Contract
Exhibit 99.1
This ADMINISTRATION AGREEMENT dated as of May 1, 2008, is among DAIMLERCHRYSLER AUTO TRUST
2008-B, a Delaware statutory trust (the “Issuer”), DAIMLERCHRYSLER FINANCIAL SERVICES AMERICAS LLC,
a Michigan limited liability company, as administrator (the “Administrator”), and CITIBANK, N.A., a
national banking association organized under the laws of the United States, not in its individual
capacity but solely as Indenture Trustee (the “Indenture Trustee”).
W I T N E S S E T H:
WHEREAS, the Issuer is issuing the Class A-1 2.80413% Asset Backed Notes, the Class A-2a 3.81%
Asset Backed Notes, the Class A-2b Floating Rate Asset Backed Notes, the Class A-3a 4.71% Asset
Backed Notes, the Class A-3b Floating Rate Asset Backed Notes, the Class A-4a 5.32% Asset Backed
Notes, the Class A-4b Floating Rate Asset Backed Notes, the Class B 6.54% Asset Backed Notes, the
Class C 7.75% Asset Backed Notes and the Class D Asset Backed Notes (collectively, the “Notes”)
pursuant to the Indenture dated as of May 1, 2008 (as amended and supplemented from time to time,
the “Indenture”), between the Issuer and the Indenture Trustee (capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the Indenture or, if not
defined therein, in the Sale and Servicing Agreement or the Trust Agreement);
WHEREAS, the Issuer has entered into the Basic Documents in connection with the issuance of
the Notes and the Certificates, including (i) a Sale and Servicing Agreement dated as of May 1,
2008 (as amended and supplemented from time to time, the “Sale and Servicing Agreement”), between
the Issuer and DaimlerChrysler Financial Services Americas LLC, as seller (in such capacity, the
“Seller”) and servicer (in such capacity, the “Servicer”), (ii) a Letter of Representations dated
May 16, 2008 (as amended and supplemented from time to time, the “Note Depository Agreement”),
between the Issuer and The Depository Trust Company relating to the Class A Notes, (iii) the
Indenture and (iv) the Xxxxxx (the Sale and Servicing Agreement, the Note Depository Agreement, the
Indenture, the Xxxxxx and such other Basic Documents being referred to hereinafter collectively as
the “Related Agreements”);
WHEREAS, pursuant to the Related Agreements, the Issuer and the Owner Trustee are required to
perform certain duties in connection with (a) the Notes and the collateral therefor pledged
pursuant to the Indenture (the “Collateral”) and (b) the beneficial ownership interests in the
Issuer (the registered holders of such interests being referred to herein as the “Owners”);
WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of
the duties of the Issuer and the Owner Trustee referred to in the preceding clause and to provide
such additional services consistent with the terms of this Agreement and the Related Agreements as
the Issuer and the Owner Trustee may from time to time request; and
WHEREAS, the Administrator has the capacity to provide the services required hereby and is
willing to perform such services for the Issuer and the Owner Trustee on the terms set forth
herein;
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree as follows:
1. Duties of the Administrator.
(a) Duties with Respect to the Note Depository Agreement and the Indenture. (i) The
Administrator agrees to perform all its duties as Administrator and the duties of the Issuer and
the Owner Trustee under the Note Depository Agreement. In addition, the Administrator shall
consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the
Indenture and the Note Depository Agreement. The Administrator shall monitor the performance of
the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s
or the Owner Trustee’s duties under the Indenture and the Note Depository Agreement. The
Administrator shall prepare for execution by the Issuer, or shall cause the preparation by other
appropriate persons of, all such documents, reports, filings, instruments, certificates and
opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver
pursuant to the Indenture or the Note Depository Agreement. In furtherance of the foregoing, the
Administrator shall take all appropriate action that is the duty of the Issuer or the Owner Trustee
to take pursuant to the Indenture including, without limitation, such of the foregoing as are
required with respect to the following matters under the Indenture (references are to sections of
the Indenture):
(A) the duty to cause the Note Register to be kept and to give the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or change in location,
of the Note Register (Section 2.05);
(B) the notification of Noteholders of the final principal payment on their Notes
(Section 2.08(b));
(C) the fixing or causing to be fixed of any specified record date and the notification
of the Indenture Trustee and Noteholders with respect to special payment dates, if any
(Section 2.08(c));
(D) the preparation of or obtaining of the documents and instruments required for
authentication of the Notes and delivery of the same to the Indenture Trustee (Section
2.02);
(E) the preparation, obtaining or filing of the instruments, opinions and certificates
and other documents required for the release of collateral (Section 2.10);
(F) the maintenance of an office in the Borough of Manhattan, City of New York, for
registration of transfer or exchange of Notes (Section 3.02);
(G) the duty to cause newly appointed Paying Agents, if any, to deliver to the
Indenture Trustee the instrument specified in the Indenture regarding funds held in trust
(Section 3.03);
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(H) the direction to the Indenture Trustee to deposit moneys with Paying Agents, if
any, other than the Indenture Trustee (Section 3.03);
(I) the obtaining and preservation of the Issuer’s qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of the Indenture, the Notes, the Collateral and each other instrument and
agreement included in the Trust Estate (Section 3.04);
(J) the preparation of all supplements and amendments to the Indenture and all
financing statements, continuation statements, instruments of further assurance and other
instruments and the taking of such other action as is necessary or advisable to protect the
Trust Estate (Section 3.05);
(K) the delivery of an Opinion of Counsel on the Closing Date and the annual delivery
of Opinions of Counsel as to the Trust Estate, and the annual delivery of the Officer’s
Certificate and certain other statements as to compliance with the Indenture (Sections 3.06
and 3.09);
(L) the identification to the Indenture Trustee in an Officer’s Certificate of a Person
with whom the Issuer has contracted to perform its duties under the Indenture (Section
3.07(b));
(M) the notification of the Indenture Trustee and the Rating Agencies of a Servicer
Default under the Sale and Servicing Agreement and, if such Servicer Default arises from the
failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement
with respect to the Receivables, the taking of all reasonable steps available to remedy such
failure (Section 3.07(d));
(N) the duty to cause the Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.07
and Article XI of the Sale and Servicing Agreement (Section 3.14);
(O) the preparation and obtaining of documents and instruments required for the release
of the Issuer from its obligations under the Indenture (Section 3.10(b));
(P) the delivery of written notice to the Indenture Trustee and the Rating Agencies of
each Event of Default under the Indenture and each default by the Servicer or the Seller
under the Sale and Servicing Agreement and by the Seller or the Company under the Purchase
Agreement (Section 3.19);
(Q) the monitoring of the Issuer’s obligations as to the satisfaction and discharge of
the Indenture and the preparation of an Officer’s Certificate and the obtaining of an
Opinion of Counsel and the Independent Certificate relating thereto (Section 4.01);
(R) the compliance with any written directive of the Indenture Trustee with respect to
the sale of the Trust Estate in a commercially reasonable manner if an Event of Default
shall have occurred and be continuing (Section 5.04);
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(S) the preparation and delivery of notice to Noteholders of the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee (Section 6.08);
(T) the preparation of any written instruments required to confirm more fully the
authority of any co-trustee or separate trustee and any written instruments necessary in
connection with the resignation or removal of any co-trustee or separate trustee (Sections
6.08 and 6.10);
(U) the furnishing of the Indenture Trustee with the names and addresses of Noteholders
during any period when the Indenture Trustee is not the Note Registrar (Section 7.01);
(V) the preparation and, after execution by the Issuer, the filing with the Commission,
any applicable state agencies and the Indenture Trustee of documents required to be filed on
a periodic basis with, and summaries thereof as may be required by rules and regulations
prescribed by, the Commission and any applicable state agencies and the transmission of such
summaries, as necessary, to the Noteholders (Section 7.03);
(W) the opening of one or more accounts in the Issuer’s name, the preparation and
delivery of Issuer Orders, Officer’s Certificates and Opinions of Counsel and all other
actions necessary with respect to investment and reinvestment of funds in the Deposit
Account (Sections 8.02 and 8.03);
(X) the preparation of an Issuer Request and Officer’s Certificate and the obtaining of
an Opinion of Counsel and Independent Certificates, if necessary, for the release of the
Trust Estate (Sections 8.04 and 8.05);
(Y) the preparation of Issuer Orders and the obtaining of Opinions of Counsel with
respect to the execution of supplemental indentures and the mailing to the Noteholders of
notices with respect to such supplemental indentures (Sections 9.01, 9.02 and 9.03);
(Z) the execution and delivery of new Notes conforming to any supplemental indenture
(Section 9.06);
(AA) the duty to notify Noteholders of redemption of the Notes or to cause the
Indenture Trustee to provide such notification (Section 10.02);
(BB) the preparation and delivery of all Officer’s Certificates, Opinions of Counsel
and Independent Certificates with respect to any requests by the Issuer to the Indenture
Trustee to take any action under the Indenture (Section 11.01(a));
(CC) the preparation and delivery of Officer’s Certificates and the obtaining of
Independent Certificates, if necessary, for the release of property from the lien of the
Indenture (Section 11.01(b);
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(DD) the notification of the Rating Agencies, upon the failure of the Indenture Trustee
to give such notification, of the information required pursuant to Section 11.04 of the
Indenture (Section 11.04);
(EE) the preparation and delivery to Noteholders and the Indenture Trustee of any
agreements with respect to alternate payment and notice provisions (Section 11.06);
(FF) the recording of the Indenture, if applicable (Section 11.15); and
(GG) the preparation of Definitive Notes in accordance with the instructions of the
Clearing Agency (Section 2.13).
(ii) The Administrator will:
(A) pay the Indenture Trustee (and any separate trustee or co-trustee appointed
pursuant to Section 6.10 of the Indenture (a “Separate Trustee”)) from time to time
reasonable compensation for all services rendered by the Indenture Trustee or Separate
Trustee, as the case may be, under the Indenture (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust);
(B) except as otherwise expressly provided in the Indenture, reimburse the Indenture
Trustee or any Separate Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Indenture Trustee or Separate Trustee, as the case may
be, in accordance with any provision of the Indenture (including the reasonable
compensation, expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith;
(C) indemnify the Indenture Trustee and any Separate Trustee and each of their
respective officers, directors, employees, representatives and agents for, and hold them
harmless against, any and all losses, liability, tax (other than taxes based on the income
of the Indenture Trustee or such Separate Trustee) or expense (including attorneys’ fees) of
whatever kind or nature regardless of their merit directly or indirectly incurred by it or
them without willful misconduct, negligence or bad faith on their part, arising out of or in
connection with the acceptance or administration of the transactions contemplated by the
Indenture, including the reasonable costs and expenses of defending themselves against any
claim or liability in connection with the exercise or performance of any of their powers or
duties under the Indenture; and
(D) indemnify the Owner Trustee and its agents for, and hold them harmless against, any
losses, liability or expense incurred without negligence or bad faith on their part, arising
out of or in connection with the acceptance or administration of the transactions
contemplated by the Trust Agreement, including the reasonable costs and expenses of
defending themselves against any claim or liability in connection with the exercise or
performance of any of their powers or duties under the Trust Agreement.
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(b) Additional Duties. (i) In addition to the duties of the Administrator set forth
above, the Administrator shall perform such calculations and shall prepare or shall cause the
preparation by other appropriate persons of, and shall execute on behalf of the Issuer or the Owner
Trustee, all such documents, reports, filings, instruments, certificates and opinions that it shall
be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related
Agreements, and at the request of the Owner Trustee shall take all appropriate action that it is
the duty of the Issuer or the Owner Trustee to take pursuant to the Related Agreements. In
furtherance thereof, the Owner Trustee shall, on behalf of itself and of the Issuer, execute and
deliver to the Administrator and to each successor Administrator appointed pursuant to the terms
hereof, one or more powers of attorney substantially in the form of Exhibit A hereto, appointing
the Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the purpose of
executing on behalf of the Owner Trustee and the Issuer all such documents, reports, filings,
instruments, certificates and opinions. Subject to Section 5 of this Agreement, and in accordance
with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise
the performance of such other activities in connection with the Collateral (including the Related
Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the Administrator. Such
responsibilities shall include the obtainment and maintenance of any licenses required to be
obtained or maintained by the Trust under the Pennsylvania Motor Vehicle Sales Finance Act and the
Annotated Code of Maryland Financial Institutions § 11-403. In addition, the Administrator shall
promptly notify the Indenture Trustee and the Owner Trustee in writing of any amendment to the
Pennsylvania Motor Vehicle Sales Finance Act or the Annotated Code of Maryland Financial
Institutions that would affect the duties or obligations of the Indenture Trustee or the Owner
Trustee under any Basic Document and shall assist the Indenture Trustee or the Owner Trustee in its
obtainment and maintenance of any licenses required to be obtained or maintained by the Indenture
Trustee or the Owner Trustee thereunder. In connection therewith, the Administrator shall cause
the Seller to pay all fees and expenses under such laws.
(ii) Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the
Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in
Section 5.03 of the Trust Agreement.
(iii) The Administrator shall satisfy its obligations with respect to clause (ii) above by
retaining, at the expense of the Trust payable by the Administrator, a firm of independent public
accountants (the “Accountants”) acceptable to the Owner Trustee, which shall perform the
obligations of the Administrator thereunder.
(iv) The Administrator shall perform the duties of the Administrator specified in Section
10.02 of the Trust Agreement required to be performed in connection with the resignation or removal
of the Owner Trustee, and any other duties expressly required to be performed by the Administrator
under the Trust Agreement.
(v) In carrying out the foregoing duties or any of its other obligations under this Agreement,
the Administrator may enter into transactions or otherwise deal with any of its affiliates;
provided, however, that the terms of any such transactions or dealings shall be in
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accordance with any directions received from the Issuer and shall be, in the Administrator’s
opinion, no less favorable to the Issuer than would be available from unaffiliated parties.
(c) Non-Ministerial Matters. (i) With respect to matters that in the reasonable
judgment of the Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the Administrator shall have
notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding sentence,
“non-ministerial matters” shall include, without limitation:
(A) the amendment of or any supplement to the Indenture;
(B) the initiation of any claim or lawsuit by the Issuer and the compromise of any
action, claim or lawsuit brought by or against the Issuer (other than in connection with the
collection of the Receivables);
(C) the amendment, change or modification of the Related Agreements;
(D) the appointment of successor Note Registrars, successor Paying Agents and successor
Indenture Trustees pursuant to the Indenture or the appointment of successor Administrators
or Successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent
or Indenture Trustee of its obligations under the Indenture; and
(E) the removal of the Indenture Trustee.
(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not
be obligated to, and shall not, (x) make any payments to the Noteholders under the Related
Agreements, (y) sell the Trust Estate pursuant to Section 5.04 of the Indenture or (z) take any
other action that the Issuer directs the Administrator not to take on its behalf.
2. Records. The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible
for inspection by the Issuer and the Company at any time during normal business hours.
3. Compensation. As compensation for the performance of the Administrator’s
obligations under this Agreement and as reimbursement for its expenses related thereto, the
Administrator shall be entitled to $200 per month which shall be solely an obligation of the
Seller.
4. Additional Information To Be Furnished to Issuer. The Administrator shall furnish
to the Issuer from time to time such additional information regarding the Collateral as the Issuer
shall reasonably request.
5. Independence of Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the
Issuer or the Owner Trustee with respect to the manner in which it accomplishes the
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performance of its obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in
any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.
6. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the
Administrator and either of the Issuer or the Owner Trustee as members of any partnership, joint
venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be
construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any
of them any express, implied or apparent authority to incur any obligation or liability on behalf
of the others.
7. Other Activities of Administrator. Nothing herein shall prevent the Administrator
or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a
similar capacity as an administrator for any other person or entity even though such person or
entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the
Indenture Trustee.
8. Term of Agreement; Resignation and Removal of Administrator.
(a) This Agreement shall continue in force until the dissolution of the Issuer, upon which
event this Agreement shall automatically terminate.
(b) Subject to Section 8(e), the Administrator may resign its duties hereunder by providing
the Issuer with at least 60 days’ prior written notice.
(c) Subject to Section 8(e), the Issuer may remove the Administrator without cause by
providing the Administrator with at least 60 days’ prior written notice.
(d) Subject to Section 8(e), at the sole option of the Issuer, the Administrator may be
removed immediately upon written notice of termination from the Issuer to the Administrator if any
of the following events shall occur:
(i) the Administrator shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within ten days (or, if
such default cannot be cured in such time, shall not give within ten days such assurance of cure as
shall be reasonably satisfactory to the Issuer);
(ii) a court having jurisdiction in the premises shall enter a decree or order for relief, and
such decree or order shall not have been vacated within 60 days, in respect of the Administrator in
any involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for the Administrator or any substantial part of its property or order the
winding-up or liquidation of its affairs; or
(iii) the Administrator shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order
for relief in an involuntary case under any such law, shall consent to the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the
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Administrator or any substantial part of its property, shall consent to the taking of
possession by any such official of any substantial part of its property, shall make any general
assignment for the benefit of creditors or shall fail generally to pay its debts as they become
due.
The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this
Section shall occur, it shall give written notice thereof to the Issuer and the Indenture Trustee
within seven days after the happening of such event.
(e) No resignation or removal of the Administrator pursuant to this Section shall be effective
until (i) a successor Administrator shall have been appointed by the Issuer and (ii) such successor
Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same
manner as the Administrator is bound hereunder.
(f) The appointment of any successor Administrator shall be effective only after satisfaction
of the Rating Agency Condition with respect to the proposed appointment.
(g) Subject to Sections 8(e) and 8(f), the Administrator acknowledges that upon the
appointment of a Successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator
shall immediately resign and such Successor Servicer shall automatically become the Administrator
under this Agreement.
9. Action upon Termination, Resignation or Removal. Promptly upon the effective date
of termination of this Agreement pursuant to Section 8(a) or the resignation or removal of the
Administrator pursuant to Section 8(b) or (c), respectively, the Administrator shall be entitled to
be paid all fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination pursuant to
Section 8(a) deliver to the Issuer all property and documents of or relating to the Collateral then
in the custody of the Administrator. In the event of the resignation or removal of the
Administrator pursuant to Section 8(b) or (c), respectively, the Administrator shall cooperate with
the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.
10. Notices. Any notice, report or other communication given hereunder shall be in
writing and addressed as follows:
(a) | if to the Issuer or the Owner Trustee, to: | ||
DaimlerChrysler Auto Trust 2008-B c/o BNYM (Delaware) Xxxxx Xxxx Center, Xxxxx 000 Xxxxxx, Xxxxxxxx 00000 Attention: Trust and Securities Services |
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with a copy to: | |||
The Bank of New York 000 Xxxxxxx Xxxxxx, 0X Xxx Xxxx, Xxx Xxxx 00000 |
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Attention: Asset Backed Securities Unit | |||
(b) | if to the Administrator, to: | ||
DaimlerChrysler Financial Services Americas LLC 00000 Xxxxxxx Xxxx Xxxxxxxxxx Xxxxx, Xxxxxxxx 00000 Attention: Xxxx Xxxxxxx, Securitization Operations Fax: 000-000-0000 |
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With a copy to: | |||
DaimlerChrysler Financial Services Americas LLC 00000 Xxxxxxx Xxxx Xxxxxxxxxx Xxxxx, Xxxxxxxx 00000 Attention: Assistant General Counsel — Securitization Fax: 000-000-0000 |
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(c) | if to the Indenture Trustee, to: | ||
Citibank, N.A. 000 Xxxxxxxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Structured Finance Agency and Trust, DCAT-2008-B |
or to such other address as any party shall have provided to the other parties in writing. Any
notice required to be in writing hereunder shall be deemed given if such notice is mailed by
certified mail, postage prepaid, or hand-delivered to the address of such party as provided above.
11. Amendments. This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Issuer, the Administrator and the Indenture Trustee,
with the written consent of the Owner Trustee, without the consent of the Noteholders and the
Certificateholders, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or Certificateholders; provided that such amendment will not, in an Opinion of Counsel
satisfactory to the Indenture Trustee, materially and adversely affect the interest of any
Noteholder or Certificateholder. This Agreement may also be amended by the Issuer, the
Administrator and the Indenture Trustee with the written consent of the Owner Trustee and the
holders of Notes evidencing at least a majority of the Outstanding Amount of the Notes and the
Certificateholders of Certificates evidencing at least a majority of all the Percentage Interests
(as defined in the Trust Agreement), for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in any manner the
rights of Noteholders or the Certificateholder; provided, however, that no such amendment may (i)
increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on the Receivables or distributions that
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are required to be made for the benefit of the Noteholders or Certificateholder or (ii) reduce
the aforesaid percentage of the holders of Notes or Certificates which are required to consent to
any such amendment, without the consent of the holders of all the outstanding Notes and the
Certificates. Notwithstanding the foregoing, the Administrator may not amend this Agreement
without the permission of the Seller and the Company, which permission shall not be unreasonably
withheld.
12. Successors and Assigns. This Agreement may not be assigned by the Administrator
unless such assignment is previously consented to in writing by the Issuer and the Owner Trustee
and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment
with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this
Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner
Trustee to a corporation or other organization that is a successor (by merger, consolidation or
purchase of assets) to the Administrator; provided that such successor organization executes and
delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such
corporation or other organization agrees to be bound hereunder by the terms of said assignment in
the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Agreement
shall bind any successors or assigns of the parties hereto.
13. GOVERNING LAW. THIS AGREEMENT, THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AGREEMENT AND ANY CLAIM OR CONTROVERSY DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, SHALL IN ALL
RESPECTS BE GOVERNED BY AND INTERPRETED, CONSTRUED AND DETERMINED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION THAT WOULD REQUIRE
THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION).
14. Headings. The section headings hereof have been inserted for convenience of
reference only and shall not be construed to affect the meaning, construction or effect of this
Agreement.
15. Counterparts. This Agreement may be executed in counterparts, each of which when
so executed shall be an original, but all of which together shall constitute but one and the same
agreement.
16. Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.
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17. Not Applicable to DaimlerChrysler Financial Services Americas LLC in Other
Capacities. Nothing in this Agreement shall affect any obligation DaimlerChrysler Financial
Services Americas LLC may have in any other capacity.
18. Limitation of Liability of Owner Trustee and Indenture Trustee. Notwithstanding
anything contained herein to the contrary, this instrument has been countersigned by BNYM
(Delaware) not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall BNYM (Delaware) in its individual capacity or any beneficial owner of the
Issuer have any liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of,
the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.
Notwithstanding anything contained herein to the contrary, this Agreement has been
countersigned by Citibank, N.A. not in its individual capacity but solely as Indenture Trustee and
in no event shall Citibank, N.A. have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer.
19. Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary to this
Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions
hereof as if it were a party hereto.
* * * * * * *
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the day and year first above written.
DAIMLERCHRYSLER AUTO TRUST 2008-B | ||||||
By: | BNYM (DELAWARE), | |||||
not in its individual capacity but | ||||||
solely as Owner Trustee | ||||||
By: | /s/ Xxxxxxxx X. Xxxxx | |||||
Name: | Xxxxxxxx X. Xxxxx | |||||
Title: | Vice President | |||||
CITIBANK, N.A., | ||||||
not in its individual capacity | ||||||
but solely as Indenture Trustee | ||||||
By: | /s/ Xxxxxx Xxxxxxxx | |||||
Name: | Xxxxxx Xxxxxxxx | |||||
Title: | Vice President | |||||
DAIMLERCHRYSLER FINANCIAL SERVICES | ||||||
AMERICAS LLC, | ||||||
as Administrator | ||||||
By: | /s/ Xxxxx Xxxxxx | |||||
Name: | Xxxxx Xxxxxx | |||||
Title: | Vice President and Treasurer |
DCAT 2008-B — Administration Agreement
POWER OF ATTORNEY
STATE OF
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} | |
} | ||
COUNTY OF
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} |
KNOW ALL MEN BY THESE PRESENTS, that BNYM (Delaware), a Delaware banking corporation, not in
its individual capacity but solely as owner trustee (the “Owner Trustee”) for DaimlerChrysler Auto
Trust 2008-B (the “Trust”), does hereby make, constitute and appoint DaimlerChrysler Financial
Services Americas LLC, as administrator under the Administration Agreement dated May 1, 2008 (the
“Administration Agreement”), among the Trust, DaimlerChrysler Financial Services Americas LLC and
Citibank, N.A., as Indenture Trustee, as the same may be amended from time to time, and its agents
and attorneys, as Attorneys-in-Fact to execute on behalf of the Owner Trustee or the Trust any and
all such documents, reports, filings, instruments, certificates and opinions as it should be the
duty of the Owner Trustee or the Trust to prepare, file or deliver pursuant to the Basic Documents,
or pursuant to Section 5.03 of the Trust Agreement, including, without limitation, to appear for
and represent the Owner Trustee and the Trust in connection with the preparation, filing and audit
of federal, state and local tax returns pertaining to the Trust, if any, and with full power to
perform any and all acts associated with such returns and audits, if any, that the Owner Trustee
could perform, including without limitation, the right to distribute and receive confidential
information, defend and assert positions in response to audits, initiate and defend litigation, and
to execute waivers of restrictions on assessments of deficiencies, consents to the extension of any
statutory or regulatory time limit, and settlements.
All powers of attorney for this purpose heretofore filed or executed by the Owner Trustee are
hereby revoked.
Capitalized terms that are used and not otherwise defined herein shall have the meanings
ascribed thereto in the Administration Agreement.
EXECUTED this ___of May, 2008.
BNYM (DELAWARE), | ||
not in its individual capacity but solely as Owner | ||
Trustee | ||
Name: | ||
Title: |
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STATE OF
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} | |
} | ||
COUNTY OF
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} |
Before me, the undersigned authority, on this day personally appeared , known to me to be the person whose name is subscribed to the foregoing
instrument, and acknowledged to me that he/she signed the same for the purposes and considerations
therein expressed.
Sworn to before me this ___
day of May, 2008.
day of May, 2008.
Notary Public — State of |
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