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Exhibit 1
GENERAL MOTORS ACCEPTANCE CORPORATION
$15,000,000,000
SMARTNOTES(SM)
DUE FROM NINE MONTHS TO THIRTY YEARS FROM DATE OF ISSUE
SELLING AGENT AGREEMENT
_________ __, 2005
Dear Ladies and Gentlemen:
General Motors Acceptance Corporation, a Delaware corporation
(the
"Company"), proposes to issue and sell up to $15,000,000,000
aggregate principal
amount of its SmartNotes(SM) Due from Nine Months to Thirty
Years from Date of
Issue (the "Notes") to be issued pursuant to the provisions of
an Indenture
dated as of September 24, 1996, as supplemented from time to
time, between the
Company and JPMorgan Chase Bank, N.A., as Trustee (the
"Indenture"). The terms
of the Notes are described in the Prospectus referred to
below.
Subject to the terms and conditions contained in this Selling
Agent
Agreement (the "Agreement"), the Company hereby (1) appoints you
as agent of the
Company (the "Agent(s)") for the purpose of soliciting purchases
of the Notes
from the Company and you hereby agree to use your reasonable
best efforts to
solicit offers to purchase Notes upon terms acceptable to the
Company at such
times and in such amounts as the Company shall from time to time
specify and in
accordance with the terms hereof, but the Company reserves the
right to sell
Notes directly on its own behalf and, after consultation with
LaSalle Financial
Services, Inc. (the "Purchasing Agent"), the Company reserves
the right to enter
into agreements substantially identical hereto with other agents
and (2) agrees
that whenever the Company determines to sell Notes pursuant to
this Agreement,
such Notes shall be sold pursuant to a Terms Agreement relating
to such sale in
accordance with the provisions of Section V hereof between the
Company and the
Purchasing Agent with the Purchasing Agent purchasing such Notes
as principal
for resale to others.
I.
The Company has filed with the Securities and Exchange
Commission (the
"Commission") a registration statement No. 333-XXXXXX relating
to the Notes and
the offering thereof, from time to time, in accordance with Rule
415 under the
Securities Act of 1933, as amended (the "Securities Act"). Such
registration
statement has been declared effective by the Commission, and
the
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Indenture has been qualified under the Trust Indenture Act of
1939, as amended
(the "Trust Indenture Act"). Such registration statement and the
prospectus
filed pursuant to Rule 424 under the Securities Act, including
all documents
incorporated therein by reference, as from time to time amended
or supplemented,
including any Pricing Supplement, are referred to herein as the
"Registration
Statement" and the "Prospectus," respectively.
II.
Your obligations hereunder are subject to the following
conditions,
each of which shall be met on such date as you and the Company
shall
subsequently fix for the commencement of your obligations
hereunder (the
"Commencement Date"):
(a)(i) No litigation or proceeding shall be threatened or
pending to
restrain or enjoin the issuance or delivery of the Notes, or
which in any way
questions or affects the validity of the Notes and (ii) no stop
order suspending
the effectiveness of the Registration Statement shall be in
effect, and no
proceedings for such purpose shall be pending before or
threatened by the
Commission and there shall have been no material adverse change
not in the
ordinary course of business in the consolidated financial
condition of the
Company and its subsidiaries, taken as a whole, from that set
forth in the
Registration Statement and the Prospectus; and you shall have
received on the
Commencement Date a certificate dated such Commencement Date and
signed by an
executive officer of the Company to the foregoing effect. The
officer making
such certificate may rely upon the best of his knowledge as to
proceedings
threatened.
(b) You shall have received a favorable opinion of the
Assistant
General Counsel of, or counsel to the Company, dated such
Commencement Date, to
the effect set forth in Exhibit A.
(c) You shall have received on the Commencement Date a letter
dated the
Commencement Date from Deloitte & Touche LLP, independent
auditors, containing
statements and information of the type ordinarily included in
auditors' "comfort
letters" to underwriters with respect to the financial
statements and certain
financial information contained in or incorporated by reference
into the
Registration Statement and the Prospectus relating to the
Notes.
(d) You shall have received a favorable opinion of Davis Polk
&
Wardwell, counsel for the Agents, dated such Commencement Date,
to the effect
set forth in Exhibit B.
The obligations of the Purchasing Agent to purchase Notes as
principal,
both under this Agreement and under any Terms Agreement (as
defined in Section V
hereof) are subject to the conditions that (i) no litigation or
proceeding shall
be threatened or pending to restrain or enjoin the issuance or
delivery of the
Notes, or which in any way questions or affects the validity of
the Notes, (ii)
no stop order suspending the effectiveness of the Registration
Statement shall
be in effect, and no proceedings for such purpose shall be
pending before or
threatened by the Commission and (iii) there shall have been no
material adverse
change not in the ordinary course of business in the
consolidated financial
condition of the Company and its subsidiaries, taken as a whole,
from that set
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forth in the Registration Statement and the Prospectus, each of
which conditions
shall be met on the corresponding Settlement Date. Further, only
if specifically
called for by any written agreement by the Purchasing Agent to
purchase Notes as
principal, the Purchasing Agent's obligations hereunder and
under such
agreement, shall be subject to such of the additional conditions
set forth in
clauses (a), as it relates to the executive officer's
certificate, and clauses
(b), (c) and (d) above, as agreed to by the parties, each of
which such agreed
conditions shall be met on the corresponding Settlement
Date.
III.
In further consideration of your agreements herein contained,
the
Company covenants as follows:
(a) To furnish to you, without charge, a copy of (i) the
Indenture,
(ii) the resolutions of the Board of Directors (or Executive
Committee) of the
Company authorizing the issuance and sale of the Notes,
certified by the
Secretary or Assistant Secretary of the Company as having been
duly adopted,
(iii) the Registration Statement including exhibits and
materials incorporated
by reference therein and (iv) as many copies of the Prospectus,
any documents
incorporated by reference therein and any supplements and
amendments thereto as
you may reasonably request.
(b) Before amending or supplementing the Registration Statement
or the
Prospectus (other than amendments or supplements to change
interest rates), to
furnish you a copy of each such proposed amendment or
supplement.
(c) To furnish you copies of each amendment to the
Registration
Statement and of each amendment and supplement to the Prospectus
in such
quantities as you may from time to time reasonably request; and
if at any time
when the delivery of a Prospectus shall be required by law in
connection with
sales of any of the Notes, either (i) any event shall have
occurred as a result
of which the Prospectus as then amended or supplemented would
include any untrue
statement of a material fact, or omit to state any material fact
necessary in
order to make the statements therein, in light of the
circumstances under which
they were made, not misleading or (ii) for any other reason it
shall be
necessary to amend or supplement the latest Prospectus, as then
amended or
supplemented, or to file under the Exchange Act any document
incorporated by
reference in the Prospectus in order to comply with the
Securities Act or the
Exchange Act, the Company will (A) notify you to suspend the
solicitation of
offers to purchase Notes and if notified by the Company, you
shall forthwith
suspend such solicitation and cease using the Prospectus as then
amended or
supplemented and (B) promptly prepare and file with the
Commission such document
incorporated by reference in the Prospectus or an amendment or
supplement to the
Registration Statement or the Prospectus which will correct such
statement or
omission or effect such compliance and will provide to you
without charge a
reasonable number of copies thereof, which you shall use
thereafter.
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(d) To endeavor to qualify such Notes for offer and sale under
the
securities or Blue Sky laws of such jurisdictions as you shall
reasonably
request and to pay all reasonable expenses (including reasonable
fees and
disbursements of counsel) in connection with such qualification
and in
connection with the determination of the eligibility of such
Notes for
investment under the laws of such jurisdictions as you may
designate, provided
that in connection therewith the Company shall not be required
to qualify as a
foreign corporation to do business, or to file a general consent
to service of
process, in any jurisdiction.
(e) The Company will make generally available to its security
holders
and to you as soon as practicable earning statements that
satisfy the provisions
of Section 11(a) of the Securities Act and the rules and
regulations of the
Commission thereunder covering twelve month periods beginning,
in each case, not
later than the first day of the Company's fiscal quarter next
following the
"effective date" (as defined in Rule 158 under the Securities
Act) of the
Registration Statement with respect to each sale of Notes. If
such fiscal
quarter is the last fiscal quarter of the Company's fiscal year,
such earning
statement shall be made available not later than 90 days after
the close of the
period covered thereby and in all other cases shall be made
available not later
than 45 days after the close of the period covered thereby.
(f) To use its reasonable efforts, in cooperation with the
Purchasing
Agent, to cause such Notes as the Company and the Purchasing
Agent agree to be
accepted for listing on any stock exchange (each, a "Stock
Exchange"), in each
case as the Company and the Purchasing Agent shall deem to be
appropriate. In
connection with any such agreement to qualify Notes for listing
on a Stock
Exchange, the Company shall use its reasonable efforts to obtain
such listing
promptly and shall furnish any and all documents, instruments,
information and
undertakings that may be necessary or advisable in order to
obtain and maintain
the listing.
IV.
(a) You propose to solicit purchases of the Notes upon the terms
and
conditions set forth herein and in the Prospectus and upon the
terms
communicated to you from time to time by the Company. For the
purpose of such
solicitation you will use the Prospectus as then amended or
supplemented which
has been most recently distributed to you by the Company, and
you will solicit
purchases only as permitted or contemplated thereby and herein
and will solicit
purchases of the Notes only as permitted by the Securities Act
and the
applicable securities laws or regulations of any jurisdiction.
The Company
reserves the right, in its sole discretion, to suspend
solicitation of purchases
of the Notes commencing at any time for any period of time or
permanently. Upon
receipt of instructions (which may be given orally) from the
Company, you will
forthwith suspend solicitation of purchases until such time as
the Company has
advised you that such solicitation may be resumed.
You are authorized to solicit orders for the Notes only in
denominations of $1,000 or more (in multiples of $1,000). You
are not authorized
to appoint subagents or to engage the service of any other
broker or dealer in
connection with the offer or sale of the Notes without the
consent of
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the Company. Unless authorized by the Purchasing Agent in each
instance, each
Agent agrees not to purchase and sell Notes for which an order
from a client has
not been received. In addition, unless otherwise instructed by
the Company, the
Purchasing Agent shall communicate to the Company, orally or in
writing, each
offer to purchase Notes. The Company shall have the sole right
to accept offers
to purchase Notes offered through you and may reject any
proposed purchase of
Notes as a whole or in part. You shall have the right, in your
discretion
reasonably exercised, to reject any proposed purchase of Notes,
as a whole or in
part, and any such rejection shall not be deemed a breach of
your agreements
contained herein. Unless otherwise agreed between the Company
and the Purchasing
Agent, the Company agrees to pay the Purchasing Agent, as
consideration for
soliciting the sale of the Notes pursuant to a Terms Agreement,
a concession in
the form of a discount equal to the percentages of the initial
offering price of
each Note sold as set forth in Exhibit C hereto (the
"Concession"); provided,
however, that the Concession shall not exceed the amounts set
forth in the
Prospectus. The Purchasing Agent and the other Agents will share
the
above-mentioned Concession in such proportions as they and the
Company may
agree.
Unless otherwise authorized by the Company, all Notes shall be
sold to
the public at a purchase price not to exceed 100% of the
principal amount
thereof, plus accrued interest, if any. We may also issue Notes
that bear a zero
interest rate and are issued at a substantial discount from the
principal amount
payable at the Maturity Date (a "Zero-Coupon Note"). Such
Zero-Coupon Notes
shall be sold to the public at a purchase price no greater than
an amount,
expressed as a percentage of the principal face amount of such
Notes, equal to
the net proceeds to the Company on the sale of such Notes, plus
the Concession,
plus accrued interest, if any. The actual purchase price paid by
investors for
any Note shall be determined by prevailing market prices at the
time of
purchase. Such purchase price shall be set forth in the
confirmation statement
of the Selling Group member responsible for such sale, and
delivered to the
purchaser along with a copy of the Prospectus (if not previously
delivered) and
Pricing Supplement.
(b) Procedural details relating to the issue and delivery of,
and the
solicitation of purchases and payment for, the Notes are set
forth in the
Administrative Procedures attached hereto as Exhibit D (the
"Procedures"), as
amended from time to time. The provisions of the Procedures
shall apply to all
transactions contemplated hereunder other than those made
pursuant to a Terms
Agreement. You and the Company each agree to perform the
respective duties and
obligations specifically provided to be performed by each in the
Procedures as
amended from time to time. The Procedures may only be amended by
written
agreement of the Company and you.
(c) You are aware that other than registering the Notes under
the
Securities Act, no action has been or will be taken by the
Company that would
permit the offer or sale of the Notes or possession or
distribution of the
Prospectus or any other offering material relating to the Notes
in any
jurisdiction where action for that purpose is required.
Accordingly, you agree
that you will observe all applicable laws and regulations in
each jurisdiction
in or from which you may directly or indirectly acquire, offer,
sell or deliver
Notes or have in your possession or distribute the Prospectus or
any other
offering material relating to the Notes and you will obtain any
consent,
approval or permission required by you for the purchase, offer
or sale by you of
Notes under the
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laws and regulations in force in any such jurisdiction to which
you are subject
or in which you make such purchase, offer or sale. Neither the
Company nor any
other Agent shall have any responsibility for determining what
compliance is
necessary by you or for your obtaining such consents, approvals
or permissions.
You further agree that you will take no action that will impose
any obligations
on the Company or the other Agents. Subject as provided above,
you shall, unless
prohibited by applicable law, furnish to each person to whom you
offer, sell or
deliver Notes a copy of the Prospectus (as then amended or
supplemented) or
(unless delivery of the Prospectus is required by applicable
law) inform each
such person that a copy thereof (as then amended or
supplemented) will be made
available upon request. You are not authorized to give any
information or to
make any representation not contained in the Prospectus or the
documents
incorporated by reference or specifically referred to therein in
connection with
the offer and sale of the Notes.
(d) GMAC shall be responsible for the contents of its web
site
www.SmartNotes.com.
V.
Each sale of Notes shall be made in accordance with the terms of
this
Agreement and a separate agreement to be entered into which will
provide for the
sale of such Notes to, and the purchase and reoffering thereof,
by the
Purchasing Agent as principal. Each such separate agreement
(which may be an
oral agreement and confirmed in writing as described below
between the
Purchasing Agent and the Company) is herein referred to as a
"Terms Agreement".
A Terms Agreement may also specify certain provisions relating
to the reoffering
of such Notes by the Purchasing Agent. The Purchasing Agent's
agreement to
purchase Notes pursuant to any Terms Agreement shall be deemed
to have been made
on the basis of the representations, warranties and agreements
of the Company
herein contained and shall be subject to the terms and
conditions herein set
forth. Each Terms Agreement, whether oral (and confirmed in
writing which may be
by facsimile transmission) or in writing, shall describe the
Notes to be
purchased pursuant thereto by the Purchasing Agent as principal,
and may
specify, among other things, the principal amount of Notes to be
purchased, the
interest rate or formula and maturity date or dates of such
Notes, the interest
payment dates, if any, the price to be paid to the Company for
such Notes, the
initial public offering price at which the Notes are proposed to
be reoffered,
and the time and place of delivery of and payment for such Notes
(the
"Settlement Date"), whether the Notes provide for a Survivor's
Option or for
optional redemption by the Company and on what terms and
conditions, and any
other relevant terms. In connection with the resale of the Notes
purchased,
without the consent of the Company you are not authorized to
appoint subagents
or to engage the service of any other broker or dealer, nor may
you reallow any
portion of the discount paid to you by the Company; provided,
however, you may
offer Notes you have purchased as principal to any NASD dealer
in good standing
at a discount and unless otherwise specified in the applicable
pricing
supplement, such discount allowed to any dealer shall not,
during the
distribution of the Notes, be in excess of the discount to be
received by you
from the Purchasing Agent. Terms Agreements, each of which shall
be
substantially in the form of Exhibit E hereto, or as otherwise
agreed to between
the
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Company and the Purchasing Agent, may take the form of an
exchange of any
standard form of written telecommunication between the
Purchasing Agent and the
Company.
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VI.
The Company represents and warrants to the Agents that as of
each date
on which the Company accepts an offer to purchase Notes
(including any purchase
by the Purchasing Agent as principal, pursuant to a Terms
Agreement or
otherwise), as of each date the Company issues and sells Notes
and as of each
date the Registration Statement or the Prospectus is amended or
supplemented:
(i) each document, if any, filed, or to be filed, pursuant to
the Exchange Act
and incorporated by reference in the Prospectus complied when so
filed, or will
comply, in all material respects with such Act and the rules and
regulations
thereunder; (ii) the Registration Statement (including the
documents
incorporated by reference therein), filed with the Commission
pursuant to the
Securities Act relating to the Notes, when it became effective,
did not contain
any untrue statement of a material fact or omit to state a
material fact
required to be stated therein or necessary to make the
statements therein not
misleading; (iii) each Prospectus, if any, filed pursuant to
Rule 424 under the
Securities Act, complied when so filed in all material respects
with such Act
and the applicable rules and regulations thereunder; (iv) the
Registration
Statement and each Prospectus comply and, as amended or
supplemented, if
applicable, will comply in all material respects with the
Securities Act and the
applicable rules and regulations thereunder; and (v) the
Registration Statement
and each Prospectus relating to the Notes do not and, as amended
or
supplemented, if applicable, will not contain any untrue
statement of a material
fact or omit to state a material fact necessary in order to make
the statements
therein, in the light of the circumstances under which they were
made, not
misleading; (vi) that (a) no litigation or proceeding shall be
threatened or
pending to restrain or enjoin the issuance or delivery of the
Notes, or which in
any way questions or affects the validity of the Notes and (b)
no stop order
suspending the effectiveness of the Registration Statement shall
be in effect,
and no proceedings for such purpose shall be pending before or
threatened by the
Commission and there shall have been no material adverse change
not in the
ordinary course of business in the consolidated financial
condition of the
Company and its subsidiaries, taken as a whole, from that set
forth in the
Registration Statement and the Prospectus, each of which
conditions shall be met
on the corresponding Settlement Date; (vii) no authorization,
consent or
approval of, or registration or filing with, any governmental or
public body or
regulatory authority in the United States is required on the
part of the Company
for the issuance of the Notes in accordance with the Indenture
or the sale of
the Notes in accordance with this Agreement other than the
registration of the
Notes under the Securities Act, qualification of the Indenture
under the Trust
Indenture Act and compliance with the securities or Blue Sky
laws of various
jurisdictions; and (viii) the execution and delivery of the
Indenture, the
issuance of the Notes in accordance with the Indenture and the
sale of the Notes
pursuant to this Agreement do not and will not contravene any
provision of
applicable law or result in any violation by the Company of any
of the terms or
provisions of the Certificate of Incorporation or By-Laws of the
Company, or any
indenture, mortgage or other agreement or instrument by which
the Company is
bound. The above representations and warranties shall not apply
to any
statements or omissions made in the Prospectus in reliance upon
and in
conformity with information furnished in writing to the Company
by you expressly
for use therein. Each acceptance by the Company of an offer for
the purchase of
Notes and each issuance of Notes shall be deemed an affirmation
by the Company
that the foregoing representations and warranties are true and
correct at the
time, as the case may be, of
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such acceptance or of such issuance, in each case as though
expressly made at
such time. The representations, warranties and covenants of the
Company shall
survive the execution and delivery of this Agreement and the
issuance and sale
of the Notes.
Each time the Registration Statement shall be amended by the
filing of
a post-effective amendment with the Commission, or the filing by
the Company of
a Form 10-K or Form 10-Q pursuant to Section 13 of the Exchange
Act, or, if so
agreed in connection with a particular transaction, the Company
shall furnish
the Agents with (1) a written opinion, dated the date of such
amendment, filing,
or as otherwise agreed, of counsel to the Company, in
substantially the form
previously delivered under Section II(b), but modified, as
necessary, to relate
to the Registration Statement and the Prospectus as amended or
supplemented at
such date; (2) a letter, dated the date of such amendment,
filing, or as
otherwise agreed, of Deloitte & Touche LLP, independent
auditors, in
substantially the form previously delivered under Section II(c),
but modified,
as necessary, to relate to the Registration Statement and the
Prospectus as
amended or supplemented at such date; and (3) a certificate,
dated the date of
such amendment, filing, or as otherwise agreed and signed by an
executive
officer of the Company, in substantially the form previously
delivered under
Section II(a), but modified, as necessary, to relate to the
Registration
Statement and the Prospectus as amended or supplemented at such
date.
VII.
The Company agrees to indemnify and hold harmless you, each
person, if
any, who controls (within the meaning of either Section 15 of
the Securities Act
or Section 20 of the Exchange Act) you and each of your and such
person's
officers and directors against any and all losses, liabilities,
costs or claims
(or actions in respect thereof) to which any of them may become
subject
(including all reasonable costs of investigating, disputing or
defending any
such claim or action), insofar as such losses, liabilities,
costs or claims (or
actions in respect thereof) arise out of or in connection with
any untrue
statement or alleged untrue statement of a material fact
contained in the
Registration Statement or any Prospectus, or any amendment or
supplement
thereto, or any omission or alleged omission to state therein a
material fact
required to be stated therein or necessary to make the
statements therein not
misleading provided: (i) that the Company shall not be liable
for any such loss,
liability, cost, action or claim arising from any statements or
omissions made
in reliance on and in conformity with written information
provided by you to the
Company expressly for use in the Registration Statement or
Prospectus or any
amendment or supplement thereto; and (ii) that the Company shall
not be liable
to you or any person controlling you with respect to the
Prospectus to the
extent any such loss, liability, cost, action or claim to you or
such
controlling person results from the fact that you sold Notes to
a person to whom
there was not sent or given, at or prior to the earlier of
either the mailing or
delivery of the written confirmation of such sale or the
delivery of such Notes
to such person, a copy of the Prospectus as then amended or
supplemented, if the
Company has previously furnished copies thereof to you; provided
that the
foregoing indemnity with respect to any Prospectus shall not
inure to the
benefit of any Agent from whom the person asserting any such
losses, claims,
damages or liabilities purchased Notes, or any person
controlling such Agent, if
a copy of the Prospectus (as then amended or supplemented if
the
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Company shall have furnished any amendments or supplements
thereto), was not
sent or given by or on behalf of such Agent to such person, if
required by law
so to have delivered, at or prior to the written confirmation of
the sale of the
Notes to such person, and if the Prospectus (as so amended or
supplemented)
would have cured the defect giving rise to such losses, claims,
damages or
liabilities unless such failure is the result of noncompliance
by the Company
with its obligations under Article III(c) hereof.
Each Agent (including the Purchasing Agent) severally agrees
to
indemnify and hold harmless the Company, each person, if any,
who controls
(within the meaning of either Section 15 of the Securities Act
or Section 20 of
the Exchange Act), the Company, and the Company's and such
person's officers and
directors from and against any and all losses, liabilities,
costs or claims (or
actions in respect thereof) to which any of them may become
subject (including
all reasonable costs of investigating, disputing or defending
any such claim or
action), insofar as such losses, liabilities, costs or claims
(or actions in
respect thereof) arise out of or in connection with any untrue
statement or
alleged untrue statement of a material fact contained in the
Registration
Statement or Prospectus, or any amendment or supplement thereto,
or any omission
or alleged omission to state therein a material fact necessary
to make the
statements therein not misleading, in each case only to the
extent that such
untrue statement or alleged untrue statement or omission or
alleged omission was
made in the section of the Prospectus entitled "Plan of
Distribution" or any
amendment or supplement thereto in reliance on and in conformity
with written
information furnished to the Company by you expressly for use
therein.
Each Agent (including the Purchasing Agent) severally agrees
to
indemnify and hold harmless the Company, the Purchasing Agent,
each director and
officer of the Company or of the Purchasing Agent, and each
person, if any, who
controls (within the meaning of Section 15 of the Securities
Act) the Company
against any and all losses, claims, damages, liabilities,
expenses, actions and
demands to which they or any of them may become subject
(including all
reasonable costs of investigating, disputing or defending any
such claim, action
or demand) under the law of any jurisdiction or which may be
made against them
arising out of, or in connection with the breach of such Agent
(including the
Purchasing Agent) of any of the terms, conditions, agreements
and
representations of Section IV of the Agreement.
If any claim, demand, action or proceeding (including any
governmental
investigation) shall be brought or alleged against an
indemnified party in
respect of which indemnity is to be sought against an
indemnifying party
pursuant to the preceding paragraphs, the indemnified party
shall promptly
notify the indemnifying party in writing, and the indemnifying
party, upon
request of the indemnified party, shall retain counsel
reasonably satisfactory
to the indemnified party to represent the indemnified party and
any others the
indemnified party may designate in such proceeding and shall pay
the reasonable
fees and expenses of such counsel related to such proceeding. In
any such
proceeding, any indemnified party shall have the right to retain
its own
counsel, but the reasonable fees and expenses of such counsel
shall be at the
expense of such indemnified party unless (i) the indemnifying
party and the
indemnified party shall have mutually agreed to the retention of
such counsel,
(ii) the indemnifying party has failed within a reasonable time
to retain
counsel reasonably
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satisfactory to such indemnified party or (iii) the named
parties to any such
proceeding (including any impleaded parties) include both the
indemnifying party
and the indemnified party and representation of both parties by
the same counsel
would be inappropriate due to actual or potential differing
interests between
them. It is agreed that the indemnifying party shall not, in
connection with any
proceeding or related proceedings in the same jurisdiction, be
liable for the
reasonable fees and expenses of more than one separate law firm
(in addition to
local counsel where necessary) for all such indemnified parties.
Such firm shall
be designated in writing by the indemnified party. The
indemnifying party shall
not be liable for any settlement of any proceeding effected
without its written
consent, but if settled with such consent or if there be a final
judgment for
the plaintiff, the indemnifying party agrees to indemnify the
indemnified party
from and against any loss or liability by reason of such
settlement or judgment.
No indemnifying party shall, without the prior written consent
of the
indemnified party, effect any settlement of any pending or
threatened proceeding
in respect of which any indemnified party is entitled to
indemnification
hereunder, unless such settlement includes an unconditional
release of such
indemnified party from all liability on claims that are the
subject matter of
such proceeding.
The indemnity agreements contained in this Section VII and
the
representations and warranties of the Company and you in this
Agreement, shall
remain operative and in full force and effect regardless of: (i)
any termination
of this Agreement; (ii) any investigation made by an indemnified
party or on
such party's behalf or any person controlling an indemnified
party or by or on
behalf of the indemnifying party, its directors or officers or
any person
controlling the indemnifying party; and (iii) acceptance of and
payment for any
of the Notes.
VIII.
Except as provided in Section V hereof, in soliciting purchases
of
Notes from the Company, you are acting solely as agent for the
Company, and not
as principal. You will make reasonable efforts to assist the
Company in
obtaining performance by each purchaser whose offer to purchase
Notes has been
accepted by the Company, but you shall not have any liability to
the Company in
the event such purchase is not consummated for any reason, other
than to repay
to the Company any commission with respect thereto. Except
pursuant to a Terms
Agreement, under no circumstances shall you be obligated to
purchase any Notes
for your own account.
IX.
This Agreement shall be terminated at any time by either party
hereto
upon the giving of five business days written notice of such
termination to the
other party hereto. In the event of any such termination,
neither party shall
have any liability to the other party hereto, except for
obligations hereunder
which expressly survive the termination of this Agreement and
except that, if at
the time of termination an offer for the purchase of Notes shall
have been
accepted by the Company but the time of delivery to the
purchaser or his agent
of the Note or Notes relating thereto shall not yet have
occurred, the Company
shall have the obligations provided herein with respect to such
Note or Notes.
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<PAGE>
Unless specifically set forth in a Terms Agreement, a Terms
Agreement
shall not be subject to termination. The termination of this
Agreement shall not
require termination of any agreement by the Purchasing Agent to
purchase Notes
as principal, and the termination of any Terms Agreement shall
not require
termination of this Agreement.
If this Agreement is terminated, the last sentence of the
second
paragraph of Section IV(a), Section III(c), (d) and (e), Section
VII, and the
first paragraph of Section XIV shall survive; provided that if
at the time of
termination of this Agreement an offer to purchase Notes has
been accepted by
the Company but the time of delivery to the purchaser or its
agent of such Notes
has not occurred, the provisions of Section III(a) and (b),
Section IV(b) and
Section V shall also survive until time of delivery.
X.
Except as otherwise specifically provided herein, all
statements,
requests, notices and advices hereunder shall be in writing, or
by telephone if
promptly confirmed in writing, and if to you shall be sufficient
in all respects
if delivered in person or sent by telex, facsimile transmission
(confirmed in
writing), or registered mail to you at your address, telex or
telecopier number
set forth below by your signature and if to the Company shall be
sufficient in
all respects if delivered or sent by telecopier or registered
mail to the
Company at 200 Renaissance Center, Detroit, Michigan 48265,
telecopier number
313-665-6308, marked for the attention of the Secretary. All
such notices shall
be effective on receipt.
XI.
This Agreement shall be binding upon you and the Company, and
inure
solely to the benefit of you and the Company and any other
person expressly
entitled to indemnification hereunder and the respective
personal
representatives, successors and assigns of each, and no other
person shall
acquire or have any rights under or by virtue of this
Agreement.
XII.
This Agreement shall be governed by and construed in accordance
with
the substantive laws of the State of New York. Each party to
this Agreement
irrevocably agrees that any legal action or proceeding against
it arising out of
or in connection with this Agreement or for recognition or
enforcement of any
judgment rendered against it in connection with this Agreement
may be brought in
any Federal or New York State court sitting in the Borough of
Manhattan, and, by
execution and delivery of this Agreement, such party hereby
irrevocably accepts
and submits to the jurisdiction of each of the aforesaid courts
in personam,
generally and unconditionally with respect to any such action or
proceeding for
itself and in respect of its property, assets and revenues. Each
party hereby
also irrevocably waives, to the fullest extent permitted by law,
any objection
which it may now or hereafter have to the laying of venue of any
such action or
proceeding brought in any such court and any claim that any such
action or
proceeding has been brought in an inconvenient forum.
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<PAGE>
XIII.
If this Agreement is executed by or on behalf of any party, such
person
hereby states that at the time of the execution of this
Agreement he has no
notice of revocation of the power of attorney by which he has
executed this
Agreement as such attorney.
XIV.
The Company will pay the expenses incident to the performance of
its
obligations under this Agreement, including: (i) the preparation
and filing of
the Registration Statement; (ii) the preparation, issuance and
delivery of the
Notes; (iii) the fees and disbursements of the Company's
auditors, of the
Trustee and its counsel and of any paying or other agents
appointed by the
Company; (iv) the printing and delivery to you in quantities as
hereinabove
stated of copies of the Registration Statement and the
Prospectus; (v) if the
Company lists Notes on a securities exchange, the costs and fees
of such
listing; and (vi) any fees charged by rating agencies for the
rating of the
Notes.
The Purchasing Agent will pay the reasonable fees and
disbursements of
Davis Polk & Wardwell, counsel for the Agents (including
"Blue Sky" fees and
disbursements).
This Agreement may be executed by each of the parties hereto in
any
number of counterparts, and by each of the parties hereto on
separate
counterparts, each of which counterparts, when so executed and
delivered, shall
be deemed to be an original, but all such counterparts shall
together constitute
but one and the same instrument.
If the foregoing is in accordance with your understanding,
please sign
and return to us a counterpart hereof, and upon acceptance
hereof by you, this
letter and such acceptance hereof shall constitute a binding
agreement between
the Company and you.
Very truly yours,
GENERAL MOTORS ACCEPTANCE CORPORATION
By:
----------------------------------
Title:
--------------------------------
Confirmed and accepted
as of the date first above
written:
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<PAGE>
EXHIBIT A
Opinion of Company Counsel
_________ __, 2005
Banc of America Securities LLC
Citigroup Global Markets Inc.
LaSalle Financial Services, Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
RBC Dain Rauscher Inc.
UBS Financial Services Inc.
Wachovia Securities LLC
c/o LaSalle Financial Services, Inc.
327 Plaza Real
Suite 225
Boca Raton, Florida 33432
Ladies and Gentlemen:
I am issuing this letter in my capacity as Assistant General
Counsel for General
Motors Acceptance Corporation (the "Corporation") in response to
the
requirements of the Selling Agent Agreement dated _________ __,
2005 (the
"Selling Agent Agreement") by and among the Corporation and
LaSalle Financial
Services, Inc., Banc of America Securities LLC, Citigroup Global
Markets Inc.,
L.P., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Morgan Stanley & Co.,
Incorporated, RBC Dain Rauscher Inc., UBS Financial Services
Inc. and Wachovia
Securities LLC (the "Agents"), named in the Selling Agent
Agreement. The Selling
Agent Agreement relates to the offering (the "Offering") of
SmartNotes of the
Corporation (the "Offered Securities"). Every term which is
defined or given a
special meaning in the Selling Agent Agreement and which is not
given a
different meaning in this letter has the same meaning whenever
it is used in
this letter as the meaning it is given in the Selling Agent
Agreement.
In connection with the preparation of this letter, I have among
other
things read:
(a) the Registration Statement on Form S-3 (Registration No.
333-XXXXXX) filed by the Corporation with the Securities and
Exchange Commission (the "Commission") for the purpose of
registering the Offering under the Securities Act of 1933,
as
amended (the "Securities Act") (which registration
statement,
as amended and including the information incorporated
therein
by reference, and as constituted at the time it became
effective, is herein called the "Registration Statement");
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<PAGE>
(b) the Prospectus of the Corporation dated September ___,
2005
(which Prospectus, including the information incorporated
therein by reference, is herein called the "Prospectus");
(c) the Indenture, dated as of September 24, 1996 (the
"Indenture"), by and between the Corporation and JPMorgan
Chase Bank, N.A., as trustee (the "Trustee"), and the First
Supplemental Indenture thereto, dated January 1, 1998 (the
"First Supplemental Indenture");
(d) an executed copy of the Selling Agent Agreement;
(e) specimens of the Offered Securities;
(f) the corporate proceedings of the Corporation relating to
the
execution and delivery of the Indenture, the Selling Agent
Agreement and the Offered Securities;
(g) a copy of the Certificate of Incorporation of the
Corporation,
as amended, certified as of a recent date by the Secretary
of
State of Delaware;
(h) a copy of the By-Laws of the Corporation; and
(i) copies of all certificates and other documents delivered
today
in connection with the consummation of the Offering.
In addition, I have examined and relied on the originals or
copies
certified or otherwise identified to my satisfaction of all such
corporate
records of the Corporation and such other instruments and
certificates of public
officials, officers and representatives of the Corporation and
such other
persons, and I have made such investigations of law as I have
deemed appropriate
as a basis for the opinions expressed below. I have assumed that
there has been
no relevant change or development between the dates as of which
the information
cited in the preceding sentence was given and the date of this
letter and that
the information upon which I have relied is accurate and does
not omit
disclosures necessary to prevent such information from being
misleading.
Subject to the assumptions, qualifications and limitations which
are
identified in this letter, I advise you that:
(i) the Corporation is validly existing as a corporation and
in good standing and duly incorporated under the laws of the
State of
Delaware and is duly qualified to transact business and is in
good
standing in each jurisdiction in which the conduct of its
business or
the ownership of its property requires such qualification,
except where
the failure to be so qualified or be in good standing,
individually or
in the aggregate, would not have a material adverse effect on
the
Corporation and its subsidiaries taken as a whole;
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<PAGE>
(ii) the Indenture has been duly authorized, executed and
delivered by the Corporation, is a valid and binding agreement
of the
Corporation, enforceable against the Corporation, and has been
duly
qualified under the Trust Indenture Act of 1939, as amended
(the
"TIA");
(iii) the Offered Securities, when executed and
authenticated
in accordance with the provisions of the Indenture and delivered
to and
paid for by the Agents as contemplated by the Selling Agent
Agreement,
will be entitled to the benefits of the Indenture and will be
valid and
binding obligations of the Corporation, enforceable against
the
Corporation, assuming the due authorization, execution and
delivery by
the Trustee of the Indenture and the due authentication and
delivery of
the Offered Securities by the Trustee in accordance with the
Indenture;
(iv) the Selling Agent Agreement has been duly authorized,
executed and delivered by the Corporation, is a valid and
binding
agreement of the Corporation and enforceable against the
Corporation;
(v) no authorization, consent or approval of, or
registration
or filing with, any governmental or public body or regulatory
authority
is required on the part of the Corporation for the issuance of
the
Offered Securities in accordance with the Indenture or the sale
of the
Offered Securities in accordance with the Selling Agent
Agreement,
other than the registration of the Offered Securities under
the
Securities Act, qualification of the Indenture under the TIA,
the
listing of the Offered Securities and compliance with any laws
of any
foreign jurisdiction or the state securities or "blue sky" laws
of
various jurisdictions;
(vi) the issuance of the Offered Securities in accordance
with
the Indenture and the sale of the Offered Securities pursuant to
the
Selling Agent Agreement, do not and will not contravene any
provision
of applicable law (except I express no opinion in this paragraph
as to
compliance with any disclosure requirement or any prohibition
against
fraud or misrepresentation or as to whether performance of
any
indemnification or contribution provisions would be permitted)
or
result in any violation by the Corporation of any of the terms
or
provisions of the certificate of incorporation or by-laws of
the
Corporation or of any material indenture, mortgage or other
agreement
or instrument known to me, by which the Corporation is bound
(except
that I express no opinion as to compliance with any financial
tests or
cross-default provision in any such agreement);
(vii) the statements in the Prospectus under "Description of
Notes" insofar as such statements constitute summaries of the
documents
or proceedings referred to therein, fairly present in all
material
respects the information called for with respect to such
documents and
proceedings; and
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<PAGE>
(viii) each document filed pursuant to the Securities
Exchange
Act of 1934, as amended (the "Exchange Act") (except as to
financial
statements contained therein, as to which I do not express any
opinion)
and incorporated by reference in the Prospectus complied when so
filed,
or at the time of any amendment, as to form in all material
respects
with the Exchange Act and the rules and regulations
thereunder.
With respect to paragraph (viii) above, my opinion is based upon
the
participation by one or more attorneys, who are members of the
General Motors
Acceptance Corporation Legal Staff with whom I have worked, in
the preparation
of the Registration Statement and the Prospectus and review and
discussion of
the contents thereof and upon my general review and discussion
of the answers
made and information furnished therein with such attorneys,
certain officers of
the Corporation and its auditors, but is without independent
check or
verification except as stated herein.
***********
Except as set forth in paragraph (vii) above, I make no
representation
that I have independently verified the accuracy, completeness or
fairness of the
statements contained in the Registration Statement or the
Prospectus or that the
actions taken in connection with the preparation of the
Registration Statement
or the Prospectus were sufficient to cause the Prospectus or
Registration
Statement to be accurate, complete or fair (including the
actions described in
the next paragraph).
I have participated in the preparation of the Registration
Statement
and the Prospectus. During the course of such preparation, I
have examined
various documents, including those listed at the beginning of
this letter, and
have participated in various conferences with representatives of
and other
counsel of the Corporation, and with representatives of the
independent
accountants for the Corporation and representatives of and
counsel to the
Agents, at which conferences the contents of the Registration
Statement and the
Prospectus (and the documents incorporated therein by reference)
were reviewed
and discussed.
Based on my participation in the conferences and discussions
identified above,
my understanding of applicable law and the experience that I
have gained in the
practice thereunder, and relying as to factual matters to the
extent deemed
appropriate by me upon the representations and statements of
officers and other
representatives of the Corporation, and without independent
check or
verification, except as stated, (i) it is my opinion that each
document filed
pursuant to the Securities Exchange Act of 1934, as amended, and
incorporated by
reference in the Prospectus, appears on their face to be
appropriately
responsive in all material respects to the requirements of such
Act and the
rules and regulations thereunder, (ii) nothing has come to my
attention that
causes me to believe that, insofar as relevant to the offering
of the Offered
Securities, each part of the Registration Statement (including
the documents
incorporated by reference therein), filed with the Commission
pursuant to the
Securities Act of 1933, as amended, relating to the
Corporation's Offered
Securities, when such part became effective,
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<PAGE>
contained any untrue statement of a material fact or omitted to
state a material
fact required to be stated therein or necessary to make the
statements therein,
in light of the circumstances under which they are made, not
misleading, (iii)
it is my opinion that the Registration Statement and the
Prospectus appear on
their face to be appropriately responsive in all material
respects to the
requirements of the Securities Act of 1933, as amended, and the
rules and
regulations of the Commission thereunder and (iv) nothing has
come to my
attention that causes me to believe that, insofar as relevant to
the offering of
the Offered Securities, (a) on the date of the Underwriting
Agreement, the
Registration Statement as supplemented by the Prospectus
Supplement, or the
Prospectus contained any untrue statement of a material fact or
omitted to state
a material fact required to be stated therein or necessary to
make the
statements therein not misleading or (b) the Prospectus contains
any untrue
statement of a material fact or omits to state a material fact
necessary in
order to make the statements therein, in the light of the
circumstances under
which they were made, not misleading. In expressing the
foregoing opinion and
belief, I have not been called to pass upon, and I express no
opinion or belief
as to, the financial statements or financial schedules or other
financial or
statistical data included in the Registration Statement or the
Prospectus or the
Statement of Eligibility of the Trustee on Form T-1 and are not
passing on the
adequacy or accuracy of the derivation or compilation from the
Corporation's
accounting records or other sources of the financial or
statistical data
included in the Registration Statement or Prospectus.
************
I have assumed for purposes of this letter the following: each
document
I have reviewed for purposes of this letter is accurate and
complete, each such
document that is an original is authentic, each such document
that is a copy
conforms to an authentic original and all signatures on each
such document are
genuine (except that I make no such assumption in respect to the
Selling Agent
Agreement); that the Selling Agent Agreement and every other
agreement I have
examined for purposes of this letter constitutes a valid and
binding obligation
of each party to that document and that each such party has
satisfied all legal
requirements that are applicable to such party to the extent
necessary to
entitle such party to enforce such agreement (except that I make
no such
assumption with respect to the Corporation); and that you have
acted in good
faith and without notice of any fact which has caused you to
reach any
conclusion contrary to any of the conclusions provided in this
letter.
In preparing this letter I have relied without independent
verification
upon the following: (i) information contained in certificates
obtained from
governmental authorities; (ii) factual information represented
to be true in the
Selling Agent Agreement and other documents specifically
identified at the
beginning of this letter as having been read by me; (iii)
factual information
provided to me by the other representatives of the Corporation;
and (iv) factual
information I have obtained from such other sources as I have
deemed reasonable.
I have assumed that the information upon which I have relied is
accurate and
does not omit disclosures necessary to prevent such information
from being
misleading. For purposes of numbered paragraph (i), I have
relied exclusively
upon a certificate issued by a governmental authority in
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<PAGE>
the relevant jurisdiction and such opinion is not intended to
provide any
conclusion or assurance beyond that conveyed by such
certificate. I have not
undertaken any investigation or search of court records for
purposes of this
letter.
I confirm that I do not have knowledge that has caused me to
conclude
that my reliance and assumptions cited in the two immediately
preceding
paragraphs are unwarranted. Whenever this letter provides advice
about (or based
upon) my knowledge of any particular information or about any
information which
has or has not come to my attention such advice is based
entirely on my
conscious awareness at the time this letter is delivered on the
date it bears.
My advice on every legal issue addressed in this letter is
based
exclusively on the General Corporation Law of the State of
Delaware or the
federal law of the United States. I express no opinion with
respect to any state
securities or "blue sky" laws or regulations, any foreign laws,
statutes,
governmental rules or regulations or any laws, statutes
governmental rules or
regulations which in my experience are not applicable generally
to transactions
of the kind covered by the Selling Agent Agreement. None of the
opinions or
other advice contained in this letter considers or covers (i)
any financial
statements or supporting schedules (or any notes to any such
statements or
schedules) or other financial or statistical information set
forth or
incorporated by reference in (or omitted from) the Registration
Statement or the
Prospectus or (ii) any rules and regulations of the National
Association of
Securities Dealers, Inc. relating to the compensation of
underwriters.
My advice on each legal issue addressed in this letter
represents my
opinion as to how that issue would be resolved were it to be
considered by the
highest court of the jurisdiction upon whose law my opinion on
that issue is
based. The manner in which any particular issue would be treated
in any actual
court case would depend in part on facts and circumstances
particular to the
case, and this letter is not intended to guarantee the outcome
of any legal
dispute which may arise in the future.
My opinion in paragraphs (ii), (iii) and (iv) are subject to
the
reservations and qualifications that enforcement may be limited
or affected by
bankruptcy, insolvency, reorganization, arrangement, moratorium,
or other
similar laws relating to or affecting the rights of creditors
generally, and by
general principles of equity, regardless of whether such
enforceability is
considered in a proceeding in equity or at law, and that rights
to indemnity
under the Selling Agent Agreement may be limited under
applicable U.S. Federal
or state law.
This letter speaks as of the time of its delivery on the date it
bears.
I do not assume any obligation to provide you with any
subsequent opinion or
advice by reason of any fact about which I did not have
knowledge at that time,
by reason of any change subsequent to that time in any law other
governmental
requirement or interpretation thereof covered by any of my
opinions or advice,
or for any other reason.
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<PAGE>
This letter may be relied upon by the Agents only for the
purpose
served by the provision in the Selling Agent Agreement cited in
the initial
paragraph of this letter in response to which it has been
delivered. Without my
written co
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