreement and will include
reasonable fees and expenses of counsel and expenses of litigation. If the Seller has made any
indemnity payments pursuant to this Section 3.2 and the Person to or on behalf of whom such
payments are made thereafter collects any of such amounts from others, such Person will promptly
repay such amounts to the Seller, without interest.
(d) The Seller’s obligations under this Section 3.2 are obligations solely of the
Seller and will not constitute a claim against the Seller to the extent that the Seller does not
have funds sufficient to make payment of such obligations. In furtherance of and not in derogation
of the foregoing, the Issuer, by entering into or accepting this Agreement, acknowledges and agrees
that it has no right, title or interest in or to the Other Assets of the Seller. To the extent
that, notwithstanding the agreements and provisions contained in the preceding sentence, the Issuer
either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to
have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law,
legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by
virtue of
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Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then the Issuer further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible
payment in full, which, under the terms of the relevant documents relating to the securitization or
conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against the Seller),
including the payment of post-petition interest on such other obligations and liabilities. This
subordination agreement will be deemed a subordination agreement within the meaning of Section
510(a) of the Bankruptcy Code. The Issuer further acknowledges and agrees that no adequate remedy
at law exists for a breach of this Section 3.2(d) and the terms of this Section
3.2(d) may be enforced by an action for specific performance. The provisions of this
Section 3.2(d) will be for the third party benefit of those entitled to rely thereon and will
survive the termination of this Agreement.
SECTION 3.3 Merger or Consolidation of, or Assumption of the Obligations of, Seller.
Any Person (i) into which the Seller may be merged or consolidated, (ii) resulting from any merger,
conversion, or consolidation to which the Seller is a party, (iii) succeeding to the business of
the Seller, or (iv) more than 50% of the voting stock or voting power and 50% or more of the
economic equity of which is owned directly or indirectly by BAC, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation of the Seller under
this Agreement, will be the successor to the Seller under this Agreement without the execution or
filing of any document or any further act on the part of any of the parties to this Agreement.
Notwithstanding the foregoing, if the Seller enters into any of the foregoing transactions and is
not the surviving entity, (x) the Seller shall deliver to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such merger, conversion, consolidation or
succession and such agreement of assumption comply with this Section 3.3 and that all
conditions precedent, if any, provided for in this Agreement relating to such transaction have been
complied with and (y) the Seller will deliver to the Indenture Trustee an Opinion of Counsel either
(A) stating that, in the opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been executed and filed that are necessary fully to preserve
and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables,
and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no
such action is necessary to preserve and protect such interest. The Seller will provide notice of
any merger, conversion, consolidation, or succession pursuant to this Section 3.3 to the
Rating Agencies. Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (x) and (y) of this Section
3.3 will be conditions to the consummation of any of the transactions referred to in
clauses (i), (ii) or (iii) of this Section 3.3 in which the Seller
is not the surviving entity.
SECTION 3.4 Limitation on Liability of Seller and Others. The Seller and any officer
or employee or agent of the Seller may rely in good faith on the advice of counsel or on any
document of any kind, prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Seller will not be under any obligation to appear in, prosecute, or
defend any legal action that is not incidental to its obligations under this Agreement, and that in
its opinion may involve it in any expense or liability.
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SECTION 3.5 Seller May Own Notes and/or Residual Interest. The Seller, and any
Affiliate of the Seller, may in its individual or any other capacity become the owner or pledgee of
Notes and/or the Residual Interest with the same rights as it would have if it were not the Seller
or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction
Documents. Except as set forth herein or in the other Transaction Documents, Notes and the
Residual Interest so owned by the Seller or any such Affiliate will have an equal and proportionate
benefit under the provisions of this Agreement and the other Transaction Documents, without
preference, priority, or distinction as among all of the Notes and the Residual Interest. Unless
all Notes are owned by the Issuer, the Seller or any of their respective Affiliates, any Notes
owned by the Issuer, the Seller or any of their respective Affiliates shall be disregarded with
respect to the determination of any request, demand, authorization, direction, notice, consent,
vote or waiver hereunder or under any other Transaction Document.
SECTION 3.6 Xxxxxxxx-Xxxxx Act Requirements and 1934 Act Filings. (a) (i) To the
extent any documents are required to be filed with respect to the Issuer or the Notes pursuant to
the Xxxxxxxx-Xxxxx Act, the Issuer hereby authorizes the Indenture Trustee and the Seller, or
either of them, to prepare, sign and file any such documents or any certifications on behalf of the
Issuer and (ii) to the extent any certification is required to be made with respect to the Issuer
or the Notes pursuant to the Xxxxxxxx-Xxxxx Act, the Issuer hereby authorizes the Seller certify
any such documents on behalf of the Issuer.
(b) (i) The Issuer hereby authorizes the Indenture Trustee and the Seller, or either of them,
to prepare, sign and file any and all reports, statements and information respecting the Issuer
and/or the Notes required to be filed pursuant to the Exchange Act and (ii) the Issuer hereby
authorizes the Seller to certify any and all reports, statements and information respecting the
Issuer and/or the Notes required to be filed pursuant to the Exchange Act.
SECTION 3.7 Compliance with Organizational Documents. The Seller shall comply with
its limited liability company agreement and other organizational documents.
SECTION 3.8 Perfection Representations, Warranties and Covenants. The Seller hereby
makes the perfection representations, warranties and covenants attached hereto as Exhibit B
to the Issuer and the Issuer shall be deemed to have relied on such representations, warranties and
covenants in acquiring the Transferred Assets.
ARTICLE IV
SECTION 4.1 Amendment.
(a) Any term or provision of this Agreement may be amended by the Seller with prior notice to
each Rating Agency but without the consent of the Indenture Trustee, any Noteholder, the Issuer or
the Owner Trustee; provided that such amendment shall not, as evidenced by an Officer’s Certificate
of the Depositor delivered to the Indenture Trustee and the Owner Trustee materially and adversely
affect the interests of the Noteholders, the Indenture Trustee or the
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Owner Trustee; provided,
further, that any amendment entered into pursuant to this Section 4.1(a) shall not
significantly change the permitted activities of the Issuer.
(b) Any term or provision of this Agreement may be amended by the Seller with prior notice to
each Rating Agency but without the consent of the Indenture Trustee, any Noteholder, the Issuer,
the Owner Trustee or any other Person to add, modify or eliminate any provisions as may be
necessary or advisable in order to enable the Seller or any of its Affiliates to comply with or
obtain more favorable treatment under any law or regulation or any accounting rule or principle;
provided that such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor
delivered to the Indenture Trustee and the Owner Trustee materially and adversely affect the
interests of the Noteholders, the Issuer, the Indenture Trustee or the Owner Trustee; provided,
further, that the Rating Agency Condition with respect to Standard & Poor’s shall have been
satisfied; provided, further, that any amendment entered into pursuant to this Section
4.1(b) shall not significantly change the permitted activities of the Issuer.
(c) This Agreement (including Appendix A) may also be amended from time to time by the
Seller with prior notice to each Rating Agency and with the consent of the Holders evidencing not
less than a majority of the Note Balance of the Controlling Class for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement. It
will not be necessary for the consent of Noteholders to approve the particular form of any proposed
amendment or consent, but it will be sufficient if such consent approves the substance thereof.
The manner of obtaining such consents (and any other consents of Noteholders provided for in this
Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be
subject to such reasonable requirements as the Indenture Trustee may prescribe, including the
establishment of record dates pursuant to the Note Depository Agreement.
Notwithstanding anything in this Section 4.1 to the contrary, no amendment to this
Agreement may significantly change the permitted activities of the Issuer without the consent of
the majority of all Outstanding Noteholders.
(d) Prior to the execution of any amendment to this Agreement, the Seller shall provide
written notification of the substance of such amendment to each Rating Agency; and promptly after
the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment
or consent to each Rating Agency and the Indenture Trustee.
(e) Prior to the execution of any amendment to this Agreement, the Seller, the Owner Trustee
and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted by this Agreement
and that all conditions precedent to the execution and delivery of such amendment have been
satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter
into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as
applicable, own rights, duties or immunities under this Agreement. Furthermore, notwithstanding
anything to the contrary herein, this Agreement may not be amended in any way that would adversely
affect the Owner Trustee’s rights, privileges, indemnities, duties or obligations under this
Agreement, the Transaction Documents or otherwise without the prior written consent of the Owner
Trustee.
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SECTION 4.2 Protection of Title.
(a) The Seller shall authorize and file such financing statements and cause to be authorized
and filed such continuation and other statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the Issuer and the
Indenture Trustee under this Agreement in the Receivables. The Seller shall deliver (or cause to
be delivered) to the Issuer file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing.
(b) The Seller shall not change its name, identity, organizational structure or jurisdiction
of organization in any manner that would make any financing statement or continuation statement
filed by the Seller in accordance with paragraph (a) above “seriously misleading” within
the meaning of Sections 9-506, 9-507 or 9-508 of the UCC, unless it shall have given the Issuer and
the Indenture Trustee at least five days’ prior written notice thereof and, to the extent
necessary, has promptly filed amendments to previously filed financing statements or continuation statements described in paragraph (a) above or filed new
financing statements, as applicable.
(c) The Seller shall give the Issuer and the Indenture Trustee at least five days’ prior
written notice of any change of location of the Seller for purposes of Section 9-307 of the UCC and
shall have taken all action prior to making such change (or shall have made arrangements to take
such action substantially simultaneously with such change, if it is not possible to take such
action in advance) reasonably necessary or advisable to amend all previously filed financing
statements or continuation statements described in paragraph (a) above or to file new
financing statements, as applicable.
SECTION 4.3 Other Liens or Interests. Except for the conveyances and grants of
security interests pursuant to this Agreement and the other Transaction Documents, the Seller shall
not sell, pledge, assign or transfer the Receivables or other property transferred to the Issuer to
any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest
therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under
such Receivables and other property transferred to the Issuer against all claims of third parties
claiming through or under the Seller.
SECTION 4.4 Transfers Intended as Sale; Security Interest.
(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated
and effected under this Agreement are complete and absolute sales and transfers rather than pledges
or assignments of only a security interest and shall be given effect as such for all purposes. It
is further the intention of the parties hereto that the Receivables and related Transferred Assets
shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of the Seller.
The sales and transfers by the Seller of Receivables and related Transferred Assets hereunder are
and shall be without recourse to, or representation or warranty (express or implied) by, the
Seller, except as otherwise specifically provided herein. The limited rights of recourse specified
herein against the Seller are intended to provide a remedy for breach of representations and
warranties relating to the condition of the property sold, rather than to the collectibility of the
Receivables.
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(b) Notwithstanding the foregoing, in the event that the Receivables and other Transferred
Assets (or interests therein) are held to be property of the Seller, or if for any reason this
Agreement is held or deemed to create indebtedness or a security interest in the Receivables and
other Transferred Assets, then it is intended that:
(i) | This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; | ||
(ii) | The conveyance provided for in Section 2.1 shall be deemed to be a grant by the Seller, and the Seller hereby grants, to the Issuer of a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Transferred Assets, to secure such indebtedness and the performance of the obligations of the Seller hereunder; | ||
(iii) | The possession by the Issuer, or the Master Servicer or the Receivables Servicer as the Issuer’s agent, of the Receivable Files and any other property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and | ||
(iv) | Notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Issuer for the purpose of perfecting such security interest under applicable law. |
SECTION 4.5 Information Requests. The parties hereto shall provide any information
reasonably requested by the Master Servicer, the Issuer, the Seller or any of their Affiliates, in
order to comply with or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle.
SECTION 4.6 Notices, Etc. All demands, notices and communications hereunder shall be
in writing and shall be delivered or mailed by registered or certified first-class United States
mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile, and addressed in
each case as set forth on Schedule I or at such other address as shall be designated in a
written notice to the other parties hereto. Any notice required or permitted to be mailed to a
Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder
as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such
communication by an officer of the recipient entitled to receive such notices located at the
address of such recipient for notices hereunder; provided, however, that any notice to a Noteholder
mailed within the time prescribed in this Agreement shall be conclusively presumed to have been
duly given, whether or not the Noteholder shall receive such notice.
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SECTION 4.7 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING TO THE MAXIMUM EXTENT PERMITTED BY LAW ALL OTHER
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
SECTION 4.8 Headings. The section headings hereof have been inserted for convenience
of reference only and shall not be construed to affect the meaning, construction or effect of this
Agreement.
SECTION 4.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument.
SECTION 4.10 Waivers. No failure or delay on the part of the Seller, the Issuer or
the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any
power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power or right preclude any other or further exercise thereof or the exercise
of any other power or right. No notice to or demand on any party hereto in any case shall entitle
it to any notice or demand in similar or other circumstances. No waiver or approval by any party
hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval under this Agreement shall require
any similar or dissimilar waiver or approval thereafter to be granted hereunder.
SECTION 4.11 Entire Agreement. The Transaction Documents contain a final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter
thereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter thereof, superseding all prior oral or written understandings. There are no
unwritten agreements among the parties.
SECTION 4.12 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid,
then such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement.
SECTION 4.13 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. This
Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms, and shall remain in full force and effect until such time as the parties
hereto shall agree.
SECTION 4.14 Acknowledgment and Agreement. By execution below, the Seller expressly
acknowledges and consents to the pledge, assignment and grant of a security interest in the
Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant
Sale Agreement (2006-G1) |
11
to the Indenture for the benefit of the Noteholders. In addition, the Seller hereby acknowledges and
agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to
exercise all powers, privileges and claims of the Issuer under this Agreement.
SECTION 4.15 Cumulative Remedies. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law.
SECTION 4.16 Nonpetition Covenant. Each party hereto agrees that, prior to the date
which is one year and one day after payment in full of all obligations of each Bankruptcy Remote
Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or
other Proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote
Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other Proceeding
commenced against such Bankruptcy Remote Party, or to make a general assignment
for the benefit of, its creditors generally, any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other
Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction; provided, that, notwithstanding the foregoing, a Bankruptcy Remote Party shall not be
prohibited from filing a voluntary bankruptcy petition to the extent such Bankruptcy Remote Party
obtains the necessary vote for filing a voluntary bankruptcy petition as required by the
organizational documents of such Bankruptcy Remote Party. This Section shall survive the
termination of this Agreement.
SECTION 4.17 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties
hereto hereby irrevocably and unconditionally:
(a) submits for itself and its property in any legal action or Proceeding relating to this
Agreement or any documents executed and delivered in connection herewith, or for recognition and
enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the
courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof;
(b) consents that any such action or Proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of such action or Proceeding in any such
court or that such action or Proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;
(c) agrees that service of process in any such action or Proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such Person at its address determined in accordance with Section 4.6 of this
Agreement;
Sale Agreement (2006-G1) |
12
(d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to xxx in any other jurisdiction; and
(e) to the extent permitted by applicable law, each party hereto irrevocably waives all right
of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in
connection with this Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder.
SECTION 4.18 Limitation of Liability. Notwithstanding anything contained herein to
the contrary, this Agreement has been executed and delivered by Wilmington Trust Company, not in
its individual capacity but solely as Owner Trustee, and in no event shall it have any liability
for the representations, warranties, covenants, agreements or other obligations of the Issuer
hereunder or under the Notes or any of the other Transaction Documents or in any of the
certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall
be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be
personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the
breach or failure of any obligations, representation, warranty or covenant made or undertaken by
the Issuer under the Transaction Documents. For the purposes of this Agreement, in the performance
of its duties or obligations 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.
SECTION 4.19 Third-Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the parties hereto, the Indenture Trustee, the Noteholders and the Residual
Interestholders and their respective successors and permitted assigns and the Owner Trustee shall
be an express third party beneficiary hereof and may enforce the provisions hereof as if it were a
party hereto. Except as otherwise provided in this Section, no other Person will have any right
hereunder.
[SIGNATURES FOLLOW]
Sale Agreement (2006-G1) |
13
BAS SECURITIZATION LLC, as Seller |
||||
By: | /s/ Xxxxxxx X. Xxxxx | |||
Name: | Xxxxxxx X. Xxxxx | |||
Title: | President | |||
Sale Agreement (2006-G1) |
S-1
BANC OF AMERICA SECURITIES AUTO TRUST 2006-G1, as Issuer |
||||
By: | WILMINGTON TRUST COMPANY, | |||
not in its individual capacity but | ||||
solely as Owner Trustee | ||||
By: | /s/ J. Xxxxxxxxxxx Xxxxxx | |||
Name: | J. Xxxxxxxxxxx Xxxxxx | |||
Title: | Financial Services Officer | |||
Sale Agreement (2006-G1) |
S-2
SCHEDULE I
NOTICE ADDRESSES
If to the Issuer:
Banc of America Securities Auto Trust 2006-G1
c/o Wilmington Trust Company
Xxxxxx Square North
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000-0000
Facsimile: (000) 000-0000
Attention: Corporate Trust Department
c/o Wilmington Trust Company
Xxxxxx Square North
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000-0000
Facsimile: (000) 000-0000
Attention: Corporate Trust Department
with copies to the Seller and the Indenture Trustee
If to the Seller:
BAS Securitization LLC
Hearst Tower
000 Xxxxx Xxxxx Xxxxxx
XX0-000-00-00
Xxxxxxxxx, XX 00000
Attention: Xxxxxxx X. Xxxxx
Hearst Tower
000 Xxxxx Xxxxx Xxxxxx
XX0-000-00-00
Xxxxxxxxx, XX 00000
Attention: Xxxxxxx X. Xxxxx
If to the Originator or the Receivables Servicer:
GMAC LLC
Administration Xxxxxx
000 Xxxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Director-Global Securitization
Telephone No.: (000) 000-0000
Facsimile: (000) 000-0000
Administration Xxxxxx
000 Xxxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Director-Global Securitization
Telephone No.: (000) 000-0000
Facsimile: (000) 000-0000
If to XXXX:
Capital Auto Receivables, LLC
Corporation Trust Center
0000 Xxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Facsimile: (000) 000-0000
Corporation Trust Center
0000 Xxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Facsimile: (000) 000-0000
Schedule I to the | ||||
Sale Agreement |
I-1
If to the Master Servicer:
Bank of America, National Association
Principal Finance Group
0 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Principal Finance Group
0 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
If to the Indenture Trustee:
U.S. Bank National Association
U.S. Bank Corporate Trust Services
000 X. XxXxxxx Xxxxxx
Xxxxx 000
Xxxxxxx, XX 00000
Facsimile: (000) 000-0000
Attention: BASAT 2006-G1
U.S. Bank Corporate Trust Services
000 X. XxXxxxx Xxxxxx
Xxxxx 000
Xxxxxxx, XX 00000
Facsimile: (000) 000-0000
Attention: BASAT 2006-G1
If to the Owner Trustee:
Wilmington Trust Company
Xxxxxx Square North
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000-0000
Facsimile: (000) 000-0000
Attention: Corporate Trust Department
Xxxxxx Square North
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000-0000
Facsimile: (000) 000-0000
Attention: Corporate Trust Department
If to Moody’s:
Xxxxx’x Investors Service, Inc.
00 Xxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000)
Attention: ABS Monitoring Group
00 Xxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000)
Attention: ABS Monitoring Group
If to S&P:
Standard & Poor’s Ratings Services
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Attention: Asset Backed Surveillance Group
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Attention: Asset Backed Surveillance Group
Schedule I to the | ||||
Sale Agreement |
I-2
EXHIBIT A
ASSIGNMENT PURSUANT TO SALE AGREEMENT
November 14, 2006
For value received, in accordance with the Sale Agreement (the “Agreement”), dated as
of November 14, 2006, by and between Banc of America Securities Auto Trust 2006-G1, a Delaware
statutory trust (the “Issuer”) and BAS Securitization LLC, a Delaware limited liability
company (the “Seller”), on the terms and subject to the conditions set forth in the
Agreement, the Seller does hereby irrevocably sell, transfer, assign, and otherwise convey to the
Issuer without recourse (subject to the obligations in the Agreement) on the date hereof, all
right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under
the following property, which sale shall be effective as of the Cut-Off Date:
(i) all right, title and interest of the Seller in, to and under the Receivables listed
on the Schedule of Receivables and all monies received thereon, on and after the Cut-Off
Date, exclusive of any amounts allocable to the premium for physical damage insurance
force-placed by GMAC covering any related Financed Vehicle;
(ii) the interest of the Seller in the security interests in the Financed Vehicles
granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any
accessions thereto;
(iii) the interest of the Seller in any proceeds from claims on any physical damage,
credit life, credit disability, warranties, debt cancellation agreements or other insurance
policies covering Financed Vehicles or Obligors;
(iv) the interest of the Seller in any proceeds from recourse against Dealers on the
Receivables;
(v) all right, title and interest of the Seller in, to and under the XXXX Purchase
Agreement, the GMAC Sale Agreement and the Purchase Agreement, including the right of the
Seller to cause GMAC, XXXX or BANA, as applicable, to repurchase Receivables under certain
circumstances, and all right, title and interest of BANA in its capacity as purchaser under
the Receivables Servicing Agreement;
(vi) all of the Seller’s rights to the Receivable Files; and
(vii) the interest of the Seller in any proceeds of the property described in
clauses (i) and (ii) above.
The foregoing sale does not constitute and is not intended to result in an assumption by the
Issuer of any obligation of the Seller, XXXX, XXXX or any Originator to the Obligors, insurers or
any other Person in connection with the Receivables or the other assets and properties conveyed
hereunder or any agreement, document or instrument related thereto.
Exhibit A to the | ||||
Sale Agreement |
A-1
This assignment is made pursuant to and upon the representations, warranties and agreements on
the part of the undersigned contained in the Agreement and is governed by the Agreement.
Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Agreement.
Exhibit A to the | ||||
Sale Agreement |
A-2
IN WITNESS HEREOF, the undersigned has caused this assignment to be duly executed as of the
date first above written.
BAS SECURITIZATION LLC |
||||
By: | ||||
Name: | ||||
Title: | ||||
Exhibit A to the | ||||
Sale Agreement |
A-3
EXHIBIT B
PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
In addition to the representations, warranties and covenants contained in the Agreement, the Seller
hereby represents, warrants, and covenants to the Issuer and the Indenture Trustee as follows on
the Closing Date:
1. This Agreement creates a valid and continuing security interest (as defined in the applicable
UCC) in the Receivables and the other Transferred Assets in favor of the Issuer, which security
interest is prior to all other Liens, and is enforceable as such as against creditors of and
purchasers from the Seller.
2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible
chattel paper”), “accounts,” “instruments” or “general intangibles,” within the meaning of the UCC.
3. Each Receivable is secured by a first priority validly perfected security interest in the
related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions
with respect to such Receivable have been taken or will be taken to perfect a first priority
security interest in the related Financed Vehicle in favor of the Originator, as secured party.
4. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller
to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear
of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable
to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of
any Lien.
5. The Originator has received all consents and approvals to the sale of the Receivables hereunder
to the Issuer required by the terms of the Receivables that constitute instruments.
6. The Seller has caused or will have caused, within ten days after the effective date of this
Agreement, the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from
the Seller to Issuer, and the security interest in the Receivables granted to the Issuer hereunder;
and the Master Servicer or the Receivables Servicer, in its capacity as custodian, has in its
possession the original copies of such instruments or tangible chattel paper that constitute or
evidence the Receivables, and all financing statements referred to in this paragraph contain a
statement that: “A purchase of or security interest in any collateral described in this financing
statement will violate the rights of the Secured Party/Purchaser”.
7. With respect to Receivables that constitute instruments or tangible chattel paper, either:
Exhibit B to the | ||||
Sale Agreement |
B-1
(i) All original executed copies of each such instrument or tangible chattel paper have been
delivered to the Indenture Trustee; or
(ii) Such instruments or tangible chattel paper are in the possession of the Master Servicer or
the Receivables Servicer and the Indenture Trustee has received a written acknowledgment from the
Master Servicer or the Receivables Servicer, as applicable, that such Person, in its capacity as
custodian, is holding such instruments or tangible chattel paper solely on behalf and for the
benefit of the Indenture Trustee; or
(iii) The Master Servicer or Receivables Servicer received possession of such instruments or
tangible chattel paper after the Indenture Trustee received a written acknowledgment from the
Master Servicer or the Receivables Servicer, as applicable, that such Person is acting solely as
agent of the Indenture Trustee.
8. The Seller has not authorized the filing of, or is not aware of, any financing statements
against the Seller that include a description of collateral covering the Receivables other than any
financing statement (i) relating to the conveyance of the Receivables by BANA to the Seller under
the Purchase Agreement, (ii) relating to the security interest granted to Issuer hereunder or (iii)
that has been terminated.
9. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller.
10. Neither the Seller nor a custodian or vaulting agent thereof holding any Receivable that is
electronic chattel paper has communicated an authoritative copy of any loan agreement that
constitutes or evidences such Receivable to any Person other than the Master Servicer or the
Receivables Servicer.
11. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or
evidence the Receivables has any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than the Seller, the Issuer or the Indenture
Trustee.
12. Notwithstanding any other provision of the Sale Agreement or any other Transaction Document,
the perfection representations, warranties and covenants contained in this Exhibit B shall
be continuing, and remain in full force and effect until such time as all obligations under the
Transaction Documents and the Notes have been finally and fully paid and performed.
13. The parties to the Sale Agreement shall provide the Rating Agencies with prompt written notice
of any breach of the perfection representations, warranties and covenants contained in this
Exhibit B, and shall not, without satisfying the Rating Agency Condition, waive a breach of
any of such perfection representations, warranties or covenants.
Exhibit B to the | ||||
Sale Agreement |
B-2
APPENDIX A
The following terms have the meanings set forth, or referred to, below:
“Accrued Class A Note Interest” shall mean, with respect to any Payment Date, the sum of the
Class A Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A Noteholders’
Interest Carryover Shortfall for such Payment Date.
“Accrued Class B Note Interest” shall mean, with respect to any Payment Date, the sum of the
Class B Noteholders’ Monthly Accrued Interest for such Payment Date and the Class B Noteholders’
Interest Carryover Shortfall for such Payment Date.
“Accrued Class C Note Interest” shall mean, with respect to any Payment Date, the sum of the
Class C Noteholders’ Monthly Accrued Interest for such Payment Date and the Class C Noteholders’
Interest Carryover Shortfall for such Payment Date.
“Act” has the meaning set forth in Section 11.3(a) of the Indenture.
“Administrative Receivable” means a Receivable which the Receivables Servicer has repurchased
pursuant to the Receivables Servicing Agreement or which the Master Servicer has repurchased
pursuant to Section 3.8 of the Master Servicing Agreement.
“Affiliate” means, with respect to any specified Person, any other Person controlling or
controlled by or under common control with such specified Person. For the purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” will have
meanings correlative to the foregoing.
“Aggregate Net Loss” means, with respect to a Collection Period, an amount (which may be a
positive or negative number) equal to (a) the aggregate Amount Financed immediately prior to
becoming a Defaulted Receivable of each Receivable newly designated as a Defaulted Receivable
during that Collection Period minus (b) all Liquidation Proceeds collected during that Collection
Period with respect to all Defaulted Receivables.
“Amount Financed” means, with respect to a Receivable and as of any date, the Original Amount
Financed, less:
(i) payments received from or on behalf of the related Obligor prior to such date
allocable to principal;
(ii) any amount allocable to the premium for physical damage insurance covering the
Financed Vehicle force-placed by the Master Servicer or the Receivables Servicer, as
applicable;
Definitions (2006-G1) |
(iii) any refunded portion of extended warranty protection plans costs, physical
damage, credit life or disability, warranties, debt cancellation and other insurance
premiums included in the Original Amount Financed and allocable to principal;
(iv) any Administrative Purchase Payment or Warranty Payment to the extent allocable to
principal; and
(v) any Liquidation Proceeds previously received on or prior to the last day of the
related Collection Period allocable to principal with respect to such Receivable.
“Annual Percentage Rate” or “APR” of a Receivable means the annual rate of finance charges
stated in such Receivable.
“Applicable Tax State” means, as of any date, each State as to which any of the following is
then applicable: (a) a State in which the Owner Trustee maintains its Corporate Trust Office, (b) a
State in which the Owner Trustee maintains its principal executive offices and (c) the State of
North Carolina.
“Authenticating Agent” means any Person authorized by the Indenture Trustee to act on behalf
of the Indenture Trustee to authenticate and deliver the Notes.
“Authorized Newspaper” means a newspaper of general circulation in the City of New York,
printed in the English language and customarily published on each Business Day, whether or not
published on Saturdays, Sundays and holidays.
“Authorized Officer” means (a) with respect to the Issuer, any officer of the Owner Trustee
who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is
identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture
Trustee on the Closing Date, and with respect to the issuance of an Officer’s Certificate by the
Issuer, any officer of the Depositor who is authorized to act for the Depositor in matters relating
to the Issuer and who is identified on the list of Authorized Officers delivered by the Depositor
to the Indenture Trustee on the Closing Date and (b) with respect to the Owner Trustee, the
Indenture Trustee and the Master Servicer, any officer of the Owner Trustee, the Indenture Trustee
or the Master Servicer, as applicable, who is authorized to act for the Owner Trustee, the
Indenture Trustee or the Master Servicer, as applicable, in matters relating to the Owner Trustee,
the Indenture Trustee or the Master Servicer and who is identified on the list of Authorized
Officers delivered by each of the Owner Trustee, the Indenture Trustee and the Master Servicer to
the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time
to time thereafter).
“Available Collections” means, for any Payment Date and the related Collection Period, an
amount equal to the sum of the following amounts: (i) all Collections received by the Master
Servicer or the Receivables Servicer, as applicable, during such Collection Period, (ii) the sum
of the purchase price received for Receivables which were required to be purchased by XXXX or GMAC
and the Repurchase Prices deposited into the Collection Account during the related Collection
Period with respect to each Receivable that is to become a Repurchased Receivable and (iii) any
investment income accrued during such Collection Period from the investment of funds in the
Collection Account.
Definitions (2006-G1) |
2
“BAC” means Bank of America Corporation, a Delaware corporation and its successors and
assigns.
“BANA” means Bank of America, National Association, a national banking association, and its
successors and assigns.
“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. 101 et seq., as amended.
“Bankruptcy Event” means, with respect to any Person, (i) the filing of a decree or order for
relief by a court having jurisdiction in the premises in respect of such Person in an involuntary
case under any applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of such Person, or ordering the winding-up or liquidation of such
Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90
consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary case under any such
law, or the consent by such Person to the appointment or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the
making by such Person of any general assignment for the benefit of creditors, or the failure by
such Person generally to pay its debts as such debts become due, or the taking of action by such
Person in furtherance of any of the foregoing.
“Bankruptcy Remote Party” means each of the Seller, the Issuer, any other trust created by the
Seller or any limited liability company or corporation wholly-owned by the Seller.
“Benefit Plan” means (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA)
that is subject to Title I of ERISA, (ii) a “plan” described by Section 4975(e)(1) of the Code or
(iii) any entity deemed to hold the assets of any of the foregoing by reason of an employee benefit
plan’s or other plan’s investment in such entity.
“Blue Ridge” means Blue Ridge Investments, L.L.C., a Delaware limited liability company, and
its successors and assigns.
“Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which
shall be made through book entries by a Clearing Agency as described in Section 2.10 of the
Indenture.
“Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions or trust companies in the states of Delaware, New York or Michigan, or in the state in
which the Corporate Trust Office of the Indenture Trustee is located, are authorized or obligated
by law, executive order or government decree to be closed.
“XXXX” means Capital Auto Receivables LLC, a Delaware limited liability company, formerly
known as Capital Auto Receivables, Inc. and its successors and assigns.
Definitions (2006-G1) |
3
“XXXX Purchase Agreement” means the Purchase and Sale Agreement, dated as of September 21,
2006, between XXXX, as seller, and BANA, as purchaser, as amended, modified or supplemented from
time to time.
“Certificate” means a certificate substantially in the form of Exhibit A to the Trust
Agreement evidencing the Residual Interest.
“Certificate of Title” means, with respect to any Financed Vehicle, the certificate of title
or other documentary evidence of ownership of such Financed Vehicle as issued by the department,
agency or official of the jurisdiction (whether in paper or electronic form) in which such Financed
Vehicle is titled responsible for accepting applications for, and maintaining records regarding,
certificates of title and liens thereon.
“Certificateholder” means any Holder of a Certificate.
“Class” means a group of Notes whose form is identical except for variation in denomination,
principal amount or owner, and references to “each Class” thus mean each of the Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C
Notes.
“Class A Notes” shall mean, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes.
“Class A Noteholders’ Interest Carryover Shortfall” shall mean, with respect to any Payment
Date, the excess of the sum of the Class A Noteholders’ Monthly Accrued Interest for the preceding
Payment Date and any outstanding Class A Noteholders’ Interest Carryover Shortfall on such
preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders
of Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but
not paid to Noteholders of Class A Notes on the preceding Payment Date, to the extent permitted by
law, at the respective Interest Rates borne by such Class A Notes for the related Interest Period.
“Class A Noteholders’ Monthly Accrued Interest” shall mean, with respect to any Payment Date,
the aggregate interest accrued for the related Interest Period on the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4 Notes at the respective Interest Rate for such
Class on the Note Balance of the Notes of each such Class on the immediately preceding Payment Date
or the Closing Date, as the case may be, after giving effect to all payments of principal to the
Noteholders of such Class on or prior to such preceding Payment Date.
“Class A-1 Final Scheduled Payment Date” shall mean the Payment Date occurring in November,
2007.
“Class A-1 Interest Rate” means 5.34895% per annum (computed on the basis of the actual number
of days elapsed, but assuming a 360-day year).
“Class A-1 Note Balance” means, at any time, the Initial Class A-1 Note Balance reduced by all
payments of principal made prior to such time on the Class A-1 Notes.
Definitions (2006-G1) |
4
“Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered on the
Note Register.
“Class A-1 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-1
Notes, issued in accordance with the Indenture.
“Class A-2 Final Scheduled Payment Date” shall mean the Payment Date occurring in March, 2009.
“Class A-2 Interest Rate” means 5.30% per annum (computed on the basis of a 360-day year of
twelve 30-day months).
“Class A-2 Note Balance” means, at any time, the Initial Class A-2 Note Balance reduced by all
payments of principal made prior to such time on the Class A-2 Notes.
“Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is registered on the
Note Register.
“Class A-2 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-2
Notes, issued in accordance with the Indenture.
“Class A-3 Final Scheduled Payment Date” shall mean the Payment Date occurring in June, 2010.
“Class A-3 Interest Rate” means 5.18% per annum (computed on the basis of a 360-day year of
twelve 30-day months).
“Class A-3 Note Balance” means, at any time, the Initial Class A-3 Note Balance reduced by all
payments of principal made prior to such time on the Class A-3 Notes.
“Class A-3 Noteholder” shall mean the Person in whose name a Class A-3 Note is registered on
the Note Register.
“Class A-3 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-3
Notes, issued in accordance with the Indenture.
“Class A-4 Final Scheduled Payment Date” shall mean the Payment Date occurring in December,
2010.
“Class A-4 Interest Rate” means 5.17% per annum (computed on the basis of a 360-day year of
twelve 30-day months).
“Class A-4 Note Balance” means, at any time, the Initial Class A-4 Note Balance reduced by all
payments of principal made prior to such time on the Class A-4 Notes.
“Class A-4 Noteholder” shall mean the Person in whose name a Class A-4 Note is registered on
the Note Register.
Definitions (2006-G1) |
5
“Class A-4 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-4
Notes, issued in accordance with the Indenture.
“Class B Final Scheduled Payment Date” shall mean the Payment Date occurring in February,
2011.
“Class B Interest Rate” means 5.34% per annum (computed on the basis of a 360-day year of
twelve 30-day months).
“Class B Note Balance” means, at any time, the Initial Class B Note Balance reduced by all
payments of principal made prior to such time on the Class B Notes.
“Class B Noteholder” shall mean the Person in whose name a Class B Note is registered on the
Note Register.
“Class B Noteholders’ Interest Carryover Shortfall” shall mean, with respect to any Payment
Date, the excess of the sum of Class B Noteholders’ Monthly Accrued Interest for the preceding
Payment Date and any outstanding Class B Noteholders’ Interest Carryover Shortfall on such
preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders
of Class B Notes on such preceding Payment Date, plus interest on the amount of interest due but
not paid to Noteholders of Class B Notes on the preceding Payment Date, to the extent permitted by
law, at the Class B Interest Rate for the related Interest Period.
“Class B Noteholders’ Monthly Accrued Interest” shall mean, with respect to any Payment Date,
the aggregate interest accrued for the related Interest Period on the Class B Notes at the Class B
Interest Rate on the Class B Note Balance on the immediately preceding Payment Date or the Closing
Date, as the case may be, after giving effect to all payments of principal to the Class B
Noteholders on or prior to such preceding Payment Date.
“Class B Notes” means the Class of Auto Loan Asset Backed Notes designated as Class B Notes,
issued in accordance with the Indenture.
“Class C Final Scheduled Payment Date” shall mean the Payment Date occurring in February,
2013.
“Class C Interest Rate” means 5.51% per annum (computed on the basis of a 360-day year of
twelve 30-day months).
“Class C Note Balance” means, at any time, the Initial Class C Note Balance reduced by all
payments of principal made prior to such time on the Class C Notes.
“Class C Noteholder” shall mean the Person in whose name a Class C Note is registered on the
Note Register.
“Class C Noteholders’ Interest Carryover Shortfall” shall mean, with respect to any Payment
Date, the excess of the sum of Class C Noteholders’ Monthly Accrued Interest for the preceding
Payment Date and any outstanding Class C Noteholders’ Interest Carryover Shortfall on such
preceding Payment Date, over the amount in respect of interest that is actually paid to
Definitions (2006-G1) |
6
Noteholders of Class C Notes on such preceding Payment Date, plus interest on the amount of interest due but
not paid to Noteholders of Class C Notes on the preceding Payment Date, to the extent permitted by
law, at the Class C Interest Rate for the related Interest Period.
“Class C Noteholders’ Monthly Accrued Interest” shall mean, with respect to any Payment Date,
the aggregate interest accrued for the related Interest Period on the Class C Notes at the Class C
Interest Rate on the Class C Note Balance on the immediately preceding Payment Date or the Closing
Date, as the case may be, after giving effect to all payments of principal to the Class C
Noteholders on or prior to such preceding Payment Date.
“Class C Notes” means the Class of Auto Loan Asset Backed Notes designated as Class C Notes,
issued in accordance with the Indenture.
“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Exchange Act and shall initially be DTC.
“Clearing Agency Participant” means a broker, dealer, bank or other financial institution or
other Person for which from time to time a Clearing Agency effects book-entry transfers and pledges
of securities deposited with the Clearing Agency.
“Closing Date” means November 14, 2006.
“Code” means the Internal Revenue Code of 1986, as amended, modified or supplemented from time
to time, and any successor law thereto, and the regulations promulgated and the rulings issued
thereunder.
“Collateral” has the meaning set forth in the Granting Clause of the Indenture.
“Collections” means all amounts collected by the Master Servicer or the Receivables Servicer
(from whatever source) on or with respect to the Receivables; provided, however, that the term
“Collections” in no event will include (1) any amounts in respect of any Repurchased Receivable the
purchase price or Repurchase Price of which has been included in the Available Collections or (2)
any Supplemental Servicing Fees.
“Collection Account” means the segregated trust account established and maintained pursuant to
Section 8.2(a)(i) of the Indenture.
“Collection Period” means the period commencing on the first day of each calendar month and
ending on the last day of such calendar month (or, in the case of the initial Collection Period,
the period commencing on the Cut-Off Date and ending on November 30, 2006). As used herein, the
“related” Collection Period with respect to a Payment Date shall be deemed to be the Collection
Period which precedes such Payment Date.
“Commission” means the U.S. Securities and Exchange Commission.
“Controlling Class” shall mean, with respect to any Notes Outstanding, the Class A Notes
(voting together as a single Class) as long as any Class A Notes are Outstanding, and thereafter
the Class B Notes as long as any Class B Notes are Outstanding, and thereafter the
Definitions (2006-G1) |
7
Class C Notes as long as any Class C Notes are outstanding (excluding, in each case, Notes held by the Master
Servicer, the Seller or any of their respective Affiliates).
“Corporate Trust Office” means:
(a) as used with respect to the Indenture Trustee, the office of the Indenture Trustee at
which at any particular time its corporate trust business shall be administered which office at
date of the execution of the Indenture is located at 000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 000, Xxxxxxx,
Xxxxxxxx 00000 (telecopier no. (000) 000-0000), Attention: BAS Auto Trust 2006-G1, or at such other
address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the
Master Servicer and the Issuer, or the principal corporate trust office of any successor Indenture
Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the
Master Servicer and the Owner Trustee), provided that for purposes of presenting the Notes for
final payment thereon, such address shall be 00 Xxxxxxxxxx Xxxxxx, XX-XX-XX0X, Xx. Xxxx, Xxxxxxxxx
00000; and
(b) as used with respect to Owner Trustee, the corporate trust office of the Owner Trustee
located at 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxxx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx 00000-0000
(telecopier no. (000) 000-0000), Attention: Corporate Trust Administration, or at such other
address as the Owner Trustee may designate by notice to the Residual Interestholder and the Seller,
or the principal corporate trust office of any successor Owner Trustee (the address of which the
successor Owner Trustee will notify the Residual Interestholder and the Seller).
“Cumulative Net Losses” means, as of any Payment Date, the aggregate Net Losses experienced on
all Defaulted Receivables from the Cut-Off Date through the last day of the related Collection
Period.
“Custodian” means BANA, initially, and any replacement Custodian appointed pursuant to the
Master Servicing Agreement; it being understood that BANA has delegated to GMAC custodial
responsibilities pursuant to the Receivables Servicing Agreement.
“Customary Servicing Practices” means the customary servicing practices of the Master Servicer
or the Receivables Servicer with respect to all comparable motor vehicle receivables that the
Master Servicer or the Receivables Servicer, as applicable, services for itself or others, as such
customary servicing practices may be changed from time to time it being understood that the Master
Servicer and the Receivables Servicer may not have the same “Customary Servicing Practices”.
“Cut-Off Date” means the opening of business on October 1, 2006.
“Dealer” means the seller of automobiles or light trucks that originated one or more of the
Receivables and assigned the respective Receivables, directly or indirectly, to GMAC under an
existing agreement between such seller and GMAC or between such seller and General Motors, as
applicable.
“Default” means any occurrence that is, or with notice or lapse of time or both would become,
an Event of Default.
8 | Definitions (2006-G1) |
“Defaulted Receivable” means a Receivable as to which the Master Servicer or the Receivables
Servicer (i) has reasonably determined, in accordance with its Customary Servicing Practices, that
eventual payment of amounts owing on such Receivable is unlikely, or (ii) has repossessed and
disposed of the Financed Vehicle.
“Definitive Note” means a definitive fully registered Note issued pursuant to Section
2.12 of the Indenture.
“Delinquent Receivable” means a Receivable for which payment within $25 of the required
payment has not been received by the Receivables Servicer or the Master Servicer, as applicable, by
the payment due date.
“Delivery” when used with respect to Trust Account Property means:
(a) with respect to (I) bankers’ acceptances, commercial paper, negotiable certificates
of deposit and other obligations that constitute “instruments” as defined in Section
9-102(47) of the UCC and are susceptible of physical delivery, transfer of actual possession
thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the
Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the
Indenture Trustee or its nominee or custodian or endorsed in blank, and (II) with respect to
a “certificated security” (as defined in Section 8-102(a)(4) of the UCC) transfer of actual
possession thereof (i) by physical delivery of such certificated security to the Indenture
Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture
Trustee or its nominee or custodian or endorsed in blank, or to another person, other than a
“securities intermediary” (as defined in Section 8-102(14) of the UCC), who acquires
possession of the certificated security on behalf of the Indenture Trustee or its nominee or
custodian or, having previously acquired possession of the certificate, acknowledges that it
holds for the Indenture Trustee or its nominee or custodian or (ii) by delivery thereof to a
“securities intermediary”, endorsed to or registered in the name of the Indenture Trustee or
its nominee or custodian, or endorsed in blank, and the making by such “securities
intermediary” of entries on its books and records identifying such certificated securities
as belonging to the Indenture Trustee or its nominee or custodian and the sending by such
“securities intermediary” of a confirmation of the purchase of such certificated security by
the Indenture Trustee or its nominee or custodian (all of the foregoing, “Physical
Property”), and, in any event, any such Physical Property in registered form shall be in the
name of the Indenture Trustee or its nominee or custodian; and such additional or
alternative procedures as may hereafter become appropriate to effect the complete transfer
of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or
custodian, consistent with changes in applicable law or regulations or the interpretation
thereof;
(b) with respect to any securities issued by the U.S. Treasury, the Federal Home Loan
Mortgage Corporation, the Federal National Mortgage Association or the other government
agencies, instrumentalities and establishments of the United States identified in Appendix A
to Federal Reserve Bank Operating Circular No. 7 as in effect from time to time that is a
“book-entry security” (as such term is defined in Federal Reserve Bank Operating Circular
No. 7) held in a securities account and eligible for
Definitions (2006-G1) |
9
transfer through the
Fedwire® Securities Service operated by the Federal Reserve System pursuant to
Federal book-entry regulations, the following procedures, all in accordance with applicable
law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry
registration of such Trust Account Property to an appropriate securities account maintained
with a Federal Reserve Bank by a “participant” (as such term is defined in Federal Reserve
Bank Operating Circular No. 7) that is a “depository institution” (as defined in Section 19(B)(1)(A) of the Federal Reserve Act) pursuant to
applicable Federal regulations, and issuance by such depository institution of a deposit
advice or other written confirmation of such book-entry registration to the Indenture
Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee
or custodian of such book-entry securities; the making by such depository institution of
entries in its books and records identifying such book-entry security held through the
Federal Reserve System pursuant to Federal book-entry regulations or a security entitlement
thereto as belonging to the Indenture Trustee or its nominee or custodian and indicating
that such depository institution holds such Trust Account Property solely as agent for the
Indenture Trustee or its nominee or custodian; and such additional or alternative procedures
as may hereafter become appropriate to effect complete transfer of ownership of any such
Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with
changes in applicable law or regulations or the interpretation thereof; and
(c) with respect to any item of Trust Account Property that is an uncertificated
security (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by
clause (b) above, (i) registration on the books and records of the issuer thereof in
the name of the Indenture Trustee or its nominee or custodian, or (ii) registration on the
books and records of the issuer thereof in the name of another person, other than a
securities intermediary, who acknowledges that it holds such uncertificated security for the
benefit of the Indenture Trustee or its nominee or custodian.
“Depositor” means the Seller in its capacity as Depositor under the Trust Agreement.
“Determination Date” means the third Business Day preceding the related Payment Date,
beginning December 13, 2006.
“Discount Receivable” means any Receivable that has an APR which is less than the Required
Rate.
“Dollar” and “$” mean lawful currency of the United States of America.
“DTC” means The Depository Trust Company, and its successors.
“Eligible Account” means either (a) a segregated account with an Eligible Institution or (b) a
segregated trust account with the corporate trust department of a depository institution acting in
its fiduciary capacity organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign bank), having
corporate trust powers and acting as trustee for funds deposited in such account, so long as the
long-term unsecured debt of such depository institution shall have a credit rating from
Definitions (2006-G1) |
10
each Rating Agency in one of its generic rating categories which signifies investment grade. Any such trust
account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective
Affiliates, if such accounts meet the requirements described in clause (b) of the preceding
sentence.
“Eligible Institution” means a depository institution or trust company (other than any
Affiliate of BANA) (which may be the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates) organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign bank) (a)
which at all times has either (i) a long-term senior unsecured debt rating of “Aa2” or better by
Moody’s and “AA-” or better by Standard & Poor’s or such other rating that is acceptable to each
Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or the Indenture
Trustee or (ii) a certificate of deposit rating of “P-1” by Moody’s and “A-1+” by Standard & Poor’s
or such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such
Rating Agency to the Issuer or the Indenture Trustee and (b) whose deposits are insured by the
Federal Deposit Insurance Corporation.
“Eligible Investments” shall mean any one or more of the following types of investments:
(a) direct obligations of, and obligations fully guaranteed as to timely payment by,
the United States of America;
(b) demand deposits, time deposits or certificates of deposit of any depository
institution (including any Affiliate of the Seller, the Master Servicer, the Indenture
Trustee or the Owner Trustee) or trust company incorporated under the laws of the United
States of America or any state thereof or the District of Columbia (or any domestic branch
of a foreign bank) and subject to supervision and examination by Federal or state banking or
depository institution authorities (including depository receipts issued by any such
institution or trust company as custodian with respect to any obligation referred to in
clause (a) above or a portion of such obligation for the benefit of the holders of
such depository receipts); provided that at the time of the investment or contractual
commitment to invest therein (which shall be deemed to be made again each time funds are
reinvested following each Payment Date), the commercial paper or other short-term senior
unsecured debt obligations (other than such obligations the rating of which is based on the
credit of a Person other than such depository institution or trust company) of such
depository institution or trust company shall have a credit rating from Standard & Poor’s of
at least A-1+ and from Moody’s of Prime-1;
(c) commercial paper (including commercial paper of any Affiliate of the Seller, the
Master Servicer, the Indenture Trustee or the Owner Trustee) having, at the time of the
investment or contractual commitment to invest therein, a rating from Standard & Poor’s of
at least A-1 and from Moody’s of Prime-1;
(d) investments in money market funds (including funds for which the Seller, the Master
Servicer, the Indenture Trustee or Owner Trustee or any of their respective Affiliates is
investment manager or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and
from Moody’s of Aaa;
Definitions (2006-G1) |
11
(e) bankers’ acceptances issued by any depository institution or trust company referred
to in clause (b) above;
(f) repurchase obligations with respect to any security that is a direct obligation of,
or fully guaranteed by, the United States of America or any agency or instrumentality
thereof the obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or trust
company (acting as principal) referred to in clause (b) above; and
(g) any other investment of similar credit quality as the “Eligible Investments”
referred to in clauses (a) through (f) above with respect to which each
Rating Agency has provided written notice that such investment would not cause such Rating
Agency to downgrade, qualify or withdraw its then current rating of any Class of Notes.
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.
“Event of Default” has the meaning set forth in Section 5.1 of the Indenture.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Final Scheduled Payment Date” means, with respect to (i) the Class A-1 Notes, the Class A-1
Final Scheduled Payment Date, (ii) the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date,
(iii) the Class A-3 Notes, the Class A-3 Final Scheduled Payment Date, (iv) the Class A-4 Notes,
the Class A-4 Final Scheduled Payment Date, (v) the Class B Notes, the Class B Final Scheduled
Payment Date and (vi) the Class C Notes, the Class C Final Scheduled Payment Date.
“Financed Vehicle” means an automobile or light-duty truck, together with all accessions
thereto, securing an Obligor’s indebtedness under the applicable Receivable.
“First Allocation of Principal” means, with respect to any Payment Date, an amount equal to
the excess, if any, of (a) the Note Balance of the Class A Notes as of such Payment Date (before
giving effect to any principal payments made on the Class A Notes on such Payment Date) over (b)(i)
the Pool Balance as of the end of the related Collection Period minus (ii) the sum of the YSOC
Amount for such Payment Date and the Targeted Overcollateralization Amount; provided, however, that
the “First Allocation of Principal” shall not exceed the Note Balance of the Class A Notes (before
giving effect to any principal payments made on the Class A Notes on such Payment Date); provided,
further, that the “First Allocation of Principal” for any Payment Date on and after the Final
Scheduled Payment Date for any Class of Class A Notes shall not be less than the amount that is
necessary to reduce the Note Balance of that Class of Class A Notes to zero.
“Form 10-D” has the meaning set forth in Section 7.5 of the Indenture.
“Form 10-K” has the meaning set forth in Section 7.5 of the Indenture.
“GAAP” means generally accepted accounting principles in the USA, applied on a materially
consistent basis.
Definitions (2006-G1) |
12
“General Motors” means General Motors Corporation, a Delaware corporation.
“GMAC” means GMAC LLC, a Delaware limited liability company, and its successors and assigns.
“GMAC Sale Agreement” means the Sale Agreement, dated as of September 21, 2006, between GMAC
and XXXX, as amended, modified or supplemented from time to time.
“Governmental Authority” means any (a) Federal, state, municipal, foreign or other
governmental entity, board, bureau, agency or instrumentality, (b) administrative or regulatory
authority (including any central bank or similar authority) or (c) court or judicial authority.
“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
assign, transfer, create, xxxxx x xxxx upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of
any other agreement or instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the Granting party or otherwise and generally to do and receive anything
that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.
Other forms of the verb “to Grant” shall have correlative meanings.
“Holder” means, as the context may require, a Certificateholder or a Noteholder or both.
“Indenture” means the Indenture, dated as of the Closing Date, between the Issuer and
Indenture Trustee and acknowledged by the Depositor, as the same may be amended and supplemented
from time to time.
“Indenture Trustee” means U.S. Bank National Association, a national banking association, not
in its individual capacity but as indenture trustee under the Indenture, or any successor trustee
under the Indenture.
“Indenture Trustee Certification” means the certification in the form attached as Exhibit
C to the Indenture.
“Indenture Trustee Provided Information” means the information included in or attached as
Exhibit A to the Officer’s Certificate of the Indenture Trustee delivered on the Closing
Date and contained in the Preliminary Prospectus Supplement and the Prospectus Supplement.
“Indenture Trustee’s Certificate” means the certificate delivered pursuant to Section
7.4 of the Indenture.
“Independent” means, when used with respect to any specified Person, that such Person (i) is
in fact independent of the Issuer, any other obligor upon the Notes, the Master Servicer and any
Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the Master Servicer
Definitions (2006-G1) |
13
or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such
other obligor, the Master Servicer or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.
“Independent Certificate” means a certificate or opinion to be delivered to the Indenture
Trustee under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1 of the Indenture, made by an independent appraiser or other
expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer
has read the definition of “Independent” in this Appendix A and that the signer is Independent
within the meaning thereof.
“Initial Class A-1 Note Balance” means $596,000,000.
“Initial Class A-2 Note Balance” means $484,000,000.
“Initial Class A-3 Note Balance” means $354,000,000.
“Initial Class A-4 Note Balance” means $124,800,000.
“Initial Class B Note Balance” means $32,600,000.
“Initial Class C Note Balance” means $24,500,000.
“Initial Note Balance” means, for any Class, the Initial Class A-1 Note Balance, the Initial
Class A-2 Note Balance, the Initial Class A-3 Note Balance, the Initial Class A-4 Note Balance, the
Initial Class B Note Balance or the Initial C Note Balance, as applicable, or with respect to the
Notes generally, the sum of the foregoing.
“Insurance Policy” means, with respect to a Receivable, an insurance policy covering physical
damage, warranties, debt cancellation, credit life, credit disability, theft, mechanical breakdown
or similar event with respect to the related Financed Vehicle.
“Interest Period” means (i) with respect to the first Payment Date, the period from and
including the Closing Date to but excluding the first Payment Date and (ii) with respect to each
subsequent Payment Date, the period from and including the prior Payment Date to but excluding such
subsequent Payment Date.
“Interest Rate” means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate,
(b) with respect to the Class A-2 Notes, the Class A-2 Interest Rate, (c) with respect to the Class
A-3 Notes, the Class A-3 Interest Rate, (d) with respect to the Class A-4 Notes, the Class A-4
Interest Rate, (e) with respect to the Class B Notes, the Class B Interest Rate or (f) with respect
to the Class C Notes, the Class C Interest Rate.
“Issuer” means Banc of America Securities Auto Trust 2006-G1, a Delaware statutory trust
established pursuant to the Trust Agreement, until a successor replaces it and, thereafter, means
the successor and, for purposes of any provision contained herein, each other obligor on the Notes.
Definitions (2006-G1) |
14
“Issuer Order” and “Issuer Request” means a written order or request of the Issuer signed in
the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture
Trustee.
“Lien” means, for any asset or property of a Person, a lien, security interest, mortgage,
pledge or encumbrance in, of or on such asset or property in favor of any other Person, except any
Permitted Lien.
“Liquidation Expenses” means, with respect to a Defaulted Receivable, $300.00 (or such greater
amount as the Master Servicer or the Receivables Servicer, as applicable, determines necessary in
accordance with its customary procedures to refurbish and dispense of a repurchased Financed
Vehicle) as an allowance for amounts charged to the account of the Obligor, in keeping with such
Person’s customary procedures, for refurbishing and disposition of the Financed Vehicle and other
out-of-pocket costs related to the liquidation.
“Liquidation Proceeds” means, with respect to a Defaulted Receivable, all amounts realized
with respect to such Receivable net of the Liquidation Expenses and any amounts that are
required to be refunded to the Obligor on such Receivable, but in any event not less than zero.
“Master Servicer” means BANA, in its capacity as master servicer under the Master Servicing
Agreement.
“Master Servicer Termination Event” has the meaning set forth in Section 6.1 of the
Master Servicing Agreement.
“Master Servicing Agreement” means the agreement, dated as of the Closing Date, between BANA,
as master servicer, the Issuer, as issuer and U.S. Bank National Association, as indenture trustee.
“Monthly Remittance Condition” shall be deemed to be satisfied as of any determination date
if: (i) BANA is the Master Servicer; (ii) the rating of BANA’s short-term unsecured debt is at
least P-1 by Moody’s and is at least A-1 by Standard & Poor’s; and (iii) no Master Servicer
Termination Event has occurred during such Collection Period.
“Moody’s” means Xxxxx’x Investors Service, Inc., or any successor that is a nationally
recognized statistical rating organization.
“Net Losses” means as of any Payment Date, for any Defaulted Receivable, the Amount Financed
of such Defaulted Receivable when it became a Defaulted Receivable minus all Liquidation Proceeds
received with respect to such Defaulted Receivable on or before the last day of the related
Collection Period.
“Note” means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note, Class B Note or
Class C Note, in each case substantially in the forms of Exhibit A to the Indenture.
“Note Balance” means, with respect to any date of determination, for any Class, the Class A-1
Note Balance, the Class A-2 Note Balance, the Class A-3 Note
Definitions (2006-G1) |
15
Balance, the Class A-4 Note Balance, the Class B Note Balance or the Class C Note Balance, as applicable, or with respect to the Notes
generally, the sum of all of the foregoing.
“Note Depository Agreement” means the agreement, dated as of the Closing Date, between the
Issuer and DTC, as the initial Clearing Agency relating to the Notes, as the same may be amended or
supplemented from time to time.
“Note Factor” on a Payment Date means, with respect to each Class of Notes, a seven-digit
decimal figure equal to the Note Balance of such Class of Notes as of the end of the related
Collection Period divided by the Note Balance of such Class of Notes as of the Closing Date.
The Note Factor will be 1.000000 as of the Closing Date; thereafter, the Note Factor will decline
to reflect reductions in the Note Balance of such Class of Notes.
“Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner
of such Book-Entry Note, as reflected on the books of the Clearing Agency or a Person maintaining
an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing Agency).
“Note Register” and “Note Registrar” have the respective meanings set forth in Section
2.4 of the Indenture.
“Noteholder” means, as of any date, the Person in whose name a Note is registered on the Note
Register on such date.
“Obligor” means the purchaser or co-purchasers of the Financed Vehicle or any other Person who
owes payments under a Receivable.
“Officer’s Certificate” means (i) with respect to the Issuer, a certificate signed by any
Authorized Officer of the Issuer and (ii) with respect to the Seller or the Master Servicer, a
certificate signed by the chairman of the board, the president, any executive vice president, any
vice president, the treasurer, any assistant treasurer or the controller of the Seller or the
Master Servicer, as applicable.
“Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in the Indenture or any other applicable Transaction Document, be
employees of or counsel to the Issuer, the Master Servicer, the Receivables Servicer or the Seller,
and which opinion or opinions comply with any applicable requirements of the Transaction Documents
and are in form and substance reasonably satisfactory to the recipient(s). Opinions of Counsel
need address matters of law only and may be based upon stated assumptions as to relevant matters of
fact.
“Optional Purchase” has the meaning set forth in Section 6.6 of the Master Servicing
Agreement.
“Optional Purchase Price” has the meaning set forth in Section 10.1 of the Indenture.
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“Original Amount Financed” means, with respect to a Receivable and as of the date on which
such Receivable was originated, the aggregate amount advanced under the Receivable toward the
purchase price of the Financed Vehicle, including accessories, insurance premiums, service and
warranty contracts and other items customarily financed as part of automobile and light truck
retail installment sale contracts or direct purchase money loans and related costs.
“Originator” means, with respect to any Receivable, GMAC or an Affiliate of GMAC.
“Other Assets” means any assets (or interests therein) (other than the Trust Estate) conveyed
or purported to be conveyed by the Seller to another Person or Persons other than the Issuer,
whether by way of a sale, capital contribution or by virtue of the granting of a lien.
“Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class)
theretofore authenticated and delivered under the Indenture except:
(i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note Registrar or
delivered to the Note Registrar for cancellation;
(ii) Notes (or Notes of an applicable Class) or portions thereof the payment for which money
in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying
Agent in trust for the related Noteholders (provided, however, that if such Notes are to be
redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision
therefor, satisfactory to the Indenture Trustee, has been made); and
(iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes (or
Notes of such Class) that have been authenticated and delivered pursuant to the Indenture unless
proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona
fide purchaser;
provided that in determining whether Noteholders holding the requisite Note Balance have given any
request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any
Transaction Document, Notes owned by the Issuer or any other obligor upon the Notes, or by any
Person directly or indirectly controlling or controlled by or under direct or indirect common
control with any such obligor shall be disregarded and deemed not to be Outstanding, except that,
in determining whether the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, vote or waiver, only Notes that a Responsible
Officer of the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that
have been pledged in good faith may be regarded as Outstanding if the pledgee thereof establishes
to the satisfaction of the Indenture Trustee such pledgee’s right so to act with respect to such
Notes and that such pledgee is not the Issuer, the Seller, the Master Servicer or any of their
respective Affiliates.
“Owner Trustee” means Wilmington Trust Company, a Delaware banking corporation, not in its
individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner
Trustee thereunder.
“Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility
standards for the Indenture Trustee set forth in Section 6.11 of the Indenture and is
authorized by
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the Issuer to make the payments to and distributions from the Principal Distribution
Account, including the payment of principal of or interest on the Notes on behalf of the Issuer.
“Payment Date” means the 18th day of each calendar month beginning December 18, 2006,
provided, however, whenever a Payment Date would otherwise be a day that is not a Business Day, the
Payment Date shall be the next Business Day. As used herein, the “related” Payment Date with
respect to a Collection Period shall be deemed to be the Payment Date which immediately follows
such Collection Period.
“Payment Default” has the meaning set forth in Section 5.4(a) of the Indenture.
“Permitted Liens” means (a) any liens created by the Transaction Documents; (b) any liens for
taxes not due and payable or the amount of which is being contested in good faith by appropriate
proceedings; and (c) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees,
repairmen and other like liens securing obligations which are not due and payable or the amount or
validity of which is being contested in good faith by appropriate proceedings.
“Person” means any legal person, including any individual, corporation, partnership, joint
venture, association, limited liability company, joint stock company, trust, unincorporated
organization, or government or any agency or political subdivision thereof.
“Physical Property” has the meaning specified in the definition of “Delivery” above.
“Pool Balance” means as of the close of business of the last day of a Collection Period, the
aggregate Amount Financed of the Receivables (excluding Repurchased Receivables and Defaulted
Receivables as of such date).
“Pool Factor” on a Payment Date means a seven-digit decimal figure equal to the Pool Balance
as of the end of the preceding Collection Period divided by the sum of the aggregate Amount
Financed of the Receivables as of the Cut-Off Date. The Pool Factor will be 1.000000 as of the
Cut-Off Date; thereafter, the Pool Factor will decline to reflect reductions in the Pool Balance.
“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing
all or a portion of the same debt as that evidenced by such particular Note; provided, however, for
the purpose of this definition, any Note authenticated and delivered under Section 2.5 of
the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Note.
“Preliminary Prospectus Supplement” means the preliminary prospectus supplement dated November
1, 2006, relating to the public offering of the Notes.
“Principal Distribution Account” means the account by that name established and maintained
pursuant to Section 8.2(a)(ii) of the Indenture.
“Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding.
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“Prospectus Supplement” means the prospectus supplement, dated November 3, 2006, relating to
the public offering of the Notes.
“Purchase Agreement” means the Purchase Agreement, dated as of the Closing Date, between BANA
and the Seller, as amended, modified or supplemented from time to time.
“Purchased Assets” has the meaning set forth in Section 2.1 of the Purchase Agreement.
“Rating Agency” means Moody’s or Standard & Poor’s.
“Rating Agency Condition” means, with respect to any event or circumstance and each Rating
Agency, either (a) written confirmation by such Rating Agency that the occurrence of such event or
circumstance will not cause such Rating Agency to downgrade, qualify or withdraw its rating
assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such
event at least ten days prior to the occurrence of such event (or, if ten days’ advance notice is
impracticable, as much advance notice as is practicable) and such Rating Agency shall not have
issued any written notice that the occurrence of such event will itself cause such Rating Agency to
downgrade, qualify or withdraw its rating assigned to the Notes.
“Receivable” means a retail installment sale contract or direct purchase money loan for a
Financed Vehicle and any amendments, modifications or supplements to such retail installment sale
contract or direct purchase money loan that is included in the Schedule of Receivables. The term
“Receivable” does not include any Repurchased Receivable.
“Receivable Files” means the documents specified in Section 2.1 of the Master
Servicing Agreement.
“Receivables Servicer” means GMAC, initially, and any replacement Receivables Servicer
appointed by the Master Servicer.
“Receivables Servicer Termination Event” means the “Events of Servicing Termination” set forth
in Section 6.1 of the Receivables Servicing Agreement.
“Receivables Servicing Agreement” means the Servicing Agreement, dated as of September 21,
2006, between GMAC and BANA, as amended and restated by the Amended and Restated Servicing
Agreement dated as of the Closing Date, as the same may be amended and modified or supplemented
from time to time.
“Record Date” means, unless otherwise specified in any Transaction Document, with respect to
any Payment Date or Redemption Date, (i) for any Definitive Notes and for the Certificates, if any,
the close of business on the last Business Day of the calendar month immediately preceding the
calendar month in which such Payment Date or Redemption Date occurs and (ii) for any Book-Entry
Notes, the close of business on the Business Day immediately preceding such Payment Date or
Redemption Date.
“Records” means, for any Receivable, all contracts, books, records and other documents or
information (including computer programs, tapes, disks, software and related property and rights,
to the extent legally transferable) relating to such Receivable or the related Obligor.
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“Redemption Date” means in the case of a redemption of the Notes pursuant to Section
10.1 of the Indenture, the Payment Date specified by the Indenture Trustee or the Issuer
pursuant to Section 10.1 of the Indenture.
“Redemption Price” means an amount equal to the sum of (i) the unpaid Note Balance plus (ii)
accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so
redeemed, up to but excluding the Redemption Date.
“Registered Holder” means the Person in whose name a Note is registered on the Note Register
on the related Record Date.
“Regular Allocation of Principal” means, with respect to any Payment Date, an amount equal to
the excess, if any, of (a)(i) the Note Balance of the Class A Notes, the Class B Notes and the
Class C Notes as of such Payment Date (before giving effect to any principal payments made on the
Notes on such Payment Date) minus (ii) the First Allocation of Principal and the Second Allocation
of Principal for such Payment Date over (b)(i) the Pool Balance as of the end of the related
Collection Period minus (ii) the sum of the YSOC Amount for such Payment Date and the Targeted
Overcollateralization Amount; provided, however, that the Regular Allocation of Principal on and
after the Final Scheduled Payment Date for the Class C Notes shall not be less than the amount that
is necessary to reduce the outstanding principal amount of the Class C Notes to zero (after the
application of the First Allocation of Principal and the Second Allocation of Principal).
“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.
“Repurchase Price” means, with respect to any Repurchased Receivable purchased by BANA, the
Master Servicer or the Seller, a price equal to the outstanding Amount Financed (calculated without
giving effect to clause (iv) contained in the definition of such term) of such Receivable
plus any unpaid accrued interest related to such Receivable accrued to and including the end of the
Collection Period preceding the date that such Repurchased Receivable was purchased by BANA, the
Master Servicer or the Seller, as applicable.
“Repurchased Receivable” means any Receivable that is an Administrative Receivable or a
Warranty Receivable.
“Required Rate” means 6.50%.
“Residual Interest” means the beneficial interest in the Issuer, which shall be represented by
a Certificate.
“Residual Interestholder” means the owner of the Residual Interest. Blue Ridge shall be the
initial Residual Interestholder.
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“Responsible Officer” means, (a) with respect to the Indenture Trustee, any officer within the
corporate trust department of the Indenture Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Indenture Trustee who customarily performs functions similar to those performed by the persons who
at the time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of the Indenture, (b) with respect to the Owner
Trustee, any officer within the Corporate Trust Administration of the Owner Trustee and having
direct responsibility for the administration of the Issuer, including any Vice President, Assistant
Vice President, Assistant Treasurer, Assistant Secretary, Finances Services Officer or any other
officer customarily performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject, (c) with respect to the Master Servicer or Seller, any
officer of such Person having direct responsibility for the transactions contemplated by the
Transaction Documents, including the President, Treasurer or Secretary or any Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer
customarily performing functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject and (d) with
respect to the Receivables Servicer, any officer of the Receivables Servicer having direct
responsibility for the transactions contemplated by the Transaction Documents, including the
President, Treasurer or Secretary or any Vice President, Assistant Vice President, Assistant
Treasurer, Assistant Secretary, or any other officer customarily performing functions similar to
those performed by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject.
“Sale Agreement” means the Sale Agreement, dated as of the Closing Date, among the Seller and
the Issuer, as the same may be amended, modified or supplemented from time to time.
“Xxxxxxxx-Xxxxx Act” means the Xxxxxxxx-Xxxxx Act of 2002, as amended, modified or
supplemented from time to time, and any successor law thereto.
“Schedule of Receivables” means, as the context may require, (i) the schedule of Transferred
Receivables, transferred to the Issuer on the Closing Date or (ii) collectively, the schedule of
all Receivables assigned to the Issuer by the Seller as of the date of determination, with such
additions and deletions as properly made pursuant to the Transaction Documents.
“Second Allocation of Principal” means, with respect to any specified Payment Date, an amount
equal to the excess, if any, of (a)(i) the Note Balance of Class A Notes and the Class B Notes as
of such Payment Date (before giving effect to any principal payments made on the Notes on such
Payment Date) minus (ii) the First Allocation of Principal for such Payment Date over (b)(i)the
Pool Balance as of the end of the related Collection Period minus (ii) the sum of the YSOC Amount
for such Payment Date and the Targeted Overcollateralization Amount; provided, however, that the
Second Allocation of Principal shall not exceed the sum of the Class A and Class B Note Balance
(before giving effect to any principal payments on the notes on such
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21
Payment Date) minus the First
Allocation of Principal for such Payment Date; provided, further, that the Second Allocation of
Principal on and after the Final Scheduled Payment Date for the Class B Notes shall not be less
than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes
to zero (after the application of the First Allocation of Principal).
“Securities Act” means the Securities Act of 1933, as amended.
“Seller” means BAS Securitization LLC, a Delaware limited liability company, and its
successors and assigns.
“Seller Certification” means the certification in the form attached as Exhibit B to
the Indenture.
“Servicing Criteria” shall mean the “servicing criteria” set forth in Item 1122(d) of
Regulation AB.
“Servicing Fee” means, for any Payment Date, the product of (A) one twelfth (or, in the case
of the first Payment Date, a fraction, the numerator of which is the number of days (assuming 30
day months) from and including the Cut-Off Date to and including the last day of the first
Collection Period and the denominator of which is 360), (B) the Servicing Fee Rate and (C) the Pool
Balance as of the first day of the related Collection Period (or, in the case of the first Payment
Date, as of the Cut-Off Date).
“Servicing Fee Rate” means 1.01% per annum.
“Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The XxXxxx-Xxxx
Companies, Inc., or any successor that is a nationally recognized statistical rating organization.
“Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq.
“Supplemental Servicing Fees” means any late fees, prepayment charges, extension fees and
other administrative fees and expenses or similar charges allowed by applicable law collected (from
whatever source) on the Receivables during each Collection Period permitted to be retained by the
Master Servicer pursuant to Section 3.10(b) of the Master Servicing Agreement.
“Targeted Overcollateralization Amount” means, for any Payment Date, the greater of (i) (x)
1.35% of (y) the Pool Balance minus the YSOC Amount for the related Payment Date and (ii) (x) 0.50%
of (y) the Pool Balance minus the YSOC Amount as of the Cut-Off Date.
“Termination Date” means February 19, 2013.
“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in
force on the date hereof, unless otherwise specifically provided.
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“Transaction Documents” means the Indenture, the Notes, the Note Depository Agreement, the
Sale Agreement, the Master Servicing Agreement, the Receivables Servicing Agreement, the Purchase
Agreement, and the Trust Agreement, as the same may be amended or modified from time to time.
“Transferred Assets” means (a) the Purchased Assets, (b) all of the Seller’s rights under the
Purchase Agreement and (c) all proceeds of the foregoing.
“Transferred Receivables” means the Receivables transferred by the Seller to the Issuer on the
Closing Date.
“Trust Accounts” has the meaning set forth in Section 8.2(a)(ii) of the Indenture.
“Trust Account Property” means the Trust Accounts, all amounts and investments held from time
to time in any Trust Account (whether in the form of deposit accounts, Physical
Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of
the foregoing.
“Trust Agreement” means the Trust Agreement, dated as of October 4, 2006, as amended and
restated by the Amended and Restated Trust Agreement dated as of the Closing Date, between the
Seller and the Owner Trustee, as the same may be amended and supplemented from time to time.
“Trust Estate” means all money, accounts, chattel paper, general intangibles, goods,
instruments, investment property and other property of the Issuer, including without limitation (i)
the Transferred Assets, (ii) the rights of the Issuer to the funds on deposit from time to time in
the Trust Accounts and any other account or accounts established pursuant to the Indenture and all
cash, investment property and other property from time to time credited thereto and all proceeds
thereof (including investment earnings, net of losses and investment expenses, on amounts on
deposit therein), (iii) all of the Issuer’s rights under the Sale Agreement and (iv) all proceeds
of the foregoing.
“UCC” means, unless the context otherwise requires, the Uniform Commercial Code as in effect
in the relevant jurisdiction, as amended from time to time.
“Underwriting Agreement” means the Underwriting Agreement dated November 3, 2006 among Banc of
America Securities LLC, as representatives on the underwriters named therein, the Seller and BANA.
“United States” or “USA” means the United States of America (including all states, the
District of Columbia and political subdivisions thereof).
“Warranty Receivable” means a Receivable which XXXX has repurchased pursuant to Section
6.2 of the XXXX Purchase Agreement, which GMAC has repurchased pursuant to Section 6.2
of the GMAC Sale Agreement, which the Seller has repurchased pursuant to Section 2.3 of the
Sale Agreement or which BANA has repurchased pursuant to Section 3.3 of the Purchase
Agreement.
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“YSOC Amount” means, with respect to any Collection Period and the related Payment Date, the
aggregate amount by which the Amount Financed as of the last day of such Collection Period of each
Discount Receivable (other than a Discount Receivable that is a Defaulted Receivable or a
Repurchased Receivable), exceeds the present value (calculated at the Required Rate) of each
scheduled payment of each such Discount Receivable assuming such scheduled payment is made on the
last day of each month and each month has 30 days.
The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms. Unless otherwise inconsistent with the terms of this Agreement, all accounting
terms used herein shall be interpreted, and all accounting determinations hereunder shall be made,
in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at
the time any information relevant to such calculation changes.
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