EXHIBIT 10.96
AMENDMENT NUMBER 3 TO PURCHASE AGREEMENT
AMENDMENT NUMBER 3 TO PURCHASE AGREEMENT (this "Amendment") dated as of
November 29, 2000, between First Investors Financial Services, Inc., a Texas
corporation ("Seller"), and First Investors Auto Receivables Corporation, a
Delaware corporation ("FIARC"), amending that certain Purchase Agreement between
the Seller and FIARC dated as of October 22, 1996, as heretofore amended by that
certain Amendment Number 1 to Purchase Agreement dated as of August 25, 1997 and
that certain Amendment Number 2 to Purchase Agreement dated as of March 31, 1999
(the "Purchase Agreement").
WHEREAS, the parties have agreed to amend the Purchase Agreement in the
respects set forth herein.
NOW THEREFORE, the parties hereby agree as follows:
SECTION 1. DEFINED TERMS. As used in this Amendment, capitalized terms not
otherwise defined herein shall have the meanings assigned to them in the
Purchase Agreement.
SECTION 2. DELETION OF DEFINED TERMS. The defined terms "ALAC" and
"Norwest" in Article I of the Purchase Agreement are hereby deleted.
SECTION 3. ADDITIONAL DEFINED TERMS. The following terms are hereby added
to Article I of the Purchase Agreement in the appropriate alphabetical order:
"FISC" shall mean First Investors Servicing Corporation, a Delaware
corporation and successor in name to Auto Lenders Acceptance
Corporation.
"Xxxxx Fargo" shall mean Xxxxx Fargo Bank Minnesota, National
Association, a national banking association and successor by merger
to Norwest Bank Minnesota, National Association.
SECTION 4. REFERENCES. All references in the Purchase Agreement to "ALAC"
are hereby amended to refer to FISC, and all references to "Norwest" are hereby
amended to refer to Xxxxx Fargo.
SECTION 5. AMENDMENT TO DEFINED TERMS.
(a) The definition of "Security Agreement" is hereby amended to read
as follows:
AMENDMENT NUMBER 3 TO PURCHASE
AGREEMENT
"Security Agreement" shall mean that certain Security
Agreement dated as of October 22, 1996 among FIARC, the Company, the
Collateral Agent, the Reserve Account Agent, the Seller and MBIA, as
amended prior to the date hereof and as further amended by Amendment
Number 3 to Security Agreement dated as of November 29, 2000.
(b) The definition of "Servicer" is hereby amended to read as follows:
"Servicer" shall mean FISC.
(c) The definition of "Servicing Agreement" is hereby amended to read
as follows:
"Servicing Agreement" shall mean the Servicing Agreement dated
as of March 31, 1999, among FIARC, as Debtor, Xxxxx Fargo, as
Back-up Servicer and Collateral Agent, and FISC, as Servicer, as
amended by that certain Amendment Number 1 to Servicing Agreement
dated as of November 29, 2000, and as such agreement may be amended,
modified and supplemented from time to time (but only with the
consent of MBIA).
SECTION 6. AMENDMENT TO SECTION 5.1. Section 5.1(f) is hereby amended to
read as follows:
"Upon the written request of the Collateral Agent, upon
written request from the Secured Parties, the Seller shall cause the
following notation to be stamped on the face of a retail installment
sales contract or installment loan contract evidencing such
Receivable: "FIRST INVESTORS FINANCIAL SERVICES, INC. HAS SOLD AND
ASSIGNED ALL RIGHT, TITLE AND INTEREST IN THIS CONTRACT TO FIRST
INVESTORS AUTO RECEIVABLES CORPORATION, WHICH HAS GRANTED A SECURITY
INTEREST IN THIS CONTRACT TO XXXXX FARGO BANK MINNESOTA, NATIONAL
ASSOCIATION AS COLLATERAL AGENT FOR CERTAIN SECURED PARTIES."
SECTION 7. LIMITED SCOPE. This Amendment is specific to the circumstances
described above and does not imply any future amendment or waiver of rights
allocated to the Seller or FIARC under the Purchase Agreement.
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AMENDMENT NUMBER 3 TO PURCHASE
AGREEMENT
SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.
SECTION 9. SEVERABILITY; COUNTERPARTS. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
instrument. Any provisions of this Amendment which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.
SECTION 10. RATIFICATION. Except as expressly affected by the provisions
hereof, the Purchase Agreement as amended shall remain in full force and effect
in accordance with its terms and is hereby ratified and confirmed by the parties
hereto. On and after the date hereof, each reference in the Purchase Agreement
to "this Agreement", "hereunder", "herein" or words of like import shall mean
and be a reference to the Purchase Agreement as amended by this Amendment.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment No. 3 as of the date first written above.
FIRST INVESTORS FINANCIAL SERVICES, INC.
By: ________________________________
Xxxxxx X. Duck, Vice President
FIRST INVESTORS AUTO RECEIVABLES
CORPORATION
By: ________________________________
Xxxxxx X. Duck, Vice President
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AMENDMENT NUMBER 3 TO PURCHASE
AGREEMENT
CONSENT OF SURETY BOND PROVIDER:
MBIA Insurance Corporation, in its capacity as Surety Bond Provider under
that certain Security Agreement dated as of October 22, 1996, as amended,
hereby consents to the foregoing Amendment Number 3 to Purchase Agreement.
MBIA Insurance Corporation
By:___________________________________
Printed Name:_________________________
Title:________________________________
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AMENDMENT NUMBER 3 TO PURCHASE
AGREEMENT
