Document:

EX-4.4:

 

Exhibit 4.4

SUPPLEMENT NO. 3 TO MASTER INDENTURE

     THIS SUPPLEMENT NO. 3 TO MASTER INDENTURE, dated as of as of June 30, 2006 (this
“Supplement”), is between GE Dealer Floorplan Master Note Trust, a Delaware statutory
trust, as issuer (the “Issuer”), and Wilmington Trust Company, a Delaware banking
corporation, as trustee (the “Indenture Trustee”).

BACKGROUND

     The parties hereto are parties to a master indenture, dated as of August 12, 2004 (as amended,
modified or supplemented, the “Master Indenture”) between the Issuer and the Indenture
Trustee. The parties hereto desire to amend the Master Indenture as set forth herein. This
Supplement is being entered into pursuant to Section 9.1(b) of the Master Indenture, and all
conditions precedent to the execution of this Supplement, as set forth in such Section 9.1(b), have
been satisfied.

     NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

     SECTION 1. Definitions. Capitalized terms defined in the Master Indenture
and used but not otherwise defined herein have the meanings given to them in the Master Indenture.

     SECTION 2. Section 1.1 of the Master Indenture. Section 1.1 of the Master
Indenture is hereby amended by amending and restating each of the following defined terms in its
entirety to read as follows:

     “Combined Outstanding Principal Balances” means the Outstanding Balances of all
Principal Receivables held by the Issuer.

     “Dealer Concentration Limit” means a dollar amount calculated as a percentage
(the “Concentration Limit Percentage”) of the Combined Outstanding Principal
Balances as of the end of each Monthly Period, subject to the following limitations:

     (a) if a Dealer is ranked first through eleventh owing the largest amount of
the Combined Outstanding Principal Balances as of the end of a Monthly Period, the
Concentration Limit Percentage shall equal one and one-half percent (1.5%);

     (b) if a Dealer is ranked twelfth through sixteenth owing the largest amount
of the Combined Outstanding Principal Balances as of the end of a Monthly Period, the
Concentration Limit Percentage shall equal one and one-quarter percent (1.25%);

     (c) if a Dealer is ranked seventeenth through twenty-sixth owing the largest
amount of the Combined Outstanding Principal Balances as of the end of a Monthly Period, the
Concentration Limit Percentage shall equal one percent (1%);

     (d) if a Dealer is ranked twenty-seventh through forty-first owing the
largest amount of the Combined Outstanding Principal Balances as of the end of a Monthly
Period, the Concentration Limit Percentage shall equal three-quarters of one percent
(0.75%);

Supplement No. 3 to Master Indenture

 

 

     (e) if a Dealer is ranked forty-second or lower (i.e., forty-third or
numerically higher) owing the largest amount of the Combined Outstanding Principal Balances
as of the end of a Monthly Period, the Concentration Limit Percentage shall equal one-half
of one percent (0.50%);
or, in each case, if the Rating Agency Condition is satisfied, such larger percentage of the
Combined Outstanding Principal Balances as is stated in the notice from each applicable
Rating Agency in connection with the satisfaction of the Rating Agency Condition.

     “Financing Agreement” means a Wholesale Financing Agreement, Accounts
Receivable Financing Agreement or Asset Based Lending Financing Agreement.

     “Manufacturer Concentration Limit” means a dollar amount calculated as:

     (a) fifteen percent (15%) of the Combined Outstanding Principal Balances on
the last day of the applicable Monthly Period (in the case of the Manufacturer which is a
party to the Floorplan Agreement covering the largest portion of the Combined Outstanding
Principal Balances);

     (b) twelve and one-half percent (12.5%) of the Combined Outstanding Principal
Balances on the last day of such Monthly Period (in the case of the Manufacturer which is a
party to the Floorplan Agreement covering the second largest portion of the Combined
Outstanding Principal Balances);

     (c) ten percent (10%) of the Combined Outstanding Principal Balances on the
last day of such Monthly Period (in the case of each of the Manufacturers that is among the
four Manufacturers which are parties to Floorplan Agreements covering the third to sixth
largest portions of the Combined Outstanding Principal Balances); or

     (d) seven and one-half percent (7.5%) of the Combined Outstanding Principal
Balances on the last day of such Monthly Period (in the case of Manufacturers other than the
top six (6) Manufacturers contemplated by clauses (a), (b) and (c) above);

or, in each case, if the Rating Agency Condition is satisfied, such larger percentage of the
Combined Outstanding Principal Balances as is stated in the notice from each applicable
Rating Agency in connection with the satisfaction of the Rating Agency Condition.

     SECTION 3. Article III of the Master Indenture. Clause (A) of Section
3.10(k) of the Master Indenture is hereby amended by inserting, after “interest of the
Noteholders,” the following: “and”. Clause (B) of Section 3.10(k) of the Master Indenture is
hereby amended to read as follows: “(B) the Rating Agency Condition is satisfied, or”.

     Article III of the Master Indenture is hereby amended by adding the following new Section 3.15
at the end thereof:

					
	 	 	 	 	 
	 
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	 	Supplement No. 3 to Master Indenture

 

 

     “SECTION 3.15. Notices of Amendments. The Issuer shall notify Rating Agencies
promptly following any amendment to the Trust Agreement, the First Tier Agreement and the
Second Tier Agreement.”

     SECTION 4. Section 6.17 of the Master Indenture. Article VI of the Master
Indenture is hereby amended by adding the following new section at the end thereof:

     “SECTION 6.17. Information to Be Provided by the Indenture Trustee or by Deutsche
Bank Trust Company Americas.

          (a) For so long as the Issuer is required to report under the Securities Exchange
Act, the Indenture Trustee shall: (i) on or before the fifth Business Day of each month, provide to
the Issuer, in writing, such information regarding the Indenture Trustee as is requested by the
Issuer for the purpose of compliance with Item 1117 of Regulation AB; provided,
however, that the Indenture Trustee shall not be required to provide such information in
the event that there has been no change to the information previously provided by the Indenture
Trustee to the Issuer, and (ii) as promptly as practicable following notice to or discovery by a
Responsible Officer of
the Indenture Trustee of any changes to such information, provide to the Transferor, in
writing, such updated information.

          (b) As soon as available but no later than March 15 of each calendar year for so
long as the Issuer is required to report under the Securities Exchange Act, commencing in 2007, the
Indenture Trustee (x) shall (if requested by the Transferor in order to comply with Item 1122 of
Regulation AB) and (y) shall cause Deutsche Bank Trust Company Americas as agent for the Indenture
Trustee (the “Agent”) to:

               (i) deliver to the Transferor reports regarding the assessment by the Indenture
Trustee (if so requested by the Transferor) and the Agent of compliance with servicing criteria
during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18,
Rule 15d-18 of the Securities Exchange Act and Item 1122 of Regulation AB (as that term is defined
in the Servicing Agreement). Such reports shall be signed by an authorized officer of the
Indenture Trustee (if so requested by the Transferor) and the Agent, and shall address each of the
servicing criteria specified in Exhibit B or such criteria as mutually agreed upon by the
Transferor and the Indenture Trustee or the Agent, as applicable;

               (ii) deliver to the Transferor a report of a registered public accounting firm that
attests to, and reports on, the assessment of compliance made by the Indenture Trustee and the
Agent, as applicable, and delivered pursuant to the preceding paragraph. Such attestation shall be
in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
Securities Exchange Act; and

               (iii) deliver to the Transferor and any other Person that will be responsible for
signing the certification required by Rules 13a-14(d) and 15d-14(d) under the Securities Exchange
Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) (a “Sarbanes
Certification”) on behalf of the Issuer or the Transferor a certification substantially in the
form attached hereto as Exhibit C or such form as mutually agreed upon by the Transferor
and the Indenture Trustee or the Agent, as applicable.

					
	 	 	 	 	 
	 
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	 	Supplement No. 3 to Master Indenture

 

 

          Each of the Indenture Trustee and the Agent acknowledges that the parties identified in clause
(iii) above may rely on the certification provided by the Indenture Trustee and the Agent, as
applicable, pursuant to such clause in signing a Sarbanes Certification and filing such with the
Commission.

          The following bank accounts are subject to the requirements of this Section 6.17: the
Collection Account, the Excess Funding Account, and all Series Accounts established with respect to
any Series, including without limitation Series 2004-1, Series 2004-2, Series 2005-1, Series
2005-2, Series 2006-1 and Series 2006-2 issued by the Issuer.”

     SECTION 5. Exhibit B of the Master Indenture. The Master Indenture is
hereby amended by adding a new Exhibit B thereto in the form set forth in Exhibit B hereto.

     SECTION 6. Exhibit C of the Master Indenture. The Master Indenture is
hereby amended by adding a new Exhibit C thereto in the form set forth in Exhibit C hereto.

     SECTION 7. Note Trust Certificate, etc. All references in the Indenture
or any Indenture Supplement to the Note Trust Certificate, the Note Trust Certificate Balance, the
Note Trust Principal Balance or the Series 2004-NTC Supplement are hereby deleted. All references
in Section 5.1 of the Indenture to CDF Floorplan Receivables, L.P., CDF Financing, L.L.C. or the
DFS Financing Trust are hereby deleted.

     SECTION 8. Representations and Warranties. In order to induce the parties
hereto to enter into this Supplement, each of the parties hereto represents and warrants unto the
other parties hereto as set forth in this Section 8:

          (a) Due Authorization, Non Contravention, etc. The execution, delivery and
performance by such party of this Supplement are within its powers, have been duly authorized by
all necessary action, and do not (i) contravene its organizational documents or (ii) contravene any contractual restriction,
law or governmental regulation or court decree or order binding on or affecting it; and

          (b) Validity, etc. This Supplement constitutes the legal, valid and binding
obligation of such party enforceable against such party in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and general
equitable principles.

     SECTION 9. Binding Effect; Ratification.

          (a) This Supplement shall become effective as of the date first set forth above when
counterparts hereof shall have been executed and delivered by the parties hereto, and thereafter
shall be binding on the parties hereto and their respective successors and assigns.

          (b) The Master Indenture, as supplemented hereby, remains in full force and effect.
Any reference to the Master Indenture from and after the date hereof shall be deemed to refer to
the Master Indenture as supplemented hereby, unless otherwise expressly stated.

					
	 	 	 	 	 
	 
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	 	Supplement No. 3 to Master Indenture

 

 

          (c) Except as expressly supplemented hereby, the Master Indenture shall remain in
full force and effect and is hereby ratified and confirmed by the parties hereto.

     SECTION 10. Miscellaneous.

          (a) THIS SUPPLEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS
PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

          (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS
LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIM OR DISPUTES BETWEEN THEM PERTAINING TO THIS SUPPLEMENT OR TO ANY MATTER ARISING
OUT OF OR RELATED TO THIS SUPPLEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT
ANY APPEAL FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF
MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS SUPPLEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER
LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE
NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY
HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY
SUCH COURT, AND EACH PARTY HERETO WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF
PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.
EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED
IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY
BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN
ACCORDANCE WITH SECTION 10.4 OF THE MASTER INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN
THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF
ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

					
	 	 	 	 	 
	 
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	 	Supplement No. 3 to Master Indenture

 

 

          (c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE
MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH
APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT
THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE
BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO
WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS SUPPLEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

          (d) Headings used herein are for convenience of reference only and shall not affect
the meaning of this Supplement or any provision hereof.

          (e) This Supplement may be executed in any number of counterparts, and by the
parties hereto on separate counterparts, each of which when executed and delivered shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

          (f) Executed counterparts of this Supplement may be delivered electronically.

[SIGNATURES FOLLOW]

					
	 	 	 	 	 
	 
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	 	Supplement No. 3 to Master Indenture

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed as of
the date and year first above written.

	 	 	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN MASTER NOTE TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	The Bank of New York (Delaware), not in its
individual capacity, but solely on behalf of
the Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kristine K. Gullo
 

	 	 
	 

	 	 	 	Name: Kristine K. Gullo	 	 
	 

	 	 	 	Title: Vice President	 	 

					
	 	 	 	 	 
	 
	 	S-1
	 	Supplement No. 3 to Master Indenture

 

 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY, not in its

individual capacity, but solely as the Indenture Trustee

 	 
	 	By:  	/s/ Dorri E. Wolhar
 	 
	 	 	Name:  	Dorri E. Wolhar 	 
	 	 	Title:  	Financial Services Officer 	 

					
	 	 	 	 	 
	 
	 	S-2
	 	Supplement No. 3 to Master Indenture

 

 

	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	Sections 4, 5 and 6 of this Supplement are hereby agreed to:	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Louis Bodi
 

	 	 
	 	 	Name: Louis Bodi	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jenna Kaufman
 

	 	 
	 	 	Name: Jenna Kaufman	 	 
	 	 	Title: Vice President	 	 

 
					
	 	 	 	 	 
	 
	 	S-3
	 	Supplement No. 3 to Master Indenture

 

 

EXHIBIT B

SERVICING CRITERIA TO BE

ADDRESSED IN ASSESSMENT OF COMPLIANCE

     The assessment of compliance to be delivered by the Trustee and the Agent, as applicable,
shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

	 	 	 	 	 
	Servicing Criteria	 	Applicable Servicing
	Reference	 	Criteria	 	Criteria
	 

	 	General Servicing Considerations	 	 
	 
	 	 	 	 
	1122(d)(1)(i)

	 	Policies and procedures are instituted to monitor any performance or
other triggers and events of default in accordance with the transaction
agreements.	 	 
	 
	 	 	 	 
	1122(d)(1)(ii)

	 	If any material servicing activities are outsourced to third
parties, policies and procedures are instituted to monitor the third
party’s performance and compliance with such servicing activities.
	 	ü
	 
	 	 	 	 
	1122(d)(1)(iii)

	 	Any requirements in the transaction agreements to maintain a back-up
servicer for the pool assets are maintained.	 	 
	 
	 	 	 	 
	1122(d)(1)(iv)

	 	A fidelity bond and errors and omissions policy is in effect on the
party participating in the servicing function throughout the reporting
period in the amount of coverage required by and otherwise in accordance
with the terms of the transaction agreements.	 	 
	 
	 	 	 	 
	 

	 	Cash Collection and Administration	 	 
	 
	 	 	 	 
	1122(d)(2)(i)

	 	Payments on pool assets are deposited into the appropriate custodial
bank accounts and related bank clearing accounts no more than two
business days following receipt, or such other number of days specified
in the transaction agreements.
	 	ü1
	 
	 	 	 	 
	1122(d)(2)(ii)

	 	Disbursements made via wire transfer on behalf of an obligor or to
an investor are made only by authorized personnel.
	 	ü
	 
	 	 	 	 
	1122(d)(2)(iii)

	 	Advances of funds or guarantees regarding collections, cash flows or
distributions, and any interest or other fees charged for such advances,
are made, reviewed and approved as specified in the transaction
agreements.	 	 
	 
	 	 	 	 
	1122(d)(2)(iv)

	 	The related accounts for the transaction, such as cash reserve
accounts or accounts established as a form of overcollateralization, are
separately maintained (e.g., with respect to commingling of cash) as set
forth in the transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(2)(v)

	 	Each custodial account is maintained at a federally insured
depository institution as set forth in the transaction agreements. For
purposes of this criterion, “federally insured depository institution”
with respect to a foreign financial institution means a foreign
financial institution that meets the requirements of Rule 13k-1(b)(1) of
the Securities Exchange Act.	 	 
	 
	 	 	 	 
	1122(d)(2)(vi)

	 	Unissued checks are safeguarded so as to prevent unauthorized access.	 	 
	 
	 	 	 	 
	1122(d)(2)(vii)

	 	Reconciliations are prepared on a monthly basis for all asset-backed
securities related bank accounts, including custodial accounts and
related bank clearing accounts. These reconciliations are (A)
mathematically accurate; (B) prepared within 30 calendar days after the
bank statement cutoff date, or such other number of days specified in
the transaction agreements; (C) reviewed and approved by someone other
than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved
within 90 calendar days of their original identification, or such other
number of days specified in the transaction agreements.	 	 

 

			
	1	 	Solely with regard to deposits made by the
Indenture Trustee or the Agent, as applicable.

							
	 	 	 	 	 	 	 
	 	 	 	B-1	 	 	Supplement No. 3 to Master Indenture

 

 

	 	 	 	 	 
	Servicing Criteria	 	Applicable Servicing
	Reference	 	Criteria	 	Criteria
	 

	 	Investor Remittances and Reporting	 	 
	 
	 	 	 	 
	1122(d)(3)(i)

	 	Reports to investors, including those to be filed with the
Commission, are maintained in accordance with the transaction agreements
and applicable Commission requirements. Specifically, such reports (A)
are prepared in accordance with timeframes and other terms set forth in
the transaction agreements; (B) provide information calculated in
accordance with the terms specified in the transaction agreements; (C)
are filed with the Commission as required by its rules and regulations;
and (D) agree with investors’ or the trustee’s records as to the total
unpaid principal balance and number of pool assets serviced by the
Servicer.	 	 
	 
	 	 	 	 
	1122(d)(3)(ii)

	 	Amounts due to investors are allocated and remitted in accordance
with timeframes, distribution priority and other terms set forth in the
transaction agreements.
	 	ü
	 
	 	 	 	 
	1122(d)(3)(iii)

	 	Disbursements made to an investor are posted within two business
days to the Servicer’s investor records, or such other number of days
specified in the transaction agreements.
	 	ü
	 
	 	 	 	 
	1122(d)(3)(iv)

	 	Amounts remitted to investors per the investor reports agree with
cancelled checks, or other form of payment, or custodial bank
statements.
	 	ü
	 
	 	 	 	 
	 

	 	Pool Asset Administration	 	 
	 
	 	 	 	 
	1122(d)(4)(i)

	 	Collateral or security on pool assets is maintained as required by
the transaction agreements or related asset pool documents.	 	 
	 
	 	 	 	 
	1122(d)(4)(ii)

	 	Pool assets and related documents are safeguarded as required by the
transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(iii)

	 	Any additions, removals or substitutions to the asset pool are made,
reviewed and approved in accordance with any conditions or requirements
in the transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(iv)

	 	Payments on pool assets, including any payoffs, made in accordance
with the related pool asset documents are posted to the Servicer’s
obligor records maintained no more than two business days after receipt,
or such other number of days specified in the transaction agreements,
and allocated to principal, interest or other items (e.g., escrow) in
accordance with the related asset pool documents.	 	 
	 
	 	 	 	 
	1122(d)(4)(v)

	 	The Servicer’s records regarding the pool assets agree with the
Servicer’s records with respect to an obligor’s unpaid principal
balance.	 	 
	 
	 	 	 	 
	1122(d)(4)(vi)

	 	Changes with respect to the terms or status of an obligor’s account
(e.g., loan modifications or re-agings) are made, reviewed and approved
by authorized personnel in accordance with the transaction agreements
and related pool asset documents.	 	 
	 
	 	 	 	 
	1122(d)(4)(vii)

	 	Loss mitigation or recovery actions (e.g., forbearance plans,
modifications and deeds in lieu of foreclosure, foreclosures and
repossessions, as applicable) are initiated, conducted and concluded in
accordance with the timeframes or other requirements established by the
transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(viii)

	 	Records documenting collection efforts are maintained during the
period a pool asset is delinquent in accordance with the transaction
agreements. Such records are maintained on at least a monthly basis, or
such other period specified in the transaction agreements, and describe
the entity’s activities in monitoring delinquent pool assets including,
for example, phone calls, letters and payment rescheduling plans in
cases where delinquency is deemed temporary (e.g., illness or
unemployment).	 	 
	 
	 	 	 	 
	1122(d)(4)(ix)

	 	Adjustments to interest rates or rates of return for pool assets
with variable rates are computed based on the related pool asset
documents.	 	 

							
	 	 	 	 	 	 	 
	 
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	 	Supplement No. 3 to Master Indenture

 

 

	 	 	 	 	 
	Servicing Criteria	 	Applicable Servicing
	Reference	 	Criteria	 	Criteria
	1122(d)(4)(x)

	 	Regarding any funds held in trust for an obligor (such as escrow
accounts): (A) such funds are analyzed, in accordance with the obligor’s
pool asset documents, on at least an annual basis, or such other period
specified in the transaction agreements; (B) interest on such funds is
paid, or credited, to obligors in accordance with applicable pool asset
documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related pool assets, or
such other number of days specified in the transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(xi)

	 	Payments made on behalf of an obligor (such as tax or insurance
payments) are made on or before the related penalty or expiration dates,
as indicated on the appropriate bills or notices for such payments,
provided that such support has been received by the servicer at least 30
calendar days prior to these dates, or such other number of days
specified in the transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(xii)

	 	Any late payment penalties in connection with any payment to be made
on behalf of an obligor are paid from the servicer’s funds and not
charged to the obligor, unless the late payment was due to the obligor’s
error or omission.	 	 
	 
	 	 	 	 
	1122(d)(4)(xiii)

	 	Disbursements made on behalf of an obligor are posted within two
business days to the obligor’s records maintained by the servicer, or
such other number of days specified in the transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(xiv)

	 	Delinquencies, charge-offs and uncollectible accounts are
recognized and recorded in accordance with the transaction agreements.	 	 
	 
	 	 	 	 
	1122(d)(4)(xv)

	 	Any external enhancement or other support, identified in Item
1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as
set forth in the transaction agreements.	 	 

							
	 	 	 	 	 	 	 
	 
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	Supplement No. 3 to Master Indenture

 

 

EXHIBIT C

FORM OF ANNUAL CERTIFICATION OF

[THE AGENT] [THE INDENTURE TRUSTEE]

Re:  GE DEALER FLOORPLAN MASTER NOTE TRUST

Dated:                                        

          [Deutsche Bank Trust Company Americas, as agent (“Agent”) for] [Wilmington Trust
Company, not in its individual capacity but solely as indenture trustee (the “Indenture
Trustee”), certifies to CDF Funding, Inc. (the “Transferor”), its officers and GE
Dealer Floorplan Master Note Trust (the “Issuer”), with the knowledge and intent that they
will rely upon this certification, that:

     (1) It has reviewed the report on assessment of [the Agent’s] [the Indenture Trustee’s]
compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange
Act of 1934, as amended (the “Securities Exchange Act”) and Item 1122 of Regulation
AB (the “Servicing Assessment”), and the registered public accounting firm’s
attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Securities
Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that
were delivered by [the Agent] [the Indenture Trustee] to the Transferor pursuant to the
Master Indenture dated as of August 12, 2004 (as amended, supplemented or otherwise modified
from time to time, the “Master Indenture”), by and between the Issuer and the
Indenture Trustee (collectively, the [“Agent Information”] [“Indenture Trustee
Information”]) (in making such statement, [the Agent] [the Indenture Trustee] makes no
representation or warranty as to any information prepared or provided to it by a third
person and upon which it relied in preparing our information];

     (2) To the best of its knowledge, the [Agent Information] [Indenture Trustee
Information], taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with respect to the
period of time covered by the [Agent Information] [Indenture Trustee Information]; and

     (3) To the best of its knowledge, all of the [Agent Information] [Indenture Trustee
Information] required to be provided by the [Agent] [Indenture Trustee] under the Master
Indenture has been provided to the Transferor.

	 	 	 	 	 	 	 
	 	 	[WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:]	 	 	 	 

							
	 	 	 	 	 	 	 
	 
	 	 	C-1
	
	 	Supplement No. 3 to Master Indenture

 

	 	 	 	 	 	 	 
	 

	 	[DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 
	 	 	 	 	 
	 

	 	Name:
	 
	 	 
	 

	 	Title:	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 
	 	 	 	 	 
	 

	 	Name:
	 
	 	 
	 

	 	Title:	 	 	 

							
	 	 	 	 	 	 	 
	 
	 	 	C-2
	
	 	Supplement No. 3 to Master Indentureexv10w1

 

EXHIBIT 10.1

SECURED CONVERTIBLE PROMISSORY NOTE

			
	 	 	 
	$198,500
	 	June 28, 2006

     FOR VALUE RECEIVED, the undersigned, Sutura, Inc., a Delaware corporation (the “Maker”),
hereby promises to pay to the order of Whitebox Convertible Arbitrage Partners, L.P., a British
Virgin Islands limited partnership, or its assigns (the “Payee”), at such place as the Payee may
designate in writing, the principal sum of One Hundred Ninety-Eight Thousand Five Hundred Dollars
($198,500) under the terms set forth herein. This Note is one of a series of four Notes (together,
the “Series Notes") being issued by Maker on the date hereof.

1. Interest. The unpaid principal balance hereof from time to time outstanding shall bear
interest from the date hereof at the rate of eight percent (8%) per annum.

2. Payment. Except as otherwise provided herein, and subject to any default hereunder, the
principal and interest hereof is payable as follows:

     (a) Interest only is payable in cash quarterly in arrears on the last day of each calendar
quarter, beginning September 30, 2006.

     (b) On June 28, 2007 (the “Maturity Date"), the remaining outstanding principal balance of
this Note will be due and payable in cash, together with all then-accrued but unpaid interest.

     (c) The Maker will have no right of early prepayment on this Note.

3. Conversion.

     (a) The entire outstanding principal amount of this Note, together with any accrued but unpaid
interest on this Note, will be automatically converted into Maker’s capital stock upon the closing
of a sale of Maker’s capital stock, with aggregate gross proceeds of at least $2 million to the
Maker. The Maker will give the Payee at least 10 days prior written notice (the “Payee Notice”) of
the automatic conversion, specifying the principal amount of the Note to be converted, the amount
of accrued but unpaid interest on this Note to be converted, the class of capital stock into which
the Note will be converted, the conversion rate as described below (the “Conversion Rate”) and the
date on which such conversion will occur, and calling upon the Holder to surrender to the Maker, in
the manner and place designated, this Note. As promptly as practicable after the conversion of
this Note, the Maker shall at its expense issue and deliver to Payee a certificate or certificates
for the number of shares of capital stock issuable upon conversion.

     (b) The Conversion Rate shall initially be equal to 90% of the per share purchase price of the
Maker’s capital stock that is sold in an offering, with aggregate gross proceeds of at least $2
million on or before March 31, 2007.

 

 

     (c) The Conversion Rate (and, as applicable, the factors above used to compute it) shall be
adjusted proportionally for any subsequent stock dividend or split, stock combination or other
similar recapitalization, reclassification or reorganization of or affecting Maker’s Common Stock.
In case of any consolidation or merger to which the Maker is a party other than a merger or
consolidation in which the Maker is the continuing corporation, or in case of any sale or
conveyance to another corporation of the property of the Maker as an entirety or substantially as
an entirety, or in the case of any statutory exchange of securities with another corporation
(including any exchange effected in connection with a merger of a third corporation into the
Maker), then instead of receiving shares of Maker’s Common Stock, Payee shall have the right
thereafter to receive the kind and amount of shares of stock and other securities and property
which the Payee would have owned or have been entitled to receive immediately after such
consolidation, merger, statutory exchange, sale or conveyance had the same portion of this Note
been paid or converted immediately prior to the effective date of such consolidation, merger,
statutory exchange, sale or conveyance and, in any such case, if necessary, appropriate adjustment
shall be made in the application of the provisions set forth in this Section with respect to the
rights and interests thereafter of the Payee, to the end that the provisions set forth in this
Section shall thereafter correspondingly be made applicable, as nearly as may reasonably be, in
relation to any shares of stock and other securities and property thereafter deliverable in
connection with this Note. The provisions of this subsection shall similarly apply to successive
consolidations, mergers, statutory exchanges, sales or conveyances.

     (d) To the extent Maker grants registration rights in connection with the sale of its capital
stock with aggregate proceeds of at least $2 million, the Payee shall have the same registration
rights as granted to other investors in such sale.

4. Security. The full and timely payment of this Note shall be secured by that certain
Fourth Amended Security Agreement and Fourth Amended Patent and Trademark Security Agreement, each
of this date (together, the “Security Agreements”), covering all of Maker’s assets. The security
interest granted under the Security Agreements shall be a first priority security interest
subordinate to no other secured rights, but shared with the other holders of the Series Notes and
the secured parties under the Security Agreements.

5. Default. The occurrence of any one or more of the following events shall constitute an
event of default, upon which Payee may declare the entire principal amount of this Note, together
with all accrued but unpaid interest, to be immediately due and payable:

     (a) The Maker shall fail to make any required payment of principal or interest when due, and
such failure shall continue through five days after Payee gives written notice of such failure to
Maker.

     (d) The Maker shall fail to materially perform or comply with any covenant, agreement, term or
provision contained in any of the Security Agreements, and such failure shall continue through five
days after Payee gives written notice of such default to Maker.

     (e) The Maker shall be in default of any term or provision of any of the promissory notes sold
pursuant that certain Purchase Agreement dated September 7, 2005 among Sutura, the Payee and the
other purchasers named therein (the “September 2005 Notes"), or any of the

-2-

 

promissory notes sold pursuant to that certain Purchase Agreement dated March 25, 2005 among
Sutura, the Payee and the other purchasers named there (the “March 2005 Notes"), or any of the
promissory notes sold pursuant to that certain Purchase Agreement dated September 17, 2004 among
Sutura, the Payee and the other purchasers named therein (the “September 2004 Notes"), or any of
the promissory notes dated June 7, 2006 (the “June 7, 2006 Notes”) executed by Maker in favor of
Payee and the other holders, and such default is not cured within five days after written notice
from Payee to Sutura.

     (f) The Maker shall become insolvent or shall fail to pay, or become unable to pay, its debts
as they become due; or any bankruptcy, reorganization, debt arrangement or other proceeding under
any bankruptcy or insolvency law shall be instituted by or against the Maker.

     (g) Any representation or warranty of the Maker contained in any of the Security Agreements
shall be untrue in any material respect.

     (h) The Maker incurs an event of default under the terms of any of the other Series Notes.

     Without limiting the above, the Maker acknowledges that payments on the various scheduled due
dates in Sections 2 are of essence and that any failure to timely pay any installment of principal
or interest (within any permitted grace period above) permits Payee to declare this Note
immediately due in cash in its entirety without any prior notice of any kind to Maker, except for
the specific notices provided above. Further, the Maker agrees that any event of default under
this Note shall constitute an event of default under each of the other Series Notes, the June 7,
2006 Notes, the September 2005 Notes, the March 2005 Notes and the September 2004 Notes.

6. Limitations on Conversion. Notwithstanding anything to the contrary contained herein,
the number of shares of Common Stock that may be acquired by the Payee upon any conversion of this
Note (or otherwise in respect hereof) shall be limited to the extent necessary to insure that,
following such conversion (or other issuance), the total number of shares of Common Stock then
beneficially owed by Payee and its affiliates and any other persons whose beneficial ownership of
Common Stock would be aggregated with the Payee’s for purposes of Section 13(d) of the Exchange Act
does not exceed 9.99% of the total number of issued and outstanding shares of Common Stock
(including for such purpose the shares of Common Stock issuable upon such conversion or payment).
For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. This provision shall not
restrict the number of shares of Common Stock which Payee may receive or beneficially own in order
to determine the amount of securities or other consideration that Payee may receive in the event of
a merger, sale or other transaction as contemplated in Section 3(c) of this Note.

8. Applicable Law. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THE NOTE SHALL BE
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS
PRINCIPLES THEREOF.

-3-

 

9. Waivers. The Maker hereby waives presentment for payment, notice of dishonor, protest
and notice of payment and all other notices of any kind in connection with the enforcement of this
Note.

10. No Setoffs. The Maker shall pay principal and interest under the Note without any
deduction for any setoff or counterclaim.

11. Costs of Collection. If this Note is not paid when due, the Maker shall pay Payee’s
reasonable costs of collection, including reasonable attorney’s fees.

	 	 	 	 	 
	 	SUTURA, INC.

 	 
	 	By  	
 	 
	 	 	Anthony A. Nobles, President and
Chief Executive Officer 	 
	 

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