EXHIBIT 10.22.2
FIRST AMENDMENT TO THE AMENDED
REVOLVING LINE OF CREDIT AGREEMENT
This FIRST AMENDMENT ("Amendment") is dated as of October 15, 2002, by and
between WFS RECEIVABLES CORPORTION, a California corporation (the "Borrower"),
and WESTERN FINANCIAL BANK a federal savings bank (the "Bank"), and amends the
AMENDED REVOLVING LINE OF CREDIT AGREEMENT ("Agreement") entered into by the
parties on June 30, 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. Section 2.2 of the Agreement is restated in its entirety as
follows:
NOTICE AND MAKING OF ADVANCES. Whenever the Borrower desires to
draw down an Advance, the Borrower shall execute and deliver to
the Bank a Borrowing Certificate prior to each requested
Advance, and such Borrowing Certificate shall be irrevocable.
The Borrower hereby irrevocably authorizes the Bank, on behalf
of Borrower, to retain from time to time any Advance or portion
thereof to be used to pay any outstanding Interests or Costs
hereunder which is then due and unpaid. The conditions herein
with respect to the making of Advances are for the benefit of
the Bank and the Bank may modify or waive any of such conditions
in its sole and absolute discretion.
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 WESTERN FINANCIAL BANK
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Xxxx Xxxxxxxx, President Xxx X. Xxxxxxxx,
Senior Executive Vice President,
Chief Financial Officer and
Chief Operating Officer
