FIRST AMENDMENT TO INSURANCE AND INDEMNITY AGREEMENT
Exhibit No. 10.3
FIRST AMENDMENT TO
INSURANCE AND INDEMNITY AGREEMENT
INSURANCE AND INDEMNITY AGREEMENT
FIRST AMENDMENT TO INSURANCE AND INDEMNITY AGREEMENT, dated as of August 11, 2006, by and among
FINANCIAL SECURITY ASSURANCE INC., as Insurer (the “Insurer”), TRIAD AUTOMOBILE RECEIVABLES TRUST
2006-B, as Issuer (the “Issuer”), TRIAD FINANCIAL CORPORATION (“Triad”), as Seller and Servicer
(the “Seller” and “Servicer”, respectively) TRIAD FINANCIAL SPECIAL PURPOSE LLC, as Depositor (the
“Depositor”), and CITIBANK, N.A. as Indenture Trustee (the “Indenture Trustee”).
PRELIMINARY STATEMENTS
A. | The parties entered into that certain Insurance and Indemnity Agreement (the “Insurance Agreement”) dated as of May 25, 2006, which provides for, among other things, the issuance of the FSA Policy to the Indenture Trustee for the benefit of the Holders and the obligations of the parties thereto. | ||
B. | The parties desire to modify the Schedules A and C attached to the Insurance Agreement. |
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the
parties hereto agree as follows:
1) | The Schedule A attached to the Insurance Agreement shall be deleted in its entirety and replaced by the Schedule A attached hereto. | |
2) | The Schedule C attached to the Insurance Agreement shall be deleted in its entirety and replaced by the Schedule C attached hereto. | |
2) | This Amendment shall be effective as of July 1, 2006. | |
3) | The Insurance Agreement will continue to be and will remain in full force and effect in accordance with its terms except as amended hereby. |
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, the parties have executed this First Amendment to Insurance and Indemnity
Agreement, all as of the day and year first above mentioned.
FINANCIAL SECURITY ASSURANCE INC. as Insurer |
||||
By: | /s/ Xxxxx Xxx | |||
Name: | Xxxxx Xxx | |||
Title: | Managing Director | |||
TRIAD AUTOMOBILE RECEIVABLES TRUST 2006-B as Issuer |
||||
By: | WILMINGTON TRUST COMPANY | |||
not in its individual capacity, | ||||
but solely as Owner Trustee | ||||
By: | /s/ Xxxxxx X. Xxxxxxx | |||
Name: | Xxxxxx X. Xxxxxxx | |||
Title: | Sr. Financial Services Officer | |||
TRIAD FINANCIAL SPECIAL PURPOSE LLC as Depositor |
||||
By: | /s/ Xxxx X. Xxxxxxxx | |||
Name: | Xxxx X. Xxxxxxxx | |||
Title: | Chief Financial Officer | |||
TRIAD FINANCIAL CORPORATION as Seller and Servicer |
||||
By: | /s/ Xxxx X. Xxxxxxxx | |||
Name: | Xxxx X. Xxxxxxxx | |||
Title: | Chief Financial Officer | |||
CITIBANK, N.A. not in its individual capacity, but solely as Indenture Trustee |
||||
By: | /s/ Xxxx Xxxxxx | |||
Name: | Xxxx Xxxxxx | |||
Title: | Assistant Vice President | |||
[Signature page to First Amendment to Insurance and Indemnity Agreement]
SCHEDULE A
Collection | Collection Period | |||||
Period (number of | Delinquency | (number of months | Delinquency | |||
months following | Rate (%) for Spread | following Closing | Rate (%) for Spread | |||
Closing Date) | Cap Events | Date) | Cap Events | |||
1 |
0.25% | 13 | 7.50% | |||
2 |
1.00% | 14 | 7.50% | |||
3 |
2.50% | 15 | 8.25% | |||
4 |
3.25% | 16 | 8.50% | |||
5 |
4.25% | 17 | 8.75% | |||
6 |
5.00% | 18 | 8.75% | |||
7 |
5.00% | 19 and up | 9.00% | |||
8 |
5.75% | |||||
9 |
6.00% | |||||
10 |
6.00% | |||||
11 |
6.00% | |||||
12 |
6.50% |
SCHEDULE C
Collection | Collection Period | |||||
Period (number of | Delinquency | (number of months | Delinquency | |||
months following | Rate (%) for Trigger | following Closing | Rate (%) for Trigger | |||
Closing Date) | Events | Date) | Events | |||
1 |
0.50% | 13 | 9.75% | |||
2 |
1.25% | 14 | 10.00% | |||
3 |
2.75% | 15 | 11.00% | |||
4 |
4.50% | 16 | 11.50% | |||
5 |
4.50% | 17 | 11.50% | |||
6 |
5.50% | 18 | 11.50% | |||
7 |
6.75% | 19 | 12.00% | |||
8 |
7.75% | 20 | 12.00% | |||
9 |
8.25% | 21 | 12.00% | |||
10 |
8.25% | 22 | 12.00% | |||
11 |
8.75% | 23 | 12.00% | |||
12 |
8.75% | 24 and up | 12.00% |