PoolingandServicingAgreement联营及服务协议1doc.docx
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PoolingandServicingAgreement联营及服务协议1doc.docx
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PoolingandServicingAgreement联营及服务协议1doc
PoolingandServicingAgreement联营及服务协议-
6.1EstablishmentofCustodialAccounts.
(a)(i)TheCustodian,onbehalfoftheCertificateholders,willestablishandmaintaininitsownnameanEligibleDepositAccount(theCollectionAccount),bearingadesignationclearlyindicatingthatthefundsdepositedthereinareheldforthebenefitoftheCustodianonbehalfoftheCertificateholders.
(i)TheCustodian,onbehalfoftheCertificateholders,shallestablishandmaintaininitsownnameanEligibleDepositAccount(theAccumulationAccount),bearingadesignationclearlyindicatingthatthefundsdepositedthereinareheldforthebenefitoftheCustodianonbehalfoftheCertificateholders.
(ii)TheCustodian,onbehalfoftheCertificateholders,shallestablishandmaintaininitsownnameanEligibleDepositAccount(theSpreadAccount),bearingadesignationclearlyindicatingthatthefundsdepositedthereinareheldforthebenefitoftheCustodianonbehalfoftheCertificateholders.OntheClosingDate,theIssuershalldeposit(orcausetobedeposited)$,_________totheSpreadAccount.
(b)FundsondepositintheCollectionAccount,theAccumulationAccountandtheSpreadAccount(collectively,theCustodialAccounts)shallbeinvestedbytheCustodian(oranycustodianwithrespecttofundsondepositinanysuchaccount)inEligibleInvestmentsselectedinwritingbytheServicer(pursuanttostandinginstructionsorotherwise);providedhowever,itisunderstoodandagreedthattheCustodianandtheServicershallnotbeliablefortheselectionof,oranylossarisingfromsuchinvestmentin,EligibleInvestments.AllsuchEligibleInvestmentsshallbeheldbyoronbehalfoftheCustodianforthebenefitoftheCertificateholders.OtherthanaspermittedbytheRatingAgencies,fundsondepositinanyCustodialAccountshallbeinvestedinEligibleInvestmentsthatwillmaturesothatsuchfundswillbeavailableatthecloseofbusinessontheBusinessDayimmediatelyprecedingthefollowingDistributionDate;providedthatontheBusinessDayprecedingeachDistributionDateallInvestmentEarningsonfundsondepositthereinshallbedepositedintotheCollectionAccountandshallbedeemedtoconstituteaportionoftheAvailableFundsforsuchDistributionDate.FundsdepositedinaCustodialAccountonthedayimmediatelyprecedingaDistributionDateuponthematurityofanyEligibleInvestmentsarenotrequiredtobeinvestedovernight.AllEligibleInvestmentswillbeheldtomaturity.
(c)AllinvestmentearningsofmoneysdepositedintheCustodialAccountsshallbedeposited(orcausedtobedeposited)bytheCustodianintheCollectionAccount,andanylossresultingfromsuchinvestmentsshallbechargedtosuchaccount.TheServicerwillnotdirecttheCustodiantomakeanyinvestmentofanyfundsheldinanyoftheCustodialAccountsunlessthesecurityinterestgrantedandperfectedinsuchaccountwillcontinuetobeperfectedinsuchinvestment,ineithercasewithoutanyfurtheractionbyanyPerson,and,inconnectionwithanydirectiontotheCustodiantomakeanysuchinvestment,ifrequestedbytheCustodian,theServicershalldelivertotheCustodiananOpinionofCounsel,acceptabletotheCustodian,tosucheffect.
(d)TheCustodianshallnotinanywaybeheldliablebyreasonofanyinsufficiencyinanyoftheCustodialAccountsresultingfromanylossonanyEligibleInvestmentincludedthereinexceptforlossesattributabletotheCustodian’sgrossnegligenceorbadfaithoritsfailuretomakepaymentsonsuchEligibleInvestmentsissuedbytheCustodian,initscommercialcapacityasprincipalobligorandnotastrustee,inaccordancewiththeirterms.
(e)IftheServicershallhavefailedtogiveinvestmentdirectionsinwritingforanyfundsondepositintheCustodialAccountstotheCustodianby1:
00p.m.Torontotime(orsuchothertimeasmaybeagreedbytheIssuerandCustodian)onanyBusinessDay,amountscollectedorreceivablefromtheACARSeries2002-ACertificateholders’Assetswillbeappliedasiftherehadnotbeensuchdirections;thentheCustodianshall,tothefullestextentpracticable,investandreinvestfundsintheCustodialAccountsintheinvestmentdescribedinclause(g)ofthedefinitionofEligibleInvestments.
(f)TheCertificateholdersshallpossessallright,titleandinterestinallfundsondepositfromtimetotimeintheCustodialAccountsandinallproceedsthereof(includingallInvestmentEarningsontheCustodialAccounts)andallsuchfunds,investments,proceedsandincomeshallbepartoftheACARSeries2002-ACertificateholders’Assets.Exceptasotherwiseprovidedherein,theCustodialAccountsshallbeunderthesoledominionandcontroloftheCustodianforthebenefitoftheCertificateholders.If,atanytime,anyoftheCustodialAccountsceasestobeanEligibleDepositAccount,theCustodian(ortheServiceronitsbehalf)shallwithinfiveBusinessDays(orsuchlongerperiodastowhicheachRatingAgencymayconsent)establishanewCustodialAccountasanEligibleDepositAccountandshalltransferanycashand/oranyinvestmentstosuchnewCustodialAccount.Inconnectionwiththeforegoing,theServiceragreesthatitshallnotifytheCustodianinwritingpromptlyuponanyofsuchCustodialAccountsceasingtobeanEligibleDepositAccount.
(g)TheServicershallhavethepowertoinstructtheCustodiantomakewithdrawalsandpaymentsfromtheCustodialAccountsforthepurposeofpermittingtheServicerandtheCustodiantocarryouttheirrespectivedutieshereunder.
6.2CertainReimbursementstotheServicer.
TheServicerwillbeentitledtobereimbursedfromamountsondepositintheCollectionAccountwithrespecttoaCollectionPeriodforamountspreviouslydepositedintheCollectionAccountbutlaterdeterminedbytheServicertohaveresultedfrommistakendepositsorpostingsorchequesreturnedforinsufficientfunds.TheamounttobereimbursedhereundershallbepaidtotheServicerontherelatedDistributionDatepursuanttoSection6.4(a)(i)uponcertificationbytheServicerofsuchamountsandtheprovisionofsuchinformationtotheCustodianasmaybenecessaryintheopinionoftheCustodiantoverifytheaccuracyofsuchcertification;provided,however,thattheServicermustprovidesuchclarificationwithin12monthsofsuchmistakendeposit,posting,orreturnedcheque.TheServicerwilladditionallybeentitledtoreceivefromamountsondepositintheCollectionAccountwithrespecttoaCollectionPeriodanyamountspaidbyObligorsthatwerecollectedintheDepositoryAccountbutthatdonotrelateto(i)principalandinterestpaymentsdueontheAutomobileLoansor(ii)anyfeesorexpensesrelatedtoextensionsdueontheAutomobileLoans.
6.3ApplicationofCollections.
(a)AllcollectionsorpaymentsbyoronbehalfoftheObligorfortheCollectionPeriodwithrespecttoeachAutomobileLoan(otherthanaPurchasedAutomobileLoan)shallbeappliedbytheServicertointerestandprincipalinaccordancewiththeSimpleInterestMethod.
(b)TheServicerandtheSeller,asapplicable,shalldepositorcausetobedepositedintheCollectionAccountontheDeterminationDateonwhichsuchobligationsareduetheaggregatePurchaseAmountwithrespecttoPurchasedAutomobileLoans.
(c)AnyOptionalPurchasePricepayablebytheServicerunderSection12.2shallbedepositedintheCollectionAccount.
(d)IftheCertificateBalanceAccumulationAmountondepositintheAccumulationAccountontheTargetedCertificateBalanceDistributionDateforaClassofOfferedCertificatesisorwillbelessthantheoutstandingCertificateBalanceofsuchClass(aftergivingeffecttoalldepositsmadeortobemadetotheAccumulationAccountonsuchdateotherthanpursuanttothisSection),theServicerwillhavetheoptiontomakeanadvance(aMaturityAdvance)inanyamountuptotheamountofsuchshortfall.IftheServicerelectstomakeaMaturityAdvanceitshalldeposittheamountoftheMaturityAdvanceintotheAccumulationAccountontherelatedTargetedCertificateBalanceDistributionDateinimmediatelyavailablefunds.
6.4DistributionDatePaymentsFromtheCollectionAccount.
(a)OneachDistributionDate,theCustodianshall(basedsolelyontheinformationcontainedintheServicer’sCertificatedeliveredwithrespecttotherelatedDistributionDate)distributethefollowingamountsofAvailableFundsfromtheCollectionAccountunlessotherwisespecifiedandinthefollowingorderofpriority:
(i)intheeventthatAmeriCreditCanadaisnolongerServicer,totheServicer,theServicingFeefortheprecedingCollectionPeriodandotheramountsrelatingtomistakendeposits,postingsorchequesreturnedforinsufficientfundsduringtheprecedingCollectionPeriod,andtopaytoAmeriCreditCanada,anyamountspaidbyObligorsduringtheCollectionPeriodthatwerecollectedintheDepositoryAccountortheCollectionAccountbutdidnotrelateto(i)principalandinterestpaymentsdueontheAutomobileLoansor(ii)anyfeesorexpensesrelatedtoextensionsdueontheAutomobileLoans;
(ii)totheCustodianandtheBackupServicer,theirrespectiveaccruedandunpaidfeesandexpensesthenduetoeachofthem;
(iii)totheAccumulationAccount,theaggregateoftheCertificateholders’CertificateRateDistributableAmountsforsuchDistributionDate;
(iv)totheServicer,anyoutstandingMaturityAdvances;
(v)totheAccumulationAccount,theCertificateholders’CertificateBalanceDistributableAmountforsuchDistributionDate;and
(vi)totheSpreadAccount,anyremainingAvailableFunds.
6.5Spr
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