EXHIBIT 10.24.1
FIRST AMENDMENT TO THE
REVOLVING LINE OF CREDIT AGREEMENT
This FIRST AMENDMENT ("Amendment") is dated as of November 7, 2002, by and
between WFS RECEIVABLES CORPORTION 3, a California corporation (the "Borrower"),
and WESTERN FINANCIAL BANK a federal savings bank (the "Bank"), and amends the
REVOLVING LINE OF CREDIT AGREEMENT ("Agreement") entered into by the parties on
August 8, 2002 with reference to the following:
RECITALS
A. The Agreement is being amended as follows:
AGREEMENT
In consideration of the mutual promises set forth herein, and in
reliance upon the recitals set forth above, the parties agree as follows:
1. CERTAIN DEFINITIONS
The definition of "BORROWING CERTIFICATE" is hereby added to the
Agreement and shall read as follows:
"BORROWING CERTIFICATE" shall mean a borrowing request executed
by the Borrower in substantially the form attached hereto as
Exhibit A or such other form as may be acceptable to the Bank in
its sole and absolute discretion.
2. The definition of "COMMITMENT AMOUNT" shall mean $75,000,000.
3. A new Section 4.2 will be added to the Agreement:
4.2 BORROWING CERTIFICATE. The Borrower shall have timely
delivered to the Bank, in accordance with Section 2.2
hereof, a Borrowing Certificate duly completed and
executed by the Borrower.
4. The original sections 4.2 through 4.5 shall be deemed renumbered
4.3 through 4.6.
5. Except as specifically amended herein, all terms of the
Agreement shall remain in full force and effect.
6. Capitalized terms not defined herein shall have the meanings set
forth in the Agreement.
Wherefore, the undersigned have executed this Amendment on the date set forth
below to be effective as of the date first set forth above.
WFS RECEIVABLES CORPORATION 3 WESTERN FINANCIAL BANK
Xxxx Xxxxxxxx, President Xxx X. Xxxxxxxx,
Senior Executive Vice President,
Chief Financial Officer and
Chief Operating Officer