SCHEDULE TO THE ISDA MASTER AGREEMENT (Multicurrency-Cross Border) (this “Agreement”) dated as of February 13, 2007 between SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1 (the “Trust”) and BANK OF AMERICA, N.A. (the “Counterparty”)
EXHIBIT 99.4
dated as of February 13, 2007
between
SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1
(the “Trust”)
(the “Trust”)
and
BANK OF AMERICA, N.A.
(the “Counterparty”)
(the “Counterparty”)
(a) “Specified Entity” means in relation to the Counterparty for the purpose of:
Section 5(a)(v), none
Section 5(a)(vi), none
Section 5(a)(vii), none
Section 5(b)(iv), none
Section 5(a)(vi), none
Section 5(a)(vii), none
Section 5(b)(iv), none
and in relation to the Trust for the purpose of:
Section 5(a)(v), none
Section 5(a)(vi), none
Section 5(a)(vii), none
Section 5(b)(iv), none
Section 5(a)(vi), none
Section 5(a)(vii), none
Section 5(b)(iv), none
(b) All references to “Potential Events of Default” in this Agreement shall be deleted.
(i) The following Events of Default will not apply to the Trust and the definition of “Event
of Default” in Section 14 is deemed to be modified accordingly:
Section 5(a)(ii), (Breach of Agreement)
Section 5(a)(iii), (Credit Support Default)
Section 5(a)(iv), (Misrepresentation)
Section 5(a)(v), (Default Under Specified Transaction)
Section 5(a)(vi), (Cross Default)
Section 5(a)(vii), (Bankruptcy)
Section 5(a)(iii), (Credit Support Default)
Section 5(a)(iv), (Misrepresentation)
Section 5(a)(v), (Default Under Specified Transaction)
Section 5(a)(vi), (Cross Default)
Section 5(a)(vii), (Bankruptcy)
(ii) The following Events of Default will not apply to the Counterparty and the definition of
“Event of Default” in Section 14 is deemed to be modified accordingly:
Section 5(a)(v), (Default Under Specified Transaction)
Section 5(a)(vi) (Cross Default)
Section 5(a)(vi) (Cross Default)
(iii) It shall be an additional Event of Default under Section 5(a), and the Trust shall be
deemed to be the Defaulting Party with respect thereto, if (x) (i) there occurs an Indenture “Event
of Default” under Section 5.1(a), (b), (c), or (d) of the Indenture and (ii) after such Indenture
“Event of Default,” remedies are commenced with respect to the Collateral under Section 5.4(a)(iv)
of the Indenture or any other sale or liquidation of the Collateral occurs under Article V of the
Indenture or (y) there occurs an Indenture “Event of Default” under Section 5.1(e) or (f) of the
Indenture.
(iv) It shall be an additional Event of Default under Section 5(a), and the Trust shall be
deemed to be the Defaulting Party with respect thereto, if any Trust Document is amended, modified
or supplemented without the prior written consent of the Counterparty, except in accordance with
the Swap Counterparty Rights Agreement, dated as of the date hereof, among the Trust, the
Counterparty, HSBC Bank USA, National Association, in its capacity as Owner Trustee, and The Bank
of New York Trust Company, in its capacity as Indenture Trustee. The procedures for amending the
Trust Documents are set forth in Section 10.1 of the Trust Sale and Servicing Agreement, Article IX
of the Indenture, Section 7.01 of the Pooling and Servicing Agreement, Section 13 of the
Administration Agreement, Article VIII of the Trust Agreement and Section 8 of the Custodian
Agreement.
(i) In the event that the Counterparty fails to make, when due, any payment under this
Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the
Trust shall immediately notify GMAC LLC (“GMAC”) of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in this Agreement, upon (A) the
occurrence or declaration of a Designated Event (as defined in, or pursuant to, as applicable, the
Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the
date hereof (the “Triparty Agreement”), GMAC shall accede to rights and obligations equivalent to
those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the
Triparty Agreement). If such a Designated Event has occurred or been declared, as applicable, then
upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement)
and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the
Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting
such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no
Early Termination Date may be designated as a result of such Designated Event. As of the
Assignment Date (as defined in the
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Triparty Agreement) the Counterparty shall have no further liability hereunder (including in
respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any
and all collateral posted by the Counterparty shall be returned to it within three Business Days of
the Assignment Date and the Credit Support Document of the Counterparty’s Credit Support Provider
and any other form of collateral arrangement (including letters of credit, surety bond or other
guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it
with the following words: “Early Termination Following Termination Event.”
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
“(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the
Counterparty is the Affected Party it will, and if the Trust is the Affected Party
it may request the Counterparty to (and the Counterparty upon notice thereof will),
use its best efforts (provided that using its best efforts will not require the
Counterparty to incur any loss, excluding immaterial, incidental expenses) to
transfer prior to the 20th day following the occurrence of such event (the “Transfer
Cut-Off Date”), all of its rights and obligations under this Agreement in respect of
Affected Transactions to another of its offices or Affiliates or third party so that
such Termination Event ceases to exist.
If the Counterparty is not able to make such a transfer it will give notice to the
Trust to that effect prior to the Transfer Cut-Off Date.
Any such transfer under this Section 6(b)(ii) will be subject to and conditional
upon the prior written consent of the Trust, which consent will not be withheld if
the Trust’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed and may not be refused if it
is pursuant to the Triparty Agreement.
(2) No transfer or substitution pursuant to this Section 6(b)(ii) shall occur if
(x) the then current ratings of the Notes by Xxxxx’x Investors Service, Inc.
(“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”) would be reduced or
adversely affected or (y) the position of the Trust would otherwise materially be
prejudiced under this Agreement or any Confirmation (it being understood that it
shall be the responsibility of the Trust to verify such matters prior to the
occurrence of such transfer or substitution).”
(v) Section 6(b)(iii) shall hereby be amended by replacing the words “within 30 days” with the
words “by the Transfer Cut-Off Date (as defined above).”
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(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
If a Termination Event has occurred and a transfer under Section 6(b)(ii) or an
agreement under Section 6(b)(iii), as the case may be, has not been effected with
respect to all Affected Transactions by the Transfer Cut-Off Date, an Early
Termination Date in respect of all outstanding Swap Transactions will occur
immediately.”
(i) “Market Quotation” and “Second Method” will apply for purposes of Section 6(e).
(ii) The Trust and the Counterparty, as applicable, will be obligated to pay interest to the
other party on any amounts due and unpaid under Section 6(e) at a rate equal to the Floating Rate
Option under the Confirmation.
(g) “Termination Currency” means United States Dollars.
It is not required by any applicable law, as modified by the practice of any
Relevant Jurisdiction, to make any deduction or withholding for or on account of any
Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)) to
be made by it to the other party under this Agreement. In making this
representation, it may rely on (i) the accuracy of any representation made by the
other party pursuant to Section 3(f); (ii) the satisfaction of the agreement of the
other party contained in Section 4(a)(i) or 4(a)(iii) and the accuracy and
effectiveness of any document provided by the other party pursuant to Section
4(a)(i) or 4(a)(iii) and (iii) the satisfaction of the agreement of the other party
contained in Section 4(d), provided that it shall not be a breach of this
representation where reliance is placed on clause (ii) and the other party does not
deliver a form or document under Section 4(a)(iii) by reason of material prejudice
to its legal or commercial position.
It is a statutory trust organized or formed under the laws of the State of Delaware.
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It is (A) a “United States person” as defined in Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, or (B) wholly-owned by a “United States person”
and disregarded as an entity separate from its owner for U.S. federal tax purposes.
It is a national banking association organized and existing under the laws of the
United States.
For the purpose of Sections 4(a)(i) and (ii), each party agrees to deliver the following documents,
as applicable:
(a) Tax forms, documents or certificates to be delivered are:
Party required to deliver document | Form/Document/Certificate | Date by which to be delivered | ||
Counterparty and Trust
|
IRS Form W-9 (or any successor form) | Promptly upon execution of this Agreement, and promptly upon learning that any form previously provided by the party has become obsolete or incorrect. |
(b) Other documents to be delivered are:
Covered by | ||||||
Party required to | Form/Document/ | Date by which to be | Section 3(d) | |||
deliver document | Certificate | Delivered | Representation | |||
Counterparty and
Trust
|
Certificate or other documents evidencing the authority of the party to enter into this Agreement and the persons acting on behalf of such party. | At or promptly following the execution of this Agreement, and, if a Confirmation so requires it, on or before the date set forth therein. | Yes | |||
Counterparty and
Trust
|
A legal opinion, in the form reasonably acceptable to the other party. | At or promptly following the execution of this Agreement, but in no event shall be later than 10 days after the date hereof. | No |
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Covered by | ||||||
Party required to | Form/Document/ | Date by which to be | Section 3(d) | |||
deliver document | Certificate | Delivered | Representation | |||
Trust
|
The Trust Sale and Servicing Agreement and all other documents to be executed by the Trust as contemplated thereby. | At or promptly following the execution of this Agreement. | Yes |
(a) Addresses for Notices. For purpose of Section 12(a):
(i) Address for notices or communications to the Trust:
Address: | c/o HSBC Bank USA, National Association, | |||
as Owner Trustee | ||||
00 Xxxx 00xx Xxxxxx, 00xx Xxxxx | ||||
Xxx Xxxx, XX 00000 | ||||
Facsimile No.: | 000-000-0000 | |||
Telephone No.: | 000-000-0000 | |||
with a copy to: | ||||
Address: | GMAC LLC | |||
000 Xxxxxxxxxxx Xxxxxx, 00xx Xxxxx | ||||
Xxxxxxx, Xxxxxxxx 00000 | ||||
Attention: | Director – Securitization and Cash Management | |||
Facsimile No.: | (000) 000-0000 | |||
Telephone No.: | (000) 000-0000 |
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(ii) Address for notices or communications to the Counterparty:
Address: | 000 X. Xxxxx Xx., XX0-000-00-00 | |||
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 | ||||
Attention: | Capital Markets Documentation | |||
Facsimile No.: | 000-000-0000 | |||
(For all purposes) | ||||
In addition, in the case of notices or communications relating to Section 5, 6, 11 or 13 of this Agreement, a second copy of any such notice or communication shall be addressed to the attention of Party A’s legal department as follows: | ||||
Address: | 000 X. Xxxxx Xx., XX0-000-00-00 | |||
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 | ||||
Attention: | Xxxxxxxx Xxxxx, Esq. | |||
Facsimile No.: | 000-000-0000 |
(b) Notices. (i) Section 12(a)(iv) of this Agreement shall be deleted in its
entirety and replaced with the following:
“(iv) if sent by certified or registered mail (airmail, if overseas) or the
equivalent (return receipt requested), on the date that mail is delivered or its
delivery is attempted, provided, however, it is understood that, if feasible, a
party shall first attempt to send notice by overnight couriers, telex or facsimile
before attempting to send notice by certified or registered mail; or,”
(ii) Section 12(a) is hereby amended by deleting the words “facsimile transmission or” in line
3 thereof.
The Counterparty appoints as its Process Agent: Not applicable.
The Trust appoints as its Process Agent: Not applicable.
The Counterparty is not a Multibranch Party.
The Trust is not a Multibranch Party.
(e) “Calculation Agent” means, unless otherwise designated by a Confirmation for a particular
Swap Transaction, GMAC. All calculations by the Calculation Agent shall be made in good faith and
through the exercise of the Calculation Agent’s commercially reasonable judgment. All such
calculations shall be final and binding upon the Counterparty and the Trust
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absent manifest error. Upon the request of the Counterparty, the Trust shall provide the
Counterparty with such information as is reasonably necessary to enable the Counterparty to confirm
the accuracy of such calculations.
(f) Credit Support Provider. Details of any Credit Support Provider:
The Counterparty: Not applicable.
The Trust: Not applicable.
(g) Credit Support Document. Details of any Credit Support Document:
The Counterparty: Not applicable.
The Trust: Not applicable.
(h) GOVERNING LAW; JURISDICTION. THIS AGREEMENT AND EACH CONFIRMATION 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 LAW THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN
SECTION 5-1401 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.
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(i) no such transfer shall occur without prior written confirmation by Moody’s and
S&P that the then current ratings of the Notes would not be reduced or adversely
affected as a result of such transfer;
(ii) the Counterparty delivers an opinion of independent counsel of recognized
standing, in form and substance reasonably satisfactory to the Indenture Trustee and
the Servicer, confirming that as of the date of such transfer the transferee will
not, as a result of such transfer, be required to withhold or deduct on account of
Tax under this Agreement; and
(iii) such transfer will not cause the occurrence of an Event of Default or a
Termination Event under this Agreement.
Notwithstanding the foregoing, prior written notice of transfer shall not be required with
respect to a transfer under Section 6(b)(ii), and the Counterparty may not otherwise transfer any
of its rights, interests or obligations to any third party without the prior written consent of the
Trust and without obtaining written confirmation from each Rating Agency that such transfer would
not result in the downgrade, qualification (if applicable) or withdrawal of the rating then
assigned by such Rating Agency to the applicable class of Notes.”
(g) Eligible Contract Participant. It is an “eligible contract participant” as
that term is defined in Section 1a(12) of the Commodity Exchange Act, as amended by
the Commodity Futures Modernization Act of 2000.
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; provided, however, that no such amendments, modifications or waivers shall be
effective until such time as the Trust has obtained the written affirmation of each
of Moody’s and S&P, who are then rating any securities issued by the Trust that such
amendments, modifications or waivers shall not adversely affect the then current
ratings of the Notes.
(i) Capitalized Terms. Each capitalized term used in this Agreement and not defined
in this Agreement, the Confirmation or the Definitions shall have the meaning given such term in
Appendix A to the Trust Sale and Servicing Agreement, dated as of February 13, 2007, among GMAC, as
Servicer, Wholesale Auto Receivables LLC, as Depositor, and Superior Wholesale Inventory Financing
Trust 2007-AE-1, as Issuing Entity (as amended, modified or supplemented from time to time in
accordance with its terms). To the extent that a capitalized term in this Agreement is defined by
reference to a related definition contained in the Trust Sale and Servicing Agreement, the
Indenture, the Pooling and Servicing Agreement, the Swap Counterparty Rights Agreement, the
Administration Agreement, the Trust Agreement and the Custodian Agreement (collectively, the “Trust
Documents” and each, a “Trust Document”), for purposes of this Agreement only, such capitalized
term shall be deemed to be amended only if the amendment of the term in a Trust Document relating
to such capitalized term occurs with the prior written consent of the Counterparty.
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* * * * * *
11
SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1 |
||||||
By: | HSBC BANK USA, | |||||
NATIONAL ASSOCIATION, | ||||||
not in its individual capacity but solely as Owner Trustee on behalf of the Trust | ||||||
By: | /s/ Xxxxx Xxxxx
|
|||||
Name: | Xxxxx Xxxxx | |||||
Title: | Assistant Vice President | |||||
BANK OF AMERICA, N.A. | ||||||
By: | /s/ Xxxxx Xxxxxxxxxxx
|
|||||
Name: | Xxxxx Xxxxxxxxxxx | |||||
Title: | Senior Vice President |