EXHIBIT 1.1
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-D
Class A-1 5.199% Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 Floating Rate Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
UNDERWRITING AGREEMENT
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CHASE SECURITIES INC.
As Representative of the Underwriters
000 Xxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000 October 29, 1998
Dear Sirs:
AmeriCredit Financial Services, Inc., a corporation organized and
existing under the laws of Delaware (the "Sponsor"), and AFS Funding Corp., a
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corporation organized and existing under the laws of Nevada (the "Seller") (the
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Sponsor and the Seller, collectively, the "Companies"), agree with you as
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follows:
Section 1. Issuance and Sale of Notes. The Sponsor has authorized the
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issuance and sale of $130,000,000 Class A-1 5.199% Asset Backed Notes,
$240,000,000 Class A-2 Floating Rate Asset Backed Notes, $100,000,000 Class A-3
Floating Rate Asset Backed Notes, and $155,000,000 Class A-4 Floating Rate Asset
Backed Notes (collectively, the "Notes"). The Notes are to be issued by
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AmeriCredit Automobile Receivables Trust 1998-D (the "Trust") pursuant to an
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Indenture, to be dated as of November 1, 1998 (the "Indenture"), between the
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Trust and Bank One, N.A., a national banking association, as indenture trustee
(the "Trustee") and as Trust Collateral Agent. In addition to the Notes, the
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Trust will also issue an Asset Backed Certificate (the "Certificate") (the Notes
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and the Certificate, collectively, the "Securities") pursuant to a Trust
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Agreement, dated as of October 23, 1998, as amended and restated as of November
1, 1998, between the Seller and Bankers Trust (Delaware), as owner trustee (the
"Owner Trustee"). The assets of the Trust will initially include a pool of
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retail installment sale contracts secured by new or used automobiles, light duty
trucks and vans (the "Initial Receivables") and certain monies due thereunder on
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or after November 1, 1998 (the "Initial Cutoff Date"). Additional retail
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installment sale contracts secured by new or used automobiles, light duty trucks
and vans (the "Subsequent Receivables") and certain monies due thereunder on or
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after the applicable Subsequent Cutoff Date are intended to be purchased by the
Trust from the Seller from time to time on or before the end of the Funding
Period, from funds available under the Pre-Funded Amount. The Initial
Receivables and the Subsequent Receivables are hereinafter referred to as the
"Receivables."
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The Notes will have the benefit of a note insurance policy (the "Note
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Insurance Policy"), issued by Financial Security Assurance Inc., a monoline
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insurance corporation organized under the laws of New York (the "Note Insurer").
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In connection with the issuance of the Note Insurance Policy (i) the
Companies, CP Funding Corp. ("CP Funding"), the Trust and the Note Insurer will
execute and deliver an Insurance Agreement dated as of November 1, 1998 (the
"Insurance Agreement") and (ii) the Seller, the Underwriters and the Note
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Insurer will execute and deliver an Indemnification Agreement dated as of
November 1, 1998 (the "Indemnification Agreement").
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As used herein, the term "Sponsor Agreements" means the Sale and
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Servicing Agreement dated as of November 1, 1998 among the Trust, the Sponsor,
as servicer, the Seller and Bank One, N.A., a national banking association, as
trust collateral agent (the "Sale and Servicing Agreement"), the Purchase
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Agreement between the Sponsor, CP Funding and the Seller dated as of November 1,
1998 (the "Purchase Agreement"), the Insurance Agreement, the Indemnification
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Agreement and this Agreement; the term "Seller Agreements" means the Sale and
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Servicing Agreement, the Purchase Agreement, the Trust Agreement, the Insurance
Agreement, the Indemnification Agreement and this Agreement.
The Notes are being purchased by the Underwriters named in Schedule 1
hereto, and the Underwriters are purchasing, severally, only the Notes set forth
opposite their names in Schedule 1, except that the amounts purchased by the
Underwriters may change in accordance with Section 10 of this Agreement. Chase
Securities, Inc. is acting as representative of the Underwriters and in such
capacity, is hereinafter referred to as the "Representative."
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The offering of the Notes will be made by the Underwriters and the
Companies understand that the Underwriters propose to make a public offering of
the Notes for settlement on November 5, 1998, as the Underwriters deem
advisable.
The Certificate will be retained by the Seller.
Defined terms used herein shall have their respective meanings as set
forth in the Sale and Servicing Agreement.
Section 2. Representations and Warranties. A. The Sponsor represents,
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warrants and agrees with the Underwriters, that:
(i) A Registration Statement on Form S-3 (No. 333-63565) has (a) been
prepared by the Sponsor on such Form in conformity with the requirements of the
Securities Act of 1933, as amended (the "Securities Act") and the rules and
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regulations (the "Rules and Regulations") of the United States Securities and
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Exchange Commission (the "Commission") thereunder, (b) been filed with the
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Commission and (c) been declared effective by the Commission, and no stop order
suspending the effectiveness of the Registration Statement has been issued, and
no proceeding for that purpose has been initiated or threatened, by the
Commission. Copies of such Registration Statement have been delivered by the
Sponsor to the Underwriters. There are no contracts or documents of the Sponsor
which are required to be filed as exhibits to the Registration Statement
pursuant to the Securities Act or the Rules and Regulations which have not been
so filed or incorporated by reference therein on or prior
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to the Effective Date of the Registration Statement. The conditions for use of
Form S-3, as set forth in the General Instructions thereto, have been satisfied.
As used herein, the term "Effective Date" means the date on and time
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at which the Registration Statement became effective, or the date on and the
time at which the most recent post-effective amendment to such Registration
Statement, if any, was declared effective by the Commission. The term
"Registration Statement" means (i) the registration statement referred to in the
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preceding paragraph, including the exhibits thereto, (ii) all documents
incorporated by reference therein pursuant to Item 12 of Form S-3 and (iii) any
post-effective amendment filed and declared effective prior to the date of
issuance of the Notes. The term "Base Prospectus" means the prospectus included
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in the Registration Statement. The term "Prospectus Supplement" means the
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prospectus supplement dated the date hereof, specifically relating to the Notes,
as filed with the Commission pursuant to Rule 424 of the Rules and Regulations
(the "Prospectus Supplement"). The term "Sponsor Offering Materials" means,
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collectively, the Registration Statement, the Base Prospectus and the Prospectus
Supplement except for (x) the information set forth under the caption "The
Insurer" and (y) the Underwriter Information. The term "Seller Offering
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Materials" means the Prospectus Supplement except for (x) the information set
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forth under the caption "The Insurer" and (y) the Underwriter Information. The
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term "Underwriter Information" means the information set forth under the caption
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"Underwriting" in the Prospectus Supplement and any information in the
Prospectus Supplement relating to any potential market-making, over-allotment or
price stabilization activities of the Underwriters. The term "Prospectus"
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means, together, the Base Prospectus and the Prospectus Supplement.
To the extent that the Underwriter either (i) has provided to the
Sponsor Collateral term sheets (as hereinafter defined) that such Underwriter
has provided to a prospective investor, the Sponsor has filed such Collateral
term sheets as an exhibit to a report on Form 8-K within two business days of
its receipt thereof, or (ii) has provided to the Sponsor Structural term sheets
or Computational Materials (each as defined below) that such Underwriter has
provided to a prospective investor, the Sponsor will file or cause to be filed
with the Commission a report on Form 8-K containing such Structural term sheet
and Computational Materials, as soon as reasonably practicable after the date of
this Agreement, but in any event, not later than the date on which the
Prospectus is made available to the Underwriter in final form.
(ii) The Registration Statement and the Prospectus conform, and any further
amendments or supplements to the Registration Statement or the Prospectus will,
when they become effective or are filed with the Commission, as the case may be,
conform in all respects to the requirements of the Securities Act and the Rules
and Regulations. The Sponsor Offering Materials do not and will not, as of the
Effective Date or filing date thereof and of any amendment thereto, as
appropriate, contain an 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) The documents incorporated by reference in the Sponsor
Offering Materials, when they were filed with the Commission conformed in all
material respects to the requirements of the Securities Act or the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), as applicable, and the
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Rules and Regulations of the Commission
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thereunder, and none of such documents contained an 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; any further
documents so filed and incorporated by reference in the Sponsor Offering
Materials, when such documents are filed with the Commission will conform in all
material respects to the requirements of the Exchange Act and the Rules and
Regulations of the Commission thereunder and will not contain an 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.
(iv) Since the respective dates as of which information is given in the
Sponsor Offering Materials, or the Sponsor Offering Materials as amended and
supplemented, (x) there has not been any material adverse change, or any
development involving a prospective material adverse change, in or affecting the
general affairs, business, management, financial condition, stockholders'
equity, results of operations, regulatory situation or business prospects of the
Sponsor and (y) the Sponsor has not entered into any transaction or agreement
(whether or not in the ordinary course of business) material to the Sponsor
that, in either case, would reasonably be expected to materially adversely
affect the interests of the holders of the Notes, otherwise than as set forth or
contemplated in the Sponsor Offering Materials, as so amended or supplemented.
(v) The Sponsor is not aware of (x) any request by the Commission for any
further amendment of the Registration Statement or the Prospectus or for any
additional information, (y) the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the institution or
threatening of any proceeding for that purpose or (z) any notification with
respect to the suspension of the qualification of the Notes for the sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose.
(vi) The Sponsor has been duly incorporated and is validly existing as a
corporation in good standing under the laws of its jurisdiction of
incorporation, is duly qualified to do business and is in good standing as a
foreign corporation in each jurisdiction in which its ownership or lease of
property or the conduct of its business requires such qualification, except
where the failure to be so qualified would not have a material adverse effect on
the business or financial condition of the Sponsor and has all power and
authority necessary to own or hold its properties, to conduct the business in
which it is engaged and to enter into and perform its obligations under each
Sponsor Agreement and to cause the Securities to be issued.
(vii) There are no actions, proceedings or investigations pending before or
threatened by any court, administrative agency or other tribunal to which the
Sponsor is a party or of which any of its properties is the subject (i) which if
determined adversely to it is likely to have a material adverse effect
individually, or in the aggregate, on the business or financial condition of the
Sponsor, (ii) asserting the invalidity of any Sponsor Agreement, in whole or in
part or the Securities, (iii) seeking to prevent the issuance of the Securities
or the consummation by the Companies of any of the transactions contemplated by
any Sponsor Agreement, in whole or in part, or (iv) which if determined
adversely is likely to materially and adversely affect the performance by the
Sponsor of its obligations under, or the validity or enforceability of, any
Sponsor Agreement, in whole or in part or the Securities.
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(viii) Each Sponsor Agreement has been, or, when executed and delivered
will have been, duly authorized, validly executed and delivered by the Sponsor
and each Sponsor Agreement constitutes, a valid and binding agreement of the
Sponsor, enforceable against the Sponsor in accordance with its respective
terms, except to the extent that the enforceability hereof may be subject (x) to
insolvency, reorganization, moratorium, receivership, conservatorship, or other
similar laws, regulations or procedures of general applicability now or
hereafter in effect relating to or affecting creditors' rights generally, (y) to
general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law), and (z) with respect to rights of indemnity
under this Agreement, to limitations of public policy under applicable
securities laws.
(ix) The issuance and delivery of the Securities, and the execution,
delivery and performance of each Sponsor Agreement and the consummation of the
transactions contemplated hereby and thereby, do not and will not conflict with
or result in a breach of or violate any term or provision of or constitute a
default under, any indenture, mortgage, deed of trust, loan agreement, or other
agreement or instrument to which the Sponsor is a party, by which the Sponsor
may be bound or to which any of the property or assets of the Sponsor or any of
its subsidiaries may be subject, nor will such actions result in any violation
of the provisions of the articles of incorporation or by-laws of the Sponsor or
any law, statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Sponsor or any of its respective
properties or assets.
(x) Pricewaterhouse Coopers L.L.P. is an independent public accountant with
respect to the Sponsor as required by the Securities Act and the Rules and
Regulations.
(xi) No consent, approval, authorization, order, registration or
qualification of or with any court or governmental agency or body of the United
States is required for the issuance and sale of the Notes, or the consummation
by the Sponsor of the other transactions contemplated by this Agreement, except
the registration under the Securities Act of the Securities and such consents,
approvals, authorizations, registrations or qualifications as may have been
obtained or effected or as may be required under securities or Blue Sky laws in
connection with the purchase and distribution of the Notes by the Underwriters.
(xii) The Sponsor possesses all material licenses, certificates,
authorities or permits issued by the appropriate state, federal or foreign
regulatory agencies or bodies necessary to conduct the business now conducted by
it and as described in the Sponsor Offering Materials (or is exempt therefrom)
and the Sponsor has not received notice of any proceedings relating to the
revocation or modification of such license, certificate, authority or permit
which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, is likely to materially and adversely affect the conduct of
its business, operations, financial condition or income.
(xiii) The Sponsor will not conduct its operations while any
of the Securities are outstanding in a manner that would require the Sponsor or
the Trust to be registered as an "investment company" under the Investment
Company Act of 1940, as amended (the "1940 Act"), as in effect on the date
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hereof.
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(xiv) Any taxes, fees and other governmental charges in connection with the
execution, delivery and issuance of any Sponsor Agreement, the Note Insurance
Policy and the Securities that are required to be paid by the Sponsor at or
prior to the Closing Date have been paid or will be paid at or prior to the
Closing Date.
(xv) At the Closing Date, each of the representations and warranties of the
Sponsor set forth in any Sponsor Agreement will be true and correct in all
material respects.
(xvi) Any certificate signed by an officer of the Sponsor and delivered to
the Representative or the Representative's counsel in connection with an
offering of the Notes shall be deemed, and shall state that it is, a
representation and warranty as to the matters covered thereby to each person to
whom the representations and warranties in this Section 2A are made.
B. The Seller represents, warrants and agrees with the Underwriters, that:
(i) The Seller Offering Materials do not and will not, as of the applicable
filing date therefor and any amendment or supplement thereto, contain any untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein not misleading.
(ii) The documents incorporated by reference in the Seller Offering
Materials, when they were filed with the Commission conformed in all material
respects to the requirements of the Securities Act or the Exchange Act and the
Rules and Regulations of the Commission thereunder, and none of such documents
contained an 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; any further documents so filed and incorporated by reference in
the Seller Offering Materials, when such documents are filed with the Commission
will conform in all material respects to the requirements of the Exchange Act
and the Rules and Regulations of the Commission thereunder and will not contain
an 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) Since the respective dates as of which information is given in the
Seller Offering Materials, (x) there has not been any material adverse change,
or any development involving a prospective material adverse change, in or
affecting the general affairs, business, management, financial condition,
stockholders' equity, results of operations, regulatory situation or business
prospects of the Seller and (y) the Seller has not entered into any transaction
or agreement (whether or not in the ordinary course of business) material to the
Seller that, in either case, would reasonably be expected to materially
adversely affect the interests of the holders of the Securities, otherwise than
as set forth or contemplated in the Seller Offering Materials, as so amended or
supplemented.
(iv) The Seller is not aware of (x) any request by the Commission for any
further amendment of the Registration Statement or the Prospectus or for any
additional information, (y) the issuance by the Commission of any stop order
suspending the
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effectiveness of the Registration Statement or the institution or threatening of
any proceeding for that purpose or (z) any notification with respect to the
suspension of the qualification of the Notes for the sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose.
(v) The Seller has been duly incorporated and is validly existing as a
corporation in good standing under the laws of its jurisdiction of
incorporation, is duly qualified to do business and is in good standing as a
foreign corporation in each jurisdiction in which its ownership or lease of
property or the conduct of its business requires such qualification, except
where the failure to be so qualified would not have a material adverse effect on
the business or financial condition of the Seller and has all power and
authority necessary to own or hold its properties, to conduct the business in
which it is engaged and to enter into and perform its obligations under each
Seller Agreement.
(vi) There are no actions, proceedings or investigations pending before or
threatened by any court, administrative agency or other tribunal to which the
Seller is a party or of which any of its properties is the subject (i) which if
determined adversely to it is likely to have a material adverse effect
individually, or in the aggregate, on the business or financial condition of the
Seller, (ii) asserting the invalidity of any Seller Agreement in whole or in
part, (iii) seeking to prevent the issuance of the Securities or the
consummation by the Seller of any of the transactions contemplated by any Seller
Agreement in whole or in part, or (iv) which if determined adversely is likely
to materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, any Seller Agreement in
whole or in part or the Securities.
(vii) Each Seller Agreement has been, or, when executed and delivered will
have been, duly authorized, validly executed and delivered by the Seller and
each Seller Agreement constitutes, a valid and binding agreement of the Seller,
enforceable against the Seller in accordance with their respective terms, except
to the extent that the enforceability hereof may be subject (x) to insolvency,
reorganization, moratorium, receivership, conservatorship, or other similar
laws, regulations or procedures of general applicability now or hereafter in
effect relating to or affecting creditors' rights generally, (y) to general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law), and (z) with respect to rights of indemnity
under this Agreement, to limitations of public policy under applicable
securities laws.
(viii) The execution, delivery and performance of each Seller Agreement by
the Seller and the consummation of the transactions contemplated hereby and
thereby, do not and will not conflict with or result in a breach of or violate
any term or provision of or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement, or other agreement or instrument to which the
Seller is a party, by which the Seller may be bound or to which any of the
property or assets of the Seller or any of its subsidiaries may be subject, nor
will such actions result in any violation of the provisions of the articles of
incorporation or by-laws of the Seller or any law, statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over
the Seller or any of its respective properties or assets.
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(ix) Pricewaterhouse Coopers L.L.P. is an independent public accountant
with respect to the Seller as required by the Securities Act and the Rules and
Regulations.
(x) No consent, approval, authorization, order, registration or
qualification of or with any court or governmental agency or body of the United
States is required for the issuance and sale of the Notes, or the consummation
by the Seller of the transactions contemplated by each Seller Agreement except
the registration under the Securities Act of the Securities and such consents,
approvals, authorizations, registrations or qualifications as may have been
obtained or effected or as may be required under securities or Blue Sky laws in
connection with the purchase and distribution of the Notes by the Underwriters.
(xi) The Seller possesses all material licenses, certificates, authorities
or permits issued by the appropriate state, federal or foreign regulatory
agencies or bodies necessary to conduct the business now conducted by it and as
described in the Seller Offering Materials (or each is exempt therefrom) and the
Seller has not received notice of any proceedings relating to the revocation or
modification of such license, certificate, authority or permit which, singly or
in the aggregate, if the subject of an unfavorable decision, ruling or finding,
is likely to materially and adversely affect the conduct of its business,
operations, financial condition or income.
(xii) (a) Following the conveyance of the Receivables to the Trust pursuant
to the Sale and Servicing Agreement, the Trust will own the Receivables free and
clear of any lien, mortgage, pledge, charge, encumbrance, adverse claim or other
security interest (collectively, "Liens") other than Liens created by the Sale
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and Servicing Agreement, and (b) the Seller will have the power and authority to
sell such Receivables to the Trust.
(xiii) As of the Cut-off Date, each of the Receivables will meet the
eligibility criteria described in the Prospectus.
(xiv) Neither the Seller nor the Trust created by the Trust Agreement will
conduct their operations while any of the Securities are outstanding in a manner
that would require the Seller or the Trust to be registered as an "investment
company" under the 1940 Act, as in effect on the date hereof.
(xv) Each of the Securities, the Sale and Servicing Agreement, the Purchase
Agreement, the Trust Agreement, the Indemnification Agreement and the Note
Insurance Policy conforms in all material respects to the descriptions thereof
contained in the Prospectus.
(xvi) Any taxes, fees and other governmental charges in connection with the
execution, delivery and issuance of any Seller Agreement, the Note Insurance
Policy and the Securities that are required to be paid by either the Seller at
or prior to the Closing Date have been paid or will be paid at or prior to the
Closing Date.
(xvii) At the Closing Date, each of the representations and warranties of
the Seller set forth in any Seller Agreement will be true and correct in all
material respects.
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(xviii) The direction by the Seller to the Owner Trustee to execute,
authenticate, issue and deliver the Certificate will be duly authorized by the
Seller and, assuming the Owner Trustee has been duly authorized to do so, when
executed, authenticated, issued and delivered by the Owner Trustee in accordance
with the Trust Agreement, the Certificate will be validly issued and outstanding
and will be entitled to the benefits of the Trust Agreement.
Any certificate signed by an officer of the Seller and delivered to
the Representative or the Representative's counsel in connection with an
offering of the Notes shall be deemed, and shall state that it is, a
representation and warranty as to the matters covered thereby to each person to
whom the representations and warranties in this Section 2B are made.
Section 3. Purchase and Sale. The Underwriters' commitment to purchase
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the Notes pursuant to this Agreement shall be deemed to have been made on the
basis of the representations and warranties of the Companies herein contained
and shall be subject to the terms and conditions herein set forth. The Sponsor
agrees to instruct the Trust to issue the Notes to the Underwriters, and the
Underwriters agree to purchase on the date of issuance thereof. The purchase
prices for the Notes shall be as set forth on Schedule 1 hereto.
Section 4. Delivery and Payment. Payment of the purchase price for, and
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delivery of, any Notes to be purchased by the Underwriters shall be made at the
office of Xxxxx Xxxxxxxxxx LLP, 1301 Avenue of the Americas, New York, New York,
or at such other place as shall be agreed upon by the Representative and the
Companies, at 10:00 a.m. New York City time on November 5, 1998 (the "Closing
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Date"), or at such other time or date as shall be agreed upon in writing by the
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Representative and the Companies. Payment shall be made by wire transfer of
same day funds payable to the account designated by the Sponsor. Each of the
Notes so to be delivered shall be represented by one or more global certificates
registered in the name of Cede & Co., as nominee for The Depository Trust
Company.
The Companies agree to have the Notes available for inspection,
checking and packaging by the Representative in New York, New York, not later
than 12:00 P.M. New York City time on the business day prior to the Closing
Date.
Section 5. Offering by Underwriters. It is understood that the
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Underwriters propose to offer the Notes for sale to the public as set forth in
the Prospectus.
Section 6. Covenants of the Seller. Each of the Companies covenants with
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the Underwriters as follows:
A. To cause to be prepared a Prospectus in a form approved by the
Underwriters, to file such Prospectus pursuant to Rule 424(b) under the
Securities Act within the time period prescribed by Rule 424(b) and to provide
the Underwriters with evidence satisfactory to the Underwriters of such timely
filing; to cause to be made no further amendment or any supplement to the
Registration Statement or to the Prospectus prior to the 91st day following the
Closing Date except as permitted herein; to advise the Underwriters, promptly
after it receives notice thereof, of the time when any amendment to the
Registration Statement has been filed or becomes effective prior to the 91st day
following the Closing Date or any supplement to the Prospectus or any amended
Prospectus has been filed prior to the 91st day following the Closing
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Date and to furnish the Underwriters with copies thereof; to file promptly all
reports and any global proxy or information statements required to be filed by
the Sponsor with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of
the Exchange Act subsequent to the date of the Prospectus and, until the 91st
day following the Closing Date; to promptly advise the Underwriters of its
receipt of notice of the issuance by the Commission of any stop order or of: (i)
any order preventing or suspending the use of the Prospectus; (ii) the
suspension of the qualification of the Notes for offering or sale in any
jurisdiction; (iii) the initiation of or threat of any proceeding for any such
purpose; (iv) any request by the Commission for the amending or supplementing of
the Registration Statement or the Prospectus or for additional information. In
the event of the issuance of any stop order or of any order preventing or
suspending the use of the Prospectus or suspending any such qualification, the
Sponsor promptly shall use its best efforts to obtain the withdrawal of such
order by the Commission.
B. To furnish promptly to the Underwriters and to counsel for the
Underwriters a signed copy of the Registration Statement as originally filed
with the Commission, and of each amendment thereto filed with the Commission,
including all consents and exhibits filed therewith.
C. To deliver promptly to the Underwriters such number of the following
documents as the Underwriters shall reasonably request: (i) conformed copies of
the Registration Statement as originally filed with the Commission and each
amendment thereto (in each case including exhibits); (ii) the Prospectus and any
amended or supplemented Prospectus; and (iii) any document incorporated by
reference in the Prospectus (including exhibits thereto). If the delivery of a
prospectus is required at any time in connection with the offering or sale of
the Notes and if at such time any events 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 the light of the circumstances under
which they were made when such Prospectus is delivered, not misleading, or, if
for any other reason it shall be necessary during such same period to amend or
supplement the Prospectus 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 Sponsor shall notify the Underwriters
and, upon the Underwriters' request based upon the advice of counsel, shall file
such document and prepare and furnish without charge to the Underwriters and to
any dealer in securities as many copies as the Underwriters may from time to
time reasonably request of an amended Prospectus or a supplement to the
Prospectus which corrects such statement or omission or effects such compliance.
D. To cause to be filed promptly with the Commission any amendment to
the Registration Statement or the Prospectus or any supplement to the Prospectus
that may, in the judgment of the Seller or the Underwriters, be required by the
Securities Act or requested by the Commission. Neither the Underwriters'
consent to nor their delivery of any such amendment or supplement shall
constitute a waiver of any of the conditions set forth in Section 7 hereof.
E. To cause to be furnished to the Underwriters and counsel for the
Underwriters, prior to filing with the Commission, and to obtain the consent of
the Underwriters, which consent will not unreasonably be withheld, for the
filing of the following documents relating to the Notes: (i) any amendment to
the Registration Statement or supplement to the
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Prospectus, or document incorporated by reference in the Prospectus, or (ii) the
Prospectus filed pursuant to Rule 424 of the Rules and Regulations.
F. To use its best efforts, in cooperating with the Sponsor and the
Underwriters, to qualify the Notes for offering and sale under the applicable
securities laws of such states and other jurisdictions of the United States as
the Underwriters may designate, and maintain or cause to be maintained such
qualifications in effect for as long as may be required for the distribution of
the Notes. The Seller will cause the filing of such statements and reports as
may be required by the laws of each jurisdiction in which the Notes have been so
qualified.
G. The Seller will not, without the prior written consent of the
Representative, contract to sell any automobile receivables-backed certificates,
automobile receivables-backed notes or other similar securities either directly
or indirectly (as through the Sponsor) for a period of five (5) business days
after the later of the termination of the syndicate or the Closing Date.
H. So long as the Notes shall be outstanding, the Seller shall deliver
to the Underwriters as soon as such statements are furnished to the Trustee:
(i) the annual statement as to compliance of the Servicer delivered to the
Trustee pursuant to Section 4.10(a) of the Sale and Servicing Agreement; (ii)
the annual statement of a firm of independent public accountants furnished to
the Trustee pursuant to Section 4.11(a) of the Sale and Servicing Agreement with
respect to the Servicer; and (iii) the monthly reports furnished to the
Noteholders pursuant to Section 5.9 of the Sale and Servicing Agreement.
I. So long as any of the Notes are outstanding, the Seller will furnish
to the Underwriters (i) as soon as practicable after the end of the fiscal year
of the Trust, all documents required to be distributed to Noteholders and other
filings with the Commission pursuant to the Exchange Act, or any order of the
Commission thereunder with respect to any securities issued by the Sponsor or
the Seller that are (A) non-structured equity or debt offering of the Sponsor or
the Seller or (B) the Notes and (ii) from time to time, any other information
concerning the Sponsor or the Seller filed with any government or regulatory
authority which is otherwise publicly available, as the Underwriters shall
reasonably request in writing.
J. To apply the net proceeds from the sale of the Notes in the manner
set forth in the Prospectus.
K. If, between the date hereof or, if earlier, the dates as of which
information is given in the Prospectus and the Closing Date, to the knowledge of
the Seller, there shall have been any material change, or any development
involving a prospective material change in or affecting the general affairs,
management, financial position, shareholders' equity or results of operations of
the Sponsor or the Seller, the Seller will give prompt written notice thereof to
the Underwriters.
L. To the extent, if any, that the ratings provided with respect to the
Notes by the rating agency or agencies that initially rate the Notes are
conditional upon the furnishing of documents or the taking of any other actions
by the Sponsor or the Seller, the Seller shall use its best efforts to furnish
or cause to be furnished such documents and take any such other actions.
11
Section 7. Conditions of the Obligations of the Underwriters. The
-------------------------------------------------
obligations of the Underwriters to purchase the Notes pursuant to this Agreement
are subject to (i) the accuracy on and as of the Closing Date of the
representations and warranties on the part of the Companies herein contained,
(ii) the accuracy of the statements of officers of the Companies made pursuant
hereto, (iii) the performance by the Companies of all of their respective
obligations hereunder, and the performance by the Companies of all of their
respective obligations under the Sponsor Agreements and the Seller Agreements
and (iv) the following conditions as of the Closing Date:
A. No stop order suspending the effectiveness of the Registration
Statement shall have been issued, and no proceeding for that purpose shall have
been initiated or threatened by the Commission. Any request of the Commission
for inclusion of additional information in the Registration Statement or the
Prospectus shall have been complied with.
B. The Underwriters shall have received the Sale and Servicing
Agreement, the Purchase Agreement, the Indenture, the Trust Agreement, the
Indemnification Agreement and the Notes in form and substance satisfactory to
the Underwriters and duly executed by the signatories required pursuant to the
respective terms thereof.
C. The Underwriters shall have received from Xxxxx Xxxxxxxxxx LLP,
counsel for the Companies, a favorable opinion, dated the Closing Date and
satisfactory in form and substance to the Underwriters and counsel for the
Underwriters to the effect that:
(i) The issuance and sale of the Notes have been duly authorized and,
when executed, authenticated, countersigned and delivered by the Trustee in
accordance with the Indenture and delivered and paid for pursuant to this
Agreement, will be validly issued and outstanding and will be entitled to
the benefits of the Trust Agreement and the Indenture, respectively.
(ii) No authorization, approval, consent or order of, or filing with,
any court or governmental agency or authority is necessary under the
federal law of the United States or the laws of the State of New York in
connection with the execution, delivery and performance by the Sponsor of
the Sponsor Agreements and by the Seller of the Seller Agreements, except
such as may be required under the Act or the Rules and Regulations and Blue
Sky or other state securities laws, filings with respect to the transfer of
the Receivables to the Trust pursuant to the Sale and Servicing Agreement
and such other approvals or consents as have been obtained.
(iii) Each Sponsor Agreement and each Seller Agreement constitutes the
legal, valid and binding obligation of the Sponsor or the Seller, as
appropriate, enforceable against each of the Sponsor or the Seller, as
appropriate, in accordance with their respective terms, except that as to
enforceability such enforcement may (A) be subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the rights of creditors generally, (B) be limited by general
principles of equity (whether considered in a proceeding at law or in
equity) and (C) the enforceability as to rights to indemnification may be
subject to limitations of public policy under applicable laws.
12
(iv) None of the Sponsor, the Seller nor the Trust is required to be
registered as an "investment company" under the 1940 Act, as amended.
(v) The direction by the Seller to the Owner Trustee to execute, issue,
countersign and deliver the Certificate has been duly authorized and, when
the Certificate is executed and authenticated by the Trustee in accordance
with the Trust Agreement and delivered and paid for, they will be validly
issued and outstanding and entitled to the benefits provided by the Trust
Agreement.
(vi) The Seller has full power and authority to sell and assign the
property to be sold and assigned to and deposited with the Trustee as part
of the Trust Estate and has duly authorized such sale and assignment to the
Trustee by all necessary corporate action.
(vii) The Securities, the Sale and Servicing Agreement, the Purchase
Agreement and this Agreement each conform in all material respects with the
respective descriptions thereof contained in the Registration Statement and
the Prospectus.
(viii) The statements in the Base Prospectus under the captions "Summary
of Terms - Tax Considerations", "Summary of Terms - ERISA Considerations",
"ERISA Considerations" and "Certain Tax Considerations" and the statements
in the Prospectus Supplement under the captions "Summary of Terms - Tax
Status", "Summary of Terms - ERISA Considerations", "Certain Federal Income
Tax Consequences" and "ERISA Considerations", to the extent that they
constitute matters of law or legal conclusions with respect thereto, have
been reviewed by counsel and represent a fair and accurate summary of the
matters addressed therein, under existing law and the assumptions stated
therein.
(ix) The statements in the Base Prospectus under the caption "Certain
Legal Aspects of the Receivables" to the extent they constitute matters of
law or legal conclusions, are correct in all material respects.
(x) The Registration Statement is effective under the Act and no stop
order suspending the effectiveness of the Registration Statement has been
issued, and to the best of such counsel's knowledge no proceeding for that
purpose has been instituted or threatened by the Commission under the Act.
(xi) The conditions to the use by the Sponsor of a registration
statement on Form S-3 under the Securities Act, as set forth in the General
Instructions to Form S-3, have been satisfied with respect to the
Registration Statement and the Prospectus. There are no contracts or
documents which are required to be filed as exhibits to the Registration
Statement pursuant to the Securities Act or the Rules and Regulations
thereunder which have not been so filed.
(xii) The Registration Statement at the time it became effective, and
any amendments thereto at the time such amendment becomes effective (other
than the information set forth in the financial statements and other
financial and statistical information contained therein, as to which such
counsel need express no opinion),
13
complied as to form in all material respects with the applicable
requirements of the Act and the Rules and Regulations thereunder.
(xiii) The execution, delivery and performance of each Sponsor Agreement
by the Sponsor will not conflict with or violate any federal statute, rule,
regulation or order of any federal governmental agency or body, or any
federal court having jurisdiction over the Sponsor or its properties or
assets.
(xiv) The execution, delivery and performance of each Seller Agreement
by the Seller will not conflict with or violate any federal statute, rule,
regulation or order of any federal governmental agency or body, or any
federal court having jurisdiction over the Seller or its properties or
assets.
In addition, counsel shall state that such counsel has participated in
conferences with officers and other representatives of each of the Seller, the
Sponsor, the Servicer, the Note Insurer, the Trustee and the Underwriters at
which the contents of the Registration Statement and the Prospectus and related
matters were discussed and on the basis of the foregoing, no facts have come to
such counsel's attention that have led such counsel to believe the Registration
Statement, at the time it became effective and as of the date of such counsel's
opinion, contained or contains an untrue statement of a material fact or omitted
or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or that the Prospectus, as of its
date and as of the date of such counsel's opinion, contained or contains an
untrue statement of material fact or omitted or omits to state a material fact
necessary to make the statements therein not misleading; it being understood
that such counsel need express no belief with respect to the financial
statements, schedules and other financial and statistical data included in the
Registration Statement or the Prospectus.
D. The Sponsor shall have delivered to the Underwriters a certificate,
dated the Closing Date, of an authorized officer of the Sponsor to the effect
that the signer of such certificate has carefully examined this Agreement and
the Prospectus and that: (i) the representations and warranties of the Sponsor
in each Sponsor Agreement are true and correct in all material respects at and
as of the Closing Date with the same effect as if made on the Closing Date, (ii)
the Sponsor has complied in all material respects with all the agreements and
satisfied in all material respects all the conditions on its part to be
performed or satisfied at or prior to the Closing Date, (iii) no stop order
suspending the effectiveness of the Registration Statement has been issued and
no proceedings for that purpose have been instituted or, to such officer's
knowledge, threatened, (iv) there has been no material adverse change in the
condition (financial or other), earnings, business, properties or prospects of
the Sponsor, whether or not arising from transactions in the ordinary course of
business, except as set forth or contemplated in the Prospectus and (v) nothing
has come to such officer's attention that would lead such officer to believe
that the Sponsor Offering Materials contain any untrue statement of a material
fact or omits to state any material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.
The Sponsor shall attach to such certificate a true and correct copy
of its certificate of incorporation, as appropriate, and bylaws which are in
full force and effect on the
14
date of such certificate and a certified true copy of the resolutions of its
Board of Directors with respect to the transactions contemplated herein.
E. The Underwriters shall have received from the Seller a certificate
dated the Closing Date, of an authorized officer of the Seller to the effect
that the signer of such certificate has carefully examined this Agreement and
the Prospectus and that: (i) the representations and warranties of the Seller in
each Seller Agreement are true and correct in all material respects at and as of
the Closing Date with the same effect as if made on the Closing Date, (ii) the
Seller has complied in all material respects with all the agreements and
satisfied all the conditions on its part to be performed or satisfied in all
material respects at or prior to the Closing Date, (iii) there has been no
material adverse change in the condition (financial or other), earnings,
business, properties or prospects of the Seller whether or not arising from
transactions in the ordinary course of business, except as set forth or
contemplated in the Prospectus, and (iv) nothing has come to such officers'
attention that would lead such officer to believe that the Seller Offering
Materials contain any untrue statement of a material fact or omit to state any
material facts required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.
The Seller shall attach to such certificate a true and correct copy of
its certificate of incorporation, as appropriate, and bylaws which are in full
force and effect on the date of such certificate and a certified true copy of
the resolutions of its Board of Directors with respect to the transactions
contemplated herein.
F. The Underwriters shall have received from Xxxxx Xxxxxx, Esq., house
counsel of the Companies, a favorable opinion, dated the Closing Date and
satisfactory in form and substance to the Underwriters and counsel for the
Underwriters to the effect that:
(i) The Sponsor has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware. The
Seller has been duly incorporated and is validly existing as a corporation
in good standing under the laws of the State of Nevada. Each of the
Sponsor and the Seller has full corporate power to own its property or
assets and to conduct its business as presently conducted by it and as
described in the Prospectus, and is in good standing in each jurisdiction
in which the conduct of its business or the ownership of its property or
assets requires such qualification or where the failure to be so qualified
would have a material adverse effect on its condition (financial or
otherwise).
(ii) Each Sponsor Agreement and each Seller Agreement has been duly
authorized, executed and delivered by authorized officers or signers of the
Sponsor or the Seller, as appropriate.
(iii) The direction by the Seller to the Trustee to execute, issue,
countersign and deliver the Notes has been duly authorized by the Seller.
(iv) The execution, delivery and performance of each Sponsor Agreement
by the Sponsor will not conflict with or result in a material breach of any
of the terms or provisions of, or constitute a material default under, or
result in the creation or imposition
15
of any Lien upon any of the property or assets of the Sponsor pursuant to
the terms of the certificate of incorporation or the by-laws of the Sponsor
or any statute, rule, regulation or order of any governmental agency or
body of the State of Delaware, or any Delaware state court having
jurisdiction over the Sponsor or its property or assets or any material
agreement or instrument known to such counsel to which the Sponsor is a
party or by which the Sponsor or any of its property or assets is bound.
(v) The execution, delivery and performance of each Seller Agreement by
the Seller will not conflict with or result in a material breach of any of
the terms or provisions of, or constitute a material default under, or
result in the creation or imposition of any Lien upon any of the property
or assets of the Seller pursuant to the terms of the certificate of
incorporation or the by-laws of the Seller or any statute, rule, regulation
or order of any governmental agency or body of the State of Nevada, or any
Nevada state court having jurisdiction over the Seller or its property or
assets or any material agreement or instrument known to such counsel, to
which the Seller is a party or by which the Seller or any of its property
or assets is bound.
(vi) No authorization, approval, consent or order of, or filing with,
any court or governmental agency or authority of the State of Delaware is
necessary in connection with the execution, delivery and performance by the
Sponsor of any Sponsor Agreement except such as may be required under the
Securities Act or the Rules and Regulations and Blue Sky or other state
securities laws filings with respect to the transfer of the Receivables to
the Trust pursuant to the Sale and Servicing Agreement and such other
approvals or consents as have been obtained.
(vii) No authorization, approval, consent or order of, or filing with,
any court or governmental agency or authority of the State of Nevada is
necessary in connection with the execution, delivery and performance by the
Seller of any Seller Agreement, except such as may be required under the
Act or the Rules and Regulations and Blue Sky or other state securities
laws, filings with respect to the transfer of the Receivables to the Trust
pursuant to the Sale and Servicing Agreement and such other approvals or
consents as have been obtained.
(viii) There are no legal or governmental proceedings pending to which
the Sponsor or the Seller is a party or of which any property or assets of
the Sponsor or the Seller is the subject, and no such proceedings are to
the best of such counsel's knowledge threatened or contemplated by
governmental authorities against the Sponsor, the Seller or the Trust,
that, (A) are required to be disclosed in the Registration Statement or (B)
(i) assert the invalidity against the Sponsor of all or any part of any
Sponsor Agreement or against the Seller of all or any part of any Seller
Agreement, (ii) seek to prevent the issuance of the Securities, (iii) could
materially adversely affect the Sponsor's or the Seller's obligations under
any Sponsor Agreement or any Seller Agreement, as appropriate, or (iv) seek
to affect adversely the federal or state income tax attributes of the
Securities.
G. The Underwriters shall have received from special counsel to the
Note Insurer, reasonably acceptable to the Underwriters, a favorable opinion
dated the Closing Date
16
and satisfactory in form and substance to the Underwriters and counsel for the
Underwriters, to the effect that:
(i) The Note Insurer is a stock insurance company licensed and
authorized to transact insurance business and to issue, deliver and perform
its obligations under its surety bonds under the laws of the State of New
York. The Note Insurer (a) is a stock insurance company validly existing
and in good standing under the laws of the State of New York, (b) has the
corporate power and authority to own its assets and to carry on the
business in which it is currently engaged, and (c) is duly qualified and in
good standing as a foreign corporation under the laws of each jurisdiction
where failure so to qualify or to be in good standing would have a material
and adverse effect on its business or operations.
(ii) No litigation or administrative proceedings of or before any court,
tribunal or governmental body are currently pending or, to the best of such
counsel's knowledge, threatened against the Note Insurer, which, if
adversely determined, would have a material and adverse effect on the
ability of the Note Insurer to perform its obligations under the Note
Insurance Policy.
(iii) The Note Insurance Policy and the Indemnification Agreement
constitute the irrevocable, valid, legal and binding obligations of the
Note Insurer in accordance with their respective terms to the extent
provided therein, enforceable against the Note Insurer in accordance with
their respective terms, except as the enforceability thereof and the
availability of particular remedies to enforce the respective terms thereof
against the Note Insurer may be limited by applicable laws affecting the
rights of creditors of the Note Insurer and by the application of general
principles of equity.
(iv) The Note Insurer, as an insurance company, is not eligible for
relief under the United States Bankruptcy Code. Any proceedings for the
liquidation, conservation or rehabilitation of the Note Insurer would be
governed by the provisions of the Insurance Law of the State of New York.
(v) The statements set forth in the Prospectus Supplement under the
captions "The Insurer" and "The Policy" are true and correct, except that
no opinion is expressed as to financial statements or other financial
information included in the Prospectus relating to the Note Insurer and,
insofar as such statements constitute a summary of the Note Insurance
Policy, accurately and fairly summarize the terms of the Note Insurance
Policy.
(vi) The Note Insurance Policy constitutes an insurance policy within
the meaning of Section 3(a)(8) of the Securities Act.
(vii) Neither the execution or delivery by the Note Insurer of the Note
Insurance Policy or the Indemnification Agreement, nor the performance by
the Note Insurer of its obligations thereunder, will conflict with any
provision of the certificate of incorporation or the amended by-laws of the
Note Insurer nor, to the best of such counsel's knowledge, result in a
breach of, or constitute a default under, any agreement
17
or other instrument to which the Note Insurer is a party or by which any of
its property is bound nor, to the best of such counsel's knowledge, violate
any judgment, order or decree applicable to the Note Insurer of any
governmental regulatory body, administrative agency, court or arbitrator
located in any jurisdiction in which the Note Insurer is licensed or
authorized to do business.
H. The Underwriters shall have received from Xxxxx Xxxxxxxxxx LLP,
counsel for the Underwriters, such opinion or opinions, dated the Closing Date,
with respect to the validity of the Securities and such other related matters as
the Underwriters may require.
I. The Underwriters shall have received from counsel to the Trustee and
the Back-Up Servicer, a favorable opinion dated the Closing Date and
satisfactory in form and substance to the Underwriters and counsel for the
Underwriters, to the effect that:
(i) The Trustee has been duly incorporated and is validly existing as a
banking corporation in good standing under the laws of the United States of
America.
(ii) The Trustee and the Back-Up Servicer each have full corporate trust
power and authority to enter into and perform its obligations under the
Indenture, as the case may be, including, but not limited to, its
obligation to serve in the capacity of Trustee and to execute, issue,
countersign and deliver the Notes.
(iii) The Indenture has been duly authorized, executed and delivered by
the Trustee and constitutes a legal, valid and binding obligation of the
Trustee enforceable against the Trustee, in accordance with its terms,
except that as to enforceability such enforcement may (A) be subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the rights of creditors generally and (B) be limited
by general principles of equity (whether considered in a proceeding at law
or in equity).
(iv) The Notes have been duly authorized, executed and authenticated by
the Trustee on the date hereof on behalf of the Trust in accordance with
the Indenture.
(v) The execution, delivery and performance of the Indenture and the
Notes by the Trustee will not conflict with or result in a breach of any of
the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any of the
property or assets of the Trustee pursuant to the terms of the articles of
association or the by-laws of the Trustee or any statute, rule, regulation
or order of any governmental agency or body, or any court having
jurisdiction over the Trustee or its property or assets or any agreement
or instrument known to such counsel, to which the Trustee is a party or by
which the Trustee or any of its respective property or assets is bound.
(vi) No authorization, approval, consent or order of, or filing with,
any state or federal court or governmental agency or authority is necessary
in connection with the execution, delivery and performance by the Trustee
or the Back-Up Servicer of the Indenture and the Notes, as applicable.
18
J. The Underwriters shall have received from counsel to the Owner
Trustee a favorable opinion dated the Closing Date and satisfactory in form and
substance to the Underwriters and counsel for the Underwriters, to the effect
that:
(i) The Owner Trustee has been duly incorporated and is validly existing
as a banking corporation in good standing under the laws of the United
States of America.
(ii) The Owner Trustee has full corporate trust power and authority to
enter into and perform its obligations under the Trust Agreement, as the
case may be, including, but not limited to, its obligation to serve in the
capacity of Owner Trustee and to execute, issue, countersign and deliver
the Certificate.
(iii) The Trust Agreement has been duly authorized, executed and
delivered by the Owner Trustee and constitutes a legal, valid and binding
obligation of the Owner Trustee enforceable against the Owner Trustee, in
accordance with its terms, except that as to enforceability such
enforcement may (A) be subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the rights of
creditors generally and (B) be limited by general principles of equity
(whether considered in a proceeding at law or in equity).
(iv) The Certificate has been duly authorized, executed and
authenticated by the Owner Trustee on the date hereof on behalf of the
Trust in accordance with the Trust Agreement.
(v) The execution, delivery and performance of the Trust Agreement and
the Certificate by the Owner Trustee will not conflict with or result in a
breach of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of the Owner Trustee pursuant to the
terms of the articles of association or the by-laws of the Owner Trustee or
any statute, rule, regulation or order of any governmental agency or body,
or any court having jurisdiction over the Owner Trustee or its property or
assets or any agreement or instrument known to such counsel, to which the
Owner Trustee is a party or by which the Owner Trustee or any of its
respective property or assets is bound.
(vi) No authorization, approval, consent or order of, or filing with,
any state or federal court or governmental agency or authority is necessary
in connection with the execution, delivery and performance by the Owner
Trustee of the Trust Agreement and the Certificate, as applicable.
K. Bank One, N.A. ("Bank One") shall have furnished to the Underwriters
--------
a certificate of Bank One, signed by one or more duly authorized officers of
--------
Bank One, dated the Closing Date, as to the due authorization, execution and
--------
delivery of the Indenture and the Sale and Servicing Agreement by Bank One and
--------
the acceptance by the Trustee of the trusts created thereby and the due
execution and delivery of the Notes by the Trustee thereunder and such other
matters as the Underwriters shall reasonably request.
L. Bankers Trust (Delaware) ("Bankers") shall have furnished to the
-------
Underwriters a certificate of Bankers, signed by one or more duly authorized
officers of Bankers,
19
dated the Closing Date, as to the due authorization, execution and delivery of
the Trust Agreement by Bankers and the acceptance by the Owner Trustee of the
trusts created thereby and the due execution and delivery of the Certificate by
the Owner Trustee thereunder and such other matters as the Underwriters shall
reasonably request.
M. The Indemnification Agreement shall have been executed and
delivered, in which the Note Insurer shall represent, among other
representations, that (i) the information under the captions, "The Policy" in
the section entitled "Summary of Terms", "The Policy" and "The Insurer" in the
Prospectus Supplement was approved by the Note Insurer and does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading and (ii) there has been no change in the
financial condition of the Note Insurer since September 30, 1998, which would
have a material adverse effect on the Note Insurer's ability to meet its
obligations under the Note Insurance Policy.
N. The Note Insurance Policy shall have been issued by the Note Insurer
and shall have been duly countersigned by an authorized agent of the Note
Insurer, if so required under applicable state law or regulation.
O. The Class A-1 Notes shall have been rated "A-1+" by Standard &
Poor's Ratings Services ("S&P") and "P-1" by Xxxxx'x Investors Service, Inc.
("Moody's") and the Class A-2 Notes, the Class A-3 Notes, and the Class A-4
Notes shall have been rated AAA by S&P and Aaa by Moody's.
P. The Underwriters shall have received copies of letters dated as of
the Closing Date, from S&P and Moody's stating the current ratings of the Notes
as set forth in Section O above.
Q. The Underwriters shall have received from Xxxxx Xxxxxxxxxx LLP,
counsel to the Companies, a favorable opinion, dated the Closing Date and
satisfactory in form and substance to the Underwriters and counsel for the
Underwriters, as to true sale matters relating to the transaction, and the
Underwriters shall be addressees of any opinions of counsel supplied to the
rating organizations relating to the Notes.
R. All proceedings in connection with the transactions contemplated by
this Agreement, and all documents incident hereto, shall be reasonably
satisfactory in form and substance to the Underwriters and counsel for the
Underwriters, and the Underwriters and counsel for the Underwriters shall have
received such other information, opinions, certificates and documents as they
may reasonably request in writing.
S. The Prospectus and any supplements thereto shall have been filed (if
required) with the Commission in accordance with the rules and regulations under
the Act and Section 2 hereof, and prior to the Closing Date, no stop order
suspending the effectiveness of the Registration Statement shall have been
issued and no proceedings for that purpose shall have been instituted or shall
be contemplated by the Commission or by any authority administering any state
securities or Blue Sky law.
20
T. On the Closing Date the Underwriters shall have received from
Pricewaterhouse Coopers L.L.P. a letter dated as of the Closing Date, in the
form heretofore agreed to.
If any condition specified in this Section 7 shall not have been
fulfilled when and as required to be fulfilled, (i) this Agreement may be
terminated by the Representative by notice to both of the Companies at any time
at or prior to the Closing Date, and such termination shall be without liability
of any party to any other party except as provided in Section 8 and (ii) the
provisions of Section 8, the indemnity set forth in Section 9, the contribution
provisions set forth in Section 9 and the provisions of Sections 12 and 15 shall
remain in effect.
Section 8. Payment of Expenses. The Seller agrees to pay the following
-------------------
expenses incident to the performance of the Companies' obligations under this
Agreement, (i) the filing of the Registration Statement and all amendments
thereto, (ii) the duplication and delivery to the Underwriters, in such
quantities as the Underwriters may reasonably request, of copies of this
Agreement, (iii) the preparation, issuance and delivery of the Notes, (iv) the
fees and disbursements of Xxxxx Xxxxxxxxxx LLP, counsel for the Underwriters and
special counsel to the Seller, (v) the fees and disbursements of Pricewaterhouse
Coopers L.L.P., accountants of the Companies, (vi) the qualification of the
Notes under securities and Blue Sky laws and the determination of the
eligibility of the Notes for investment in accordance with the provisions
hereof, including filing fees and the fees and disbursements of Xxxxx Xxxxxxxxxx
LLP, counsel to the Underwriters, in connection therewith and in connection
with the preparation of any Blue Sky survey, (vii) the printing and delivery to
the Underwriters in such quantities as the Underwriters may reasonably request,
of copies of the Registration Statement and Prospectus and all amendments and
supplements thereto, and of any Blue Sky survey, (viii) the duplication and
delivery to the Underwriters, in such quantities as the Underwriters may
reasonably request, of copies of the Sale and Servicing Agreement, the
Indenture, the Trust Agreement and the other transaction documents, (ix) the
fees charged by nationally recognized statistical rating agencies for rating the
Notes, (x) the fees and expenses of the Trustee and its counsel, the fees and
expenses of the Owner Trustee and its counsel and (xi) the fees and expenses of
the Note Insurer and its counsel.
If this Agreement is terminated by the Representative in accordance
with the provisions of Section 7, the Companies shall reimburse the
Representative for all reasonable third-party out-of-pocket expenses, including
the reasonable fees and disbursements of Xxxxx Xxxxxxxxxx LLP, the
Representative's counsel.
Section 9. Indemnification. A. (x) The Sponsor agrees to indemnify and
---------------
hold harmless the Underwriters and each person, if any, who controls the
Underwriters within the meaning of the Securities Act or the Exchange Act, from
and against any and all loss, claim, damage or liability, joint or several, or
any action in respect thereof (including, but not limited to, any loss, claim,
damage, liability or action relating to purchases and sales of the Notes), to
which the Underwriters or any such controlling person may become subject, under
the Securities Act or the Exchange Act or otherwise, insofar as such loss,
claim, damage, liability or action arises out of, or is based upon, (i) any
untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement or the Prospectus, (ii) the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements
21
therein not misleading, (iii) any untrue statement or alleged untrue statement
of a material fact contained in the Sponsor Offering Materials (other than the
Registration Statement) or (iv) the omission or alleged omission to state
therein a material fact required to be stated or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading and shall reimburse the Underwriters and each such
controlling person promptly upon demand for any documented legal or documented
other expenses reasonably incurred by the Underwriters or such controlling
person in connection with investigating or defending or preparing to defend
against any such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that the foregoing indemnity with respect to any
-------- -------
untrue statement contained in or omission from the Prospectus shall not inure to
the benefit of the Underwriters if the Sponsor shall sustain the burden of
proving that the person asserting against the Underwriters the loss, liability,
claim, damage or expense purchased any of the Notes which are the subject
thereof and was not sent or given a copy of the appropriate Prospectus (or the
appropriate Prospectus as amended or supplemented) (the term Prospectus as used
in this clause shall not include documents incorporated by reference thereto),
if required by law, at or prior to the written confirmation of the sale of such
Notes (unless such Prospectus is amended or supplemented after the Prospectus
has been delivered pursuant to Rule 424(b)) to such person and the untrue
statement contained in or omission from such preliminary prospectus was
corrected in the appropriate Prospectus (or the appropriate Prospectus as
amended or supplemented).
(y) The Seller agrees to indemnify and hold harmless the Underwriters
and each person, if any, who controls the Underwriters within the meaning of the
Securities Act or the Exchange Act, from and against any and all loss, claim,
damage or liability, joint or several, or any action in respect thereof
(including, but not limited to, any loss, claim, damage, liability or action
relating to purchases and sales of the Notes), to which the Underwriters or any
such controlling person may become subject, under the Securities Act or the
Exchange Act or otherwise, insofar as such loss, claim, damage, liability or
action arises out of, or is based upon, (i) any untrue statement or alleged
untrue statement of a material fact contained in the Seller Offering Materials
or (ii) the omission or alleged omission to state therein a material fact
required to be stated or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading and shall
reimburse the Underwriters and each such controlling person promptly upon demand
for any documented legal or documented other expenses reasonably incurred by the
Underwriters or such controlling person in connection with investigating or
defending or preparing to defend against any such loss, claim, damage, liability
or action as such expenses are incurred; provided, however, that the foregoing
-------- -------
indemnity with respect to any untrue statement contained in or omission from a
prospectus shall not inure to the benefit of the Underwriters if the Seller
shall sustain the burden of proving that the person asserting against the
Underwriters the loss, liability, claim, damage or expense purchased any of the
Notes which are the subject thereof and was not sent or given a copy of the
appropriate Prospectus (or the appropriate Prospectus as amended or
supplemented) (the term Prospectus as used in this clause shall not include
documents incorporated by reference thereto), if required by law, at or prior to
the written confirmation of the sale of such Notes to such person and the untrue
statement contained in or omission from such preliminary Prospectus was
corrected in the appropriate Prospectus (or the appropriate Prospectus as
amended or supplemented).
22
The foregoing indemnity agreement is in addition to any liability
which the Sponsor or the Seller may otherwise have to the Underwriters or any
controlling person of any of the Underwriters.
B. Each of the Underwriters agrees to severally and not jointly
indemnify and hold harmless the Sponsor and the Seller, the directors and the
officers of the Sponsor who signed the Registration Statement, and each person,
if any, who controls the Sponsor or the Seller within the meaning of the
Securities Act or the Exchange Act against any and all loss, claim, damage or
liability, or any action in respect thereof, to which the Sponsor, the Seller or
any such director, officer or controlling person may become subject, under the
Securities Act or the Exchange Act or otherwise, insofar as such loss, claim,
damage, liability or action arises out of, or is based upon, (i) any untrue
statement or alleged untrue statement of a material fact relating to such
Underwriter contained in the Underwriter Information or (ii) the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and shall reimburse the Sponsor or
the Seller, as the case may be, promptly on demand, and any such director,
officer or controlling person for any documented legal or other documented
expenses reasonably incurred by the Sponsor or the Seller, or any director,
officer or controlling person in connection with investigating or defending or
preparing to defend against any such loss, claim, damage, liability or action as
such expenses are incurred.
The foregoing indemnity agreement is in addition to any liability
which the Underwriters may otherwise have to the Sponsor or the Seller or any
such director, officer or controlling person.
C. Promptly after receipt by any indemnified party under this Section 9
of notice of any claim or the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against any indemnifying
party under this Section 9, promptly notify the indemnifying party in writing of
the claim or the commencement of that action; provided, however, that the
failure to notify an indemnifying party shall not relieve it from any liability
which it may have under this Section 9 except to the extent it has been
materially prejudiced by such failure; and provided, further, that the failure
-------- -------
to notify any indemnifying party shall not relieve it from any liability which
it may have to any indemnified party otherwise than under this Section 9.
If any such claim or action shall be brought against an indemnified
party, and it shall notify the indemnifying party thereof, the indemnifying
party shall be entitled to participate therein and, to the extent that it
wishes, jointly with any other similarly notified indemnifying party, to assume
the defense thereof with counsel reasonably satisfactory to the indemnified
party, unless such indemnified party reasonably objects to such assumption on
the ground that there may be legal defenses available to it which are different
from or in addition to those available to such indemnifying party. After notice
from the indemnifying party to the indemnified party of its election to assume
the defense of such claim or action, except to the extent provided in the next
following paragraph, the indemnifying party shall not be liable to the
indemnified party under this Section 9 for any fees and expenses of counsel
subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs of investigation.
23
Any indemnified party shall have the right to employ separate counsel
in any such action and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such indemnified party
unless: (i) the employment thereof has been specifically authorized by the
indemnifying party in writing; (ii) such indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the
indemnifying party and in the reasonable judgment of such counsel it is
advisable for such indemnified party to employ separate counsel; or (iii) the
indemnifying party has failed to assume the defense of such action and employ
counsel reasonably satisfactory to the indemnified party, in which case, if such
indemnified party notifies the indemnifying party in writing that it elects to
employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of such action
on behalf of such indemnified party, it being understood, however, the
indemnifying party shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (in
addition to local counsel) at any time for all such indemnified parties, which
firm shall be designated in writing by the Representative, if the indemnified
parties under this Section 9 consist of the Underwriters or any of their
controlling persons, or by the Companies, if the indemnified parties under this
Section 9 consist of either of the Companies or any of the Companies' directors,
officers or controlling persons, but in either case reasonably satisfactory to
the indemnified party.
Each indemnified party, as a condition of the indemnity agreements
contained in Sections 9A and B, shall use its best efforts to cooperate with the
indemnifying party in the defense of any such action or claim. No indemnifying
party shall be liable for any settlement of any such action effected without its
written consent (which consent shall not be unreasonably withheld), but if
settled with its written consent or if there be a final judgment for the
plaintiff in any such action, the indemnifying party agrees to indemnify and
hold harmless any indemnified party from and against any loss or liability by
reason of such settlement or judgment. No indemnifying party shall, without
prior written consent of the indemnified party, effect any settlement of any
pending or threatened action in respect of which such indemnified party is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement includes an unconditional release of
such indemnified party from all liability on any claims that are the subject
matter of such action.
Notwithstanding the foregoing, if (x) the indemnified party has made a
proper request to the indemnifying party for the payment of the indemnified
party's legal fees and expenses, as permitted hereby, and (y) such request for
payment has not been honored within thirty days, then, for so long as such
request thereafter remains unhonored, the indemnifying party shall be liable for
any settlement entered into by the indemnified party whether or not the
indemnifying party consents thereto.
D. Each Underwriter agrees to deliver to the Companies no later than
the date prior to the date on which the Form 8-K is required to be filed
pursuant to Section 2(ii) hereof with a copy of its Derived Information (defined
-------------------
below) for filing with the Commission on Form 8-K.
24
E. Each Underwriter agrees, assuming all Company-Provided Information
----------------------------
(defined below) is accurate and complete in all material respects, to severally
and not jointly indemnify and hold harmless the Sponsor and the Seller, each of
the Sponsor's and the Seller's officers and directors and each person who
controls the Sponsor or the Seller within the meaning of Section 15 of the
Securities Act against any and all losses, claims, damages or liabilities, joint
or several, to which they may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement of a
material fact contained in the Derived Information provided by such Underwriter,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and agrees to reimburse each such indemnified party for
any legal or other expenses reasonably incurred by him, her or it in connection
with investigating or defending or preparing to defend any such loss, claim,
damage, liability or action as such expenses are incurred; provided, however,
that in no case shall any Underwriter be responsible for any amount in excess
of the underwriting discount applicable to the Notes purchased by such
Underwriter. The obligations of each of the Underwriters under this Section 9E
shall be in addition to any liability which such Underwriter may otherwise have.
The procedures set forth in Section 9C shall be equally applicable to
this Section 9E.
F. For purposes of this Section 9, the term "Derived Information" means
such portion, if any, of the information delivered to the Sponsor or the Seller
pursuant to Section 9D for filing with the Commission on Form 8-K as:
(i) is not contained in the Prospectus without taking into account
information incorporated therein by reference;
(ii) does not constitute Company-Provided Information; and
(iii) is of the type of information defined as Collateral term sheets,
Structural term sheets or Computational Materials (as such terms
are interpreted in the No-Action Letters).
"Company-Provided Information" means any computer tape furnished to
the Underwriters by the Sponsor or the Seller concerning the Receivables
comprising the Trust.
The terms "Collateral term sheet" and "Structural term sheet" shall
have the respective meanings assigned to them in the February 13, 1995 letter
(the "PSA Letter") of Cleary, Gottlieb, Xxxxx & Xxxxxxxx on behalf of the Public
Securities Association (which letter, and the SEC staff's response thereto, were
publicly available February 17, 1995). The term "Collateral term sheet" as used
herein includes any subsequent Collateral term sheet that reflects a substantive
change in the information presented. The term "Computational Materials" has the
meaning assigned to it in the May 17, 1994 letter (the "Xxxxxx letter" and
together with the PSA Letter, the "No-Action Letters") of Xxxxx & Xxxx on behalf
of Xxxxxx, Peabody & Co., Inc. (which letter, and the SEC staff's response
thereto, were publicly available May 20, 1994).
25
G. If the indemnification provided for in this Section 9 shall for any
reason be unavailable to hold harmless an indemnified party under Section 9A or
B in respect of any loss, claim, damage or liability, or any action in respect
thereof, referred to therein, then each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable by
such indemnified party as a result of such loss, claim, damage or liability, or
action in respect thereof, (i) in such proportion as shall be appropriate to
reflect the relative benefits received by the Sponsor or the Seller on the one
hand and the Underwriters on the other from the offering of the Notes or (ii) if
the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Sponsor or
the Seller on the one hand and the Underwriters on the other with respect to the
statements or omissions which resulted in such loss, claim, damage or liability,
or action in respect thereof, as well as any other relevant equitable
considerations.
The relative benefits of the Underwriters and the Sponsor or the
Seller shall be deemed to be in such proportion so that the Underwriters are
responsible for that portion represented by the percentage that the underwriting
discount appearing on the cover page of the Prospectus bears to the public
offering price appearing on the cover page of the Prospectus.
The relative fault of the Underwriters and the Sponsor or the Seller
shall be determined by reference to whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Sponsor or the Seller or by one of
the Underwriters, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or omission
and other equitable considerations.
The Sponsor, the Seller and the Underwriters agree that it would not
be just and equitable if contributions pursuant to this Section 9G were to be
determined by pro rata allocation or by any other method of allocation which
does not take into account the equitable considerations referred to herein. The
amount paid or payable by an indemnified party as a result of the loss, claim,
damage or liability, or action in respect thereof, referred to above in this
Section 9G shall be deemed to include, for purposes of this Section 9G, any
legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim.
Each person, if any, who controls each Underwriter within the meaning
of the Securities Act or the Exchange Act shall have the same rights to
contribution as each of the Underwriters and each director of the Sponsor and/or
the Seller, each officer of the Sponsor who signed the Registration Statement,
and each person, if any, who controls the Sponsor and/or the Seller within the
meaning of the Securities Act or the Exchange Act shall have the same rights to
contribution as the Sponsor.
In no case shall any Underwriter be responsible for any amount in
excess of the underwriting discount applicable to the Notes purchased by such
Underwriter hereunder. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.
26
H. The Underwriters severally confirm that the information set forth
(i) in the Prospectus Supplement relating to market making and (ii) under the
caption "Underwriting" in the Prospectus Supplement, together with the Derived
Information, is correct and constitutes the only information furnished in
writing to the Sponsor or the Seller by or on behalf of the Underwriters
specifically for inclusion in the Registration Statement and the Prospectus.
Section 10. Default by One or More of the Underwriters. If one or more of
------------------------------------------
the Underwriters participating in the public offering of the Notes shall fail at
the Closing Date to purchase the Notes which it is obligated to purchase
hereunder (the "Defaulted Securities"), then the non-defaulting Underwriter
shall have the right, within 24 hours thereafter, to make arrangements to
purchase all, but not less than all, of the Defaulted Securities in such amounts
as may be agreed upon and upon the terms herein set forth. If, however, the
Underwriter have not completed such arrangements within such 24-hour period,
then:
(i) if the aggregate principal amount of Defaulted Securities does not
exceed 10% of the aggregate principal amount of the Notes to be purchased
pursuant to this Agreement, the non-defaulting Underwriter shall be obligated to
purchase the full amount thereof, or
(ii) if the aggregate principal amount of Defaulted Securities exceeds 10%
of the aggregate principal amount of the Notes to be purchased pursuant to this
Agreement, this Agreement shall terminate, without any liability on the party of
the non- defaulting Underwriter.
No action taken pursuant to this Section shall relieve the defaulting
Underwriter from the liability with respect to any default of such Underwriter
under this Agreement.
In the event of a default by either Underwriter as set forth in this
Section, each of the Underwriters and the Seller shall have the right to
postpone the Closing Date for a period not exceeding five Business Days in order
that any required changes in the Registration Statement or Prospectus or in any
other documents or arrangements may be effected.
Section 11. Termination. This Agreement shall be subject to termination
-----------
in the absolute discretion of the Representative, by notice given to the Sponsor
and the Seller prior to delivery of and payment for the Notes if prior to such
time (i) any change, or any development involving a prospective change, in or
affecting particularly the business or properties of the Trust, the Sponsor or
the Seller which, in the reasonable judgment of the Representative, materially
impairs the investment quality of the Notes or makes it impractical or
inadvisable to market the Notes; (ii) the Notes have been placed on credit watch
by S&P or Xxxxx'x with negative implications; (iii) trading in securities
generally on the New York Stock Exchange or the National Association of
Securities Dealers National Market System shall have been suspended or limited,
or minimum prices shall have been established on such exchange or market system;
(iv) a banking moratorium shall have been declared by either Federal or New York
State authorities; or (v) there shall have occurred any outbreak or material
escalation of hostilities or other calamity or crisis, the effect of which makes
it, in the reasonable judgment of the Representative, impractical or inadvisable
to proceed with the completion of the sale and payment for the Notes. Upon such
notice being given, the parties to this Agreement shall (except
27
for any liability arising before or in relation to such termination) be released
and discharged from their respective obligations under this Agreement.
Section 12. Representations, Warranties and Agreements to Survive
-----------------------------------------------------
Delivery. All representations, warranties and agreements contained in this
Agreement or contained in certificates of officers of the Companies submitted
pursuant hereto, shall remain operative and in full force and effect, regardless
of any investigation made by or on behalf of the Representative or controlling
person of the Representative, or by or on behalf of the Companies or any
officers, directors or controlling persons and shall survive delivery of any
Notes to the Representative or any controlling person.
Section 13. Notices. All notices and other communications hereunder shall
-------
be in writing and shall be deemed to have been duly given if mailed or
transmitted by any standard form of telecommunication to:
The Underwriters: Chase Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention:
Fax: (000) 000-0000
The Sponsor: AmeriCredit Financial Services, Inc.
000 Xxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Attention: Chief Financial Officer
Fax: (000) 000-0000
The Seller: AFS Funding Corp.
0000 Xxxxxxxxx Xxx
Xxxx, Xxxxxx 00000
Attention: Chief Financial Officer
Fax: (000) 000-0000
Section 14. Parties. This Agreement shall inure to the benefit of and be
-------
binding upon the Representative and the Companies, and their respective
successors or assigns. Nothing expressed or mentioned in this Agreement is
intended nor shall it be construed to give any person, firm or corporation,
other than the parties hereto or thereto and their respective successors and the
controlling persons and officers and directors referred to in Section 9 and
their heirs and legal representatives, any legal or equitable right, remedy or
claim under or with respect to this Agreement or any provision herein contained.
This Agreement and all conditions and provisions hereof are intended to be for
the sole and exclusive benefit of the parties and their respective successors
and said controlling persons and officers and directors and their heirs and
legal representatives (to the extent of their rights as specified herein and
therein) and except as provided above for the benefit of no other person, firm
or corporation. No purchaser of Notes from the Representative shall be deemed
to be a successor by reason merely of such purchase.
28
SECTION 15. GOVERNING LAW AND TIME. THIS AGREEMENT SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED IN ACCORDANCE WITH
SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. SPECIFIED
TIMES OF DAY REFER TO NEW YORK CITY TIME.
Section 16. Counterparts. This Agreement may be executed in
------------
counterparts, each of which shall be deemed to be an original, but together they
shall constitute but one instrument.
Section 17. Headings. The headings herein are inserted for convenience of
--------
reference only and are not intended to be part of or affect the meaning or
interpretation of, this Agreement.
29
If the foregoing is in accordance with the Representative's
understanding of our agreement, please sign and return to us a counterpart
hereof, whereupon this instrument along with all counterparts will become a
binding agreement between the Representative, the Sponsor and the Seller in
accordance with its terms.
Very truly yours,
AMERICREDIT FINANCIAL SERVICES, INC.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Executive Vice President and
Treasurer
AFS FUNDING CORP.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Executive Vice President and
Treasurer
CONFIRMED AND ACCEPTED, as of
the date first above written:
CHASE SECURITIES, INC.
Acting on its own behalf and as Representative of the
Underwriters referred to in the foregoing Agreement
By: /s/ Xxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: Authorized Signatory
[Underwriting Agreement]
30
Schedule 1
Underwriting
Purchase Price (excluding accrued interest)
---------------------------------------------------------------------------------------
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------------- -------------- -------------- ---------------
Chase Securities, 100% 100% 100% 100%
Inc.
Credit Suisse 100% 100% 100% 100%
First Boston
Nationsbanc 100% 100% 100% 100%
Xxxxxxxxxx
Securities LLC
Notional Principal Amount
--------------------------------------------------------------------------------------
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
--------------- ------------- ------------- -------------
Chase Securities, $ 43,334,000 $ 80,000,000 $ 33,334,000 $ 51,668,000
Inc.
Credit Suisse 43,333,000 80,000,000 33,333,000 51,666,000
First Boston
Nationsbanc
Xxxxxxxxxx
Securities LLC 43,333,000 80,000,000 33,333,000 51,666,000
============== ============ ============ ============
TOTAL $ 130,000,000 $240,000,000 $100,000,000 $155,000,000
