EXHIBIT 4.1
FORM OF
between
HYUNDAI AUTO RECEIVABLES TRUST 200[__],
as Issuer
and
[________________________________],
as
Indenture Trustee
Dated as of [__________], 200[__]
TABLE OF CONTENTS
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ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE |
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Section 1.01. Definition |
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Section 1.02. Rules of Construction |
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11 |
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Section 1.03. Incorporation by Reference of Trust Indenture Act |
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11 |
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ARTICLE II. THE NOTES |
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12 |
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Section 2.01. Form |
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Section 2.02. Execution, Authentication and Delivery |
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Section 2.03. Temporary Notes |
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13 |
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Section 2.04. Registration; Registration of Transfer and Exchange |
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13 |
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Section 2.05. [Reserved] |
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15 |
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Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes |
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Section 2.07. Persons Deemed Owners |
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Section 2.08. Payment of Principal and Interest; Defaulted Interest |
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Section 2.09. Cancellation |
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Section 2.10. Book-Entry Notes |
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Section 2.11. Notices to Clearing Agency |
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Section 2.12. Definitive Notes |
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Section 2.13. Tax Treatment |
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ARTICLE III. COVENANTS |
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Section 3.01. Payment of Principal and Interest |
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Section 3.02. Maintenance of Office or Agency |
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Section 3.03. Money for Payments To Be Held in Trust |
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Section 3.04. Existence |
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Section 3.05. Protection of Trust Estate |
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Section 3.06. Opinions as to Trust Estate |
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Section 3.07. Performance of Obligations; Servicing of Receivables |
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Section 3.08. Negative Covenants |
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Section 3.09. Annual Statement as to Compliance |
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Section 3.10. Issuer May Consolidate, etc., Only on Certain Terms |
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Section 3.11. Successor or Transferee |
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Section 3.12. No Other Business |
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Section 3.13. No Borrowing |
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Section 3.14. Servicer’s Obligations |
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Section 3.15. Guarantees, Loans, Advances and Other Liabilities |
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Section 3.16. Capital Expenditures |
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Section 3.17. Removal of Administrator |
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Section 3.18. Restricted Payments |
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Section 3.19. Notice of Events of Default |
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Section 3.20. Further Instruments and Acts |
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ARTICLE IV. SATISFACTION AND DISCHARGE |
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Section 4.01. Satisfaction and Discharge of Indenture |
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Section 4.02. Application of Trust Money |
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Section 4.03. Repayment of Moneys Held by Paying Agent |
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Section 4.04. Release of Collateral |
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ARTICLE V. REMEDIES |
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Section 5.01. Events of Default |
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Section 5.02. Acceleration of Maturity; Rescission and Annulment |
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Section 5.03.
Collection of Indebtedness and Suits for Enforcement by Indenture Trustee |
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Section 5.04. Remedies; Priorities |
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Section 5.05. Optional Preservation of the Receivables |
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Section 5.06. Limitation of Suits |
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Section 5.07. Unconditional Rights of Noteholders To Receive Principal and Interest |
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Section 5.08. Restoration of Rights and Remedies |
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Section 5.09. Rights and Remedies Cumulative |
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Section 5.10. Delay or Omission Not a Waiver |
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Section 5.11. Control by the Controlling Class of Noteholders |
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Section 5.12. Waiver of Past Defaults |
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Section 5.13. Undertaking for Costs |
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Section 5.14. Waiver of Stay or Extension Laws |
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Section 5.15. Action on Notes |
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Section 5.16. Performance and Enforcement of Certain Obligations |
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Section 6.03. Individual Rights of Indenture Trustee |
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Section 6.05. Notice of Defaults |
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Section 6.06. Reports by Indenture Trustee to Holders |
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Section 6.07. Compensation and Indemnity |
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Section 6.08. Replacement of Indenture Trustee |
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Section 6.09. Successor Indenture Trustee by Merger |
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Section 6.10.
Appointment of Co-Indenture Trustee or Separate Indenture Trustee |
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Section 6.11. Eligibility; Disqualification |
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Section 6.12. [Reserved] |
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Section 6.13. Preferential Collection of Claims Against Issuer |
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Section 6.14. Waiver of Setoffs |
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ARTICLE VII. NOTEHOLDERS’ LISTS AND REPORTS |
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Section 7.01. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders |
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Section 7.02. Preservation of Information; Communications to Noteholders |
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Section 7.03. Reports by Issuer |
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Section 7.04. Reports by Indenture Trustee |
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48 |
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ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES |
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Section 8.01. Collection of Money |
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Section 8.02. Trust Accounts |
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Section 8.03. General Provisions Regarding Accounts |
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Section 8.04. Release of Trust Estate |
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Section 8.05. Opinion of Counsel |
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ARTICLE IX. SUPPLEMENTAL INDENTURES |
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Section 9.01. Supplemental Indentures Without Consent of Noteholders |
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Section 9.02. Supplemental Indentures with Consent of Noteholders |
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Section 9.03. Execution of Supplemental Indentures |
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Section 9.04. Effect of Supplemental Indenture |
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Section 9.05. Reference in Notes to Supplemental Indentures |
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Section 9.06. Conformity with Trust Indenture Act |
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ARTICLE X. REDEMPTION OF NOTES |
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Section 10.01. Redemption |
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Section 10.02. Form of Redemption Notice |
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Section 10.03. Notes Payable on Redemption Date |
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ARTICLE XI. MISCELLANEOUS |
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Section 11.01. Compliance Certificates and Opinions, etc. |
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Section 11.02. Form of Documents Delivered to Indenture Trustee |
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Section 11.03. Acts of Noteholders |
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Section 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies |
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Section 11.05. Notices to Noteholders; Waiver |
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Section 11.06. Alternate Payment and Notice Provisions |
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Section 11.07. Effect of Headings and Table of Contents |
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Section 11.08. Successors and Assigns |
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Section 11.09. Separability |
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Section 11.10. Benefits of Indenture |
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Section 11.11. Legal Holidays |
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Section 11.12. GOVERNING LAW |
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Section 11.13. Counterparts |
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Section 11.14. Recording of Indenture |
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Section 11.15. Trust Obligation |
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Section 11.16. No Petition |
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Section 11.17. Inspection |
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Section 11.18. Conflict with Trust Indenture Act |
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Section 11.19. Limitation of Liability |
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Section 11.20. Representations and Warranties |
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EXHIBITS
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SCHEDULE A
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Schedule of Receivables
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EXHIBIT A-1
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Form of Class A-1 Note |
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EXHIBIT A-2
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Form of Class A-2 Note |
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EXHIBIT A-3
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Form of Class A-3 Note |
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EXHIBIT A-4
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Form of Class A-4 Note |
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EXHIBIT B
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Form of Class B Note |
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EXHIBIT C
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Form of Class C Note |
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EXHIBIT D
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Form of Class D Note |
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EXHIBIT E
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Form of the Note Depository Agreement |
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iv
THIS INDENTURE, dated as of [___], 200[___], is between HYUNDAI AUTO RECEIVABLES TRUST
200[___], a Delaware statutory business trust (the “Issuer”), and [___], a [___]
banking association, as trustee and not in its individual capacity (the “Indenture Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Issuer’s [___]% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), [___]% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), [___]% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”), [___]% Asset Backed Notes, Class A-4 (the “Class A-4 Notes”),
[___]% Asset Backed Notes, Class B (the “Class B Notes”), [___]% Asset Backed Notes, Class C (the
“Class C Notes”) and [___]% Asset Backed Notes, Class D (the “Class D Notes” and, together with
the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and Class C
Notes, the “Notes”):
GRANTING CLAUSE
The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee
for the benefit of the Holders of the Notes, all of the Issuer’s right, title and interest in and
to (a) the Receivables listed on Schedule A and all moneys received thereon on or after the close
of business on [___], 200[___] (b) the security interests in the Financed Vehicles and any
accessions thereto granted by Obligors pursuant to the Receivables and any other interest of the
Depositor in such Financed Vehicles; (c) any Liquidation Proceeds and any other proceeds with
respect to the Receivables from claims on any physical damage, credit life or disability insurance
policies covering Financed Vehicles or the related Obligors, including any vendor’s single interest
or other collateral protection insurance policy; (d) any property that shall have secured a
Receivable and that shall have been acquired by or on behalf of the Depositor, the Servicer, or the
Issuer; (e) all documents and other items contained in the Receivable Files; (f) all the
Depositor’s rights, but none of its obligations, under the Receivables Purchase Agreement; (g) all
right, title and interest in the Trust Accounts, all funds, securities or other assets credited
from time to time to the Trust Accounts and all investments therein and proceeds thereof (including
all investment earnings thereon); (h) any proceeds from any Receivable repurchased by a Dealer
pursuant to a Dealer Agreement; and (i) all present and future claims, demands, causes of action
and choses in action in respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including
all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any
and every kind and other forms of obligations and receivables, instruments and other property that
at any time constitute all or part of or are included in the proceeds of any of the foregoing
(collectively, the “Collateral”).
The foregoing Grant is made in trust to secure the payment of principal of and interest on,
and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.
The Indenture Trustee, on behalf of the Holders of the Notes, acknowledges such Grant, accepts
the trusts under this Indenture in accordance with the provisions of this Indenture
and agrees to perform its duties required in this Indenture to the best of its ability to the end
that the interests of the Holders of the Notes may be adequately and effectively protected.
ARTICLE I.
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01. Definition. (a) Except as otherwise specified herein or as the context may
otherwise require, the following terms have the respective meanings set forth below for all
purposes of this Indenture.
“Act” has the meaning specified in Section 11.03(a).
“Administration Agreement” means the Owner Trust Administration Agreement, dated as of
[___], 200[___] among the Administrator, the Issuer and the Indenture Trustee.
“Administrator” means HMFC, or any successor Administrator under the Administration 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 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” have meanings
correlative to the foregoing.
“Authorized Officer” means, 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 (as such list may be modified or supplemented from time to time thereafter) and, so
long as the Administration Agreement is in effect, any Vice President or other senior officer of
the Administrator who is authorized to act for the Administrator in matters relating to the Issuer
and to be acted upon by the Administrator pursuant to the Administration Agreement and who is
identified on the list of Authorized Officers delivered by the Administrator to the Indenture
Trustee on the Closing Date (as such list may be modified or supplemented from time to time
thereafter).
“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.
“Business Day” shall have the meaning assigned thereto in the Sale and Servicing Agreement.
“Certificate of Trust” means the certificate of trust of the Issuer substantially in the form
of Exhibit A to the Trust Agreement.
“Class A Notes” means collectively the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes, as the context may require.
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“Class A Principal Distributable Amount” means, with respect to any Payment Date, an amount
equal to the greater of the Outstanding Amount of the Class A-1 Notes and the following:
(a) the aggregate Outstanding Amount of the Class A Notes immediately
prior to such Payment Date; minus
(b) the lesser of:
(i) an amount equal to the product of:
(A) the Adjusted Pool Balance as of the last day of the
related Collection Period; and
(B) the sum of [___]% and the percentage equivalent of a
fraction equal to:
(x) the amount on deposit in the Reserve Account after
giving effect to any withdrawals but prior to giving effect
to any deposits on that Payment Date; divided by
(y) the Adjusted Pool Balance as of the last day of the
related Collection Period; and
(ii) an amount equal to the Adjusted Pool Balance as of the last
day of the related Collection Period minus the Target
Overcollateralization Amount for the Payment Date;
provided, however, that on the Stated Maturity Date of any class of Class A Notes, the Class A
Principal Distributable Amount will be at least an amount sufficient to pay that class in full; and
provided further, that the Class A Principal Distributable Amount on any Payment Date will not
exceed the Outstanding Amount of the Class A Notes on that Payment Date.
“Class A-1 Notes” means the [___]% Asset Backed Notes, Class A-1, substantially in the form
of Exhibit A-1.
“Class A-1 Rate” means [___]% per annum, computed on the basis of the actual number of days
elapsed in the related Interest Accrual Period.
“Class A-2 Notes” means the [___]% Asset Backed Notes, Class A-2, substantially in the form
of Exhibit A-2.
“Class A-2 Rate” means [___]% per annum computed on the basis of a 360-day year consisting of
twelve 30-day months.
“Class A-3 Notes” means the [___]% Asset Backed Notes, Class A-3, substantially in the form
of Exhibit A-3.
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“Class A-3 Rate” means [___]% per annum, computed on the basis of a 360-day year consisting
of twelve 30-day months.
“Class A-4 Notes” means the [___]% Asset Backed Notes, Class A-4, substantially in the form
of Exhibit A-4.
“Class A-4 Rate” means [___]% per annum, computed on the basis of a 360-day year consisting
of twelve 30-day months.
“Class B Notes” means the [___]% Asset Backed Notes, Class B, substantially in the form of
Exhibit B.
“Class B Principal Distributable Amount” means, with respect to any Payment Date, an amount
equal to:
(a) the sum of the aggregate Outstanding Amount of the Class A Notes
(after taking into account the payment of the Class A Principal
Distributable Amount on such Payment Date) and the aggregate Outstanding
Amount of the Class B Notes immediately prior to such Payment Date; minus
(b) the lesser of:
(i) an amount equal to the product of:
(A) the Adjusted Pool Balance as of the last day of the
related Collection Period; and
(B) the sum of [___]% and the percentage equivalent of a
fraction equal to:
(x) the amount on deposit in the Reserve Account after
giving effect to any withdrawals but prior to giving effect
to any deposits on that Payment Date; divided by
(y) the Adjusted Pool Balance as of the last day of the
related Collection Period; and
(ii) an amount equal to the Adjusted Pool Balance as of the last
day of the related Collection Period minus the Target
Overcollateralization Amount for the Payment Date;
provided, however, that on the Stated Maturity Date of any class of Class B Notes, the Class B
Principal Distributable Amount will be at least an amount sufficient to pay that class in full; and
provided further, that the Class B Principal Distributable Amount on any Payment Date will not
exceed the Outstanding Amount of the Class B Notes on that Payment Date.
“Class B Rate” means [___]% per annum, computed on the basis of a 360-day year consisting of
twelve 30-day months.
4
“Class C Notes” means the [___]% Asset Backed Notes, Class C, substantially in the form of
Exhibit C.
“Class C Principal Distributable Amount” means, with respect to any Payment Date, an amount
equal to:
(a) the sum of the aggregate Outstanding Amount of the Class A Notes
and the Class B Notes (after taking into account the payment of the Class A
Principal Distributable Amount and the Class B Principal Distributable
Amount on such Payment Date) and the aggregate Outstanding Amount of the
Class C Notes immediately prior to such Payment Date; minus
(b) the lesser of:
(i) an amount equal to the product of:
(A) the Adjusted Pool Balance as of the last day of the
related Collection Period; and
(B) the sum of [___]% and the percentage equivalent of a
fraction equal to:
(x) the amount on deposit in the Reserve Account after
giving effect to any withdrawals but prior to giving effect
to any deposits on that Payment Date; divided by
(y) the Adjusted Pool Balance as of the last day of the
related Collection Period; and
(ii) an amount equal to the Adjusted Pool Balance as of the last
day of the related Collection Period minus the Target
Overcollateralization Amount for the Payment Date;
provided, however, that on the Stated Maturity Date of any class of Class C Notes, the Class C
Principal Distributable Amount will be at least an amount sufficient to pay that class in full; and
provided further, that the Class C Principal Distributable Amount on any Payment Date will not
exceed the Outstanding Amount of the Class C Notes on that Payment Date.
“Class C Rate” means [___]% per annum, computed on the basis of a 360-day year consisting of
twelve 30-day months.
“Class D Notes” means the [___]% Asset Backed Notes, Class D, substantially in the form of
Exhibit D.
“Class D Principal Distributable Amount” means, with respect to any Payment Date, an amount
equal to:
(a) the sum of the aggregate Outstanding Amount of the Class A Notes,
the Class B Notes and the Class C Notes (after taking into
account the payment of the Class
5
A Principal Distributable Amount, the Class B Principal Distributable
Amount and the Class C Principal Distributable Amount on such Payment Date)
and the Outstanding Amount of the Class D Notes immediately prior to such
Payment Date; minus
(b) an amount equal to the Adjusted Pool Balance as of the last day of
the related Collection Period minus the Target Overcollateralization
Amount for the Payment Date;
provided, however, that on the Stated Maturity Date of the Class D Notes, the Class D Principal
Distributable Amount will be at least an amount sufficient to pay the Class D Notes in full; and
provided further, that the Class D Principal Distributable Amount on any Payment Date will not
exceed the Outstanding Amount of the Class D Notes on that Payment Date.
“Class D Rate” means [ ___ ]% per annum, computed on the basis of a 360-day year consisting of
twelve 30-day months.
“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Exchange Act.
“Clearing Agency Participant” means a broker, dealer, bank, other financial institution or
other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges
of securities deposited with the Clearing Agency.
“Closing Date” means[ ], 200[ ___ ].
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury
Regulations promulgated thereunder.
“Collateral” has the meaning specified in the Granting Clause of this Indenture.
“Controlling Class” means with respect to any Notes that are Outstanding, the Class A Notes
(voting together as a single class) so long as any Class A Notes are Outstanding, then the Class B
Notes so long as any Class B Notes are Outstanding, then the Class C Notes so long as any Class C
Notes are Outstanding and thereafter the Class D Notes so long as any Class D Notes are
Outstanding.
“Corporate Trust Office” means the principal office of the Indenture Trustee at which at any
particular time its corporate trust business is administered, which office at the date of execution
of this Agreement is located at [ ], [Address], Attention: Hyundai Auto Receivables
Trust 200[ ___ ], facsimile number [ ]; or at such other address as the Indenture Trustee may
designate from time to time by notice to the Noteholders and the Issuer, or the principal corporate
trust office of any successor Indenture Trustee at the address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuer.
“Default” means any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default.
“Definitive Notes” has the meaning specified in Section 2.10.
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“Event
of Default” has the meaning specified in Section 5.01.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief
Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior
Vice President, any Vice President, the Secretary, the Controller or the Treasurer of such
corporation; and with respect to any partnership, any general partner thereof.
“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
assign, transfer, create, and xxxxx x xxxx upon and a security interest in and a right of set-off
against, deposit, set over and confirm pursuant to this 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.
“HMFC” means Hyundai Motor Finance Company, a California corporation, and its successors.
“Holder” or “Noteholder” means a Person in whose name a Note is registered on the Note
Register.
“Indenture Trustee” means [ ], a [ ] banking association, not in its
individual capacity, but as Indenture Trustee under this Indenture, or any successor Indenture
Trustee under this Indenture.
“Independent” means, when used with respect to any specified Person, that such Person (a) is
in fact independent of the Issuer, any other obligor on the Notes, the Seller and any Affiliate of
any of the foregoing Persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the Seller, the Servicer, the
Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller 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 11.01, made by an Independent appraiser or other expert appointed by an
Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such
opinion or certificate shall state that the signer has read the definition of “Independent” in this
Indenture and that the signer is Independent within the meaning thereof.
7
“Interest Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class
A-4 Rate, the Class B Rate, the Class C Rate or the Class D Rate, as the context may require.
“Issuer” means Hyundai Auto Receivables Trust 200[ ___ ] until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained herein and required by
the TIA, each other obligor on the Notes.
“Issuer Order” or “Issuer Request” means a written order or request signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee.
“Note” means a Class A Note, a Class B Note, a Class C Note or a Class D Note as the context
may require.
“Note Depository Agreement” means the agreement dated [ ], 200[ ___ ] among the Issuer,
the Administrator, the Indenture Trustee and The Depository Trust Company, as the initial Clearing
Agency, relating to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes,
substantially in the form of Exhibit E.
“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 on the books of 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 specified in Section 2.04.
“Officer’s Certificate” means a certificate signed by any Authorized Officer of the Issuer,
under the circumstances described in, and otherwise complying with, the applicable requirements of
Section 11.01, and delivered to the Indenture Trustee. Unless otherwise specified, any reference in
this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized
Officer of the Issuer.
“Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be an employee of or counsel to the Issuer and who
shall be satisfactory to the Indenture Trustee, and which opinion or opinions shall be addressed to
the Indenture Trustee, shall comply with any applicable requirements of Section 11.01 and shall be
in form and substance satisfactory to the Indenture Trustee.
“Outstanding” means, as of any date of determination, all Notes theretofore authenticated and
delivered under this Indenture except:
(i) Notes theretofore cancelled by the Note Registrar or
delivered to the Note Registrar for cancellation;
(ii) Notes 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 Holders of such Notes
(provided, however, that
8
if such Notes are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision for such notice has
been made, satisfactory to the Indenture Trustee); and
(iii) Notes in exchange for or in lieu of which other Notes have
been authenticated and delivered pursuant to this Indenture unless
proof satisfactory to the Indenture Trustee is presented that any such
Notes are held by a bona fide purchaser;
provided, however, that in determining whether the Holders of the requisite Outstanding Amount of
the Notes have given any request, demand, authorization, direction, notice, consent or waiver
hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor on the Notes,
the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons 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 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 establishes to the satisfaction of the Indenture Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any
other obligor on the Notes, the Depositor, the Seller, the Servicer or any Affiliate of any of the
foregoing Persons.
“Outstanding Amount” means, as of any date of determination and as to any Notes, the aggregate
principal amount of such Notes Outstanding as of such date of determination.
“Owner Trustee” means [ ], not in its individual capacity but solely as Owner
Trustee under the Trust Agreement, or any successor Owner Trustee under the Trust Agreement.
“Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility
standards for the Indenture Trustee specified in Section 6.11 and is authorized by the Issuer to
make payments to and distributions from the Collection Account, the Note Distribution Account and
the Reserve Account, including payments of principal of or interest on the Notes on behalf of the
Issuer.
“Payment Date” means the [ ___ ] day of each month, or if any such date is not a Business Day,
the next succeeding Business Day, commencing [ ], 200[ ___ ].
“Person” means any individual, corporation, estate, partnership, limited liability company,
joint venture, association, joint stock company, trust or business trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political subdivision thereof.
“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; and, for the purpose
of this definition, any Note authenticated and delivered under Section 2.06 in lieu
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of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.
“Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding.
“Record Date” means, with respect to a Payment Date or Redemption Date, the close of business
on the Business Day immediately preceding such Payment Date or Redemption Date; or, if Definitive
Notes have been issued, the last day of the calendar month preceding such Payment Date or
Redemption Date.
“Redemption Date” means, as the context requires, in the case of a redemption of the Notes
pursuant to Section 10.01, the Payment Date specified by the Servicer or the Issuer pursuant to
Section 10.01.
“Redemption Price” means in the case of a redemption of the Notes pursuant to Section 10.01,
an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid
interest thereon at the Interest Rate for each Note being so redeemed to but excluding the
Redemption Date.
“Registered Holder” means the Person in whose name a Note is registered on the Note Register
on the applicable Record Date.
“Responsible Officer” means, with respect to the Indenture Trustee or Owner Trustee, as
applicable, any officer within the Corporate Trust Office of the Indenture Trustee or the Owner
Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary or any other officer of the Indenture Trustee or the Owner Trustee 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, in each case having direct responsibility
for the administration of the Basic Documents.
“Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of
[ ], 200[ ___ ], among the Issuer, the Depositor, HMFC, as Seller and Servicer, and the
Indenture Trustee.
“Schedule of Receivables” means the list of Receivables set forth in Schedule A (which
Schedule may be in the form of microfiche).
“Securities Act” means the Securities Act of 1933, as amended.
“Seller” means HMFC in its capacity as seller under the Receivables Purchase Agreement and the
Sale and Servicing Agreement, and its successor in interest.
“Servicer” means HMFC, in its capacity as servicer under the Sale and Servicing Agreement, and
any Successor Servicer thereunder.
“State” means any one of the 50 states of the United States of America, or the District of
Columbia.
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“Successor Servicer” has the meaning specified in Section 3.07(f).
“Trust Accounts” has the meaning set forth in the Sale and Servicing Agreement.
“Trust Estate” means all money, instruments, rights and other property that are subject or
intended to be subject to the lien and security interest of this Indenture for the benefit of the
Noteholders (including, without limitation, all property and interests Granted to the Indenture
Trustee), including all proceeds thereof.
“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date
hereof, unless otherwise specifically provided.
“UCC” means, unless the context otherwise requires, the Uniform Commercial Code as in effect
in the relevant jurisdiction, as amended from time to time.
(b) Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Sale
and Servicing Agreement.
Section 1.02. Rules of Construction. Unless the context otherwise requires:
(i) a term has the meaning assigned to it;
(ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting
principles as in effect from time to time;
(iii) “or” is not exclusive;
(iv) “including” means including without limitation;
(v) definitions are applicable to the singular and plural forms
of such terms and to the masculine, feminine and neuter genders of
such terms; and
(vi) any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to
time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and
instruments incorporated therein; references to a Person are also to
its permitted successors and assigns.
Section 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture
refers to a provision of the TIA, such provision is incorporated by reference in and made a part of
this Indenture. The following TIA terms used in this Indenture have the following meanings:
“Commission” means the Securities and Exchange Commission.
“indenture securities” means the Notes.
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“indenture security holder” means a Noteholder.
“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Indenture Trustee.
“obligor” on the indenture securities means the Issuer and any other obligor on the indenture
securities.
All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by Commission rule have the meaning assigned to them by
such definitions.
ARTICLE II.
THE NOTES
Section 2.01. Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes, in each case together with
the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth
in Exhibit X-0, Xxxxxxx X-0, Exhibit X-0, Xxxxxxx X-0, Exhibit B, Exhibit C and Exhibit D,
respectively, with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be
determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of such Note.
The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.
Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit X-0, Xxxxxxx X-0, Exhibit X-0, Xxxxxxx X-0, Exhibit B, Exhibit C and Exhibit D are part of
the terms of this Indenture.
Section 2.02. Execution, Authentication and Delivery. The Notes shall be executed on behalf of
the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the
Notes may be manual or facsimile.
Notes bearing the manual or facsimile signature of individuals who were at any time Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of such Notes or did not
hold such offices at the date of such Notes.
The Indenture Trustee shall upon Issuer Order authenticate and deliver Class A-1 Notes for
original issue in an aggregate principal amount of $[ ], Class A-2 Notes for original issue
in an aggregate principal amount of $[ ], Class A-3 Notes for original issue in an
aggregate principal amount of $[ ], Class A-4 Notes for original issue in
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an aggregate principal amount of $[ ], Class B Notes for original issue in an aggregate
principal amount of $[ ], Class C Notes for original issue in an aggregate principal
amount of $[ ], and Class D Notes for original issue in an aggregate principal amount
$[ ]. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not
exceed such respective amounts except as provided in Section 2.06.
The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in
integral multiples of $1,000 in excess thereof (except for one Note of each class which may be
issued in a denomination other than an integral multiple of $1,000).
No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder.
Section 2.03. Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may
execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver,
temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of
the tenor of the Definitive Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such Notes may determine,
as evidenced by their execution of such Notes.
If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of
the Issuer to be maintained as provided in Section 3.02, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the
Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive Notes.
Section 2.04. Registration; Registration of Transfer and Exchange. The Issuer shall cause to
be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may
prescribe, the Note Registrar shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar” for the purpose
of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar. If a Person other than the Indenture Trustee is
appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note
Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have
the right to conclusively rely upon a certificate executed on behalf of the Note
13
Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes
and the principal amounts and number of such Notes.
Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.02, if the requirements of Section 8-401(a) of the UCC
are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes of the same Class in any authorized denominations, of a like aggregate
principal amount.
At the option of the Holder, Notes may be exchanged for other Notes of the same Class in any
authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to be
exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the
requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture
Trustee, without having to verify that the requirements of Section 8-401(a) have been met, shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes that the
Noteholder making the exchange is entitled to receive.
All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Notes surrendered upon such registration of transfer or exchange. Every Note
presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar, which requirements include membership or participation in the Securities Transfer
Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Exchange Act.
No service charge shall be made to a Holder for any registration of transfer or exchange of
Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Notes, other than exchanges pursuant to Section 2.03 or 9.05 not involving any transfer.
The preceding provisions of this Section notwithstanding, the Issuer shall not be required to
make and the Note Registrar need not register transfers or exchanges of Notes selected for
redemption or of any Note for a period of 15 days preceding the due date for any payment with
respect to the Note.
No Note, or any interest therein, may be transferred to an “employee benefit plan” within the
meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section 4975(e)(1)
of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by reason of
an employee benefit plan’s or other plan’s investment in such entity, or any governmental, foreign
or church plan subject to applicable law that is substantially similar to the fiduciary
responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee represents,
warrants and covenants that its purchase and holding of such note,
14
throughout the period that it holds such note, is and will be, covered by Department of Labor
prohibited transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or
another applicable prohibited transaction exemption (or in the case of a governmental, foreign or
church plan, subject to law that is substantially similar to ERISA or Section 4975 of the Code, a
similar type of exemption or other applicable relief). By its acquisition of a Note in book-entry
form or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may rely
conclusively on the same for purposes hereof.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the transfer of Notes.
Section 2.05. [Reserved].
Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the
Indenture Trustee that such Note has been acquired by a protected purchaser, and provided that the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon an Issuer
Order the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within 15 days shall be due and payable, or shall have been called for redemption, instead of
issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note, a bona fide purchaser of the
original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom it was delivered or any Person taking such replacement Note
from such Person to whom such replacement Note was delivered or any assignee of such Person, except
a protected purchaser, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture
Trustee in connection therewith.
Upon the issuance of any replacement Note under this Section, the Issuer may require the
payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the
fees and expenses of the Indenture Trustee) connected therewith.
Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.
15
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Notes.
Section 2.07. Persons Deemed Owners. Prior to due presentment for registration of transfer of
any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee
may treat the Person in whose name any Note is registered (as of the day of determination) as the
owner of such Note for the purpose of receiving payments of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of
the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary.
Section 2.08. Payment of Principal and Interest; Defaulted Interest.
(a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes shall accrue interest at the Class A-1 Rate,
the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate, the Class C Rate and
the Class D Rate, respectively, as set forth in Exhibit X-0, Xxxxxxx X-0, Exhibit X-0, Xxxxxxx X-0,
Exhibit B, Exhibit C and Exhibit D, respectively, and such interest shall be payable on each
Payment Date as specified therein, subject to Section 3.01. Any installment of interest or
principal payable on a Note that is punctually paid or duly provided for by the Issuer on the
applicable Payment Date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid to
such Person’s address as it appears on the Note Register on such Record Date, except that, unless
Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment shall be made by wire transfer in immediately available funds to the account
designated by such nominee; provided, however, that the final installment of principal payable with
respect to such Note on a Payment Date or on the related Stated Maturity Date (including the
Redemption Price for any Note called for redemption pursuant to Section 10.01) shall be payable as
provided in paragraph (b) below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03.
(b) The principal of each Note shall be payable in installments on each Payment Date as
provided in Section 3.01 hereof and the forms of the Notes set forth in Exhibit X-0, Xxxxxxx X-0,
Exhibit X-0, Xxxxxxx X-0, Exhibit B, Exhibit C and Exhibit D. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes may be declared immediately due and payable, if not
previously paid, in the manner provided in Section 5.02 on any date on which an Event of Default
shall have occurred and be continuing, by the Indenture Trustee or the Indenture Trustee acting at
the direction of the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Class. All principal payments on each Class of Notes shall be made pro
rata to the Noteholders of the related Class entitled thereto. Upon written notice thereof, the
Indenture Trustee shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Payment Date on which the Issuer expects the final
installment of principal of and interest on such Note to be paid. Such notice shall specify that
such final installment will be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be
16
presented and surrendered for payment of such installment. Notices in connection with redemptions
of Notes shall be mailed to Noteholders as provided in Section 10.02.
(c) If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay
defaulted interest (plus interest on such defaulted interest to the extent lawful) at the
applicable Interest Rate in any lawful manner on the next Payment Date.
Section 2.09. Cancellation. All Notes surrendered for payment, registration of transfer,
exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The
Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except
as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it;
provided, that such Issuer Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.
Section 2.10. Book-Entry Notes. The Notes, upon original issuance, will be issued in the form
of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust
Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall
be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Owner thereof will receive a Definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully
registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section
2.12:
(i) the provisions of this Section shall be in full force and
effect;
(ii) the Note Registrar and the Indenture Trustee shall be
entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the
Notes and the giving of instructions or directions hereunder) as the
sole holder of the Notes, and shall have no obligation to the Note
Owners;
(iii) to the extent that the provisions of this Section conflict
with any other provisions of this Indenture, the provisions of this
Section shall control;
(iv) the rights of Note Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law
and agreements between such Note Owners and the Clearing Agency or the
Clearing Agency Participants pursuant to the Note Depository
Agreement. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and
transmit payments of principal of and interest on the Notes to such
Clearing Agency Participants; and
17
(v) whenever this Indenture requires or permits actions to be
taken based upon instructions or directions of Holders of Notes
evidencing a specified percentage of the Outstanding Amount of the
Controlling Class of Notes, the Clearing Agency shall be deemed to
represent such percentage only to the extent that it has received
instructions to such effect from Note Owners or Clearing Agency
Participants owning or representing, respectively, such required
percentage of the beneficial interest in the Notes and has delivered
such instructions to the Indenture Trustee.
Section 2.11. Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Holders of the Notes to the Clearing
Agency, and shall have no obligation to such Note Owners.
Section 2.12. Definitive Notes. If (i) the Administrator advises the Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Book-Entry Notes and the Administrator is unable to locate a
qualified successor or (ii) after the occurrence of an Event of Default or a Servicer Termination
Event, Owners of the Book-Entry Notes representing beneficial interests aggregating at least a
majority of the Outstanding Amount of such Notes advise the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in the best interests
of such Note Owners, then the Clearing Agency shall notify all Note Owners, the Administrator and
the Indenture Trustee of the occurrence of any such event and of the availability of Definitive
Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the
typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee upon an Issuer Order
shall authenticate the Definitive Notes in accordance with the written instructions of the Clearing
Agency. None of the Issuer, the Note Registrar, the Administrator or the Indenture Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture
Trustee shall recognize the Holders of the Definitive Notes as Noteholders.
Section 2.13. Tax Treatment. The Issuer has entered into this Indenture, and the Notes will be
issued, with the intention that, for purposes of federal and state income tax, franchise tax and
any other tax measured in whole or in part by income, the Notes will be characterized as
indebtedness secured by the Trust Estate. The Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in
the applicable Book-Entry Note), agree to treat the Notes for such purposes as indebtedness.
ARTICLE III.
COVENANTS
Section 3.01. Payment of Principal and Interest. The Issuer will duly and punctually pay the
principal of and interest, if any, on the Notes in accordance with the terms of
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the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.02(c), on each
Payment Date, the Issuer will cause to be distributed all amounts deposited pursuant to the Sale
and Servicing Agreement into the Note Distribution Account (i) for the benefit of the Class A-1
Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2
Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for
the benefit of the Class A-4 Notes, to the Class A-4 Noteholders, (v) for the benefit of the Class
B Notes, to the Class B Noteholders, (vi) for the benefit of the Class C Notes, to the Class C
Noteholders and (vii) for the benefit of the Class D Notes to the Class D Noteholders. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or
principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes
of this Indenture.
Section 3.02. Maintenance of Office or Agency. The Issuer will maintain in the Borough of
Manhattan, The City of
New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. Such office will initially be located at
[ ___ ], Attention: Hyundai Auto Receivables Trust 200[ ___ ],
New York,
New York [ ___ ]. The
Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change
in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any
such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and
demands.
Section 3.03. Money for Payments To Be Held in Trust. All payments of amounts due and payable
with respect to any Notes that are to be made from amounts withdrawn from the Collection Account,
the Note Distribution Account and the Reserve Account shall be made on behalf of the Issuer by the
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection
Account, the Note Distribution Account or the Reserve Account for payments of Notes shall be paid
over to the Issuer except as provided in this Section.
On or before the Business Day preceding each Payment Date and Redemption Date, the Issuer
shall deposit or cause to be deposited in the Note Distribution Account an aggregate sum sufficient
to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit
of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall
promptly notify the Indenture Trustee of its action or failure so to act.
The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject
to the provisions of this Section, that such Paying Agent will:
(i) hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and pay such sums to such Persons as
herein provided;
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(ii) give the Indenture Trustee notice of any default by the
Issuer (or any other obligor on the Notes) of which it has actual
knowledge in the making of any payment required to be made with
respect to the Notes;
(iii) at any time during the continuance of any such default,
upon the written request of the Indenture Trustee, forthwith pay to
the Indenture Trustee all sums so held in trust by such Paying Agent;
(iv) immediately resign as a Paying Agent and forthwith pay to
the Indenture Trustee all sums held by it in trust for the payment of
Notes if at any time it ceases to meet the standards required to be
met by a Paying Agent at the time of its appointment; and
(v) comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon (including retaining any
Internal Revenue Service forms or certifications establishing
exemption therefrom as required by law) and with respect to any
applicable reporting requirements in connection with any payments made
by it on any Notes and any withholding of taxes therefrom.
The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent;
and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.
Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and be paid upon Issuer Request to the Issuer; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only
to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or
such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that
the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall
at the expense and direction of the Issuer cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general circulation in The
City of
New York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also
adopt and employ, at the expense and direction of the Issuer, any other reasonable means of
notification of such repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for redemption or whose right to
or interest in moneys due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).
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Section 3.04. Existence. Except as otherwise permitted by the provisions of Section 3.10, the
Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the
laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America, in which case the
Issuer will keep in full effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of
this Indenture, the Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.
Section 3.05. Protection of Trust Estate. The Issuer will from time to time execute and
deliver all such supplements and amendments hereto and all such financing statements, continuation
statements, instruments of further assurance and other instruments, and will take such other action
necessary or advisable to:
(i) maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the
purposes hereof;
(ii) perfect, publish notice of or protect the validity of any
Grant made or to be made by this Indenture;
(iii) enforce any of the Collateral; or
(iv) preserve and defend title to the Trust Estate and the rights
of the Indenture Trustee and the Noteholders in such Trust Estate
against the claims of all persons and parties.
The Issuer hereby designates the Indenture Trustee, as its agent and attorney-in-fact, to
execute upon an Issuer Order any financing statement, continuation statement or other instrument
required to be executed pursuant to this Section 3.05.
Section 3.06. Opinions as to Trust Estate.
(a) On the Closing Date, the Issuer shall cause to be furnished to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and
any other requisite documents, and with respect to the filing of any financing statements and
continuation statements, as are necessary to perfect and make effective the lien and security
interest of this Indenture and reciting the details of such action, or stating that, in the opinion
of such counsel, no such action is necessary to make such lien and security interest effective.
(b) On or before April 30 in each calendar year, beginning in 200[ ___], the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording, filing, re-recording and
re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and continuation
statements as is necessary to maintain the lien and security interest created by this Indenture and
reciting the details of such action, or stating that in the opinion of such counsel no
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such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall
also describe the recording, filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to
maintain the lien and security interest of this Indenture until April 30 in the following calendar
year.
Section 3.07. Performance of Obligations; Servicing of Receivables. (a) (a) The Issuer will
not take any action and will use its reasonable best efforts not to permit any action to be taken
by others that would release any Person from any of such Person’s material covenants or obligations
under any instrument or agreement included in the Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or
effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture,
the Sale and Servicing Agreement or such other instrument or agreement.
(b) The Issuer may contract with other Persons with notification to the Rating Agencies to
assist it in performing its duties under this Indenture, and any performance of such duties by a
Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be
deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and
the Administrator to assist the Issuer in performing its duties under this Indenture.
(c) The Issuer will punctually perform and observe all of its obligations and agreements
contained in this Indenture, the Basic Documents and in the instruments and agreements included in
the Trust Estate, including but not limited to filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this Indenture and the
Sale and Servicing Agreement in accordance with and within the time periods provided for herein and
therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify,
supplement or terminate any Basic Document or any provision thereof without the consent of either
the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes.
(d) If the Issuer shall have knowledge of the occurrence of a Servicer Termination Event under
the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the
Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking
with respect to such default.
(e) [Reserved]
(f) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and
Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee thereof. As soon as a
successor servicer (a “Successor Servicer”) is appointed, the Issuer shall notify the Indenture
Trustee in writing of such appointment, specifying in such notice the name and address of such
Successor Servicer.
(g) Without limitation of the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees
(i) except to the extent otherwise provided in any Basic Documents, that it will not, without the
prior written consent of either the Indenture Trustee acting at the direction of the
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Holders of at least a majority in Outstanding Amount of the Notes, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification, supplement,
termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Sale and Servicing Agreement) or the Basic Documents, or waive timely performance
or observance by the Servicer or the Seller under the Sale and Servicing Agreement; and (ii) that
any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, distributions that are required to be made for the benefit of the Noteholders
or (B) reduce the aforesaid percentage of the Notes that is required to consent to any such
amendment, without the consent of the Holders of all Outstanding Notes. If the Indenture Trustee
acting at the direction of such Holders agrees to any such amendment, modification, supplement or
waiver, the Indenture Trustee agrees, promptly following a request by the Issuer to do so, to
execute and deliver, at the Issuer’s own expense, such agreements, instruments, consents and other
documents as the Issuer may deem necessary or appropriate in the circumstances.
Section 3.08. Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:
(i) except to the extent as expressly permitted by this Indenture
or the Sale and Servicing Agreement, sell, transfer, exchange or
otherwise dispose of any of the properties or assets of the Issuer,
including those included in the Trust Estate, unless directed to do so
by the Indenture Trustee acting on direction of at least a majority in
Outstanding Amount of the Controlling Class given pursuant to this
Agreement;
(ii) claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than
amounts properly withheld from such payments under the Code) or assert
any claim against any present or former Noteholder by reason of the
payment of the taxes levied or assessed upon any part of the Trust
Estate; or
(iii) (A) permit the validity or effectiveness of this Indenture
to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any
Person to be released from any covenants or obligations with respect
to the Notes under this Indenture except as may be expressly permitted
hereby, (B) permit any lien, charge, excise, claim, security interest,
mortgage or other encumbrance (other than the lien of this Indenture)
to be created on or extend to or otherwise arise upon or burden the
Trust Estate or any part thereof or any interest therein or the
proceeds thereof (other than tax liens, mechanics’ liens and other
liens that arise by operation of law, in each case on any of the
Financed Vehicles and arising solely as a result of an action or
omission of the related Obligor) or (C) permit the lien of this
Indenture not to constitute a valid first priority (other than with
respect to any such tax, mechanics’ or other lien) security interest
in the Trust Estate.
Section 3.09. Annual Statement as to Compliance. The Issuer will deliver to the Indenture
Trustee and the Rating Agencies, within 120 days after the end of each fiscal year of
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the Issuer (commencing with the fiscal year 200[ ___]), an Officer’s Certificate stating, as to the
Authorized Officer signing such Officer’s Certificate, that:
(i) a review of the activities of the Issuer during such year and
of its performance under this Indenture has been made under such
Authorized Officer’s supervision; and
(ii) to the best of such Authorized Officer’s knowledge, based on
such review, the Issuer has complied with all conditions and covenants
under this Indenture throughout such year or, if there has been a
default in its compliance with any such condition or covenant,
specifying each such default known to such Authorized Officer and the
nature and status thereof.
Section 3.10. Issuer May Consolidate, etc., Only on Certain Terms.
(a) The Issuer shall not consolidate or merge with or into any
other Person, unless:
(i) the Person (if other than the Issuer) formed by or
surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of
America or any State and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due
and punctual payment of the principal of and interest on all
Notes and the performance or observance of every agreement and
covenant of this Indenture on the part of the Issuer to be
performed or observed, all as provided herein;
(ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be
continuing;
(iii) the Rating Agency Condition shall have been satisfied
with respect to such transaction;
(iv) the Issuer shall have received an Opinion of Counsel
(and shall have delivered copies thereof to the Indenture
Trustee) to the effect that such transaction will not have any
material adverse federal income tax consequences to the Issuer,
any Noteholder or any Certificateholder;
(v) any action that is necessary to maintain the lien and
security interest created by this Indenture shall have been
taken; and
(vi) the Issuer shall have delivered to the Indenture
Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation or merger and such supplemental
indenture comply with this Article III and that all conditions
precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange
Act) in all material respects.
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(b) The Issuer shall not convey or transfer any of its properties
or assets, including those included in the Trust Estate, to any Person,
unless:
(i) the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of
which is hereby restricted (A) shall be a United States citizen
or a Person organized and existing under the laws of the United
States of America or any State, (B) expressly assumes, by an
indenture supplemental hereto, executed and delivered to the
Indenture Trustee, in form satisfactory to the Indenture Trustee,
the due and punctual payment of the principal of and interest on
all Notes and the performance or observance of every agreement
and covenant of this Indenture on the part of the Issuer to be
performed or observed, all as provided herein, (C) expressly
agrees by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject
and subordinate to the rights of Holders of the Notes, (D) unless
otherwise provided in such supplemental indenture, expressly
agrees to indemnify, defend and hold harmless the Issuer and the
Indenture Trustee against and from any loss, liability or expense
arising under or related to this Indenture and the Notes and (E)
expressly agrees by means of such supplemental indenture that
such Person (or, if a group of Persons, one specified Person)
shall make all filings with the Commission (and any other
appropriate Person) required by the Exchange Act in connection
with the Notes;
(ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be
continuing;
(iii) the Rating Agency Condition shall have been satisfied
with respect to such transaction;
(iv) the Issuer shall have received an Opinion of Counsel
which may not be in-house counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse federal income tax
consequences to the Issuer, any Noteholder or any
Certificateholder;
(v) any action that is necessary to maintain the lien and
security interest created by this Indenture shall have been
taken; and
(vi) the Issuer shall have delivered to the Indenture
Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such conveyance or transfer and such supplemental
indenture comply with this Article III and that all conditions
precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange
Act) in all material respects.
Section 3.11. Successor or Transferee. (a) Upon any consolidation or merger of the Issuer in
accordance with Section 3.10(a), the Person formed by or surviving such
25
consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for,
and may exercise every right and power of, the Issuer under this Indenture with the same effect as
if such Person had been named as the Issuer herein.
(b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), Hyundai Auto Receivables Trust 200[___] will be released from every covenant and
agreement of this Indenture to be observed by or performed on the part of the Issuer with respect
to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that
Hyundai Auto Receivables Trust 200[___] is to be so released.
Section 3.12. No Other Business. The Issuer shall not engage in any business other than
financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by
this Indenture and the Basic Documents and any activities incidental thereto.
Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness except for the Notes.
Section 3.14. Servicer’s Obligations. The Issuer shall cause the Servicer to comply with
Sections 4.09, 4.10, 4.11 and Article VII of the Sale and Servicing Agreement.
Section 3.15. Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the
Trust Agreement, the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any
loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the
effect of assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in,
or make any capital contribution to, any Person.
Section 3.16. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or
operating lease or otherwise) for capital assets (either realty or personalty).
Section 3.17. Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall
not remove the Administrator unless the Rating Agency Condition shall have been satisfied in
connection with such removal and the Indenture Trustee receives written notice of the foregoing and
consents thereto.
Section 3.18. Restricted Payments. Except with respect to the proceeds from issuance of the
Notes, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution
(by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or to the Servicer,
(ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest
or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to
the extent funds are available for such purpose under, the Sale and Servicing Agreement, this
Indenture or the Trust Agreement. The Issuer will not, directly or indirectly, make payments to or
distributions from the Note Distribution Account, the Collection
26
Account, or the Reserve Account except in accordance with this Indenture and the Basic Documents.
Section 3.19. Notice of Events of Default. The Issuer shall give the Indenture Trustee and the
Rating Agencies prompt written notice of each Event of Default hereunder, and of each default on
the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.
Section 3.20. Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer
will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture.
ARTICLE IV.
SATISFACTION AND DISCHARGE
Section 4.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of
further effect with respect to the Notes except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
3.04, 3.05, 3.08, 3.10, 3.11, 3.12, 3.13, 3.15, 3.16 and 3.18, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the rights
of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture
Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when
(A) either:
1. all Notes theretofore authenticated and delivered
(other than (i) Notes that have been destroyed, lost or
stolen and that have been replaced or paid as provided in
Section 2.06 and (ii) Notes for the payment of which money
has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the
Issuer or discharged from such trust, as provided in Section
3.03), have been delivered to the Indenture Trustee for
cancellation; or
2. all Notes not theretofore delivered to the Indenture
Trustee for cancellation
a. have become due and payable,
b. will become due and payable at the Class D Maturity
Date within one year or
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c. are to be called for redemption within one year
under arrangements satisfactory to the Indenture Trustee for
the giving of notice of redemption by the Indenture Trustee
in the name, and at the expense, of the Issuer;
and the Issuer, in the case of a, b, or c above, has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations
guaranteed by the United States of America (that will mature prior to the date such amounts are
payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when
due to the applicable Stated Maturity Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.01), as the case may be;
(B) the Issuer has paid or caused to be paid all other sums
payable hereunder by the Issuer including, but not limited to, fees,
reimbursements, indemnities and expenses due to the Indenture Trustee;
and
(C) the Issuer has delivered to the Indenture Trustee an
Officer’s Certificate, an Opinion of Counsel and (if required by the
TIA or the Indenture Trustee) an Independent Certificate from a firm
of certified public accountants, each meeting the applicable
requirements of Section 11.01(a) and, subject to Section 11.02, each
stating that all conditions precedent herein provided for relating to
the satisfaction and discharge of this Indenture have been complied
with.
Section 4.02. Application of Trust Money. All moneys deposited with the Indenture Trustee
pursuant to Section 4.01 hereof shall be held in trust and applied by it in accordance with the
provisions of the Notes and this Indenture to the payment, either directly or through any Paying
Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all
sums due and to become due thereon for principal and interest; but such moneys need not be
segregated from other funds except to the extent required herein, in the Sale and Servicing
Agreement or by law.
Section 4.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction
and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent
other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes
shall, upon written demand of the Issuer, be paid to the Indenture Trustee to be held and applied
according to Section 3.03; and thereupon, such Paying Agent shall be released from all further
liability with respect to such moneys.
Section 4.04. Release of Collateral. Subject to Section 11.01 and the terms of the Basic
Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon
receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel
and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any
such Independent Certificates.
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ARTICLE V.
REMEDIES
Section 5.01. Events of Default. “Event of Default”, wherever used herein, means any one of
the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):
(i) default in the payment of any interest on any Note of the
Controlling Class when the same becomes due and payable, and such
default shall continue for a period of thirty-five (35) days;
(ii) default in the payment of the principal of or any
installment of the principal of any Note on its related Stated
Maturity Date;
(iii) default in the observance or performance of any
representation, warranty, covenant or agreement of the Issuer made in
this Indenture (other than a covenant or agreement, a default in the
observance or performance of which is elsewhere in this Section
specifically dealt with) or in any certificate or other writing
delivered pursuant hereto or in connection herewith proving to have
been incorrect in any material respect as of the time when the same
shall have been made, and such default shall continue or not be cured,
or the circumstance or condition in respect of which such
misrepresentation or warranty was incorrect shall not have been
eliminated or otherwise cured, for a period of thirty (30) days after
there shall have been given, by registered or certified mail, to the
Issuer by the Indenture Trustee or to the Issuer and the Indenture
Trustee by the Holders of at least 25% of the Outstanding Amount of
the Controlling Class of Notes, a written notice specifying such
default or incorrect representation or warranty and requiring it to be
remedied and stating that such notice is a notice of Default
hereunder;
(iv) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any
substantial part of the Trust Estate in an involuntary case under any
applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or the appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuer or for any substantial part of the Trust
Estate, or the ordering of the winding-up or liquidation of the
Issuer’s affairs, and such decree or order shall remain unstayed and
in effect for a period of sixty (60) consecutive days; or
(v) the commencement by the Issuer 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 the Issuer to the
entry of an order for relief in an involuntary case under any such
law, or the consent by the Issuer to the appointment of or taking of
possession by a receiver, liquidator, assignee,
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custodian, trustee, sequestrator or similar official of the Issuer or
for any substantial part of the Trust Estate, or the making by the
Issuer of any general assignment for the benefit of creditors, or the
failure by the Issuer generally to pay its debts as such debts become
due, or the taking of any action by the Issuer in furtherance of any
of the foregoing.
The Issuer shall promptly deliver to the Indenture Trustee written notice in the form of an
Officer’s Certificate of any event that with the giving of notice and the lapse of time would
become an Event of Default under clause (iii), its status and what action the Issuer is taking or
proposes to take with respect thereto.
Section 5.02. Acceleration of Maturity; Rescission and Annulment.
(a) If an Event of Default shall occur and be continuing, then and in every such case the
Indenture Trustee may, or the Indenture Trustee if so directed in writing by the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
shall, declare all the Notes to be then immediately due and payable, by a notice in writing to the
Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the
Outstanding Amount of such Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable.
(b) If an Event of Default under this Indenture shall have occurred, the Indenture Trustee in
its discretion may, or if so requested in writing by Holders of Notes representing at least a
majority of the Outstanding Amount of the Controlling Class of Notes, shall, declare by written
notice to the Issuer all of the Notes to be immediately due and payable, and upon any such
declaration, the Outstanding Amount of the Notes, together with accrued interest thereon through
the date of acceleration, shall become immediately due and payable as provided in the Notes set
forth in Exhibit A-0, Xxxxxxx X-0, Exhibit A-0, Xxxxxxx X-0, Exhibit B, Exhibit C and Exhibit D.
Notwithstanding anything to the contrary in this paragraph (b), if an Event of Default specified in
clauses (iv) or (v) of Section 5.01 shall have occurred and be continuing the Notes shall become
immediately due and payable at par, together with accrued interest thereon.
(c) At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Holders of Notes representing a majority of the
Outstanding Amount of the Controlling Class of Notes, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if:
(i) the Issuer has paid or deposited with the Indenture Trustee a
sum sufficient to pay:
(A) all payments of principal of and interest on the Notes
and all other amounts that would then be due hereunder or upon such
Notes if the Event of Default giving rise to such acceleration had not
occurred; and
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(B) all sums paid by the Indenture Trustee hereunder and the
reasonable compensation, indemnity, reimbursement, expenses and
disbursements of the Indenture Trustee and its agents and counsel and
the reasonable compensation, expenses and disbursements of the Owner
Trustee and its agents and counsel; and
(ii) all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12.
No such rescission shall affect any subsequent default or impair any right consequent thereto.
Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.
(a) The Issuer covenants that if (i) a default is made in the payment of any interest on any
Note when the same becomes due and payable, and such default continues for a period of thirty-five
(35) days or, (ii) default is made in the payment of the principal of or any installment of the
principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the
Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the entire amount then
due and payable on such Notes in respect of principal and interest, with interest on the overdue
principal and, to the extent payment at such rate of interest shall be legally enforceable, on
overdue installments of interest at the related Interest Rate and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and
counsel.
(b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding
for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuer or other obligor on such Notes and
collect in the manner provided by law out of the Trust Estate or the property of any other obligor
on such Notes, wherever situated, the moneys adjudged or decreed to be payable.
(c) If an Event of Default occurs, the Indenture Trustee may, as more particularly provided in
Section 5.04, in its discretion, or shall, at the directions of the Holders of at least a majority
of the Outstanding Amount of the Controlling Class of Notes, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee
or the Indenture Trustee at the direction of the Holders of at least a majority of the Outstanding
Amount of the Controlling Class of Notes shall reasonably deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.
(d) In case there shall be pending, relative to the Issuer or any other obligor on the Notes
or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title
11 of the United States Code or any other applicable federal or state
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bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other obligor or Person, or
in case of any other comparable Proceedings relative to the Issuer or other obligor on the Notes,
or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such Proceedings or otherwise:
(i) to file and prove a claim or claims for the entire amount of
principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable
in order to have the claims of the Indenture Trustee (including any
claim for reasonable compensation to the Indenture Trustee and each
predecessor Indenture Trustee, and their respective agents, attorneys
and counsel, and for reimbursement of reasonable out-of-pocket
expenses and liabilities incurred, by the Indenture Trustee and each
predecessor Indenture Trustee, except as a result of negligence or bad
faith) and of the Noteholders allowed in such Proceedings;
(ii) unless prohibited by applicable law or regulation, to vote
on behalf of the Holders of Notes in any election of a trustee, a
standby trustee or a Person performing similar functions in any such
Proceedings;
(iii) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute all amounts
received with respect to the claims of the Noteholders and of the
Indenture Trustee on their behalf; and
(iv) to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the
Indenture Trustee or the Holders of Notes allowed in any Proceedings
relative to the Issuer, its creditors or its property;
and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses, reimbursements, indemnities and
liabilities incurred by the Indenture Trustee and each predecessor Indenture Trustee except as a
result of negligence or bad faith.
(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.
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(f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any Proceedings relative thereto, and any such Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment, subject to the payment of the expenses, disbursements and compensation of the
Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys,
shall be for the ratable benefit of the Holders of the Notes.
(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it shall
not be necessary to make any Noteholder a party to any such Proceedings.
Section 5.04. Remedies; Priorities.
(a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may
and at the written direction of the outstanding Controlling Class of the Notes shall, do one or
more of the following (subject to Section 5.05):
(i) institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the
Notes or under this Indenture with respect thereto, whether by
declaration or otherwise, enforce any judgment obtained and collect
from the Issuer and any other obligor on such Notes moneys adjudged
due;
(ii) institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Trust
Estate;
(iii) exercise any remedies of a secured party under the UCC and
take any other appropriate action to protect and enforce the rights
and remedies of the Indenture Trustee and the Holders of the Notes;
and
(iv) sell the Trust Estate or any portion thereof or rights or
interest therein, at one or more public or private sales called and
conducted in any manner permitted by law;
provided that Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an
Event of Default unless:
(A) the Event of Default is of the type described in Section
5.01(i) or (ii); or
(B) with respect to an Event of Default described in Section
5.01(iii):
(i) the Noteholders of all Outstanding Notes and the
Certificateholders of all outstanding Certificates consent thereto; or
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(ii) the proceeds of such sale or liquidation are sufficient to
pay in full the principal of and accrued interest on the Outstanding
Notes and outstanding Certificates.
(C) with respect to any Event of Default described in
Section 5.01 (iv) and (v):
(i) the Noteholders of Notes evidencing 100% of the principal
amount of the Controlling Class consent thereto; or
(ii) the proceeds of such sale or liquidation are sufficient to
pay in full the principal of and the accrued interest on the
Outstanding Notes; or
(iii) the Indenture Trustee
(x) determines (but shall have no obligation to make such
determination) that the Trust Estate will not continue to
provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the
Notes had not been declared due and payable; and
(y) the Indenture Trustee obtains the consent of Noteholders
of Notes evidencing not less than 66 2/3% of the principal
amount of the Controlling Class; or
In determining such sufficiency or insufficiency with respect to clause (B)(ii) and (C)(ii) or
(C)(iii)(x), Indenture Trustee may, but need not, obtain at the Issuer’s expense, and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.
(b) (i) Notwithstanding the provisions of Section 8.02, following the occurrence and during
the continuation of an Event of Default specified in Section 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v)
which has resulted in an acceleration of the Notes (or following the occurrence of any such event
after an Event of Default specified in Section 5.01(iii) has occurred and the Trust Estate has been
liquidated), if the Indenture Trustee collects any money or property, it shall pay out such money
or property (and other amounts including amounts held on deposit in the Reserve Account) held as
Collateral for the benefit of the Noteholders, net of liquidation costs associated with the sale of
the Trust Estate, in the following order:
FIRST: to the Indenture Trustee, any amounts due under Section 6.07 to the extent that such
amounts were not previously paid by the Servicer;
SECOND: to the Servicer for due and unpaid Servicing Fees and Advances not previously
reimbursed;
THIRD: to Class A Noteholders for amounts due and unpaid on the Class A Notes in respect of
interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Class A Notes in respect of interest;
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FOURTH: to Holders of the Class A-1 Notes for amounts due and unpaid on the Class A-1 Notes in
respect of principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class A-1 Notes in respect of principal, until the Outstanding Amount of the
Class A-1 Notes is reduced to zero;
FIFTH: to Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes for amounts due
and unpaid on the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes in respect of principal,
ratably, without preference or priority of any kind, according to the amounts due and payable on
the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes in respect of principal, until the
Outstanding Amount of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is reduced to zero;
SIXTH: to Holders of the Class B Notes for amounts due and unpaid on the Class B Notes in
respect of interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class B Notes in respect of interest;
SEVENTH: to Holders of the Class B Notes for amounts due and unpaid on the Class B Notes in
respect of principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class B Notes in respect of principal, until the Outstanding Amount of the
Class B Notes is reduced to zero;
EIGHTH: to Holders of the Class C Notes for amounts due and unpaid on the Class C Notes in
respect of interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class C Notes in respect of interest;
NINTH: to Holders of the Class C Notes for amounts due and unpaid on the Class C Notes in
respect of principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class C Notes in respect of principal, until the Outstanding Amount of the
Class C Notes is reduced to zero;
TENTH: to Holders of the Class D Notes for amounts due and unpaid on the Class D Notes in
respect of interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class D Notes in respect of interest;
ELEVENTH: to Holders of the Class D Notes for amounts due and unpaid on the Class D Notes in
respect of principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class D Notes in respect of principal, until the Outstanding Amount of the
Class D Notes is reduced to zero;
TWELFTH: to the Certificate Distribution Account, for distribution to the Certificateholders.
The Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall mail
to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date
and the amount to be paid.
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(ii) Except as provided in Section 5.04(b)(i), the Indenture
Trustee shall make all payments and distributions of the Trust Estate
in accordance with Section 8.02.
Section 5.05. Optional Preservation of the Receivables. If the Notes have been declared to be
due and payable under Section 5.02 following an Event of Default, and such declaration and its
consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect
to maintain possession of the Trust Estate. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Trust Estate. In determining whether or
not to maintain possession of the Trust Estate, the Indenture Trustee may, at the expense of the
Issuer and paid in the priority set forth in Section 5.05(b) of the Sale and Servicing Agreement,
but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.
Section 5.06. Limitation of Suits. No Holder of any Note shall have any right to institute any
Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:
(i) such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default;
(ii) the Event of Default arises from the Servicer’s failure to
remit payments when due or the Holders of not less than 25% of the
Outstanding Amount of the Controlling Class of Notes have made written
request to the Indenture Trustee to institute such Proceeding in
respect of such Event of Default in its own name as Indenture Trustee
hereunder;
(iii) such Holder or Holders have offered to the Indenture
Trustee reasonable indemnity against the costs, expenses and
liabilities that may be incurred in complying with such request;
(iv) the Indenture Trustee for sixty (60) days after its receipt
of such notice, request and offer of indemnity has failed to institute
such Proceedings; and
(v) no direction inconsistent with such written request has been
given to the Indenture Trustee during such sixty (60) day period by
the Holders of a majority of the Outstanding Amount of the Controlling
Class of Notes.
It is understood and intended that no one or more Holders of Notes shall have any right in any
manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this Indenture, except
in the manner herein provided.
In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Holders of Notes pursuant to this Section,
36
each representing less than a majority of the Outstanding Amount of the Controlling Class of Notes,
the Indenture Trustee shall act at the direction of the group representing the greater percentage
of the Outstanding Amount of Notes and if there is no such group then in its sole discretion may
determine what action, if any, shall be taken, notwithstanding any other provisions of this
Indenture.
Section 5.07. Unconditional Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired without the consent
of such Holder.
Section 5.08. Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder
has instituted any Proceeding to enforce any right or remedy under this Indenture and such
Proceeding has been discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture
Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted.
Section 5.09. Rights and Remedies Cumulative. No right or remedy herein conferred upon or
reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.
Section 5.10. Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee,
or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of
Default shall impair any such right or remedy or constitute a waiver of any such Default or Event
of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to
the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may
be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be.
Section 5.11. Control by the Controlling Class of Noteholders. The Holders of a majority of
the Outstanding Amount of the Controlling Class of Notes shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the Indenture Trustee
with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee;
provided that:
(i) such direction shall not be in conflict with any rule of law
or with this Indenture;
37
(ii) subject to the express terms of Section 5.04, any direction
to the Indenture Trustee to sell or liquidate the Trust Estate shall
be by Holders of Notes representing not less than 100% of the
Outstanding Amount of the Controlling Class of Notes;
(iii) if the conditions set forth in Section 5.05 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate
pursuant to such Section, then any written direction to the Indenture
Trustee by Holders of Notes representing less than 100% of the
Outstanding Amount of the Notes to sell or liquidate the Trust Estate
shall be of no force and effect; and
(iv) the Indenture Trustee may take any other action deemed
proper by the Indenture Trustee that is not inconsistent with such
direction.
Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01,
the Indenture Trustee need not take any action that it determines might involve it in liability or
might materially adversely affect the rights of any Noteholders not consenting to such action.
Section 5.12. Waiver of Past Defaults. Prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.02, the Holders of Notes of not less than a majority
of the Outstanding Amount of the Controlling Class of Notes may, waive any past Default or Event of
Default and its consequences except a Default (a) in payment of principal of or interest on any of
the Notes or (b) in respect of a covenant or provision hereof that cannot be modified or amended
without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the
Indenture Trustee and the Holders of the Notes shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereto.
Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured
and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right consequent thereto.
Section 5.13. Undertaking for Costs. All parties to this Indenture agree, and each Holder of a
Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of
this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit
instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more
than 10% of the Outstanding Amount of the Notes (or in the case of a right or remedy under this
Indenture which is instituted by the Controlling Class, more than 10% of the Outstanding Amount of
the Controlling Class) or (c) any suit instituted by any Noteholder for the
38
enforcement of the payment of principal of or interest on any Note on or after the respective due
dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the
Redemption Date).
Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of this Indenture;
and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Indenture Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.
Section 5.15. Action on Notes. The Indenture Trustee’s right to seek and recover judgment on
the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of
any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor
any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance
with Section 5.04(b).
Section 5.16. Performance and Enforcement of Certain Obligations.
(a) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Seller or the Servicer, as
applicable, of each of their obligations to the Issuer under or in connection with the Sale and
Servicing Agreement or the Receivables Purchase Agreement, as applicable, and to exercise any and
all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement or the Receivables Purchase Agreement to the extent and in
the manner directed by the Indenture Trustee, including the transmission of notices of default on
the part of either Seller or the Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller or the Servicer of each of
their obligations under the Sale and Servicing Agreement and the Receivables Purchase Agreement;
provided, however, nothing herein shall in any way impose on the Indenture Trustee the duty to
monitor the performance of the Seller or the Servicer of any of their liabilities, duties or
obligations under any Basic Document.
(b) If an Event of Default has occurred, the Indenture Trustee may, and at the direction
(which direction shall be in writing) of the Holders of not less than a majority of the Outstanding
Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers, privileges
and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale
and Servicing Agreement and the Receivables Purchase Agreement, including the right or power to
take any action to compel or secure performance or observance by the Seller or the Servicer, as the
case may be, of each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver
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under the Sale and Servicing Agreement and the Receivables Purchase Agreement, as the case may be,
and any right of the Issuer to take such action shall be suspended.
ARTICLE VI.
THE INDENTURE TRUSTEE
Section 6.01. Duties of Indenture Trustee.
(a) If an Event of Default has occurred and is continuing of which a Responsible Officer of
the Indenture Trustee has actual knowledge, the Indenture Trustee shall exercise the rights and
powers vested in it by this Indenture and use the same degree of care and skill in their exercise
as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.
Except during the continuance of an Event of Default, the Indenture Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Indenture Trustee.
In the absence of bad faith or negligence on its part, the Indenture Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon the
face value of the certificates, reports, resolutions, documents, orders, opinions or other
instruments furnished to the Indenture Trustee and conforming to the requirements of this
Indenture; provided, however, that the Indenture Trustee shall not be responsible for the accuracy
or content of any such resolution, certificate, statement, opinion, report, document, order or
other instrument; however, the Indenture Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture. If any such instrument
is found not to conform in any material respect to the requirements of this Agreement, the
Indenture Trustee shall notify the Noteholders of such instrument in the event that the Indenture
Trustee, after so requesting, does not receive a satisfactorily corrected instrument.
(b) The Indenture Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:
(i) this paragraph does not limit the effect of paragraph (a) of
this Section;
(ii) the Indenture Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is
proved that the Indenture Trustee was negligent in ascertaining the
pertinent facts; and
(iii) the Indenture Trustee shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with
a direction received by it pursuant to the terms of this Indenture or
any other Basic Documents.
(c) Every provision of this Indenture that in any way relates to the Indenture Trustee is
subject to this Section.
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(d) The Indenture Trustee shall not be liable for indebtedness evidenced by or arising under
any of the Basic Documents, including principal of or interest on the Notes, or interest on any
money received by it except as the Indenture Trustee may agree in writing with the Issuer.
(e) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Sale and Servicing
Agreement.
(f) No provision of this Indenture shall require the Indenture Trustee to advance, expend or
risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to
believe that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.
(g) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section
and to the provisions of the TIA.
(h) In no event shall the Indenture Trustee be required to perform, or be responsible for the
manner of performance of, any of the obligations of the Servicer or any other party under the Sale
and Servicing Agreement.
(i) The Indenture Trustee shall have no duty (A) to see to any recording, filing, or
depositing of this Indenture or any agreement referred to herein or any financing statement or
continuation statement evidencing a security interest, or to see to the maintenance of any such
recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof,
(B) to see to any insurance, or (C) to see to the payment or discharge of any tax, assessment, or
other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or
levied against, any part of the Trust Fund.
The Indenture Trustee, or a Responsible Officer thereof, shall be charged with actual
knowledge of any default or an Event of Default if a Responsible Officer actually knows of such
default or Event of Default or the Indenture Trustee receives written notice of such default or
Event of Default from the Issuer, the Servicer or Noteholders owning Notes aggregating not less
than 10% of the Outstanding Amount of the Notes. Notwithstanding the foregoing, the Indenture
Trustee shall not be required to take notice and in the absence of such actual notice and
knowledge, the Indenture Trustee may conclusively assume that there is no such default or Event of
Default.
Section 6.02. Rights of Indenture Trustee.
(a) The Indenture Trustee may conclusively rely on the face value of any document believed by
it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee
need not investigate any fact or matter stated in the document.
(b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel from the appropriate party. The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on an Officer’s
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Certificate or Opinion of Counsel from the appropriate party. The right of the Indenture Trustee to
perform any discretionary act enumerated in this Indenture or in any Basic Document shall not be
construed as a duty of the Indenture Trustee and the Indenture Trustee shall not be answerable for
other than its negligence or willful misconduct in the performance of such discretionary act.
(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee and
the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any
such agent, attorney or custodian appointed by the Indenture Trustee with due care.
(d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within its rights or powers; provided, that the
Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.
(e) The Indenture Trustee may consult, at the Issuer’s expense and paid in accordance with
Section 4.16 of the Sale and Servicing Agreement or, to the extent not so paid, in accordance with
and in the priority set forth in Section 5.05(b) of the Sale and Servicing Agreement, with counsel,
and the written advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance
with the advice or opinion of such counsel.
(f) In the event that the Indenture Trustee is also acting as Paying Agent, Note Registrar or
collateral agent, the rights and protections afforded to the Indenture Trustee pursuant to this
Article 6 shall be afforded to such Paying Agent, Note Registrar or collateral agent.
(g) The Indenture Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture or to institute, conduct or defend any litigation hereunder or in
relation hereto at the request, order or direction of any of the Noteholders, pursuant to the
provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee
reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;
(h) The right of the Indenture Trustee to perform any discretionary act enumerated in this
Indenture shall not be construed as a duty, and the Indenture Trustee shall not be answerable for
other than its negligence or willful misconduct in the performance of such act; and
(i) The Indenture Trustee shall not be required to give any bond or surety in respect of the
powers granted hereunder.
Section 6.03. Individual Rights of Indenture Trustee. The Indenture Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any
Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee must comply with Section 6.11.
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Section 6.04. Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate
or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and
it shall not be responsible for any statement of the Issuer in the Indenture, any Basic Document or
in any document issued in connection with the sale of the Notes or in the Notes other than the
Indenture Trustee’s certificate of authentication.
Section 6.05. Notice of Defaults. If a Default occurs and is continuing and if it is actually
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each
Noteholder notice of the Default within thirty (30) days after it occurs. Except in the case of a
Default in payment of principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice to
Noteholders if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.
Section 6.06. Reports by Indenture Trustee to Holders. Solely from information provided by the
Servicer, the Indenture Trustee shall deliver to each Noteholder such information as may be
required to enable such holder to prepare its federal and state income tax returns.
Section 6.07. Compensation and Indemnity. The Issuer shall cause the Servicer to pay to the
Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall cause the Servicer to reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include but are not limited to the reasonable
out-of-pocket compensation and expenses, disbursements and advances of the Indenture Trustee’s
agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the
Indenture Trustee against any and all loss, liability or expense (including attorneys’ fees and
expenses) incurred by it in connection with the administration of this trust and the performance of
its duties hereunder or under the Sale and Servicing Agreement or under any other Basic Document.
The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it
may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall
not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall
cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel
and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such
counsel. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any
loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own
willful misconduct, negligence or bad faith. Anything in this Agreement to the contrary
notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect or
consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Indenture Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.
The Issuer’s payment obligations to the Indenture Trustee and the Administrator’s indemnities
to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or
the earlier resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs
expenses after the occurrence of a Default specified in Section 5.01(iv) or (v) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under
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Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency
or similar law.
Section 6.08. Replacement of Indenture Trustee. No resignation or removal of the Indenture
Trustee and no appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The
Indenture Trustee may resign at any time by so notifying the Issuer and each Rating Agency. The
Holders of a majority in Outstanding Amount of the Controlling Class of Notes may remove the
Indenture Trustee by notifying the Indenture Trustee if:
(i) the Indenture Trustee fails to comply with Section 6.11;
(ii) the Indenture Trustee is adjudged a bankrupt or insolvent;
(iii) a receiver or other public officer takes charge of the
Indenture Trustee or its property;
(iv) the Indenture Trustee otherwise becomes incapable of acting;
or
(v) the Indenture Trustee breaches any representation, warranty
or covenant made by it under any Basic Document.
If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of
Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.
A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture. The retiring Indenture
Trustee shall be paid all amounts owed to it upon its resignation or removal. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture
Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee. The retiring Indenture Trustee shall not be liable for the acts or omissions of
any Successor Indenture Trustee.
If a successor Indenture Trustee does not take office within 45 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders
of a majority in Outstanding Amount of the Controlling Class of Notes may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee.
If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee.
Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of
the retiring Indenture Trustee.
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Section 6.09. Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates
with, merges or converts into, or transfers all or substantially all its corporate trust business
or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee; provided, that such
corporation or banking association shall be qualified and eligible under Section 6.11.
In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall
have the full force that it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.
Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the
time be located, the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate,
or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.08 hereof.
(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or
imposed upon the Indenture Trustee shall be conferred or imposed upon
and exercised or performed by the Indenture Trustee and such separate
trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the
Indenture Trustee joining in such act), except to the extent that
under any law of any jurisdiction in which any particular act or acts
are to be performed the Indenture Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the
Trust Estate or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee,
but solely at the direction of the Indenture Trustee;
(ii) no trustee hereunder shall be personally liable by reason of
any act or omission of any other trustee hereunder; and
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(iii) the Indenture Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given
to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Indenture Trustee or separately, as may be
provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee.
(d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.
Section 6.11. Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy
the requirements of TIA Section 310(a). The Indenture Trustee shall have a combined capital and
surplus of at least $50,000,000.00 as set forth in its most recent published annual report of
condition, and the time deposits of the Indenture Trustee shall be rated at least A-1 by Standard &
Poor’s and P-1 by Moody’s. The Indenture Trustee shall comply with TIA Section 310(b), including
the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or
indentures under which other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA Section 310(b)(1) are met.
Section 6.12. [Reserved].
Section 6.13. Preferential Collection of Claims Against Issuer. The Indenture Trustee shall
comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).
An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the
extent indicated.
Section 6.14. Waiver of Setoffs. The Indenture Trustee hereby expressly waives any and all
rights of setoff that the Indenture Trustee may otherwise at any time have under applicable law
with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times
be held and applied solely in accordance with the provisions hereof and of the other Basic
Documents.
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ARTICLE VII.
NOTEHOLDERS’ LISTS AND REPORTS
Section 7.01. Note Registrar To Furnish Names and Address of Noteholders. The Note Registrar
shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the Servicer or
the Administrator, within 15 days after receipt by the Note Registrar of a written request
therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent
Record Date. If three or more Noteholders of any Class, or one or more Holders of such Class
evidencing not less than 25% of the Outstanding Amount of such Class (hereinafter referred to as
“Applicants”), apply in writing to the Indenture Trustee, and such application states that the
Applicants desire to communicate with other Noteholders with respect to their rights under this
Indenture or under the Notes and such application is accompanied by a copy of the communication
that such Applicants propose to transmit, then the Indenture Trustee shall, within five Business
Days after the receipt of such application, afford such Applicants access, during normal business
hours, to the current list of Noteholders. The Indenture Trustee may elect not to afford the
Applicants access to the list of Noteholders if it agrees to mail the desired communication by
proxy, on behalf of and at the expense of such Applicants, to all Noteholders of such series. Every
Noteholder, by receiving and holding a Note, agrees with the Indenture Trustee and the Issuer that
none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator
shall be held accountable by reason of the disclosure of any such information as to the names and
addresses of the Noteholders under this Indenture, regardless of the source from which such
information was derived. If the Indenture Trustee shall cease to be the Note Registrar, then
thereafter the Administrator will furnish or cause to be furnished to the Indenture Trustee not
more than five days after the most recent Record Date or at such other times as the Indenture
Trustee reasonably may request in writing, a list, in such form as the Indenture Trustee reasonably
may require, of the names and addresses of the Holders of Notes as of such Record Date.
Section 7.02. Preservation of Information; Communications to Noteholders.
(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes
received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so
furnished. The Indenture Trustee shall make such list available to the Owner Trustee on written
request, and to the Noteholders upon written request of three or more Noteholders or one or more
Noteholders evidencing not less than 25% of the Outstanding Amount of the Notes. Upon receipt by
the Indenture Trustee of any request by a Noteholder to receive a copy of the current list of
Noteholders, the Indenture Trustee shall promptly notify the Administrator thereof by providing to
the Administrator a copy of such request and a copy of the list of Noteholders in response thereto.
(b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes.
(c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 312(c).
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Section 7.03. Reports by Issuer.
(a) The Issuer shall:
(i) file with the Indenture Trustee, within 15 days after the
Issuer is required (if at all) to file the same with the Commission,
copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as
the Commission may from time to time by rules and regulations
prescribe) that the Issuer may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act;
(ii) file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by
the Commission such additional information, documents and reports with
respect to compliance by the Issuer with the conditions and covenants
of this Indenture as may be required from time to time by such rules
and regulations; and
(iii) supply to the Indenture Trustee (and the Indenture Trustee
shall transmit by mail to all Noteholders described in TIA Section
313(c)) such summaries of any information, documents and reports
required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 7.03(a) and by rules and regulations prescribed from time
to time by the Commission.
(b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on
December 31 of each year.
Section 7.04. Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days
after each March 31, beginning with March 31, 200[___], the Indenture Trustee shall mail to each
Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies
with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).
ARTICLE VIII.
ACCOUNTS, DISBURSEMENTS AND RELEASES
Section 8.01. Collection of Money. Except as otherwise expressly provided herein, the
Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and
without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except
as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim a Default or Event of Default under this Indenture
and any right to proceed thereafter as provided in Article V.
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Section 8.02. Trust Accounts.
(a) On or prior to the Closing Date, the Issuer shall, or shall cause the Servicer to,
establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders
the Trust Accounts as provided in Section 5.02 of the Sale and Servicing Agreement.
(b) The Issuer shall cause the Servicer to deposit all Available Amounts with respect to the
Collection Period preceding such Payment Date in the Collection Account not later than two Business
Days after receipt as provided in Section 5.03 and 5.04 of the Sale and Servicing Agreement.
However, if each condition to making monthly deposits as may be required by the Sale and Servicing
Agreement (including, the satisfaction of specified ratings criteria by the Servicer and the
absence of any Servicer Default) is satisfied, the Servicer may retain these amounts until the
Business Day immediately preceding the related Payment Date. On or before the Business Day prior to
each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in
the Collection Account pursuant to Section 5.05 of the Sale and Servicing Agreement shall be
withdrawn by the Indenture Trustee from the Reserve Account and deposited to the Collection Account
as provided therein, as to which Issuer shall cause Servicer to timely provide the related
instructions.
(c) On each Payment Date, except as provided in Section 5.04(b), the Indenture Trustee (based
on the information contained in the Servicer’s report delivered on or before the related
Determination Date pursuant to Section 4.09 of the Sale and Servicing Agreement) shall make the
withdrawals from the Collection Account and make deposits, distributions and payments, to the
extent of funds on deposit in the Collection Account with respect to the Collection Period
preceding such Payment Date (including funds, if any, deposited therein from the Reserve Account),
in accordance with the provisions of Section 5.05(b) of the Sale and Servicing Agreement (as to
which Issuer shall cause Servicer to timely provide the related instructions). On each Payment
Date, the Indenture Trustee (based on the information contained in the Servicer’s report delivered
on or before the related Determination Date pursuant to Section 4.09 of the Sale and Servicing
Agreement) shall withdraw the funds on deposit in the Interest Distribution Account with respect to
the Collection Period preceding such Payment Date and make distributions and payments in the
following order of priority:
(i) first, to the Noteholders of Class A Notes, the accrued and
unpaid interest on the Class A Notes; provided that if there are not
sufficient funds available to pay the entire amount of the accrued and
unpaid interest on the Class A Notes, the amounts available shall be
applied to the payment of such interest on the Class A Notes on a pro
rata basis based upon the amount of interest due on each Class of
Class A Notes;
(ii) second, to the Noteholders of Class B Notes, the accrued and
unpaid interest on the Class B Notes; provided that if there are not
sufficient funds available to pay the entire amount of the accrued and
unpaid interest on the Class B Notes, the amounts available shall be
applied to the payment of such interest on the Class B Notes on a pro
rata basis;
(iii) third, to the Noteholders of Class C Notes, the accrued and
unpaid interest on the Class C Notes; provided that if there are not
sufficient funds available to pay the entire amount of the accrued and
unpaid interest on the Class
49
C
Notes, the amounts available shall be applied to the payment of such interest on the Class C Notes on a pro rata basis; and
(iv) fourth, to the Noteholders of Class D Notes, the accrued and
unpaid interest on the Class D Notes; provided that if there are not
sufficient funds available to pay the entire amount of the accrued and
unpaid interest on the Class D Notes, the amounts available shall be
applied to the payment of such interest on the Class D Notes on a pro
rata basis.
(d) On each Payment Date, except as provided in Section 5.04(b), the Indenture Trustee (based
on the information contained in the Servicer’s report delivered on or before the related
Determination Date pursuant to Section 4.09 of the Sale and Servicing Agreement) shall withdraw the
funds on deposit in the Principal Distribution Account with respect to the Collection Period
preceding such Payment Date and make distributions and payments in the following order of priority:
(i) first, to the Noteholders of the Class A Notes, the Class A
Principal Distributable Amount in the following order of priority:
(A)
first, to the Noteholders of the Class A-1 Notes in reduction of principal until the principal amount of the
Outstanding Class A-1 Notes has been paid in full; provided that
if there are not sufficient funds available to pay the principal
amount of the Outstanding Class A-1 Notes in full, the amounts
available shall be applied to the payment of principal on the
Class A-1 Notes on a pro rata basis;
(B) second, to the Noteholders of the Class A-2 Notes in
reduction of principal until the principal amount of the
Outstanding Class A-2 Notes has been paid in full; provided that
if there are not sufficient funds available to pay the principal
amount of the Outstanding Class A-2 Notes in full, the amounts
available shall be applied to the payment of principal on the
Class A-2 Notes on a pro rata basis;
(C) third, to the Noteholders of the Class A-3 Notes in
reduction of principal until the principal amount of the
Outstanding Class A-3 Notes has been paid in full; provided that
if there are not sufficient funds available to pay the principal
amount of the Outstanding Class A-3 Notes in full, the amounts
available shall be applied to the payment of principal on the
Class A-3 Notes on a pro rata basis;
(D) fourth, to the Noteholders of the Class A-4 Notes in
reduction of principal until the principal amount of the
Outstanding Class A-4 Notes has been paid in full; provided that
if there are not sufficient funds available to pay the principal
amount of the Outstanding Class A-4 Notes in full, the amounts
available shall be applied to the payment of principal on the
Class A-4 Notes on a pro rata basis;
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(ii) second, to the Noteholders of the Class B Notes in reduction
of principal, the Class B Principal Distributable Amount until the
principal amount of the Outstanding Class B Notes has been paid in
full; provided that if there are not sufficient funds available to pay
the principal amount of the Outstanding Class B Notes in full, the
amounts available shall be applied to the payment of principal on the
Class B Notes on a pro rata basis;
(iii) third, to the Noteholders of the Class C Notes in reduction
of principal, the Class C Principal Distributable Amount until the
principal amount of the Outstanding Class C Notes has been paid in
full; provided that if there are not sufficient funds available to pay
the principal amount of the Outstanding Class C Notes in full, the
amounts available shall be applied to the payment of principal on the
Class C Notes on a pro rata basis;
(iv) fourth, to the Noteholders of the Class D Notes in reduction
of principal, the Class D Principal Distributable Amount until the
principal amount of the Outstanding Class D Notes has been paid in
full; provided that if there are not sufficient funds available to pay
the principal amount of the Outstanding Class D Notes in full, the
amounts available shall be applied to the payment of principal on the
Class D Notes on a pro rata basis; and
(v) fifth, to the Certificateholders, any amounts remaining in
the Principal Distribution Account.
Section 8.03. General Provisions Regarding Accounts. The Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any
loss on any Eligible Investment included therein except for losses attributable to the Indenture
Trustee’s failure, in its commercial capacity as principal obligor and not as trustee, to make
payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as trustee, in accordance with their terms.
Section 8.04. Release of Trust Estate.
(a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the
same, in a manner and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in
this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any moneys.
(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due the Indenture Trustee pursuant to Section 6.07 have been paid in full, release any remaining
portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to
the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts.
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.04(b) only upon receipt by it of an Issuer Request
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accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.01.
(c) The Issuer agrees, upon request by the Servicer and representation by the Servicer that it
has complied with the procedure in Section 9.01 of the Sale and Servicing Agreement, to render the
Issuer Request to the Indenture Trustee in accordance with Section 4.04, and take such other
actions as are required in that Section.
Section 8.05. Opinion of Counsel. The Indenture Trustee shall receive at least seven days
prior written notice when requested by the Issuer to take any action pursuant to Section 8.04(b),
accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, as
a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of such action have
been complied with and such action will not materially and adversely impair the security for the
Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express an opinion as to
the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or other instrument
delivered to the Indenture Trustee in connection with any such action.
ARTICLE IX.
SUPPLEMENTAL INDENTURES
Section 9.01. Supplemental Indentures Without Consent of Noteholders.
(a) Without the consent of the Holders of any Notes but with prior written notice to the
Rating Agencies (with copy to the Indenture Trustee), the Issuer and the Indenture Trustee, when
authorized by an Issuer Order and provided with an Issuer Officer’s Certificate stating that the
supplement will have no material adverse effect on any Noteholder, at any time and from time to
time, may enter into one or more supplemental indentures hereto (which shall conform to the
provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:
(i) to correct or amplify the description of any property at any
time subject to the lien of this Indenture, or better to assure,
convey and confirm unto the Indenture Trustee any property subject or
required to be subjected to the lien of this Indenture, or to subject
to the lien of this Indenture additional property;
(ii) to evidence the succession, in compliance with the
applicable provisions hereof, of another person to the Issuer, and the
assumption by any such successor of the covenants of the Issuer herein
and in the Notes contained;
(iii) to add to the covenants of the Issuer, for the benefit of
the Holders of the Notes, or to surrender any right or power herein
conferred upon the Issuer;
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(iv) to convey, transfer, assign, mortgage or pledge any property
to or with the Indenture Trustee;
(v) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture that may be inconsistent with
any other provision herein or in any supplemental indenture or to make
any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided, that
such action shall not adversely affect the interests of the Holders of
the Notes;
(vi) to evidence and provide for the acceptance of the
appointment hereunder by a successor trustee with respect to the Notes
and to add to or change any of the provisions of this Indenture as
shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of
Article VI; or
(vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar
federal statute hereafter enacted and to add to this Indenture such
other provisions as may be expressly required by the TIA.
The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein
contained.
(b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Holders of the Notes but with prior notice to the Rating
Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or
of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel (which may not be
in-house counsel), adversely affect in any material respect the interests of any Noteholder,
provided further that such action shall not be deemed to adversely affect in any material respect
the interests of any Noteholder and no Opinion of Counsel to that effect shall be required if the
person requesting such amendment obtains a letter from the Rating Agencies stating that the
amendment would not result in the downgrading or withdrawal of the ratings then assigned to the
Notes.
Section 9.02. Supplemental Indentures with Consent of Noteholders. The Issuer and the
Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating
Agencies delivered by the Issuer with a copy to the Indenture Trustee and with the consent of the
Holders of not less than a majority of the Outstanding Amount of the Notes, by Act of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Holders of the Notes under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:
53
(i) change the date of payment of any installment of principal of
or interest on any Note, or reduce the principal amount thereof, the
interest rate thereon or the Redemption Price with respect thereto,
change the provisions of this Indenture relating to the application of
collections on, or the proceeds of the sale of, the Trust Estate to
payment of principal of or interest on the Notes, or change any place
of payment where, or the coin or currency in which, any Note or the
interest thereon is payable, or impair the right to institute suit for
the enforcement of the provisions of this Indenture requiring the
application of funds available therefor, as provided in Article V, to
the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or
after the Redemption Date);
(ii) reduce the percentage of the Outstanding Amount of the Notes
or the Controlling Class, the consent of the Holders of which is
required for any such supplemental indenture, or the consent of the
Holders of which is required for any waiver of compliance with certain
provisions of this Indenture or certain defaults hereunder and their
consequences provided for in this Indenture;
(iii) modify or alter (x) the provisions of the proviso as to the
definition of the term “Outstanding” or (y) the definition of
Controlling Class;
(iv) reduce the percentage of the Outstanding Amount of the Notes
or the Controlling Class of Notes, as applicable, required to direct
the Indenture Trustee to direct the Issuer to sell or liquidate the
Trust Estate pursuant to Section 5.04;
(v) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional
provisions of this Indenture or the Basic Documents cannot be modified
or waived without the consent of the Holder of each Outstanding Note
affected thereby;
(vi) modify any of the provisions of this Indenture in such
manner as to affect the calculation of the amount of any payment of
interest or principal due on any Note on any Payment Date (including
the calculation of any of the individual components of such
calculation) or to affect the rights of the Holders of Notes to the
benefit of any provisions for the mandatory redemption of the Notes
contained herein; or
(vii) permit the creation of any lien ranking prior to or on a
parity with the lien of this Indenture with respect to any part of the
Trust Estate or, except as otherwise permitted or contemplated herein,
terminate the lien of this Indenture on any property at any time
subject hereto or deprive the Holder of any Note of the security
provided by the lien of this Indenture.
It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.
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Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the Notes to
which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.
Section 9.03. Execution of Supplemental Indentures. In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article IX or the modification
thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive
and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee
may, but shall not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or
otherwise. The Administrator shall provide a fully executed copy of any supplemental indentures to
this Indenture to each Rating Agency.
Section 9.04. Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be
modified and amended in accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 9.05. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article IX may, and if required
by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so
determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and
authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.
Section 9.06. Conformity with Trust Indenture Act. Every amendment of this Indenture and every
supplemental indenture executed pursuant to this Article IX shall conform to the requirements of
the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under
the Trust Indenture Act.
ARTICLE X.
REDEMPTION OF NOTES
Section 10.01. Redemption. The Notes are subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement, on any
Payment Date on which the Servicer exercises its option to purchase the
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Trust Estate pursuant to said Section 9.01, for a purchase price equal to the Redemption Price;
provided, that the Issuer has available funds sufficient to pay the Redemption Price. The Servicer
or the Issuer shall furnish the Rating Agencies and the Indenture Trustee notice of such
redemption. If the Notes are to be redeemed pursuant to this Section 10.01, the Servicer shall
furnish notice of such election to the Indenture Trustee not later than 20 days prior to the
Redemption Date and shall deposit the Business Day prior to the Redemption Date with the Indenture
Trustee in the Note Distribution Account the Redemption Price of the Notes to be redeemed,
whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a
notice complying with Section 10.02 to each Holder of the Notes.
Section 10.02. Form of Redemption Notice. Notice of redemption under Section 10.01 shall be
given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or
transmitted not later than 10 days prior to the applicable Redemption Date to each Holder of Notes,
as of the close of business on the Record Date preceding the applicable Redemption Date, at such
Holder’s address or facsimile number appearing in the Note Register.
All notices of redemption shall state:
(i) the Redemption Date;
(ii) the Redemption Price;
(iii) the place where such Notes are to be surrendered for
payment of the Redemption Price (which shall be the office or agency
of the Issuer to be maintained as provided in Section 3.02); and
(iv) that interest on the Notes shall cease to accrue on the
Redemption Date.
Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any
Holder of any Note shall not impair or affect the validity of the redemption of any other Note.
Section 10.03. Notes Payable on Redemption Date. The Notes or portions thereof to be redeemed
shall, following notice of redemption as required by Section 10.02 (in the case of redemption
pursuant to Section 10.01), on the Redemption Date become due and payable at the Redemption Price
and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall
accrue on the Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.
ARTICLE XI.
MISCELLANEOUS
Section 11.01. Compliance Certificates and Opinions, etc.
(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
56
Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with and (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have
been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section, except that, in
the case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional certificate or opinion need
be furnished.
Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:
(i) a statement that each signatory of such certificate or
opinion has read or has caused to be read such covenant or condition
and the definitions herein relating thereto;
(ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;
(iii) a statement that, in the opinion of each such signatory,
such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as
to whether or not such covenant or condition has been complied with;
and
(iv) a statement as to whether, in the opinion of each such
signatory, such condition or covenant has been complied with.
(b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for
the release of any property or securities subject to the lien of this
Indenture, the Issuer shall, in addition to any obligation imposed in
Section 11.01(a) or elsewhere in this Indenture, furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each person signing such certificate as to the fair value
(within 90 days of such deposit) to the Issuer of the Collateral or
other property or securities to be so deposited.
(ii) Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above,
the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of
the securities to be so deposited and of all other such securities
made the basis of any such withdrawal or release since the
commencement of the then-current fiscal year of the Issuer, as set
forth in the certificates delivered pursuant to clause (i) above and
this clause (ii), is 10% or more of the Outstanding Amount of the
Notes, but such a certificate need not be furnished with respect to
any securities so deposited, if the fair value thereof to
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the Issuer as set forth in the related Officer’s Certificate is less
than $25,000 or less than one percent of the Outstanding Amount of the
Notes.
(iii) Whenever any property or securities are to be released from
the lien of this Indenture, the Issuer shall also furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each person signing such certificate as to the fair value
(within 90 days of such release) of the property or securities
proposed to be released and stating that in the opinion of such person
the proposed release will not impair the security under this Indenture
in contravention of the provisions hereof.
(iv) Other than with respect to the release of any Purchased
Receivable, the Issuer is required to furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause (iii) above, the
Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property
or securities and of all other property, other than property as
contemplated by clause (v) below, or securities released from the lien
of this Indenture since the commencement of the then-current calendar
year, as set forth in the certificates required by clause (iii) above
and this clause (iv), equals 10% or more of the Outstanding Amount of
the Notes, but such certificate need not be furnished in the case of
any release of property or securities if the fair value thereof as set
forth in the related Officer’s Certificate is less than $25,000 or
less than one percent of the then Outstanding Amount of the Notes.
(v) Notwithstanding Section 4.04 or any other provision of this
Section, the Issuer may, without compliance with the requirements of
the other provisions of this Section, (A) collect, liquidate, sell or
otherwise dispose of Receivables and Financed Vehicles as and to the
extent permitted or required by the Basic Documents and (B) make cash
payments out of the Trust Accounts as and to the extent permitted or
required by the Basic Documents.
Section 11.02. Form of Documents Delivered to Indenture Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents.
Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, either Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the
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possession of the Servicer, the applicable Seller, the Issuer or the Administrator, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.
Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.
Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.
Section 11.03. Acts of Noteholders.
(a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee
and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in
the manner provided in this Section.
(b) The fact and date of the execution by any person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.
(c) The ownership of Notes shall be proved by the Note Register.
(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or
in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.
Section 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating Agencies. Any request,
demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents
provided or permitted by this Indenture shall be in writing and, if such request,
59
demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon,
given or furnished to or filed with:
(i) the Indenture Trustee by any Noteholder or by the Issuer,
shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Indenture Trustee at its
Corporate Trust Office; or
(ii) the Issuer by the Indenture Trustee or by any Noteholder,
shall be sufficient for every purpose hereunder if in writing and
mailed first-class, postage prepaid to the Issuer addressed to:
Hyundai Auto Receivables Trust 200[___], in care of [___],
as Owner Trustee, [Address], Attention: [___], or at any
other address previously furnished in writing to the Indenture Trustee
by the Issuer or the Administrator. The Issuer shall promptly transmit
any notice received by it from the Noteholders to the Indenture
Trustee.
Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, to (i) in the case of Moody’s, at the following address: Xxxxx’x Investors
Service, Inc., ABS Monitoring Department, 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000; (ii) in the
case of Standard & Poor’s, at the following address: Standard & Poor’s, a division of The
XxXxxx-Xxxx Companies, Inc., 00 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention of Asset Backed
Surveillance Department; and (iii) in the case of Fitch, at the following address: Fitch, Inc., Xxx
Xxxxx Xxxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000; or as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.
Section 11.05. Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder
affected by such event, at such Holder’s address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.
In any case where notice to Noteholders is given by mail, neither the failure to mail such notice
nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.
Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.
In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.
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Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute a Default or Event of Default.
Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any
Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Holder, that is different from the methods provided for in this Indenture for
such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements. The Indenture Trustee shall provide a copy of any request made
pursuant to this Section 11.06 to the Owner Trustee.
Section 11.07. Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.
Section 11.08. Successors and Assigns. All covenants and agreements in this Indenture and the
Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All
agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents.
Section 11.09. Separability. In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.
Section 11.10. Benefits of Indenture. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder,
and the Noteholders, and any other party secured hereunder, and any other Person with an ownership
interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.
Section 11.11. Legal Holidays. In any case where the date on which any payment is due shall
not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture)
payment need not be made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the date on which nominally due, and no interest shall accrue
for the period from and after any such nominal date.
Section 11.12. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
Section 11.13. Counterparts. This Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.
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Section 11.14. Recording of Indenture. If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuer and at the
expense of the Servicer accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that
such recording is necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee
under this Indenture.
Section 11.15. Trust Obligation. No recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes
or under this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer, including the Seller, or (iii) any partner,
owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in
their individual capacity). For all purposes of this Indenture, 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 Article VI, VII and VIII of the Trust Agreement.
Section 11.16. No Petition. The Indenture Trustee, by entering into this Indenture, and each
Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute
against the Issuer or the Depositor, or join in any institution against the Issuer or the
Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, this Indenture or any of the Basic
Documents.
Section 11.17. Inspection. The Issuer agrees that, on reasonable prior notice, it will permit
any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine
all the books of account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees
and Independent certified public accountants, all at such reasonable times and as often as may be
reasonably requested; provided, however, that the Indenture Trustee may only cause the books of the
Issuer to be audited on an annual basis, unless there occurs an Event of Default hereunder. The
Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such
information except to the extent such information is publicly available or such disclosure may be
required by law (and all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine with the advice of counsel
and after consultation with the Issuer that such disclosure is consistent with its obligations
hereunder.
Section 11.18. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this
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Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control.
The provisions of TIA Sections 310 through 317 that impose duties on any person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.
Section 11.19. Limitation of Liability. It is expressly understood and agreed by the parties
hereto that (a) this Indenture is executed and delivered by [___], not individually or
personally but solely as Owner Trustee of Hyundai Auto Receivables Trust 200[___], in the exercise
of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as
personal representations, undertakings and agreements by [___] but is made and intended for
the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as
creating any liability on [___], individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no
circumstances shall [___] be personally liable for the payment of any indebtedness or
expenses of the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this Indenture or any other related
documents.
Section 11.20. Representations and Warranties. The Issuer makes the representations and
warranties set forth below with respect to the Receivables, on which the Indenture Trustee relies.
Such representations and warranties speak as of the execution and delivery of this Indenture as of
the Closing Date, but shall survive the assignment of the Receivables to the Indenture Trustee, and
shall not be waived by the Indenture Trustee except in accordance with the terms of this Indenture.
(a) This Indenture creates a valid and continuing security interest (as defined in the UCC) in
the Receivables in favor of the Indenture Trustee, which security interest is prior to all other
Liens, and is enforceable as such against creditors of and purchasers from the Issuer.
(b) Each Receivables constitutes “chattel paper” within the meaning of the UCC as in effect in
the state of origination
(c) Immediately upon the transfer thereof from the Depositor to the Issuer pursuant to the
Sale and Servicing Agreement, the Issuer shall have good and marketable title to each Receivable,
free and clear of any Lien of any Person.
(d) The Issuer has caused, or will have caused, within ten days, the filing of all appropriate
financing statements in the proper filling office in the appropriate jurisdiction under the
applicable UCC in order to perfect the security interest in the Receivables granted to the
Indenture Trustee under this Indenture.
(e) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or
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otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not
aware of any financing statements against the Issuer that include a description of collateral
describing the Receivables other than any financing statement relating to the security interest
granted to the Indenture Trustee under this Indenture. The Issuer is not aware of any judgment or
tax lien filings against the Issuer.
(f) The Contracts that constitute or evidence the Receivables do not have any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person
other than the Indenture Trustee, except for such marks or notations indicating that they have been
pledged, assigned or otherwise conveyed (i) to the Depositor or the Issuer in accordance with the
Basic Documents, [(ii) pursuant to the Second Amended and Restated Receivables Purchase Agreement,
dated as of July 23, 2002, as amended, among the Seller, Hyundai BC Funding Corporation, Amsterdam
Funding Corporation, Asset One Securitization, LLC, Sheffield Receivables Corporation, Societe,
Generale, ABN AMRO Bank N.V. and Barclays Bank PLC and the Purchase and Sale Agreement dated as of
January 17, 2000, as amended between the Seller and Hyundai BC Funding Corporation] or (iii) to
HMFC in accordance with Dealer Agreements. All financing statements filed or to be filed against
the Issuer in favor of the Indenture Trustee in connection with this Indenture describing the
Receivables contain a statement to the following effect: “A purchase or security interest in any
collateral described in this financing statement will violate the rights of the Indenture Trustee.”
* * * * *
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IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed by their respective officers, thereunto duly authorized and duly attested, all as of the
day and year first above written.
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HYUNDAI AUTO RECEIVABLES TRUST 200[__], |
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Name: |
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[ ], not in |
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its individual capacity but solely as Indenture Trustee, |
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By: |
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Name: |
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STATE OF
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BEFORE ME, the undersigned authority, a Notary Public in and for said county and state, on
this day personally appeared [___], a [___] of [___], not in its individual
capacity but solely as Owner Trustee of Hyundai Auto Receivables Trust 200[___], a Delaware
statutory business trust (the “Trust”) known to me to be the person and officer whose name is
subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said
Trust, and that s/he executed the same as the act of said statutory business trust for the purpose
and consideration therein expressed, and in the capacities therein stated.
GIVEN UNDER MY HAND AND
SEAL OF OFFICE, this [___] day of [___] 200[___].
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Notary Public
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My commission expires:
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STATE OF
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BEFORE ME, the undersigned authority, a Notary Public in and for said county and state, on this day
personally appeared [___], known to me to be the person and officer whose name is
subscribed to the foregoing instrument and acknowledged to me that the same was the act of
[___], a [___] banking association, and that s/he executed the same as the
act of said corporation for the purpose and consideration therein stated.
GIVEN UNDER MY HAND AND
SEAL OF OFFICE, this [___] day of [___] 200[___].
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Notary Public
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SCHEDULE A
[To be Delivered to the Trust at Closing]
EXHIBIT A-1
[FORM OF CLASS A-1 NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A
NEW YORK CORPORATION (“DTC”),
NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
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REGISTERED |
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CUSIP NO.
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$[___](1) No. R- |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]% ASSET BACKED NOTE, CLASS A-1 |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [___]
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to
Section 3.01 of the Indenture dated as of [___], 200[___] (the “Indenture”), between the
Issuer and [___], a [___] banking association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on [the earlier of] [___], 200[___] (the “Class A-1 Maturity Date”) [and the
Redemption Date, if any, Pursuant to Article X of the Indenture]. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.
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Denomination of $1,000 and integral multiples of $1,000 in excess thereof. |
A-1-1
The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date on the basis of a 360-day year and the actual number of days from the previous Payment
Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the next
Payment Date. Such principal of and interest on this Note shall be paid in the manner specified
herein.
The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___]
set Backed Notes, Class A-1 (herein called the “Class A-1 Notes”), all issued under the Indenture,
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture.
The Class A-1 Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class A-1 Notes are senior in right of payment to the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class
D Notes, to the extent provided in the Indenture.
Principal of the Class A-1 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not
a Business Day, the next succeeding Business Day, commencing [___], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable
on the [earlier of the] Class A-1 Maturity Date [and the Redemption Date, if any, pursuant to
Article X of the Indenture]. Notwithstanding the foregoing, if an Event of Default occurs, the
Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Class of Notes may declare the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-1 Notes
shall be made pro rata to the Class A-1 Noteholders entitled thereto.
Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of
A-1-2
this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on
each Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated by such nominee.
Such checks shall be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this Note (or any one
or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of
New York.
The Issuer shall pay interest on overdue installments of interest at the Class A-1 Rate to the
extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face
hereof, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set
forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity,
any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or
the
A-1-3
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for
purposes of federal and state income tax, franchise tax and any other tax measured in whole or in
part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in
a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan”
within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section
4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
reason of an employee benefit plan’s or other plan’s investment in such entity, or any
governmental, foreign or church plan subject to applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee
represents, warrants and covenants that its purchase and holding of this Note, throughout the
period that it holds this Note is, and will be, covered by Department of Labor prohibited
transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another
applicable prohibited transaction exemption (or in the case of a governmental, foreign or church
plan subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar
type of exemption or other applicable relief). By its acquisition of this Note in book-entry form
or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay
conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by
notice to the contrary.
A-1-4
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.
The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of the State of
New
York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, none of [___] in its individual capacity, [___]in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by
its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
A-1-5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.
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Date: |
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HYUNDAI AUTO RECEIVABLES TRUST 200[__] |
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capacity but solely as Owner Trustee under
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the Trust Agreement, |
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Authorized Signatory |
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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individual capacity but solely as Indenture |
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Trustee, |
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By: |
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Authorized Signatory |
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A-1-6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: ___FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
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(name and address of assignee)
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the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
______, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
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*/ |
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NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. |
X-0-0
XXXXXXX X-0
[FORM OF CLASS A-2 NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
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REGISTERED |
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CUSIP |
NO.
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$[___](1) No. R- |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]% ASSET BACKED NOTE, CLASS A-2 |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [___]
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to
Section 3.01 of the Indenture dated as of [___], 200[___] (the “Indenture”), between the
Issuer and [___], a [___] banking association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on [the earlier of] [___], 200[___] (the “Class A-2 Maturity Date”) [and the
Redemption Date, if any, pursuant to Article X of the Indenture]. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.
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Denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
A-2-1
The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the [___] day of the month preceding the month of such Payment
Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [___]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in
the manner specified herein.
The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___]%
Asset Backed Notes, Class A-2 (herein called the “Class A-2 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the
Indenture.
The Class A-2 Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class A-2 Notes are subordinated in right of payment to the Class
A-1 Notes and are senior in right of payment to the Class A-3 Notes, the Class A-4 Notes, the Class
B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.
Principal of the Class A-2 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not
a Business Day, the next succeeding Business Day, commencing [___], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable
on the [earlier of the] Class A-2 Maturity Date [and the Redemption Date, if any, pursuant to
Article X of the Indenture]. Notwithstanding the foregoing, if an Event of Default occurs, the
Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Class of Notes may declare the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-2 Notes
shall be made pro rata to the Class A-2 Noteholders entitled thereto.
A-2-2
Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date
by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due
and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York.
The Issuer shall pay interest on overdue installments of interest at the Class A-2 Rate to the
extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face
hereof, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set
forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
A-2-3
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for
purposes of federal and state income tax, franchise tax and any other tax measured in whole or in
part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in
a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan”
within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section
4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
reason of an employee benefit plan’s or other plan’s investment in such entity, or any
governmental, foreign or church plan subject to applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee
represents, warrants and covenants that its purchase and holding of this Note, throughout the
period that it holds this Note is, and will be, covered by Department of Labor prohibited
transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another
applicable prohibited transaction exemption (or in the case of a governmental, foreign or church
plan, subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar
type of exemption or other applicable relief). By its acquisition of this Note in book-entry form
or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay
conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be
A-2-4
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this
Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected
by notice to the contrary.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.
The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws. No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of
and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, none of [___] in its individual capacity, [___] in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by
its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
A-2-5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.
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Date: |
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HYUNDAI AUTO RECEIVABLES TRUST 200[__] |
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By: |
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capacity but solely as Owner Trustee under |
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the Trust Agreement, |
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By: |
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Authorized Signatory |
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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Date: |
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[________________________], not in its |
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individual capacity but solely as Indenture |
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Trustee, |
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By: |
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Authorized Signatory |
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A-2-6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: ___FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
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(name and address of assignee)
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the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
___, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
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*/ |
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NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. |
X-0-0
XXXXXXX X-0
[FORM OF CLASS A-3 NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
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REGISTERED |
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CUSIP
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NO.
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$[___](1) No. R- |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]%
ASSET BACKED NOTE, CLASS A-3 |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
[___] DOLLARS, payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-3
Notes pursuant to Section 3.01 of the Indenture dated as of [___], 200[___] (the “Indenture”),
between the Issuer and [___], a [___] banking association, as Indenture Trustee (the
“Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on [the earlier of] [___], 200[___] (the “Class A-3 Maturity Date”) [and the
Redemption Date, if any, pursuant to Article X of the Indenture]. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.
The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
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Denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
A-3-1
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the [___] day of the month preceding the month of such Payment
Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [___]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in
the manner specified herein.
The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___] %
Asset Backed Notes, Class A-3 (herein called the “Class A-3 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all terms of the
Indenture.
The Class A-3 Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class A-3 Notes are subordinated in right of payment to the Class
A-1 Notes and the Class A-2 Notes and are senior in right of payment to the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.
Principal of the Class A-3 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not
a Business Day, the next succeeding Business Day, commencing [___], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable
on the [earlier of the] Class A-3 Maturity Date [and the Redemption Date, if any, pursuant to
Article X of the Indenture]. Notwithstanding the foregoing, if an Event of Default occurs, the
Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Class of Notes may declare the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-3 Notes
shall be made pro rata to the Class A-3 Noteholders entitled thereto. Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date,
A-3-2
except that with respect to Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer
in immediately available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New York.
The Issuer shall pay interest on overdue installments of interest at the Class A-3 Rate to the
extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face
hereof, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set
forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
A-3-3
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for
purposes of federal and state income tax, franchise tax and any other tax measured in whole or in
part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in
a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan”
within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section
4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
reason of an employee benefit plan’s or other plan’s investment in such entity, or any
governmental, foreign or church plan subject to applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee
represents, warrants and covenants that its purchase and holding of this Note, throughout the
period that it holds this Note is, and will be, covered by Department of Labor prohibited
transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another
applicable prohibited transaction exemption (or in the case of a governmental, foreign, or church
plan, subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar
type of exemption or other applicable relief). By its acquisition of this Note in book-entry form
or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay
conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by
notice to the contrary.
A-3-4
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.
The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, none of [___] in its individual capacity, [___] in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by
its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
A-3-5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.
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HYUNDAI AUTO RECEIVABLES TRUST 200[__] |
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[__________________], not in its individual |
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capacity but solely as Owner Trustee under
the Trust Agreement, |
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By: |
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Authorized Signatory |
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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Date: |
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[__________________], not in its individual |
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capacity but solely as Indenture Trustee, |
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By: |
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Authorized Signatory |
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A-3-6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: ___FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
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(name and address of assignee)
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the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
___, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
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*/ |
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NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. |
X-0-0
XXXXXXX X-0
[FORM OF CLASS A-4 NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
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REGISTERED |
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CUSIP
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$[___](1) No. R- |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]%
ASSET BACKED NOTE, CLASS A-4 |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[___] DOLLARS, payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-4
Notes pursuant to Section 3.01 of the Indenture dated as of [___], 200[___] (the “Indenture”),
between the Issuer and [___], a [___] banking association, as Indenture Trustee
(the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on [the earlier of] [___], 200[___] (the “Class A-4 Maturity Date”)
[and the Redemption Date, if any, pursuant to Article X of the Indenture]. Capitalized terms used
but not defined herein are defined in the Indenture, which also contains rules as to construction
that shall be applicable herein.
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Denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
A-4-1
The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the [___] day of the month preceding the month of such Payment
Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [___]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in
the manner specified herein.
The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___]%
Asset Backed Notes, Class A-4 (herein called the “Class A-4 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the
Indenture.
The Class A-4 Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class A-4 Notes are subordinated in right of payment to the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes and are senior in right of payment to the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.
Principal of the Class A-4 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not
a Business Day, the next succeeding Business Day, commencing [___], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable
on the [earlier of the] Class A-4 Maturity Date [and the Redemption Date, if any, pursuant to
Article X of the Indenture]. Notwithstanding the foregoing, if an Event of Default occurs, the
Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Class of Notes may declare the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-4 Notes
shall be made pro rata to the Class A-4 Noteholders entitled thereto.
A-4-2
Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date
by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due
and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York.
The Issuer shall pay interest on overdue installments of interest at the Class A-4 Rate to the
extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face
hereof, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set
forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
A-4-3
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for
purposes of federal and state income tax, franchise tax and any other tax measured in whole or in
part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in
a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan”
within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section
4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
reason of an employee benefit plan’s or other plan’s investment in such entity, or any
governmental, foreign or church plan subject to applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee
represents, warrants and covenants that its purchase and holding of this Note, throughout the
period that it holds this Note is, and will be, covered by Department of Labor prohibited
transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another
applicable prohibited transaction exemption (or in the case of a governmental, foreign or church
plan, subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar
type of exemption or other applicable relief). By its acquisition of this Note in book-entry form
or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay
conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be
A-4-4
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this
Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected
by notice to the contrary.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.
The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws. No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of
and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, none of [___] in its individual capacity, [___] in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by
its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
A-4-5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.
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capacity but solely as Owner Trustee under
the Trust Agreement, |
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Authorized Signatory
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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Date: |
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[__________________], not in its individual |
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capacity but solely as Indenture Trustee, |
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By: |
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Authorized Signatory |
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A-4-6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
(name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
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Dated:
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*/ |
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Signature Guaranteed: |
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*/ |
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NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. |
A-4-7
EXHIBIT B
[FORM OF CLASS B NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
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REGISTERED |
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CUSIP
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NO.
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]%
ASSET BACKED NOTE, CLASS B |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[ ]DOLLARS, payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class B
Notes pursuant to Section 3.01 of the Indenture dated as of [ ], 200[___] (the
“Indenture”), between the Issuer and [ ], a [ ] banking association, as Indenture
Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on the earlier of [ ], 200[___] (the “Class B Maturity
Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms
used but not defined herein are defined in the Indenture, which also contains rules as to
construction that shall be applicable herein.
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Denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
B-1
The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the [___] day of the month preceding the month of such Payment
Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [___]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in
the manner specified herein.
The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___] %
Asset Backed Notes, Class B (herein called the “Class B Notes”), all issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class B Notes are subject to all terms of the Indenture.
The Class B Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class B Notes are subordinated in right of payment to the Class A
Notes and are senior in right of payment to the Class C Notes and the Class D Notes, to the extent
provided in the Indenture.
Principal of the Class B Notes will be payable on each Payment Date in an amount described on
the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not a
Business Day, the next succeeding Business Day, commencing [___], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Class B Maturity Date and the Redemption Date, if any, pursuant to Article X
of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of
the Controlling Class of Notes may declare the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the Class B Notes shall
be made pro rata to the Class B Noteholders entitled thereto.
Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note,
B-2
shall be made by check mailed to the Person whose name appears as the Registered Holder of this
Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New York.
The Issuer shall pay interest on overdue installments of interest at the Class B Rate to the
extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face
hereof, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set
forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
B-3
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for
purposes of federal and state income tax, franchise tax and any other tax measured in whole or in
part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in
a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan”
within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section
4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
reason of an employee benefit plan’s or other plan’s investment in such entity, or any
governmental, foreign or church plan subject to applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee
represents, warrants and covenants that its purchase and holding of this Note, throughout the
period that it holds this Note is, and will be, covered by Department of Labor prohibited
transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another
applicable prohibited transaction exemption (or in the case of a governmental, foreign or church
plan, subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar
type of exemption or other applicable relief). By its acquisition of this Note in book-entry form
or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay
conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this
B-4
Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected
by notice to the contrary.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.
The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth. This Note and the Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, none of [ ] in its individual capacity, [ ] in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by
its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
B-5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.
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Date:
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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By:
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individual capacity but solely as |
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Owner Trustee under the Trust |
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Agreement, |
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By: |
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Authorized Signatory
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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Date: |
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[ ], not in its |
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individual capacity but solely as |
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Indenture Trustee, |
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Authorized Signatory
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B-6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
(name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
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Dated:
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*/ |
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Signature Guaranteed: |
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*/ |
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NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. |
B-7
EXHIBIT C
[FORM OF CLASS C NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
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REGISTERED |
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CUSIP
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NO.
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$[___](1) No. R- |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]%
ASSET BACKED NOTE, CLASS C |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[ ] DOLLARS, payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class C
Notes pursuant to Section 3.01 of the Indenture dated as of [ ], 200[___] (the
“Indenture”), between the Issuer and [ ], a [ ] banking association, as
Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of [ ], 200[___] (the “Class C
Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture.
Capitalized terms used but not defined herein are defined in the Indenture, which also contains
rules as to construction that shall be applicable herein.
The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
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Denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
C-1
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the [___] day of the month preceding the month of such Payment
Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [___]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in
the manner specified herein.
The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___] %
Asset Backed Notes, Class C (herein called the “Class C Notes”), all issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class C Notes are subject to all terms of the Indenture.
The Class C Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class C Notes are subordinated in right of payment to the Class A
Notes and the Class B Notes and are senior in right of payment to the Class D Notes, to the extent
provided in the Indenture.
Principal of the Class C Notes will be payable on each Payment Date in an amount described on
the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not a
Business Day, the next succeeding Business Day, commencing [___], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Class C Maturity Date and the Redemption Date, if any, pursuant to Article X
of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of
the Controlling Class of Notes may declare the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the Class C Notes shall
be made pro rata to the Class C Noteholders entitled thereto.
Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on
C-2
each Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated by such nominee.
Such checks shall be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this Note (or any one
or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New York.
The Issuer shall pay interest on overdue installments of interest at the Class C Rate to the
extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face
hereof, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set
forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
C-3
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for
purposes of federal and state income tax, franchise tax and any other tax measured in whole or in
part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in
a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan”
within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section
4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
reason of an employee benefit plan’s or other plan’s investment in such entity, or any
governmental, foreign or church plan subject to applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee
represents, warrants and covenants that its purchase and holding of this Note, throughout the
period that it holds this Note is, and will be, covered by Department of Labor prohibited
transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another
applicable prohibited transaction exemption (or in the case of a governmental, foreign or church
plan subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar
type of exemption or other applicable relief). By its acquisition of this Note in book-entry form
or any interest therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay
conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by
notice to the contrary.
C - 4
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture. The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, none of [ ] in its individual capacity, [ ]in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by
its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
C - 5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.
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HYUNDAI AUTO RECEIVABLES TRUST 200[__] |
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By:
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individual capacity but solely as |
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Owner Trustee under the Trust |
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Agreement, |
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By: |
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Authorized Signatory |
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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Date: |
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[______________________], not in its |
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individual capacity but solely as |
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Indenture Trustee, |
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By: |
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Authorized Signatory |
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C - 6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
(name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
Dated: */
Signature Guaranteed:
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NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. |
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EXHIBIT D
[FORM OF CLASS D NOTE]
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
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REGISTERED |
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CUSIP
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$[___](1) No. R- |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___] |
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[___]%
ASSET BACKED NOTE, CLASS D |
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HYUNDAI AUTO RECEIVABLES TRUST 200[___], a statutory business trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [ ] DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class D Notes pursuant to Section 3.01 of the Indenture dated as of [ ], 200[___] (the “Indenture”), between the Issuer and [ ], a [ ] banking association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of [ ], 200[___] (the “Class D Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms used but not defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.
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Denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
D - 1
The Issuer will pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [___] day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [___] day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.
The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [___]% Asset Backed Notes, Class D (herein called the “Class D Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class D Notes are subject to all terms of the Indenture.
The Class D Notes are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class D Notes are subordinated in right of payment to the Class A Notes, the Class B Notes and the Class C Notes, to the extent provided in the Indenture.
Principal of the Class D Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the [___] day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing [ ], 200[___].
As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class D Maturity Date and the Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto.
Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note,
D - 2
shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.
The Issuer shall pay interest on overdue installments of interest at the Class D Rate to the extent lawful.
As provided in the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to certain exceptions set forth in the Indenture.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
D - 3
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.
The Issuer has entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for such purposes as indebtedness.
This Note, or any interest therein, may not be transferred to an “employee benefit plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment in such entity, or any governmental, foreign or church plan subject to applicable law that is substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code, unless such transferee represents, warrants and covenants that its purchase and holding of this Note, throughout the period that it holds this Note is, and will be, covered by Department of Labor prohibited transaction class exemption (“PTE”) 90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another applicable prohibited transaction exemption (or in the case of a governmental, foreign or church plan, subject to law that is substantially similar to ERISA or Section 4975 of the Code, a similar type of exemption or other applicable relief). By its acquisition of this Note in book-entry form or any interest therein, each transferee will be deemed to have represented, warranted and covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay conclusively on the same for purposes hereof.
Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this
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Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.
The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.
Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of [___] in its individual capacity, [___] in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.
D - 5
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.
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Date: |
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HYUNDAI AUTO RECEIVABLES TRUST 200[__] |
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By: |
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[ ], not in its |
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individual capacity but solely as |
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Owner Trustee under the Trust |
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Agreement, |
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By: |
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Authorized Signatory |
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TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Notes designated above and referred to in the within-mentioned Indenture.
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Date: |
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[ ], not in its |
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individual capacity but solely as |
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Indenture Trustee, |
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By: |
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Authorized Signatory |
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D - 6
ASSIGNMENT
Social Security or taxpayer I.D. or other identifying number of assignee: FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
(name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
Dated: */
Signature Guaranteed:
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*/ |
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NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. |
D - 7
EXHIBIT E
FORM OF NOTE DEPOSITORY AGREEMENT
(Letter of Representations)