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Exhibit 99.1
RECEIVABLES PURCHASE AGREEMENT
among
METALDYNE CORPORATION,
THE SELLERS NAMED HEREIN
as Sellers,
and
MRFC, INC.
Dated as of April 29, 2005
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RECEIVABLES PURCHASE AGREEMENT, dated as of April 29,
2005 (as amended, supplemented or otherwise modified and in
effect from time to time, this "Agreement"), among Metaldyne
Corporation, a Delaware corporation ("Metaldyne"), the
subsidiaries of Metaldyne identified as Sellers on Schedule
I annexed hereto, as sellers, (each, individually, a
"Seller" and collectively, the "Sellers"), and MRFC, Inc., a
Delaware corporation, as purchaser hereunder (in such
capacity, "MRFC").
W I T N E S S E T H :
WHEREAS, MRFC desires to purchase from time to time certain
accounts
receivable existing on the Closing Date and thereafter until the
Purchase
Termination Date;
WHEREAS, the Sellers desire to sell and assign from time to time
such
certain accounts receivable to MRFC upon the terms and
conditions hereinafter
set forth;
NOW, THEREFORE, for good and valuable consideration, the receipt
and
sufficiency of which are hereby acknowledged, it is hereby
agreed by and among
MRFC and the Sellers as follows:
Article I
Definitions
SECTION 1.01. Definitions. All capitalized terms used herein
shall have the
meanings specified herein or, if not so specified, the meaning
specified in, or
incorporated by reference into, Schedule A to the Receivables
Transfer
Agreement, dated as of the date hereof (as amended, supplemented
or otherwise
modified and in effect from time to time, the "Receivables
Transfer Agreement"),
by and among MRFC, as Transferor thereunder, Metaldyne,
individually, as
Collection Agent and as Guarantor thereunder, the several
Purchasers named
therein, and General Electric Capital Corporation, as
Administrative Agent
thereunder.
SECTION 1.02. Other Terms. All accounting terms not specifically
defined
herein shall be construed in accordance with generally accepted
accounting
principles. All terms used in Article 9 of the Relevant UCC, and
not
specifically defined herein, are used herein as defined in such
Article 9.
SECTION 1.03. Computation of Time Periods. Unless otherwise
stated in this
Agreement, in the computation of a period of time from a
specified date to a
later specified date, the word "from" means "from and including"
and the words
"to" and "until" each means "to but excluding," and the word
"within" means
"from and excluding a specified date and to and including a
later specified
date."
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Article II
Purchase, Conveyance and Servicing of Receivables
SECTION 2.01. Sales. (a) Upon the terms and subject to the
conditions set
forth herein, and without recourse (except such limited recourse
as is
specifically provided for in Sections 5.01(q), 6.01 and 6.02),
each of the
Sellers hereby sells, assigns, transfers and conveys to the
MRFC, and MRFC
hereby purchases from each of the Sellers, all of such Seller's
right, title and
interest, whether now owned or hereafter acquired and wherever
located, in, to
and under the Receivables outstanding on the Closing Date and
thereafter owned
by each of the Sellers, through any Purchase Termination Date,
together with all
Related Security and Collections with respect thereto (to the
extent that such
right, title and interest was not already purchased by MRFC) and
all Proceeds of
the foregoing. Such interest in the Receivables, expressed as a
dollar amount,
shall be equal to the aggregate unpaid balance of the
Receivables from time to
time. Any sale, assignment, transfer and conveyance hereunder
does not
constitute an assumption by MRFC of any obligations of the
Sellers or any other
Person to Obligors or to any other Person in connection with the
Receivables or
under any Related Security or any other agreement or instrument
relating to the
Receivables.
(b) In connection with such sale, each Seller agrees to execute
and deliver
for filing (or authorize the filing) on or prior to the Closing
Date, at its own
expense, a financing statement or statements (Form UCC-1) with
respect to the
Receivables and the other property described in Section 2.01(a)
sold by such
Seller hereunder meeting the requirements of applicable state
law in such manner
and in such jurisdictions as are necessary to perfect and
protect the interests
of MRFC created hereby in the Receivables under the Relevant UCC
against all
creditors of, and purchasers from, such Seller, and to deliver
either the
originals of such financing statements or a file-stamped copy of
such financing
statements or other evidence of such filings to MRFC on or prior
to the Closing
Date.
(c) Each of the Sellers agrees that from time to time, at its
expense, it
will promptly execute and deliver all instruments and documents
and take all
actions as may be necessary or as MRFC may reasonably request in
order to
perfect or protect the interest of MRFC in the Receivables
purchased hereunder
or to enable MRFC to exercise or enforce any of its rights
hereunder. Without
limiting the foregoing, each Seller will, in order to accurately
reflect this
purchase and sale transaction, execute and file (or authorize
the filing of)
such financing or continuation statements or amendments thereto
or assignments
thereof (as permitted pursuant hereto) as may be requested by
MRFC and mark its
master data processing records (or related subledger) and other
documents with a
legend describing the purchase by MRFC of the Receivables and
the interest
transferred by MRFC to the Administrative Agent pursuant to the
Receivables
Transfer Agreement and stating "An interest in these accounts
receivable has
been granted to General Electric Capital Corporation, as
Administrative Agent,
pursuant to a Receivables Transfer Agreement dated as of April
29, 2005." The
Sellers shall, upon request of MRFC, obtain such additional
search reports as
MRFC shall request. To the fullest extent permitted by
applicable law, MRFC
shall be permitted and authorized to file continuation
statements
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and amendments thereto and assignments thereof without the
Sellers' signatures.
Carbon, photographic or other reproduction of this Agreement or
any financing
statement shall be sufficient as a financing statement.
(d) It is the express intent of the Sellers and MRFC that the
conveyance of
the Receivables by the Sellers to MRFC pursuant to this
Agreement be construed
as a sale of such Receivables by the Sellers to MRFC. Further,
it is not the
intention of the Sellers and MRFC that such conveyance be deemed
a grant of a
security interest in the Receivables by the Sellers to MRFC to
secure a debt or
other obligation of the Sellers. Except under the limited
circumstances
described in Sections 5.01(q), 6.01 and 6.02, the Sellers shall
have no right or
obligation hereunder to repurchase or otherwise reacquire any
such Receivables.
Except as otherwise provided in Sections 5.01(q), 6.01 and 6.02,
each sale of
Receivables by the Sellers hereunder is made without recourse of
any kind.
However, in the event that, notwithstanding the intent of the
parties, the
Receivables are construed to constitute property of the Sellers,
then (i) this
Agreement shall be deemed to be, and hereby is, a security
agreement within the
meaning of the Relevant UCC; and (ii) the conveyances by each of
the Sellers
provided for in this Agreement shall be deemed to be, and each
of the Sellers
hereby grants to MRFC, a security interest in, to and under all
of such Seller's
right, title and interest in, to and under the Receivables,
together with all
Related Security and Collections with respect thereto and all
Proceeds of the
foregoing, to secure the rights of MRFC set forth in this
Agreement or as may be
determined in connection therewith by applicable law. The
Sellers and MRFC
shall, to the extent consistent with this Agreement, take such
actions as may be
necessary to ensure that, if this Agreement were deemed to
create a security
interest in the Receivables, such security interest would be
deemed to be a
perfected security interest in favor of MRFC under applicable
law and will be
maintained as such throughout the term of this Agreement.
SECTION 2.02. Servicing of Receivables. The servicing,
administering and
collection of the Receivables shall be conducted by each of the
Sellers, as
agents of the Collection Agent, in accordance with the terms and
conditions of
the Receivables Transfer Agreement. Each Seller hereby agrees to
perform, take
or cause to be taken all such action as may be necessary or
advisable to collect
each Receivable from time to time, all in accordance with the
terms and
conditions of the Receivables Transfer Agreement, the Credit and
Collection
Policy and applicable laws, rules and regulations and with the
care and
diligence which each of the Sellers employs in servicing similar
receivables for
its own account. MRFC hereby appoints each of the Sellers as its
agent to
enforce MRFC's rights and interests in, to and under the
Receivables, the
Related Security and the Collections with respect thereto. To
the extent
permitted by applicable law, each Seller hereby grants to any
Collection Agent
appointed under the Receivables Transfer Agreement and at any
time following the
designation of a Collection Agent other than Metaldyne, any
Seller or MRFC, to
the Administrative Agent an irrevocable power of attorney to
take in the
Seller's name and on behalf of the Seller any and all steps
necessary or
desirable, in the reasonable determination of the Collection
Agent or the
Administrative Agent, to collect all amounts due under any and
all Receivables,
including, without limitation, endorsing the Seller's name on
checks and other
instruments representing Collections and enforcing such
Receivables and the
related Contracts. Each of the Sellers
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shall hold in trust for MRFC, in accordance with its interests,
all Records
which evidence or relate to the Receivables or Related Security,
Collections and
Proceeds with respect thereto. Notwithstanding anything to the
contrary
contained herein, from and after the occurrence of a Termination
Event or a
Collection Agent Default, the Administrative Agent, upon written
notice to the
Collection Agent on behalf of the Purchasers, shall have the
absolute and
unlimited right to terminate the Sellers' servicing activities
described in this
Section 2.02. In consideration of the foregoing, MRFC agrees to
pay each Seller
a servicing fee of one percent (1.0%) per annum on the aggregate
Outstanding
Balance of the Receivables sold by such Seller, payable monthly,
for its
performance of the duties and obligations described in this
Section 2.02;
provided that any such monthly payment shall be reduced by any
amounts payable
in such month by the Purchasers to Metaldyne in its capacity as
Collection Agent
pursuant to the Receivables Transfer Agreement.
ARTICLE III
Consideration and Payment; Reporting
SECTION 3.01. Purchase Price. The purchase price for the
Receivables and
related property conveyed to MRFC by the Sellers under this
Agreement (other
than Receivables and related property contributed to MRFC
pursuant to the
penultimate sentence of Section 3.02(a))on any Business Day
shall be a dollar
amount equal to the product of (i) the aggregate Outstanding
Balance of the
Receivables sold on such Business Day and (ii) the then
applicable Discount
Percentage (the "Purchase Price").
SECTION 3.02. Payment of Purchase Price. (a) The Purchase Price
for each
Receivable sold hereunder on any Business Day shall be paid or
provided for on
the Business Day on which such sale occurred (i) by payment in
immediately
available funds to the extent MRFC has such funds available and
(ii) to the
extent such funds are not available, by increasing the amount
due under the
Subordinated Note by notation thereon; provided, however, that
the aggregate
outstanding principal amount of the Subordinated Note on any
Business Day (after
giving effect to all repayments thereof on or before such
Business Day) shall
not exceed the lesser of (x) 30% of the Outstanding Balance of
the Receivables
purchased hereunder existing on such Business Day and (y) an
amount that would
cause MRFC's net worth (as defined in accordance with GAAP) to
be less than
$25,000,000. To the extent that MRFC does not have sufficient
cash or
availability under the Subordinated Note to pay the total
Purchase Price for
Receivables sold on any Business Day in full, Metaldyne Company
LLC may make a
cash capital contribution to MRFC. No sales of Receivables shall
be made
hereunder on and after the Purchase Termination Date.
(b) All advances made by the Sellers to Purchaser pursuant to
Section
3.02(a) (each, an "Advance") shall be evidenced by a single
subordinated note,
duly executed on behalf of Purchaser, in substantially the form
of Exhibit A
annexed hereto, delivered on the Closing Date and payable to
Metaldyne, as agent
for the Sellers (as amended, supplemented or otherwise modified
and in effect
from time to time, the "Subordinated Note"). The Collection
Agent is hereby
authorized by Purchaser to endorse on the schedule attached to
the Subordinated
Note (or a continua-
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tion of such schedule attached thereto and made a part thereof)
an appropriate
notation evidencing the date and amount of each Advance, as well
as the date and
amount of each payment with respect thereto; provided, however,
that the failure
of any Person to make such a notation shall not affect any
obligations of
Purchaser thereunder. Any such notation shall be conclusive and
binding as to
the date and amount of such Advance, or payment of principal or
interest
thereon, absent manifest error.
(c) The terms and conditions of the Subordinated Note and all
Advances
thereunder shall be as follows:
(i) Allocation of Advances. Advances shall be allocated among
the Sellers
pro rata according to the Purchase Price due to each Seller on
the date such
Advances are made.
(ii) Repayment of Advances. All amounts paid by MRFC with
respect to the
Advances shall be allocated first to the repayment of accrued
interest until all
such interest is paid, and then to the outstanding principal
amount of the
Advances. Subject to the provisions of this Agreement, MRFC may
borrow, repay
and reborrow Advances on and after the date hereof and prior to
the termination
of this Agreement, subject to the terms, provisions and
limitations set forth
herein.
(iii) Interest. The Subordinated Note shall bear interest from
its date on
the outstanding principal balance thereof at an initial rate per
annum equal to
7.75%, adjusted on each Interest Payment Date (as defined
therein) to an amount
equal to the Prime Rate (as defined therein) plus 2%. Interest
on each Advance
shall be computed based on the number of days elapsed in a year
of 360 days.
(iv) Sole and Exclusive Remedy; Subordination. MRFC shall be
obligated to
repay Advances to the Sellers only to the extent of funds
available to MRFC from
Collections on the Receivables and, to the extent that such
payments are
insufficient to pay all amounts owing to the Sellers under the
Subordinated
Note, the Sellers shall not have any claim against MRFC for such
amounts and no
further or additional recourse shall be available against
Purchaser. The
Subordinated Note shall be fully subordinated to any rights of
the
Administrative Agent, on behalf of the Purchasers pursuant to
the Receivables
Transfer Agreement, and shall not evidence any rights in the
Receivables or
related property.
(v) Offsets, etc. MRFC may offset any amount due and owing by
the Sellers
to MRFC against any amount due and owing by MRFC to the Sellers
under the terms
of the Subordinated Note.
SECTION 3.03. Reports. Each Seller will furnish to the
Collection Agent all
information with respect to the Receivables sold by such Seller
under this
Agreement required by the Collection Agent in order to complete
the weekly
Deposit Reports and monthly Settlement Statements delivered by
the Collection
Agent pursuant to the Receivables Transfer Agreement. Each
delivery of a Deposit
Report and Settlement Statement by the Collection Agent shall be
deemed to be a
representation and warranty by each Seller that all information
set forth in
those reports with re-
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spect to the Receivables sold by such Seller under this
Agreement and
Collections thereof is true and correct.
SECTION 3.04. Transfer of Records. (a) In connection with the
Purchase of
Receivables hereunder, each of the Sellers hereby sells,
transfers, and conveys
to MRFC all of its right and title to and interest in the
Records relating to
all of its Receivables sold hereunder, without the need for any
further
documentation in connection with any Purchase. In connection
with such transfer,
each of the Sellers hereby grants to MRFC, the Collection Agent
and the
Administrative Agent an irrevocable, non-exclusive license to
use without
royalty or payment of any kind, all software used by such Seller
to account for
its Receivables, to the extent necessary to administer its
Receivables, whether
such software is owned by the Parent or is owned by others and
used by the
Parent under license agreements with respect thereto, provided
that should the
consent of any licensor to such grant of license described
herein be required,
each Seller agrees that upon the request of MRFC, the Collection
Agent or the
Administrative Agent, such Seller will use reasonable efforts to
obtain the
consent of such third-party licensor. The irrevocable license
hereby granted
shall terminate on the date when the Net Investment has been
reduced to zero,
all other Aggregate Unpaids have been paid in full and the
Commitments have been
terminated.
(b) Each Seller shall take such action as requested by MRFC,
from time to
time hereafter, that may be necessary or appropriate to ensure
that MRFC and its
assignees have an enforceable right to use all Records and all
software used to
account for the Receivables and/or recreate such records.
(c) The use of Records by MRFC is subject to Section 9.14 of
this
Agreement.
SECTION 3.05. Payments and Computations. All amounts due to be
paid or
deposited by MRFC hereunder shall be paid or deposited in
accordance with the
terms hereof on the day when due in immediately available funds
to the account
designated from time to time by the Sellers or as otherwise
directed by the
Sellers. In the event that any payment owed by any Person
hereunder becomes due
on a day that is not a Business Day, then such payment shall be
made on the next
succeeding Business Day. Except as otherwise provided in the
Transaction
Documents, any amount due hereunder that is not paid when due
hereunder shall
bear interest at the Base Rate as in effect from time to time
until paid in
full; provided, however, that such interest rate shall not at
any time exceed
the maximum rate permitted by applicable law. All computations
of interest
payable hereunder shall be made on the basis of a year of 360
days for the
actual number of days (including the first, but excluding the
last) elapsed.
ARTICLE IV
Representations and Warranties
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SECTION 4.01. Sellers' Representations and Warranties. Each of
the Sellers
represents and warrants to MRFC as of the Closing Date and on
each Business Day
on which Receivables are sold hereunder:
(a) Corporate Existence and Power. Such Seller is a corporation
duly
organized, validly existing and in good standing under the laws
of the State of
its incorporation and has all requisite corporate power and all
material
governmental licenses, authorizations, consents and approvals
required to carry
on its business in each jurisdiction in which its business is
now conducted
except where the failure to have such licenses, authorizations,
consents and
approvals would not have a Material Adverse Effect. Such Seller
is duly
qualified to do business in, and is in good standing in, every
other
jurisdiction in which the nature of its business requires it to
be so qualified,
except where the failure to be so qualified or in good standing
would not have a
Material Adverse Effect.
(b) Corporate and Governmental Authorization; Contravention. The
execution,
delivery and performance by such Seller of the Transaction
Documents to which it
is a party are within such Seller's corporate powers, have been
duly authorized
by all necessary corporate action, require no action by or in
respect of, or
filing with, any Official Body or official thereof (except for
the filing of UCC
financing statements as required by this Agreement), and to the
best of the
Sellers' knowledge, do not contravene, or constitute a default
under, any
provision of applicable law, rule or regulation or of the
Certificate of
Incorporation or the By-Laws of such Seller or of any agreement,
judgment,
injunction, order, writ, decree or other instrument binding upon
such Seller or
result in the creation or imposition of any Adverse Claim on the
assets of such
Seller (except those created by this Agreement or the
Receivables Transfer
Agreement).
(c) Valid Sale; Binding Effect. Each purchase from such Seller
of
Receivables and Related Security by MRFC hereunder shall
constitute a valid sale
and assignment by such Seller to MRFC, enforceable against
creditors of, and
purchasers from, such Seller. Each of the Transaction Documents
to which such
Seller is a party will constitute the legal, valid and binding
obligation of
such Seller, enforceable in accordance with its terms, subject
to applicable
bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or
other similar laws affecting the rights of creditors and general
equitable
principles (whether considered in a proceeding in equity or at
law).
(d) Quality of Title. Immediately preceding the sale by such
Seller of any
Receivables and Related Security pursuant to this Agreement,
such Seller was the
owner of all of such Receivables, free and clear of all liens,
encumbrances,
security interests, preferences or other security arrangement.
On or prior to
the date hereof, all financing statements and other documents
required to be
recorded or filed in order to perfect and protect the interest
of MRFC in, to
and under the Receivables against all creditors of and
purchasers from such
Seller will have been duly filed in each filing office necessary
for such
purpose and all filing fees and taxes, if any, payable in
connection with such
filings shall have been paid in full.
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(e) Accuracy of Information. All written information heretofore
furnished
by such Seller to MRFC, the Collection Agent, the Administrative
Agent or the
Purchasers for purposes of or in connection with this Agreement,
any other
Transaction Document, or any transaction contemplated hereby or
thereby is, and
all such information hereafter furnished by such Seller to MRFC,
the Collection
Agent, the Administrative Agent, or the Purchasers will be, true
and accurate in
every material respect, on the date such information is stated
or certified.
(f) Tax Status. Such Seller has filed all material tax returns
(Federal,
state and local) required to be filed and has paid or made
adequate provision
for the payment of all material taxes, assessments and other
similar
governmental charges other than taxes contested in good faith
and for which
adequate reserves have been established in accordance with GAAP
and taxes which
are not yet due and payable.
(g) Litigation. Except as set forth in Exhibit B hereof, there
are no
actions, suits or proceedings pending, or to the knowledge of
such Seller
threatened, against or affecting such Seller or any Affiliate of
the Seller or
their respective properties, in or before any court, arbitrator
or other
Official Body, which could reasonably be expected to,
individually or in the
aggregate, have a Material Adverse Effect.
(h) Name; Type of Entity; Place of Business. Such Seller's name
as it
appears in official filings in the state of its incorporation or
other
organization, the type of entity of such Seller (including
corporation,
partnership, limited partnership or limited liability company),
the
organizational identification number issued to such Seller by
its jurisdiction
of incorporation or organization (or a statement that no such
number has been
issued), such Seller's jurisdiction of organization or
incorporation, the
location of the principal place of business and chief executive
office of such
Seller, and the location of the offices where such Seller keeps
all its Records,
in each case as of the Closing Date, are specified on Schedule I
attached hereto
and such Seller has not changed any such name, type, number,
jurisdiction or
location except to the extent that such Seller has given MRFC
and the
Administrative Agent written notice thereof in accordance with
this Agreement.
(i) Solvency. Such Seller is not insolvent, does not have
unreasonably
small capital with which to carry on its business, is able to
pay its debts
generally as they become due and payable, and its liabilities do
not exceed its
assets.
(j) Tradenames, Etc. As of the date hereof: (i) such Seller has
no
divisions; and (ii) such Seller has, within the last five years,
operated only
under the tradenames identified for it on Exhibit J to the
Receivables Transfer
Agreement, and, within the last five (5) years, has not changed
its name,
changed its organizational or corporate form, changed its
jurisdiction of
incorporation or organization, or merged with or into or
consolidated with any
other Person or been the subject of any proceeding under Title
11, United States
Code (Bankruptcy), except as disclosed in Exhibit J to the
Receivables Transfer
Agreement.
(k) Nature of Receivables. Each Receivable of such Seller
included in the
calculation of the Net Receivables Balance in fact satisfies at
such time the
definition of "Eligible Receivable" and is an "eligible asset"
as defined in
Rule 3a-7
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under the Investment Company Act of 1940, as amended, and is not
a Defaulted
Receivable.
(l) Credit and Collection Policy. Since the Closing Date, there
have been
no material changes in the Credit and Collection Policy other
than as permitted
hereunder.
(m) Collections and Servicing. Since May 31, 2004, there has
been no
material adverse change in the ability of such Seller to service
and collect the
Receivables.
(n) Binding Effect of Receivables and Contract. Each Receivable
of such
Seller and the related Contract constitutes a legal, valid and
binding
obligation of the Obligor, enforceable against the Obligor,
subject to the
effect of bankruptcy, insolvency, reorganization or similar laws
affecting
creditors' rights generally and general equitable principles
(whether considered
in a proceeding at law or in equity).
(o) Not an Investment Company. Such Seller is not, nor is it
controlled by,
an "investment company" within the meaning of the Investment
Company Act of
1940, as amended, and it is exempt from all provisions of such
Act.
(p) ERISA. Such Seller and its ERISA Affiliates are in
compliance in all
material respects with ERISA, and no lien exists in favor of the
Pension Benefit
Guaranty Corporation on any of the Receivables.
(q) Lock-Box Accounts. The names and addresses of all the
Lock-Box Banks,
together with the account numbers of the Lock-Box Accounts at
such Lock-Box
Banks, are specified in Exhibit C to the Receivables Transfer
Agreement. All
Obligors have been instructed to make payment to a Lock-Box
Account.
(r) Bulk Sales. No transaction contemplated by this Agreement
requires
compliance with any bulk sales act or similar law.
(s) Reasonably Equivalent Value. The Purchase Price constitutes
reasonably
equivalent value in consideration for the transfer by such
Seller to MRFC of
Receivables from such Seller pursuant to this Agreement and no
such transfer has
been made for or on account of an antecedent debt owed by such
Seller to MRFC,
and no such transfer is or may be voidable or subject to
avoidance under any
section of the Bankruptcy Code.
SECTION 4.02. Reaffirmation of Representations and Warranties by
the
Sellers; Notice of Breach. On the Closing Date and on each
Business Day on which
Receivables are sold hereunder, the Sellers, by accepting the
proceeds of such
sale, shall be deemed to have certified that all representations
and warranties
of the Sellers set forth in Section 4.01 are true and correct on
and as of such
day as though made on and as of such day. The representations
and warranties set
forth in Section 4.01 shall survive (i) the conveyance of the
Receivables to
MRFC, (ii) the termination of the rights and obligations of MRFC
and the Sellers
under this Agreement and (iii) the termination of the rights and
obligations of
the Transferor, the Sellers and the Administrative Agent under
the Receivables
Transfer Agreement. Upon the coming
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to the knowledge of any Responsible Officer of MRFC or any of
the Sellers of a
breach of any of the foregoing representations and warranties,
the party with
knowledge of such breach shall give prompt written notice to the
other within
three (3) Business Days of such discovery.
ARTICLE V
Covenants of the Sellers
SECTION 5.01. Covenants of the Sellers. Each of the Sellers
hereby
covenants and agrees with MRFC that, for so long as this
Agreement is in effect,
and until all Receivables which have been sold to MRFC pursuant
hereto, shall
have been paid in full or written-off as uncollectible, and all
amounts owed by
the Sellers pursuant to this Agreement have been paid in full,
unless MRFC and
the Administrative Agent otherwise consents in writing, as
follows:
(a) Conduct of Business. Such Seller will, and will cause each
of its
Affiliates to, carry on and conduct its business in
substantially the same
manner and in substantially the same fields of enterprise as it
is presently
conducted and do all thin
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