SEVENTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT
Exhibit 99.1
[CINCINNATI XXXX]
SEVENTH AMENDMENT TO
RECEIVABLES PURCHASE AGREEMENT
RECEIVABLES PURCHASE AGREEMENT
THIS SEVENTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as
of December 23, 2010, is entered into among CINCINNATI XXXX FUNDING LLC (the “Seller”),
CINCINNATI XXXX INC., as Servicer (the “Servicer”), and as Performance Guarantor (the
“Performance Guarantor”), the Purchasers and Purchaser Agents parties hereto and PNC BANK,
NATIONAL ASSOCIATION (“PNC”), as Administrator for each Purchaser Group (the
“Administrator”).
RECITALS
1. The parties hereto are parties to the Receivables Purchase Agreement, dated as of March 23,
2007 (as amended, amended and restated, supplemented or otherwise modified through the date hereof,
the “Agreement”); and
2. The parties hereto desire to amend the Agreement as hereinafter set forth.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1. Certain Defined Terms. Capitalized terms that are used but not defined
herein shall have the meanings set forth in the Agreement. As used herein, “New
Originator” means Cincinnati Xxxx Data Centers Inc., a Delaware corporation, and its successors
and permitted assigns and “PSA Amendment” means that certain Joinder and Fourth Amendment
to the Purchase and Sale Agreement, dated as of the date hereof, by and among the New Originator,
the existing Originators, the Seller and the Servicer and consented to by PNC, as Administrator and
the Purchaser Agent.
SECTION 2. Amendments to the Agreement.
2.1 Exhibit I to the Agreement is hereby amended by inserting, in the appropriate
alphabetical order, the following new definition:
“CBDC” means Cincinnati Xxxx Data Centers Inc., a Delaware corporation, and its
successors and permitted assigns.
2.2 Exhibit I to the Agreement is hereby amended by replacing the definition of “CBTS
Receivable” in its entirety with the following:
“CBTS Receivable” means a Receivable the Originator of which is CBTS or CBDC.
2.3 Exhibit I to the Agreement is hereby amended by replacing the definition of “CBTS Lease
Receivable” in its entirety with the following:
“CBTS Lease Receivable” means a Receivable the Originator of which is CBTS or
CBDC and for which the underlying goods and services are hardware and related services
procured by the Obligor from CBTS or CBDC, but of which the expectation for payment of such
Receivable is by a third party financier as part of a direct leasing arrangement between
such third party financier and the Obligor for such goods and services.
SECTION 3. Reaffirmation of Performance Guarantor. The Performance Guarantor hereby
(i) consents (to the extent required under the Performance Guaranty or any applicable law) to and
acknowledges and agrees with the amendments contemplated by this Amendment and by the PSA Amendment
and any and all other amendments, modifications or waivers to or in the Transaction Documents
amended on or before the date hereof, including any and all provisions thereof that increase the
obligations of any Originator, Servicer, Sub-Servicer or Seller, (ii) confirms and agrees that, at
all times from and after the Effective Date (as defined below), all of the terms, covenants,
conditions, agreements, undertakings and obligations of the New Originator under the Purchase and
Sale Agreement and each other Transaction Document to which it is or becomes a party shall be, for
all purposes of the Performance Guaranty and the other Transaction Documents, included in and made
part of the Guaranteed Obligations described therein and (iii) ratifies and reaffirms all of its
payment and performance obligations under the Performance Guaranty.
SECTION 4. Representations and Warranties. Each of the Seller, the Servicer and the
Performance Guarantor hereby represents and warrants to the Administrator, each Purchaser and each
Purchaser Agent as follows:
(a) Representations and Warranties. The representations and warranties made by
it in the Transaction Documents are true and correct as of the date hereof and after giving
effect to this Amendment (unless stated to relate solely to an earlier date, in which case
such representations or warranties were true and correct as of such earlier date).
(b) Enforceability. The execution and delivery by such Person of this
Amendment, and the performance of each of its obligations under this Amendment and the
Agreement, as amended hereby, are within its organizational powers and have been duly
authorized by all necessary organizational action on its part. This Amendment and the
Agreement, as amended hereby, are such Person’s valid and legally binding obligations,
enforceable in accordance with its terms.
(c) No Default. Both before and immediately after giving effect to this
Amendment and the transactions contemplated hereby, no Termination Event or Unmatured
Termination Event exists or shall exist.
SECTION 5. Effect of Amendment. All provisions of the Agreement, as expressly amended
and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes
effective, all references in the Agreement (or in any other Transaction Document) to “this
Agreement”, “hereof”, “herein” or words of similar effect referring to the Agreement shall be
deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be
deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Agreement
other than as set forth herein.
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SECTION 6. Effectiveness. This Amendment shall become effective as of the date hereof
(the “Effective Date”) subject to the condition precedent that the Administrator shall have
received on or before the Effective Date each of the following, each in form and substance
satisfactory to the Administrator:
(a) counterparts of (i) this Amendment and (ii) the PSA Amendment (and evidence that
each of the conditions to effectiveness set forth therein have been satisfied);
(b) secretary’s certificates of each of the Seller, the New Originator, the Servicer
and the Performance Guarantor certifying: (i) a copy of the resolutions authorizing such
party’s execution, delivery and performance of this Amendment and the other documents to be
delivered by it in connection herewith, as applicable, (ii) a copy of the organizational
documents of such party, (iii) good standing certificates for each such party issued by the
Secretary of State (or similar official) of the state of each such Person’s organization and
(iv) the names and true signatures of such party’s officers who are authorized on its behalf
to execute this Amendment and any other documents to be delivered by it in connection
herewith, as applicable;
(c) acknowledgment copies, or time stamped receipt copies, of proper financing
statements, duly filed on or before the Effective Date under the UCC of all jurisdictions
necessary in order to perfect the interests of the Seller and the Administrator (on behalf
of each Purchaser) contemplated by the Agreement and the Sale Agreement;
(d) counterparts of a Release Letter executed by Bank of America, N.A., as
administrative agent and collateral agent (in such capacities, the “Agent”) under
that certain Credit Agreement dated as of June 11, 2010 (as such agreement may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), releasing all security interests and other rights of the Agent under the
Credit Agreement in the Receivables, Contracts and Related Security of the New Originator,
dated on or before the date hereof;
(e) completed UCC search reports, dated on or shortly before the date hereof, listing
the financing statements filed in all applicable jurisdictions, that name any of New
Originator, Mutual Signal Holding Corporation, MVNO Holding LLC, BRCOM Inc. or IXC Internet
Services, Inc. as debtor, together with copies of such other financing statements, and
similar search reports with respect to judgment liens, federal tax liens and liens of the
Pension Benefit Guaranty Corporation in such jurisdictions, as the Administrator may
reasonably request, showing no Adverse Claims on any Pool Assets (other than those which
have been released as described in the preceding clauses (d) and (e));
(f) favorable opinions, addressed to the Administrator, each Purchaser and each
Purchaser Agent in form and substance reasonably satisfactory to the Administrator and each
Purchaser Agent, of The Law Offices of Xxxxxx X. Xxxxx, PLLC and Cravath, Swaine & Xxxxx
LLP, each as counsel for Seller, the New Originator, the Servicer and the Performance
Guarantor, covering such matters as the Administrator may reasonably
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request, including, without limitation, organizational and enforceability matters,
certain bankruptcy matters and certain UCC perfection and priority matters; and
(g) such other documents and instruments as the Administrator may reasonably request.
SECTION 7. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties on separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute but one and the same
instrument. Delivery by facsimile or email of an executed signature page of this Amendment shall
be effective as delivery of an executed counterpart hereof.
SECTION 8. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York.
SECTION 9. Section Headings. The various headings of this Amendment are included for
convenience only and shall not affect the meaning or interpretation of this Amendment, the
Agreement or any provision hereof or thereof.
[Signatures begin on next page]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.
CINCINNATI XXXX FUNDING LLC, as Seller |
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By: | /s/ Xxxxxxxx X. Xxxxxx | |||
Name: | Xxxxxxxx X. Xxxxxx | |||
Title: | Vice President and Treasurer | |||
CINCINNATI XXXX INC., as Servicer and as Performance Guarantor |
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By: | /s/ Xxxxxxxx X. Xxxxxx | |||
Name: | Xxxxxxxx X. Xxxxxx | |||
Title: | Vice President and Treasurer |
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PNC BANK, NATIONAL ASSOCIATION, as Administrator |
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By: | /s/ Xxxxxxx X. Xxxxxx | |||
Name: | Xxxxxxx X. Xxxxxx | |||
Title: | Vice President | |||
PNC BANK, NATIONAL ASSOCIATION, as Purchaser Agent for the Market Street Purchaser Group |
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By: | /s/ Xxxxxxx X. Xxxxx | |||
Name: | Xxxxxxx X. Xxxxx | |||
Title: | Vice President | |||
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XXXXXX XXXXXX FUNDING LLC, as a Related Committed Purchaser |
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By: | /s/ Xxxxx X. Xxxxx | |||
Name: | Xxxxx X. Xxxxx | |||
Title: | Vice President Commitment: $100,000,000 | |||
MARKET STREET FUNDING LLC, as a Conduit Purchaser |
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By: | /s/ Xxxxx X. Xxxxx | |||
Name: | Xxxxx X. Xxxxx | |||
Title: | Vice President | |||
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