Document:

exv10w9

EXHIBIT 10.9

Triad Automobile Receivables Warehouse Trust

5201 Rufe Snow Drive

North Richland Hills, Texas 76180

May 30, 2008

Via Facsimile

Barclays Bank PLC, as Agent

200 Park Avenue

New York, New York 10166

Attn: David Lister

Fax: (212) 412-6846

Ladies and Gentlemen:

Reference is made to the Warehouse Lending Agreement (the “Warehouse Lending Agreement”) dated as
of January 10, 2008 among Triad Automobile Receivables Warehouse Trust as Borrower, Triad Financial
Warehouse Special Purpose LLC as Seller, Triad Financial Corporation as Originator and Servicer,
The Bank of New York as Collection Account Bank, Sheffield Receivables Corporation as Class A
Lender, Barclays Bank PLC as Class B Lender and Barclays Bank PLC as Agent. Capitalized terms used
herein and not otherwise defined shall have the meanings specified therefor in the Warehouse
Lending Agreement.

In addition, reference is also made to the following agreements executed in connection with the
Warehouse Lending Agreement: (i) the Security Agreement, (ii) the Warehouse Affiliate Guaranty,
(iii) the Servicing Agreement, (iv) the Lenders’ Intercreditor Agreement, (v) the Intercreditor
Agreement, insofar as it relates to the facility evidenced by the Warehouse Lending Agreement, (vi)
the Sale and Contribution Agreement, insofar as it relates to the facility evidenced by the
Warehouse Lending Agreement, (vii) the Receivables Purchase Agreement, insofar as it relates to the
facility evidenced by the Warehouse Lending Agreement, and (viii) the Fee Letter (items (i) through
(viii) above being hereinafter collectively referred to as the “Other Terminated Agreements”).

Effective as of the date first written above, upon the execution and delivery of this letter
agreement by each of the parties hereto, the undersigned agree that the Commitment of the Class A
Lender to make Class A Loans and of the Class B Lender to make Class B Loans is hereby irrevocably
terminated with the result that, notwithstanding anything to the contrary in the Warehouse Lending
Agreement, the Termination Date shall be deemed to occur effective as of such date, and the
Warehouse Lending Agreement itself shall terminate effective as of such date; provided, that the
provisions of Sections 3.07, 3.16, 10.04, 11.04, 11.16 (subject to the limitation to two years set
forth therein), 11.20 and 11.21 of the Warehouse Lending Agreement shall

 

 

Barclays Bank PLC, as Agent

May 30, 2008

Page 2 of 6

survive such termination of the Warehouse Lending Agreement. Effective upon the termination of the
Warehouse Lending Agreement, the parties hereto further agree that solely to the extent that the
Other Terminated Agreements relate to the facility evidenced by the Warehouse Lending Agreement,
the Other Terminated Agreements shall terminate and shall be of no further force and effect, except
to the extent that any provision thereof, by its terms, survives such termination. Promptly
following the receipt by the Agent of duly executed and delivered counterpart signature pages from
each of the parties to this letter agreement, the Agent, in its capacity as the Secured Party under
and as defined in the Security Agreement, and in accordance with Section 12(a) of the Security
Agreement, shall promptly deliver to the Borrower (at the sole cost and expense of the Borrower)
any Collateral held by the Agent under the Security Agreement and execute and deliver to the
Borrower (at the sole cost and expense of the Borrower) such documents as the Borrower shall
reasonably request to evidence or effect the termination of the security interest granted to the
Agent under the Security Agreement, including, without limitation, the second priority lien granted
to the Agent in the Other Warehouse Financing Facility Collateral. Upon receipt by the Borrower of
written notice from the Agent (which may be in the form of electronic mail) that the Agent has
received delivery of duly executed counterpart signature pages from each of the parties to this
letter agreement, the Borrower is hereby authorized by the Agent to terminate or cause the
termination of the Uniform Commercial Code financing statements pertaining to the liens and
security interest created by the Security Agreement.

This letter agreement is entered into in accordance with Section 11.02 of the Warehouse Lending
Agreement. This letter agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall constitute one and
the same agreement, and shall be effective when all counterpart signature pages so executed shall
have been delivered to the Agent. Delivery of an executed counterpart of a signature page to this
letter agreement by facsimile shall be effective as delivery of a manually executed counterpart of
this letter agreement. This letter agreement shall be governed by and construed in accordance with
the laws of the State of New York.

 

 

Barclays Bank PLC, as Agent

May 30, 2008

Page 3 of 6

     IN WITNESS WHEREOF, the parties hereto have caused this letter agreement to be executed by
their duly authorized representatives on the date first written above.

	 	 	 	 	 
	 	TRIAD AUTOMOBILE RECEIVABLES 
WAREHOUSE TRUST,

Borrower

By: WILMINGTON TRUST COMPANY,

not in its individual capacity

but solely as Owner Trustee

 	 
	 	By:  	/s/ Rachel L. Simpson
 	 
	 	 	Name:  	Rachel L. Simpson 	 
	 	 	Title:  	Senior Financial Services Officer 	 

 

 

	 	 	 	 	 

Barclays Bank PLC, as Agent

May 30, 2008

Page 4 of 6

	 	 	 	 	 
	 	TRIAD FINANCIAL WAREHOUSE 
SPECIAL PURPOSE LLC,

Seller

 	 
	 	By:  	/s/ Mike L. Wilhelms
 	 
	 	 	Name:  	Mike L. Wilhelms 	 
	 	 	Title:  	Senior Vice President & Chief

Financial Officer 	 
	 
	 	TRIAD FINANCIAL CORPORATION,

Originator

 	 
	 	By:  	/s/ Daniel D. Leonard
 	 
	 	 	Name:  	Daniel D. Leonard 	 
	 	 	Title:  	President & Chief Executive

Officer 	 
	 
	 	TRIAD FINANCIAL CORPORATION,

Servicer

 	 
	 	By:  	/s/ Daniel D. Leonard
 	 
	 	 	Name:  	Daniel D. Leonard 	 
	 	 	Title:  	President & Chief Executive

Officer 	 

 

 

	 	 	 	 	 

Barclays Bank PLC, as Agent

May 30, 2008

Page 5 of 6

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

Collection Account Bank

 	 
	 	By:  	/s/ Byron M. Tinnin
 	 
	 	 	Name:  	Byron M. Tinnin 	 
	 	 	Title:  	Vice President 	 

 

 

Barclays Bank PLC, as Agent

May 30, 2008

Page 6 of 6

	 	 	 	 	 
	 	SHEFFIELD RECEIVABLES CORPORATION,

Class A Lender

By:  BARCLAYS BANK PLC, as attorney-in-fact

 	 
	 	By:  	/s/ David Lister
 	 
	 	 	Name:  	David Lister 	 
	 	 	Title:  	Director 	 
	 
	 	BARCLAYS BANK PLC,

Class B Lender

 	 
	 	By:  	/s/ Pierre Duleyrie
 	 
	 	 	Name:  	Pierre Duleyrie 	 
	 	 	Title:  	Director 	 
	 
	 	BARCLAYS BANK PLC,

the Agent

 	 
	 	By:  	/s/ Pierre Duleyrie
 	 
	 	 	Name:  	Pierre Duleyrie 	 
	 	 	Title:  	Directorexv10w10

EXHIBIT 10.10

TERMINATION AGREEMENT

     This TERMINATION AGREEMENT (this “Agreement”), dated as of June 20, 2008, is entered
into by and among CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation (“CGMRC”),
TRIAD AUTOMOBILE RECEIVABLES WAREHOUSE TRUST, a Delaware statutory trust (“Warehouse
Borrower”), TRIAD FINANCIAL RESIDUAL SPECIAL PURPOSE LLC, a Delaware limited liability company
(“Residual Borrower”), TRIAD FINANCIAL WAREHOUSE SPECIAL PURPOSE LLC, a Delaware limited
liability company (“Seller”), TRIAD FINANCIAL CORPORATION, a California corporation
(“TFC”), THE BANK OF NEW YORK, as successor to JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a
New York banking corporation (“Collection Account Bank”), and SYSTEMS & SERVICES
TECHNOLOGIES, INC., a Delaware corporation (“Backup Servicer”).

     WHEREAS, in connection with a certain warehouse lending facility provided by CGMRC to
facilitate the origination and acquisition of certain motor vehicle retail installment sale
contracts by TFC (the “Warehouse Lending Facility”) and a certain lending facility provided
by CGMRC to facilitate the acquisition of certain residual and other interests in securitizations
sponsored by TFC (the “Residual Facility”), the parties hereto have previously entered into
the following agreements: (i) the Warehouse Lending Agreement, dated as of April 29, 2005, among
CGMRC, TFC, Seller, Warehouse Borrower and Collection Account Bank (as amended, restated, modified
or otherwise supplemented, the “Warehouse Lending Agreement”), (ii) the Master Residual
Loan Agreement, dated as of April 29, 2005, among CGMRC, Residual Borrower and Collection Account
Bank (as amended, restated, modified or otherwise supplemented, the “Master Residual Loan
Agreement”), (iii) the Security Agreement, dated as of April 29, 2005, between Warehouse
Borrower and CGMRC (as amended, restated, modified or otherwise supplemented, the “Security
Agreement”), (iv) the Warehouse Affiliate Guaranty, dated as of April 29, 2005, made by TFC in
favor of CGMRC (as amended, restated, modified or otherwise supplemented, the “Warehouse
Affiliate Guaranty”), (v) the Residual Affiliate Guaranty, dated as of April 29, 2005, made by
TFC in favor of CGMRC (as amended, restated, modified or otherwise supplemented, the “Residual
Affiliate Guaranty”), (vi) the Servicing Agreement, dated as of April 29, 2005, among CGMRC,
TFC, Warehouse Borrower and Backup Servicer (as amended, restated, modified or otherwise
supplemented, the “Servicing Agreement”), (vii) the Amended and Restated Intercreditor
Agreement Re Lockboxes and Remittances, dated as of January 10, 2008, among CGMRC, Barclays Bank
PLC, TFC, Collection Account Bank, Citibank, N.A., Ambac Assurance Corporation and Financial
Security Assurance Inc. (as amended, restated, modified or otherwise supplemented, the
“Intercreditor Agreement”), (viii) the Limited Power of Attorney, dated April 29, 2005,
given to CGMRC by Residual Borrower (as amended, restated, modified or otherwise supplemented, the
“Limited Power of Attorney”), (ix) the Master Sale and Contribution Agreement, dated as of
April 29, 2005, between TFC and Seller with respect to the Warehouse Lending Facility, as
supplemented by each Sale and Contribution Agreement Supplement (as amended, restated, modified or
otherwise supplemented, the “Master Sale and Contribution Agreement”) and (x) the Master
Receivables Purchase Agreement, dated as of April 29, 2005, between Seller and Warehouse Borrower
with respect to the Warehouse Lending Facility, as supplemented by each Receivables Purchase
Agreement Supplement (as amended, restated, modified or otherwise supplemented, the “Master
Receivables Purchase Agreement”);

 

 

     WHEREAS, in connection with (i) the Warehouse Lending Facility, Warehouse Borrower has
executed a Promissory Note payable to CGMRC, dated April 29, 2005 (as amended, restated, modified
or otherwise supplemented, the “Warehouse Loan Note”) and a Supplemental Loan Promissory
Note payable to CGMRC, dated April 29, 2005 (as amended, restated, modified or otherwise
supplemented, the “Supplemental Loan Note”; together with the Warehouse Loan Note, the
“Warehouse Notes”) and (ii) the Residual Facility, Residual Borrower has executed a Note
payable to CGMRC, dated April 29, 2005 (as amended, restated, modified or otherwise supplemented,
the “Residual Loan Note” and together with the Warehouse Notes, the “Notes”);

     WHEREAS, CGMRC, TFC, Warehouse Borrower and Residual Borrower have agreed to terminate the
Warehouse Lending Facility and the Residual Facility;

     NOW THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

     1. The Warehouse Borrower and the Residual Borrower have informed CGMRC that they intend to
repay, on June 20, 2008 (the “Payoff Date”), all Obligations outstanding under the
Warehouse Lending Agreement and all Obligations outstanding under the Master Residual Loan
Agreement, the amounts of which are set forth on Schedule I attached hereto (all such
amounts, together with the per diem amounts set forth on Schedule I for each day following
the Payoff Date if such amounts are not paid as of the Payoff Date, collectively referred to as the
“Pay-Off Amount”).

     2. Upon receipt by CGMRC of the Pay-Off Amount in immediately available funds from the
Warehouse Borrower and the Residual Borrower by 2:00 p.m., New York City time, on the Payoff Date
in accordance with the account information set forth on Schedule II (the “Pay-Off
Effective Time”), CGMRC hereby agrees that :

     (i) the Warehouse Lending Agreement, the Master Residual Loan Agreement, the Security
Agreement, the Warehouse Affiliate Guaranty, the Residual Affiliate Guaranty, the Servicing
Agreement, the Limited Power of Attorney and all other Lender Loan Documents (collectively,
the “Terminated Agreements”; capitalized terms used but not otherwise defined herein
shall have the respective meanings assigned thereto under the relevant Terminated Agreements)
are terminated and, upon such termination, all rights, obligations, covenants and agreements
of the respective parties under the relevant Terminated Agreements shall be terminated,
cancelled and of no further force or effect, except for those provisions in respect of (i)
taxes under Sections 3.16 and 11.04(c) of the Warehouse Lending Agreement and Sections 2(j)
and 17(d)(iii) of the Master Residual Loan Agreement, (ii) indemnification under Sections
3.07, 10.04 and 11.04(d) of the Warehouse Lending Agreement and Sections 2(h), 16(d) and
17(d)(iv) of the Master Residual Loan Agreement, (iii) expense reimbursement under Sections
11.04(a) and 11.04(b) of the Warehouse Lending Agreement and Sections 17(d)(i) and 17(d)(ii)
of the Master Residual Loan Agreement, and (iv) confidentiality under Section 11.16 of the
Warehouse Lending Agreement and Section 17(t) of the Master Residual Loan Agreement;

2

 

     (ii) (a) all rights obligations, covenants and agreements of CGMRC under the
Intercreditor Agreement shall be terminated (including, for the avoidance of doubt, the right
to receive Remittance Proceeds in accordance with Section 2.4 of the Intercreditor Agreement)
and (b) Collection Account Bank shall no longer serve as Agent for CGMRC;

     (iii) CGMRC hereby relinquishes its rights under Section 6.5 of the Master Sale and
Contribution Agreement and Section 6.5 of the Master Receivables Purchase Agreement;

     (iv) the Warehouse Notes are cancelled in full and shall be promptly delivered to the
Owner Trustee;

     (v) the Residual Loan Note is cancelled in full and shall be promptly delivered to the
Residual Borrower;

     (vi) CGMRC releases (i) the Collateral (as defined in the Security Agreement) from the
security interest created by the Security Agreement, and (ii) the Collateral (as defined in
the Master Residual Loan Agreement) from the security interest created by the Master Residual
Loan Agreement;

     (vii) CGMRC authorizes the Warehouse Borrower to terminate or cause to be terminated the
UCC financing statements pertaining to the liens and security interests created by the
Security Agreement;

     (viii) CGMRC authorizes the Residual Borrower to terminate or cause to be terminated the
UCC financing statements pertaining to the liens and security interests created by the Master
Residual Loan Agreement; and

     (ix) CGMRC directs the Collection Account Bank under the Warehouse Facility to release
all funds remaining on deposit in the Collection Account (as defined in the Warehouse Lending
Agreement) to the Warehouse Borrower.

     3. Each of CGMRC, Warehouse Borrower, Residual Borrower, Seller, TFC, Collection Account Bank
and Backup Servicer agrees to execute and deliver to each of the parties hereto such reasonable and
appropriate additional documents, instruments or agreements as may be reasonably requested in
writing and that are necessary or appropriate to effectuate the purposes of this Agreement,
including, without limitation, any documents, instruments or agreements as are necessary to remove
CGMRC as registered owner of any Pledged ABS.

3

 

     4. Each of the Warehouse Borrower, the Residual Borrower, the Seller and TFC, on behalf of
itself and its Subsidiaries and Affiliates, hereby acknowledges that neither it nor any of its
Subsidiaries or Affiliates has any defense, counterclaim, offset, cross-complaint, claim or demand
of any kind or nature whatsoever that can be asserted to reduce or eliminate all or any part of
such Person’s liability to repay all amounts due and owing under the Terminated Agreements or any
other document entered into or delivered thereunder or to seek affirmative relief or damages of any
kind or nature from CGMRC or any of its past, present or future officers, directors, servants,
agents, shareholders, trustees, investors, limited partners, general partners, attorneys, assigns,
heirs, parents or subsidiaries, or any other person acting for or on behalf of any of them
(collectively, the “CGMRC Parties”). Each of the Warehouse Borrower, the Residual
Borrower, the Seller and TFC, on behalf of itself and its Subsidiaries and Affiliates, all their
successors, assigns, subsidiaries and affiliates and any person acting for or on behalf of, or
claiming through them, hereby fully, finally and forever releases and discharges the CGMRC Parties
of and from any and all past, present and future actions, causes of action, demands, suits, claims,
liabilities, liens, lawsuits, adverse consequences, amounts paid in settlement, costs, damages,
debts, deficiencies, diminution in value, disbursements, expenses, losses and other obligations of
any kind or nature whatsoever, whether in law, equity or otherwise (including without limitation
those arising under 11 U.S.C. §§ 541-550 and interest or other carrying costs, penalties, legal,
accounting and other professional fees and expenses, and incidental, consequential and punitive
damages payable to third parties), whether known or unknown, fixed or contingent, direct, indirect,
or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, matured or
unmatured, liquidated or unliquidated, past or present, now existing, heretofore existing or which
may heretofore accrue against any of the CGMRC Parties, whether held in a personal or
representative capacity, and which are based on any act, fact, event or omission or other matter,
cause or thing occurring at or from any time prior to and including the date hereof and in any way,
directly or indirectly, arising out of, connected with or relating to the Terminated Agreements and
the transactions contemplated thereby, and all other agreements, certificates, instruments and
other documents and statements (whether written or oral) related to any of the foregoing.

     5. Each of the Warehouse Borrower, the Seller and TFC hereby represents and warrants to CGMRC
that (i) the Other Warehouse Facility and all documents relating thereto have been terminated, (ii)
all amounts outstanding under the Other Warehouse Facility have been paid in full, and (iii) all
liens on the Other Warehouse Financing Facility Collateral have been released.

     6. The Bank of New York, in its capacity as Collection Account Bank under the Warehouse
Lending Facility and as Collection Account Bank under the Residual Facility, hereby acknowledges
that all amounts owed to it under the Warehouse Lending Facility and under the Residual Facility
have been paid in full.

     7. The Backup Servicer hereby acknowledges that all amounts owed to it under the Warehouse
Lending Facility have been paid in full.

     8. The Seller hereby certifies that it is the sole Certificateholder and instructs the Owner
Trustee on behalf of Warehouse Borrower to execute this Agreement. The parties hereto consent to
the execution of this Agreement by the Owner Trustee on behalf of Warehouse Borrower. The
Certificateholder confirms that the actions contemplated herein are duly authorized pursuant to and
in accordance with the Trust Agreement and are not inconsistent with the terms of the documents to
which Warehouse Borrower is a party. In addition, the Certificateholder agrees to indemnify the
Owner Trustee in connection herewith.

4

 

     9. This Agreement will in all respects be governed by and construed in accordance with the
laws of the State of New York, without conflict of law principles of such State.

     10. This Agreement may be executed by the parties hereto in separate counterparts, each of
which when so executed and delivered will constitute an original, but all such counterparts will
together constitute but one and the same agreement.

     11. This Agreement is executed by Wilmington Trust Company, not in its individual capacity but
solely in its capacity as Owner Trustee of the Trust, and, as such, Wilmington Trust Company shall
incur no personal liability in connection herewith or the transactions contemplated hereby.

[Signature Pages Follow]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized representatives on the date first written above.

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY 
CORP.

 	 
	 	By:  	/s/ Christopher Donofrio
 	 
	 	 	Name:  	Christopher Donofrio 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	TRIAD AUTOMOBILE RECEIVABLES 
WAREHOUSE TRUST

By: WILMINGTON TRUST COMPANY, not in its

individual capacity but solely as Owner Trustee

 	 
	 	By:  	/s/ Rachel L. Simpson
 	 
	 	 	Name:  	Rachel L. Simpson 	 
	 	 	Title:  	Senior Financial Services Officer 	 
	 
	 	TRIAD FINANCIAL RESIDUAL SPECIAL
 PURPOSE LLC

 	 
	 	By:  	/s/ Mike L. Wilhelms
 	 
	 	 	Name:  	Mike L. Wilhelms 	 
	 	 	Title:  	Senior Vice President & Chief Financial
Officer 	 
	 
	 	TRIAD FINANCIAL WAREHOUSE SPECIAL
 PURPOSE LLC

 	 
	 	By:  	/s/ Mike L. Wilhelms
 	 
	 	 	Name:  	Mike L. Wilhelms  	 
	 	 	Title:  	Senior Vice President & Chief Financial
Officer 	 

6

 

	 	 	 	 	 

	 	 	 	 	 
	 	TRIAD FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Mike L. Wilhelms
 	 
	 	 	Name:  	Mike L. Wilhelms 	 
	 	 	Title:  	Senior Vice President & Chief Financial
Officer 	 
	 
	 	THE BANK OF NEW YORK,
 as successor to

JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION

 	 
	 	By:  	/s/ Bryon M. Tinnin
 	 
	 	 	Name:  	Bryon M. Tinnin 	 
	 	 	Title:  	Vice President 	 
	 
	 	SYSTEMS & SERVICES TECHNOLOGIES, INC

 	 
	 	By:  	/s/
Kimberly Costa
 	 
	 	 	Name:  	Kimberly Costa 	 
	 	 	Title:  	 	 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}]]