Document:

exv4w2

 

EXHIBIT 4.2

 

TRUST AGREEMENT

BETWEEN

CAPITAL AUTO RECEIVABLES LLC,

DEPOSITOR

AND

DEUTSCHE BANK TRUST COMPANY DELAWARE,

OWNER TRUSTEE

DATED AS OF FEBRUARY 1, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 1.1	 	Definitions	 	 	 1	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II ORGANIZATION	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 2.1	 	Name	 	 	 1	 
	 
	 	Section 2.2	 	Office	 	 	 1	 
	 
	 	Section 2.3	 	Purposes and Powers	 	 	 1	 
	 
	 	Section 2.4	 	Appointment of Owner Trustee	 	 	 2	 
	 
	 	Section 2.5	 	Initial Capital Contribution of Owner Trust Estate	 	 	 2	 
	 
	 	Section 2.6	 	Declaration of Trust	 	 	 2	 
	 
	 	Section 2.7	 	Liability of the Certificateholders	 	 	 3	 
	 
	 	Section 2.8	 	Title to Trust Property	 	 	 3	 
	 
	 	Section 2.9	 	Situs of Trust	 	 	 3	 
	 
	 	Section 2.10	 	Representations and Warranties of the Depositor	 	 	 3	 
	 
	 	Section 2.11	 	Tax Treatment	 	 	 4	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III THE CERTIFICATES	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 3.1	 	Initial Certificate Ownership	 	 	 4	 
	 
	 	Section 3.2	 	Form of the Certificates	 	 	 5	 
	 
	 	Section 3.3	 	Execution, Authentication and Delivery	 	 	 5	 
	 
	 	Section 3.4	 	Registration of Certificates; Registration of Transfer and Exchange of Certificates	 	 	 5	 
	 
	 	Section 3.5	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	 	 7	 
	 
	 	Section 3.6	 	Persons Deemed Certificateholders	 	 	 8	 
	 
	 	Section 3.7	 	Access to List of Certificateholders’ Names and Addresses	 	 	 8	 
	 
	 	Section 3.8	 	Maintenance of Corporate Trust Office	 	 	 8	 
	 
	 	Section 3.9	 	Appointment of Paying Agent	 	 	9	 
	 
	 	Section 3.10	 	Depositor as Certificateholder	 	 	9	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 4.1	 	Prior Notice to Certificateholders with Respect to Certain Matters	 	 	10	 
	 
	 	Section 4.2	 	Action by Certificateholders with Respect to Certain Matters	 	 	10	 
	 
	 	Section 4.3	 	Action by Certificateholders with Respect to Bankruptcy	 	 	10	 
	 
	 	Section 4.4	 	Restrictions on Certificateholders’ Power	 	 	11	 
	 
	 	Section 4.5	 	Majority Control	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 5.1	 	Establishment of Certificate Distribution Account	 	 	11	 
	 
	 	Section 5.2	 	Application of Trust Funds	 	 	12	 
	 
	 	Section 5.3	 	Method of Payment	 	 	12	 
	 
	 	Section 5.4	 	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	 	 	13	 
	 
	 	Section 5.5	 	Signature on Returns; Other Tax Matters	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VI THE OWNER TRUSTEE	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 6.1	 	Duties of Owner Trustee	 	 	13	 
	 
	 	Section 6.2	 	Rights of Owner Trustee	 	 	14	 
	 
	 	Section 6.3	 	Acceptance of Trusts and Duties	 	 	14	 
	 
	 	Section 6.4	 	Action upon Instruction by Certificateholders	 	 	16	 
	 
	 	Section 6.5	 	Furnishing of Documents	 	 	17	 

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	 	 	 	 	 	 	Page	 
	 
	 	Section 6.6	 	Representations and Warranties of Owner Trustee	 	 	17	 
	 
	 	Section 6.7	 	Reliance; Advice of Counsel	 	 	17	 
	 
	 	Section 6.8	 	Owner Trustee May Own Certificates and Notes	 	 	18	 
	 
	 	Section 6.9	 	Compensation and Indemnity	 	 	18	 
	 
	 	Section 6.10	 	Replacement of Owner Trustee	 	 	19	 
	 
	 	Section 6.11	 	Merger or Consolidation of Owner Trustee	 	 	20	 
	 
	 	Section 6.12	 	Appointment of Co-Trustee or Separate Trustee	 	 	20	 
	 
	 	Section 6.13	 	Eligibility Requirements for Owner Trustee	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VII TERMINATION OF TRUST AGREEMENT	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 7.1	 	Termination of Trust Agreement	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VIII AMENDMENTS	 	 	23	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 8.1	 	Amendments Without Consent of Certificateholders or Noteholders	 	 	23	 
	 
	 	Section 8.2	 	Amendments With Consent of Certificateholders and Noteholders	 	 	23	 
	 
	 	Section 8.3	 	Form of Amendments	 	 	24	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IX MISCELLANEOUS	 	 	24	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Section 9.1	 	No Legal Title to Owner Trust Estate	 	 	24	 
	 
	 	Section 9.2	 	Limitations on Rights of Others	 	 	25	 
	 
	 	Section 9.3	 	Derivative Actions	 	 	25	 
	 
	 	Section 9.4	 	Notices	 	 	25	 
	 
	 	Section 9.5	 	Severability	 	 	25	 
	 
	 	Section 9.6	 	Counterparts	 	 	25	 
	 
	 	Section 9.7	 	Successors and Assigns	 	 	25	 
	 
	 	Section 9.8	 	No Petition	 	 	25	 
	 
	 	Section 9.9	 	No Recourse	 	 	26	 
	 
	 	Section 9.10	 	Headings	 	 	26	 
	 
	 	Section 9.11	 	Governing Law	 	 	26	 
	 
	 	Section 9.12	 	Indemnification by and Reimbursement of the Servicer	 	 	26	 
	 
	 	Section 9.13	 	Effect of Amendment and Restatement	 	 	27	 
	 
	 	Section 9.14	 	Information to be Provided by the Owner Trustee	 	 	27	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT A	 	Form of Certificate	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT B	 	Certificate of Trust	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT C	 	Form of Undertaking Letter	 	 	 	 

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          TRUST AGREEMENT, dated as of February 1, 2008, between CAPITAL AUTO RECEIVABLES LLC, a
Delaware limited liability company, in its capacity as a depositor (the “Depositor”), and
DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking corporation, as trustee and not in its
individual capacity (the “Owner Trustee”).

          WHEREAS, the Depositor and the Owner Trustee previously entered into a certain Trust
Agreement, dated January 18, 2008 (the “Original Trust Agreement”) that contemplated this
Trust Agreement.

          WHEREAS, the Depositor and the Owner Trustee desire hereby to amend and restate the Original
Trust Agreement in its entirety.

          NOW, THEREFORE, the Depositor and the Owner Trustee hereby agree as follows:

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.1 Definitions. Certain capitalized terms used in this Trust Agreement 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 Depositor, the Servicer and the Trust (the “Trust Sale and
Servicing Agreement”). All references herein to “the Agreement” or “this
Agreement” are to this Trust Agreement. All references herein to Articles, Sections and
subsections are to Articles, Sections and subsections 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.

ARTICLE II

ORGANIZATION

     Section 2.1 Name. The Trust continued hereby shall be known as Capital Auto Receivables Asset Trust 2008-1,
in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts
and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. The Owner
Trustee has filed the Certificate of Trust on behalf of the Trust pursuant to Section 3810(a) of
the Statutory Trust Act.

     Section 2.2 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office
or at such other address in Delaware as the Owner Trustee may designate by written notice to the
Certificateholders and the Depositor.

     Section 2.3 Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and authority, to engage in
the following activities:

          (a) to acquire, manage and hold the Receivables;

          (b) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this
Agreement, and to sell, transfer or exchange the Notes and the Certificates;

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          (c) to acquire certain property and assets from the Depositor on the Closing Date pursuant to
the Trust Sale and Servicing Agreement and any other Further Transfer and Servicing Agreements, to
make payments to the Noteholders and the Certificateholders, to make deposits into and withdrawals
from the Reserve Account and to pay the organizational, start-up and transactional expenses of the
Trust;

          (d) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to
the terms of the Indenture and to hold, manage and distribute to the Certificateholders pursuant to
the terms of this Agreement and the Trust Sale and Servicing Agreement any portion of the Trust
Estate released from the lien of, and remitted to the Trust pursuant to, the Indenture;

          (e) to enter into and perform its obligations and exercise its rights under the Basic
Documents to which it is to be a party;

          (f) to enter into interest rate swaps and caps and other derivative instruments in connection
with the Offered Notes;

          (g) to engage in those activities, including entering into agreements, that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or connected
therewith; and

          (h) subject to compliance with the Basic Documents, to engage in such other activities as may
be required in connection with conservation of the Owner Trust Estate and the making of
distributions to the Securityholders.

          The Trust shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the other Basic Documents.

     Section 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust to have all the
rights, powers and duties set forth herein.

     Section 2.5 Initial Capital Contribution of Owner Trust Estate. The Depositor sold, assigned, transferred, conveyed and set over to the Owner
Trustee, as
of January 18, 2008, the sum of one dollar. The Owner Trustee hereby acknowledges receipt in trust
from the Depositor, as of January 18, 2008, of the foregoing contribution which constituted the
initial Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they
may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for
any such expenses paid by the Owner Trustee.

     Section 2.6 Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Owner Trust Estate (in the name of
the Trust and not in the Owner Trustee’s name for the Trust, except as required by, and in
accordance with, Section 2.8) in trust upon and subject to the conditions set forth herein
for the use and benefit of the Certificateholders, subject to the obligations of the Trust under
the Basic Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under the Statutory Trust Act, that this Agreement constitute the governing
instrument of such statutory trust and that the Certificates represent the beneficial

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interests
therein. The rights of the Certificateholders shall be determined as set forth herein and in the
Statutory Trust Act and the relationship between the parties hereto created by this Agreement shall
not constitute indebtedness for any purpose. Effective as of the date hereof, the Owner Trustee
shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with
respect to accomplishing the purposes of the Trust.

     Section 2.7 Liability of the Certificateholders. Certificateholders and holders of beneficial interests therein shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware.

     Section 2.8 Title to Trust Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a
separate legal entity except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed
to be transferred to and vested in the Owner Trustee, a co-trustee and/or a separate trustee, as
the case may be. Any such trustee shall take such part of the Owner Trust Estate subject to the
security interest of the Indenture Trustee therein established under the Indenture. Such trustee’s
acceptance of its appointment shall constitute acknowledgment of such security interest and shall
constitute a Grant to the Indenture Trustee of a security interest in all property held by such
trustee. Any such trustee shall prepare and file all such financing statements naming such trustee
as debtor that are necessary or advisable to perfect, make effective or continue the lien and
security interest of the Indenture Trustee.

     Section 2.9 Situs of Trust. The Trust shall be located and administered in the States of Delaware or New York. All
bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State
of Delaware or the State of New York. The Trust shall not have any employees in any state other
than Delaware; provided, however, that nothing herein shall restrict or prohibit
the Owner Trustee from having employees within or without the State of Delaware. Payments shall be
received by the Trust only in Delaware or New York, and payments shall be made by the Trust only
from Delaware or New York. The only office of the Trust shall be the Corporate Trust Office in
Delaware.

     Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that:

          (a) The Depositor has been duly formed and is validly existing as an entity in good standing
under the laws of the State of Delaware, with power and authority to own its properties and to
conduct its business as such properties are presently owned and such business is presently
conducted and had at all relevant times, and now has, power, authority and legal right to acquire
and own the Receivables contemplated to be transferred to the Trust pursuant to the Trust Sale and
Servicing Agreement.

          (b) The Depositor is duly qualified to do business as a foreign entity in good standing, and
has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or
lease of property or the conduct of its business requires such qualifications.

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          (c) The Depositor has the power and authority to execute and deliver this Agreement and any
other Basic Documents to which the Depositor is a party and to carry out its terms, the Depositor
has full power and authority to sell and assign the property to be sold and assigned to and
deposited with the Trust as part of the Owner Trust Estate and the Depositor has duly authorized
such sale and assignment to the Trust by all necessary limited liability company action; and the
execution, delivery and performance of this Agreement have been duly authorized by the Depositor by
all necessary limited liability company action.

          (d) The consummation of the transactions contemplated by this Agreement and any other Basic
Documents to which the Depositor is a party, and the fulfillment of the terms of this Agreement and
any other Basic Documents to which the Depositor is a party do not conflict with, result in any
breach of any of the terms and provisions of or constitute (with or without notice or lapse of
time) a default under, the certificate of formation or limited liability company agreement of the
Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by
which it is bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to
the Basic Documents), or violate any law or, to the best of the Depositor’s knowledge, any order,
rule or regulation applicable to the Depositor of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the
Depositor or any of its properties.

     Section 2.11 Tax Treatment. As long as the Depositor is the sole owner of the Certificates, the Depositor and Owner
Trustee, by entering into this Agreement, (a) express their intention that the Trust will be
disregarded for federal income tax purposes and will be treated as a division of the Depositor and
(b) agree that Section 5.5 will not be applicable. If the Depositor is not the sole owner
of the Certificates, through sale of the Certificates, issuance by the Trust of additional
Certificates to a Person other than the Depositor or otherwise, the Depositor and the Owner
Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any Certificates
or interest therein, (i) express their intention that the Certificates will qualify as equity
interests in either (A) a division of the Depositor, or any other single Person, disregarded as a
separate entity for federal income tax purposes if all Certificates are owned solely by the
Depositor or by such single Person, or (B) a partnership or grantor trust for federal income tax
purposes if the Certificates are owned by more than one Person and (ii) unless otherwise required
by the appropriate taxing authorities, agree to treat the Certificates as equity interests in an
entity as described in clause (i) of this Section 2.11 for the purposes of federal income
taxes, state and local income and franchise taxes, Michigan single business tax, and any other
taxes imposed upon, measured by, or based upon gross or net income. The parties agree that, unless
otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed annual
or other necessary returns, reports and other forms consistent with such characterization of the
Trust for such tax purposes.

ARTICLE III

THE CERTIFICATES

     Section 3.1 Initial Certificate Ownership. As of the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5, the Depositor has been the sole Certificateholder.

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     Section 3.2 Form of the Certificates.

          (a) The Certificates shall be substantially in the form of Exhibit A. The
Certificates shall represent the entire beneficial interest in the Trust. The Certificates shall be
executed on behalf of the Trust by manual or facsimile signature of a Responsible Officer of the
Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at
the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust,
shall be duly issued, fully paid and non-assessable beneficial interests in the Trust,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to
the authentication and delivery of such Certificates or did not hold such offices at the date of
authentication and delivery of such Certificates.

          (b) The Certificates 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 Certificates, as evidenced by their execution of such Certificates. The
Certificates shall be fully registered.

          (c) The Certificates shall be issued in fully-registered form. The terms of the Certificates
set forth in Exhibit A shall form part of this Agreement.

     Section 3.3 Execution, Authentication and Delivery. Concurrently with the sale of the Receivables to the Trust pursuant to the Trust Sale and
Servicing Agreement, the Owner Trustee shall cause a single Certificate representing the entire
beneficial interest in the Trust to be executed on behalf of the Trust, authenticated and delivered
to or upon the written order of the Depositor, signed by its chairman of the board, its president
or any vice president, without further limited liability company action by the Depositor. Such
Certificate shall be issued to and held by the Depositor, as the initial Certificateholder. No
Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Owner Trustee or Deutsche
Bank Trust Company Americas, as the Owner Trustee’s authenticating agent, by manual signature.
Such authentication shall constitute conclusive evidence that such Certificate shall have been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their
authentication.

     Section 3.4 Registration of Certificates; Registration of Transfer and Exchange of
Certificates.

          (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.8, a Certificate Register in which, subject to such
reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as provided herein. Deutsche Bank
Trust Company Americas shall be the initial Certificate Registrar. Upon any resignation of a
Certificate Registrar, the Owner Trustee shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Certificate Registrar.

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          (b) The Certificateholder may at any time, without consent of the Noteholders, sell, transfer,
convey or assign in any manner its rights to and interests in the Certificates (including its right
to distributions from the Reserve Account), provided that: (i) such action will not result in a
reduction or withdrawal of the rating of any class of Notes, (ii) the Certificateholder provides to
the Owner Trustee and the Indenture Trustee an opinion of independent counsel that such action will
not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a
corporation for federal income tax purposes, (iii) such transferee or assignee agrees to take
positions for tax purposes consistent with the tax positions agreed to be taken by the
Certificateholder, (iv) the conditions set forth in Section 3.4(g) have been satisfied and
(v) in connection with any transfer of less than all of the interests in the Certificates, the
transferor and transferee shall specify the respective interests in the Certificates to be held by
the transferor and transferee, which interests may be determined by a formula or on any other basis
agreed by the transferor and transferee. In addition, no transfer of a Certificate shall be
registered unless the transferee shall have provided to the Owner Trustee and the Certificate
Registrar an opinion of counsel that in connection with such transfer no registration of the
Certificates is required under the Securities Act or applicable state securities law or that such
transfer is otherwise being made in accordance with all applicable federal and state securities
laws. If agreed by the transferor and transferee, different interests may be used for
distributions of proceeds and for purposes of voting the Certificates. The transferor shall notify
the Owner Trustee of any such agreement in connection with such transfer.

          (c) In the event that the Depositor is no longer the sole Certificateholder, the Administrator
will promptly prepare amendments (subject to the provisions regarding amendments in the applicable
Basic Documents) to the Basic Documents to the extent necessary to reflect the establishment of the
Certificate Distribution Account and the making of Distributions to the Certificateholders and such
other matters as shall be agreed between the Depositor and the Owner Trustee. The expense of the
foregoing amendments shall be paid by the Administrator.

          (d) Upon surrender for registration of transfer of any Certificate at the office or agency
maintained pursuant to Section 3.8, the Owner Trustee shall execute on behalf of the Trust,
authenticate and deliver (or shall cause Deutsche Bank Trust Company Americas as its authenticating
agent to authenticate and deliver), in the name of the designated transferee or transferees, one or
more new Certificates of a like aggregate percentage interest in the Trust dated the date of
authentication by the Owner Trustee or any authenticating agent.

          (e) At the option of a Holder, Certificates may be exchanged for other Certificates of a like
percentage interest in the Trust, as shown on the applicable Certificates, upon surrender of the
Certificates to be exchanged at the Corporate Trust Office maintained pursuant to Section
3.8. Whenever any Certificates are so surrendered for exchange, the Owner Trustee shall
execute on behalf of the Trust, authenticate and deliver (or shall cause Deutsche Bank Trust
Company Americas as its authenticating agent to authenticate and deliver) one or more Certificates
dated the date of authentication by the Owner Trustee or any authenticating agent. Such
Certificates shall be delivered to the Holder making the exchange.

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          (f) Every Certificate presented or surrendered for registration of transfer or exchange shall
be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and
the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing
and such other documents and instruments as may be required by Section 3.4(b). Each
Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently
destroyed or otherwise disposed of by the Owner Trustee or Certificate Registrar in accordance with
its customary practice.

          (g) The Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed and any other expenses of the Owner
Trustee in connection with any transfer or exchange of Certificates.

          (h) The Certificates may not be acquired by or for the account of (i) an “employee benefit
plan,” as defined in Section 3(3) of ERISA, that is subject to the provisions of Title I of ERISA,
(ii) a “plan,” as described in Section 4975(e)(1) of the Code, or (iii) any entity whose underlying
assets include plan assets by reason of investment by an employee benefit plan or plan in such
entity other than an “insurance company general account,” as defined in Prohibited Transaction
Class Exemption 95-60, whose underlying assets include less than 25% plan assets and for which the
purchase and holding of Certificates is eligible and satisfies all conditions for relief under
Prohibited Transaction Class Exemption 95-60. The Certificates also may not be acquired by or for
the account of an employee benefit plan or plan that is not subject to the provisions of Title I of
ERISA or Section 4975 of the Code (including, without limitation, foreign or governmental plans) if
such acquisition would result in a non-exempt prohibited transaction under, or a violation of, any
applicable law that is substantially similar to ERISA or Section 4975 of the Code.

     Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates.

          (a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of
any Certificate, and (ii) there is delivered to the Certificate Registrar, the Owner Trustee and
the Trust such security or indemnity as may be required by them to hold each of them harmless,
then, in the absence of notice to the Certificate Registrar or the Owner Trustee that such
Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute on behalf
of the Trust and the Owner Trustee shall authenticate and deliver (or shall cause Deutsche Bank
Trust Company Americas as its authenticating agent to authenticate and deliver), in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of
a like percentage interest in the Trust, as shown on the Certificate; provided,
however, that if any such destroyed, lost or stolen Certificate, but not a mutilated
Certificate, shall have become or within seven (7) days shall be payable, then instead of issuing a
replacement Certificate the Owner Trustee may make distributions on such destroyed, lost or stolen
Certificate when so payable.

          (b) If, after the delivery of a replacement Certificate or payment in respect of a destroyed,
lost or stolen Certificate pursuant to Section 3.5(a), a protected purchaser of the
original Certificate in lieu of which such replacement Certificate was issued presents for

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payment or distribution such original Certificate, the Owner Trustee shall be entitled to
recover such replacement Certificate (and any distributions or payments made with respect thereto)
or such payment or distribution from the Person to whom it was delivered or any Person taking such
replacement Certificate from such Person to whom such replacement Certificate 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 Owner Trustee in connection therewith.

          (c) In connection with the issuance of any replacement Certificate under this Section
3.5, the Owner Trustee may require the payment by the Holder of such Certificate 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 Owner Trustee and the
Certificate Registrar) connected therewith.

          (d) Any duplicate Certificate issued pursuant to this Section 3.5 in replacement of
any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional
beneficial interest in the Trust, whether or not the mutilated, destroyed, lost or stolen
Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other Certificates duly
issued hereunder.

          (e) The provisions of this Section 3.5 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 Certificates.

     Section 3.6 Persons Deemed Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee
or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered
in the Certificate Register as the Certificateholder of such Certificate for the purpose of
receiving distributions pursuant to Article V and for all other purposes whatsoever, and
neither the Owner Trustee nor the Certificate Registrar shall be affected by any notice to the
contrary.

     Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Owner Trustee shall furnish or cause to be furnished to the Servicer
and the Depositor,
within fifteen (15) days after receipt by the Owner Trustee of a request therefor from the Servicer
or the Depositor in writing, a list of the names and addresses of the Certificateholders as of the
most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to
have agreed not to hold any of the Servicer, the Depositor or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such
information was derived.

     Section 3.8 Maintenance of Corporate Trust Office. The Owner Trustee shall maintain in the Borough of Manhattan, the City of New York, an
office or offices or agency or agencies where Certificates may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect
of the Certificates and the Basic Documents may be served. The Owner Trustee initially designates
the offices of Deutsche Bank Trust Company Americas, 60 Wall Street, New York, NY 10005, as its
principal office for

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such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, to the Servicer and to the Certificateholders of any change in the location of the
Certificate Register or any such office or agency.

     Section 3.9 Appointment of Paying Agent. Except as otherwise provided in Section 5.2, the Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account pursuant to
Section 5.2 and shall report the amounts of such distributions to the Owner Trustee and the
Servicer; provided, however, that no such reports shall be required so long as the
Depositor is the sole Certificateholder. Any Paying Agent shall have the revocable power to
withdraw funds from the Certificate Distribution Account for the purpose of making the
distributions referred to above. The Owner Trustee may revoke such power and remove the Paying
Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect. The Paying Agent
shall initially be Deutsche Bank Trust Company Americas, and any co-paying agent chosen by Deutsche
Bank Trust Company Americas, and acceptable to the Owner Trustee. Deutsche Bank Trust Company
Americas shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the
Owner Trustee. If Deutsche Bank Trust Company Americas shall no longer be the Paying Agent, the
Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust
company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as
Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any,
held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall
return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying
Agent shall also return all funds in its possession to the Owner Trustee. The provisions of
Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the Owner Trustee
also in its role as Paying Agent for so long as the Owner Trustee shall act as Paying Agent and, to
the extent applicable, to any other paying agent, certificate registrar or authenticating agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

     Section 3.10 Depositor as Certificateholder. The Depositor in its individual or any other capacity may become the owner or pledgee of
Certificates and may otherwise deal with the Owner Trustee or its Affiliates as if it were not the
Depositor.

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ARTICLE IV

ACTIONS BY OWNER TRUSTEE

     Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. The Owner Trustee shall not take action with respect to the
following matters, unless (i)
the Owner Trustee shall have notified the Certificateholders in writing of the proposed action at
least thirty (30) days and not more than forty-five (45) days before the taking of such action, and
(ii) the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th
day after such notice is given that such Certificateholders have withheld consent or provided
alternative direction:

          (a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on a
Receivable or an action by the Indenture Trustee pursuant to the Indenture) and the compromise of
any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a
Receivable or an action by the Indenture Trustee pursuant to the Indenture);

          (b) the election by the Trust to file an amendment to the Certificate of Trust, a conformed
copy of which is attached hereto as Exhibit B;

          (c) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is required;

          (d) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is not required and such amendment materially adversely affects the
interests of the Certificateholders;

          (e) the amendment, change or modification of the Administration Agreement, except to cure any
ambiguity or to amend or supplement any provision in a manner that would not materially adversely
affect the interests of the Certificateholders; or

          (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or
Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the
consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee or Certificate
Registrar of its obligations under the Indenture or this Agreement, as applicable.

     Section 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written
direction of the
Certificateholders, to remove the Administrator under the Administration Agreement pursuant to
Section 10 thereof, appoint a successor Administrator pursuant to Section 10 of
the Administration Agreement, remove the Servicer under the Trust Sale and Servicing Agreement
pursuant to Section 7.02 thereof or, except as expressly provided in the Basic Documents,
sell the Receivables or any interest therein after the termination of the Indenture. The Owner
Trustee
shall take the actions referred to in the preceding sentence only upon written instructions
signed by the Certificateholders.

     Section 4.3 Action by Certificateholders with Respect to Bankruptcy. Notwithstanding any prior termination of this Agreement, the Owner Trustee
shall not have
the power to

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commence a voluntary case under Title 11 of the United States Code or any successor
provision relating to the Trust without the unanimous prior approval of all Certificateholders
(including the Depositor) and the delivery to the Owner Trustee by each such Certificateholder of a
certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent;
provided, however, that under no circumstances shall the Owner Trustee commence or
join in commencing any such case prior to the date that is one year and one day after the
termination of the Trust.

     Section 4.4 Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking
any action if such action or inaction would be contrary to any obligation of the Trust or the Owner
Trustee under this Agreement, including Section 2.3 of this Agreement, or any of the other
Basic Documents, nor shall the Owner Trustee be obligated to follow any such direction, if given.
The Certificateholders shall not and shall not direct the Owner Trustee to take action that would
violate the provisions of Section 6.1 and, if given, the Owner Trustee shall not be
obligated to follow any such direction.

     Section 4.5 Majority Control. Except as expressly provided herein, any action that may be taken or consent that may be
given or withheld by the Certificateholders under this Agreement shall be effective if such action
is taken or such consent is given or withheld by the Holders of Certificates evidencing not less
than a majority of the Voting Interests as of the close of the preceding Distribution Date. Except
as expressly provided herein, any written notice, instruction, direction or other document of the
Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of
Certificates evidencing not less than a majority of the Voting Interests at the time of the
delivery of such notice.

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     Section 5.1 Establishment of Certificate Distribution Account.

          (a) Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the
Certificateholders, shall establish and maintain in the name of the Trust an Eligible Deposit
Account known as the Capital Auto Receivables Asset Trust 2008-1 Certificate Distribution Account
(the “Certificate Distribution Account”), bearing an additional designation clearly
indicating that the funds deposited therein are held for the benefit of the Certificateholders.

          (b) The Trust shall possess all right, title and interest in and to all funds on deposit from
time to time in the Certificate Distribution Account and in all proceeds thereof. Except as
otherwise provided herein, in the Indenture or in the Trust Sale and Servicing Agreement, the
Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee
for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account
ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner
Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an
Affiliate thereof) shall within ten (10) Business Days (or such longer period, not to exceed thirty
(30) calendar days, as to which each Rating Agency may consent) establish a new Certificate
Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Certificate Distribution Account.

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     Section 5.2 Application of Trust Funds.

          (a) On each Distribution Date, the Owner Trustee shall distribute to the Certificateholders,
on a pro rata basis, amounts equal to the amounts deposited in the Certificate Distribution Account
pursuant to Section 4.06 and Section 4.07 of the Trust Sale and Servicing Agreement
on or prior to such Distribution Date. Notwithstanding the foregoing or anything else to the
contrary in this Agreement or the other Basic Documents, if and for so long as Certificates
representing in the aggregate a 100% beneficial interest in the Trust are held by the Depositor,
(i) no Certificate Distribution Account shall be required to be established or maintained and (ii)
all distributions and payments on the Certificates (including the final distribution as
contemplated by Section 7.1(c) hereof) required hereunder or under the Trust Sale and
Servicing Agreement shall be made directly to the Depositor by the Indenture Trustee (whether or
not the Trust Sale and Servicing Agreement otherwise contemplates deposit into the Certificate
Distribution Account) and the Owner Trustee shall have no duty or liability to see to such
distribution.

          (b) On each Distribution Date, the Owner Trustee shall send to each Certificateholder the
statement provided to the Owner Trustee by the Servicer pursuant to Section 4.09(a) of the
Trust Sale and Servicing Agreement on such Distribution Date; provided that no such statement shall
be required to be sent by the Owner Trustee if and for so long as the Depositor is the sole
Certificateholder.

          (c) If any withholding tax is imposed on the Trust’s payment (or allocations of income) to a
Certificateholder, such tax shall reduce the amount otherwise distributable to the
Certificateholder in accordance with this Section 5.2; provided that the Owner Trustee
shall not have an obligation to withhold any such amount if and for so long as the Depositor is the
sole Certificateholder. The Owner Trustee is hereby authorized and directed to retain from amounts
otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that
is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from
contesting any such tax in appropriate proceedings and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings). The amount of any withholding tax
imposed with respect to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with respect to a
distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may in its
sole discretion withhold such amounts in accordance with this Section 5.2(c). If a
Certificateholder
wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably
cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees
to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

          (d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to
Section 3.3(e) of the Indenture, the Owner Trustee shall, upon notice from the Indenture
Trustee that such funds exist, submit on behalf of the Trust an Issuer Order to the Indenture
Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture Trustee to
pay such funds to or at the order of the Depositor.

     Section 5.3 Method of Payment. Subject to Section 7.1(c), distributions required to be made to Certificateholders
on any Distribution Date shall be made to each Certificateholder of

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record on the related Record
Date by wire transfer, in immediately available funds, to the account of such Holder at a bank or
other entity having appropriate facilities therefore, if such Certificateholder shall have provided
to the Certificate Registrar appropriate written instructions at least five (5) Business Days prior
to such Record Date or if not, by check mailed to such Certificateholder at the address of such
Certificateholder appearing in the Certificate Register.

     Section 5.4 Accounting and Reports to the Certificateholders, the Internal Revenue Service
and Others. The Owner Trustee shall maintain (or cause to be maintained) the books of the Trust on a
calendar year basis on the accrual method of accounting, deliver to each Certificateholder, as may
be required by the Code and applicable Treasury Regulations or otherwise, such information as may
be required to enable each Certificateholder to prepare its federal income tax return, file such
tax returns relating to the Trust and make such elections as may from time to time be required or
appropriate under any applicable state or federal statute or rule or regulation thereunder so as to
maintain the Trust’s characterization as an entity described in clause (a) of Section 2.11
for federal income tax purposes, cause such tax returns to be signed in the manner required by law
and collect or cause to be collected any withholding tax as described in and in accordance with
Section 5.2(c) with respect to income or distributions to Certificateholders. In the event
that the Internal Revenue Service were to contend successfully that the Trust is not a disregarded
entity but is rather a partnership for federal income tax purposes, the Trust shall allocate items
of income, gain, deduction and loss to the partners of the Trust in accordance with their economic
interests in the Trust. With respect to interest expense of the Trust, the Trust shall allocate to
the Certificateholders their share of the entire amount of such interest expense.

     Section 5.5 Signature on Returns; Other Tax Matters. The Owner Trustee shall sign on behalf of the Trust any and all tax returns of the Trust,
unless applicable law requires a Certificateholder to sign such documents, in which case such
documents shall be signed by the Depositor. To the extent one may be required, the Depositor shall
be the “tax matters partner” of the Trust pursuant to the Code.

ARTICLE VI

THE OWNER TRUSTEE

     Section 6.1 Duties of Owner Trustee.

          (a) The Owner Trustee undertakes to perform such duties, and only such duties, as are
specifically set forth in this Agreement and the other Basic Documents, including the
administration of the Trust in the interest of the Certificateholders, subject to the Basic
Documents and in accordance with the provisions of this Agreement. No implied covenants or
obligations shall be read into this Agreement.

          (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the other Basic Documents to the extent the
Administrator has agreed in the Administration Agreement to perform any act or to discharge any
duty of the Owner Trustee hereunder or under any other Basic Document, and the Owner Trustee shall
not be liable for the default or failure of the Administrator to carry out its obligations under
the Administration Agreement.

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          (c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon
certificates or opinions furnished to the Owner Trustee and conforming to the requirements of this
Agreement in determining the truth of the statements and the correctness of the opinions contained
therein; provided, however, that the Owner Trustee shall have examined such
certificates or opinions so as to determine compliance of the same with the requirements of this
Agreement.

          (d) The Owner 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 Section 6.1(d) shall not limit the effect of Section 6.1(a) or
6.1(b);

               (ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer unless it is proved that the Owner Trustee was negligent in ascertaining the
pertinent facts; and

               (iii) the Owner 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 Section 4.1,
4.2 or 6.4.

          (e) Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee
hereunder need not be segregated in any manner except to the extent required by law or the Trust
Sale and Servicing Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Owner Trustee shall not be liable for any interest thereon.

          (f) The Owner Trustee shall not take any action that (i) is inconsistent with the purposes of
the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a
Responsible Officer of the Owner Trustee, result in the Trust’s becoming taxable as a
corporation for federal income tax purposes. The Certificateholders shall not direct the Owner
Trustee to take action that would violate the provisions of this Section 6.1.

     Section 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents and
each certificate or other document attached as an exhibit to or contemplated by the Basic Documents
to which the Trust is to be a party, in such form as the Depositor shall approve as evidenced
conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required of the Trust
pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take
such action as the Administrator recommends and directs in writing with respect to the Basic
Documents.

     Section 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this Article VI, in accepting the trusts hereby
created, Deutsche Bank Trust Company Delaware acts solely as Owner Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall look only to the Owner
Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner

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Trustee also agrees to disburse all monies actually received by
it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this
Agreement. The Owner Trustee shall not be liable or accountable hereunder or under any other Basic
Document under any circumstances, except for its own negligent action, its own negligent failure
to act or its own willful misconduct or in the case of the inaccuracy of any representation or
warranty contained in Section 6.6 and expressly made by the Owner Trustee. In particular,
but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

          (a) the Owner Trustee shall at no time have any responsibility or liability for, or with
respect to, the legality, validity and enforceability of any Receivable, or the perfection and
priority of any security interest created by any Receivable in any Financed Vehicle or the
maintenance of any such perfection and priority, or for, or with respect to, the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders
under this Agreement or to Noteholders under the Indenture, including: the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the
existence and contents of any Receivable on any computer or other record thereof; the validity of
the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of
any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor
or the Servicer with any warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation or any action of the Administrator,
the Indenture Trustee or the Servicer or any sub-servicer taken in the name of the Owner Trustee;

          (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in accordance with the instructions of the Administrator or any Certificateholder;

          (c) no provision of this Agreement or any other Basic Document shall require the Owner Trustee
to expend or risk funds or otherwise incur any financial liability in the performance of any of its
rights or powers hereunder or under any other Basic Document, if the Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured or provided to it;

          (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or
arising under any of the Basic Documents, including the principal of and interest on the Notes;

          (e) the Owner Trustee shall not be responsible for or in respect of and makes no
representation as to the validity or sufficiency of any provision of this Agreement other than as
explicitly set forth herein or for the due execution hereof by the Depositor or for the form,
character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for, or
in respect of, the validity or sufficiency of the Notes, the Certificates (other than the
certificate of authentication on the Certificates), the other Basic Documents, any Receivables or
any related documents, and the Owner Trustee shall in no event assume or incur any liability, duty
or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for
herein and in the other Basic Documents;

15

 

          (f) the Owner Trustee shall not be liable for the default or misconduct of the Administrator,
the Indenture Trustee, the Depositor or the Servicer under any of the Basic Documents or otherwise
and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust
under this Agreement or the Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under
the Pooling and Servicing Agreement or the Trust Sale and Servicing Agreement;

          (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request,
order or direction of any of the Certificateholders, unless such Certificateholders have offered to
the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document
shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its
negligence or willful misconduct in the performance of any such act; and

          (h) Notwithstanding anything to the contrary contained herein or in any other Basic Document,
and notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor
any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute,
deliver or certify on behalf of the Trust or any other Person any filings, certificates, affidavits
or other instruments required pursuant to the Sarbanes-Oxley Act
of 2002 or the rules and regulations promulgated pursuant thereto, and the refusal to comply
with any such instructions shall not constitute a default or breach under any Basic Document. In
the event that the Owner Trustee, on behalf of the Trust, does not execute, deliver or certify any
filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of
2002, an Authorized Officer of the Administrator shall, on behalf of the Trust, execute, deliver or
make such certification.

     Section 6.4 Action upon Instruction by Certificateholders.

          (a) Subject to Section 4.4, the Certificateholders may by written instruction direct
the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by
written instruction of the Certificateholders pursuant to Section 4.5.

          (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action
hereunder or under any other Basic Document if the Owner Trustee shall have reasonably determined,
or shall have been advised by counsel, that such action is likely to result in liability on the
part of the Owner Trustee or is contrary to the terms hereof or of any other Basic Document or is
otherwise contrary to law.

          (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any other Basic Document, or is unsure as
to the application, intent, interpretation or meaning of any provision of this Agreement or the
other Basic Documents, the Owner Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to the Certificateholders requesting

16

 

instruction as to the
course of action to be adopted, and, to the extent the Owner Trustee acts in good faith in
accordance with any such instruction received, the Owner Trustee shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received appropriate instructions
within ten (10) days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may, but shall be under no
duty to, take or refrain from taking such action which is consistent, in its view, with this
Agreement or the other Basic Documents, and as it shall deem to be in the best interests of the
Certificateholders, and the Owner Trustee shall have no liability to any Person for any such action
or inaction.

     Section 6.5 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a
written request therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the Owner Trustee under
the Basic Documents.

     Section 6.6 Representations and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of
the
Certificateholders, that:

          (a) It is a banking corporation duly organized, validly existing and in good standing under
the laws of the state of its incorporation. It has satisfied the eligibility requirements set
forth in Section 6.13.

          (b) It has full power, authority and legal right to execute, deliver and perform this
Agreement, and has taken all necessary action to authorize the execution, delivery and performance
by it of this Agreement.

          (c) The execution, delivery and performance by it of this Agreement (i) shall not violate any
provision of any law or regulation governing the banking and trust powers of the Owner Trustee or
any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable
to the Owner Trustee or any of its assets, (ii) shall not violate any provision of the corporate
charter or by-laws of the Owner Trustee or (iii) shall not violate any provision of, or constitute,
with or without notice or lapse of time, a default under, or result in the creation or imposition
of any lien on any properties included in the Trust pursuant to the provisions of any mortgage,
indenture, contract, agreement or other undertaking to which it is a party, which violation,
default or lien could reasonably be expected to have a materially adverse effect on the Owner
Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on
the transactions contemplated in this Agreement.

          (d) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes
the legal, valid and binding agreement of the Owner Trustee, enforceable in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other
similar laws affecting the enforcement of creditors’ rights in general and by general principles of
equity, regardless of whether such enforceability is considered in a proceeding in equity or at
law.

     Section 6.7 Reliance; Advice of Counsel.

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          (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or
other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties and need not investigate any fact or matter in any such document. The Owner
Trustee may accept a certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has been duly adopted by
such body and that the same is in full force and effect. As to any fact or matter the method of
the determination of which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to the Owner Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon.

          (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the other Basic Documents, the Owner Trustee may act
directly or through its agents, attorneys, custodians or nominees (including the granting of a
power of attorney to officers of Deutsche Bank Trust Company Americas to execute and deliver any
Certificate, Note, other Basic Documents, or other
documents related thereto on behalf of the Owner Trustee) pursuant to agreements entered into
with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such
agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall
have been selected by the Owner Trustee with reasonable care; and may consult with counsel,
accountants and other skilled professionals to be selected with reasonable care and employed by it.
The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it
in accordance with the opinion or advice of any such counsel, accountants or other such Persons and
not contrary to this Agreement or any other Basic Document.

     Section 6.8 Owner Trustee May Own Certificates and Notes. Deutsche Bank Trust Company Delaware or any successor Owner Trustee in its individual or
any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the
Depositor, the Administrator, the Indenture Trustee and the Servicer in transactions in the same
manner as it would have if it were not the Owner Trustee.

     Section 6.9 Compensation and Indemnity. The Owner Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Servicer and the Owner Trustee,
and the Owner Trustee, any paying agent, registrar, authenticating agent or co-trustee shall be
entitled to be reimbursed by the Servicer for its other reasonable expenses hereunder, including
the reasonable compensation, expenses and disbursements of such agents, custodians, nominees,
representatives, experts and external counsel as the Owner Trustee may employ in connection with
the exercise and performance of its rights and its duties hereunder. The Servicer shall indemnify
the Owner Trustee, any paying agent, registrar, authenticating agent or co-trustee and its
successors, assigns, agents and servants in accordance with the provisions of Section 6.01
of the Trust Sale and Servicing Agreement. The indemnities contained in this Section 6.9
shall survive the resignation or removal of the Owner Trustee or the termination of this Agreement.
Any amounts paid to the Owner Trustee pursuant to this Article VI shall be deemed not to
be a part of the Owner Trust Estate immediately after such payment.

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     Section 6.10 Replacement of Owner Trustee.

          (a) The Owner Trustee may give notice of its intent to resign and be discharged from the
trusts hereby created by giving notice thereof to the Administrator provided that no such
resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set
forth in Section 6.10(c). If no successor Owner Trustee shall have been appointed pursuant
to Section 6.10(b) and have accepted such appointment within thirty (30) days after the
giving of such notice, the Owner Trustee giving such notice may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee. The Administrator shall remove the
Owner Trustee if:

               (i) the Owner Trustee shall cease to be eligible in accordance with the provisions of
Section 6.13 and shall fail to resign after written request therefor by the Administrator;

               (ii) the Owner Trustee shall be adjudged bankrupt or insolvent;

               (iii) a receiver or other public officer shall be appointed or take charge or control of the
Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation; or

               (iv) the Owner Trustee shall otherwise be incapable of acting.

          (b) If the Owner Trustee gives notice of its intent to resign or is removed or if a vacancy
exists in the office of Owner Trustee for any reason, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee) and
shall pay all fees owed to the outgoing Owner Trustee.

          (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective,
and no such resignation shall be deemed to have occurred, until a written acceptance of appointment
is delivered by the successor Owner Trustee to the outgoing Owner Trustee and the Administrator and
all fees and expenses due to the outgoing Owner Trustee are paid. Costs associated with the
resignation of the Owner Trustee and the appointment of a successor Owner Trustee will be borne by
the Servicer. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be
eligible to act in such capacity in accordance with Section 6.13 and, following compliance
with the preceding sentence, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if originally named as
Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner
Trustee to each of the Rating Agencies.

          (d) The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the
successor Owner Trustee all documents and statements and monies held by it under this Agreement.
The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and
do such other things as may reasonably be required for fully and certainly vesting and confirming
in the successor Owner Trustee all such rights, powers, duties and obligations.

19

 

          (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section
6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.

     Section 6.11 Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or consolidation to which the
Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the
corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided such Person shall be eligible pursuant to Section 6.13, and without the
execution or filing of any instrument or any further act on the part of any of the parties hereto;
provided, however, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

     Section 6.12 Appointment of Co-Trustee or Separate Trustee.

          (a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Owner Trust Estate or
any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting
jointly shall, at the expense of the Servicer, have the power and shall, at the expense of the
Servicer, execute and deliver all instruments to appoint one or more Persons approved by the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees,
of all or any part of the Owner Trust Estate, and to vest in such Person (in the name of the Trust
and not in such Person’s name for the Trust, except to the extent otherwise required by, and in
accordance with, Section 2.8), in such capacity, such title to the Trust, or any part
thereof, and, subject to the other provisions of this Section 6.12, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or
desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days
after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make
such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 6.13 and no notice of
the appointment of any co-trustee or separate trustee shall be required pursuant to Section
6.10.

          (b) Each 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 Owner Trustee
shall be conferred upon and exercised or performed by the Owner 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 Owner 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
Owner 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 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 Owner Trustee;

20

 

               (ii) no trustee under this Agreement shall be personally liable by reason of any act or
omission of any other trustee under this Agreement; and

               (iii) the Administrator and the Owner Trustee acting jointly 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 Owner 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. 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 Owner Trustee or separately, as may be provided
therein, subject to all the provisions of this Agreement, specifically including every provision of
this Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and a copy thereof given to the Administrator.

          (d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee as 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 Owner
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

     Section 6.13 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of
the
Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the
provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate
trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to
supervision or examination by federal or state authorities; and (d) have (or have a parent which
has) a long-term unsecured debt rating of at least BBB- by Standard & Poor’s Ratings
Service and at least Baa3 by Moody’s Investors Service, Inc. If such corporation shall publish
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section 6.13, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section 6.13, the
Owner Trustee shall resign immediately in the manner and with the effect specified in Section
6.10.

ARTICLE VII

TERMINATION OF TRUST AGREEMENT

     Section 7.1 Termination of Trust Agreement.

          (a) The Trust shall dissolve in accordance with Section 3808 of the Statutory Trust Act
immediately prior to the final distribution by the Owner Trustee of all monies or other

21

 

property or
proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Trust Sale
and Servicing Agreement (including the exercise by the Servicer of its option to purchase the
Receivables pursuant to Section 8.01(a) of the Trust Sale and Servicing Agreement), the
Interest Rate Swaps and Article V. The bankruptcy, liquidation, dissolution, death or
incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust,
(y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all or any part of the
Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of
the parties hereto.

          (b) Neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate
the Trust or this Agreement.

          (c) Subject to Section 5.2(a), notice of any dissolution of the Trust, specifying the
Distribution Date upon which the Certificateholders shall surrender their Certificates to the
Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner
Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice
of such termination from the Servicer given pursuant to Section 8.01(c) of the Trust Sale
and Servicing Agreement, stating: (i) the Distribution Date upon or with respect to which final
payment of the Certificates shall be made upon presentation and surrender of the Certificates at
the office of the Paying Agent therein designated; (ii) the amount of any such final payment; and
(iii) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the office of the
Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate
Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given
to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall
cause to be distributed to Certificateholders amounts distributable on such Distribution Date
pursuant to Section 5.2.

          (d) If all of the Certificateholders shall not surrender their Certificates for cancellation
within six months after the date specified in the written notice referred to in Section
7.1(c), the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final
distribution with respect thereto. If within one year after the second notice all the Certificates
shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the remaining Certificateholders
concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and
other assets that shall remain subject to this Agreement. Subject to applicable laws with respect
to escheat of funds, any funds remaining in the Trust after exhaustion of such remedies in the
preceding sentence shall be deemed property of the Depositor and distributed by the Owner Trustee
to the Depositor, and the Owner Trustee shall have no further liability to the Certificateholders
with respect thereto.

          (e) Upon the winding up and termination of the Trust in accordance with Section 3808 of the
Statutory Trust Act and this Section, the Owner Trustee shall cause the Certificate of Trust to be
canceled by filing a certificate of cancellation with the Secretary of

22

 

State in accordance with the
provisions of Section 3810 of the Statutory Trust Act. Thereupon, this Agreement (other than
Section 6.9) and the Trust shall terminate.

ARTICLE VIII

AMENDMENTS

     Section 8.1 Amendments Without Consent of Certificateholders or Noteholders. This Agreement may be amended by the Depositor and the Owner Trustee
without the consent of
any of the Noteholders or any other Persons who may be Certificateholders (but with prior notice to
each of the Rating Agencies), to (i) cure any ambiguity, (ii) 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 Document, (iii) add or supplement any credit enhancement for the benefit of the
Noteholders or Certificateholders (provided that if any such addition shall affect any class of
Noteholders or Certificateholders differently from any other class of Noteholders or
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 the Noteholders or
Certificateholders), (iv) add to the covenants, restrictions or obligations of the Depositor or the
Owner Trustee, (v) evidence and provide for the acceptance of the appointment of a successor
trustee with respect to the Owner Trust Estate and add to or change any provisions as shall be
necessary to facilitate the administration of the trusts hereunder by more than one trustee
pursuant to Article VI, and (vi) 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 Unaffiliated Certificateholders.

     Section 8.2 Amendments With Consent of Certificateholders and Noteholders. This Agreement may be amended from time to time by the Depositor and the
Owner Trustee with
the consent of 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 or an Affiliate of the Depositor holds any Certificates, the consent of
Certificateholders whose Certificates evidence not less than a majority of the Voting Interest as
of the close of the preceding Distribution Date (which consent, whether given pursuant to this
Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and
binding on such Person and on all future holders of such Notes or Certificates and of any Notes or
Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or
not notation of such consent is made upon the Notes or Certificates) 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 (a) without the consent of the
holder of the affected Note, 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 (without the consent of the holders hereof), (b) increase or
reduce the amount of the required Specified Reserve Account Balance without the consent of all of
the Noteholders or Certificateholders then outstanding, (c) 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 (d) reduce the aforesaid percentage required to consent to any
such amendment, without the consent

23

 

of the holders of all Notes and Certificates then outstanding.
The Owner Trustee shall furnish notice to each of the Rating Agencies prior to obtaining consent to
any proposed amendment under this Section 8.2.

     Section 8.3 Form of Amendments.

          (a) Promptly after the execution of any amendment, supplement or consent pursuant to
Section 8.1 or 8.2, the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Unaffiliated Certificateholder and the Indenture
Trustee.

          (b) It shall not be necessary for the consent of Certificateholders, the Noteholders or the
Indenture Trustee pursuant to Section 8.2 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 Unaffiliated
Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing
the authorization of the execution thereof by Unaffiliated Certificateholders shall be subject to
such reasonable requirements as the Owner Trustee may prescribe.

          (c) Promptly after the execution of any amendment to the Certificate of Trust, the Owner
Trustee shall cause the filing of such amendment with the Secretary of State.

          (d) Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
Owner 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 Agreement. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner
Trustee’s own rights, duties or immunities under this Agreement or otherwise.

ARTICLE IX

MISCELLANEOUS

     Section 9.1 No Legal Title to Owner Trust Estate. The Certificateholders shall not
have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled
to receive distributions with respect to their undivided ownership interest therein only in
accordance with Articles V and VII. No transfer, by operation of law or otherwise,
of any right, title, and interest of the Certificateholders to and in their ownership interest in
the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle
any transferee to an accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

24

 

     Section 9.2 Limitations on Rights of Others. Except for Section 9.12, the
provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Owner
Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

     Section 9.3 Derivative Actions. Any provision contained herein to the contrary
notwithstanding, the right of any Certificateholder to bring a derivative action in the right of
the Trust is hereby made expressly subject to the following limitations and requirements:

          (a) such Certificate Owner must meet all requirements set forth in the Statutory Trust Act;
and

          (b) no Certificateholder may bring a derivative action in the right of the Trust without the
prior written consent of Certificateholders owning, in the aggregate, beneficial interests in
Certificates representing at least 50% of the Voting Interests.

     Section 9.4 Notices. All demands, notices and communications upon or to the
Depositor, the Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating
Agencies under this Agreement shall be delivered as specified in Appendix B to the Trust Sale and
Servicing Agreement.

     Section 9.5 Severability. 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 or of the Certificates or the rights of the holders thereof.

     Section 9.6 Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute one and the same instrument.

     Section 9.7 Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and each
Certificateholder and their respective successors and permitted assigns, all as herein provided.
Any request, notice, direction, consent,
waiver or other instrument or action by a Certificateholder shall bind the successors and
assigns of such Certificateholder.

     Section 9.8 No Petition. The Owner Trustee by entering into this Trust Agreement and
each Certificateholder or Certificate Owner, by accepting a Certificate (or interest therein)
issued hereunder, hereby covenant and agree that they shall not (nor shall they join with or
solicit another person to), prior to the day that is one year and one day after the termination of
the Trust and of each other trust heretofore formed by the Depositor, acquiesce, petition or
otherwise invoke or cause the Depositor or the Trust to invoke in any court or government authority
for the purpose of commencing or sustaining a case against the Depositor or the Trust under any
federal

25

 

or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust
or any substantial part of its property, or ordering the winding up or liquidation of the affairs
of the Depositor or the Trust.

     Section 9.9 No Recourse. Each Certificateholder or Certificate Owner by accepting a
Certificate (or any interest therein) acknowledges that such Person’s Certificate (or interest
therein) represents beneficial interests in the Trust only and does not represent interests in or
obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against
such parties or their assets, except as may be expressly set forth or contemplated in this
Agreement, the Certificates or the other Basic Documents. Except as expressly provided in the
Basic Documents, none of the Depositor, the Servicer or the Owner Trustee in their respective
individual capacities, 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 distribution of any amount with respect to the Certificates or the
Trust’s performance of, or omission to perform, any obligations or indemnifications contained in
the Certificates, this Agreement or the other Basic Documents, it being expressly understood that
such Certificateholder obligations have been made solely by the Trust. Each Certificateholder by
the acceptance of a Certificate (or beneficial interest therein) agrees that except as expressly
provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the
Certificates, it shall have no claim against any of the foregoing Persons for any deficiency, loss
or claim therefrom. In the event that any of the foregoing covenants of each Certificateholder and
Certificate Owner is prohibited by, or declared illegal or otherwise unenforceable against any such
Certificateholder or Certificate Owner under applicable law by any court or other authority of
competent jurisdiction, and, as a result, a Certificateholder or Certificate Owner is deemed to
have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the
Trust, each Certificateholder and Certificate Owner agrees that (i) its claim against any such
other assets shall be, and hereby is, subject and subordinate in all respects to the rights of
other Persons to whom rights in the other assets have been expressly granted, including to the
payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in
the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject
to, Section 510(a) of the Bankruptcy Code.

     Section 9.10 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     Section 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 9.12 Indemnification by and Reimbursement of the Servicer. The Owner Trustee
acknowledges and agrees to reimburse (i) the Servicer and its directors, officers,

26

 

employees and
agents in accordance with Section 6.03(b) of the Trust Sale and Servicing Agreement and
(ii) the Depositor and its directors, officers, employees and agents in accordance with Section
3.04 of the Trust Sale and Servicing Agreement. The Owner Trustee further acknowledges and
accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify,
defend and hold the Owner Trustee harmless as set forth in Section 6.01(a)(iv) of the Trust
Sale and Servicing Agreement.

     Section 9.13 Effect of Amendment and Restatement. It is the intent of the parties
hereto that this Trust Agreement shall, as of February 1, 2008, replace in its entirety the
Original Trust Agreement; provided, however, that with respect to the period of
time from January 18, 2008 through February 1, 2008, the rights and obligations of the parties
shall be governed by the Original Trust Agreement; provided further, that the
amendment and restatement of the Original Trust Agreement shall not affect any of the grants,
conveyances or transfers contemplated by the Original Trust Agreement to have occurred prior to the
date hereof.

     Section 9.14 Information to be Provided by the Owner Trustee.

          (a) The Owner Trustee agrees to cooperate in good faith with any reasonable request by the
Depositor for information regarding the Owner Trustee which is required in order to enable the
Depositor to comply with the provisions of Items 1117 and 1119 of Regulation AB as it relates to
the Owner Trustee or to the Owner Trustee’s obligations under this Agreement.

          (b) Except to the extent disclosed by the Owner Trustee in subsection (c) or (d) below, the
Owner Trustee shall be deemed to have represented to the Depositor on the first day of each Monthly
Period with respect to the prior Monthly Period that to the best of its knowledge there were no
legal or governmental proceedings pending (or known to be contemplated) against Deutsche Bank Trust
Company Delaware or any property of Deutsche Bank Trust Company Delaware that would be material to
any Noteholder or, to the extent that
the Certificates are registered under the Securities Act for public sale, any holder of such
Certificates.

          (c) The Owner Trustee shall, as promptly as practicable following notice to or discovery by
the Owner Trustee of any changes to any information regarding the Owner Trustee as is required for
the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing,
such updated information.

          (d) The Owner Trustee shall deliver to the Depositor on or before March 15 of each year,
beginning with March 15, 2009, a report of a representative of the Owner Trustee with respect to
the immediately preceding calendar year certifying, on behalf of the Owner Trustee, that except to
the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there
were no legal or governmental proceedings pending (or known to be contemplated) against Deutsche
Bank Trust Company Delaware or any property of Deutsche Bank Trust Company Delaware that would be
material to any Noteholder or, to the extent that the Certificates are registered under the
Securities Act for public sale, any holder of such Certificates.

27

 

          (e) The Owner Trustee shall deliver to the Depositor on or before March 15 of each year,
beginning with March 15, 2009, a report of a representative of the Owner Trustee with respect to
the immediately preceding calendar year providing to the Depositor such information regarding the
Owner Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB. Such
information shall include, at a minimum, a description of any affiliation between the Owner Trustee
and any of the following parties to this securitization transaction, as such parties are identified
to the Owner Trustee by the Depositor in writing in advance of this securitization transaction:

	 	(i)	 	the Depositor;
	 
	 	(ii)	 	GMAC, as sponsor;
	 
	 	(iii)	 	the Trust;
	 
	 	(iv)	 	the Servicer;
	 
	 	(v)	 	the Indenture Trustee;
	 
	 	(vi)	 	the Swap Counterparty; and
	 
	 	(vii)	 	any other material transaction party.

     In connection with the parties listed in clauses (i) through (vii) above, the Owner
Trustee shall include a description of whether there is, and if so, the general character of, any
business relationship, agreement, arrangement, transaction or understanding that is entered into
outside the ordinary course of business or is on terms other than would be obtained in an arm’s
length transaction with an unrelated third party, apart from this securitization transaction, that
currently exists or that existed during the past two years and that is material to an investor’s
understanding of the asset backed securities issued in this securitization transaction.

*       *      *       *       *

28

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers, hereunto duly authorized, as of the day and year first above written.

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY
DELAWARE, as Owner Trustee

 	 
	 	By:  	/s/  Elizabeth B. Ferry
 	 
	 	Name:	Elizabeth B. Ferry 	 
	 	Title:	Assistant Vice President 	 
	 
	 	 	 
	 	By:  	                       /s/  Michelle Siwik
 	 
	 	Name:	Michelle Siwik 	 
	 	Title:	Associate 	 
	 
	 	CAPITAL AUTO RECEIVABLES LLC, as Depositor

 	 
	 	By:  	/s/  Kenneth R. Rice
 	 
	 	Name:  	Kenneth R. Rice 	 
	 	Title:  	Senior Manager - Securitization 	 
	 

	 	 	 	 	 
	Acknowledged and accepted:	 	 
	 
	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY	 	 
	AMERICAS, as Paying Agent	 	 
	 
	 	 	 	 
	By:

	 	/s/ Aranka R. Paul
 

	 	 
	Name: Aranka R. Paul	 	 
	Title: Assistant Vice President	 	 
	 
	 	 	 	 
	By:

	 	/s/ Louis Bodi
 

	 	 
	Name: Louis Bodi	 	 
	Title: Vice President	 	 

CARAT
2008-1 Trust Agreement

 

 

EXHIBIT A

FORM OF CERTIFICATE

			
	NO. R-
	 	                    %

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE VARIOUS STATE SECURITIES LAWS. NO TRANSFER OF
THIS CERTIFICATE SHALL BE MADE UNLESS SUCH TRANSFER IS MADE IN A TRANSACTION THAT
DOES NOT REQUIRE REGISTRATION UNDER THE ACT OR ANY APPLICABLE STATE SECURITIES LAWS
AND IS OTHERWISE IN COMPLIANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST
AGREEMENT.

THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT
OF (1) AN “EMPLOYEE BENEFIT PLAN,” AS DEFINED IN SECTION 3(3) OF THE UNITED STATES
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT
IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (2) A “PLAN,” AS DESCRIBED IN
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR (3) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OTHER THAN
AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS DEFINED IN PROHIBITED TRANSACTION CLASS
EXEMPTION 95-60 (“PTCE 95-60”), WHOSE UNDERLYING ASSETS INCLUDE LESS THAN
25% PLAN ASSETS AND FOR WHICH THE PURCHASE AND HOLDING OF CERTIFICATES IS ELIGIBLE
AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. THIS CERTIFICATE (OR AN
INTEREST THEREIN) ALSO MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE
BENEFIT PLAN OR PLAN THAT IS NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (INCLUDING, WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL
PLANS) IF SUCH ACQUISITION WOULD RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER, OR A VIOLATION OF, ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA
OR SECTION 4975 OF THE CODE. EACH HOLDER OF THIS CERTIFICATE, BY ACCEPTING THIS
CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT
TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH
PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING LETTER TO SUCH
EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT.

A-1

 

CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-1

ASSET BACKED CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of retail instalment sale contracts and direct
purchase money loans secured by new or used automobiles and light trucks and sold to
the Trust by Capital Auto Receivables LLC.

(This Certificate does not represent an interest in or obligation of Capital Auto
Receivables LLC or GMAC LLC or any of their respective affiliates, except to the
extent described in the Basic Documents.)

               THIS CERTIFIES THAT
                     is the registered owner of a nonassessable,
fully-paid fractional undivided interest in Capital Auto Receivables Asset Trust 2008-1 (the
“Trust”) formed by Capital Auto Receivables LLC, a Delaware limited liability company.

               The Trust was created pursuant to a Trust Agreement, dated as of January 18, 2008 (as amended
and supplemented as of February 1, 2008, the “Trust Agreement”), between the Depositor and
Deutsche Bank Trust Company Delaware, as owner trustee (the “Owner Trustee”), a summary of
certain of the pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust
Agreement.

               This Certificate is one of the duly authorized Certificates designated as Asset Backed
Certificates (the “Certificates”). This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, the terms of which are incorporated herein
by reference and made a part hereof, to which Trust Agreement the holder of this Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.

               Under the Trust Agreement there shall be distributed on the 15th day of each month,
or if such 15th day is not a Business Day, the next Business Day, commencing on March
17, 2008 (each, a “Distribution Date”), to the person in whose name this Certificate is
registered on the related Record Date, such amount as is provided in the Basic Documents. The
“Record Date,” with respect to any Distribution Date, means the last day of the preceding
Monthly Period.

               The distributions in respect of this Certificate 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 Trust with respect to this Certificate shall be applied in
respect of this Certificate.

               The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
and to the extent described in the Trust Sale and Servicing Agreement.

A-2

 

               It is the intent of the Depositor, the Owner Trustee and the Certificateholders that, for
purposes of federal income, state and local income and franchise taxes, Michigan single business
tax and any other taxes imposed upon, measured by or based upon gross or net income, the Trust
shall be treated as either (A) a division of the Depositor, or any other single Person, and
disregarded as a separate entity, if all Certificates are owned solely by the Depositor, the Trust
or by such single Person, or (B) a partnership if the Certificates are owned by more than one
Person. Except as otherwise required by appropriate taxing authorities, the Depositor and the
other Certificateholders by acceptance of a Certificate agree to treat, and to take no action
inconsistent with the treatment of, the Certificates for such tax purposes as interests in such a
disregarded entity or partnership as described in the previous sentence.

               Each Certificateholder or Certificate Owner by its acceptance of a Certificate (or an interest
therein) covenants and agrees that such Certificateholder or Certificate Owner shall not, prior to
the date which is one year and one day after the termination of the Trust and of each other trust
heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor,
the Owner Trustee or the Trust to invoke the process of any court or governmental authority for the
purpose of commencing or sustaining a case against the Depositor or the Owner Trustee under any
federal or state bankruptcy, insolvency, reorganization or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor
or the Trust or any substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Depositor or the Trust.

               Except as otherwise provided in the Trust Agreement, distributions on this Certificate shall
be made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to
the Certificateholder without the presentation or surrender of this Certificate or the making of
any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the
above, the final distribution on this Certificate shall be made after due notice by the Owner
Trustee of the pendency of such distribution and only upon presentation and surrender of this
Certificate at the office maintained for such purpose by the Owner Trustee in the Borough of
Manhattan, the City of New York.

               Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

               Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee by manual signature, this Certificate shall not entitle the holder
hereof to any benefit under the Trust Agreement or the Trust Sale and Servicing Agreement or be
valid for any purpose.

               THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER
JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

A-3

 

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: February 1, 2008	 	CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-1
	 
	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its

individual capacity but solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Trust Agreement.

	 	 	 	 	 	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY	 	DEUTSCHE BANK TRUST COMPANY	 	 
	DELAWARE, not in its individual 

capacity but solely as Owner Trustee	 	DELAWARE, not in its individual

capacity but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Authenticating Agent	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	Name:

	 	 

	 	Name:
	 	 

	 	 
	Title:

	 	 	 	Title:	 	 	 	 

A-4

 

REVERSE OF CERTIFICATE

          The Certificate does not represent an obligation of, or an interest in, the Depositor, the
Servicer, GMAC LLC, the Indenture Trustee, the Owner Trustee or any affiliates of any of them and
no recourse may be had against such parties or their assets, except as may be expressly set forth
or contemplated herein or in the Trust Agreement or the other Basic Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections and recoveries with respect to the Receivables (and certain other
amounts), all as more specifically set forth herein and in the other Basic Documents. A copy of
each of the other Basic Documents may be examined during normal business hours at the principal
office of the Depositor, and at such other places, if any, designated by the Depositor, by any
Certificateholder upon written request. In the event of any conflict between the terms of this
Certificate and the terms of the other Basic Documents, the terms of the other Basic Documents
shall govern.

          The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof
and the modification of the rights and obligations of the Depositor and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee
with the consent of the Holders of the Controlling Class evidencing not less than a majority of the
Outstanding Amount of the Notes as of the close of the preceding Distribution Date and 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. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and on all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust
Agreement also permits the amendment thereof, in certain circumstances, without the consent of the
Holders of any of the Certificates or the Notes.

          As provided in the Trust Agreement and subject to certain limitations therein set forth, the
transfer of this Certificate is registerable in the Certificate Register upon surrender of this
Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Owner Trustee in the City of New York, accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more
new Certificates evidencing the same aggregate percentage interest in the Trust will be issued to
the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement
is Deutsche Bank Trust Company Americas, New York, New York.

          The Certificate is issuable only as a registered Certificate. As provided in the Trust
Agreement and subject to certain limitations therein set forth, the Certificate is exchangeable for
a new Certificate. No service charge shall be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection therewith.

          The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as

A-5

 

the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or
any such agent shall be affected by any notice to the contrary.

          The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate in accordance with Article VII of the Trust Agreement.

A-6

 

ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY

NUMBER OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

	 	 	 
	 

	 	 
	 
	 	 
	(please print or type name and address, including postal zip code, of assignee)
	 
	 	 
	 

	 	 
	 
	 	 
	the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
	 
	 	 

        
                  
               
                   
attorney to
transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

	 	 	 	 	 
	Dated:

	 	*	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Signature Guaranteed:	 	 
	 
	 	 	 	 
	 

	 	*
 

	 	 

 

			
	*	 	NOTICE: The signature to this assignment must correspond with the name of the registered owner as
it appears upon the face of the within Certificate in every particular, without alteration,
enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the
New York Stock Exchange or a commercial bank or trust company.

A-7

 

EXHIBIT B

CERTIFICATE OF TRUST 

OF CAPITAL AUTO RECEIVABLES ASSET TRUST 2008-1

          This Certificate of Trust of Capital Auto Receivables Asset Trust 2008-1 (the “Trust”)
is being duly executed and filed by the undersigned, as trustee, to form a statutory trust under
the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

     1. Name. The name of the statutory trust formed hereby is Capital Auto Receivables Asset
Trust 2008-1.

     2. Delaware Trustee. The name and business address of the trustee of the Trust in the State
of Delaware are Deutsche Bank Trust Company Delaware, E.A. Delle Donne Corporate Center, Montgomery
Building, 1011 Centre Road, Wilmington, Delaware 19805-1266.

     3. Effective Date. This certificate of trust shall be effective on January 18, 2008.

          IN WITNESS WHEREOF, the undersigned has executed this certificate of trust in accordance with
Section 3811(a)(1) of the Act.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST
COMPANY DELAWARE, not in 
its individual capacity
but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

B-1

 

EXHIBIT C

UNDERTAKING LETTER

Capital Auto Receivables LLC

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

Deutsche Bank Trust Company Delaware,

as Owner Trustee of Capital Auto Receivables Asset Trust 2008-1

E.A. Delle Donne Corporate Center

Montgomery Building

1011 Centre Road, Suite 200

Wilmington, DE 19805

Ladies and Gentlemen:

          In connection with our purchase of record or beneficial ownership of the ___Asset Backed
Certificate (the “Certificate”) of Capital Auto Receivables Asset Trust 2008-1, the
undersigned purchaser, record owner or beneficial owner hereby acknowledges, represents and
warrants that such purchaser, record owner or beneficial owner:

          (1) is not, and has not acquired the Certificate by or for the benefit of, (a) (i) an
“employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of ERISA, (ii)
a “plan,” as described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”), or (iii) any entity whose underlying assets include plan assets by reason of
investment by an employee benefit plan or plan in such entity other than an “insurance company
general account,” as defined in Prohibited Transaction Class Exemption 95-60, whose underlying
assets include less than 25% plan assets and for which the purchase and holding of Certificates is
eligible and satisfies all conditions for relief under Prohibited Transaction Class Exemption
95-60, or (b) an employee benefit plan or plan that is not subject to the provisions of Title I of
ERISA or Section 4975 of the Code (including, without limitation, foreign or governmental plans) if
such acquisition would result in a non-exempt prohibited transaction under, or a violation of, any
applicable law that is substantially similar to ERISA or Section 4975 of the Code; and

          (2) acknowledges that you and others will rely on our acknowledgments, representations and
warranties made in connection with our purchase of record or beneficial ownership of the
Certificate and agrees to notify you promptly in writing if any of our representations or
warranties herein cease to be accurate and complete.

C-1

 

	 	 	 	 	 	 	 
	 	 	Name of Certificate Owner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	Date:
	 	 

	 	 
	 

	 	 	 	 

	 	 

C-2exv4w3

 

EXHIBIT 4.3

 

POOLING AND SERVICING AGREEMENT

BETWEEN

CAPITAL AUTO RECEIVABLES LLC

AND

GMAC LLC

DATED AS OF FEBRUARY 1, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE I DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 1.01
	 	Definitions
	 	 	1	 
	 

	 	SECTION 1.02
	 	Owner of a Receivable
	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II PURCHASE AND SALE OF RECEIVABLES	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 2.01
	 	Purchase and Sale of Receivables
	 	 	2	 
	 

	 	SECTION 2.02
	 	Receivables Purchase Price
	 	 	3	 
	 

	 	SECTION 2.03
	 	The Closing
	 	 	3	 
	 

	 	SECTION 2.04
	 	Custody of Receivable Files
	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 3.01
	 	Duties of the Servicer
	 	 	4	 
	 

	 	SECTION 3.02
	 	Collection of Receivable Payments
	 	 	5	 
	 

	 	SECTION 3.03
	 	[Reserved]
	 	 	5	 
	 

	 	SECTION 3.04
	 	Realization Upon Liquidating Receivables
	 	 	5	 
	 

	 	SECTION 3.05
	 	Maintenance of Insurance Policies
	 	 	6	 
	 

	 	SECTION 3.06
	 	Maintenance of Security Interests in Vehicles
	 	 	6	 
	 

	 	SECTION 3.07
	 	Covenants, Representations and Warranties of the Servicer
	 	 	6	 
	 

	 	SECTION 3.08
	 	Purchase of Receivables Upon Breach of Covenant
	 	 	8	 
	 

	 	SECTION 3.09
	 	Basic Servicing Fee; Payment of Certain Expenses by Servicer
	 	 	8	 
	 

	 	SECTION 3.10
	 	Servicer’s Accounting
	 	 	8	 
	 

	 	SECTION 3.11
	 	Application of Collections
	 	 	9	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	 	 	9	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 4.01
	 	Representations and Warranties as to the Receivables
	 	 	9	 
	 

	 	SECTION 4.02
	 	Additional Representations and Warranties of GMAC
	 	 	12	 
	 

	 	SECTION 4.03
	 	Representations and Warranties of CARI
	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V ADDITIONAL AGREEMENTS	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 5.01
	 	Conflicts With Further Transfer and Servicing Agreements
	 	 	14	 
	 

	 	SECTION 5.02
	 	Protection of Title
	 	 	14	 
	 

	 	SECTION 5.03
	 	Other Liens or Interests
	 	 	15	 
	 

	 	SECTION 5.04
	 	Repurchase Events
	 	 	15	 
	 

	 	SECTION 5.05
	 	Indemnification
	 	 	15	 
	 

	 	SECTION 5.06
	 	Further Assignments
	 	 	15	 
	 

	 	SECTION 5.07
	 	Pre-Closing Collections
	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VI CONDITIONS	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 6.01
	 	Conditions to Obligation of CARI
	 	 	16	 
	 

	 	SECTION 6.02
	 	Conditions to Obligation of the Seller
	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VII MISCELLANEOUS PROVISIONS	 	 	17	 
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 7.01
	 	Amendment
	 	 	17	 
	 

	 	SECTION 7.02
	 	Survival
	 	 	17	 
	 

	 	SECTION 7.03
	 	Notices
	 	 	17	 
	 

	 	SECTION 7.04
	 	Governing Law
	 	 	17	 
	 

	 	SECTION 7.05
	 	Waivers
	 	 	17	 
	 

	 	SECTION 7.06
	 	Costs and Expenses
	 	 	17	 
	 

	 	SECTION 7.07
	 	Confidential Information
	 	 	17	 

i

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 

	 	SECTION 7.08
	 	Headings
	 	 	18	 
	 

	 	SECTION 7.09
	 	Counterparts
	 	 	18	 
	 

	 	SECTION 7.10
	 	No Petition Covenant
	 	 	18	 
	 

	 	SECTION 7.11
	 	Limitations on Rights of Others
	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT A	 	Form of First Step Receivables Assignment	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SCHEDULE A	 	Schedule of Receivables	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	APPENDIX A	 	Definitions, Rules of Construction and Notices	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	APPENDIX B	 	Additional Representations and Warranties	 	 	 	 

ii

 

     THIS POOLING AND SERVICING AGREEMENT, dated as of February 1, 2008, between CAPITAL AUTO
RECEIVABLES LLC, a Delaware limited liability company (“CARI”), and GMAC LLC, a Delaware
limited liability company (herein referred to as the “Seller” in its capacity as seller of
the Receivables and as the “Servicer” in its capacity as servicer of the Receivables).

     WHEREAS, CARI desires to purchase on the date hereof a portfolio of automobile and light truck
retail instalment sale contracts, direct purchase money loans and related rights owned by the
Seller;

     WHEREAS, the Seller is willing to sell on the date hereof such contracts and related rights to
CARI;

     WHEREAS, CARI may wish to sell or otherwise transfer on the date hereof such contracts and
related rights, or interests therein, to a trust, corporation, partnership or other entity (any
such entity being the “Issuing Entity”);

     WHEREAS, the Issuing Entity may issue debentures, notes, participations, certificates of
beneficial interest, partnership interests or other interests or securities (collectively, any such
issued interests or securities being “Securities”) to fund its acquisition of such
contracts and related rights;

     WHEREAS, the Issuing Entity may wish to provide in the agreements pursuant to which it
acquires its interest in such contracts and related rights and issues the Securities (the Second
Step Receivables Assignment, the Trust Agreement, the Notes, the Certificates, the Trust Sale and
Servicing Agreement and the Indenture being collectively the “Further Transfer and Servicing
Agreements”) that the Seller shall service such contracts;

     WHEREAS, the Servicer is willing to service such contracts in accordance with the terms hereof
for the benefit of CARI and, by its execution of the Further Transfer and Servicing Agreements,
will be willing to service such contracts in accordance with the terms of such Further Transfer and
Servicing Agreements for the benefit of the Issuing Entity and each other party identified or
described herein or in the Further Transfer and Servicing Agreements as having an interest as
owner, trustee, secured party, or holder of Securities (the Issuing Entity and all such parties
under the Further Transfer and Servicing Agreements being “Interested Parties”) with
respect to such contracts, and the proceeds thereof, as the interests of such parties may appear
from time to time.

     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 Definitions. Certain capitalized terms used in this Agreement are
defined in and shall have the respective meanings assigned to them in Part I of Appendix A
to this Agreement. All references herein to “the Agreement” or “this Agreement”
are to this Pooling and Servicing Agreement as it may be amended, supplemented or modified from
time to

1

 

time, and all references herein to Articles and Sections are to Articles or Sections of this
Agreement unless otherwise specified. The rules of construction set forth in Part II of such
Appendix A shall be applicable to this Agreement.

     SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the
“Owner” of a Receivable shall mean CARI until the sale, transfer, assignment or other
conveyance of such Receivable by CARI pursuant to the terms of the Further Transfer and Servicing
Agreements, and thereafter shall mean the Issuing Entity; provided, that the Seller, the
Servicer or CARI, as applicable, shall be the “Owner” of any Receivable from and after the
time that such Person shall acquire such Receivable, whether pursuant to Section 3.08 or
5.04 of this Agreement, any provision of the Further Transfer and Servicing Agreements or
otherwise.

ARTICLE II

PURCHASE AND SALE OF RECEIVABLES

     SECTION 2.01 Purchase and Sale of Receivables.

          (a) Purchase. On the Closing Date, subject to satisfaction of the conditions
specified in Article VI and the First Step Receivables Assignment (and, in any event, immediately
prior to consummation of the related transactions contemplated by the Further Transfer and
Servicing Agreements, if any), the Seller shall sell, transfer, assign and otherwise convey to
CARI, without recourse:

               (i) all right, title and interest of the Seller in, to and under the Receivables listed on the
Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of
any amounts allocable to the premium for physical damage collateral protection insurance required
by the Seller covering any related Financed Vehicle;

               (ii) the interest of the Seller in the security interests in the Financed Vehicles granted by
Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto;

               (iii) the interest of the Seller in any proceeds from claims on any physical damage, credit
life, credit disability or other insurance policies covering Financed Vehicles or Obligors;

               (iv) the interest of the Seller in any proceeds from recourse against Dealers on the
Receivables;

               (v) all right, title and interest of the Seller in, to and under the First Step Receivables
Assignment; and

               (vi) all present and future claims, demands, causes and choses in action in respect of any or
all the foregoing described in clauses (i) through (v) above and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing,
including all proceeds of the conversion of any or all of the foregoing, 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,

2

 

investment property, payment intangibles, general intangibles, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the proceeds of any of the
foregoing.

     The property described in clauses (i) through (vi) above is referred to herein
collectively as the “Purchased Property.”

          (b) It is the intention of the Seller and CARI that the transfer and assignment of Receivables
contemplated by this Agreement and the First Step Receivables Assignment shall constitute a sale of
the Receivables from the Seller to CARI and the beneficial interest in and title to the Receivables
shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy law.

          (c) The transfer and assignment of Receivables contemplated by this Agreement and the First
Step Receivables Assignment does not constitute and is not intended to result in any assumption by
CARI of any obligation of the Seller to the Obligors, Dealers, insurers or any other Person in
connection with the Receivables, any Dealer Agreements, any insurance policies or any agreement or
instrument relating to any of them.

     SECTION 2.02 Receivables Purchase Price. In consideration for the Purchased Property,
CARI shall, on the Closing Date, pay to the Seller an amount equal to the Initial Aggregate
Receivables Principal Balance in respect of the Receivables and the Seller shall execute and
deliver to CARI an assignment in the form attached hereto as Exhibit A (the “First Step Receivables
Assignment”). A portion of the Initial Aggregate Receivables Principal Balance, which is equal to
$1,002,547,712.70, shall be paid to the Seller in immediately available funds, with the balance of
such purchase price being either in the form of an advance from the Seller to CARI pursuant to the
Intercompany Advance Agreement or in the form of a capital contribution from the Seller to CARI.
The amount advanced under the Intercompany Advance Agreement and the amount paid as a capital
contribution shall be duly recorded by the Seller and CARI.

     SECTION 2.03 The Closing. The sale and purchase of the Receivables shall take place
at the offices of Kirkland & Ellis LLP, 200 East Randolph Drive, Chicago, Illinois 60601, on the
Closing Date at a time mutually agreeable to the Seller and CARI, and will occur simultaneously
with the closing of transactions contemplated by the Further Transfer and Servicing Agreements.

     SECTION 2.04 Custody of Receivable Files. In connection with the sale, transfer and
assignment of the Receivables to CARI pursuant to this Agreement and the First Step Receivables
Assignment, CARI, simultaneously with the execution and delivery of this Agreement, shall enter
into the Custodian Agreement with the Custodian, pursuant to which CARI shall revocably appoint the
Custodian, and the Custodian shall accept such appointment, to act as the agent of CARI as
Custodian of the following documents or instruments which shall be constructively delivered to CARI
with respect to each Receivable:

3

 

          (a) the fully executed original of the instalment sale contract or direct purchase money loan,
as applicable, for such Receivable;

          (b) documents evidencing or related to any Insurance Policy;

          (c) the original credit application of each Obligor, fully executed by each such Obligor on
the Seller’s customary form, or on a form approved by the Seller, for such application;

          (d) where permitted by law, the original certificate of title (when received) and otherwise
such documents, if any, that GMAC keeps on file in accordance with its customary procedures
indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of the
Seller as first lienholder or secured party; and

          (e) any and all other documents that GMAC keeps on file in accordance with its customary
procedures relating to the individual Receivable, Obligor or Financed Vehicle.

ARTICLE III

ADMINISTRATION AND SERVICING OF RECEIVABLES

     SECTION 3.01 Duties of the Servicer.

          (a) The Servicer is hereby appointed and authorized to act as agent for the Owner of the
Receivables and in such capacity shall manage, service, administer and make collections on the
Receivables with reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to comparable motor vehicle related receivables that it services for itself
or others. The Servicer hereby accepts such appointment and authorization and agrees to perform
the duties of Servicer with respect to the Receivables set forth herein and in the Further Transfer
and Servicing Agreements.

          (b) The Servicer’s duties shall include collection and posting of all payments, responding to
inquiries of Obligors, investigating delinquencies, sending payment coupons to Obligors, reporting
tax information to Obligors, policing the collateral, accounting for collections and furnishing
monthly and annual statements to the Owner of any Receivables with respect to distributions,
generating federal income tax information and performing the other duties specified herein.
Subject to the provisions of Section 3.02, the Servicer shall follow its customary
standards, policies and procedures and shall have full power and authority, acting alone, to do any
and all things in connection with such managing, servicing, administration and collection that it
may deem necessary or desirable.

          (c) Without limiting the generality of the foregoing, the Servicer is hereby authorized and
empowered by the Owner of the Receivables, pursuant to this Section 3.01, to execute and
deliver, on behalf of all Interested Parties, or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge, and all other comparable
instruments, with respect to the Receivables and the Financed Vehicles. The Servicer is hereby
authorized to commence, in its own name or in the name of the Owner of such Receivable a legal
proceeding, whether through judicial process or (with respect to repossession of a Financed
Vehicle) non-judicial process, to enforce a Liquidating Receivable as contemplated by Section

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3.04, to enforce all obligations of the Seller, the Servicer and CARI under this
Agreement and under the Further Transfer and Servicing Agreements or to commence or participate in
a legal proceeding (including a bankruptcy case) relating to or involving a Receivable or a
Liquidating Receivable. If the Servicer commences or participates in such a legal proceeding in
its own name, the Servicer is hereby authorized and empowered by the Owner of the Receivables
pursuant to this Section 3.01 to obtain possession of the related Financed Vehicle and
immediately and without further action on the part of the Owner or the Servicer, the Owner of such
Receivable shall thereupon automatically assign in trust such Receivable and the security interest
in the related Financed Vehicle to the Servicer for the benefit of the Interested Parties for
purposes of commencing or participating in any such proceeding as a party or claimant. Upon such
automatic assignment, the Servicer will be, and will have all the rights and duties of, a secured
party under the UCC and other applicable law with respect to such Receivable and the related
Financed Vehicle. At the Servicer’s request from time to time, the Owner of a Receivable assigned
under this Section 3.01 shall provide the Servicer with evidence of the assignment in trust
for the benefit of the Interested Parties as may be reasonably necessary for the Servicer to take
any of the actions set forth in the following sentence.

          (d) The Servicer is hereby authorized and empowered by the Owner of a Receivable to execute
and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits
or other documents or instruments in connection with any such proceeding. Any Owner of Receivables
shall furnish the Servicer with any powers of attorney and other documents and take any other steps
which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement and the Further Transfer and Servicing
Agreements. Except to the extent required by the preceding two sentences, the authority and rights
granted to the Servicer in this Section 3.01 shall be nonexclusive and shall not be
construed to be in derogation of the retention by the Owner of a Receivable of equivalent authority
and rights.

     SECTION 3.02 Collection of Receivable Payments. The Servicer shall make reasonable
efforts to collect all payments called for under the terms and provisions of the Receivables as and
when the same shall become due, and shall follow such collection practices, policies and procedures
as it follows with respect to comparable motor vehicle related receivables that it services for
itself or others in connection therewith. Except as provided in Section 3.07(a)(iii), the
Servicer is hereby authorized to grant extensions, rebates or adjustments on a Receivable without
the prior consent of the Owner of such Receivable. The Servicer is authorized in its discretion to
waive any prepayment charge, late payment charge or any other fees that may be collected in the
ordinary course of servicing such Receivable.

     SECTION 3.03 [Reserved].

     SECTION 3.04 Realization Upon Liquidating Receivables. The Servicer shall use
reasonable efforts, consistent with its customary practices, policies and procedures, to repossess
or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably
determined should be repossessed or otherwise converted following a default under the Receivable
secured by the Financed Vehicle. The Servicer is authorized to follow such customary practices,
policies and procedures as it follows with respect to comparable motor vehicle related receivables
that it services for itself or others, which customary practices, policies

5

 

and procedures may include reasonable efforts to realize upon any recourse to Dealers, selling
the related Financed Vehicle at public or private sale and other actions by the Servicer in order
to realize upon such a Receivable. The foregoing is subject to the provision that, in any case in
which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in
connection with any repair or towards the repossession of such Financed Vehicle unless it shall
determine in its discretion that such repair and/or repossession shall increase the proceeds of
liquidation of the related Receivable by an amount greater than the amount of such expenses. The
Servicer shall be entitled to receive Liquidation Expenses with respect to each Liquidating
Receivable at such time as the Receivable becomes a Liquidating Receivable (or as may otherwise be
provided in the Further Transfer and Servicing Agreements).

     SECTION 3.05 Maintenance of Insurance Policies. The Servicer shall, in accordance
with its customary practices, policies and procedures, require that each Obligor shall have
obtained physical damage insurance covering the Financed Vehicle as of the execution of the related
Receivable. The Servicer shall, in accordance with its customary practices, policies and
procedures, monitor such physical damage insurance with respect to each Receivable.

     SECTION 3.06 Maintenance of Security Interests in Vehicles. The Servicer shall, in
accordance with its customary practices, policies and procedures and at its own expense, take such
steps as are necessary to maintain perfection of the security interest created by each Receivable
in the related Financed Vehicle. The Owner of each Receivable hereby authorizes the Servicer to
re-perfect such security interest on behalf of such Owner, as necessary because of the relocation
of a Financed Vehicle, or for any other reason.

     SECTION 3.07 Covenants, Representations and Warranties of the Servicer. As of the
Closing Date, the Servicer hereby makes the following representations, warranties and covenants on
which CARI relies in accepting the Receivables hereunder and pursuant to the related First Step
Receivables Assignment, and on which the Issuing Entity shall rely in accepting such Receivables
and executing and delivering the Securities under the Further Transfer and Servicing Agreements.

          (a) The Servicer covenants that from and after the closing hereunder:

               (i) Liens in Force. Except as contemplated in this Agreement or the Further Transfer
and Servicing Agreements, the Servicer shall not release in whole or in part any Financed Vehicle
from the security interest securing the related Receivable;

               (ii) No Impairment. The Servicer shall do nothing to impair the rights or security
interest of CARI or any Interested Party in and to the Purchased Property; and

               (iii) No Modifications. The Servicer shall not amend or otherwise modify any
Receivable such that the Amount Financed, the Annual Percentage Rate, or the number of originally
scheduled due dates is altered or such that the last scheduled due date occurs after the Final
Scheduled Distribution Date.

          (b) Upon the execution of this Agreement and the Further Transfer and Servicing Agreements,
the Servicer represents and warrants to the Issuing Entity and CARI that

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as of the Closing Date, in addition to the representations and warranties in Sections
4.01 and 4.02 being true:

               (i) Organization and Good Standing. The Servicer has been duly formed and is validly
existing and in good standing under the laws of its state of formation, with power and authority to
own its properties and to conduct its business as such properties are presently owned and such
business is presently conducted, and had at all relevant times, and now has, power, authority and
legal right to service the Receivables as provided herein and in the Further Transfer and Servicing
Agreements;

               (ii) Due Qualification. The Servicer is duly qualified to do business as a foreign
entity in good standing, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its business (including
the servicing of the Receivables) requires or shall require such qualification;

               (iii) Power and Authority. The Servicer has the power and authority to execute and
deliver this Agreement and the Further Transfer and Servicing Agreements and to carry out the terms
of such agreements; and the Servicer’s execution, delivery and performance of this Agreement and
the Further Transfer and Servicing Agreements have been duly authorized by the Servicer by all
necessary limited liability company action;

               (iv) Binding Obligation. The Further Transfer and Servicing Agreements and this
Agreement, when duly executed and delivered, shall constitute the legal, valid and binding
obligations of the Servicer enforceable in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors’ rights in general and by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in equity or at law;

               (v) No Violation. The consummation by the Servicer of the transactions contemplated
by this Agreement and the Further Transfer and Servicing Agreements, and the fulfillment by the
Servicer of the terms hereof and thereof, shall not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time) a default
under, the certificate of formation or limited liability company agreement of the Servicer, or any
indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party
or by which it is bound, or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement and the Further Transfer and Servicing Agreements, or violate
any law or, to the best of the Servicer’s knowledge, any order, rule or regulation applicable to
the Servicer of any court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Servicer or any of its properties;
and

               (vi) No Proceedings. To the Servicer’s knowledge, there are no proceedings or
investigations pending, or threatened, before any court, regulatory body, administrative agency or
other tribunal or governmental instrumentality having jurisdiction over the Servicer or its
properties (A) asserting the invalidity of this Agreement and the Further

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Transfer and Servicing Agreements or any Securities issued thereunder, (B) seeking to prevent
the issuance of such Securities or the consummation of any of the transactions contemplated by the
Further Transfer and Servicing Agreements, or (C) seeking any determination or ruling that might
materially and adversely affect this Agreement, the performance by the Servicer of its obligations
under, or the validity or enforceability of, the Further Transfer and Servicing Agreements.

     SECTION 3.08 Purchase of Receivables Upon Breach of Covenant. Upon discovery by any
of the Servicer, CARI or any party under the Further Transfer and Servicing Agreements of a breach
of any of the covenants set forth in Sections 3.06 and 3.07(a), the party discovering
such breach shall give prompt written notice thereof to the others. As of the last day of the
second Monthly Period following its discovering or receiving notice of such breach (or, at the
Servicer’s election, the last day of the first Monthly Period so following), the Servicer shall,
unless it shall have cured such breach in all material respects, purchase from the Owner thereof
any Receivable materially and adversely affected by such breach as determined by such Owner and, on
the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is
understood and agreed that the obligation of the Servicer to purchase any Receivable with respect
to which such a breach has occurred and is continuing shall, if such obligation is fulfilled,
constitute the sole remedy against the Servicer for such breach available to CARI or any Interested
Party.

     SECTION 3.09 Basic Servicing Fee; Payment of Certain Expenses by Servicer. The
Servicer is entitled to receive the Basic Servicing Fee out of collections in respect of the
Receivables and other available funds, as and to the extent set forth in the Further Transfer and
Servicing Agreements. The Servicer shall also be entitled to Investment Earnings as, and to the
extent, set forth in the Further Transfer and Servicing Agreements. Subject to any limitations on
the Servicer’s liability under the Further Transfer and Servicing Agreements, the Servicer shall be
required to pay all expenses incurred by it in connection with its activities under this Agreement
and under the Further Transfer and Servicing Agreements (including fees and disbursements of the
Issuing Entity, any trustees and independent accountants, taxes imposed on the Servicer, expenses
incurred in connection with distributions and reports to holders of Securities and all other fees
and expenses not expressly stated under this Agreement or the Further Transfer and Servicing
Agreements to be for the account of the holders of Securities).

     SECTION 3.10 Servicer’s Accounting. On each Determination Date under a Further
Transfer and Servicing Agreement, the Servicer shall deliver to each of the trustees and other
applicable parties under the Further Transfer and Servicing Agreements and to CARI and the Rating
Agencies a Servicer’s Accounting with respect to the immediately preceding Monthly Period executed
by the President or any Vice President of the Servicer containing all information necessary to each
such party for making any distributions required by the Further Transfer and Servicing Agreements,
and all information necessary to each such party for sending any statements required under the
Further Transfer and Servicing Agreements. Receivables to be purchased by the Servicer under
Sections 3.08 or 5.04 or to be repurchased by CARI, the Seller or the Servicer
under the Further Transfer and Servicing Agreements as of the last day of any Monthly Period shall
be identified by Receivable number (as set forth in the Schedule of Receivables). With respect to
any Receivables for which CARI is the Owner, the Servicer shall

8

 

deliver to CARI such accountings relating to such Receivables and the actions of the Servicer
with respect thereto as CARI may reasonably request.

     SECTION 3.11 Application of Collections. For the purposes of this Agreement and the
Further Transfer and Servicing Agreements, no later than each Distribution Date all collections for
the related Monthly Period shall be applied by the Servicer as follows:

          (a) With respect to all Simple Interest Receivables (other than Administrative Receivables and
Warranty Receivables), payments by or on behalf of the Obligors that are not Supplemental Servicing
Fees shall be applied first to the payment to the Servicer of Excess Simple Interest Collections,
if any, and next to principal and interest on all such Simple Interest Receivables.

          (b) With respect to a Simple Interest Receivable that is also an Administrative Receivable and
Warranty Receivable, payments by or on behalf of the Obligor shall be applied in the same manner as
set forth in Section 3.11(a). A Warranty Payment or an Administrative Purchase Payment, as
applicable, shall be applied to principal and interest on such Receivable.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     SECTION 4.01 Representations and Warranties as to the Receivables. The Seller makes
the following representations and warranties as to the Receivables, on which CARI relies in
accepting the Receivables. Such representations and warranties speak as of the Closing Date, and
shall survive the sale, transfer and assignment of the Receivables to CARI and the subsequent
assignment and transfer pursuant to the Further Transfer and Servicing Agreements:

          (a) Characteristics of Receivables.

               (i) General. Each Receivable:

                    (1) is secured by a Financed Vehicle, was originated in the
United States by the Seller or one
of its subsidiaries or a Dealer for the retail sale of a Financed Vehicle in the ordinary course of
business, was fully and properly executed by the parties thereto, if not originated by the Seller,
was purchased by the Seller from one of its subsidiaries or from such Dealer under an existing
Dealer Agreement, and was validly assigned by such subsidiary or such Dealer to the Seller in
accordance with its terms,

                    (2) has created or shall create a valid, binding and enforceable
first priority security
interest in favor of the Seller in the Financed Vehicle, which security interest is assignable by
the Seller to CARI,

                    (3) contains customary and enforceable provisions such as to
render the rights and remedies of
the holder thereof adequate for realization against the collateral of the benefits of the security,

                    (4) is a Simple Interest Receivable,

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                    (5) provides for level monthly payments which may vary from one
another by no more than $5,
which shall amortize the Amount Financed by maturity and shall yield interest at the Annual
Percentage Rate,

                    (6) has an original term of not less than nine months and not
greater than 72 months and a
remaining term of not less than six months, and

                    (7) at least one monthly payment has been made.

               (ii) Receivables. In addition to the characteristics set forth in Section
4.01(a)(i) above, each Receivable (1) has a first scheduled payment due date on or after June
30, 2001, (2) was originated on or after May 30, 2001, (3) as of the Cutoff Date, was not
considered past due (that is, no payments due on that Receivable in excess of $25 were more than
thirty (30) days delinquent), and was not a Liquidating Receivable, and (4) has an Annual
Percentage Rate not greater than 20.00%.

          (b) Creation, Perfection and Priority of Security Interests. The representations and
warranties regarding creation, perfection and priority of security interests in the Purchased
Property, which are attached to this Agreement as Appendix B, are true and correct to the
extent that they are applicable.

          (c) Schedule of Receivables. The information set forth in the Schedule of Receivables
is true and correct in all material respects, and no selection procedures believed to be adverse to
CARI or to holders of the Securities issued under the Further Transfer and Servicing Agreements
were utilized in selecting the Receivables from those receivables of the Seller that meet the
selection criteria set forth in this Agreement.

          (d) Compliance With Law. All requirements of applicable federal, state and local
laws, and regulations thereunder, including usury laws, the Federal Truth-in-Lending Act, the Equal
Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt
Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the
Federal Reserve Board’s Regulations “B” and “Z”, the Servicemembers Civil Relief Act of 2003, the
Texas Consumer Credit Code, and state adaptations of the National Consumer Act and the Uniform
Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure
laws, in respect of any of the Receivables and other Purchased Property, have been complied with in
all material respects, and each Receivable and the sale of the Financed Vehicle evidenced thereby
complied at the time it was originated or made and now complies in all material respects with all
legal requirements of the jurisdiction in which it was originated or made.

          (e) Binding Obligation. Each Receivable represents the genuine, legal, valid and
binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting the enforcement of creditors’ rights in general and by
equity, regardless of whether such enforceability is considered in a proceeding in equity or at
law.

10

 

          (f) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer
and assignment thereof pursuant hereto and the First Step Receivables Assignment, each Receivable
was secured by a validly perfected first priority security interest in the Financed Vehicle in
favor of the Seller as secured party or all necessary and appropriate action had been commenced
that would result in the valid perfection of a first priority security interest in the Financed
Vehicle in favor of the Seller as secured party.

          (g) Receivables In Force. No Receivable has been satisfied, subordinated or
rescinded, and the Financed Vehicle securing each such Receivable has not been released from the
lien of the related Receivable in whole or in part.

          (h) No Waiver. Since the Cutoff Date no provision of a Receivable has been waived,
altered or modified in any respect.

          (i) No Defenses. No right of rescission, setoff, counterclaim or defense has been
asserted or threatened with respect to any Receivable.

          (j) No Liens. To the best of the Seller’s knowledge: (1) there are no liens or
claims that have been filed for work, labor or materials affecting any Financed Vehicle securing
any Receivable that are or may be liens prior to, or equal or coordinate with, the security
interest in the Financed Vehicle granted by the Receivable; (2) no contribution failure has
occurred with respect to any Benefit Plan which is sufficient to give rise to a lien under Section
302 (f) of ERISA with respect to any Receivable; and (3) no tax lien has been filed and no claim
related thereto is being asserted with respect to any Receivable.

          (k) Insurance. Each Obligor is required to maintain a physical damage insurance
policy of the type that the Seller requires in accordance with its customary underwriting standards
for the purchase of motor vehicle related receivables.

          (l) Good Title. No Receivable has been sold, transferred, assigned or pledged by the
Seller to any Person other than CARI; immediately prior to the conveyance of the Receivables
pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and
marketable title thereto, free of any Lien; and, upon execution and delivery of this Agreement by
the Seller, CARI shall have all of the right, title and interest of the Seller in and to the
Receivables, the unpaid indebtedness evidenced thereby and the collateral security therefor, free
of any Lien.

          (m) Lawful Assignment. No Receivable was originated in, or is subject to the laws of,
any jurisdiction the laws of which would make unlawful the sale, transfer and assignment of such
Receivable under this Agreement, the Trust Sale and Servicing Agreement or the Indenture, as
applicable.

          (n) All Filings Made. All filings (including UCC filings) necessary in any
jurisdiction to give CARI a first priority perfected ownership interest in the Receivables shall
have been made.

          (o) One Original. There is only one original executed copy of each Receivable.

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          (p) No Documents or Instruments. No Receivable, or constituent part thereof,
constitutes a “negotiable instrument” or “negotiable document of title” (as such
terms are used in the UCC).

          (q) No Amendment. No Receivable has been amended or otherwise modified such that the
number of originally scheduled due dates has been increased or such that the Amount Financed has
been increased.

          SECTION 4.02 Additional Representations and Warranties of GMAC. GMAC hereby
represents and warrants to CARI as of the Closing Date, both in its capacity as the Seller of the
Receivables hereunder and in its capacity as Servicer, that:

          (a) Organization and Good Standing. GMAC has been duly formed and is validly existing
as an entity in good standing under the laws of the State of Delaware, with power and authority to
own its properties and to conduct its business as such properties are presently owned and such
business is presently conducted;

          (b) Due Qualification. GMAC is duly qualified to do business as a foreign entity in
good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which
the ownership or lease of property or the conduct of its business (including the servicing of the
Receivables) requires or shall require such qualification;

          (c) Power and Authority. GMAC has the power and authority to execute and deliver this
Agreement and the First Step Receivables Assignment and to carry out its terms; GMAC has full power
and authority to sell and assign the property to be sold and assigned to CARI and to service the
Receivables as provided herein and in the Further Transfer and Servicing Agreements, and has duly
authorized such sale and assignment to CARI by all necessary limited liability company action; and
the execution, delivery and performance of this Agreement and the First Step Receivables Assignment
have been duly authorized by GMAC by all necessary limited liability company action;

          (d) Valid Sale; Binding Obligation. This Agreement and the First Step Receivables
Assignment, when duly executed and delivered, shall constitute a valid sale, transfer and
assignment of the Receivables, in each case, enforceable against creditors of and purchasers from
GMAC; and this Agreement together with the First Step Receivables Assignment, when duly executed
and delivered, shall constitute a legal, valid and binding obligation of GMAC enforceable in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights in general and
by general principles of equity, regardless of whether such enforceability is considered in a
proceeding in equity or at law;

          (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and
the First Step Receivables Assignment shall not conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time) a default under,
the certificate of formation or limited liability company agreement of GMAC, or any indenture,
agreement, mortgage, deed of trust or other instrument to which

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GMAC is a party or by which it is bound, or result in the creation or imposition of any Lien
upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed
of trust or other instrument, other than this Agreement and the First Step Receivables Assignment
or violate any law or, to the best of GMAC’s knowledge, any order, rule or regulation applicable to
GMAC of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over GMAC or any of its properties; and

          (f) No Proceedings. To GMAC’s knowledge, there are no proceedings or investigations
pending, or threatened, before any court, regulatory body, administrative agency or other tribunal
or governmental instrumentality having jurisdiction over GMAC or its properties (A) asserting the
invalidity of this Agreement and the First Step Receivables Assignment, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement and the First Step
Receivables Assignment, or (C) seeking any determination or ruling that might materially and
adversely affect the performance by GMAC of its obligations under, or the validity or
enforceability of, this Agreement and the First Step Receivables Assignment.

     SECTION 4.03 Representations and Warranties of CARI. CARI hereby represents and
warrants to GMAC as Seller and Servicer as of the Closing Date:

          (a) Organization and Good Standing. CARI has been duly formed and is validly existing
as an entity in good standing under the laws of the State of Delaware, with power and authority to
own its properties and to conduct its business as such properties are presently owned and such
business is presently conducted, and had at all relevant times, and now has, power, authority and
legal right to acquire and own the Receivables;

          (b) Due Qualification. CARI is duly qualified to do business as a foreign entity in
good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which
the ownership or lease of property or the conduct of its business requires such qualification;

          (c) Power and Authority. CARI has the power and authority to execute and deliver this
Agreement and the First Step Receivables Assignment and to carry out its terms and the execution,
delivery and performance of this Agreement and the First Step Receivables Assignment have been duly
authorized by CARI by all necessary limited liability company action;

          (d) No Violation. The consummation of the transactions contemplated by this Agreement
and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and
the First Step Receivables Assignment shall not conflict with, result in any breach of any of the
terms and provisions of or constitute (with or without notice or lapse of time) a default under,
the certificate of formation or limited liability company agreement of CARI, or any indenture,
agreement, mortgage, deed of trust or other instrument to which CARI is a party or by which it is
bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument, other than any Further Transfer and
Servicing Agreement or violate any law or, to the best of CARI’s knowledge, any order, rule or
regulation applicable to CARI of any court or of any federal or

13

 

state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over CARI or any of its properties; and

          (e) No Proceedings. To CARI’s knowledge, there are no proceedings or investigations
pending, or threatened, before any court, regulatory body, administrative agency or other tribunal
or governmental instrumentality having jurisdiction over CARI or its properties (i) asserting the
invalidity of this Agreement and the First Step Receivables Assignment, or (ii) seeking any
determination or ruling that might materially and adversely affect the performance by CARI of its
obligations under, or the validity or enforceability of, this Agreement and the First Step
Receivables Assignment.

ARTICLE V

ADDITIONAL AGREEMENTS

     SECTION 5.01 Conflicts With Further Transfer and Servicing Agreements. To the extent
that any provision of Sections 5.02 through 5.04 of this Agreement conflicts with
any provision of the Further Transfer and Servicing Agreements, the Further Transfer and Servicing
Agreements shall govern.

     SECTION 5.02 Protection of Title.

          (a) Filings. The Seller shall authorize and execute, as applicable, and file such
financing statements and cause to be authorized and executed, as applicable, and filed such
continuation and other statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of CARI under this Agreement and the First
Step Receivables Assignment in the Receivables and the other Purchased Property and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to CARI file-stamped copies of, or
filing receipts for, any document filed as provided above, as soon as available following such
filing the Seller hereby authorizes CARI and its assigns to file all such financing statements
without its signature.

          (b) Name Change. The Seller shall not change its state of formation or its name,
identity or entity structure in any manner that would, could or might make any financing statement
or continuation statement filed by the Seller, CARI or CARI’s assigns in accordance with
Section 5.02(a) seriously misleading within the meaning of the UCC, unless it shall have
given CARI at least sixty (60) days prior written notice thereof.

          (c) Executive Office; Maintenance of Offices. The Seller shall give CARI at least
sixty (60) days prior written notice of any relocation of its principal executive office if, as a
result of such relocation, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any new financing
statement. The Seller shall at all times maintain each office from which it services Receivables
and its principal executive office within the United States of America.

          (d) New Debtor. In the event that the Seller shall change the jurisdiction in which
it is formed or otherwise enter into any transaction which would result in a “new debtor”
(as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall
comply fully with the obligations of Section 5.02(a).

14

 

     SECTION 5.03 Other Liens or Interests. Except for the conveyances hereunder and under
the First Step Receivables Assignment and as contemplated by the Further Transfer and Servicing
Agreements, the Seller shall not sell, pledge, assign or transfer the Receivables or other
Purchased Property to any other Person, or grant, create, incur, assume or suffer to exist any Lien
on any interest therein, and the Seller shall defend the right, title and interest of CARI in, to
and under such Receivables or other Purchased Property against all claims of third parties claiming
through or under the Seller.

     SECTION 5.04 Repurchase Events. By its execution of the Further Transfer and
Servicing Agreements to which it is a party, the Seller shall acknowledge the assignment by CARI of
such of its right, title and interest in, to and under this Agreement and the First Step
Receivables Assignment to the Issuing Entity as shall be provided in the Further Transfer and
Servicing Agreements. The Seller hereby covenants and agrees with CARI for the benefit of CARI and
the Interested Parties that in the event of a breach of any of the Seller’s representations and
warranties contained in Section 4.01 hereof with respect to any Receivable (a
“Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if
the Issuing Entity is then the Owner of such Receivable) on the date and for the amount specified
in the Further Transfer and Servicing Agreements, without further notice from CARI hereunder. Upon
the occurrence of a Repurchase Event with respect to a Receivable for which CARI is the Owner, the
Seller agrees to repurchase such Receivable from CARI for an amount and upon the same terms as the
Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing
Entity was then the Owner thereof, and upon payment of such amount, the Seller shall have such
rights with respect to such Receivable as if the Seller had purchased such Receivable from the
Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller
to repurchase any Receivable as to which a breach has occurred and is continuing shall, if such
obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to
CARI or any Interested Party.

     SECTION 5.05 Indemnification. The Seller shall indemnify CARI for any liability as a
result of the failure of a Receivable to be originated in compliance with all requirements of law.
This indemnity obligation shall be in addition to any obligation that the Seller may otherwise
have.

     SECTION 5.06 Further Assignments. The Seller acknowledges that CARI may, pursuant to
the Further Transfer and Servicing Agreements, sell the Receivables to the Issuing Entity and
assign its rights hereunder and under the First Step Receivables Assignment to the Issuing Entity,
subject to the terms and conditions of the Further Transfer and Servicing Agreements, and that the
Issuing Entity may in turn further pledge, assign or transfer its rights in the Receivables and
this Agreement and the First Step Receivables Assignment. The Seller further acknowledges that
CARI may assign its rights under the Custodian Agreement to the Issuing Entity.

     SECTION 5.07 Pre-Closing Collections. Within two (2) Business Days after the Closing
Date the Seller shall transfer to the account or accounts designated by CARI (or by the Issuing
Entity under the Further Transfer and Servicing Agreements) all collections on the Receivables held
by the Seller on the Closing Date, and conveyed to CARI pursuant to
Section 2.01;

15

 

 provided that so long as the Monthly Remittance Conditions are satisfied, such
collections need not be transferred until the first Distribution Date.

ARTICLE VI

CONDITIONS

     SECTION 6.01 Conditions to Obligation of CARI. The obligation of CARI to purchase the
Receivables hereunder and pursuant to the First Step Receivables Assignment is subject to the
satisfaction of the following conditions:

          (a) Representations and Warranties True. The representations and warranties of GMAC,
as Seller and Servicer hereunder, shall be true and correct at the time of the Closing Date, and
GMAC shall have performed all obligations to be performed by it hereunder on or prior to the
Closing Date.

          (b) No Repurchase Event. No Repurchase Event shall have occurred on or prior to the
Closing Date.

          (c) Computer Files Marked. The Seller shall, at its own expense, on or prior to the
Closing Date, indicate in its computer files created in connection with the Receivables that the
Receivables have been sold to CARI pursuant to this Agreement and the First Step Receivables
Assignment and deliver to CARI the Schedule of Receivables, certified by an officer of the Seller
to be true, correct and complete.

          (d) Documents to be Delivered By the Seller.

               (i) The Assignments. On the Closing Date, the Seller shall execute and deliver the
First Step Receivables Assignment.

               (ii) Evidence of UCC Filing. On or prior to the Closing Date, the Seller shall record
and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which required by
applicable law, authorized by and naming the Seller as seller or debtor, naming CARI as purchaser
or secured party, naming the Receivables and the other Purchased Property as collateral, meeting
the requirements of the laws of each such jurisdiction and in such manner as is necessary to
perfect the sale, transfer, assignment and conveyance of such Receivables to CARI. The Seller
shall deliver a file-stamped copy, or other evidence satisfactory to CARI of such filing, to CARI
on or prior to the Closing Date.

               (iii) Other Documents. On the Closing Date the Seller shall provide such other
documents as CARI may reasonably request.

          (e) Other Transactions. The transactions contemplated by the Further Transfer and
Servicing Agreements shall be consummated to the extent that such transactions are intended to be
substantially contemporaneous with the transactions hereunder.

     SECTION 6.02 Conditions to Obligation of the Seller. The obligation of the Seller to
sell the Receivables to CARI hereunder or pursuant to the First Step Receivables Assignment is
subject to the satisfaction of the following conditions:

16

 

          (a) Representations and Warranties True. The representations and warranties of CARI
hereunder shall be true and correct as of the Closing Date with respect to the Receivables, and
CARI shall have performed all obligations to be performed by it hereunder or pursuant to the First
Step Receivables Assignment on or prior to the closing hereunder.

          (b) Receivables Purchase Price. On the Closing Date, CARI shall pay to the Seller
that portion of the Initial Aggregate Receivables Principal Balance as provided in Section
2.02.

ARTICLE VII

MISCELLANEOUS PROVISIONS

     SECTION 7.01 Amendment. This Agreement may be amended from time to time (subject to
any expressly applicable amendment provision of the Further Transfer and Servicing Agreements) by a
written amendment duly executed and delivered by the Seller, the Servicer and CARI.

     SECTION 7.02 Survival. The representations and warranties of the Seller and Servicer
set forth in Articles IV and V of this Agreement and of Servicer set forth in Section
3.07 of this Agreement shall remain in full force and effect and shall survive the Closing Date
under Section 2.03 hereof and the closing under the Further Transfer and Servicing
Agreements.

     SECTION 7.03 Notices. All demands, notices and communications upon or to the Seller,
the Servicer or CARI under this Agreement shall be delivered as specified in Part III of
Appendix A to this Agreement.

     SECTION 7.04 Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT
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.

     SECTION 7.05 Waivers. No failure or delay on the part of CARI in exercising any
power, right or remedy under this Agreement or the First Step Receivables Assignment shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy
preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

     SECTION 7.06 Costs and Expenses. The Seller agrees to pay all reasonable
out-of-pocket costs and expenses of CARI, including fees and expenses of counsel, in connection
with the perfection as against third parties of CARI’s right, title and interest in, to and under
the Receivables and the enforcement of any obligation of the Seller hereunder.

     SECTION 7.07 Confidential Information. CARI agrees that it shall neither use nor
disclose to any person the names and addresses of the Obligors, except in connection with the

17

 

enforcement of CARI’s rights hereunder, under the Receivables, under the Further Transfer and
Servicing Agreements or as required by law.

     SECTION 7.08 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     SECTION 7.09 Counterparts. This Agreement may be executed in two or more counterparts
and by different parties on separate counterparts, each of which shall be an original, but all of
which together shall constitute one and the same instrument.

     SECTION 7.10 No Petition Covenant. Notwithstanding any prior termination of this
Agreement, the Seller shall not, prior to the date which is one year and one day after the final
distribution with respect to the Notes to the Note Distribution Account, acquiesce, petition or
otherwise invoke or cause CARI or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against CARI or the Issuing
Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of CARI or the
Issuing Entity or any substantial part of the property of either of them, or ordering the winding
up or liquidation of the affairs of CARI or the Issuing Entity.

     SECTION 7.11 Limitations on Rights of Others. The provisions of this Agreement and
the First Step Receivables Assignment are solely for the benefit of the Seller, the Servicer and
CARI and, to the extent expressly provided herein, the Interested Parties, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in, under, or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

*     *     *     *     *

18

 

     IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the date and year first above written.

	 	 	 	 	 
	 	GMAC LLC

 	 
	 	By:  	/s/  Pamela M. Surhigh
 	 
	 	 	Name:  	Pamela M. Surhigh 	 
	 	 	Title:  	Director-U.S. & International Funding Group 	 
	 
	 	CAPITAL AUTO RECEIVABLES LLC

 	 
	 	By:  	/s/  Ryan C. Farris
 	 
	 	 	Name:  	Ryan C. Farris 	 
	 	 	Title:  	Senior Manager - U.S. Securitization 	 
	 

CARAT 2008-1 Pooling and Servicing Agreement

 

 

EXHIBIT A

FORM OF

FIRST STEP RECEIVABLES ASSIGNMENT

PURSUANT TO POOLING AND SERVICING AGREEMENT

     For value received, in accordance with the Pooling and Servicing Agreement, dated as of
February 1, 2008 (the “Pooling and Servicing Agreement”), between GMAC LLC, a Delaware
limited liability company (the “Seller”), and Capital Auto Receivables LLC, a Delaware
limited liability company (“CARI”), the Seller does hereby sell, assign, transfer and
otherwise convey unto CARI, without recourse, as of February 1, 2008, (i) all right, title and
interest of the Seller in, to and under the Receivables listed on the Schedule of Receivables
attached hereto and all monies received thereon on and after the Cutoff Date, exclusive of any
amounts allocable to the premium for physical damage collateral protection insurance required by
the Seller covering any related Financed Vehicle; (ii) the interest of the Seller in the security
interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and, to the
extent permitted by law, any accessions thereto; (iii) the interest of the Seller in any proceeds
from claims on any physical damage, credit life, credit disability or other insurance policies
covering Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from
recourse against Dealers on the Receivables; and (v) all right, title and interest of the Seller
in, to and under the First Step Receivables Assignment; and (vi) all present and future claims,
demands, causes and choses in action in respect of any or all the foregoing described in clauses
(i), (ii), (iii), (iv), and (v) above and all payments on or under and all proceeds of every kind
and nature whatsoever in respect of any or all the foregoing, including all proceeds of the
conversion of any or all of the foregoing, 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, investment property, payment intangibles,
general intangibles, condemnation awards, rights to payment of any and every kind and other forms
of obligations and receivables, instruments and other property which at any time constitute all or
part of or are included in the proceeds of any of the foregoing.

     It is the intention of the Seller and CARI that the transfer and assignment of Receivables
contemplated by this First Step Receivables Assignment shall constitute a sale of the Receivables
from the Seller to CARI and the beneficial interest in and title to the Receivables shall not be
part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the
Seller under any bankruptcy law.

     The foregoing transfer and assignment of Receivables contemplated by the Pooling and Servicing
Agreement and this First Step Receivables Assignment does not constitute and is not intended to
result in any assumption by CARI of any obligation of the undersigned to the Obligors, Dealers,
insurers or any other Person in connection with the Receivables, any Dealer Agreements, any
insurance policies or any agreement or instrument relating to any of them.

     This First Step Receivables Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Pooling and Servicing
Agreement and is to be governed by the Pooling and Servicing Agreement.

1

 

     Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned
to them in the Pooling and Servicing Agreement.

*     *     *     *     *

2

 

     IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	GMAC LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

 

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

The Schedule of Receivables is

on file at the offices of:

	 	1.	 	The Indenture Trustee
	 
	 	2.	 	The Owner Trustee
	 
	 	3.	 	GMAC LLC
	 
	 	4.	 	Capital Auto Receivables LLC

 

 

APPENDIX A

Part I

          For ease of reference, capitalized terms defined herein have been consolidated with and are
contained in Part I of Appendix A to the Trust Sale and Servicing Agreement of even date herewith
among GMAC, CARI and Capital Auto Receivables Asset Trust 2008-1, as amended and supplemented from
time to time.

Part II

          For ease of reference, the rules of construction have been consolidated with and are contained
in Part II of Appendix A to the Trust Sale and Servicing Agreement of even date herewith among
GMAC, CARI and Capital Auto Receivables Asset Trust 2008-1, as amended and supplemented from time
to time.

Part III

          For ease of reference, the notice addresses and procedures have been consolidated with and are
contained in Appendix B to the Trust Sale and Servicing Agreement of even date herewith among GMAC,
CARI and Capital Auto Receivables Asset Trust 2008-1, as amended and supplemented from time to
time.

 

 

APPENDIX B

Additional Representations and Warranties

	1.	 	While it is the intention of the Seller and CARI that the transfer and assignment
contemplated by this Agreement and the First Step Receivables Assignment shall constitute
sales of the Purchased Property from the Seller to CARI, this Agreement, the Trust Sale and
Servicing Agreement and the Indenture create a valid and continuing security interest (as
defined in the applicable UCC) in the Purchased Property in favor of CARI, the Trust and the
Indenture Trustee, as applicable, which security interest is prior to all other Liens, and is
enforceable as such as against creditors of and purchasers from the Seller, CARI and the
Issuing Entity, respectively.
	 
	2.	 	All steps necessary to perfect the Seller’s security interest against each Obligor in the
property securing the Purchased Property have been taken.
	 
	3.	 	Prior to the sale of the Purchased Property to CARI under this Agreement, the Receivables
constitute “tangible chattel paper” within the meaning of the applicable UCC.
	 
	4.	 	The Seller owns and has good and marketable title to the Purchased Property free and clear of
any Lien, claim or encumbrance of any Person.
	 
	5.	 	The Seller has caused or will have caused, within ten (10) days, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions
under applicable law in order to perfect the security interest in the Purchased Property
granted to CARI hereunder, the Issuing Entity under the Trust Sale and Servicing Agreement and
the Indenture Trustee under the Indenture.
	 
	6.	 	Other than the security interest granted to CARI pursuant to the Basic Documents, the Issuing
Entity under the Trust Sale and Servicing Agreement and the Indenture Trustee under the
Indenture none of the Seller, CARI or the Issuing Entity has pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Purchased Property. None of the
Seller, CARI or the Issuing Entity has authorized the filing of, nor is the Seller aware of,
any financing statements against the Seller, CARI or the Issuing Entity that include a
description of collateral covering the Purchased Property other than the financing statements
relating to the security interests granted to CARI, the Issuing Entity and the Indenture
Trustee under the Basic Documents or any financing statement that has been terminated. The
Seller is not aware of any judgment or tax lien filings against the Seller, CARI or the
Issuing Entity.
	 
	7.	 	The Servicer has in its possession or with third party vendors all original copies of the
Receivables Files and other documents that constitute or evidence the Receivables and the
Purchased Property. The Receivables Files and other documents that constitute or evidence the
Purchased Property do not have any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than CARI.

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