EXHIBIT 99.5
Execution Copy
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NAVISTAR LEASING COMPANY
SERIES 2003-A SUPPLEMENT TO
COLLATERAL AGENCY AGREEMENT
AMONG
HARCO LEASING COMPANY, INC.,
NAVISTAR LEASING COMPANY,
THE SERIES 2003-A PORTFOLIO INTEREST
OBLIGORS IDENTIFIED HEREIN,
THE SERIES 2003-A SECURED PARTIES
IDENTIFIED HEREIN,
NAVISTAR FINANCIAL CORPORATION,
AS SERVICER,
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION,
NAVISTAR FINANCIAL 2003-A OWNER TRUST,
THE BANK OF NEW YORK,
AS INDENTURE TRUSTEE,
AND
THE BANK OF NEW YORK,
AS COLLATERAL AGENT
DATED AS OF JUNE 5, 2003
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TABLE OF CONTENTS
ARTICLE X
DEFINITIONS.................................................................2
SECTION 10.1 Definitions...................................................2
ARTICLE XI
GRANT OF SECURITY INTEREST OVER DESIGNATED COLLATERAL.......................3
SECTION 11.1 Grant of Security Interest....................................3
SECTION 11.2 Designation of Series 2003-A Portfolio Interest Collateral....3
SECTION 11.3 Delivery of Series 2003-A Portfolio Certificate...............3
SECTION 11.4 Perfection of Security Interest in Designated Collateral......3
SECTION 11.5 Designation of Secured Parties................................3
SECTION 11.6 Schedule of Retail Leases.....................................4
SECTION 11.7 Statements; Further Assurances................................4
SECTION 11.8 Remedies......................................................4
SECTION 11.9 Re-allocation of Series 2003-A Portfolio Assets...............4
ARTICLE XII
MISCELLANEOUS PROVISIONS....................................................5
SECTION 12.1 Notices.......................................................5
SECTION 12.2 Successors and Assigns........................................5
SECTION 12.3 Severability..................................................5
SECTION 12.4 Governing Law.................................................5
SECTION 12.5 Counterparts..................................................5
SECTION 12.6 Termination...................................................5
SECTION 12.7 Headings......................................................5
SECTION 12.8 Effect of this Series 2003-A Collateral Supplement on the
Collateral Agency Agreement...................................5
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SERIES 2003-A SUPPLEMENT TO
COLLATERAL AGENCY AGREEMENT
SERIES 2003-A SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT (this "Series
2003-A Collateral Supplement"), dated and effective as of June 5, 2003, among
Harco Leasing Company, Inc., a Delaware corporation ("Harco Leasing"), Navistar
Leasing Company, a Delaware statutory trust (the "Titling Trust"), the Series
2003-A Portfolio Interest Obligors identified herein, the Series 2003-A Secured
Parties identified herein, and each other person from time to time joining in
this Series 2003-A Collateral Supplement in the capacity of a Secured Party,
Navistar Financial Corporation, a Delaware corporation ("Navistar Financial"),
as Servicer, Navistar Financial Retail Receivables Corporation, a Delaware
corporation ("NFRRC"), Navistar Financial 2003-A Owner Trust, a Delaware
statutory trust (the "Issuer"), The Bank of New York, a New York banking
corporation ("BONY"), as successor-in-interest to Xxxxxx Trust and Savings Bank,
acting in its capacity as collateral agent for the holders of the Secured
Obligations (in such capacity, the "Collateral Agent"), and The Bank of New
York, a New York banking corporation, acting in its capacity as Indenture
Trustee pursuant to the Indenture (as defined below) (the "Indenture Trustee") .
RECITALS
A. Harco Leasing, the Titling Trust, each other Person from time to
time joining in this Series 2003-A Collateral Supplement in the capacity of a
Secured Party, Navistar Financial and the Collateral Agent have entered into
that certain Collateral Agency Agreement, dated as of April 15, 1999 (as
amended, the "Collateral Agency Agreement"), which provides, among other things,
for the grant of certain security interests over the Titling Trust Assets in
accordance with the Titling Trust Agreement.
B. Harco Leasing, the General Interest Trustee and the Delaware
Trustee have entered into the Titling Trust Agreement, pursuant to which the
Titling Trust has been formed for the purpose of taking assignments and
conveyances of, holding in trust and dealing in, various Titling Trust Assets.
C. Harco Leasing, the General Interest Trustee, the Delaware
Trustee and the Series 2003-A Portfolio Trustee have entered into the Series
2003-A Portfolio Supplement for the purpose of designating and accounting for as
separate the Series 2003-A Portfolio Assets as a separate Portfolio Interest
known as the Series 2003-A Portfolio Interest, to be represented by the Series
2003-A Portfolio Certificate.
D. The Titling Trust, Harco Leasing, the Collateral Agent and the
Servicer have entered into the Titling Trust Servicing Agreement, which provides
for, among other things, the servicing of the Titling Trust Assets by the
Servicer.
E. Pursuant to the Collateral Agency Agreement, the Collateral
Agent holds the Titling Trust Estate as Collateral Agent in order to secure the
payment of the Secured Obligations.
F. The Collateral Agency Agreement contemplates that, from time to
time, a Titling Trust Interest Holder may desire to secure Secured Obligations
with the Designated Collateral identified in a Collateral Supplement.
G. In connection with the creation of the Series 2003-A Portfolio
Interest, Harco Leasing has transferred its interest therein and in the related
Series 2003-A Portfolio Certificate and Series 2003-A Portfolio Assets to
Navistar Financial pursuant to the Lease Purchase Agreement. Navistar Financial
has in turn transferred the Series 2003-A Portfolio Certificate and such other
collateral to NFRRC pursuant to the Purchase Agreement. NFRRC has in turn
transferred the Series 2003-A Portfolio Certificate and such other collateral to
the Issuer pursuant to the Pooling Agreement. The Issuer has in turn granted a
security interest in the Series 2003-A Portfolio Certificate and such other
collateral to the Indenture Trustee pursuant to the Indenture.
H. The parties hereto wish to supplement the terms of the
Collateral Agency Agreement (i) to cause the obligations of Harco Leasing under
the Lease Purchase Agreement, the obligations of Navistar Financial under the
Purchase Agreement, the obligations of NFRRC under the Pooling Agreement and the
obligations of the Issuer under the Indenture (each such Person in such
capacity, a "Series 2003-A Portfolio Interest Obligor"), in each case, to be
Secured Obligations, (ii) to establish that each of Navistar Financial under the
Lease Purchase Agreement, NFRRC under the Purchase Agreement, the Issuer under
the Pooling Agreement and the Indenture Trustee under the Indenture shall, in
such capacity, be a Secured Party under the Collateral Agency Agreement (each
such person in such capacity, a "Series 2003-A Secured Party") and (iii) to
establish the terms on which the Collateral Agent will act on behalf of such
Series 2003-A Secured Parties.
NOW THEREFORE, in consideration of the premises and the mutual covenants
contained herein and in the Titling Trust Agreement, the parties hereto agree to
the following supplemental obligations and provisions with regard to the Series
2003-A Portfolio Assets, the Series 2003-A Portfolio Interest and the Series
2003-A Portfolio Certificate:
ARTICLE X
DEFINITIONS
SECTION 10.1 Definitions. For all purposes of this Series 2003-A
Collateral Supplement, except as otherwise expressly provided or unless the
context otherwise requires:
(a) unless otherwise defined herein, all capitalized terms used
herein shall have the meanings attributed to them by Appendix A to the Pooling
Agreement dated as of June 5, 2003 between Navistar Financial Retail Receivables
Corporation and Navistar Financial 2003-A Owner Trust (the "Pooling Agreement"),
or if not defined therein, then as defined in Appendix A to the Titling Trust
Agreement (as defined in the Pooling Agreement);
(b) the rules of construction set forth in Part II of Appendix A
to the Pooling Agreement shall be applicable to this Series 2003-A Collateral
Supplement; and
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(c) any reference herein to the "General Interest Trustee,
acting on behalf of the Titling Trust," or words of similar import, shall be
deemed to mean the General Interest Trustee, acting on behalf of the Titling
Trust and all beneficiaries thereof.
ARTICLE XI
GRANT OF SECURITY INTEREST OVER DESIGNATED COLLATERAL
SECTION 11.1 Grant of Security Interest. Pursuant to Section 2.1(b)
of the Collateral Agency Agreement, in order to secure the rights of each Series
2003-A Secured Party and the payment and performance of the respective Secured
Obligations owing to each such Series 2003-A Secured Party, each Series 2003-A
Portfolio Interest Obligor hereby assigns, conveys, transfers, delivers and sets
over unto the Collateral Agent for the benefit of the applicable Series 2003-A
Secured Party, as a Secured Party, and hereby grants to the Collateral Agent for
the benefit of the applicable Series 2003-A Secured Party, as a Secured Party, a
Security Interest in and to the Series 2003-A Portfolio Interest Collateral. The
parties hereto acknowledge that this Series 2003-A Collateral Supplement shall
be deemed a "Security Document" for purpose of the Collateral Agency Agreement.
SECTION 11.2 Designation of Series 2003-A Portfolio Interest
Collateral. Each of the Series 2003-A Portfolio Interest Obligors hereby agrees
that the collateral over which the Security Interest is created pursuant to
Section 11.1 above (the "Series 2003-A Portfolio Interest Collateral") consists
of the following:
(a) the Series 2003-A Portfolio Assets, the Series 2003-A
Portfolio Interest and the Series 2003-A Portfolio Certificate; and
(b) all proceeds of any of the foregoing, in each case, whether
now owned or existing or hereafter acquired or arising and regardless of where
located. All of the Series 2003-A Portfolio Interest Collateral shall constitute
"Designated Collateral" for purposes of the Collateral Agency Agreement.
SECTION 11.3 Delivery of Series 2003-A Portfolio Certificate. Harco
Leasing has agreed to deliver the Series 2003-A Portfolio Certificate to
Navistar Financial. Navistar Financial has agreed to deliver the Series 2003-A
Portfolio Certificate to NFRRC. NFRRC has agreed to deliver the Series 2003-A
Portfolio Certificate to the Issuer, and the Issuer has agreed to deliver the
Series 2003-A Portfolio Certificate to the Indenture Trustee. The Indenture
Trustee will be the Holder of the Series 2003-A Portfolio Certificate (the
"Series 2003-A Portfolio Interest Holder").
SECTION 11.4 Perfection of Security Interest in Designated
Collateral. Each of the Servicer, the Titling Trust and each Series 2003-A
Portfolio Interest Obligor hereby agrees to take such steps as are necessary to
perfect the Security Interest of the Collateral Agent, on behalf of the Series
2003-A Secured Parties, over the Series 2003-A Portfolio Interest Collateral.
SECTION 11.5 Designation of Secured Parties. Each of Navistar
Financial in its capacity as purchaser under the Lease Purchase Agreement, NFRRC
in its capacity as purchaser under the Purchase Agreement, the Issuer in its
capacity as transferee under the Pooling
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Agreement and the Indenture Trustee in its capacity as Trustee under the
Indenture shall, in such capacity, be a Secured Party under the Collateral
Agency Agreement.
SECTION 11.6 Schedule of Retail Leases.
(a) On or before each Lease Purchase Date, the Servicer shall
deliver to each of the Collateral Agent and the Indenture Trustee a list of all
Retail Leases which shall be, effective as of the closing to occur on such date,
allocated to the Series 2003-A Portfolio Interest.
(b) The Collateral Agent shall maintain the current list of
Retail Leases described in this Section 11.6 for examination by the Series
2003-A Secured Parties and their respective representatives during normal
business hours and upon prior written request at the address set forth on the
signature page hereof.
SECTION 11.7 Statements; Further Assurances. The Servicer agrees to
execute and record and file or cause to be recorded and filed financing
statements (and continuation and other statements with respect to such financing
statements, when appropriate) with respect to the Series 2003-A Portfolio
Interest Collateral (whether now existing or hereafter created) meeting the
requirements of applicable state or local law in such manner and in such
jurisdictions as the Series 2003-A Portfolio Interest Holder reasonably
determines are necessary or desirable to perfect, and to maintain perfection of
(and the priority of), the Series 2003-A Portfolio Interest Holder's Security
Interest in the Series 2003-A Portfolio Interest Collateral. The Servicer shall
deliver (or cause to be delivered) to the Series 2003-A Portfolio Interest
Holder file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing. Subject to Section
11.6 hereof, at any time and from time to time, upon the written request of the
Series 2003-A Portfolio Interest Holder, the Servicer will promptly and duly
execute and deliver any and all such further instruments and documents as the
Series 2003-A Portfolio Interest Holder may reasonably request to: (i) obtain
the full benefit of the Security Interest intended to be afforded hereby and of
the rights and powers herein granted (subject to the Servicer's rights under
this Series 2003-A Collateral Supplement), (ii) enforce the rights of the Series
2003-A Portfolio Interest Holder in any of the Series 2003-A Portfolio Interest
Collateral; or (iii) preserve and defend the rights of the Series 2003-A
Portfolio Interest Holder in the Series 2003-A Portfolio Interest Collateral
against the claims of all Persons and parties.
SECTION 11.8 Remedies. Articles V and VI of the Collateral Agency
Agreement shall not be applicable with respect to the Series 2003-A Portfolio
Interest Collateral and neither Harco Leasing nor any Series 2003-A Portfolio
Interest Holder shall be deemed to be an Electing Holder thereunder. It is the
intent of the parties to this Series 2003-A Collateral Supplement that, upon the
occurrence of an Event of Default under the Indenture, the Collateral Agent will
act as the agent, and at the written direction, of the Indenture Trustee with
respect to the Series 2003-A Portfolio Interest Collateral, and the Indenture
Trustee may exercise all available remedies under the Indenture with respect to
the Series 2003-A Portfolio Interest Collateral by itself or through the
Collateral Agent.
SECTION 11.9 Re-allocation of Series 2003-A Portfolio Assets. If any
Retail Lease becomes a Warranty Receivable or an Administrative Receivable, the
repurchase by NFC or NFRRC or any other Person of such Retail Lease and the
Related Titling Trust Assets in
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accordance with the Basic Documents shall constitute a transfer thereof and of
any related Series 2003-A Portfolio Interest Collateral to which Section 2.2(b)
of the Collateral Agency Agreement shall be effective.
ARTICLE XII
MISCELLANEOUS PROVISIONS
SECTION 12.1 Notices. The notice provisions of Section 9.1 of the
Collateral Agency Agreement shall apply equally to this Series 2003-A Collateral
Supplement.
SECTION 12.2 Successors and Assigns. Whenever any of the parties
hereto is referred to such reference shall be deemed to include the successors
and assigns of such party; and all the covenants, promises and agreements in
this Series 2003-A Collateral Supplement contained by or on behalf of the
parties hereto shall bind and inure to the benefit of the respective successors
and assigns of such parties whether so expressed or not.
SECTION 12.3 Severability. Any provision of this Series 2003-A
Collateral Supplement that is 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 12.4 Governing Law. This Series 2003-A Collateral Supplement
shall be construed in accordance with the internal laws of the State of
Illinois, except as otherwise required by mandatory provisions of law without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.
SECTION 12.5 Counterparts. This Series 2003-A Collateral Supplement
may be executed by the parties hereto in separate counterparts (and by different
parties on separate counterparts), each of which when so executed and delivered
shall be an original, but all of which together shall constitute one and the
same instrument.
SECTION 12.6 Termination. This Series 2003-A Collateral Supplement
shall terminate when the Security Interest granted hereunder has terminated in
accordance with Section 8.2 of the Collateral Agency Agreement and all the
Series 2003-A Portfolio Interest Collateral has been released; provided that the
provisions of Section 7.12 of the Collateral Agency Agreement shall not be
affected by any such termination.
SECTION 12.7 Headings. The headings of the various Articles and
Sections herein are for purposes of reference only and shall not affect the
meaning or interpretation of any provision hereof.
SECTION 12.8 Effect of this Series 2003-A Collateral Supplement on
the Collateral Agency Agreement. Except as otherwise specifically provided
herein: (i) the parties shall continue to be bound by all provisions of the
Collateral Agency Agreement; (ii) the provisions set forth herein shall operate
either as additions to or modifications of the obligations of the parties under
the Collateral Agency Agreement, as the context may require; and (iii) the
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Collateral Agent shall be afforded the same rights, protections, immunities and
indemnities as set forth in the Collateral Agency Agreement as if the same were
expressly set forth herein. In the event of any conflict between the provisions
of this Series 2003-A Collateral Supplement and the Collateral Agency Agreement
with respect to the Series 2003-A Portfolio Interest Collateral, the provisions
of this Series 2003-A Collateral Supplement shall prevail.
* * * *
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IN WITNESS WHEREOF, the parties hereto have caused this Series 2003-A
Collateral Supplement to the Collateral Agency Agreement to be duly executed by
their respective officers as of the day and year first above written.
HARCO LEASING COMPANY, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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Name: Xxxxxx X. Xxxxxxxx
Title: Vice President and Treasurer
NAVISTAR LEASING COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President and Treasurer
NAVISTAR FINANCIAL CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President and Treasurer
NAVISTAR FINANCIAL RETAIL
RECEIVABLES CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President and Treasurer
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NAVISTAR FINANCIAL 2003-A OWNER TRUST
By: Chase Manhattan Bank USA, National
Association, not in its individual
capacity, but solely in its capacity as
Owner Trustee
By: /s/ Xxxx X. Xxxxxx
----------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
Address:
THE BANK OF NEW YORK, solely in its
capacity as Indenture Trustee
By: /s/ Xxxxx Xxxxxxx
----------------------------------
Name: Xxxxx Xxxxxxx
Title: Assistant Vice President
Address:
THE BANK OF NEW YORK, solely in its
capacity as Collateral Agent
By: /s/ Xxxx Xxxxxxx
----------------------------------
Name: Xxxx Xxxxxxx
Title: Agent
Address:
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