1
Exhibit 4.1
NATIONSCREDIT SECURITIZATION CORPORATION,
Depositor,
NATIONSCREDIT COMMERCIAL CORPORATION OF AMERICA,
Servicer,
and
BANKERS TRUST COMPANY,
Trustee and Collateral Agent.
FORM OF
POOLING AND SERVICING AGREEMENT
Dated as of __________, 1997
$_____________
NationsCredit Grantor Trust 1997-2
$_____________
____% Marine Receivable-Backed Certificates
$_____________
____% RV Receivable-Backed Certificates
2
TABLE OF CONTENTS
Page
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ARTICLE I
SECTION 1.1. CREATION OF TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE II
SECTION 2.1. CONVEYANCE OF DEPOSITOR RECEIVABLES AND NCMF RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE III
SECTION 3.1. SURETY BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
ARTICLE IV
SECTION 4.1. ACCEPTANCE BY TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
ARTICLE V
SECTION 5.1. INCORPORATION OF STANDARD TERMS AND CONDITIONS OF AGREEMENT . . . . . . . . . . . . . . . . . . . . . 3
ARTICLE VI
SECTION 6.1. SPECIAL DEFINITIONS AND TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
ARTICLE VII
SECTION 7.1. ADDITIONAL REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR . . . . . . . . . . . . . . . . . . . . . . 6
ARTICLE VIII
SECTION 8.1. NATIONSCREDIT COMMERCIAL NOT TO RESIGN AS SERVICER . . . . . . . . . . . . . . . . . . . . . . . . . . 7
ARTICLE IX
SECTION 9.1. AGENTS FOR SERVICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
ARTICLE X
[RESERVED] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
SCHEDULE A-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
SCHEDULE A-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
SCHEDULE B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE XI
DEFINITIONS
SECTION 11.1. DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
SECTION 11.2. USAGE OF TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
SECTION 11.3. CUTOFF DATE AND RECORD DATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
SECTION 11.4. SECTION REFERENCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
ARTICLE XII
THE RECEIVABLES
SECTION 12.1. REPRESENTATIONS AND WARRANTIES OF DEPOSITOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
SECTION 12.2. REPURCHASE UPON BREACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
SECTION 12.3. CUSTODY OF RECEIVABLE FILES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
3
SECTION 12.4. DUTIES OF SERVICER AS CUSTODIAN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
SECTION 12.5. INSTRUCTIONS; AUTHORITY TO ACT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
SECTION 12.6. CUSTODIAN'S INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
SECTION 12.7. EFFECTIVE PERIOD AND TERMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
ARTICLE XIII
ADMINISTRATION AND SERVICING OF RECEIVABLES
SECTION 13.1. DUTIES OF SERVICER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
SECTION 13.2. COLLECTION OF RECEIVABLES PAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
SECTION 13.3. REALIZATION UPON RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
SECTION 13.4. PHYSICAL DAMAGE INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
SECTION 13.5. MAINTENANCE OF SECURITY INTERESTS IN BOATS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
SECTION 13.6. COVENANTS OF SERVICER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
SECTION 13.7. PURCHASE OF RECEIVABLES UPON BREACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
SECTION 13.8. MARINE MARINE SERVICING FEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
SECTION 13.8A. MONTHLY RV SERVICING FEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
SECTION 13.9. SERVICER'S CERTIFICATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
SECTION 13.10. ANNUAL STATEMENT AS TO COMPLIANCE; NOTICE OF DEFAULT . . . . . . . . . . . . . . . . . . . . . . . 25
SECTION 13.11. ANNUAL INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S REPORT . . . . . . . . . . . . . . . . . . . . . 26
SECTION 13.12. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING RECEIVABLES . . . . . . . . . . . . . . 26
SECTION 13.13. SERVICER EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
SECTION 13.14. APPOINTMENT OF SUB-SERVICER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
SECTION 13.15. REPRESENTATIONS AND WARRANTIES OF THE SERVICER WITH RESPECT TO THE RECEIVABLES . . . . . . . . . . 27
ARTICLE XIV
DISTRIBUTIONS: STATEMENTS TO CERTIFICATEHOLDERS
SECTION 14.1B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
SECTION 14.2. MARINE COLLECTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
SECTION 14.2A. RV COLLECTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
SECTION 14.3. APPLICATION OF MARINE COLLECTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
SECTION 14.4. ADDITIONAL DEPOSITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
SECTION 14.5. DISTRIBUTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
SECTION 14.5A. RV DISTRIBUTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
SECTION 14.6. NET DEPOSITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
SECTION 14.7. STATEMENTS TO MARINE CERTIFICATEHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
SECTION 14.7A. STATEMENTS TO RV CERTIFICATEHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
ARTICLE XIV A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
THE SURETY BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
SECTION 14A.1 THE SURETY BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
SECTION 14A.2 PREFERENCE EVENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
SECTION 14A.3 SURRENDER OF SURETY BOND. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
SECTION 14A.4 REPLACEMENT SURETY BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
ARTICLE XV
THE CERTIFICATES
SECTION 15.1. THE CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
SECTION 15.2. AUTHENTICATION OF CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
SECTION 15.3. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . 46
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SECTION 15.4. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . 47
SECTION 15.5. PERSONS DEEMED OWNERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
SECTION 15.6. ACCESS TO LIST OF CERTIFICATEHOLDERS NAMES AND ADDRESSES . . . . . . . . . . . . . . . . . . . . . 47
SECTION 15.7. MAINTENANCE OF OFFICE OR AGENCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
SECTION 15.8. BOOK-ENTRY CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
SECTION 15.9. NOTICES TO CLEARING AGENCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
SECTION 15.10. DEFINITIVE CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
ARTICLE XVI
THE DEPOSITOR
SECTION 16.1. REPRESENTATIONS OF DEPOSITOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
SECTION 16.2. LIABILITY OF DEPOSITOR; INDEMNITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
SECTION 16.3. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF DEPOSITOR . . . . . . . . . . . . . 52
SECTION 16.4. LIMITATION ON LIABILITY OF DEPOSITOR AND OTHERS . . . . . . . . . . . . . . . . . . . . . . . . . . 53
SECTION 16.5. DEPOSITOR MAY OWN CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
SECTION 16.6. DEPOSITOR'S INTEREST IN RESERVE ACCOUNTS; NO TRANSFER . . . . . . . . . . . . . . . . . . . . . . . 53
ARTICLE XVII
THE SERVICER
SECTION 17.1. REPRESENTATIONS OF SERVICER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
SECTION 17.2. LIABILITY OF SERVICER; INDEMNITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
SECTION 17.3. MERGER OR CONSOLIDATION OF. OR ASSUMPTION OF THE OBLIGATIONS OF THE SERVICER . . . . . . . . . . . 56
SECTION 17.4. LIMITATION ON LIABILITY OF SERVICER AND OTHERS . . . . . . . . . . . . . . . . . . . . . . . . . . 57
ARTICLE XVIII
DEFAULT
SECTION 18.1. EVENTS OF DEFAULT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
SECTION 18.2. APPOINTMENT OF SUCCESSOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
SECTION 18.3. NOTIFICATION TO CERTIFICATEHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
SECTION 18.4. WAIVER OF PAST DEFAULTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
ARTICLE XIX
THE TRUSTEE
SECTION 19.1. DUTIES OF TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
SECTION 19.2 TRUSTEE'S CERTIFICATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
SECTION 19.3. TRUSTEE'S ASSIGNMENT OF PURCHASED RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
SECTION 19.4. CERTAIN MATTERS AFFECTING TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
SECTION 19.5. TRUSTEE NOT LIABLE FOR CERTIFICATES OR RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . 65
SECTION 19 .6. TRUSTEE MAY OWN CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
SECTION 19.7. TRUSTEE'S FEES AND EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
SECTION 19.8. REPRESENTATIONS AND WARRANTIES OF TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
SECTION 19.9. ELIGIBILITY REQUIREMENTS FOR TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
SECTION 19.10. RESIGNATION OR REMOVAL OF TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
SECTION 19.11. SUCCESSOR TRUSTEE AND COLLATERAL AGENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
SECTION 19.12. MERGER OR CONSOLIDATION OF TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
SECTION 19.13. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . 69
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ARTICLE XX
TERMINATION
SECTION 20.1. TERMINATION OF THE TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
SECTION 20.2. OPTIONAL PURCHASE OF ALL MARINE RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
SECTION 20.2A. OPTIONAL PURCHASE OF ALL RV RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
ARTICLE XXI
MISCELLANEOUS PROVISIONS
SECTION 21.1. AMENDMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
SECTION 21.2. PROTECTION OF TITLE TO TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
SECTION 21.3. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
SECTION 21.4. GOVERNING LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
SECTION 21.5. NOTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
SECTION 21.6. SEVERABILITY OF PROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
SECTION 21.7. ASSIGNMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
SECTION 21.8. CERTIFICATES NONASSESSABLE AND FULLY PAID . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
SECTION 21.9. NO PETITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
SECTION 21.10. SURETY BOND ISSUER AS CONTROLLING PARTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
EXHIBIT A: FORM OF SURETY BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
EXHIBIT B-1: FORM OF MARINE CERTIFICATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
EXHIBIT B-2: FORM OF RV CERTIFICATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
EXHIBIT C: FORM OF DEPOSITORY AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
EXHIBIT D-1: MONTHLY SERVICER REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
EXHIBIT D-2: MONTHLY SERVICER REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
EXHIBIT E-1: MARINE CERTIFICATEHOLDER STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
EXHIBIT E-2: RV CERTIFICATEHOLDER STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
EXHIBIT F: TRUSTEE'S CERTIFICATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
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This Pooling and Servicing Agreement, dated as of __________,
1997, is made with respect to the formation of the NationsCredit Grantor Trust
1997-2, among NATIONSCREDIT SECURITIZATION CORPORATION, a Delaware corporation,
as Depositor (the "Depositor"), NATIONSCREDIT COMMERCIAL CORPORATION OF
AMERICA, a North Carolina corporation, as Servicer ("NationsCredit Commercial"
or the "Servicer"), and BANKERS TRUST COMPANY, as Trustee (the "Trustee") and
as Collateral Agent (the "Collateral Agent").
WITNESSETH THAT: In consideration of the premises and of the
mutual agreements herein contained, the parties hereto agree as follows:
ARTICLE I
SECTION 1.1. Creation of Trust. Upon the execution of this
Agreement by the parties hereto, there is hereby created the NationsCredit
Grantor Trust 1997-2.
ARTICLE II
SECTION 2.1. Conveyance of Depositor Receivables and NCMF
Receivables. (a) In consideration of the Trustee's delivery, on behalf of the
Trust, to or upon the order of the Depositor, of Certificates (the
"Certificates") in an aggregate principal amount equal to $_____________ (the
"Purchase Price"'), the Depositor does hereby sell, transfer, assign and
otherwise convey to the Trustee, in trust for the benefit of the
Certificateholders and the Surety Bond Issuer, without recourse:
(i) all right, title and interest of the
Depositor in and to the Depositor Receivables and all payments
received thereunder, in the case of Simple Interest
Receivables which are Depositor Receivables and due thereunder
in the case of Precomputed Receivables which are Depositor
Receivables, in each case, after the Cutoff Date;
(ii) the interest of the Depositor in the security
interests in the Boats or RVs related to Depositor Receivables
granted by Obligors pursuant to the Depositor Receivables;
(iii) the Purchase Agreement, including the right
of the Depositor to cause NationsCredit Commercial to
repurchase Depositor Receivables from the Depositor under
certain circumstances;
(iv) the interest of the Depositor in any proceeds
from claims on any physical damage, credit life or disability
insurance policies covering Boats or RVs or Obligors related
to Depositor Receivables;
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(v) the interest of the Depositor in any proceeds
from recourse to Dealers on Depositor Receivables; and
(vi) any proceeds of the foregoing.
The Depositor intends that the assignment and transfer herein
contemplated constitute a sale of the Depositor Receivables, conveying good
title thereto free and clear of any liens and encumbrances, from the Depositor
to the Trustee and that such property not be part of the Depositor's estate or
property of the Depositor in the event of any insolvency by the Depositor and
the Trustee acquiesces in such characterization. In the event that such
conveyance is deemed to be, or to be made as security for, a loan, the
Depositor hereby grants to the Trustee a first priority perfected security
interest in all of the Depositor's right, title and interest in and to the
Receivables and the other property conveyed hereby, and this Agreement shall
constitute a security agreement under applicable law.
(b) As additional consideration for the payment of the
Purchase Price, the Depositor shall (i) pay on behalf of the Trust to
NationsCredit Marine the Purchase Price (as defined in the Assignment) in
immediately available funds and (ii) cause NationsCredit Marine, pursuant to
the Assignment, on the date hereof to sell, transfer, assign and otherwise
convey to the Trustee, in trust for the benefit of the Certificateholders and
the Surety Bond Issuer, without recourse:
(i) all right, title and interest of
NationsCredit Marine in and to the NCMF Receivables and all
payments received thereunder, in the case of Simple Interest
Receivables which are NCMF Receivables and due thereunder in
the case of Precomputed Receivables which are NCMF
Receivables, in each case, after the Cutoff Date,
(ii) the interest of NationsCredit Marine in the
security interests in the Boats related to NCMF Receivables
granted by Obligors pursuant to the NCMF Receivables,
(iii) the right of NationsCredit Marine pursuant to
Section 1.7 of the Purchase and Sale Agreement to cause
NationsCredit Commercial to repurchase NCMF Receivables from
NationsCredit Marine for breaches of the representations and
warranties contained in paragraphs (h) or (i) of Exhibit III
to the Purchase and Sale Agreement; provided that paragraph
(i) shall be limited to paragraphs (iii), (vi), (xiii) and
(xxiii) of the definition of Eligible Receivable (as such term
is defined in the Purchase and Sale Agreement),
(iv) any interest of NationsCredit Marine in any
proceeds from claims on any physical damage, credit life or
disability insurance policies covering Boats related to NCMF
Receivables or Obligors related to NCMF Receivables,
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(v) any interest of NationsCredit Marine in any
proceeds from recourse to Dealers on NCMF Receivables, and
(vi) any proceeds of the foregoing.
The payment of the Purchase Price (as defined in the Assignment) by
the Depositor as set forth in Section 2.1 (b) shall be at the direction of the
Trustee on behalf of the Trust.
SECTION 2.2 The Trustee agrees to hold any amounts received
in respect of the Receivables and allocable to late payment and extension fees,
administrative charges and the premiums of collateral protection insurance
purchased by the Servicer in trust for the benefit of the Depositor and agrees
to promptly remit any such amounts to the Depositor upon receipt thereof as
directed in writing in the relevant Servicer's Certificate.
ARTICLE III
SECTION 3.1. Surety Bond. The Servicer shall, simultaneously
with the execution and delivery of this Agreement, obtain the Surety Bond for
the benefit of the Trust in accordance with the respective terms thereof and
deliver it to the Trustee.
ARTICLE IV
SECTION 4.1. Acceptance by Trustee. The Trustee does hereby
accept all consideration conveyed by the Depositor pursuant to Section 2.1 and
by NationsCredit Marine pursuant to the Assignment, and declares that the
Trustee shall hold such consideration and the Surety Bond and any proceeds of
any draws thereunder upon the trusts herein set forth for the benefit of all
present and future Certificateholders, subject to the terms and provisions of
this Agreement.
ARTICLE V
SECTION 5.1. Incorporation of Standard Terms and Conditions
of Agreement. This Agreement does hereby incorporate by reference the Standard
Terms and Conditions of Agreement for the NationsCredit Grantor Trust dated as
of __________, 1997 (the "Standard Terms and Conditions of Agreement"), in the
form attached hereto.
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ARTICLE VI
SECTION 6.1. Special Definitions and Terms. Whenever used in
the Standard Terms and Conditions of Agreement and in this Agreement, the
following words and phrases shall have the following meanings:
"Avoided Payment" shall have the meaning set forth in Section
14A.2 of the Standard Terms and Conditions.
The "Assignment" is the Assignment Agreement dated as of
__________, 1997 between among RCC, NationsCredit Marine and the Trustee,
substantially in the form of Exhibit G.
The "Corporate Trust Office" at the date of the execution
hereof is located at: Bankers Trust Company, Four Albany Street, 10th Floor,
New York, New York 10006, Attn: Corporate Trust and Agency Group.
The "Cutoff Date" shall be the close of business on
__________, 1997.
The first "Distribution Date" shall be __________, 1997.
"Final Order" shall have the meaning set forth in Section
14A.2 of the Standard Terms and Conditions.
"Final Scheduled Marine Distribution Date" means __________,
201_.
"Final Scheduled RV Distribution Date" means __________, 201_.
"Insolvency Proceeding" means the commencement, after the
Closing Date, of any bankruptcy, insolvency, readjustment of debt,
reorganization, marshalling of assets and liabilities or similar proceedings by
or against any person, or the commencement, after the Closing Date, of any
proceedings by or against any Person for the winding up or liquidation of its
affairs, or the consent after the date hereof to the appointment of a trustee,
conservator, receiver or liquidator in any bankruptcy, insolvency, readjustment
of debt, reorganization, marshalling of assets and liabilities or similar
proceedings of or relating to any Person.
The "Marine Pass--Through Rate" is __% per annum.
The "Marine Reserve Account" means the account designated as
such, established and maintained pursuant to Section 14.1(b) of the Standard
Terms and Conditions of Agreement.
"Notice for Payment" shall have the meaning set forth in the
Surety Bond.
The "Optional Purchase Percentage" shall be 5%.
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The "Original Certificate Balance" means the sum of the
Original Marine Certificate Balance and the Original RV Certificate Balance.
The "Original Marine Certificate Balance" is $ ______________.
The "Original RV Certificate Balance" is $______________.
The "Original Marine Pool Balance" is $ _________________.
The "Original Pool Balance" means the sum of the Original
Marine Pool Balance and the Original RV Pool Balance.
The "Original RV Pool Balance" is $ _______________.
The "Permitted Investments" shall be, at anytime, any one or
more of the obligations and securities set forth in Schedule CB hereto.
The "Purchase Price" has the meaning set forth in Section
2.1(a).
The "Reimbursement Agreement" is the Insurance and
Reimbursement Agreement dated as of __________, 1997, among the Surety Bond
Issuer, the Depositor and the Servicer.
The "Required Deposit Rating" shall be a rating on short-term
deposits of "Prime-l" by Moody's and "A-1" by S & P or any other rating
acceptable to each of the Rating Agencies; and any requirement that deposits
have the "Required Deposit Rating" shall mean that such deposits have the
foregoing ratings from each of such rating agencies or such other rating which
is acceptable to the Rating Agencies.
The "RV Pass--Through Rate" is __% per annum.
The "RV Reserve Account" means the account designated as such,
established and maintained pursuant of Section 14.1A(b) of the Standard Terms
and Conditions of Agreement.
The "Servicing Fee Rate'' shall be [.75]% per annum.
The "Surety Bond" means the unconditional, irrevocable surety
bond, substantially in the form attached hereto as Exhibit A, to be issued by
the Surety Bond Issuer and naming the Trustee as beneficiary.
The "Surety Bond Issuer" shall be Capital Markets Assurance
Corporation.
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ARTICLE VII
SECTION 7.1. Additional Representations and Warranties of the
Depositor. The Depositor does hereby make the following representations and
warranties on which the Trustee, on behalf of the Trust, relies in accepting
the Depositor Receivables in trust and executing and authenticating the
Certificates:
(i) Original Maturity of Depositor Receivables.
Each Depositor Receivable shall have an original maturity of
not more than 180 months.
(ii) Remaining Maturity of Depositor Receivables.
As of the Cutoff Date, each Depositor Receivable shall have a
remaining maturity of not more than 180 months.
(iii) Annual Percentage Rate. Each Marine
Receivable shall have a fixed Annual Percentage Rate of not
less than _____% and not greater than ______%. Each RV
Receivable shall have a fixed Annual Percentage Rate of not
less than __% and not greater than ___%.
(iv) Location of Receivable Files. The Depositor
Receivable Files shall be kept at the offices of NationsCredit
Commercial at 0000 Xxxxxxx Xxxxx Xxxxxxx, Xxxxxxx, Xxxxxxx
00000 and at 0000 Xxxxxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxxx,
Xxxxxxxxxx 00000.
(v) Maximum Balance. No Marine Depositor
Receivable has a Principal Balance greater than $50,000.
(vi) No Repossessions. As of the Cutoff Date, no
Boat securing any Marine Depositor Receivable is in
repossession status.
(vii) No Bankruptcies. As of the Cutoff Date, no
Obligor on a Marine Depositor Receivable was noted in the
related Marine Receivable file as the subject of any
bankruptcy proceeding.
(viii) Delinquencies. As of the Cutoff Date, no
Marine Depositor Receivable shall have a payment that is 60 or
more days delinquent.
The foregoing representations and warranties shall (i) speak
as of the Closing Date, but shall survive the sale, transfer and assignment of
the Depositor Receivables to the Trustee, on behalf of the Trust and (ii) be
subject to the notice and repurchase provisions set forth in Section 12.2 of
the Standard Terms and Conditions of Agreement in the same manner and to the
same extent as if they were set forth in Section 12.1 thereof.
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ARTICLE VIII
SECTION 8.1. NationsCredit Commercial Not to Resign as
Servicer. Except as a result of the operation of Section 17.3 of the Standard
Terms and Conditions of Agreement, NationsCredit Commercial shall not resign
from the obligations and duties hereby imposed on it as Servicer under this
Agreement except upon determination that the performance of its duties under
this Agreement shall no longer be permissible under applicable law. Notice of
any such determination permitting the resignation of NationsCredit Commercial
shall be communicated to the Trustee at the earliest practicable time (and, if
such communication is not in writing, shall be confirmed in writing at the
earliest practicable time) and any such determination shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee concurrently with or
promptly after such notice. No such resignation shall become effective until
the Trustee or a successor Servicer shall have assumed the responsibilities and
obligations of NationsCredit Commercial in accordance with Section 18.2 of the
Standard Terms and Conditions of Agreement.
ARTICLE IX
SECTION 9.1. Agents for Service. The agent for service for
the Depositor shall be Xxxx X. Xxxxxxxx, NationsCredit Management Corporation,
1 Canterbury Green, 000 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000.
ARTICLE X
[RESERVED]
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IN WITNESS WHEREOF, the Depositor, the Servicer, the Trustee
and the Collateral Agent have caused this Agreement to be duly executed by
their respective officers as of the day and year first above written.
NATIONSCREDIT SECURITIZATION
CORPORATION, as Depositor
By: ______________________
Name:
Title:
NATIONSCREDIT COMMERCIAL
CORPORATION OF AMERICA, as Servicer
By: _______________________
Name:
Title:
BANKERS TRUST COMPANY, as Trustee
and as Collateral Agent
By: _______________________
Name:
Title:
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SCHEDULE A-1
Schedule of Marine Depositor Receivables
(Delivered on[NationsCredit to fill in])
X-0
00
XXXXXXXX X-0
Xxxxxxxx of RV Depositor Receivables
(Delivered on [NationCredit to fill in])
B-1
16
SCHEDULE B
Schedule of Marine NCMF Receivables
(Delivered on [NationsCredit to fill in])
C-1
17
SCHEDULE C
Schedule of Permitted Investments
"Permitted Investments" are any of the following, which shall mature on or
prior to the next succeeding Deposit Date:
(i) any direct obligations of, and obligations fully guaranteed by,
the United States of America, the Federal Home Loan Mortgage Corporation, the
Federal National Mortgage Association, or any agency or instrumentality of the
United States of America the obligations of which are backed by the full faith
and credit of the United States of America;
(ii) (A) demand and time deposits in, certificates of deposit of,
bankers' acceptances issued by, or Federal funds sold by any depository
institution or trust company incorporated under the laws of the United States
of America or any state thereof and subject to supervision and examination by
Federal and/or state authorities or under the laws of any other jurisdiction,
so long as at the time of such investment or contractual commitment providing
for such investment the commercial paper or other short-term debt obligations
of such depository institution or trust company have the highest credit rating
available from each Rating Agency or (B) any other demand or time deposit or
certificate of deposit which is fully insured by the Federal Deposit Insurance
Corporation;
(iii) repurchase obligations with respect to (A) any security described
in clause (i) above or (B) any other security issued or guaranteed by an agency
or instrumentality of the United States of America, in either case entered into
with a depository institution or trust company (acting as principal) described
in clause (ii) (A) above or with any money market funds maintained by a broker
which has, at the time of such investment, the highest credit rating from each
Rating Agency;
(iv) commercial paper having a rating of at least "A-1" by S&P and
"Prime-l" by Xxxxx'x at the time of such investment, including commercial paper
having such rating issued by the Trustee, NationsBank Corporation or
NationsCredit Corporation;
(v) money market funds or money market mutual funds (other than
closed-end funds), including funds for which Bankers Trust Company is
investment manager or advisor, which (A) maintain a constant net asset value
and (B) have at the time of such investment a rating by AAAm or AAAmg by S&P or
Aaa by Xxxxx'x;
(vi) if the Trustee does not receive written investment instructions,
the investments referred to in (v) above; or
(vii) any other investment approved in writing by each Rating Agency.
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