Document:

exv10w2

 

EXHIBIT 10.2

SECOND TIER SUBSEQUENT ASSIGNMENT

     FOR VALUE RECEIVED, WFS RECEIVABLES CORPORATION 3, a California corporation (the “Seller”),
hereby sells, transfers and assigns to the WFS FINANCIAL 2005-3 OWNER TRUST, a Delaware statutory
trust (the “Buyer”), without recourse, subject to and in accordance with the provisions of the Sale
and Servicing Agreement dated as of July 1, 2005 (the “Sale and Servicing Agreement”) by and among
the Buyer, the Seller, and WFS Financial Inc (“WFS”) all of the right, title and interest, as
described in Article Two of the Sale and Servicing Agreement, of the Seller in, to and under the
Subsequent Contracts listed on the Schedule of Contracts to this Second Tier Subsequent Assignment.
The Seller warrants to the Buyer that the rights, titles and interests assigned hereby are not
subject to any lien, claim or encumbrance. Although the parties intend, and have expressly so
stated, that the conveyance of the Seller’s right, title and interest in, to and under the
Subsequent Contracts pursuant to this Second Tier Subsequent Assignment shall constitute a purchase
and sale and not a financing, in order to protect the Buyer in the event that, despite such express
intention that the transaction be treated as a sale, such conveyance is instead deemed to be a
financing, the Seller hereby grants to the Buyer a first priority security interest in all of the
Seller’s right, title and interest in, to and under the Subsequent Contracts, including all
proceeds thereof to secure the repayment of such financing, all of Seller’s rights under the First
Tier Subsequent Assignment, and agrees this Second Tier Subsequent Assignment shall constitute a
security agreement under applicable law. All capitalized terms used in this Second Tier Subsequent
Assignment and not defined herein shall have the meanings assigned to such terms in the Sale and
Servicing Agreement. The Seller hereby additionally represents and warrants to the Buyer that all
representations and warranties of the Seller with respect to the Subsequent Contracts in Section
3.01(b) of the Sale and Servicing Agreement are true and correct as of the date hereof and on the
Subsequent Transfer Date.

     Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by Chase Bank USA, National Association not in its individual capacity but solely in
its capacity as Owner Trustee of the Buyer, and in no event shall Chase Bank USA, National
Association in its individual capacity or any beneficial owner of the Buyer have any liability for
the representations, warranties, covenants, agreements, or other obligations of the Buyer
hereunder, as to all of which recourse shall be had solely to the assets of the Buyer.

	 	 	 	 	 
	Dated:  August 17, 2005 	WFS RECEIVABLES CORPORATION 3

 	 
	 	
 	 
	 	By:  	John Coluccio 
	 	Its:  	President 
	 
	Accepted: 	WFS FINANCIAL 2005-3 OWNER TRUST

 	 
	 	By:  	CHASE BANK USA,

NATIONAL ASSOCIATION,

Not in its individual capacity but solely as

Owner Trustee on behalf of the Trust 	 
	 
	 	 	 
	 	 	 	 	 
	 	 	 	By: 	 
	 	 	 	Its: 	 

 

 

	 	 	 	 	 

SCHEDULE OF CONTRACTS

(Schedule of Contracts and terms of sale for Subsequent Contracts

sold on August 17, 2005, the Subsequent Transfer Date)

	 	 	 	 	 
	Closing Date:

	 	 	8/17/05	 
	Number of Contracts Sold:

	 	 	23,257	 
	Aggregate Principal Balance of Contracts Sold:

	 	$	437,296,585.11	 
	Purchase Price of Contracts Sold:

	 	$	437,296,585.11	 
	Cash Portion of Purchase Price:

	 	$	437,296,585.11	 
	Portion of Purchase Price Financed by Loan Proceeds:

	 	None

	List of Contracts sold attached as print-out or on Cd-Rom

	 	CD-Romexv10w3

 

EXHIBIT 10.3

THIRD TIER SUBSEQUENT ASSIGNMENT

     FOR VALUE RECEIVED, WFS FINANCIAL 2005-3 OWNER TRUST, a Delaware statutory trust (the
“Grantor”), hereby grants to the Indenture Trustee for the benefit of the Noteholders (the “Secured
Party”) and the Swap Counterparty, subject to and in accordance with the provisions of the
Indenture dated as of July 1, 2005 (the “Indenture”) by and between the Grantor and the Secured
Party, all of the Grantor’s right, title and interest in, to, and under the Collateral, as
described in the Granting Clause of the Indenture, of the Grantor in, to and under each Subsequent
Contract listed on the Schedule of Contracts to this Third Tier Subsequent Assignment. The Grantor
warrants to the Secured Party that the rights, titles and interests assigned hereby are not subject
to any lien, claim or encumbrance. In order to protect the interest of the Secured Party, the
Grantor hereby grants to the Secured Party a first priority security interest in all of the
Grantor’s right, title and interest in, to and under the Subsequent Contracts, including all
proceeds thereof to secure the repayment of such financing, all of the Grantor’s rights under the
Second Tier Subsequent Assignment, dated as of the date hereof from WFS Receivables Corporation 3
(“WFSRC3”) to the Grantor, and agrees this Third Tier Subsequent Assignment shall constitute a
security agreement under applicable law. All capitalized terms used in this Third Tier Subsequent
Assignment and not defined herein shall have the meanings assigned to such terms in the Sale and
Servicing Agreement dated as of July 1, 2005 (the “Sale and Servicing Agreement”) by and between
the Grantor, WFSRC3, and WFS Financial Inc or in the Indenture, as the case may be. The Grantor
hereby additionally represents and warrants to the Secured Party that all representations and
warranties of the Grantor with respect to the Subsequent Contracts in Section 3.23 of the Indenture
are true and correct as of the date hereof and on the Subsequent Transfer Date.

     Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by Chase Bank USA, National Association not in its individual capacity but solely in
its capacity as Owner Trustee of the Grantor, and in no event shall Chase Bank USA, National
Association in its individual capacity or any beneficial owner of the Grantor have any liability
for the representations, warranties, covenants, agreements, or other obligations of the Grantor
hereunder, as to all of which recourse shall be had solely to the assets of the Grantor.

[Signature page follows]

 

 

	 	 	 	 	 
	Dated:  August 17, 2005 	WFS FINANCIAL 2005-3 OWNER TRUST

 	 
	 	By:  	CHASE BANK USA,
 	 
	 	 	NATIONAL ASSOCIATION, 	 
	 	 	Not in its individual capacity but solely as
Owner Trustee on behalf of the Trust 	 
	 
	 	 	 
	 	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	Accepted: 	DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

 

	 	 	 	 	 

SCHEDULE OF CONTRACTS

(Schedule of Contracts and terms of sale for Subsequent Contracts

sold on August 17, 2005, the Subsequent Transfer Date)

	 	 	 	 	 
	Closing Date:

	 	 	8/17/05	 
	Number of Contracts Sold:

	 	 	23,257	 
	Aggregate Principal Balance of Contracts Sold:

	 	$	437,296,585.11	 
	Purchase Price of Contracts Sold:

	 	$	437,296,585.11	 
	List of Contracts sold attached as print-out or on Cd-Rom

	 	CD-Romexv10w1

 

Exhibit 10.1

PHANTOM STOCK AGREEMENT

     THIS PHANTOM STOCK AGREEMENT (this “Agreement”) is made as of ___, 200___
(“Grant Date”), between QUINTANA MARITIME LIMITED, a Marshall Islands company (the “Company”), and
___(“Employee”). The parties agree as follows:

     1. Award of Phantom Shares. Pursuant to the QUINTANA MARITIME LIMITED 2005 STOCK INCENTIVE
PLAN, as amended (the “Plan”), the Company hereby awards to Employee a total of ___phantom
shares of the Company (the “Phantom Shares”), subject to the following terms and restrictions.
Employee acknowledges receipt of a copy of the Plan, and agrees that this award of Phantom Shares
shall be subject to all of the terms and provisions of the Plan, including future amendments
thereto, if any, pursuant to the terms thereof. In the event of any conflict between the terms of
this Agreement and the Plan, the Plan shall control. The Plan is incorporated herein by reference
as a part of this Agreement.

     2. Vesting and Forfeiture of Phantom Shares.

     The Phantom Shares shall vest in accordance with Exhibit A to this Agreement, provided
that Employee has been continuously employed by the Company from the date of this Agreement
through the applicable vesting date. Notwithstanding the foregoing, all unvested Phantom
Shares shall become fully vested on the date Employee’s employment with the Company is
terminated by reason of death or “Disability” (which shall mean that Employee has become
disabled within the meaning of section 409A(a)(2)(C) of the Internal Revenue Code of 1986,
as amended (the “Code”), and any regulations or administrative guidance issued thereunder).

     In the event of the termination of Employee’s employment with the Company for any
reason other than death or Disability, Employee shall, for no consideration, forfeit to the
Company all unvested Phantom Shares.

     3. Payment of Vested Phantom Shares. As soon as reasonably practicable after each vesting
date, the Company shall pay Employee with respect to the Phantom Shares that become vested on such
date, if any, an amount of cash equal to the product of: (a) the Company’s required tax
withholding rate and (b) the fair market value of the shares then vested. The fair market value
means the average of the last reported sales prices for the 20 consecutive Trading Days before
the date in question. The last reported sales price for each day shall be the last reported sale
price regular way on the Nasdaq National Market or any other national securities exchange on which
the shares are listed. In the event there is no sale of shares on the Nasdaq National Market or any other national securities exchange on which the Units are listed for
the 20 consecutive Trading Days preceding such date, the determination of fair market value shall
be made in good faith by the Committee. As used herein, the term “Trading Days” with respect to
Units means if the Units are listed or admitted for trading on the Nasdaq National Market or any
national securities exchange, days on which the Nasdaq National

 

 

Market or such national securities
exchange is open for business. Notwithstanding the foregoing however, any payment of cash to
Employee may not be made pursuant to this Agreement prior to the first day such payment would not
be subject to the additional tax imposed by Section 409A of the Code.

     4. Nontransferability of Phantom Shares. Employee may not sell, transfer, pledge,
exchange, hypothecate or dispose of the Phantom Shares, other than by will or the laws of descent
and distribution or pursuant to a “qualified domestic relations order.” A breach of these terms of
this Agreement shall cause a forfeiture of the Phantom Shares.

     5. Employment Relationship. For purposes of this Agreement, Employee shall be
considered to be in the employment of the Company as long as Employee remains an employee of either
the Company, a parent or subsidiary corporation (as defined in section 424 of the Code) of the
Company, or any successor corporation. Nothing in the adoption of the Plan, nor the award of
Phantom Shares thereunder pursuant to this Agreement, shall confer upon Employee the right to
continued employment by the Company or affect in any way the right of the Company to terminate such
employment at any time. Unless otherwise provided in a written employment agreement or by
applicable law, Employee’s employment by the Company shall be on an at-will basis, and the
employment relationship may be terminated at any time by either Employee or the Company for any
reason whatsoever, with or without cause. Any question as to whether and when there has been a
termination of such employment, and the cause of such termination, shall be determined by the
Committee, and its determination shall be final.

     6. Amendment. Except as provided below, this Agreement may not be modified in any
respect by any verbal statement, representation or agreement made by Employee or by any employee,
officer, or representative of the Company or by any written agreement unless signed by Employee and
by an officer of the Company who is expressly authorized by the Company to execute such document.
Notwithstanding anything in the Plan, this Agreement or any employment and/or severance agreement
between the Company and Employee to the contrary, if the Committee determines that the terms of
this grant do not, in whole or in part, satisfy the requirements of Section 409A of the Code, the
Committee, in its sole discretion, may unilaterally modify this Agreement in such manner as it
deems appropriate to comply with such section and any regulations or administrative guidance issued
thereunder.

     7. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under Employee.

     8. Controlling Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the Marshall Islands, without regard to conflicts of laws principles thereof.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and Employee has executed this Agreement, all as of the date first above
written.

 

 

	 	 	 	 	 
	 	QUINTANA MARITIME LIMITED

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 EMPLOYEE:

	 
	 	 	 
	 	 	 
	 	[Name of Employee]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]