Attached files
file | filename |
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EX-32.1 - EX-32.1 - PHH CORP | y84313exv32w1.htm |
EX-32.2 - EX-32.2 - PHH CORP | y84313exv32w2.htm |
EX-31.2 - EX-31.2 - PHH CORP | y84313exv31w2.htm |
EX-31.1 - EX-31.1 - PHH CORP | y84313exv31w1.htm |
EX-4.4.5 - EX-4.4.5 - PHH CORP | y84313exv4w4w5.htm |
EX-4.4.9 - EX-4.4..9 - PHH CORP | y84313exv4w4w9.htm |
EX-4.4.8 - EX-4.4.8 - PHH CORP | y84313exv4w4w8.htm |
EX-4.4.6 - EX-4.4.6 - PHH CORP | y84313exv4w4w6.htm |
EX-4.4.7 - EX-4.4.7 - PHH CORP | y84313exv4w4w7.htm |
EX-4.4.3 - EX-4.4.3 - PHH CORP | y84313exv4w4w3.htm |
EX-4.4.4 - EX-4.4.4 - PHH CORP | y84313exv4w4w4.htm |
EX-4.4.11 - EX-4.4.11 - PHH CORP | y84313exv4w4w11.htm |
EX-4.4.10 - EX-4.4.10 - PHH CORP | y84313exv4w4w10.htm |
EX-10.1.3 - EX-10.1.3 - PHH CORP | y84313exv10w1w3.htm |
EX-4.4.13 - EX-4.4.13 - PHH CORP | y84313exv4w4w13.htm |
10-Q - FORM 10-Q - PHH CORP | y84313e10vq.htm |
Exhibit 4.4.12
SERIES 2010-1 FLOATING RATE ASSET BACKED VARIABLE FUNDING
INVESTOR NOTE, CLASS A
INVESTOR NOTE, CLASS A
CHESAPEAKE FUNDING LLC, a limited liability company formed under the laws of the State of
Delaware (the Issuer), for value received, hereby promises to pay to , [as Funding
Agent], or registered assigns, the principal sum of (a) $[ ] or, if less, (b) the
outstanding Purchaser Group Invested Amount for the related Purchaser Group, which principal sum
shall be payable in the amounts and at the times set forth in the Indenture described herein,
provided, however, that the entire unpaid principal amount of this Class A Investor
Note shall be due on the Final Maturity Date. The Issuer will pay interest on the outstanding
principal amount of this Class A Investor Note in accordance with the terms of the Indenture. Such
interest shall be payable on each Payment Date until the principal of this Class A Investor Note is
paid or made available for payment. The principal amount of this Class A Investor Note shall be
subject to Increases and Decreases on any Business Day as set forth in the Indenture, and
accordingly, such principal amount is subject to prepayment at any time. Prior to the commencement
of the Series 2010-1 Amortization Period, other than as a result of a Decrease, only interest
payments on the outstanding principal amount of the Class A Investor Note are required to be made
to the holder hereof. Beginning on the first Payment Date following the commencement of the Series
2010-1 Amortization Period, subject to Decreases on any Business Day, the principal of this Class A
Investor Note shall be paid in installments on each subsequent Payment Date to the extent of funds
available for payment therefor pursuant to the Indenture. Such principal of and interest on this
Class A Investor Note shall be paid in the manner specified on the reverse hereof.
The principal of and interest on this Class A Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this Class A Investor
Note shall be applied first to interest due and payable on this Class A Investor Note as provided
in the Indenture and then to the unpaid principal of this Class A Investor Note. This Class A
Investor Note does not represent an interest in, or an obligation of, PHH Vehicle Management
Services, LLC (VMS) or any affiliate of VMS other than the Issuer.
Reference is made to the further provisions of this Class A Investor Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this
Class A Investor Note. Although a summary of certain provisions of the Indenture are set forth
below and on the reverse hereof and made a part hereof, this Class A Investor Note does not purport
to summarize the Indenture and reference is made to the Indenture for information with respect to
the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Issuer and the Indenture Trustee. A copy of the Indenture may be
requested from the Indenture Trustee by writing to the Indenture Trustee at:
A-1
The Bank of New York
Mellon, 101 Barclay Street, Floor 4W, New York, New York 10286
Attention: Structured Finance Services Chesapeake Funding, Series 2010-1. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the
Indenture.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A Investor Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.
IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.
Date: | CHESAPEAKE FUNDING LLC |
|||
By: | ||||
Name: | ||||
Title: | ||||
TRUSTEES CERTIFICATE OF AUTHENTICATION
This is one of the Class A Investor Notes of a series issued under the within-mentioned
Indenture.
THE BANK OF NEW YORK MELLON, as Indenture Trustee |
||||
By: | ||||
Authorized Signature | ||||
REVERSE OF CLASS A INVESTOR NOTE
This Series 2010-1 Floating Rate Asset Backed Variable Funding Investor Note, Class A, is one
of a duly authorized issue of Series 2010-1 Investor Notes of Chesapeake Funding LLC (the
Issuer) designated its Series 2010-1 Floating Rate Asset Backed Variable Funding
Investor Notes, Class A (herein called the Class A Investor Notes), all issued under (i)
an Amended and Restated Base Indenture dated as of December 17, 2008 (such Base Indenture, as
amended or modified, is herein called the Base Indenture), between the Issuer and The
Bank of New York Mellon, as indenture trustee (the Indenture Trustee, which term includes
any successor Indenture Trustee under the Base Indenture), and (ii) a Series 2010-1 Indenture
Supplement dated as of June 1, 2010 (as amended or modified, the Series 2010-1 Indenture
Supplement) among the Issuer, PHH Vehicle Management Services, LLC, as Administrator, JPMorgan
Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, CP Conduit Purchaser Groups,
Funding Agents and Class B Note Purchasers named therein, and the Indenture Trustee. The Base
Indenture and the Series 2010-1 Indenture Supplement are referred to herein as the
Indenture. The Class A Investor Notes are subject to all terms of the Indenture. All
terms used in this Class A Investor Note that are defined in the Indenture, as supplemented,
modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as
so supplemented, modified or amended.
Subject to the subordination provisions of the Indenture, the Class A Investor Notes and the
Class B Investor Notes are and will be equally and ratably secured by the Series 2010-1 Collateral
pledged as security therefor as provided in the Indenture and the Series 2010-1 Indenture
Supplement.
Payment Date means the 7th day of each month, or, if such date is not a
Business Day, the next succeeding Business Day, commencing July 7, 2010.
Series 2010-1 Interest Period means a period commencing on and including a Payment
Date and ending on and including the day preceding the next succeeding Payment Date;
provided, however, that the initial Series 2010-1 Interest Period shall commence on
and include the Series 2010-1 Initial Funding Date and end on and include July 6, 2010.
As described above, principal of this Class A Investor Note shall be payable in the amounts
and at the times set forth in the Indenture, provided, however, the entire unpaid
principal amount of this Class A Investor Note shall be due and payable on the Final Maturity Date.
Notwithstanding the foregoing, principal on the Class A Investor Notes will be paid earlier during
the Series 2010-1 Amortization Period or as a result of a Decrease, each as described in the
Indenture. All principal payments on the Class A Investor Notes shall be made pro rata to the Class
A Investor Noteholders entitled thereto.
Payments of interest on this Class A Investor Note due and payable on each Payment Date,
together with the installment of principal then due, if any, and any
payments of principal made on any Business Day in respect of any Decrease, to the extent not
in full payment of this Class A Investor Note, shall be made by wire transfer to the Holder of
record of this Class A Investor Note (or one or more predecessor Class A Investor Notes) on the
Note Register as of the close of business on each Record Date. Any reduction in the principal
amount of this Class A Investor Note (or any one or more predecessor Class A Investor Notes)
effected by any payments made in accordance with the terms hereof and of the Indenture shall be
binding upon all future Holders of this Class A Investor Note and of any Class A Investor Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted thereon.
This Class A Note is nontransferable except in accordance with the Series 2010-1 Indenture
Supplement.
Each Class A Investor Noteholder, by acceptance of a Class A Investor Note, hereby covenants
and agrees that, prior to the date which is one year and one day after the later of (i) the last
day of the Series 2010-1 Amortization Period and (ii) the last day of the amortization period of
any other Outstanding Series, it will not institute against, or join any other Person in
instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or
similar law.
Each Class A Investor Noteholder, by acceptance of a Class A Investor Note, hereby covenants
and agrees that, prior to the date which is one year and one day after the payment in full of all
outstanding Commercial Paper issued by, or for the benefit of, a CP Conduit Purchaser, it will not
institute against, or join any other Person in instituting against, such CP Conduit Purchaser (or
the Person issuing Commercial Paper for the benefit of such CP Conduit Purchaser) any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other similar proceedings
under any federal or state bankruptcy or similar law.
Each Class A Investor Noteholder, by acceptance of a Class A Investor Note, hereby covenants
and agrees that, prior to the date which is one year and one day after payment in full of all
obligations under each Securitization, it will not institute against, or join any other Person in
instituting against, the Origination Trust, SPV, Holdings, any other Special Purpose Entity, or any
general partner or single member of any Special Purpose Entity that is a partnership or limited
liability company, respectively, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law.
Each Class A Investor Noteholder, by acceptance of a Class A Investor Note, hereby represents,
warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the
Delaware Code, 12 Del.C. § 3801 et seq., (b)(i) the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to the Lease
SUBI, the Lease SUBI Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not against any other SUBI
Portfolio or the
UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to any other SUBI (used in this paragraph as defined in the
Origination Trust Agreement), any other SUBI Portfolio (used in this paragraph as defined in the
Origination Trust Agreement), the UTI or the UTI Portfolio shall be enforceable against such other
SUBI Portfolio or the UTI Portfolio only, as applicable, and not against any other SUBI Assets, (c)
except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other
than the Lease SUBI and the Fleet Receivable SUBI) shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the Lease SUBI or Fleet
Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor or holder of a claim
relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease SUBI Portfolio shall be entitled
to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or
any other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a claim relating
to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or the Fleet Receivable SUBI or
any SUBI Assets other than the Lease SUBI Portfolio or the Fleet Receivables shall be entitled to
maintain any action against or recover any assets allocated to the Lease SUBI or the Fleet
Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Lease SUBI, the
Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI Certificate, the Fleet Receivable
SUBI Certificate, any other SUBI, any other SUBI Certificate (used in this Section as defined in
the Origination Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to
the Origination Trust a non-petition covenant substantially similar to that set forth in Section
6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each
holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any other SUBI or
SUBI Certificate to release all claims to the assets of the Origination Trust allocated to the UTI
and each other SUBI Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.
It is the intent of the Issuer and each Class A Investor Noteholder that, for Federal, state
and local income and franchise tax purposes, the Class A Investor Notes will evidence indebtedness
of the Issuer secured by the Series 2010-1 Collateral. Each Class A Investor Noteholder, by the
acceptance of this Class A Investor Note, agrees to treat this Class A Investor Note for Federal,
state and local income and franchise tax purposes as indebtedness of the Issuer.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Class A Investor Notes under the Indenture at any time by the Issuer, the Administrator and the
Indenture Trustee, with the consent of the Series 2010-1 Required Investor Noteholders. The
Indenture also contains provisions permitting the Series 2010-1 Required Investor Noteholders, on
behalf of the Holders of all the Series 2010-1 Investor Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Class A Investor Note (or any one or
more predecessor Class A Investor Notes) shall be conclusive and binding upon such Holder and
upon all future Holders of this Class A Investor Note and of any Class A Investor Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Class A Investor Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Series 2010-1 Investor Notes issued thereunder.
The term Issuer as used in this Class A Investor Note includes any successor to the Issuer
under the Indenture.
This Class A Investor Note and the Indenture shall be construed in accordance with the law of
the State of New York and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such law.
No reference herein to the Indenture and no provision of this Class A Investor Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Class A Investor Note at the times, place, and rate,
and in the coin or currency herein prescribed, subject to any duty of the Issuer to deduct or
withhold any amounts as required by law, including any applicable U.S. withholding taxes.