EXHIBIT 99.8
================================================================================
SWAP COUNTERPARTY RIGHTS AGREEMENT
AMONG
▇▇▇▇▇▇ BROTHERS DERIVATIVE PRODUCTS INC.
AS PRIMARY SWAP COUNTERPARTY
▇▇▇▇▇▇ BROTHERS SPECIAL FINANCING INC.
AS BACK-TO-BACK SWAP COUNTERPARTY AND
POTENTIAL PRIMARY SWAP COUNTERPARTY ASSIGNEE
CAPITAL AUTO RECEIVABLES ASSET TRUST 2002-4
AS ISSUER
GENERAL MOTORS ACCEPTANCE CORPORATION,
AS SERVICER, CUSTODIAN, AND ADMINISTRATOR
CAPITAL AUTO RECEIVABLES, INC.,
AS SELLER
BANK ONE, NATIONAL ASSOCIATION,
AS INDENTURE TRUSTEE
AND
DEUTSCHE BANK TRUST COMPANY DELAWARE,
AS OWNER TRUSTEE
DATED AS OF OCTOBER 10, 2002
================================================================================
TABLE OF CONTENTS
ARTICLE I Definitions...........................................................................................1
Section 1.01 Definition...............................................................................1
ARTICLE II LIMITATIONS ON ISSUER'S CONSOLIDATION, MERGER OR SALE OF ASSETS......................................1
Section 2.01 Consolidation or Merger; Sale or Disposition of Assets or Property.......................1
ARTICLE III AMENDMENTS TO TRANSACTION DOCUMENTS.................................................................2
Section 3.01 Amendments to the Trust Sale and Servicing Agreement.....................................2
Section 3.02 Amendments to Trust Agreement............................................................2
Section 3.03 Amendments to Administration Agreement...................................................2
Section 3.04 Amendments to Custodian Agreement........................................................2
Section 3.05 Supplemental Indentures Without Consent of Primary Swap Counterparty.....................3
ARTICLE IV DELIVERY OF NOTICES AND REPORTS......................................................................3
Section 4.01 Notices of Replacement of Indenture Trustee..............................................3
Section 4.02 Notices of Events of Default, Enforcement and Termination................................3
Section 4.03 Notices of Amendment of the Custodian Agreement..........................................4
Section 4.04 Notices of Amendment of the Administration Agreement.....................................4
Section 4.05 Notices of Supplemental Indentures.......................................................4
Section 4.06 Notices of Amendment of the Trust Agreement..............................................4
Section 4.07 Notices of Amendment of the Trust Sale and Servicing Agreement...........................4
Section 4.08 Notices of Release of Property...........................................................5
Section 4.09 Notices of Release of Collateral.........................................................5
Section 4.10 Notices of Removal of Administrator......................................................5
Section 4.11 Notices of Assignment of the Trust Sale and Servicing Agreement..........................5
Section 4.12 Notices Generally........................................................................5
Section 4.13 Delivery of Reports......................................................................5
ARTICLE V MISCELLANEOUS.........................................................................................6
Section 5.01 Notices..................................................................................6
Section 5.02 GOVERNING LAW ...........................................................................6
Section 5.03 Binding Effect...........................................................................6
Section 5.04 Replacement of the Swap Counterparty.....................................................6
Section 5.05 Severability of Provisions...............................................................6
Section 5.06 Assignment...............................................................................6
Section 5.07 Amendments...............................................................................7
Section 5.08 Headings.................................................................................7
Section 5.09 Counterparts.............................................................................7
Section 5.10 Limitation of Liability..................................................................7
Section 5.11 Termination..............................................................................7
i
THIS SWAP COUNTERPARTY RIGHTS AGREEMENT, dated as of October 10, 2002
(this "Agreement"), is among ▇▇▇▇▇▇ BROTHERS DERIVATIVE PRODUCTS INC., as the
Primary Swap Counterparty ("LBDP"), ▇▇▇▇▇▇ BROTHERS SPECIAL FINANCING INC., as a
potential assignee of LBDP ("LBSF"), (CAPITAL AUTO RECEIVABLES ASSET TRUST
2002-4, a Delaware business trust (the "Trust" or the "Issuer"), GENERAL MOTORS
ACCEPTANCE CORPORATION, a Delaware corporation, as Servicer, Custodian, and
Administrator ("GMAC"), CAPITAL AUTO RECEIVABLES, INC., a Delaware corporation,
as Seller ("▇▇▇▇"), BANK ONE, NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as Indenture Trustee (the
"Indenture Trustee"), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware
banking corporation, not in its individual capacity but solely as Owner Trustee
(the "Owner Trustee").
WHEREAS, as of the date hereof, the Trust has entered into the Interest
Rate Swap with the Primary Swap Counterparty;
WHEREAS, pursuant to Part 5(m) of the Schedule to the ISDA Master
Agreement, dated October 10, 2002, between LBDP and the Trust, LBSF shall
succeed to all rights and obligations of LBDP under the Interest Rate Swap upon
occurrence of a Credit Assignment Event (as defined in the Schedule to the
Primary Swap Agreement). For purposes of this Agreement, LBDP shall be the
Primary Swap Counterparty until it assigns the Interest Rate Swap to LBSF upon
occurrence a Credit Assignment Event and thereafter LBSF shall be the Primary
Swap Counterparty.
WHEREAS, the parties intend in this Agreement to enumerate certain
rights of the Primary Swap Counterparty.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:
ARTICLE I
Definitions
Section 1.01 Definition. Capitalized terms used and not otherwise
defined in this Agreement are defined in and shall have the respective meanings
assigned them in Part I of Appendix A to the Trust Sale and Servicing Agreement
dated as of the date hereof, among GMAC, as Servicer, ▇▇▇▇, as Seller, and the
Trust, as Issuer, as it may be amended, supplemented or modified from time to
time (the "Trust Sale and Servicing Agreement"), and all references herein to
Articles and Sections are to Articles or Sections of other Basic Documents
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.
ARTICLE II
LIMITATIONS ON ISSUER'S CONSOLIDATION, MERGER OR SALE OF ASSETS
Section 2.01 Consolidation or Merger; Sale or Disposition of Assets or Property.
(a) The Issuer shall not consolidate or merge with or into any
other Person, unless the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel addressed to the Issuer, each
stating that such consolidation or merger and related supplemental indenture
shall have no material adverse tax consequence to the Primary Swap Counterparty.
(b) Except as otherwise expressly permitted by the Indenture
or the other Basic Documents, the Issuer shall not sell, convey, exchange,
transfer or otherwise dispose of any of its properties or assets, including
those included in the Trust Estate, to any Person, unless the Issuer shall have
delivered to the Indenture Trustee an Officer's Certificate and an Opinion of
Counsel addressed to the Issuer, each stating that such sale, conveyance,
exchange, transfer or disposition and related supplemental indenture shall have
no material adverse tax consequence to the Primary Swap Counterparty.
ARTICLE III
AMENDMENTS TO TRANSACTION DOCUMENTS
Section 3.01 Amendments to the Trust Sale and Servicing Agreement. The
Trust Sale and Servicing Agreement may be amended from time to time by the
Seller, the Servicer and the Owner Trustee in the manner specified by Section
9.01(b) of the Trust Sale and Servicing Agreement; provided, however, that no
such amendment shall be made unless either (A) the Primary Swap Counterparty
consents in writing to such amendment or (B) the amendment will, as evidenced by
a Materiality Opinion, have no material adverse effect on the interests of the
Primary Swap Counterparty.
Section 3.02 Amendments to Trust Agreement. The Owner Trustee shall
furnish notice to the Primary Swap Counterparty and to each of the Rating
Agencies prior to obtaining consent to any proposed amendment under Section 8.2
of the Trust Agreement; provided, however, that no amendment shall be made
unless either (A) the Primary Swap Counterparty consents in writing to such
amendment or (B) the amendment will, as evidenced by a Materiality Opinion, have
no material adverse effect on the interests of the Primary Swap Counterparty.
Section 3.03 Amendments to Administration Agreement. The Administration
Agreement may be amended from time to time pursuant to Section 13 of the
Administration Agreement; provided, however, that no amendment will be effected
pursuant to Section 13 of the Administration Agreement unless either (A) the
Primary Swap Counterparty consents in writing to such amendment or (B) such
amendment will, as evidenced by a Materiality Opinion, have no material adverse
effect on the interests of the Primary Swap Counterparty.
Section 3.04 Amendments to Custodian Agreement. The Custodian Agreement
may be amended pursuant to Section 8 thereof; provided, however, that no such
amendment shall be made unless either (A) the Primary Swap Counterparty consents
in writing to such amendment or (B) such amendment will, as evidenced by a
Materiality Opinion, have no material adverse effect on the interests of the
Primary Swap Counterparty.
2
Section 3.05 Supplemental Indentures Without Consent of Primary Swap
Counterparty. No supplemental indenture shall be entered into under Section
9.1(b) or 9.2 of the Indenture unless either (A) the Primary Swap Counterparty
consents in writing to such amendment or (B) such supplemental indenture will,
as evidenced by a Materiality Opinion, have no material adverse effect on the
interests of the Primary Swap Counterparty.
ARTICLE IV
DELIVERY OF NOTICES AND REPORTS
Section 4.01 Notices of Replacement of Indenture Trustee The Indenture
Trustee shall provide the Primary Swap Counterparty with a copy of any notice of
its intent to resign delivered pursuant to Section 6.8(a) of the Indenture.
(b) A successor Indenture Trustee shall deliver to the Primary
Swap Counterparty a copy of any acceptance under Section 6.8(c) of the
Indenture.
Section 4.02 Notices of Events of Default, Enforcement and
Termination. The Paying Agent shall give the Primary Swap Counterparty notice of
any default by the Issuer (or any other obligor upon the Notes) of which it has
actual knowledge in the making of any payment required to be made with respect
to the Notes.
(a) The Issuer shall deliver to the Primary Swap Counterparty
a copy 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.
(b) The Issuer shall give the Primary Swap Counterparty prompt
written notice 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.
(c) The Issuer shall deliver to the Primary Swap Counterparty,
within five Business Days after learning of the occurrence thereof, 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 Issuer is taking or proposes to take with respect
thereto.
(d) If an Event of Default should occur and be continuing
under the Indenture, and the Indenture Trustee or the requisite percentage of
the Holders of the Notes declare all of the notes immediately due and payable
pursuant to Section 5.2(a) of the Indenture, then the Indenture Trustee shall
give prompt written notice thereof to the Primary Swap Counterparty.
(e) The Indenture Trustee shall promptly give to the Primary
Swap Counterparty written notice of any waiver pursuant to Section 5.12 of the
Indenture.
3
(f) The Indenture Trustee shall promptly provide to the
Primary Swap Counterparty written notice of each request for action that is made
and direction received pursuant to Section 5.16 of the Indenture, with respect
to the exercise of the Indenture Trustee's powers to compel performance or
enforce the obligations of the parties under the Basic Documents.
(g) The Indenture Trustee shall mail to the Primary Swap
Counterparty any notice of Default which the Indenture Trustee mails to
Noteholders pursuant to Section 6.5 of the Indenture.
(h) The Servicer shall deliver to the Primary Swap
Counterparty promptly after having obtained knowledge thereof, but in no event
later than five Business Days thereafter, written notice in an officer's
certificate of any event which with the giving of notice or lapse of time, or
both, would become a Servicer Default under Section 7.01 of the Trust Sale and
Servicing Agreement.
(i) Notice of any termination of the Trust shall be given by
the Servicer to the Primary Swap Counterparty as soon as practicable after the
Servicer has received notice thereof.
Section 4.03 Notices of Amendment of the Custodian Agreement. The
Custodian shall furnish prior notice to the Primary Swap Counterparty of any
amendment to the Custodian Agreement pursuant to Section 8 thereof.
Section 4.04 Notices of Amendment of the Administration Agreement. The
Administrator shall furnish prior notice to the Primary Swap Counterparty of any
proposed amendment to the Administration Agreement pursuant to Section 13(b)
thereof.
Section 4.05 Notices of Supplemental Indentures. The Indenture Trustee
shall furnish prior notice to the Primary Swap Counterparty of any proposed
indentures supplemental to the Indenture under Sections 9.1 and 9.2 thereof.
Section 4.06 Notices of Amendment of the Trust Agreement. Promptly
after the execution of an amendment to, or consent under, the Trust Agreement,
the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Primary Swap Counterparty.
Section 4.07 Notices of Amendment of the Trust Sale and Servicing
Agreement. Promptly after the execution of an amendment to, or consent under,
the Trust Sale and Servicing Agreement, the Owner Trustee shall furnish written
notification of the substance of such amendment or consent to the Primary Swap
Counterparty.
4
Section 4.08 Notices of Release of Property. The Indenture Trustee
shall provide copies to the Primary Swap Counterparty of all of the documents
received by it pursuant to Section 8.4(b) of the Indenture.
Section 4.09 Notices of Release of Collateral. The Indenture Trustee
shall provide copies to the Primary Swap Counterparty of any document received
by it pursuant to Section 2.9 of the Indenture with respect to the release of
Collateral.
Section 4.10 Notices of Removal of Administrator. Subject to Section
10(e) of the Administration Agreement, the Issuer may remove the Administrator
without cause pursuant to Section 10(c) of the Administration Agreement by
providing the Administrator and the Primary Swap Counterparty with at
least 60 days' prior written notice.
(a) The Issuer shall provide to the Primary Swap Counterparty
a copy of any written notice from the Issuer to the Administrator effecting the
immediate removal of the Administrator pursuant to Section 10(d) of the
Administration Agreement.
Section 4.11 Notices of Assignment of the Trust Sale and Servicing
Agreement. The Seller shall provide to the Primary Swap Counterparty notice of
any assignment of the Trust Sale and Servicing Agreement made pursuant to
Section 9.06 thereof.
Section 4.12 Notices Generally. The Issuer shall promptly transmit any
notice received by it from the Noteholders to the Primary Swap Counterparty. The
Indenture Trustee shall likewise promptly transmit any notice received by it
from the Noteholders to the Primary Swap Counterparty.
Section 4.13 Delivery of Reports.A copy of any report delivered by the
Indenture Trustee pursuant to Section 7.4(a) of the Indenture shall, at the time
of its mailing to Noteholders, be sent by the Indenture Trustee to the Primary
Swap Counterparty.
(a) The Servicer shall cause the firm delivering the
Accountants' Report pursuant to Section 4.02(a) of the Trust Sale and Servicing
Agreement, to deliver a copy thereof to the Primary Swap Counterparty.
(b) The Issuer shall deliver to the Primary Swap Counterparty
a copy of the Annual Statement of Compliance required by Section 3.9 of the
Indenture.
(c) On each Determination Date, the Servicer shall deliver to
the Primary Swap Counterparty a copy of the Servicer's Accounting required by
Section 3.10 of the Pooling and Servicing Agreement.
5
(d) The Servicer shall deliver to the Primary Swap
Counterparty, promptly after the execution and delivery of the Trust Sale and
Servicing Agreement and of each amendment thereto, an Opinion of Counsel as
required in Section 9.02 (i) thereof.
ARTICLE V
MISCELLANEOUS
Section 5.01 Notices. All demands upon, notices to and communications
with the Primary Swap Counterparty required hereunder shall be delivered in the
manner specified for notices in the Interest Rate Swap, and all other demands
upon, notices to and communications upon or to the other parties hereto shall be
delivered as specified in Appendix B of the Trust Sale and Servicing Agreement.
Section 5.02 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS BUT WITHOUT PREJUDICE TO THE
PROVISIONS OF SECTION 5-1401 OF ITS GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
Section 5.03 Binding Effect. This Agreement shall be binding upon and
shall inure to the benefit of all of the parties hereto and their respective
successors and assigns, including the Issuer.
Section 5.04 Replacement of the Swap Counterparty. In the event that
the Primary Swap Counterparty resigns, is removed or otherwise replaced as
Primary Swap Counterparty pursuant to the terms of the Interest Rate Swap, the
Contingent Assignment Agreement or the Contingent Interest Rate Swap, its
assignee or successor in interest thereunder shall automatically succeed to the
interests of the Primary Swap Counterparty under this Agreement.
Section 5.05 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever 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.
Section 5.06 Assignment. This Agreement may not be assigned by the
Primary Swap Counterparty without the prior written consent of each of the
Trust, the Indenture Trustee, the Owner Trustee, GMAC, and ▇▇▇▇, except as
provided in Section 5.04 hereof.
6
Section 5.07 Amendments. No change or amendment to this Agreement will
be effective unless in writing and signed by all of the parties to this
Agreement.
Section 5.08 Headings. The headings of the various Sections herein are
for convenience of reference only and shall not define or limit any of the terms
or provisions hereof.
Section 5.09 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.
Section 5.10 Limitation of Liability. It is expressly understood and
agreed by the parties hereto that (a) this Agreement is executed and delivered
by the Owner Trustee, not in its individual, capacity but solely as owner
trustee of the Issuer, in the exercise of the powers and authority conferred and
vested in it under the Trust Agreement, (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 the
Owner Trustee but is made and intended for the purpose of binding only the
Issuer and (c) under no circumstances shall the Owner Trustee 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 Agreement or the other
Basic Documents. For all purposes of this Agreement, in the performance of any
duties or obligations of the Issuer or the Owner Trustee hereunder, the Owner
Trustee shall be entitled to the benefits of the terms and provisions of the
Trust Agreement.
Section 5.11 Termination. This Agreement shall terminate with respect
to the Interest Rate Swap upon termination of such Interest Rate Swap.
* * * *
7
IN WITNESS WHEREOF, the parties hereto have caused this Primary Swap
Counterparty Rights Agreement to be duly executed by their respective officers,
thereunto duly authorized, all as of the day and year first above written.
CAPITAL AUTO RECEIVABLES ASSET TRUST 2002-4
By: DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its
individual capacity but solely as Owner Trustee
By:
----------------------------------------------------
Name: Man Wing Li
Title: Attorney-In-Fact
DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual
capacity but solely as Owner Trustee
By:
----------------------------------------------------
Name: Man Wing Li
Title: Attorney-In-Fact
▇▇▇▇▇▇ BROTHERS DERIVATIVE PRODUCTS INC.
By:
----------------------------------------------------
Name:
Title:
▇▇▇▇▇▇ BROTHERS SPECIAL FINANCING INC.
By:
----------------------------------------------------
Name:
Title:
BANK ONE, NATIONAL ASSOCIATION, not in its individually
capacity, but solely as Indenture Trustee
By:
----------------------------------------------------
Name:
Title:
GENERAL MOTORS ACCEPTANCE CORPORATION
By:
----------------------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Title: Director-Securitization and Cash
Management
CAPITAL AUTO RECEIVABLES, INC.
By:
---------------------------------------------------
Name: ▇. ▇. ▇▇▇▇▇▇
Title: Manager-Securitization
9