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Indenture, Dated As of 2/1/03

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Sectors: Consumer Products (Durables)
Governing Law: New York, View New York State Laws
Effective Date: February 01, 2003
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EXHIBIT 10.2


EXECUTION COPY


OAKWOOD ADVANCE RECEIVABLES COMPANY II, L.L.C.


as Issuer


and


JPMORGAN CHASE BANK


as Indenture Trustee


------------------------


INDENTURE


Dated As Of February 1, 2003


----------------------------


Oakwood Advance Receivables Company II, L.L.C.
Advance Receivables Backed Notes, Series 2003-ADV1
TABLE OF CONTENTS


Page


PRELIMINARY STATEMENT


GRANTING CLAUSE


GENERAL COVENANT


ARTICLE I
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION Section 1.01. Definitions............................................................................ 2 Section 1.02. Rules of Construction.................................................................. 18


ARTICLE II
THE NOTES


Section 2.01. Forms; Denominations................................................................... 19 Section 2.02. Execution, Authentication, Delivery and Dating......................................... 19 Section 2.03. Acknowledgment of Receipt of the Receivables........................................... 20 Section 2.04. The Notes Generally.................................................................... 21 Section 2.05. Registration of Transfer and Exchange of Notes......................................... 21 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes............................................. 23 Section 2.07. Noteholder Lists....................................................................... 24 Section 2.08. Persons Deemed Owners.................................................................. 24 Section 2.09. Accounts............................................................................... 24 Section 2.10. Payments on the Notes.................................................................. 26 Section 2.11. Final Payment Notice................................................................... 29 Section 2.12. Compliance with Withholding Requirements............................................... 29 Section 2.13. Cancellation........................................................................... 29 Section 2.14. Additional Note Balance................................................................ 30 Section 2.15. Reserve Account........................................................................ 30 Section 2.16. Redemption of the Notes................................................................ 30 Section 2.17. Securities Accounts.................................................................... 31


ARTICLE III
SATISFACTION AND DISCHARGE


Section 3.01. Satisfaction and Discharge of Indenture................................................ 33 Section 3.02. Application of Trust Money............................................................. 34


ARTICLE IV
EVENTS OF DEFAULT; REMEDIES


Section 4.01. Events of Default...................................................................... 34 Section 4.02. Acceleration of Maturity; Rescission and Annulment..................................... 36


i Section 4.03. Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee................................................................................ 37 Section 4.04. Remedies............................................................................... 39 Section 4.05. Application of Money Collected......................................................... 40 Section 4.06. Limitation on Suits.................................................................... 40 Section 4.07. Unconditional Right of Noteholders to Receive Principal and Interest................... 40 Section 4.08. Restoration of Rights and Remedies..................................................... 41 Section 4.09. Rights and Remedies Cumulative......................................................... 41 Section 4.10. Delay or Omission Not Waiver........................................................... 41 Section 4.11. Control by Noteholders................................................................. 41 Section 4.12. Waiver of Past Defaults................................................................ 42 Section 4.13. Undertaking for Costs.................................................................. 42 Section 4.14. Waiver of Stay or Extension Laws....................................................... 43 Section 4.15. Sale of Trust Estate................................................................... 43 Section 4.16. Action on Notes........................................................................ 44


ARTICLE V
THE INDENTURE TRUSTEE


Section 5.01. Certain Duties and Responsibilities.................................................... 45 Section 5.02. Notice of Defaults..................................................................... 48 Section 5.03. Certain Rights of Indenture Trustee.................................................... 48 Section 5.04. Compensation and Reimbursement......................................................... 49 Section 5.05. Corporate Indenture Trustee Required; Eligibility...................................... 51 Section 5.06. Authorization of Indenture Trustee..................................................... 51 Section 5.07. Merger, Conversion, Consolidation or Succession to Business............................ 51 Section 5.08. Resignation and Removal; Appointment of Successor...................................... 51 Section 5.09. Acceptance of Appointment by Successor................................................. 53 Section 5.10. Unclaimed Funds........................................................................ 53 Section 5.11. Illegal Acts........................................................................... 54 Section 5.12. Communications by the Indenture Trustee................................................ 54 Section 5.13. Separate Indenture Trustees and Co-Trustees............................................ 54


ARTICLE VI
REPORTS TO NOTEHOLDERS


Section 6.01. Reports to Noteholders and Others...................................................... 55 Section 6.02. REMIC Servicer Reports................................................................. 56 Section 6.03. Access to Certain Information.......................................................... 58


ARTICLE VII
FUNDING ACCOUNT; PURCHASE OF ADDITIONAL RECEIVABLES


Section 7.01. Funding Account........................................................................ 58 Section 7.02. Purchase of Additional Receivables..................................................... 59


ii Section 7.03. REMIC Conversions...................................................................... 61


ARTICLE VIII
SUPPLEMENTAL INDENTURES; AMENDMENTS


Section 8.01. Supplemental Indentures or Amendments Without Consent of Noteholders................... 61 Section 8.02. Supplemental Indentures With Consent of Noteholders.................................... 62 Section 8.03. Delivery of Supplements and Amendments................................................. 63 Section 8.04. Execution of Supplemental Indentures, etc.............................................. 63


ARTICLE IX
COVENANTS; WARRANTIES


Section 9.01. Maintenance of Office or Agency........................................................ 63 Section 9.02. Existence.............................................................................. 64 Section 9.03. Payment of Taxes and Other Claims...................................................... 64 Section 9.04. Validity of the Notes; Title to the Trust Estate; Lien................................. 64 Section 9.05. Protection of Trust Estate............................................................. 65 Section 9.06. Nonconsolidation....................................................................... 65 Section 9.07. Negative Covenants..................................................................... 66 Section 9.08. Reserved............................................................................... 67 Section 9.09. Issuer may Consolidate, Etc., only on Certain Terms.................................... 67 Section 9.10. Purchase of Notes...................................................................... 68 Section 9.11. Indemnification........................................................................ 68 Section 9.12. Advance Facility....................................................................... 70


ARTICLE X
AGENT


Section 10.01. Appointment............................................................................ 70 Section 10.02. Nature of Duties....................................................................... 71 Section 10.03. Rights, Exculpation, Etc............................................................... 71 Section 10.04. Reliance............................................................................... 72 Section 10.05. Indemnification........................................................................ 72 Section 10.06. Agent Individually..................................................................... 72 Section 10.07. Successor Agent........................................................................ 72 Section 10.08. Collateral Matters..................................................................... 73


ARTICLE XI
MISCELLANEOUS


Section 11.01. Execution Counterparts................................................................. 74 Section 11.02. Compliance Certificates and Opinions, etc.............................................. 74 Section 11.03. Form of Documents Delivered to Indenture Trustee....................................... 74 Section 11.04. Acts of Noteholders.................................................................... 75 Section 11.05. Computation of Percentage of Noteholders............................................... 76


iii Section 11.06. Notice to the Indenture Trustee, the Issuer and Certain Other Persons.................. 76 Section 11.07. Notices to Noteholders; Notification Requirements and Waiver........................... 76 Section 11.08. Successors and Assigns................................................................. 77 Section 11.09. Separability Clause.................................................................... 77 Section 11.10. Governing Law.......................................................................... 77 Section 11.11. Effect of Headings and Table of Contents............................................... 77 Section 11.12. Benefits of Indenture.................................................................. 77 Section 11.13. Recording of Indenture................................................................. 78 Section 11.14. Non-Recourse Obligation................................................................ 78 Section 11.15. Inspection............................................................................. 78 Section 11.16. Method of Payment...................................................................... 79


Exhibits


Exhibit A Form of Note Exhibit B Form of Monthly REMIC Servicer Report Exhibit C-1A Form of Transferee Certificate for Transfers of Notes to Qualified
Institutional Buyers Exhibit C-1B Form of Transferee Certificate for Transfers of Notes to
Institutional Accredited Investors Exhibit D Form of Payment Date Report Exhibit E Form of Excess Amount Payment Report Exhibit F Form of Funding Date Report


iv
INDENTURE, dated as of February 1, 2003, between OAKWOOD ADVANCE RECEIVABLES COMPANY II, L.L.C., a Nevada limited liability company, as issuer (the "Issuer"), and JPMORGAN CHASE BANK, a New York banking corporation, not in its individual capacity, but solely as Indenture Trustee (the "Indenture Trustee") under this Indenture.


PRELIMINARY STATEMENT


The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its Oakwood Advance Receivables Company II, L.L.C. Advance Receivables Backed Notes, Series 2003-ADV1 (the "Notes").


All things necessary to make the Notes, when the Notes are executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, the valid and legally binding obligations of the Issuer enforceable in accordance with their terms, and to make this Indenture a valid and legally binding agreement of the Issuer enforceable in accordance with its terms, have been done.


GRANTING CLAUSE


The Issuer hereby Grants to the Indenture Trustee effective as of the Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all of the Issuer's right, title and interest in and to (i) the Initial Receivables and any Additional Receivables and all monies due thereon or paid thereunder or in respect thereof (including, without limitation, any Repurchase Prices and proceeds of any sales) on and after the Closing Date; (ii) all rights of the Issuer as Purchaser under the Receivables Purchase Agreement, including, without limitation, to enforce the obligations of the Seller thereunder with respect to the Aggregate Receivables; (iii) the Reimbursement Account, the Note Payment Account and the Reserve Account, and all monies, "securities," "instruments," "accounts" "general intangibles," "chattel paper," "financial assets," "investment property" (the terms in quotations are defined in the UCC) and other property on deposit or credited to the Reimbursement Account, the Note Payment Account and the Reserve Account from time to time (whether or not constituting or derived from payments, collections or recoveries received, made or realized in respect of the Aggregate Receivables or otherwise); (iv) all right, title and interest of the Issuer as assignee of the Seller to the contractual rights to payment on the Aggregate Receivables under each REMIC Pooling Agreement and all related documents, instruments and agreements pursuant to which the Seller acquired, or acquired an interest in, any of the Aggregate Receivables from each of the REMIC Trusts; (v) true and correct copies of all books, records and documents relating to the Aggregate Receivables in any medium, including without limitation paper, tapes, disks and other electronic media; (vi) all other monies, securities, reserves and other property now or at any time in the possession of the Indenture Trustee or its bailee, agent or custodian and relating to any of the foregoing, including without limitation, any of the Issuer's funds on deposit in the Funding Account from time to time; and (vii) all proceeds of the foregoing of every kind and nature whatsoever, including, without limitation, all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property that at any time constitute all or part of or are included in the proceeds of the foregoing ((i) through (vii), collectively, the "Trust Estate").


The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.


The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein to the best of its ability such that the interests of the Secured Parties may be adequately and effectively protected.


GENERAL COVENANT


AND IT IS HEREBY COVENANTED AND DECLARED that the Notes are to be authenticated and delivered by the Indenture Trustee, that the Trust Estate is to be held by or on behalf of the Indenture Trustee and that monies in the Trust Estate are to be applied by the Indenture Trustee for the benefit of the Secured Parties, subject to the further covenants, conditions and trusts hereinafter set forth, and the Issuer does hereby represent and warrant, and covenant and agree, to and with the Indenture Trustee, for the equal and proportionate benefit and security of each Secured Party, as follows:


ARTICLE I
DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION


Section 1.01. Definitions


Whenever used in this Indenture, including in the Preliminary Statement, the Granting Clause and the General Covenant hereinabove set forth, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Section 1.01 or, if not specified in this Section 1.01, then in the applicable REMIC Pooling Agreement.


"Accounts": The Reimbursement Account, the Reserve Account, the Funding Account and the Note Payment Account.


"Act": As defined in Section 11.04 hereof.


"Accrual Period": With respect to the Notes and any Payment Date, the period commencing on and including the Payment Date in the month preceding such Payment Date (or, in the case of the initial Accrual Period, the Closing Date) and ending on and including the day preceding such Payment Date.


"Additional Note Balance": With respect to any Funding Date, the amount of additional principal of the Notes advanced by the Tranche B Lenders on such Funding Date in accordance with the Note Purchase Agreement.


2
"Additional Receivables": With respect to each Funding Date after the Closing Date, the Receivables sold and contributed by the Seller to the Issuer on such Funding Date and Granted by the Issuer to the Trust Estate.


"Affiliate": With respect to any specified Person, for purposes of this Indenture only, any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interest, by contract or otherwise; and the terms "controlling" and "controlled" have the meanings correlative to the foregoing.


"Agent": Greenwich Capital Financial Products, Inc. and its successors and assigns as agent under this Indenture and, as the context indicates, as agent for the Tranche A Lenders pursuant to the Tranche A Revolving Loan Documents.


"Aggregate Receivables": All Initial Receivables and all Additional Receivables.


"Asset": As defined in the REMIC Pooling Agreements or, with respect to the Merrill Lynch Pooling Agreement, shall mean "Contract" as defined therein.


"Authenticating Agent": As defined in Section 2.02(b).


"Authorized Officer": With respect to the Issuer, any officer of the Issuer who is authorized to act for the Issuer and who is identified on the list of authorized officers delivered by the Issuer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter).


"Available Amount": With respect to any Payment Date, the sum of (i) all funds on deposit in the Reimbursement Account as of the close of business on the last day of the Collection Period then most recently concluded (including amounts earned on Permitted Investments) plus (ii) all other funds to be deposited to the Note Payment Account from any other Account on or before such Payment Date, including, without limitation, the amount of any payments made by the Borrowers or the Tranche A SPE under the Tranche B Guaranties in respect of such Payment Date.


"Borrowers": As defined in the Tranche A Agreement.


"Business Day": Any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated by law or executive order to remain closed in New York, New York, Greenwich, Connecticut, Omaha, Nebraska, Greensboro, North Carolina or in any other city in which the Corporate Trust Office of the Indenture Trustee is located.


"Cash": Coin or currency of the United States or immediately available federal funds, including such funds delivered by wire transfer.


"Cash Purchase Price": As defined in Section 1.01 of the Receivables Purchase Agreement.


3
"Certificate Account": As defined in the REMIC Pooling Agreements or, with respect to the Oakwood Acceptance Corporation, Series 1994-1 Pooling Agreement, the Oakwood Acceptance Corporation, Series 1995-1 Pooling Agreement and the Oakwood Acceptance Corporation, Series 1996-1 Pooling Agreement, shall mean "Custodial P&I Account" as defined therein.


"Class Exemption": A class exemption granted by the DOL, which provides relief from some or all of the prohibited transaction provisions of ERISA and the related excise tax provisions of the Code.


"Closing Date": February 14, 2003.


"Code": The Internal Revenue Code of 1986 and regulations promulgated thereunder, including proposed regulations to the extent that, by reason of their proposed effective date, could, as of the date of any determination or opinion as to the tax consequences of any action or proposed action or transaction, be applied to the Notes.


"Collateral": Individually and collectively, the assets constituting the Trust Estate from time to time.


"Collateral Coverage Requirement": With respect to any date, the requirement that the Collateral Value of the Collateral shall be greater than or equal to the Note Principal Balance as of such date (after giving effect to any purchase of Additional Note Balance or Additional Receivables on such date).


"Collateral Value": With respect to the Collateral as of any date, the sum of (a) the product of (i) the outstanding Receivable Balances of the Eligible Receivables relating to Pool-Level Advances and (ii) the applicable Discount Factor, (b) the product of (i) the outstanding Receivable Balances of the Eligible Receivables relating to Loan-Level Advances and (ii) the applicable Discount Factor, and (c) the amount of funds on deposit in the Accounts other than the Reserve Account (including the par amount of all Permitted Investments in such Accounts); provided, however, that the Collateral Value of the Receivables with respect to any REMIC Trust for which a REMIC Termination Event has occurred (and, with respect to an event described in clause (c) of the definition of REMIC Termination Event, is continuing) shall be zero.


"Collection Period": With respect to any Payment Date, the calendar month preceding the calendar month in which such Payment Date occurs, except that, with respect to the Initial Payment Date, the Collection Period shall begin on the Closing Date and end on February 28, 2003.


"Commitment": As defined in the Note Purchase Agreement.


"Control Agreement": The Depository Account Control Agreement, dated as of January 28, 2003, by and among JPMorgan Chase Bank, Oakwood Tranche A Servicing Advance Receivables Company, LLC and Greenwich Capital Financial Products, Inc., as agent for the Tranche A Lenders and as agent for the Indenture Trustee for the benefit of the Secured Parties.


4
"Control Person": With respect to any Person, any other Person that constitutes a "controlling person" within the meaning of Section 15 of the 1933 Act.


"Corporate Trust Office": The principal corporate trust offices of the Indenture Trustee at which at any particular time its corporate trust business with respect to the Issuer shall be administered, which offices at the Closing Date are located at (i) for Note transfer purposes, 4 New York Plaza, 6th Floor, New York, New York, 10004, Attention: Corporate Trust Services - Oakwood Advance Receivables Company II, L.L.C. and (ii) for all other purposes, at 4 New York Plaza, 6th Floor, New York, New York, 10004, Attention: Corporate Trust Services - Oakwood Advance Receivables Company II, L.L.C.


"Daily Interest Amount": With respect to each day and the related Accrual Period, an amount equal to (x) the Floating Rate times (y) the Note Principal Balance as of the preceding Business Day after giving effect to all changes to the Note Principal Balance on or prior to such preceding Business Day times (z) a fraction, the numerator of which is one and the denominator of which is 360.


"Debtors": As defined in the Tranche A Agreement.


"Delinquency Ratio": With respect to any REMIC Trust and any date, a ratio, expressed as a percentage, the numerator of which is the Unpaid Principal Balance of Assets 30 days or more delinquent, and the denominator of which is the Unpaid Principal Balance of all Assets in such REMIC Trust


"Discount Factor": W
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