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EXHIBIT 1.2
$___________________
FLEETWOOD CREDIT RV RECEIVABLES 199__-__ OWNER TRUST
____% ASSET BACKED NOTES, CLASS A-1
____% FLOATING RATE ASSET BACKED NOTES, CLASS A-2
____% ASSET BACKED NOTES, CLASS A-3
____% ASSET BACKED CERTIFICATES
UNDERWRITING AGREEMENT
___________, 199__
_______________________,
as Representative of
the several Underwriters
_________________
_________________
Dear Sirs:
1. Introductory. Fleetwood Credit Receivables Corp., a
California corporation (the "Seller") and a wholly owned subsidiary of
Fleetwood Credit Corp., a California corporation ("Fleetwood Credit"), proposes
to sell to _____________ and _______________ (the "Underwriters"), acting
severally and not jointly, for whom ___________ is acting as representative (in
such capacity, the "Representative"), $_______________ aggregate principal
amount of ____% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$____________ aggregate principal amount of ____% Floating Rate Asset Backed
Notes, Class A-2 (the "Class A-2 Notes"), $____________ aggregate principal
amount of ____% Asset Backed Notes, Class A-3 (the "Class A-3 Notes" and,
together with the Class A-1 Notes and the Class A-2 Notes, the "Notes"), and
$_____________ aggregate principal amount of ____% Asset Backed Certificates
(the "Certificates" and, together with the Notes, the "Securities") of the
Fleetwood Credit RV Receivables 199__-__ Owner Trust (the "Trust" or the
"Issuer"). The Notes will be issued pursuant to an indenture, dated as of
__________ 1, 199__ (the "Indenture"), among the Seller, Fleetwood Credit, as
servicer (in such capacity, the "Servicer"), and _____________, as trustee (the
"Indenture Trustee"). The Certificates will be issued pursuant to a trust
agreement, dated as of __________, 199__ (the "Trust Agreement"), among the
Seller, the Servicer and ___________, as trustee (the "Owner Trustee"). The
Certificates will be subordinated to the
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Notes to the extent described in the Basic Documents. This Underwriting
Agreement shall hereinafter be referred to as "this Agreement." Capitalized
terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in that certain sale and servicing agreement, dated as of
_________ 1, 199__ (the "Sale and Servicing Agreement"), among the Seller, the
Servicer and the Issuer.
Each Note will represent an obligation of the Trust, and each
Certificate will represent a fractional undivided interest in the Trust. The
assets of the Trust will include, among other things, a pool of simple interest
retail installment sale contracts (the "Initial Receivables") secured by the
new and used recreational vehicles financed thereby (the "Initial Financed
Vehicles"), certain monies due under the Receivables on and after ___________
1, 199__ (the "Initial Cutoff Date") and amounts on deposit in the Pre-Funding
Account and the Yield Supplement Account, in each case as more fully described
in the Prospectus, as defined below. The Initial Receivables will be sold by
Fleetwood Credit to the Seller pursuant to a receivables purchase agreement,
dated as of __________ 1, 199__ (the "Receivables Purchase Agreement"), between
Fleetwood Credit and the Seller, and the Seller in turn will sell the Initial
Receivables to the Trust pursuant to the Sale and Servicing Agreement. From
time to time during the Funding Period pursuant to the Receivables Purchase
Agreement, to the extent available, Fleetwood Credit will be obligated to sell,
and the Seller will be obligated to purchase, additional simple interest retail
installment sale contracts (the "Subsequent Receivables" and, together with the
Initial Receivables, the "Receivables") secured by the new and used
recreational vehicles financed thereby (the "Subsequent Financed Vehicles" and,
together with the Initial Financed Vehicles, the "Financed Vehicles"), which
Subsequent Receivables will be described in one or more agreements among
Fleetwood Credit, the Seller and the Owner Trustee (each, a "Transfer
Agreement"), dated as of the related date of transfer (each, a "Subsequent
Transfer Date"). The Subsequent Receivables will in turn be sold by the Seller
to the Trust pursuant to the Sale and Servicing Agreement and the related
Transfer Agreement. The maximum aggregate principal amount of Subsequent
Receivables to be sold during the Funding Period by Fleetwood Credit to the
Seller and by the Seller to the Trust is $_______________.
2. Representations and Warranties of the Seller and Fleetwood
Credit.
(a) The Seller represents and warrants to, and agrees with, each
Underwriter that:
(i) A registration statement on Form S-3 (No. 333-_____),
including a prospectus, and such amendments thereto as may have been
required to the date hereof, relating to the Securities and the
offering thereof from time to time in accordance with Rule 415 under
the Securities Act of 1933, as amended (the "Act"), has been filed
with the Securities and Exchange Commission (the "Commission"), and
such registration statement, as amended, has become effective. For
purposes of this Agreement, "Effective Time" means the date and time
as of which such registration statement, or the most recent
post-effective amendment thereto (if any) filed prior to the execution
and delivery of this Agreement, was declared effective by the
Commission. "Effective Date" means the date of the Effective Time.
The registration statement as amended and the prospectus and related
prospectus supplement that the Seller has filed with the Commission
pursuant to
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Rule 424(b) under the Act ("Rule 424(b)") relating to the sale of the
Securities offered thereby constituting a part thereof, as from time
to time amended or supplemented (including any prospectus filed with
the Commission pursuant to Rule 424(b) of the rules and regulations of
the Commission promulgated under the Act (the "Rules and
Regulations"), including all documents incorporated therein by
reference, are respectively referred to as the "Registration
Statement" and the "Prospectus"; provided, however, that a supplement
to the Prospectus prepared pursuant to Section 5(a) shall be deemed to
have supplemented the Prospectus only with respect to the offering to
which it relates. The conditions to the use of a registration
statement on Form S-3 under the Act, as set forth in the General
Instructions to Form S-3, and the conditions of Rule 415 under the
Act, have been satisfied with respect to the Registration Statement.
(ii) If the Effective Time is prior to the execution and
delivery of this Agreement: (A) on the Effective Date, the
Registration Statement conformed, and on the date of this Agreement
the Registration Statement conforms, in all material respects with the
requirements of the Act and the Rules and Regulations, and at such
times did not include any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and (B) on the date of
this Agreement, at the time of filing of the Prospectus pursuant to
Rule 424(b) and at the Closing Date, the Prospectus will conform in
all material respects to the requirements of the Act and the Rules and
Regulations, and does not include and will not include any untrue
statement of a material fact and does not omit and will not omit to
state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made,
not misleading. If the Effective Time is subsequent to the execution
and delivery of this Agreement: (A) on the Effective Date, the
Registration Statement and the Prospectus will conform in all material
respects to the requirements of the Act and the Rules and Regulations
and the Registration Statement will not include any untrue statement
of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, (B) at the Effective Date and at the Closing Date, the
Prospectus will not include any untrue statement of a material fact or
omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they
were made, not misleading, and (C) the Prospectus delivered to the
Underwriters for use in connection with this offering was identical to
the electronically transmitted copy thereof filed with the Commission
pursuant to its Electronic Data Gathering, Analysis and Retrieval
system, except to the extent permitted by Regulation S-T. The two
immediately preceding sentences do not apply to statements in or
omissions from the Registration Statement or Prospectus in reliance
upon and in conformity with written information furnished to the
Seller by the Underwriters specifically for use therein.
(iii) This Agreement has been duly authorized, executed and
delivered by the Seller.
(iv) As of the Closing Date, the representations and
warranties of the Seller in the Pooling and Servicing Agreement will
be true and correct and as of each Subsequent
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Transfer Date, the representations and warranties of the Seller in the
Sale and Servicing Agreement and in the related Transfer Agreement
will be true and correct.
(b) Fleetwood Credit represents and warrants to, and agrees with,
each Underwriter that:
(i) This Agreement has been duly authorized, executed and
delivered by Fleetwood Credit.
(ii) As of the Closing Date, the representations and
warranties of the Servicer in the Sale and Servicing Agreement will be
true and correct and as of each Subsequent Transfer Date, the
representations and warranties of the Servicer in the Sale and
Servicing Agreement and in the related Transfer Agreement will be true
and correct.
3. Purchase, Sale and Delivery of Securities. On the basis of
the representations, warranties and agreements herein contained, but subject to
the terms and conditions herein set forth, the Seller agrees to sell to the
Underwriters, and the Underwriters, acting severally and not jointly, agree to
purchase from the Seller, the respective principal amounts of Securities set
forth opposite the names of the Underwriters in Schedule A hereto. The
Securities are to be purchased at a purchase price equal to, in the case of (i)
the Class A-1 Notes, ________% of the aggregate principal amount thereof, (ii)
the Class A-2 Notes, ________% of the aggregate principal amount thereof, (iii)
the Class A-3 Notes, ________% of the aggregate principal amount thereof and
(iv) the Certificates, _________% of the aggregate principal amount thereof.
The Seller will deliver the Securities to the Underwriters against
payment of the respective purchase prices therefor in immediately available
funds to the order of the Seller at the office of Brown & Wood LLP, 000
Xxxxxxxxxx Xxxxxx, Xxx Xxxxxxxxx, Xxxxxxxxxx, at ___:00 __.M., __________ time,
on __________, 199__, or at such other time not later than seven full Business
Days thereafter as the Underwriters and the Seller determine, such time being
herein referred to as the "Closing Date." Each Class of Notes and the
Certificates will be initially represented by one certificate (the "DTC
Certificates") registered in the name of Cede & Co., the nominee of The
Depository Trust Company ("DTC"). The interests of beneficial owners of the
DTC Certificates will be represented by book entries on the records of DTC and
participating members thereof. Definitive Notes and Definitive Certificates
evidencing the Notes and the Certificates will be available only under the
limited circumstances specified in the Indenture and the Trust Agreement,
respectively.
Pursuant to Rule 15c6-1(d) under the Exchange Act, the Seller and the
Underwriters have agreed that the Closing Date will be not less than seven
Business Days following the date hereof.
4. Offering by the Underwriters. It is understood that the
Underwriters propose to offer the Securities for sale to the public as set
forth in the Prospectus.
5. Certain Agreements of the Seller and Fleetwood Credit. Each
of the Seller and Fleetwood Credit, as the case may be, covenants and agrees
with each Underwriter that:
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(a) Immediately following the execution of this
Agreement, the Seller will prepare a supplement to the Prospectus
setting forth the amount of Securities covered thereby and the terms
thereof not otherwise specified in the Prospectus, the price at which
such Securities are to be purchased by the Underwriters from the
Seller, either the initial public offering price or the method by
which the price at which such Securities are to be sold will be
determined, the selling concessions and reallowances, if any, and such
other information as the Seller and the Representative deem
appropriate in connection with the offering of such Securities, but
the Seller will not file, for so long as the delivery of a Prospectus
is required in connection with the offering or sale of such
Securities, any amendments to the Registration Statement as in effect
with respect to such Securities, or any amendments or supplements to
the Prospectus, unless it shall first have delivered copies of such
amendments or supplements to the Representative, or if the
Representative shall have reasonably objected thereto promptly after
receipt thereof; the Seller will, during such period, immediately
advise the Representative or its counsel (i) when notice is received
from the Commission that any post-effective amendment to the
Registration Statement has become or will become effective and (ii) of
any order or communication suspending or preventing, or threatening to
suspend or prevent, the offer and sale of the Securities or of any
proceedings or examinations that may lead to such an order or
communication, whether by or of the Commission or any authority
administering any state securities or Blue Sky law, as soon as the
Seller is advised thereof, and will use its best efforts to prevent
the issuance of any such order or communication and to obtain as soon
as possible its lifting, if issued.
(b) The Seller will advise the Underwriters promptly of
any proposal to amend or supplement the registration statement as
filed or the related prospectus or the Registration Statement or the
Prospectus and will not effect any such amendment or supplement
without the consent of the Underwriters, which consent will not
unreasonably be withheld; and the Seller will advise the Underwriters
promptly of the effectiveness of the Registration Statement (if the
Effective Time is subsequent to the execution and delivery of this
Agreement) and of any amendment or supplement of the Registration
Statement or the Prospectus and of the institution by the Commission
of any stop order proceedings in respect of the Registration Statement
and will use its best efforts to prevent the issuance of any such stop
order and to obtain as soon as possible its lifting, if issued.
(c) If, at any time when a prospectus relating to the
Securities is required to be delivered under the Act, any event occurs
as a result of which the Prospectus as then amended or supplemented
would include an untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not
misleading, or if it is necessary at any time to amend or supplement
the Prospectus to comply with the Act, the Seller promptly will
prepare and file, or cause to be prepared and filed, with the
Commission an amendment or supplement which will correct such
statement or omission, or an amendment or supplement which will effect
such compliance. Neither the consent of the
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Underwriters to, nor the delivery by the Underwriters of, any such
amendment or supplement shall constitute a waiver of any of the
conditions set forth in Section 6 hereof.
(d) As soon as practicable, but not later than _________,
____, the Seller will cause the Owner Trustee or the Indenture
Trustee, as the case may be, to make generally available to the
holders of Securities an earnings statement with respect to the Trust
covering a period of at least 12 months beginning after the Effective
Date which will satisfy the provisions of Section 11(a) of the Act
(including, at the option of the Seller, Rule 158 promulgated
thereunder).
(e) The Seller will furnish to the Underwriters copies of
the Registration Statement (at least two of which will be signed and
will include all exhibits), each related preliminary prospectus, the
Prospectus and all amendments and supplements to such documents, in
each case as soon as available and in such quantities as the
Underwriters may reasonably request.
(f) The Seller will use its best efforts to arrange for
the qualification of the Securities for sale under the laws of such
jurisdictions in the United States as the Underwriters may reasonably
designate and will continue such qualifications in effect so long as
required for the distribution of the Securities, provided that the
Seller shall not be obligated to qualify to do business nor become
subject to service of process generally, but only to the extent
required for such qualification, in any jurisdiction in which it is
not currently so qualified.
(g) For a period from the date of this Agreement until
the retirement of all of the Securities, or until such time as the
Underwriters shall cease to maintain a secondary market in any Class
of Notes or the Certificates, whichever occurs first, the Seller will
deliver to the Underwriters the annual statements of compliance and
the annual independent certified public accountants' reports furnished
to the Owner Trustee pursuant to the Basic Documents, as soon as such
statements and reports are furnished to the Owner Trustee.
(h) So long as any of the Securities are outstanding, the
Seller or Fleetwood Credit, as the case may be, shall furnish to the
Underwriters, as soon as practicable, (i) all documents required to be
distributed to holders of any Class of Notes or the Certificates (or
available at such holders' request) or filed with the Commission
pursuant to the Exchange Act, or any order of the Commission
thereunder and (ii) from time to time, any other information
concerning the Seller or Fleetwood Credit filed with any government or
regulatory authority which is otherwise publicly available, as the
Underwriters may reasonably request.
(i) Whether or not the transactions contemplated by this
Agreement are consummated other than as a result of a failure by the
Underwriters to perform hereunder, the Seller and Fleetwood Credit
will, subject to the provisions of Section 9 hereof, pay all expenses
incident to the performance of their respective obligations under this
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Agreement, including without limitation, expenses incident to the
printing, reproduction and distribution of the registration statement
as originally filed with the Commission and all amendments thereto,
any fees charged by Xxxxx'x Investors Service, Inc. ("Moody's") and
Standard & Poor's, a division of The XxXxxx-Xxxx Companies, Inc.
("Standard & Poor's" and, together with Moody's, the "Rating
Agencies") for the rating of the Securities, the fees of DTC in
connection with the book-entry registration of the Securities and
reasonable expenses incurred in distributing preliminary prospectuses
and the Prospectus (including any amendments and supplements thereto)
and will reimburse the Underwriters for all reasonable expenses
incurred in connection with the initial qualification of the
Securities for sale under the laws of such jurisdictions in the United
States as the Underwriters may designate, including, but not limited
to, fees of counsel and disbursements incurred by such counsel in
connection therewith.
(j) On or before the Closing Date with respect to the
Initial Receivables, and on or before each Subsequent Transfer Date
with respect to the Subsequent Receivables to be transferred to the
Trust on such date, the Seller and Fleetwood Credit shall cause their
respective computer records to be marked relating to the Receivables
to show the Trust's absolute ownership of the Receivables, and from
and after the Closing Date or such Subsequent Transfer Date, as the
case may be, Fleetwood Credit Receivables Corp., as Seller, and
Fleetwood Credit, as Servicer, shall not take any action inconsistent
with the Trust's ownership of the Receivables, other than as permitted
by the Sale and Servicing Agreement.
(k) To the extent, if any, that the rating provided with
respect to any Class of Notes or the Certificates by either Rating
Agency is conditional upon the furnishing of documents or the taking
of any other actions by the Seller or Fleetwood Credit, the Seller or
Fleetwood Credit, as the case may be, shall furnish such documents and
take any such other actions.
(l) In the event the Servicer obtains a Servicer Letter
of Credit pursuant to the Sale and Servicing Agreement, the Seller and
the Servicer shall cause the Underwriters to receive:
(i) A copy of the Servicer Letter of Credit.
(ii) An original of the servicer letter of credit
reimbursement agreement (the "Reimbursement Agreement")
between the Servicer and the letter of credit bank named
therein (the "Letter of Credit Bank") pursuant to which the
Servicer Letter of Credit was issued.
(iii) An original of any amendment to the Sale and
Servicing Agreement relating to the obtaining of the Servicer
Letter of Credit.
(iv) An opinion of Xxxxxxx X. Xxxxx, Esq., Senior
Vice President and Assistant General Counsel of Fleetwood
Credit, dated the date of issuance of the
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Servicer Letter of Credit (the "Issuance Date") and
satisfactory in form and substance to the Underwriters and
counsel for the Underwriters, and substantially to the effect
of clauses (i), (v), (viii), (ix) and (x) of Section 6(f)
hereof, appropriately modified to relate to the Reimbursement
Agreement.
(v) An opinion of counsel to the Letter of Credit
Bank, satisfactory in form and substance to the Underwriters
and counsel for the Underwriters, dated the Issuance Date and
substantially to the effect that:
(A) The Letter of Credit Bank is duly
organized as a corporation and is validly existing
under the laws of the country of its organization,
and has the full power and authority (corporate and
other) to issue, and to take all action required of
it under, the Servicer Letter of Credit.
(B) The execution, delivery and
performance by the Letter of Credit Bank of the
Servicer Letter of Credit and the Reimbursement
Agreement have been duly authorized by all necessary
corporate action on the part of the Letter of Credit
Bank.
(C) The execution, delivery and
performance by the Letter of Credit Bank of the
Servicer Letter of Credit and the Reimbursement
Agreement do not require the consent or approval of,
the giving of notice to, the registration with, or
the taking of any other action in respect of any
state or other governmental agency or authority which
has not previously been effected.
(D) The Servicer Letter of Credit and
the Reimbursement Agreement have been duly
authorized, executed and delivered by the Letter of
Credit Bank and constitute legal, valid and binding
obligations of the Letter of Credit Bank, enforceable
against the Letter of Credit Bank in accordance with
their respective terms (subject, as to enforcement,
to bankruptcy, reorganization, insolvency, moratorium
and other laws affecting creditors' rights generally
and to general equity principles).
(E) The Servicer Letter of Credit is not
required to be registered under the Act in connection
with the offer and sale of the Securities in the
manner contemplated by the Prospectus.
In rendering such opinion, such counsel may rely as to all
matters of the law of the country of organization of the
Letter of Credit Bank upon counsel satisfactory to the
Underwriters and counsel for the Underwriters.
(vi) A certificate, dated the Issuance Date, of
the President or any Vice President of the Letter of Credit
Bank to the effect that, among other things, since
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the date of this Agreement, there has been no material adverse
change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects, of the
Letter of Credit Bank.
(vii) A letter from each Rating Agency, to the
extent required by the Sale and Servicing Agreement, to the
effect that the obtaining of the Servicer Letter of Credit, in
and of itself, would not cause its rating of any Class of
Notes or the Certificates to be reduced, withdrawn or
modified.
6. Conditions of the Obligations of the Underwriters. The
obligation of the Underwriters to purchase and pay for the Securities will be
subject to the accuracy of the respective representations and warranties on the
part of the Seller and Fleetwood Credit herein, to the accuracy of the
statements of the respective officers of the Seller and Xxxxxxxxx Credit made
pursuant to the provisions hereof, to the performance by the Seller and
Xxxxxxxxx Credit of their respective obligations hereunder and to the following
additional conditions precedent:
(a) The Underwriters and the Seller shall have received
from Xxxxxxx & Xxxxxxx L.L.P., independent public accountants
("Coopers & Xxxxxxx") (i) on the date of this Agreement, a letter,
dated as of such date, substantially in the form of the draft to which
the Underwriters have previously agreed, and (ii) on the Closing Date,
a letter, dated as of the Closing Date, updating the letter referred
to in clause (i) above, which letters shall in each case be in form
and substance satisfactory to the Underwriters and counsel for the
Underwriters.
(b) If the Effective Time is not prior to the execution
and delivery of this Agreement, the Effective Time shall have occurred
not later than 10:00 P.M., New York City time, on the date of this
Agreement or such later date as shall have been consented to by the
Underwriters. If the Effective Time is prior to the execution and
delivery of this Agreement, the Prospectus shall have been filed with
the Commission in accordance with the Rules and Regulations and
Section 5(a) hereof. Prior to the Closing Date, no stop order
suspending the effectiveness of the Registration Statement shall have
been issued and no proceedings for that purpose shall have been
instituted or, to the knowledge of the Seller or the Underwriters,
shall be contemplated by the Commission.
(c) The Underwriters shall have received an officer's
certificate dated the Closing Date by the President, any Vice
President, the Treasurer or the Secretary of (i) the Seller
representing and warranting to the Underwriters that, as of the
Closing Date, the representations and warranties of the Seller in the
Sale and Servicing Agreement are true and correct and (ii) Fleetwood
Credit representing and warranting that, as of the Closing Date, the
representations and warranties of Fleetwood Credit in the Sale and
Servicing Agreement are true and correct.
(d) The Underwriters shall have received an opinion of
Xxxxxxx X. Xxxxx, Esq., Senior Vice President and Assistant General
Counsel to the Seller, or, insofar as such matters relate to
California law, Xxxxxxxx, Xxxxxxxxxx & Xxxxx LLP, addressed to
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the Underwriters, the Rating Agencies and the Trustees, dated the
Closing Date and satisfactory in form and substance to the
Underwriters and counsel for the Underwriters, substantially to the
effect that:
(i) The Seller has been duly incorporated and is
validly existing as a corporation in good standing under the
laws of the State of California with full power and authority
(corporate and other), and has obtained all necessary licenses
and approvals, to own its properties and conduct its business
as presently conducted by it, and to enter into and perform
its obligations under the Sale and Servicing Agreement, the
Receivables Purchase Agreement, the Indenture and the Trust
Agreement (collectively, the "Basic Documents"), this
Agreement and the Securities and, assuming no change in law or
factual circumstance (as confirmed in the Officer's
Certificates to be delivered as of each Subsequent Transfer
Date), will have such power and authority with regard to each
Transfer Agreement, and had at all relevant times, now has,
and on each Subsequent Transfer Date will have, the power,
authority and legal right to acquire, own and sell the Initial
Receivables and the Subsequent Receivables.
(ii) The Seller has obtained all necessary
licenses and approvals to conduct its business as presently
conducted in California and does not currently conduct
business in any other state in which a Receivable was
originated and does not need any licenses or approvals from
any of such other states for purposes of the transactions
contemplated by the Basic Documents, each Transfer Agreement
and this Agreement.
(iii) This Agreement has been duly authorized,
executed and delivered by the Seller and constitutes the
legal, valid and binding agreement of the Seller, enforceable
in accordance with its terms, except that (A) the
enforceability hereof may be subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors' rights, (B)
the remedies of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses
and to the discretion of the court before which any proceeding
therefor may be brought and (C) rights to indemnity and
contribution hereunder may be limited by federal or state
securities laws or the public policies underlying such laws.
(iv) Each Basic Document has been and, assuming no
change in law or factual circumstance (as confirmed in the
Officer's Certificates to be delivered as of each Subsequent
Transfer Date), each Transfer Agreement will be, duly
authorized, executed and delivered by the Seller and
constitutes the legal, valid and binding obligation of the
Seller, enforceable in accordance with its terms, except that
(A) the enforceability thereof may be subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors' rights and
(B) the remedies of specific performance and injunctive and
other forms of equitable relief may be subject to equitable
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defenses and to the discretion of the court before which any
proceeding therefor may be brought.
(v) At the time of execution and delivery of the
Sale and Servicing Agreement, the Seller had the power and
authority to transfer the Initial Receivables and such other
property being transferred to the Trust pursuant to the Sale
and Servicing Agreement and to cause the Securities to be sold
and transferred to the Underwriters.
(vi) The Registration Statement has become
effective under the Act, and, to the best knowledge of such
counsel, no stop order suspending the effectiveness of the
Registration Statement has been issued and no proceedings for
that purpose have been instituted or are pending or
contemplated under the Act, and the Registration Statement and
the Prospectus, and each amendment or supplement thereto, as
of their respective effective or issue dates, complied as to
form in all material respects with the requirements of the Act
and the Rules and Regulations; such counsel has no reason to
believe that either the Registration Statement, at the
Effective Time, or any such amendment or supplement, as of its
effective date, contained any untrue statement of a material
fact or omitted to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, or that the Prospectus, at the date of this
Agreement, or any such amendment or supplement, as of its
respective date, or at the Closing Date, included or includes
an untrue statement of a material fact or omitted or omits to
state a material fact necessary in order to make the
statements therein, in the light of the circumstances under
which they were made, not misleading; it being understood that
such counsel need express no opinion as to the financial
statements or other financial or statistical data contained in
the Registration Statement or the Prospectus.
(vii) Neither the transfer of the Initial
Receivables or, assuming no change in law or factual
circumstance (as confirmed in the Officer's Certificates to be
delivered as of each Subsequent Transfer Date), the Subsequent
Receivables to the Trust, nor the assignment of the security
interest of the Seller in the Financed Vehicles, nor the
issuance and delivery of the Securities, nor the sale of the
Securities, nor the execution and delivery of the Basic
Documents, this Agreement, or, assuming no change in law or
factual circumstance (as confirmed in the Officer's
Certificates to be delivered as of each Subsequent Transfer
Date), any Transfer Agreement, nor the consummation of any
other of the transactions contemplated herein or in the Basic
Documents or in any Transfer Agreement, or the fulfillment of
the terms of the Securities, the Basic Documents or this
Agreement by the Seller will conflict with, or result in a
breach, violation or acceleration of, or constitute a default
under, any term or provision of the articles of incorporation
or bylaws of the Seller or, to the best knowledge of such
counsel, of any indenture or other agreement or instrument to
which the Seller is a party or by which it is bound or any of
its properties may be subject, or result in a
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violation of or contravene the terms of any statute, order or
regulation applicable to the Seller of any court, regulatory
body, administrative agency or governmental body having
jurisdiction over the Seller or its properties.
(viii) The Securities have been duly and validly
authorized and, when executed, authenticated and delivered to
the Underwriters against payment of the consideration therefor
determined in accordance with this Agreement, will be duly and
validly issued and outstanding and will be entitled to the
benefits of the Basic Documents.
(ix) The Seller has, and pursuant to the Sale and
Servicing Agreement is transferring to the Trust ownership of
the Initial Receivables, in each case free and clear of any
and all other assignments, encumbrances, options, rights,
claims, liens or security interests that may affect the rights
of the Seller or the Owner Trustee in and to such Receivables;
provided, however, that (A) such counsel need express no
opinion with respect to the enforceability of any individual
Receivable or the existence of any claims, rights or other
matters that are not of record in favor of the related Obligor
or the owner of the related Financed Vehicle, (B) such opinion
may be limited to the extent that any one or more of the
Initial Receivables could be subject to claims of creditors of
the dealers that may have originated certain of the Initial
Receivables to the extent such creditors can claim the
benefits of a security interest in such Receivables either by
reason of the filing of a financing statement with respect to
chattel paper of such dealer or as proceeds from the sale of
inventory in which such creditor had a security interest, (C)
such opinion may be further limited to the extent that any
such transfer may be subject to the rights of other persons
who take, or have taken, possession of any of the Initial
Receivables without knowledge of the transfer to the Trust and
(D) such counsel need express no opinion as to the existence
of tax liens, mechanics' liens or other security interests and
liens that are not of record.
(x) The Securities, each Basic Document, the form
of Transfer Agreement attached as an exhibit to the Sale and
Servicing Agreement and this Agreement each conform in all
material respects with the description thereof contained in
the Registration Statement and the Prospectus.
(xi) The statements in the Registration Statement
and Prospectus under the heading "Certain Legal Aspects of the
Receivables," to the extent that they constitute matters of
law or legal conclusions with respect thereto, have been
prepared or reviewed by such counsel and are correct in all
material respects.
(xii) The Sale and Servicing Agreement is not
required to be qualified under the Trust Indenture Act of
1939, as amended, and the Trust created by the Trust Agreement
is not required to be registered under the Investment Company
Act of 1940, as amended.
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(xiii) No consent, approval, authorization or order
of any court or governmental agency or body is required for
the consummation by the Seller of the transactions
contemplated in this Agreement, the Basic Documents or any
Transfer Agreement except such as may be required under
federal or state securities laws in connection with the
purchase by the Underwriters of the Securities, filings with
respect to the transfer of the Receivables to Fleetwood
Credit, filings with respect to the transfer of the
Receivables by Fleetwood Credit to the Seller pursuant to the
Receivables Purchase Agreement and the related Transfer
Agreement, and by the Seller to the Trust pursuant to the Sale
and Servicing Agreement and the related Transfer Agreement and
such other approvals as have been obtained.
(xiv) There are no actions, proceedings or
investigations pending or, to the best knowledge of such
counsel after due inquiry, threatened before any court,
administrative agency or other tribunal (A) asserting the
invalidity of this Agreement, any Basic Document, any Transfer
Agreement or the Securities, (B) seeking to prevent the
issuance of the Securities or the consummation of any of the
transactions contemplated by this Agreement, the Basic
Documents or any Transfer Agreement, (C) that might materially
and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, this
Agreement, any Basic Document, any Transfer Agreement or the
Securities or (D) seeking to adversely affect the federal
income tax attributes of the Securities as described in the
Prospectus under the heading "Certain Federal Income Tax
Consequences."
(e) The Underwriters shall have received an opinion of
Xxxxxxx X. Xxxxx, Esq., Senior Vice President and Assistant General
Counsel of Fleetwood Credit, or, insofar as such matters relate to
California law, Xxxxxxxx, Xxxxxxxxxx & Xxxxx LLP, addressed to the
Underwriters, the Rating Agencies and the Trustees, dated the Closing
Date and satisfactory in form and substance to the Underwriters and
counsel for the Underwriters, and substantially to the effect that:
(i) Fleetwood Credit has been duly incorporated
and is validly existing as a corporation in good standing
under the laws of the State of California with full power and
authority (corporate and other), and has obtained all
necessary licenses and approvals, to own its properties and
conduct its business as presently conducted by it, and to
enter into and perform its obligations under the Basic
Documents, this Agreement and the Securities and, assuming no
change in law or factual circumstance (as confirmed in the
Officer's Certificates to be delivered as of each Subsequent
Transfer Date), any Transfer Agreement, and had at all
relevant times, now has, and on each Subsequent Transfer Date
will have, the power, authority and legal right to acquire,
own, sell and service the Receivables.
(ii) Fleetwood Credit is duly qualified to do
business and in good standing, and has obtained all necessary
licenses and approvals to conduct its
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business as presently conducted in California and each other
state in which an Initial Receivable was originated.
(iii) At the time of the execution and delivery of
the Receivables Purchase Agreement, Fleetwood Credit had the
power and authority to transfer to the Seller the Initial
Receivables and other property of the Trust being transferred
to the Seller.
(iv) Neither the transfer of the Initial
Receivables or, assuming no change in law or factual
circumstance (as confirmed in the Officer's Certificates to be
delivered as of each Subsequent Transfer Date), the Subsequent
Receivables to the Seller, nor the assignment of the security
interest of Fleetwood Credit in the Financed Vehicles, nor the
issuance and delivery of the Securities, nor the sale of the
Securities to the Underwriters, nor the execution and delivery
of the Basic Documents, this Agreement or, assuming no change
in law or factual circumstance (as confirmed in the Officer's
Certificates to be delivered as of each Subsequent Transfer
Date), any Transfer Agreement, nor the consummation of any
other of the transactions contemplated herein, in the Basic
Documents or any Transfer Agreement, nor the fulfillment of
the terms of the Securities, the Basic Documents, this
Agreement or the Transfer Agreement by Fleetwood Credit will
conflict with, or result in a breach, violation or
acceleration of, or constitute a default under, any term or
provision of the articles of incorporation or bylaws of
Fleetwood Credit or, to the best knowledge of such counsel, of
any indenture or other agreement or instrument to which
Fleetwood Credit is a party or by which it is bound or any of
its properties may be subject, or result in a violation of, or
contravene the terms of any statute, order or regulation,
applicable to Fleetwood Credit of any court, regulatory body,
administrative agency or governmental body having jurisdiction
over it or its properties.
(v) Fleetwood Credit has, and is transferring to
the Seller, ownership of the Initial Receivables and, assuming
no change in law or factual circumstance and the performance
of certain specified procedures (as confirmed in the Officer's
Certificates to be delivered as of each Subsequent Transfer
Date), will transfer to the Seller ownership of the Subsequent
Receivables, in each case, free and clear of any and all other
assignments, encumbrances, options, rights, claims, liens or
security interests that may affect the rights of Fleetwood
Credit or the Seller in and to such Receivables; provided,
however, that (A) such counsel need express no opinion with
respect to the enforceability of any individual Receivable or
the existence of any claims, rights or other matters that are
not of record in favor of the related Obligor or the owner of
the related Financed Vehicle, (B) such opinion may be limited
to the extent that any one or more of the Receivables could be
subject to claims of creditors of the dealers that may have
originated certain of the Receivables to the extent such
creditors can claim the benefits of a security interest in
such Receivables either by reason of the filing of a financing
statement with respect to chattel paper of such dealer or as
proceeds from the sale of
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inventory in which such creditor had a security interest, (C)
such opinion may be further limited to the extent that any
such transfer may be subject to the rights of other persons
who take, or have taken, possession of any of the Receivables
without knowledge of the transfer to the Seller and (D) such
counsel need express no opinion as to the existence of tax
liens, mechanics' liens or other security interests and liens
that are not of record.
(vi) This Agreement has been duly authorized,
executed and delivered by Fleetwood Credit and constitutes the
legal, valid and binding agreement of Fleetwood Credit,
enforceable in accordance with its terms, except that (A) the
enforceability thereof may be subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors' rights, (B)
the remedies of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses
and to the discretion of the court before which any proceeding
therefor may be brought and (C) rights to indemnity and
contribution thereunder may be limited by federal or state
securities laws or the public policies underlying such laws.
(vii) Each Basic Document has been and, assuming no
change in law or factual circumstance and the performance of
certain specified procedures (as confirmed in the Officer's
Certificates to be delivered as of each Subsequent Transfer
Date), the related Transfer Agreement will be duly authorized,
executed and delivered by Fleetwood Credit and constitutes the
legal, valid and binding obligation of Fleetwood Credit,
enforceable in accordance with its terms, except that (A) the
enforceability thereof may be subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors' rights and
(B) the remedies of specific performance and injunctive and
other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any
proceeding therefor may be brought.
(viii) No consent, approval, authorization or order
of any court or governmental agency or body is required for
the consummation by Fleetwood Credit of the transactions
contemplated in this Agreement, the Basic Documents or any
Transfer Agreement except filings with respect to the transfer
of the Receivables by Fleetwood Credit to the Seller pursuant
to the Receivables Purchase Agreement and each Transfer
Agreement, and such other approvals as have been obtained.
(ix) There are no actions, proceedings or
investigations pending or, to the best of such counsel's
knowledge after due inquiry, threatened before any court,
administrative agency or other tribunal (A) asserting the
invalidity of this Agreement, any Basic Document, any Transfer
Agreement or the Securities, (B) seeking to prevent the
issuance of the Securities or the consummation of any of the
transactions contemplated by this Agreement, the Basic
Documents or any
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Transfer Agreement, (C) that might materially and adversely
affect the performance by Fleetwood Credit of its obligations
under, or the validity or enforceability of, this Agreement,
any Basic Document, any Transfer Agreement or the Securities
or (D) seeking to affect adversely the federal income tax
attributes of the Securities as described in the Prospectus
under the heading "Certain Federal Income Tax Consequences."
(f) The Underwriters shall have received an opinion of
Xxxxx & Xxxxxx LLP, special counsel to the Seller, addressed to the
Underwriters, the Rating Agencies and the Trustees, dated the Closing
Date and satisfactory in form and substance to the Underwriters and
counsel for the Underwriters, to the effect that the Trust will not be
classified as an association taxable as a corporation for federal
income tax purposes and, instead, under subpart E, part I of
subchapter J of the Internal Revenue Code of 1986, as amended, the
Trust will be treated as a grantor trust.
(g) The Underwriters shall have received an opinion of
Xxxxx & Xxxxxx LLP, special income tax counsel to the Seller, dated
the Closing Date and satisfactory in form and substance to the
Underwriters, to the effect that the statements in the Registration
Statement and Prospectus under the headings "Certain Federal Income
Tax Considerations" and "ERISA Considerations," to the extent that
they constitute matters of law or legal conclusions with respect
thereto, have been prepared or reviewed by such counsel and are
correct in all material respects.
(h) The Underwriters shall have received an opinion of
Xxxxx & Xxxxxx LLP, special counsel to the Seller, addressed to the
Underwriters and the Rating Agencies, dated the Closing Date, with
respect to the characterization of the transfer of the Initial
Receivables and, assuming no change in law or factual circumstance (as
confirmed in the Officer's Certificate to be delivered as of each
Subsequent Transfer Date), the Subsequent Receivables, as a sale, in
substantially a form acceptable to the Underwriters.
(i) The Underwriters shall have received the opinion of
Xxxxxxxx, Xxxxxxxxxx & Xxxxx LLP, special California counsel to the
Seller and Fleetwood Credit, addressed to the Underwriters, the Rating
Agencies and the Trustees, dated the Closing Date and satisfactory in
form and substance to the Underwriters and counsel for the
Underwriters to the effect that:
(i) As to each security interest in a Financed
Vehicle created by a Receivable originated in California
(each, a "California Receivable"), notwithstanding that each
such California Receivable may not be stamped to reflect its
transfer to the Trust, nor will the certificate of ownership
be so stamped or re-registered to reflect the transfer of the
California Receivable to the Trust, the Owner Trustee will
have a perfected security interest in each such Financed
Vehicle which will be prior in right to any other security
interest in a Financed Vehicle that is or would be perfected
solely by notation of such security interest on the
certificate of ownership for the Financed Vehicle, and no
filing or other
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action is necessary to perfect or continue the priority status
of such security interest as against creditors of or
transferees from the Obligor under such California Receivable
or the Owner Trustee, so long as such Financed Vehicle is not
removed from the State of California for a period longer than
four months or before the end of such four-month period, such
security interest is duly perfected under applicable law.
(ii) The California Receivables constitute
"chattel paper" as such term is defined in the California UCC.
(iii) The California Receivables, assuming each is
full and correctly completed as required by applicable law,
constitutes the valid, legal and binding obligation of the
Obligor as to each such California Receivable enforceable
against each such Obligor in accordance with its term, to the
extent the enforcement of remedies is reasonably necessary to
protect the interests of the parties.
(iv) Assuming the validity, binding effect and
enforceability in all other respects, the preprinted parts of
the California Receivables are in sufficient compliance with
federal and California consumer protection laws so as not to
be rendered void or voidable at the election of the related
Obligor.
(v) The Trust will not be classified as an
association (or a publicly traded partnership) taxable as a
corporation for California income tax purposes
(j) The Underwriters shall have received the opinion of
________, special Texas counsel to the Seller and Fleetwood Credit, or
such other counsel acceptable to the Underwriters, addressed to the
Underwriters, the Rating Agencies and the Trustees, dated the Closing
Date and satisfactory in form and substance to the Underwriters and
counsel for the Underwriters to the effect that:
(i) As to each security interest in a Financed
Vehicle created by an Initial Receivable originated in Texas
(each, a "Texas Receivable"), notwithstanding that each such
Texas Receivable may not be stamped to reflect its transfer to
the Trust, nor will the certificate of ownership be so stamped
or re-registered to reflect the transfer of the Texas
Receivable to the Trust, the Owner Trustee will have a
perfected security interest in each such Financed Vehicle
which will be prior in right to any other security interest in
a Financed Vehicle that is or would be perfected solely by
notation of such security interest on the certificate of
ownership for the Financed Vehicle, and no filing or other
action is necessary to perfect or continue the priority status
of such security interest as against creditors of or
transferees from the Obligor under such Texas Receivable or
the Owner Trustee, so long as such Financed Vehicle is not
removed from the State of Texas for a period longer than four
months or before the end of such four-month period, such
security interest is duly perfected under applicable law.
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(ii) The Texas Receivables constitute "chattel
paper" as such term is defined in the Texas UCC.
(iii) The Texas Receivables, assuming each is full
and correctly completed as required by applicable law,
constitutes the valid, legal and binding obligation of the
Obligor as to each such Texas Receivable enforceable against
each such Obligor in accordance with its terms, subject to
applicable bankruptcy and equitable principle exceptions, to
the extent the enforcement of remedies is reasonably necessary
to protect the interests of the parties.
(iv) Assuming the validity, binding effect and
enforceability in all other respects, the preprinted parts of
the Texas Receivables are in sufficient compliance with
federal and Texas consumer protection laws so as not to be
rendered void or voidable at the election of the related
Obligor.
(k) The Underwriters shall have received an opinion of
counsel to the Owner Trustee, addressed to the Underwriters, the
Seller and Fleetwood Credit, dated the Closing Date and satisfactory
in form and substance to the Underwriters and counsel for the
Underwriters to the effect that:
(i) The Owner Trustee has been duly incorporated
and is validly existing as a _______________ in good standing
under the laws of the State of Delaware with full power and
authority (corporate and other) to own its properties and
conduct its business, as presently conducted by it, and to
enter into and perform its obligations under the Basic
Documents to which it is a party and, assuming no change in
law or factual circumstance, will have such power and
authority to enter into and to perform its obligations under
each Transfer Agreement.
(ii) The Sale and Servicing Agreement has been,
and each Transfer Agreement will be, duly authorized, executed
and delivered by the Owner Trustee, and constitutes a legal,
valid and binding obligation of the Owner Trustee, enforceable
in accordance with its terms, except that (A) the
enforceability thereof may be subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors' rights and
(B) the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any
proceeding therefor may be brought.
(iii) The Certificates have been duly executed,
authenticated and delivered by the Owner Trustee.
(iv) Neither the execution or delivery by the
Owner Trustee of the Sale and Servicing Agreement and each
Transfer Agreement, nor the consummation of any of the
transactions by the Owner Trustee contemplated thereby,
require the
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consent or approval of, the giving of notice to, the
registration with or the taking of any other action with
respect to, any governmental authority or agency under any
existing federal or state law governing the banking or trust
powers of the Owner Trustee.
(l) The Underwriters shall have received an opinion of
Xxxxx & Wood LLP, addressed to the Underwriters and dated the Closing
Date, with respect to the validity of the Securities and such other
related matters as the Underwriters shall request, and the Seller and
Fleetwood Credit shall have furnished or caused to be furnished to
such counsel such documents as they may reasonably request for the
purpose of enabling them to pass upon such matters.
(m) The Underwriters shall have received a reliance
letter to each opinion rendered to either Rating Agency in connection
with the rating of the Securities, to the extent that any such opinion
is not otherwise addressed to the Underwriters and covered by Section
6(d) through 6(l).
(n) The Underwriters shall have received a certificate
dated the Closing Date of the President, any Vice President, the
Treasurer or the Secretary of (i) the Seller, in which such officer
shall state that, to the best of his knowledge after reasonable
investigation, the representations and warranties of the Seller in
this Agreement are true and correct, the Seller has complied with all
agreements and satisfied all conditions on its part to be performed or
satisfied hereunder at or prior to the Closing Date and that no stop
order suspending the effectiveness of the Registration Statement has
been issued and no proceedings for that purpose have been instituted
or are contemplated by the Commission, and (ii) Fleetwood Credit, in
which such officer shall state that, to the best of his knowledge
after reasonable investigation, the representations and warranties of
Fleetwood Credit in this Agreement are true and correct and that
Fleetwood Credit has complied with all agreements and satisfied all
conditions on its part to be performed or satisfied hereunder.
(o) The Notes shall be rated "Aaa" by Xxxxx'x and "AAA"
by Standard & Poor's.
(p) The Certificates shall be rated at least "A2" by
Xxxxx'x and "A" by Standard & Poor's.
The Seller will provide or cause to be provided to the Underwriters
such conformed copies of such opinions, certificates, letters and documents as
the Underwriters may reasonably request, including those delivered to the
Rating Agencies.
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7. Indemnification.
(a) Each of the Seller and Fleetwood Credit agrees, jointly and
severally, to indemnify and hold harmless each Underwriter and each person, if
any, who controls any Underwriter within the meaning of Section 15 of the Act
as follows:
(i) against any and all loss, liability, claim, damage
and expense, as incurred, arising out of any untrue statement or
alleged untrue statement of a material fact contained in the
Registration Statement (or any amendment thereto), including the
information deemed to be part of the Registration Statement pursuant
to Rule 430A(b) of the Rules and Regulations, if applicable, or the
omission or alleged omission therefrom of a material fact required to
be stated therein or necessary to make the statements therein not
misleading or arising out of any untrue statement or alleged untrue
statement of a material fact contained in any preliminary prospectus
or the Prospectus (or any amendment or supplement thereto) or the
omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the
circumstances under which they were made, not misleading;
(ii) against any and all loss, liability, claim, damage
and expense, as incurred, to the extent of the aggregate amount paid
in settlement of any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or of any
claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, if such settlement is
effected with the written consent of the Seller and Fleetwood Credit;
and
(iii) against any and all expense whatsoever, as incurred
(including, subject to Section 7(c) hereof, the fees and disbursements
of counsel chosen by the Underwriters), reasonably incurred in
investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under clause
(i) or (ii) above;
provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Seller by the
Underwriters expressly for use in the Registration Statement (or any amendment
thereto) or any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto); and provided further, that neither the Seller nor
Fleetwood Credit shall be liable to any Underwriter under the indemnity
agreement in this subsection with respect to any Preliminary Prospectus to the
extent that any such loss, liability, claim, damage or expense of such
Underwriter results from the fact that such Underwriter sold Securities to a
person as to whom it shall be established that there was not sent or given, at
or prior to written confirmation of such sale, a copy of the Prospectus or of
the Prospectus as then amended or supplemented in any case where such delivery
is required by the Act if the Seller or Fleetwood Credit previously
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furnished copies thereof in the quantity requested in accordance with Section
5(e) hereof to such Underwriter and the loss, liability, claim, damage or
expense of such Underwriter results from an untrue statement or omission of a
material fact contained in the Preliminary Prospectus and corrected in the
Prospectus or the Prospectus as then amended or supplemented.
(b) Each Underwriter severally agrees to indemnify and hold
harmless the Seller and Fleetwood Credit, each of their respective directors,
each of their respective officers who signed the Registration Statement, and
each person, if any, who controls either the Seller or Fleetwood Credit within
the meaning of Section 15 of the Act against any and all loss, liability,
claim, damage and expense described in the indemnity contained in subsection
(a) of this Section, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto) or any preliminary prospectus or the
Prospectus (or any amendment or supplement thereto), in reliance upon and in
conformity with written information furnished to the Seller by the Underwriters
expressly for use in the Registration Statement (or any amendment thereto) or
such preliminary prospectus or the Prospectus (or any amendment or supplement
thereto).
(c) Each indemnified party shall give notice as promptly as
reasonably practicable to each indemnifying party of any action commenced
against it with respect to which indemnity may be sought hereunder, but failure
to so notify an indemnifying party shall not relieve such indemnified party
from any liability which it may have other than on account of this indemnity
agreement. An indemnifying party may participate at its own expense in the
defense of such action. In no event shall the indemnifying parties be liable
for the fees and expenses of more than one counsel (in addition to any local
counsel) separate from their own counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in
the same jurisdiction arising out of the same general allegations or
circumstances.
8. Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
Section 7 hereof is for any reason held to be unenforceable by the indemnified
parties although applicable in accordance with its terms, the Seller, Fleetwood
Credit and the Underwriters shall contribute to the aggregate losses,
liabilities, claims, damages and expenses of the nature contemplated by said
indemnity agreement incurred by the Seller, Fleetwood Credit and the
Underwriters, as incurred, in such proportions that the Underwriters are
responsible for that portion represented by the percentage that the aggregate
underwriting discounts appearing on the cover page of the Prospectus bears to
the aggregate initial public offering prices of the Securities appearing
thereon and the Seller and Fleetwood Credit are responsible for the balance.
Notwithstanding the provisions of this Section, no Underwriter shall be
required to contribute any amount in excess of the amount by which the total
price at which the Securities underwritten by it and distributed to the public
were offered to the public exceeds the amount of any damages which such
Underwriter has otherwise been required to pay by reason of any such untrue or
alleged untrue statement or omission or alleged omission and no person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. For purposes of this Section, each person,
if any, who controls an Underwriter within the meaning of Section 15 of the Act
shall have the same rights to
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contribution as such Underwriter, and each director of the Seller and Fleetwood
Credit, each officer of the Seller who signed the Registration Statement and
each person, if any, who controls either the Seller or Fleetwood Credit within
the meaning of Section 15 of the Act shall have the same rights to contribution
as the Seller or Fleetwood Credit, as the case may be.
9. Survival of Certain Representations and Obligations. The
respective indemnities, agreements, representations, warranties and other
statements of the Seller and Fleetwood Credit or their respective officers and
of the Underwriters set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation or statement as to
the results thereof, made by or on behalf of any Underwriter, the Seller,
Fleetwood Credit or any of their respective representatives, officers or
directors or any controlling person, and will survive delivery of and payment
for the Securities. If for any reason the purchase of the Securities by the
Underwriters is not consummated, the Seller and Fleetwood Credit shall remain
responsible for the expenses to be paid or reimbursed by the Seller and
Fleetwood Credit pursuant to Section 5(i) hereof and the respective obligations
of the Seller, Fleetwood Credit and the Underwriters pursuant to Section 7
hereof shall remain in effect. The indemnification and contribution agreements
contained in Section 7 hereof shall survive the termination and cancellation of
this Agreement. If for any reason (other than solely by reason of the
termination of this Agreement because of a failure to satisfy the conditions
set forth in items (iii), (iv) or (v) of Section 9 hereof), the purchase of the
Securities by the Underwriters is not consummated, the Seller and Fleetwood
Credit will reimburse the Underwriters for all out-of-pocket expenses
(including fees and disbursements of counsel) reasonably incurred by them in
connection with the offering of the Securities.
10. Termination of Agreement. The Underwriters may terminate
this Agreement, by notice to the Seller and Fleetwood Credit, at any time prior
to or at the Closing Date (i) if there has been, since the date of this
Agreement or since the respective dates as of which information is given in the
Registration Statement, any material adverse change in the condition, financial
or otherwise, or in the earnings, business affairs or business prospects of the
Seller or Fleetwood Credit, whether or not arising in the ordinary course of
business; (ii) if there has occurred any downgrading in the rating of the debt
securities of the Seller or Fleetwood Credit by any "nationally recognized
statistical rating organization" (as such term is defined for purposes of Rule
436(g) under the Act), or any public announcement that any such organization
has under surveillance or review its rating of any debt securities of the
Seller or Fleetwood Credit (other than an announcement with positive
implications of a possible upgrading, and no implication of a possible
downgrading, of such rating); (iii) if there has occurred any material adverse
change in the financial markets in the United States or any outbreak of
hostilities or other calamity or crisis, the effect of which is such as to make
it, in the reasonable judgment of the Underwriters, impracticable to market the
Securities or to enforce contracts for the sale of the Securities; (iv) if
trading generally on either the American Stock Exchange or the New York Stock
Exchange has been suspended, or minimum or maximum prices for trading have been
fixed, or maximum ranges for prices for securities have been required, by
either of said Exchanges or by order of the Commission or any other
governmental authority; or (v) if a banking moratorium has been declared by
federal, New York or California authorities.
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11. Default By an Underwriter. If one of the Underwriters shall
fail at the Closing Date to purchase the Securities which it is obligated to
purchase under this Agreement (the "Defaulted Securities"), the Representative
shall have the right, but not the obligation, within 24 hours thereafter, to
make arrangements for the non-defaulting Underwriter, or any other underwriter,
to purchase all, but not less than all, of the Defaulted Securities in such
amounts as may be agreed upon and upon the terms herein set forth; if, however,
the Representative shall not have completed such arrangements within such
24-hour period, then:
(a) if the aggregate principal amount of Defaulted
Securities does not exceed 10% of the total aggregate principal amount
of the Securities, the non-defaulting Underwriter shall be obligated
to purchase the full amount thereof, or
(b) if the aggregate principal amount of Defaulted
Securities exceeds 10% of the total aggregate principal amount of the
Securities, this Agreement shall terminate without liability on the
part of the non-defaulting Underwriter.
No action pursuant to this Section shall relieve any defaulting
Underwriter from liability in respect of its default.
In the event of any such default which does not result in a
termination of this Agreement, either the Representative or the Seller shall
have the right to postpone the Closing Date for a period not exceeding seven
days in order to effect any required changes in the Registration Statement or
Prospectus or in any other documents or arrangement.
12. Notices. All communications hereunder will be in writing and,
if sent to (i) the Underwriters, will be mailed, delivered or sent by facsimile
and confirmed to them at ____________, Attention: _______________ (facsimile
number (___) ___-____); (ii) the Seller, will be mailed, delivered or sent by
facsimile and confirmed to it at Fleetwood Credit Receivables Corp., 00000 Xxxx
Xxxxx Xxxxxxx, Xxxxx Xxxxx, Xxxxxxxxxx 00000, Attention: Senior Vice President
(facsimile number (000) 000-0000); or (iii) Fleetwood Credit, will be mailed,
delivered or sent by facsimile and confirmed to it at Fleetwood Credit Corp.,
00000 Xxxx Xxxxx Xxxxxxx, Xxxxx Xxxxx, Xxxxxxxxxx 00000, Attention: Senior
Vice President (facsimile number (000) 000-0000).
13. Successors. This Agreement will inure to the benefit of and
be binding upon the parties hereto and their respective successors and the
officers and directors and controlling persons referred to in Section 7 hereof,
and no other person will have any right or obligation hereunder.
14. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement.
15. Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of California.
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If the foregoing is in accordance with your understanding of our
agreement, kindly sign and return to us one of the counterparts duplicate
hereof, whereupon it will become a binding agreement between the Seller and
Fleetwood Credit and the Underwriters in accordance with its terms.
Very truly yours,
FLEETWOOD CREDIT CORP.
By:
-------------------------------------
Name:
Title:
FLEETWOOD CREDIT RECEIVABLES CORP.
By:
-------------------------------------
Name:
Title:
CONFIRMED AND ACCEPTED,
as of the date first above written:
,
----------------------------
For itself and as Representative of
the Underwriters
By:
------------------------------
Name:
Title:
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SCHEDULE A
Principal Amount of Principal Amount of
Underwriter Class A-1 Notes Class A-2 Notes
----------- ------------------- -------------------
. . . . . . . . . . . $ $
------------------ ------------------ ------------------
. . . . . . . . . . .
------------------ ------------------ ------------------
Total $ $
================== ==================
Principal Amount of Principal Amount of
Class A-3 Notes Certificates
------------------- -------------------
. . . . . . . . . . . $ $
------------------ ------------------ ------------------
. . . . . . . . . . .
------------------ ------------------ ------------------
Total $ $
================== ==================
A-1
