RECEIVABLES SALE AGREEMENT
DATED AS OF DECEMBER 12, 2001
AMONG
ADC DSL SYSTEMS, INC.,
AS ORIGINATOR,
ADC TELECOMMUNICATIONS, INC.,
AS ORIGINATOR AGENT,
AND
ADC RECEIVABLES CORP.I, AS BUYER
全文目录如下:
详细内容见附件
ARTICLE I AMOUNTS AND TERMS OF THE PURCHASE
Section 1.1 Initial Contribution of Receivables.
Section 1.2 Purchase of Receivables.
Section 1.3 Payment for the Purchase.
Section 1.4 Purchase Price Credit Adjustments.
Section 1.5 Payments and Computations, Etc.
Section 1.6 Transfer of Records.
Section 1.8 Allocation of Purchase Price and Indemnification.
ARTICLE II REPRESENTATIONS AND WARRANTIES
Section 2.1 Representations and Warranties of Originator.
ARTICLE III CONDITIONS OF PURCHASE
Section 3.1 Conditions Precedent to Purchase.
Section 3.2 Conditions Precedent to Subsequent Payments.
Section 4.1 Affirmative Covenants.
Section 4.2 Negative Covenants of Originator.
Section 5.1 Termination Events.
Section 6.1 Indemnities by Originator.
Section 6.2 Other Costs and Expenses.
Section 6.3 Control of Defense.
Section 7.1Waivers and Amendments.
Section 7.3 Protection of Ownership Interests of Buyer.
Section 7.5 Bankruptcy Petition.
Section 7.6 Limitation of Liability.
Section 7.8 CONSENT TO JURISDICTION.
Section 7.9 WAIVER OF JURY TRIAL.
Section 7.10 Integration; Binding Effect; Survival of Terms.
Section 7.11 Counterparts; Sever ability; Section References.
Exhibits and Schedules
Exhibit I |
— |
Definitions |
Exhibit II |
— |
Principal Place (s) of Business; Location (s) of Records; Federal Employer Identification Number; Organizational Number; Other Names |
Exhibit III |
— |
Lock-Boxes; Collection Accounts; Collection Banks |
Exhibit IV |
— |
Form of Compliance Certificate |
Exhibit V |
— |
Copy of Credit and Collection Policy |
Exhibit VI |
— |
Form of Subordinated Note |
Exhibit VII |
— |
Form of Purchase Report |
Schedule A |
— |
List of Documents to Be Delivered to Buyer Prior to the Purchase |
RECEIVABLES SALE AGREEMENT
THIS RECEIVABLES SALE AGREEMENT, dated as of December 12, 2001, is by and among ADC DSL Systems, Inc., a Delaware corporation ("Originator"), ADC Telecommunications, Inc., a Minnesota corporation ("ADC Telecom"), in its capacity as agent for Originator (in such capacity, the "Originator Agent"), and ADC Receivables Corp. I, a Minnesota corporation ("Buyer").
Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I hereto (or, if not defined in Exhibit I hereto, the meaning assigned to such term in Exhibit I to the Purchase Agreement).
PRELIMINARY STATEMENTS
Originator now owns, and from time to time hereafter will own, Receivables. Originator wishes to sell and assign to Buyer, and Buyer wishes to purchase from Originator, all of Originator's right, title and interest in and to such Receivables, together with the Related Security and Collections with respect thereto. Originator and Buyer intend the transactions contemplated hereby to be true sales of the Receivables from Originator to Buyer, providing Buyer with the full benefits of ownership of the Receivables, and Originator and Buyer do not intend these transactions to be, or for any purpose to be characterized as, loans from Buyer to Originator. Following the purchase of Receivables from Originator, Buyer will sell undivided interests therein and in the associated Related Security and Collections pursuant to that certain Receivables Purchase Agreement dated as of December 12, 2001 (as the same may from time to time hereafter be amended, supplemented, restated or otherwise modified, the "Purchase Agreement") among Buyer, Originator, as initial Servicer, Blue Ridge Asset Funding Corporation ("Blue Ridge"), the banks and other financial institutions from time to time party thereto as "Liquidity Banks" and Wachovia Bank, N. A. or any successor agent appointed pursuant to the terms of the Purchase Agreement, as agent for Blue Ridge and such Liquidity Banks (in such capacity, the "Agent").
NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
AMOUNTS AND TERMS OF THE PURCHASE
Section 1.1 Initial Contribution of Receivables.
On the date of the First Amendment to Receivables Sale Agreement (the "First Amendment") to be entered into by the parties hereto in form and substance satisfactory to the parties hereto (the "Initial Sale Date"), Originator will contribute, assign, transfer, set-over and otherwise convey to Buyer, and Buyer does hereby accept from Originator, Receivables originated by Originator and existing as of the close of business on the Business Day immediately prior to the Initial Sale Date (the "Initial Cutoff Date") having an aggregate Outstanding Balance in an amount to be specified in the First Amendment (the "Initial Contributed Receivables"), together with all Related Security relating thereto and all Collections thereof.
Section 1.2 Purchase of Receivables.
(a) Effective on the date of the First Amendment, in consideration for the Purchase Price and upon the terms and subject to the conditions set forth herein, Originator will sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse (except to the extent expressly provided herein), and Buyer will purchase from Originator, all of Originator's right, title and interest in and to all Receivables existing as of the close of business on the Initial Cutoff Date 1 (other than the Initial Contributed Receivables) and all Receivables thereafter arising through and including the Termination Date, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the Initial Sale Date, Buyer shall acquire all of Originator's right, title and interest in and to all Receivables existing as of the Initial Cut-Off Date and thereafter arising through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. Buyer shall be obligated to pay the Purchase Price for the Receivables purchased hereunder in accordance with Section 1.3.
(b) On the 15th day of each month after the Initial Sale Date (or if any such day is not a Business Day, on the next succeeding Business Day thereafter, Originator shall (or shall require the Servicer to) deliver to Buyer a report in substantially the form of Exhibit VII hereto (each such report being herein called a "Purchase Report") with respect to the Receivables sold by Originator to Buyer during the Settlement Period then most recently ended. In addition to, and not in limitation of, the foregoing, in connection with the payment of the Purchase Price for any Receivables purchased hereunder, Buyer may request that Originator deliver, and Originator shall deliver, such approvals, opinions, information or documents as Buyer may reasonably request.
(c) It is the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a sale, which sale is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Receivables sufficient to remove the Receivables from Originator's bankruptcy estate. Except for the Purchase Price Credits owed pursuant to Section 1.4, the sale of Receivables hereunder is made without recourse to Originator; provided, however, that
(i) Originator shall be liable to Buyer for all representations, warranties, covenants and indemnities made by Originator pursuant to the terms of the Transaction Documents to which Originator is a party, and
(ii) such sale does not constitute and is not intended to result in an assumption by Buyer or any assignee thereof of any obligation of Originator or any other Person arising in connection with the Receivables, the related Contracts and/or other Related Security or any other obligations of Originator. In view of the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a sale of such Receivables rather than loans secured thereby, Originator agrees that it will, on or prior to the Initial Sale Date and in accordance with Section 4.1(e)(ii), mark its master data processing records relating to the Receivables with a legend acceptable to Buyer and to the Agent (as Buyer's assignee), evidencing that Buyer has purchased such Receivables as provided in this Agreement and to note in its financial statements that its Receivables have been sold to Buyer. Upon the request of Buyer or the Agent (as Buyer's assignee), Originator will execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and maintain the perfection of Buyer's ownership interest in the Receivables and the Related Security and Collections with respect thereto, or as Buyer or the Agent (as Buyer's assignee) may reasonably request.