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EXHIBIT 10.129
[First Union letterhead]
February 22, 2000
National Auto Finance Company Inc.
0000 Xxxxxxxx Xxxx Xxxxxxxxx, Xxxxx 000
Xxxxxxxxxxxx, Xxxxxxx 00000
Attention: Xxxxx X. Xxxxx
Re: Letter Agreement (the "B Note Commitment Letter"), dated March 8,
1999, between First Union National Bank and National Auto Finance
Company, Inc.
Dear Xxxxx:
Reference is made to the B Note Commitment Letter relating to the
commitment of First Union National Bank ("First Union") to purchase up to
$20,000,000 aggregate principal amount of Subordinated Asset-Backed Notes
("Subordinated Notes") to be issued in connection with securitization
transactions of vehicle finance contracts originated by National Auto Finance
Company, Inc. ("National Auto"). Capitalized terms used and not otherwise
defined herein have the meanings given to such terms in the B Note Commitment
Letter.
First Union hereby notifies National Auto that, upon the occurrence of
the Liquidation Event referred to Amendment Number 4 to the Amended and
Restated Pooling and Administration Agreement, dated as of February 22, 2000,
among First Union, National Auto, National Financial Auto Funding Trust II, and
Bankers Trust Company as Trustee, it shall have no further obligation to
purchase Subordinated Notes pursuant to such B Note Commitment Letter. National
Auto, by its signature hereto, acknowledges and agrees to all of the foregoing.
This letter agreement shall be governed by the laws of the State of New
York and 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 letter agreement. Delivery of an executed counterpart of a signature
page to this letter agreement by telecopier shall be effective as delivery of a
manually executed counterpart of this letter agreement.
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Please acknowledge your acceptance and agreement to the foregoing by
signing and returning the enclosed copy of this letter to First Union National
Bank, 000 Xxxxx Xxxxxxx Xxxxxx XX-0, Xxxxxxxxx, XX 00000-0000. Attention:
Xxxxxxx X. Xxxxxx.
FIRST UNION NATIONAL BANK
By: /s/ AUTHORIZED SIGNATURE
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Name:
Title:
Accepted and Agreed:
NATIONAL AUTO FINANCE COMPANY, INC.
By: /s/ AUTHORIZED SIGNATURE
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Name:
Title:
