EXHIBIT 99.38 SERVICING AGREEMENT EIGHTH AMENDMENT
This EIGHTH AMENDMENT TO SERVICING AGREEMENT (this "Amendment") is made
and entered into as of the 1ST day of August 2000, by and between RELIANCE
ACCEPTANCE GROUP, INC., a Delaware corporation ("RAG") and AUTOFUND SERVICING,
INC., a Texas corporation ("AFSI"). Capitalized terms not otherwise defined
herein have the meaning set forth in the Servicing Agreement (as defined below).
RECITALS
RAG has heretofore entered into a Servicing Agreement dated as of
January 27,1999 (as the same may be further amended, modified or restated from
time to time, the "Servicing Agreement"), with AFSI.
RAG and AFSI desire to amend the original Servicing Agreement and all
subsequent amendments to reflect changes in the Servicing Fee.
AGREEMENTS
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, and for other good, fair and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:
Schedule 8 attached to the Servicing Agreement is hereby amended to
read in its entirety as set forth in Schedule 8 attached hereto.
This Amendment shall be deemed entered into with and shall be governed
by and interpreted in accordance with the laws (except for the conflict of law
principles) of the State of Texas and the laws of the United States of America.
This Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute but one and the same instrument.
Except as modified hereby, all of the provisions of the Servicing
Agreement are hereby ratified and confirmed and shall continue in full force and
effect. This Amendment shall be binding upon, and shall inure to the benefit of,
RAG and AFSI and each of their respective successors and permitted assigns.
To induce RAG to enter into this Amendment, AFSI confirms that the
representations and warranties of AFSI contained in the Servicing Agreement are
true and correct on the date hereof.
(Signatures on following page)
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized signatories as of the day and year
first above written.
AUTOFUND SERVICING, INC.,
A Texas corporation
By:___________________________________
Name: ________________________________
Title: _______________________________
"AFSI"
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RELIANCE ACCEPTANCE GROUP, INC.,
A Delaware corporation
By: __________________________________
Xxxxx X. Xxxxx, President
"RAG"
SCHEDULE 8
Effective 8/1/00 a review of the current Servicing Fee Agreement (See Fourth
Amendment) took place, and the decision by RAG is to keep the fee structure as
defined in the Fourth Amendment as is, until further notice. (See attached copy
of Schedule 4 to the Fourth Amendment)
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