ADMINISTRATION AGREEMENT AMONG CAPITAL AUTO RECEIVABLES ASSET TRUST 2007-2, ISSUING ENTITY, GMAC LLC, ADMINISTRATOR AND THE BANK OF NEW YORK TRUST COMPANY, N.A., INDENTURE TRUSTEE DATED AS OF AUGUST 23, 2007
EXHIBIT 99.3
AMONG
CAPITAL AUTO RECEIVABLES ASSET TRUST 2007-2,
ISSUING ENTITY,
ISSUING ENTITY,
GMAC LLC,
ADMINISTRATOR
ADMINISTRATOR
AND
THE BANK OF NEW YORK TRUST COMPANY, N.A.,
INDENTURE TRUSTEE
INDENTURE TRUSTEE
DATED AS OF AUGUST 23, 2007
ADMINISTRATION AGREEMENT, dated as of August 23, 2007, among CAPITAL AUTO RECEIVABLES ASSET
TRUST 2007-2, a Delaware statutory trust, as issuer (the “Issuing Entity”), GMAC LLC, a
Delaware limited liability company, as administrator (the “Administrator”), and THE BANK OF
NEW YORK TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States of America, not in its individual capacity but solely as indenture trustee (the
“Indenture Trustee”).
WITNESSETH:
WHEREAS, the Issuing Entity is issuing Notes pursuant to an indenture, dated as of August 23,
2007 (as amended and supplemented from time to time, the “Indenture”), between the Issuing
Entity and the Indenture Trustee;
WHEREAS, the Issuing Entity has entered into (or assumed) certain agreements in connection
with the issuance of the Notes and the Certificates, including (a) the Trust Sale and Servicing
Agreement, (b) the Note Depository Agreement, (c) the Indenture and (d) the Swap Counterparty
Rights Agreement;
WHEREAS, pursuant to the Basic Documents, the Issuing Entity and Deutsche Bank Trust Company
Delaware, as Owner Trustee, are required to perform certain duties in connection with (a) the Notes
and the Collateral and (b) the Certificates;
WHEREAS, the Issuing Entity and the Owner Trustee desire to have the Administrator perform
certain of the duties of the Issuing Entity and the Owner Trustee referred to in the preceding
clause, and to provide such additional services consistent with the terms of this Agreement and the
Basic Documents as the Issuing Entity and the Owner Trustee may from time to time request;
WHEREAS, the Administrator has the capacity to provide the services required hereby and is
willing to perform such services for the Issuing Entity and the Owner Trustee on the terms set
forth herein;
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties agree as follows:
1. Certain Definitions. Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in Part I of Appendix A to the Trust
Sale and Servicing Agreement of even date herewith among the Issuing Entity, the Seller and GMAC,
as Servicer (as it may be amended, modified or supplemented from time to time, the “Trust Sale
and Servicing Agreement”). All references herein to the “Agreement” or “this
Agreement” are to this Administration Agreement as it may be amended, modified or supplemented
from time to time. All references herein to Sections are to sections of this Agreement unless
otherwise specified. The rules of construction set forth in Part II of Appendix A
to the Trust Sale and Servicing Agreement shall be applicable to this Agreement.
2. Duties of the Administrator.
(a) Duties with Respect to the Note Depository Agreement and the Indenture.
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(i) The Administrator agrees to perform all its duties as Administrator and the duties of the
Issuing Entity under the Indenture, the Swap Counterparty Rights Agreement and the Note Depository
Agreement. In addition, the Administrator shall consult with the Owner Trustee regarding the duties
of the Issuing Entity under the Indenture, the Swap Counterparty Rights Agreement and the Note
Depository Agreement. The Administrator shall monitor the performance of the Issuing Entity and
shall advise the Owner Trustee when action is necessary to comply with the Issuing Entity’s duties
under the Indenture, the Swap Counterparty Rights Agreement and the Note Depository Agreement. The
Administrator shall prepare for execution by the Issuing Entity or shall cause the preparation by
other appropriate persons of all such documents, reports, filings, instruments, certificates,
notices and opinions as it shall be the duty of the Issuing Entity to prepare, file or deliver
pursuant to the Indenture, the Swap Counterparty Rights Agreement and the Note Depository
Agreement. In furtherance of the foregoing, the Administrator shall take all appropriate action
that it is the duty of the Issuing Entity to take pursuant to the Indenture and the Swap
Counterparty Rights Agreement, including such of the foregoing as are required with respect to the
following matters under the Indenture (references are to sections of the Indenture and the Swap
Counterparty Rights Agreement, as applicable):
(A) the preparation of or obtaining of the documents and instruments required for
authentication of the Notes and delivery of such documents or instruments to the Indenture Trustee
(Section 2.2 of the Indenture);
(B) the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of
any appointment of a new Note Registrar and the location, or change in location, of the Note
Register (Section 2.4 of the Indenture);
(C) the notification of the Noteholders of the final principal payment on their Notes
(Section 2.7(d) of the Indenture);
(D) the preparation, obtaining or filing of the instruments, opinions and certificates and
other documents required for the release of Collateral (Section 2.9 of the Indenture);
(E) the preparation of Definitive Notes and arranging the delivery thereof (Section
2.12 of the Indenture);
(F) the maintenance of an office in the Borough of Manhattan, the City of New York, for
registration of transfer or exchange of Notes (Section 3.2 of the Indenture);
(G) the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture
Trustee the instrument specified in the Indenture regarding funds held in trust (Section
3.3(c) of the Indenture);
(H) the direction to the Indenture Trustee to deposit monies with Paying Agents, if any, other
than the Indenture Trustee (Section 3.3(c) of the Indenture);
(I) the obtaining and preservation of the Issuing Entity’s qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to protect
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the validity and enforceability of the Indenture, the Notes, the Collateral and each other
instrument and agreement included in the Trust Estate (Section 3.4 of the Indenture);
(J) the preparation and filing of all supplements, amendments, financing statements,
continuation statements, instruments of further assurance and other instruments, in accordance with
Section 3.5 of the Indenture, necessary to protect the Trust Estate (Section 3.5 of
the Indenture);
(K) the delivery of the Opinion of Counsel on the Closing Date, in accordance with Section
3.6(a) of the Indenture, the delivery of the Opinion of Counsel on or before March 15 in each
calendar year, beginning March 15, 2008 regarding maintenance of security liens and security
interests in accordance with Section 3.6(b) of the Indenture, each of which relates to the
Trust Estate, and the annual delivery of the Officers’ Certificate and certain other statements, in
accordance with Section 3.9 of the Indenture, as to compliance with the Indenture
(Sections 3.6(a), 3.6(b) and 3.9 of the Indenture);
(L) the identification to the Indenture Trustee in an Officers’ Certificate of a Person with
whom the Issuing Entity has contracted to perform its duties under the Indenture (Section
3.7(b) of the Indenture);
(M) the notification of the Indenture Trustee and the Rating Agencies of a Servicer Default
pursuant to the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement and, if
such Servicer Default arises from the failure of the Servicer to perform any of its duties under
the Trust Sale and Servicing Agreement, the taking of all reasonable steps available to remedy such
failure (Section 3.7(d) of the Indenture);
(N) the preparation and obtaining of documents and instruments required for the release of the
Issuing Entity from its obligations under the Indenture (Sections 3.10 and 3.11 of
the Indenture);
(O) the delivery of notice to the Indenture Trustee and the Rating Agencies of each Event of
Default under the Indenture, each Servicer Default, each default by the Seller under the Trust Sale
and Servicing Agreement and each default by the Seller or the Servicer under the Pooling and
Servicing Agreement (Section 3.19 of the Indenture);
(P) the monitoring of the Issuing Entity’s obligations as to the satisfaction and discharge of
the Indenture and the preparation and delivery of an Officers’ Certificate, and the obtaining of
the Opinion of Counsel and an Independent Certificate relating thereto (Section 4.1 of the
Indenture);
(Q) the compliance with any written directive of the Indenture Trustee with respect to the
sale of the Trust Estate in a commercially reasonable manner if an Event of Default shall have
occurred and be continuing (Section 5.4 of the Indenture);
(R) the preparation and delivery of notice to the Noteholders and the Swap Counterparty of the
resignation or removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee (Section 6.8 of the Indenture);
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(S) the preparation of any written instruments required to confirm more fully the authority of
any co-trustee or separate trustee and any written instruments necessary in connection with the
resignation or removal of any co-trustee or separate trustee (Section 6.10 of the
Indenture);
(T) the furnishing of the Indenture Trustee with the names and addresses of the Noteholders
during any period when the Indenture Trustee is not the Note Registrar (Section 7.1 of the
Indenture);
(U) the preparation, the execution on behalf of the Issuing Entity and the filing with the
Securities and Exchange Commission, any applicable state agencies and the Indenture Trustee of
documents required to be filed on a periodic basis with, and summaries thereof as may be required
by rules and regulations prescribed by, the Securities and Exchange Commission and any applicable
state agencies and the transmission of such summaries, as necessary, to the Noteholders
(Section 7.3 of the Indenture);
(V) the opening of one or more accounts in the Issuing Entity’s name, the preparation of
Issuer Orders and Opinions of Counsel and all other actions necessary with respect to investment
and reinvestment of funds in the Designated Accounts (Sections 8.2 and 8.3 of the
Indenture);
(W) the preparation of an Issuer Request and Officer’s Certificate and the obtaining of an
Opinion of Counsel, a Materiality Opinion and Independent Certificates, if necessary, for the
release of the Trust Estate as defined in the Indenture (Sections 8.4 and 8.5 of
the Indenture);
(X) the preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to
the execution of supplemental indentures and the mailing to the Noteholders of notices with respect
to such supplemental indentures (Sections 9.1, 9.2 and 9.3 of the
Indenture);
(Y) the execution and delivery of new Notes conforming to any supplemental indenture
(Section 9.6 of the Indenture);
(Z) the notification of the Noteholders and the Rating Agencies of redemption of the Notes or
the duty to cause the Indenture Trustee to provide such notification (Sections 10.1 and
10.2 of the Indenture);
(AA) the preparation of all Officer’s Certificates, Opinions of Counsel and Independent
Certificates with respect to any requests by the Issuing Entity to the Indenture Trustee to take
any action under the Indenture and delivery thereof to the Indenture Trustee (Section
11.1(a) of the Indenture);
(BB) the preparation and delivery of Officers’ Certificates and the obtaining of Independent
Certificates, if necessary, for the release of property from the lien of the Indenture (Section
11.1(b) of the Indenture);
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(CC) the notification of the Rating Agencies upon the failure of the Indenture Trustee to give
such notification, of the information required pursuant to Section 11.4 (Section
11.4 of the Indenture);
(DD) the preparation and delivery to the Noteholders, the Indenture Trustee or any Paying
Agent of any agreements with any Holder of a Note with respect to alternate payment and notice
provisions (Section 11.6 of the Indenture);
(EE) the recording of the Indenture, if applicable (Section 11.15 of the Indenture);
(FF) the delivery to the Indenture Trustee of an Officer’s Certificate and an Opinion of
Counsel addressed to the Issuing Entity, each stating that any consolidation or merger of the
Issuing Entity and related supplemental indenture shall have no material adverse tax consequence to
the Swap Counterparty, as required pursuant to Section 2.01(a) of the Swap Counterparty
Rights Agreement;
(GG) the delivery to the Indenture Trustee of an Officer’s Certificate and an Opinion of
Counsel addressed to the Issuing Entity, each stating that any sale, conveyance, exchange, transfer
or disposition of property or assets of the Issuing Entity and related supplemental indenture shall
have no material adverse tax consequence to the Swap Counterparty, as required pursuant to
Section 2.01(b) of the Swap Counterparty Rights Agreement;
(HH) the delivery of a copy to the Swap Counterparty of any notice it shall deliver pursuant
to Section 3.7(d) of the Indenture in respect of the occurrence of a Servicer Default under
the Trust Sale and Servicing Agreement (Section 4.02(b) of the Swap Counterparty Rights
Agreement);
(II) the delivery of prompt written notice to the Swap Counterparty of each Event of Default
under the Indenture, each Servicer Default, each default on the part of the Seller of its
obligations under the Trust Sale and Servicing Agreement and each default on the part of GMAC of
its obligations under the Pooling and Servicing Agreement (Section 4.02(c) of the Swap
Counterparty Rights Agreement);
(JJ) the delivery to the Swap Counterparty, within five (5) Business Days after learning of
the occurrence thereof, of a copy of the written notice in the form of an Officer’s Certificate
delivered to the Indenture Trustee, of any event which with the giving of notice and the lapse of
time would become an Event of Default under Section 5.1(d) of the Indenture, its status and
what action the Issuing Entity is taking or proposes to take with respect thereto (Section
4.02(d) of the Swap Counterparty Rights Agreement);
(KK) the delivery of written notice to the Swap Counterparty at least sixty (60) days prior to
the removal of the Administrator without cause pursuant to Section 10(d) of this Agreement
(Section 4.10(a) of the Swap Counterparty Rights Agreement);
(LL) the delivery to the Swap Counterparty of a copy of any written notice from the Issuing
Entity to the Administrator effecting the immediate removal of the
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Administrator pursuant to Section 10(d) of this Agreement (Section 4.10(b) of
the Swap Counterparty Rights Agreement);
(MM) the prompt transmittal to the Swap Counterparty of any notice received by the Issuing
Entity from the Noteholders to the Swap Counterparty (Section 4.12 of the Swap Counterparty
Rights Agreement);
(NN) the delivery to the Swap Counterparty of summaries of any information, documents or
reports required to be filed by the Issuing Entity pursuant to Sections 7.3(a)(i) and
7.3(a)(ii) of the Indenture;
(OO) the delivery to the Swap Counterparty of a copy of the Annual Statement of Compliance
required by Section 3.9 of the Indenture (Section 4.13(c) of the Swap Counterparty
Rights Agreement); and
(ii) For so long as GMAC is both the Administrator and the Servicer, the Administrator will
perform those payment and indemnity obligations of the Servicer under Section 3.01 of the
Pooling and Servicing Agreement and Section 6.01 of the Trust Sale and Servicing Agreement
in the event that the Servicer fails to perform such obligations.
(b) Additional Duties.
(i) In addition to the duties of the Administrator set forth above, the Administrator shall
perform all the duties of the Issuing Entity under the other Basic Documents, including making all
calculations and shall prepare for execution by the Issuing Entity or the Owner Trustee or shall
cause the preparation by other appropriate Persons of all such documents, reports, filings,
instruments, certificates, notices and opinions as it shall be the duty of the Issuing Entity or
the Owner Trustee to prepare, file or deliver pursuant to the Basic Documents, and at the request
of the Owner Trustee shall take all appropriate action that it is the duty of the Issuing Entity or
the Owner Trustee to take pursuant to the Basic Documents. Subject to Section 7 of this
Agreement, and in accordance with the directions of the Owner Trustee, the Administrator shall
administer, perform or supervise the performance of such other activities in connection with the
Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions
and as are expressly requested by the Owner Trustee and are reasonably within the capability of the
Administrator.
(ii) Notwithstanding anything in this Agreement or the other Basic Documents to the contrary,
the Administrator shall be responsible for promptly notifying the Owner Trustee if any withholding
tax is imposed on the Issuing Entity’s payments to a Certificateholder as contemplated in
Section 5.2(c) of the Trust Agreement. Any such notice shall specify the amount of any
withholding tax required to be withheld by the Owner Trustee pursuant to such provision.
(iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the
Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in
Section 5.4 of the Trust Agreement with respect to, among other things, accounting and
reports to Certificateholders; provided, however, that if the Owner Trustee is
notified by the Administrator that the Issuing Entity is deemed to be taxable as a partnership for
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federal income tax purposes, the Owner Trustee shall retain responsibility for the
distribution to the Certificateholders of the Schedule K-1s necessary to enable each
Certificateholder to prepare its federal and state income tax returns.
(iv) The Administrator may satisfy any obligations it may have with respect to clauses
(ii) and (iii) above by retaining, at the expense of the Issuing Entity payable by the
Administrator, a firm of independent public accountants acceptable to the Owner Trustee which shall
perform the obligations of the Administrator thereunder.
(v) The Administrator shall perform the duties of the Administrator specified in Section
6.10 of the Trust Agreement required to be performed in connection with the resignation or
removal of the Owner Trustee, and any other duties expressly required to be performed by the
Administrator under the Trust Agreement, including the duties under Section 3.4(c) of the
Trust Agreement, required to be performed by the Administrator with respect to amendments to the
Basic Documents in the event that the Depositor is no longer the sole Certificateholder.
(vi) In carrying out the foregoing duties or any of its other obligations under this
Agreement, the Administrator may enter into transactions with or otherwise deal with any of its
Affiliates; provided, however, that the terms of any such transactions or dealings
shall be in accordance with any directions received from the Issuing Entity and shall be, in the
Administrator’s opinion, no less favorable to the Issuing Entity than would be available from
Persons that are not Affiliates of the Administrator.
(vii) The Administrator shall indemnify, defend and hold harmless the Indenture Trustee and
the Owner Trustee from and against any and all costs, expenses, losses, claims, damages, and
liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of,
or was imposed upon the Indenture Trustee or the Owner Trustee through the negligence, willful
misfeasance or bad faith of the Administrator in the performance of its duties under this Agreement
or by reason of reckless disregard of its obligations and duties under this Agreement.
Indemnification under this Section 2(b)(vii) shall include reasonable fees and expenses of
counsel and expenses of litigation. If the Administrator has made any indemnity payments pursuant
to this Section 2(b)(vii) and the recipient thereafter collects any of such amounts from
others, the recipient shall promptly repay such amounts collected to the Administrator, without
interest.
(c) Non-Ministerial Matters.
(i) With respect to matters that in the reasonable judgment of the Administrator are
non-ministerial, the Administrator shall not take any action unless, within a reasonable time
before the taking of such action, the Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include:
(A) the amendment of or any supplement to the Indenture;
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(B) the initiation of any claim or lawsuit by the Issuing Entity and the compromise of any
action, claim or lawsuit brought by or against the Issuing Entity;
(C) the amendment, change or modification of any of the Basic Documents;
(D) the appointment of successor Note Registrars, successor Paying Agents and successor
Indenture Trustees pursuant to the Indenture or the appointment of successor Administrators or
successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or
Indenture Trustee of its obligations under the Indenture; and
(E) the removal of the Indenture Trustee.
(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not
be obligated to, and shall not, (x) make any payments to the Noteholders under the Basic Documents,
(y) sell the Trust Estate pursuant to Section 5.4 of the Indenture or (z) take any other
action that the Issuing Entity directs the Administrator not to take on its behalf.
3. Successor Servicer and Administrator. The Issuing Entity shall undertake, as
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s
rights and powers pursuant to Section 7.02 of the Trust Sale and Servicing Agreement, to
enforce the provisions of Sections 7.02, 7.03 and 7.04 of the Trust Sale
and Servicing Agreement with respect to the appointment of a successor Servicer. Such successor
Servicer shall, upon compliance with Sections 10(e)(ii) and 10(e)(iii), become the
successor Administrator hereunder.
4. Records. The Administrator shall comply with Section 5.4 of the Trust
Agreement, including maintaining appropriate books of account and records relating to services
performed hereunder, which books of account and records shall be accessible for inspection by the
Issuing Entity and the Seller at any time during normal business hours.
5. Compensation. As compensation for the performance of the Administrator’s
obligations under this Agreement and as reimbursement for its expenses related thereto, the
Servicer shall pay the Administrator a monthly fee in the amount of $1,500.
6. Additional Information To Be Furnished to the Issuing Entity. The Administrator
shall furnish to the Issuing Entity from time to time such additional information regarding the
Collateral as the Issuing Entity shall reasonably request.
7. Independence of the Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the
Issuing Entity or the Owner Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by the Issuing Entity, the
Administrator shall have no authority to act for or represent the Issuing Entity or the Owner
Trustee in any way and shall not otherwise be deemed an agent of the Issuing Entity or the Owner
Trustee.
8. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the
Administrator and either of the Issuing Entity or the Owner Trustee as members of any
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partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be
deemed to confer on any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.
9. Other Activities of Administrator. Nothing herein shall prevent the Administrator
or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a
similar capacity as an administrator for any other person or entity even though such person or
entity may engage in business activities similar to those of the Issuing Entity, the Owner Trustee
or the Indenture Trustee.
10. Term of Agreement; Resignation and Removal of Administrator.
(a) This Agreement shall continue in force until the termination of the Issuing Entity, upon
which event this Agreement shall automatically terminate.
(b) Subject to Section 10(e), the Administrator may give notice of its intent to
resign its duties hereunder by providing the Issuing Entity with at least sixty (60) days’ prior
written notice.
(c) Subject to Section 10(e), the Issuing Entity may remove the Administrator without
cause by providing the Administrator with at least sixty (60) days’ prior written notice.
(d) Subject to Section 10(e), at the sole option of the Issuing Entity, the
Administrator may be removed immediately upon written notice of termination from the Issuing Entity
to the Administrator if any of the following events shall occur:
(i) the Administrator shall default in the performance of any of its duties under this
Agreement and, after notice from the Issuing Entity of such default, shall not cure such default
within ten (10) days (or, if such default cannot be cured in such time, shall not give within ten
(10) days such assurance of cure as shall be reasonably satisfactory to the Issuing Entity);
(ii) a court having jurisdiction in the premises shall enter a decree or order for relief, and
such decree or order shall not have been vacated within sixty (60) days, in respect of the
Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for the Administrator or any substantial part of its property or
order the winding-up or liquidation of its affairs; or
(iii) the Administrator shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order
for relief in an involuntary case under any such law, or shall consent to the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the
Administrator or any substantial part of its property, shall consent to the taking of possession by
any such official of any substantial part of its property, shall make any general assignment for
the benefit of creditors or shall fail generally to pay its debts as they become due.
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The Administrator agrees that if any of the events specified in clauses (i),
(ii) or (iii) of this Section 10(d) shall occur, it shall give written
notice thereof to the Issuing Entity, the Swap Counterparty and the Indenture Trustee within seven
(7) days after the happening of such event.
(e) No resignation or removal of the Administrator pursuant to this Section 10 shall
be effective until (i) a successor Administrator shall have been appointed by the Issuing Entity,
(ii) such successor Administrator shall have agreed in writing to be bound by the terms of this
Agreement in the same manner as the Administrator is bound hereunder, and (iii) the Rating Agency
Condition has been satisfied with respect to such proposed appointment.
11. Action upon Termination, Resignation or Removal. Promptly upon the effective date
of termination of this Agreement pursuant to Section 10(a) or the resignation or removal of
the Administrator pursuant to Section 10(b) or 10(c), respectively, the
Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the
effective date of such termination, resignation or removal. The Administrator shall forthwith upon
such termination pursuant to Section 10(a) deliver to the Issuing Entity all property and
documents of or relating to the Collateral then in the custody of the Administrator. In the event
of the resignation or removal of the Administrator pursuant to Section 10(b) or
10(c), respectively, the Administrator shall cooperate with the Issuing Entity and take all
reasonable steps requested to assist the Issuing Entity in making an orderly transfer of the duties
of the Administrator.
12. Notices. All demands, notices and communications upon or to the Issuing Entity,
the Administrator or the Indenture Trustee under this Agreement shall be delivered as specified in
Appendix B of the Trust Sale and Servicing Agreement.
13. Amendments.
(a) This Agreement may be amended by the Issuing Entity, the Administrator and the Indenture
Trustee, without the consent of any of the Noteholders, (i) to cure any ambiguity, (ii) to correct
or supplement any provision in this Agreement that may be defective or inconsistent with any other
provision in this Agreement or any other Basic Documents, (iii) to add or supplement any provision
in this Agreement for the benefit of the Noteholders or the Certificateholders (provided that if
any such addition shall affect any class of Noteholders or the Certificateholders differently from
any other class of Noteholders or the Certificateholders, then such addition shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any
class of Noteholders or the Certificateholders) or to surrender any right or power herein conferred
upon the Administrator, (iv) to evidence and provide for the appointment of a successor
Administrator hereunder and to add to or change any of the provisions of this Agreement as shall be
necessary to facilitate such succession, (v) to add to the covenants, restrictions or obligations
of the Administrator or (vi) to add, change or eliminate any other provision of this Agreement in
any manner that shall not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of the Noteholders or the Certificateholders.
(b) This Agreement may also be amended from time to time by the Issuing Entity at the
direction of the Certificateholders whose Certificates evidence not less than a majority of the
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Voting Interests as of the close of the preceding Distribution Date, the Administrator and the
Indenture Trustee, with the consent of the Noteholders whose Notes evidence not less than a
majority of the Outstanding Amount of the Controlling Class as of the close of the preceding
Distribution Date and if any Person other than the Depositor holds any Certificates, the consent of
Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as
of the close of the preceding Distribution Date (which consent, whether given pursuant to this
Section 13(b) or pursuant to any other provision of this Agreement, shall be conclusive and
binding on such Person and on all future holders of such Note or Certificate and of any Note or
Certificate issued upon the transfer hereof or in exchange thereof or in lieu thereof whether or
not notation of such consent is made upon the Note or Certificate) for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or
of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that no such amendment shall (i) without the consent of the
holder of the affected Note or Certificate, increase or reduce the interest rate or principal
amount of any Note or change any Distribution Date or the Final Scheduled Distribution Date of any
Note or distributions on the Certificates, (ii) reduce the amount of the required Specified Reserve
Account Balance without the consent of all of the Noteholders or Certificateholders then
outstanding, (iii) adversely affect the rating of any Securities by any of the Rating Agencies
without the consent of the holders of two-thirds of the Outstanding Amount of an affected class of
Notes or two-thirds of the Voting Interests of affected Certificates, as appropriate, each as of
the close of the preceding Distribution Date or (iv) reduce the aforesaid percentage required to
consent to any such amendment, without the consent of the holders of all Notes and Certificates
then outstanding.
(c) Prior to the execution of any amendment or consent pursuant to Section 13(a) or
(b), the Indenture Trustee shall furnish written notice of the substance of such amendment
to the Rating Agencies.
(d) Promptly after the execution of any amendment or consent pursuant to Section 13(a)
or (b), the Indenture Trustee shall furnish a copy of such amendment or consent to each of
the Interested Parties.
(e) Notwithstanding Sections 13(a) and (b), the Administrator may not amend
this Agreement without the consent of the Depositor, which consent shall not be unreasonably
withheld.
(f) It shall not be necessary for the consent of the Noteholders or Certificateholders
pursuant to Section 13(b) to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Noteholders or Certificateholders
provided for in this Agreement) and of evidencing the authorization of the execution thereof by
Noteholders and Certificateholders shall be subject to such reasonable requirements as the
Indenture Trustee may prescribe.
(g) Prior to the execution of any amendment to this Agreement, the Indenture Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Section 13. The Indenture
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Trustee may, but shall not be obligated to, enter into any such amendment which affects such
trustee’s own rights, duties or immunities under this Agreement or otherwise.
14. Successors and Assigns. This Agreement may not be assigned by the Administrator
unless such assignment is previously consented to in writing by the Issuing Entity and the Owner
Trustee and subject to the satisfaction of the Rating Agency Condition in respect thereof. An
assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee
hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuing
Entity or the Owner Trustee to a corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator or that more than 50% of the voting
interests of which is owned, directly or indirectly by, General Motors or GMAC, provided that such
successor organization executes and delivers to the Issuing Entity, the Owner Trustee and the
Indenture Trustee an agreement in which such corporation or other organization agrees to be bound
hereunder by the terms of such assignment in the same manner as the Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the
parties hereto.
15. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF
LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
16. Headings. The section headings hereof have been inserted for convenience of
reference only and shall not define or limit any of the terms or provisions hereof.
17. Separate Counterparts. This Agreement may be executed by the parties in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.
18. Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Securities or the rights of the
holders thereof.
19. Not Applicable to GMAC in Other Capacities. Nothing in this Agreement shall
affect any obligation GMAC may have in any other capacity.
20. Limitation of Liability of Owner Trustee and Indenture Trustee.
(a) Notwithstanding anything contained herein to the contrary, this Agreement has been
countersigned by Deutsche Bank Trust Company Delaware, not in its individual capacity but solely as
Owner Trustee and in no event shall Deutsche Bank Trust Company Delaware have
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any liability for the representations, warranties, covenants, agreements or other obligations
of the Issuing Entity hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing
Entity. For all purposes of this Agreement, in the performance of any duties or obligations of the
Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of,
the terms and provisions of Article VI of the Trust Agreement.
(b) Notwithstanding anything contained herein to the contrary, this Agreement has been
countersigned by The Bank of New York Trust Company, N.A., not in its individual capacity but
solely in its capacity as Indenture Trustee and in no event shall The Bank of New York Trust
Company, N.A. have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuing Entity hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuing Entity. For all purposes of this Agreement, in the performance of any duties or
obligations of the Issuing Entity hereunder, the Indenture Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Article VI of the Indenture.
21. Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary to this
Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions
hereof as if it were a party hereto.
* * * * *
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their
respective officers as of the day and year first above written.
CAPITAL AUTO RECEIVABLES ASSET TRUST 2007-2,
as Issuing Entity By: DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee on behalf of the Issuing Entity |
||||
By: | /s/ Xxxxx Xxxxxxx | |||
Name: | Xxxxx Xxxxxxx | |||
Title: | Attorney-in-fact | |||
By: | /s/ Xxxxxx X. Xxxx | |||
Name: | Xxxxxx X. Xxxx | |||
Title: | Attorney-in-fact | |||
GMAC LLC, as Administrator |
||||
By: | /s/ Xxxx X. Xxxxxxxxx | |||
Name: | Xxxx X. Xxxxxxxxx | |||
Title: | Director, Global Securitization | |||
THE BANK OF NEW YORK TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture Trustee |
||||
By: | /s/ Xxxxx X. Xxxxxxxxxx | |||
Name: | Xxxxx X. Xxxxxxxxxx | |||
Title: | Vice President | |||