Chevy Chase Auto Receivables Trust 1996-2 Sample Contracts

Chevy Chase Auto Receivables Trust 1996-2 – POOLING AND SERVICING AGREEMENT, (December 6th, 1996)

-------------------------------------------------------------------------------- CHEVY CHASE BANK, F.S.B., Seller and Servicer and FIRST BANK NATIONAL ASSOCIATION, Trustee POOLING AND SERVICING AGREEMENT, Dated as of December 1, 1996 $321,422,908.82 Chevy Chase Auto Receivables Trust 1996-2 ___% Auto Receivables Backed Certificates -------------------------------------------------------------------------------- TABLE OF CONTENTS Page ---- ARTICLE I DEFINITIONS . . . . . . . . . . . . . . . . . . . .

Chevy Chase Auto Receivables Trust 1996-2 – CERTIFICATE GUARANTY INSURANCE POLICY (December 6th, 1996)

CERTIFICATE GUARANTY INSURANCE POLICY OBLIGATIONS: $321,422,908.82 POLICY NUMBER: Chevy Chase Auto Receivables Trust 1996-2 []% Auto Receivables Backed Certificates MBIA Insurance Corporation (the "Insurer"), in consideration of the payment of the premium and subject to the terms of this Certificate Guaranty Insurance Policy (this "Policy"), hereby unconditionally and irrevocably guarantees to any Owner that an amount equal to each full and complete Insured Payment will be received by First Bank National Association, or its successor, as trustee for the Owners (the "Trustee"), on behalf of the Owners from the Insurer, for distribution by the Trustee to each Owner of each Owner's proportionate share of the Insured Payment. The Insurer's obligations hereunder with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the