Add
ACF to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| ACF > SEC Filings for ACF > Form 8-K on 6-Feb-2008 | All Recent SEC Filings |
6-Feb-2008
Entry into a Material Definitive Agreement, Change in Credit Enhancement or Othe
On January 31, 2008, AmeriCredit Financial Services, Inc. ("AmeriCredit"), a subsidiary of AmeriCredit Corp., and Long Beach Acceptance Corp. ("Long Beach"), a subsidiary of AmeriCredit, entered into amendments to transaction documents concerning securitizations insured by the Financial Security Assurance Inc. ("FSA"). The description of those amendments in Item 6.03 of this Form 8-K is incorporated by reference to this item.
On January 31, 2008, AmeriCredit and Long Beach entered into amendments to transaction documents concerning FSA-insured AmeriCredit Automobile Receivables Trust ("AMCAR") and Long Beach Acceptance Auto Receivables Trust ("LBART") securitizations, to include a limited cross-collateralization feature whereby excess cash flows from AMCAR and/or LBART securitizations insured by FSA may be used to support credit enhancement requirements of other AMCAR and/or LBART securitizations insured by FSA if (i) a securitization insured by FSA has met its specific target credit enhancement level, without regard to any increase due to a performance trigger event, and then falls below such overcollateralization level, (ii) a securitization insured by FSA has not met its specific target credit enhancement level, without regard to any increase due to a performance trigger event, after the fifteenth distribution date or (iii) an insurance agreement event of default has occurred under a securitization insured by FSA. Additionally, the amendments to the transaction documents of the FSA-insured Long Beach Acceptance Auto Receivables Trust 2006-A ("LBART 2006-A"), Long Beach Acceptance Auto Receivables Trust 2006-B ("LBART 2006-B") and Long Beach Acceptance Auto Receivables 2007-A ("LBART 2007-A") increased certain credit enhancement requirements. A copy of the amendments are filed herewith as exhibits to this Form 8-K.
On February 6, 2008, the Board of Directors of AmeriCredit approved the acquisition by Leucadia National Corporation and its affiliates ("Leucadia") of 20% or more of AmeriCredit's outstanding voting stock. The effect of this action is to make inapplicable the provisions of the Texas Business Combination Law, which, without the action taken by AmeriCredit's Board of Directors, would prohibit AmeriCredit and Leucadia from entering into any business combination for a period of three years following Leucadia's acquisition of 20% or more of the outstanding voting stock of AmeriCredit unless approved by two-thirds of AmeriCredit's outstanding shares not held by Leucadia. AmeriCredit and Leucadia have discussed the terms of a standstill agreement dealing with matters customarily covered in an agreement with a significant minority shareholder, including but not limited to a limit on Leucadia's ownership in AmeriCredit to 29.9% of the outstanding shares of AmeriCredit's common stock for a period of two years. There is no assurance that such standstill agreement will be entered into or if entered into, would necessarily be on the same terms as presently being discussed.
(d) Exhibits
The following exhibits are filed herewith:
Exhibit
Number Description
99.1 Amendment No. 1 to the Series 2004-D-F Supplement, dated as of January
31, 2008, among AFS Funding Trust, Financial Security Assurance Inc.
and The Bank of New York to the Series 2004-C-F Supplement, dated
October 24, 2004.
99.2 Amendment No. 1 to the Series 2005-C-F Supplement, dated January 31,
2008, among AFS Funding Trust, Financial Security Assurance Inc. and
Wells Fargo Bank, National Association to the Series 2005-C-F
Supplement, dated August 17, 2005.
99.3 Amendment No. 1 to the Spread Account Agreement, dated as of January
31, 2008, among AmeriCredit Automobile Receivables Trust 2006-A-F,
Financial Security Assurance Inc. and Wells Fargo Bank, National
Association to the AmeriCredit Automobile Receivables Trust 2006-A-F
Spread Account Agreement, dated as of July 12, 2006.
99.4 Amendment No. 1 to the Spread Account Agreement, dated as of January
31, 2008, among AmeriCredit Automobile Receivables Trust 2007-B-F,
Financial Security Assurance Inc. and Wells Fargo Bank, National
Association to the AmeriCredit Automobile Receivables Trust 2007-B-F
Spread Account Agreement, dated as of April 11, 2007.
99.5 Amendment No. 1 to the Spread Account Agreement, dated as of January
31, 2008, among AmeriCredit Automobile Receivables Trust 2007-D-F,
Financial Security Assurance Inc. and Wells Fargo Bank, National
Association to the AmeriCredit Automobile Receivables Trust 2007-D-F
Spread Account Agreement, dated as of September 12, 2007.
99.6 Amendment No. 2, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
Wells Fargo Bank, National Association to the Long Beach Acceptance
Auto Receivables Trust 2004-A Master Spread Account Agreement, dated
as of March 1, 2004.
99.7 Amendment No. 2, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
Wells Fargo Bank, National Association to the Long Beach Acceptance
Auto Receivables Trust 2004-B Master Spread Account Agreement, dated
as of July 1, 2004.
--------------------------------------------------------------------------------
Exhibit
Number Description
99.8 Amendment No. 1, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
The Bank of New York to the Long Beach Acceptance Auto Receivables
Trust 2004-C Master Spread Account Agreement, dated as of December 1,
2004.
99.9 Amendment No. 1, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
Wells Fargo Bank, National Association to the Long Beach Acceptance
Auto Receivables Trust 2005-A Master Spread Account Agreement, dated
as of June 1, 2005.
99.10 Amendment No. 1, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
The Bank of New York to the Long Beach Acceptance Auto Receivables
Trust 2005-B Master Spread Account Agreement, dated as of October 1,
2005.
99.11 Amendment No. 1, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
Wells Fargo Bank, National Association to the Long Beach Acceptance
Auto Receivables Trust 2006-A Master Spread Account Agreement, dated
as of May 1, 2006.
99.12 Amendment No. 1, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
Deutsche Bank Trust Company Americas to the Long Beach Acceptance Auto
Receivables Trust 2006-B Master Spread Account Agreement, dated as of
September 1, 2006.
99.13 Amendment No. 1, dated as of January 31, 2008, among Long Beach
Acceptance Receivables Corp., Financial Security Assurance Inc. and
Wells Fargo Bank, National Association to the Long Beach Acceptance
Auto Receivables Trust 2007-A Master Spread Account Agreement, dated
as of March 1, 2007.
|
|
|