Third Amendment to Fourth Amended and Restated Revolving Credit and Term Loan Agreement among Leasecomm Corporation, MicroFinancial Incorporated, and Fleet National Bank (June 30, 2003)

Contract Categories: Business Finance › Credit Agreements
Summary

This amendment to a credit agreement involves Leasecomm Corporation, MicroFinancial Incorporated, Fleet National Bank, and other lenders. It allows the companies to use tax refund proceeds, minus a specified reserve, to prepay a term loan and pay insurance premiums. The amendment also updates certain schedules and requires the companies to confirm there are no outstanding claims or defenses against the lenders. The changes become effective once all parties sign and certain conditions are met, including payment of fees and confirmation of corporate authority.

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EX-10.1 3 b47171miexv10w1.txt AMENDED REVOLVING CREDIT AGREEMENT Third Amendment dated as of June 30, 2003 to the Fourth Amended and Restated Revolving Credit and Term Loan Agreement (the "Third Amendment"), by and among LEASECOMM CORPORATION, a Massachusetts corporation (the "Borrower"), MICROFINANCIAL INCORPORATED, a Massachusetts corporation (the "Parent", together with the Borrower, the "Companies"), FLEET NATIONAL BANK, a national banking association ("Fleet"), the other financial institutions from time to time party thereto (together with Fleet, the "Lenders")and FLEET NATIONAL BANK, as agent for the Lenders (the "Agent") made as of August 22, 2000 (as amended and in effect from time to time, the "Credit Agreement"). Terms not otherwise defined herein which are defined in the Credit Agreement shall have the same respective meanings herein as therein. WHEREAS, the carrier of the Companies' director and officer insurance policy is requiring that the full amount of the Companies' premiums in respect of coverage for such policy for the period beginning June 9, 2003 and ending June 9, 2004 be prepaid at this time. WHEREAS, the Companies have requested that the Lenders amend the Credit Agreement to allow them to make such prepayment from their tax refund proceeds in respect of fiscal year 2002 and to increase the amount of the repayments of the Conversion Term Loan over the next twelve months as set forth on Schedule 2.8(a). WHEREAS, the Borrower and the Lenders have agreed to modify such terms and conditions of the Credit Agreement as specifically set forth in this Third Amendment; NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: SECTION 1. RATIFICATION OF EXISTING AGREEMENTS. The Companies agree that the Obligations, as evidenced by or otherwise arising under the Credit Agreement and the other Loan Documents, except as otherwise expressly modified in this Third Amendment upon the terms set forth herein, are, by the Companies' execution of this Third Amendment, ratified and confirmed in all respects. In addition, by the execution of this Third Amendment, the Companies represent and warrant that no counterclaim, right of set-off or defense of any kind exists or is outstanding as of the date hereof with respect to such Obligations. As of July 1, 2003, the aggregate principal amount of the Conversion Term Loan is $83,542,587.80 and the aggregate accrued and unpaid interest on the Conversion Term Loan is $0. SECTION 2. AMENDMENTS. Subject to the satisfaction of the conditions specified in Section 3, but with effect on and after the Effective Date (as defined in Section 3), the Credit Agreement shall be amended as follows: -2- 2.1. TAX REFUND: PREPAYMENT. Section 5.18 of the Credit Agreement is hereby amended to read, in its entirety, as follows: "5.18 Tax Refund. The Companies shall prepay the Conversion Term Loan in an amount equal to 100% of all tax refund proceeds received by the Companies (including, without limitation, tax refunds in respect of United States federal income taxes and all state taxes), minus $2,750,000 (the "Reserve Amount") which amount shall be comprised of (a) $1,500,000 to be held in reserve for the payment of state taxes owed in respect of fiscal years 1998 and 1999 and (b) $1,250,000 which shall be used to make required prepayments of all premiums owing under the Companies' director and officer insurance policy in respect of coverage for the period beginning June 9, 2003 and ending June 9, 2004. Such prepayments shall be (a) made in accordance with Section 2.9, (b) made contemporaneously with the receipt of any such tax refund and (c) applied to the remaining scheduled principal repayments of the Conversion Term Loan in the inverse order of maturity. The Companies further agree that they shall file all tax returns in a timely manner and that they, in consultation with their outside professionals, will diligently and expeditiously pursue the tax refunds contemplated by this Section 5.18. To the extent that the Agent receives any tax refund proceeds from the Internal Revenue Service, the Agent agrees that it shall deliver to the Companies such Reserve Amount". 2.2. SCHEDULES AND EXHIBITS. Exhibit H and Schedule 2.8(a) to the Credit Agreement are hereby amended by deleting existing Exhibit H and Schedule 2.8(a) and substituting in lieu thereof the Exhibit H and Schedule 2.8(a) attached to this Third Amendment. SECTION 3. CONDITIONS EFFECTIVENESS. This Third Amendment shall become effective as of the date hereof upon receipt by the Agent of each of the following, in form and substance satisfactory to the Agent (with the date on which the Agent receives the following being hereinafter referred to as the "Effective Date"): (a) A counterpart of this Third Amendment, executed by the Companies and the Lenders; (b) There shall have occurred no Default or Event of Default; (c) The Agent shall have received evidence that all corporate action necessary for the valid execution and delivery by the Companies of this Third Amendment and the other documents referenced herein shall have been taken; (d) The Agent and the Lenders shall have received payment for all fees and expenses including, without limitation, reasonable legal fees and expenses, for which invoices or reasonable estimates therefore have been provided to the Borrower on or prior to the Effective Date; and (e) The representations and warranties of the Borrower in each of the Loan Documents shall be true and correct as of the Effective Date, except to the extent that any -3- of such representations and warranties relate by their terms to a prior date they shall be true and correct as of such prior date; and SECTION 4. REPRESENTATIONS AND WARRANTIES. The Borrower hereby repeats, on and as of the date hereof, each of the representations and warranties made by it in Section 4 of the Credit Agreement, provided, that all references therein to the Credit Agreement shall refer to such Credit Agreement as amended hereby. In addition, each of the Companies hereby represent and warrant that the execution and delivery by the Companies of this Third Amendment and the performance by the Companies of all of their agreements and obligations under the Credit Agreement, as amended hereby, are within the corporate authority of the Companies and have been duly authorized by all necessary corporate or other similar action on the part of the Companies. SECTION 5. NO PRESENT CLAIMS. The Companies acknowledge and agree that, as of the date hereof: (a) none of the Companies or, to the knowledge of any of the Companies, any of their affiliates has any claim or cause of action against any of the Lenders or the Agent (or any of their directors, officers, employees, attorneys or agents); (b) none of the Companies, or to the knowledge of any of the Companies, any of their affiliates has offset rights, counterclaims or defenses of any kind against any of their obligations, indebtedness or liabilities to any of the Lenders or the Agent; and (c) each of the Lenders and the Agent has heretofore properly performed and satisfied in a timely manner all of its obligations to the Companies and, to the knowledge of each of the Companies, each of their affiliates. The Lenders and the Agent wish (and the Companies agree) to eliminate any possibility that any past conditions, acts, omissions, events, circumstances or matters would impair or otherwise adversely affect any of the rights, interests, contracts, collateral security or remedies of the Lenders or the Agent. Therefore, Companies, each on its own behalf and on behalf of each of its respective successors and assigns, hereby waives, releases and discharges the Lenders and the Agent and all of their directors, officers, employees, attorneys and agents, from any and all claims, demands, actions or causes of action on or before the date hereof and arising out of or in any way relating to the Loan Documents and any documents, instruments, agreements (including this Third Amendment), dealings or other matters connected with the Loan Documents, including, without limitation, all known and unknown matters, claims, transactions or things occurring on or prior to the date of this Third Amendment related to the Loan Documents. The waivers, releases, and discharges in this paragraph shall be effective regardless of any other event that may occur or not occur prior to, or on or after the date hereof. SECTION 6. NO WAIVER. Except as otherwise expressly provided for in this Third Amendment, nothing in this Third Amendment shall extend to or affect in any way any of the rights or obligations of the Borrower or any of the Agent's or the Lenders' obligations, rights and remedies arising under the Loan Documents. Neither the Agent nor any Lender shall be deemed to have waived any or all of its rights or remedies with respect to any Default or Event of Default existing on the date hereof or arising hereafter. SECTION 7. MISCELLANEOUS. (a) This Third Amendment shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts. -4- (b) This Third Amendment shall constitute a Loan Document under the Credit Agreement; the failure to comply with the covenants contained herein shall constitute an Event of Default under the Credit Agreement; and all obligations included in this Third Amendment (including, without limitation, all obligations for the payment of principal, interest, fees, and other amounts and expenses) shall constitute obligations under the Loan Documents and secured by the collateral security for the Obligations. SECTION 8. ACKNOWLEDGEMENT. Each of the Companies, the Agent and the Lenders acknowledges and agrees that this Third Amendment shall not be construed against any of the Companies, the Agent or the Lenders as the drafter of this Third Amendment. IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as a document under seal as of the date first above written. FLEET NATIONAL BANK, INDIVIDUALLY AND AS AGENT By: /s/ DANIEL BUTLER ------------------------------- Name: DANIEL BUTLER Title: AUTHORIZED OFFICER BANKNORTH, N.A. By: ------------------------------- Name: Title: BROWN BROTHERS HARRIMAN & CO, By: ------------------------------- Name: Title: CITIBANK By: ------------------------------- Name: Title: CITIZENS BANK OF MASSACHUSETTS By: ------------------------------- Name: Title: KEYBANK NATIONAL ASSOCIATION By: ------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment AS a document under seal as of the date first above written. FLEET NATIONAL BANK, individually and as Agent By: ------------------------------- Name: Title: BANKNORTH, N.A. By: /s/ Mark H. Lawler ------------------------------- Name: Mark H. Lawler Title: V.P. BROWN BROTHERS HARRIMAN & CO. By: ------------------------------- Name: Title: CITIBANK By: ------------------------------- Name: Title: CITIZENS BANK OF MASSACHUSETTS By: ------------------------------- Name: Title: KEYBANK NATIONAL ASSOCIATION By: ------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as a document under seal as of the date first above written. FLEET NATIONAL BANK, individually and as Agent By: ------------------------------- Name : Title: BANKNORTH, N.A. By: ------------------------------- Name: Title: BROWN BROTHERS HARRIMAN & CO. By: /s/ Jared S.Keyes ------------------------------- Name: Jared S.Keyes Title: Managing Director CITIBANK By: ------------------------------- Name: Title: CITIZENS BANK OF MASSACHUSETTS By: ------------------------------- Name: Title: KEYBANK NATIONAL ASSOCIATION By: ------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as a document under seal as of the date first above written. FLEET NATIONAL BANK, individually AND as Agent By: ------------------------------- Name: Title: BANKNORTH, N.A. By: ------------------------------- Name: Title: BROWN BROTHERS HARRIMAN & CO. By: ------------------------------- Name: Title: CITIBANK By: /s/ George V. Milbury ------------------------------- Name: George V. Milbury Title: Vice President CITIZENS BANK OF MASSACHUSETTS By: ------------------------------- Name: Title: KEY BANK NATIONAL ASSOCIATION By: ------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as a document under seal as of the date first above written. FLEET NATIONAL BANK, individually and as agent By: ------------------------------- Name: Title: BANKNORTH,N.A. By: ------------------------------- Name: Title: BROWN BROTHERS HARRIMAN & CO. By: ------------------------------- Name: Title: CITIBANK By: ------------------------------- NAME: Title: CITIZENS BANK OF MASSACHUSETTS By: ------------------------------- Name: Title: KEYBANK NATIONAL ASSOCIATION By: /s/ PETER A.LANDAUER ------------------------------- Name: PETER A.LANDAUER Title: VICE PRESIDENT NATIONAL CITY BANK By: /s/ Michael J.Labrum ------------------------------- Name: Michael J.Labrum Title: Senior Vice President U.S. BANK By: ------------------------------- Name: Title: UNION BANK OF CALIFORNIA, N.A. By: ------------------------------- Name: Title: ACCEPTED AND AGREED as of June______,2003: Borrower LEASECOMM CORPORATION By: ------------------------------ Name: Title: Parent: MICROFINANCIAL INCORPORATED By: ------------------------------ Name: Title: NATIONAL CITY BANK BY: --------------------------- Name: Title: U.S. BANK BY: --------------------------- Name : Title: UNION BANK OF CALIFORNIA, N.A. BY: /s/ CECILIA M. VALENTE --------------------------- Name: CECILIA M.VALENTE Title: SENIOR VICE PRESIDENT ACCEPTED and AGREED as of June____,2003: Borrower: LEASECOMM CORPORATION By: ------------------------------ Name: Title: Parent: MICROFINANCIAL INCORPORATED By: ------------------------------ Name: Title: NATIONAL CITY BANK By: --------------------------- Name: Title: U.S. BANK By: --------------------------- Name: Title: UNION BANK OF CALIFORNIA, N.A. By: --------------------------- Name: Title: ACCEPTED and AGREED as of June___, 2003: Borrower: LEASECOMM CORPORATION By: /s/ Richard F. Latour ------------------------------ Name: Richard F. Latour Title: Exec VP, COO/CFO Parent: MICROFINANCIAL INCORPORATED By: /s/ James R. Jackson ----------------------------- Name: James R. Jackson Title: VP and CFO
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 {000'S} 1 2 3 4 5 6 7 Projected Projected Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Month of Month of Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Cashflows from Operating Activities Cash Received from Customers Lease Payments -- -- 7,328 7,201 7,058 6,913 6,751 Rentals -- -- 2,309 2,270 2,242 2,216 2,199 Monitoring -- -- 675 667 660 654 647 Fees & Other -- -- 1,067 1,049 1,031 1,012 993 Delinquent & Prepays -- -- 810 729 656 590 531 New Volumes -- -- 54 57 61 64 68 ------- ------- ------- ------- ------- ------- ------- SUBTOTAL -- -- 12,242 11,975 11,708 11,450 11,189 ------- ------- ------- ------- ------- ------- ------- Cash Paid to Suppliers and Employees Payroll Related -- -- (722) (722) (990) (522) (515) Other -- -- (3,010) (2,260) (2,183) (3,961) (2,009) Intercompany Charges -- -- 0 0 0 0 0 Cash paid for Taxes Sales -- -- (671) (656) (641) (626) (612) Property -- -- (263) (52) (41) (33) (124) Interest Paid (Net) Revolver Loan Interest -- -- (619) (599) (567) (507) (483) Subdebt Interest -- -- (35) (35) (35) (35) (35) ------- ------- ------- ------- ------- ------- ------- Net Cash Provided By Operating Activities -- -- 6,922 7,651 7,250 5,764 7,411 ------- ------- ------- ------- ------- ------- ------- Cashflows from Investing Activities Investment in Leased Equipment -- -- (500) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- -- Investment in Direct Costs -- -- (35) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- ------- Net Cash used in Investing Activities -- -- (535) (107) (107) (107) (107) ------- ------- ------- ------- ------- ------- ------- Cashflows from Financing Activities Tax Refunds -- Federal/State -- -- -- 7,365 1,500 -- Tax Obligations -- Federal/State (1,500) Repayment of Secured Debt (Revolving Credit) -- -- (3,835) (3,835) (3,835) (3,835) (3,835) Proposed Additional Debt Repayment -- -- -- (2,265) (765) (765) (865) Proposed Excess Cash Repayment -- -- -- -- (1,088) (64) (202) Proposed Additional Debt Repayment -- Tax Refund -- (5,865) Securitization Cash to Trust Account -- -- (4,165) (4,061) (3,953) (3,845) (3,726) Securitization Prepayments & Defaults -- -- (448) (422) (395) (370) (345) Securitization Settlement ($ collateral/Servicer) -- -- 1,834 1,888 1,886 1,877 1,552 Repayment of Capital Leases -- -- (32) (21) (16) (16) (16) Payment of Dividends -- -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- ------- Net Cash Provided by (Used in) Financing Activities -- -- (6,646) (8,716) (8,167) (5,520) (7,438) ------- ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in cash and cash equivalents -- -- (258) (1,172) (1,023) 138 (134) Cash and Cash Equivalents beginning of period* -- -- 8,518 8,260 7,088 6,064 6,202 ------- ------- ------- ------- ------- ------- ------- Cash and Cash Equivalents end of period* -- 8,518 8,260 7,088 6,064 6,202 6,069 ======= ======= ======= ======= ======= ======= ======= Total Repayment -- Required -- -- (3,835) (6,100) (4,600) (4,600) (4,700) Total Repayment -- New Payment Schedule (Includes Excess Cash) $0 $0 ($3,835) (6,100) (11,553) (4,664) (4,902) Dollar Amounts -- Original Payments $0 $0 ($3,835) ($7,335) ($5,135) ($5,135) ($4,835) Excess Cash Payment 6000 -- -- -- -- (1,088) (64) (202) Debt Balance After Principal, Tax, Add'l & Excess Payments 122,721 118,886 115,051 108,951 97,398 92,734 87,831
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 {000'S} 8 9 10 11 12 Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Cashflows from Operating Activities Cash Received from Customers Lease Payments 6,596 6,412 6,213 6,021 5,824 Rentals 2,180 2,172 2,172 2,167 2,164 Monitoring 640 633 626 620 613 Fees & Other 974 954 933 911 890 Delinquent & Prepays 478 430 387 349 314 New Volumes 71 75 79 82 86 ------- ------- ------- ------- ------- SUBTOTAL 10,939 10,677 10,409 10,150 9,891 ------- ------- ------- ------- ------- Cash Paid to Suppliers and Employees Payroll Related (510) (506) (749) (495) (486) Other (1,984) (1,962) (1,884) (1,884) (2,462) Intercompany Charges 0 $4 $10 $16 $22 Cash paid for Taxes Sales (598) (583) (569) (554) (540) Property (228) (150) (128) (54) (132) Interest Paid (Net) Revolver Loan Interest (457) (434) (409) (381) (356) Subdebt Interest (35) (35) (35) (35) (35) ------- ------- ------- ------- ------- Net Cash Provided By Operating Activities 7,126 7,010 6,645 6,762 5,901 ------- ------- ------- ------- ------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- ------- ------- ------- ------- ------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) ------- ------- ------- ------- ------- Cashflows from Financing Activities Tax Refunds -- Federal/State -- -- -- -- -- Tax Obligations -- Federal/State Repayment of Secured Debt (Revolving Credit) (3,835) (3,835) (3,835) (3,835) (3,835) Proposed Additional Debt Repayment (665) (865) (865) (865) (665) Proposed Excess Cash Repayment (69) (40) (691) (130) (404) Proposed Additional Debt Repayment -- Tax Refund Securitization Cash to Trust Account (3,608) (3,478) (3,334) (3,201) (3,058) Securitization Prepayments & Defaults (320) (302) (287) (272) (257) Securitization Settlement ($ collateral/Servicer) 1,466 2,284 1,929 1,938 1,957 Repayment of Capital Leases (16) (16) (16) (16) (16) Payment of Dividends -- -- -- -- -- ------- ------- ------- ------- ------- Net Cash Provided by (Used in) Financing Activities (7,047) (6,252) (7,100) (6,380) (6,278) ------- ------- ------- ------- ------- Net Increase (Decrease) in cash and cash equivalents (28) 651 (562) 275 (484) Cash and Cash Equivalents beginning of period* 6,069 6,040 6,691 6,130 6,404 ------- ------- ------- ------- ------- Cash and Cash Equivalents end of period* 6,040 6,691 6,130 6,404 5,920 ======= ======= ======= ======= ======= Total Repayment -- Required (4,500) (4,700) (4,700) (4,700) (4,500) Total Repayment -- New Payment Schedule (Includes Excess Cash) (4,569) (4,740) (5,391) (4,830) (4,904) Dollar Amounts -- Original Payments ($4,735) ($5,335) ($4,735) ($4,835) ($4,835) Excess Cash Payment 6000 (69) (40) (691) (130) (404) Debt Balance After Principal, Tax, Add'l & Excess Payments 83,263 78,522 73,131 68,302 63,397
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MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 (000's) 13 14 15 16 17 18 Projected Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Month of Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 --------- --------- --------- --------- --------- --------- Cashflows from Operating Activities Cash Received from Customers Lease Payments 5,625 5,407 5,157 4,916 4,691 4,460 Rentals 2,162 2,169 2,191 2,207 2,214 2,224 Monitoring 607 601 595 588 582 576 Fees & Other 869 846 822 798 775 751 Delinquent & Prepays 282 254 229 206 185 167 New Volumes 89 93 96 100 103 107 ------------------------------------------------------------------- Subtotal 9,634 9,370 9,090 8,816 8,551 8,286 ------------------------------------------------------------------- Cash Paid to Suppliers and Employees Payroll Related (482) (479) (477) (716) (475) (473) Other (1,699) (1,699) (1,777) (1,674) (1,591) (1,914) Intercompany Charges $32 $42 $52 $66 $80 $94 Cash Paid for Taxes Sales (526) (511) (496) (481) (467) (452) Property (281) (61) (210) (42) (33) (26) Interest Paid (Net) Revolver Loan Interest (330) (307) (280) (240) (213) (188) Subdebt Interest (35) (35) (35) (35) (35) (35) ------------------------------------------------------------------- Net Cash Provided By Operating Activities 6,313 6,319 5,865 5,694 5,817 5,292 ------------------------------------------------------------------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- ------------------------------------------------------------------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) ------------------------------------------------------------------- Cashflows from Financing Activities Tax Refunds - Federal/State -- -- -- -- -- -- Tax Obligations - Federal/State Repayment of Secured Debt (Revolving Credit) (3,835) (3,835) (3,835) (3,835) (3,835) (3,835) Proposed Additional Debt Repayment (665) (865) (1,065) (965) (865) (865) Proposed Excess Cash Repayment -- (439) (2,822) (248) (273) (1,669) Proposed Additional Debt Repayment - Tax Refund Securitization Cash to Trust Account (2,914) (2,759) (2,582) (2,408) (2,260) -- Securitization Prepayments & Defaults (242) (227) (212) (197) (182) -- Securitization Settlement ($ collateral/ Servicer) 1,985 4,312 2,200 2,106 3,115 -- Repayment of Capital Leases (16) (16) (16) (15) (15) (14) Payment of Dividends -- -- -- -- -- -- ------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities (5,687) (3,829) (8,333) (5,561) (4,315) (6,383) ------------------------------------------------------------------- Net Increase (Decrease) in cash and cash equivalents 519 2,383 (2,574) 25 1,396 (1,198) Cash and Cash Equivalents beginning of period* 5,920 6,439 8,822 6,248 6,273 7,669 ------------------------------------------------------------------- Cash and Cash Equivalents end of period* 6,439 8,822 6,248 6,273 7,669 6,471 =================================================================== Total Repayment - Required (4,500) (4,700) (4,900) (4,800) (4,700) (4,700) Total Repayment - New Payment Schedule (Includes Excess Cash) (4,500) (5,139) (7,772) (5,048) (4,973) (6,369) Dollar Amounts - Original Payments ($4,835) ($7,335) ($4,835) ($4,835) ($6,335) ($5,335) Excess Cash Payment 6000 -- (439) (2,822) (248) (273) (1,669) Debt Balance After Principal, Tax, Add'l & Excess Payments 58,897 53,758 46,036 40,988 36,015 29,646
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASH FLOW PROJECTION AS OF JANUARY, 2003 (000's) 19 20 21 22 23 24 Projected Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Month of Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 --------- --------- --------- --------- --------- --------- Cashflows from Operating Activities Cash Received from Customers Lease Payments 4,231 4,020 3,852 3,682 3,555 3,422 Rentals 2,234 2,240 2,229 2,210 2,176 2,142 Monitoring 570 565 559 553 548 542 Fees & Other 728 706 687 667 650 632 Delinquent & Prepays 150 135 122 109 98 89 New Volumes 110 114 118 121 125 128 ------------------------------------------------------------------- Subtotal 8,024 7,780 7,566 7,342 7,152 6,954 ------------------------------------------------------------------- Cash Paid to Suppliers and Employees Payroll Related (471) (468) (466) (696) (462) (460) Other (1,686) (1,686) (1,764) (1,686) (1,686) (2,014) Intercompany Charges $93 $91 $90 $89 $87 $202 Cash Paid for Taxes Sales (438) (424) (413) (401) (390) (379) Property (99) (182) (120) (102) (43) (106) Interest Paid (Net) Revolver Loan Interest (154) (127) (101) (76) (52) (28) Subdebt Interest (35) (35) (35) (35) (35) (35) ------------------------------------------------------------------- Net Cash Provided By Operating Activities 5,234 4,947 4,757 4,435 4,571 4,135 ------------------------------------------------------------------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- ------------------------------------------------------------------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) ------------------------------------------------------------------- Cashflows from Financing Activities Tax Refunds - Federal/State -- -- -- -- -- -- Tax Obligations - Federal/State Repayment of Secured Debt (Revolving Credit) (3,835) (3,835) (3,835) (3,835) (3,835) (3,835) Proposed Additional Debt Repayment (865) (765) (765) (765) (765) (765) Proposed Excess Cash Repayment (471) (413) (227) (36) -- -- Proposed Additional Debt Repayment - Tax Refund Securitization Cash to Trust Account -- -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- -- Securitization Settlement ($ collateral/ Servicer) -- -- -- -- -- -- Repayment of Capital Leases (14) (14) (14) (14) (14) (14) Payment of Dividends -- -- -- -- -- -- ------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities (5,185) (5,027) (4,840) (4,650) (4,614) (4,614) ------------------------------------------------------------------- Net Increase (Decrease) in cash and cash equivalents (58) (186) (191) (321) (150) (586) Cash and Cash Equivalents beginning of period* 6,471 6,413 6,227 6,036 5,714 5,565 ------------------------------------------------------------------- Cash and Cash Equivalents end of period* 6,413 6,227 6,036 5,714 5,565 4,979 =================================================================== Total Repayment - Required (4,700) (4,600) (4,600) (4,600) (4,600) (4,600) Total Repayment - New Payment Schedule (Includes Excess Cash) (5,171) (5,013) (4,827) (4,636) (4,600) (4,600) Dollar Amounts - Original Payments ($5,335) ($5,335) ($4,535) ($4,235) ($4,335) ($4,135) Excess Cash Payment 6000 (471) (413) (227) (36) -- -- Debt Balance After Principal, Tax, Add'l & Excess Payments 24,474 19,461 14,635 9,999 5,399 799
MFI CONFIDENTIAL 7/2/2003 Page 2
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 {000'S} 25 26 27 28 29 30 Projected Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Month of Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Cashflows from Operating Activities Cash Received from Customers Lease Payments 3,307 3,169 3,027 2,877 2,699 2,535 Rentals 2,103 2,075 2,052 2,035 2,030 2,020 Monitoring 536 531 526 520 515 510 Fees & Other 615 598 580 562 543 524 Delinquent & Prepays 80 72 65 58 52 47 New Volumes 132 135 139 142 146 149 ------------------------------------------------------------------ SUBTOTAL 6,774 6,579 6,388 6,196 5,985 5,786 ------------------------------------------------------------------ Cash Paid to Suppliers and Employees Payroll Related (458) (455) (453) (676) (449) (446) Other (1,472) (1,472) (1,550) (1,447) (1,447) (1,525) Intercompany Charges $201 $199 $198 $197 $195 $194 Cash paid for Taxes Sales (369) (359) (348) (338) (327) (316) Property (225) (49) (168) (33) (26) (21) Interest Paid (Net) Revolver Loan Interest -- -- -- -- -- -- Subdebt Interest (35) (35) (35) (35) (35) (35) ------------------------------------------------------------------ Net Cash Provided By Operating Activities 4,415 4,409 4,031 3,863 3,897 3,636 ------------------------------------------------------------------ Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- ------------------------------------------------------------------ Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) ------------------------------------------------------------------ Cashflows from Financing Activities Tax Refunds -- Federal/State -- -- -- -- -- -- Tax Obligations -- Federal/State Repayment of Secured Debt (Revolving Credit) -- -- -- -- -- Proposed Additional Debt Repayment -- -- -- -- -- -- Proposed Excess Cash Repayment -- Proposed Additional Debt Repayment -- Tax Refund Securitization Cash to Trust Account -- -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- -- Securitization Settlement ($ collateral/Servicer) -- -- -- -- -- -- Repayment of Capital Leases (14) (14) (14) (6) (3) (3) Payment of Dividends -- -- -- -- -- -- ------------------------------------------------------------------ Net Cash Provided by (Used in) Financing Activities (812) (14) (14) (6) (3) (3) ------------------------------------------------------------------ Net Increase (Decrease) in cash and cash equivalents 3,496 4,288 3,910 3,750 3,787 3,526 Cash and Cash Equivalents beginning of period* 4,979 8,475 12,763 16,673 20,424 24,210 ------------------------------------------------------------------ Cash and Cash Equivalents end of period* 8,475 12,763 16,673 20,424 24,210 27,736 ================================================================== Total Repayment -- Required (799) Total Repayment -- New Payment Schedule (Includes Excess Cash) (799) -- Dollar Amounts -- Original Payments ($6,665) Excess Cash Payment 6000 -- Debt Balance After Principal, Tax, Add'l & Excess Payments --
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 {000'S} 31 32 33 34 35 36 Projected Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Month of Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Cashflows from Operating Activities Cash Received from Customers Lease Payments 2,374 2,196 2,013 1,870 1,729 1,576 Rentals 2,008 2,008 2,005 1,988 1,985 1,947 Monitoring 504 499 494 489 484 479 Fees & Other 506 487 467 450 432 414 Delinquent & Prepays 42 38 34 31 28 25 New Volumes 153 157 160 164 167 171 ------------------------------------------------------------------ SUBTOTAL 5,588 5,385 5,174 4,992 4,806 4,612 ------------------------------------------------------------------ Cash Paid to Suppliers and Employees Payroll Related (444) (442) (659) (437) (434) (434) Other (1,402) (1,402) (1,480) (1,392) (1,392) (1,470) Intercompany Charges $192 $190 $188 $186 $184 $323 Cash paid for Taxes Sales (305) (294) (282) (273) (262) (252) Property (79) (146) (96) (82) (35) (84) Interest Paid (Net) Revolver Loan Interest -- -- -- -- -- -- Subdebt Interest (35) (35) (35) (35) (35) (35) ------------------------------------------------------------------ Net Cash Provided By Operating Activities 3,514 3,256 2,809 2,959 2,831 2,659 ------------------------------------------------------------------ Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- ------------------------------------------------------------------ Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) ------------------------------------------------------------------ Cashflows from Financing Activities Tax Refunds -- Federal/State -- -- -- -- -- -- Tax Obligations -- Federal/State Repayment of Secured Debt (Revolving Credit) -- -- -- -- -- -- Proposed Additional Debt Repayment -- -- -- -- -- -- Proposed Excess Cash Repayment -- -- -- Proposed Additional Debt Repayment -- Tax Refund Securitization Cash to Trust Account -- -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- -- Securitization Settlement ($ collateral/Servicer) -- -- -- -- -- -- Repayment of Capital Leases (3) (3) (3) (3) (3) -- Payment of Dividends -- -- -- -- -- -- ------------------------------------------------------------------ Net Cash Provided by (Used in) Financing Activities (3) (3) (3) (3) (3) -- ------------------------------------------------------------------ Net Increase (Decrease) in cash and cash equivalents 3,404 3,146 2,699 2,849 2,720 2,552 Cash and Cash Equivalents beginning of period* 27,736 31,140 34,285 36,984 39,833 42,553 ------------------------------------------------------------------ Cash and Cash Equivalents end of period* 31,140 34,285 36,984 39,833 42,553 45,105 ================================================================== Total Repayment -- Required Total Repayment -- New Payment Schedule (Includes Excess Cash) Dollar Amounts -- Original Payments Excess Cash Payment 6000 Debt Balance After Principal, Tax, Add'l & Excess Payments
MFI CONFIDENTIAL 7/2/2003 Page 3 MICROFINANCIAL INCORPORATED - EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 (000's)
37 38 39 40 41 42 Projected Projected Projected Projected Projected Projected Month of Month of Month of Month of Month of Month of Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Includes Default Interest and Fees Cashflows from Operating Activities Cash Received from Customers Lease Payments 1,431 1,298 1,129 964 783 626 Rentals 1,924 1,895 1,886 1,875 1,871 1,857 Monitoring 475 470 465 460 456 451 Fees & Other 396 379 350 341 322 304 Delinquent & Prepays New Volumes 156 142 128 128 128 128 ---------------------------------------------------------------------- SUBTOTAL 4,382 4,185 3,968 3,768 3,560 3,365 Cash Paid to Suppliers and Employees ---------------------------------------------------------------------- Payroll Related (434) (434) (652) (434) (434) (434) Other (1,288) (1,288) (1,366) (1,288) (1,288) (1,366) Intercompany Charges $321 $319 $317 $315 $313 $311 Cash paid for Taxes Sales (239) (228) (216) (206) (194) (184) Property (180) (39) (135) (27) (21) (17) Interest Paid (Net) Revolver Loan Interest -- -- -- -- -- -- Subdebt Interest (35) (35) (35) (35) (35) (35) ---------------------------------------------------------------------- Net Cash Provided By Operating Activities 2,527 2,479 1,881 2,094 1,900 1,641 ---------------------------------------------------------------------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- --------------------------------------------------------------------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) --------------------------------------------------------------------- Cashflows from Financing Activities -- -- -- -- -- -- Tax Refunds -- Federal/State -- -- -- -- -- -- Tax Obligations -- Federal/State -- -- -- -- -- -- Repayment of Secured Debt (Revolving Credit) -- -- -- -- -- -- Proposed Additional Debt Repayment -- -- -- -- -- -- Proposed Excess Cash Repayment -- -- -- -- -- -- Proposed Additional Debt Repayment -- Tax Refund -- -- -- -- -- -- Securitization Cash to Trust Account -- -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- -- Securitization Settlement ($ collateral/Servicer) -- -- -- -- -- -- Repayment of Capital Leases -- -- -- -- -- -- Payment of Dividends -- -- -- -- -- -- --------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities -- -- -- -- -- -- --------------------------------------------------------------------- Net Increase (Decrease) in cash and cash equivalents 2,420 2,372 1,774 1,987 1,793 1,534 Cash and Cash Equivalents beginning of period* 45,105 47,525 49,897 51,671 53,658 55,451 --------------------------------------------------------------------- Cash and Cash Equivalents end of period* 47,525 49,897 51,671 53,658 55,451 56,985 ===================================================================== Total Repayment -- Required Total Repayment -- New Payment Schedule (Includes Excess Cash) Dollar Amounts -- Original Payments Excess Cash Payment 6000 Debt Balance After Principal, Tax, Add'l & Excess Payments
MICROFINANCIAL INCORPORATED - EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 (000's)
43 44 45 46 47 48 Projected Projected Projected Projected Projected Projected Month of Month of Month of Month of Month of Month of Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Includes Default Interest and Fees Cashflows from Operating Activities Cash Received from Customers Lease Payments 487 340 202 150 126 108 Rentals 1,834 1,816 1,795 1,734 1,663 1,592 Monitoring 447 442 438 433 429 425 Fees & Other 286 269 252 240 230 220 Delinquent & Prepays New Volumes 128 128 128 128 128 128 ---------------------------------------------------------------------- SUBTOTAL 3,182 2,996 2,815 2,685 2,575 2,472 Cash Paid to Suppliers and Employees ---------------------------------------------------------------------- Payroll Related (434) (434) (652) (434) (434) (434) Other (1,288) (1,288) (1,366) (1,288) (1,288) (1,366) Intercompany Charges $308 $305 $303 $300 $297 $463 Cash paid for Taxes Sales (174) (164) (154) (147) (141) (135) Property (63) (117) (77) (66) (28) (68) Interest Paid (Net) Revolver Loan Interest -- -- -- -- -- -- Subdebt Interest (35) (35) (35) (35) (35) (35) ---------------------------------------------------------------------- Net Cash Provided By Operating Activities 1,496 1,263 834 1,015 946 897 ---------------------------------------------------------------------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- ---------------------------------------------------------------------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) ---------------------------------------------------------------------- Cashflows from Financing Activities -- -- -- -- -- -- Tax Refunds -- Federal/State -- -- -- -- -- -- Tax Obligations -- Federal/State -- -- -- -- -- -- Repayment of Secured Debt (Revolving Credit) -- -- -- -- -- -- Proposed Additional Debt Repayment -- -- -- -- -- -- Proposed Excess Cash Repayment -- -- -- -- -- -- Proposed Additional Debt Repayment -- Tax Refund -- -- -- -- -- -- Securitization Cash to Trust Account -- -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- -- Securitization Settlement ($ collateral/Servicer) -- -- -- -- -- -- Repayment of Capital Leases -- -- -- -- -- -- Payment of Dividends -- -- -- -- -- -- --------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities -- -- -- -- -- -- --------------------------------------------------------------------- Net Increase (Decrease) in cash and cash equivalents 1,389 1,156 727 908 839 790 Cash and Cash Equivalents beginning of period* 56,985 58,373 59,530 60,257 61,165 62,004 --------------------------------------------------------------------- Cash and Cash Equivalents end of period* 58,373 59,530 60,257 61,165 62,004 62,795 ===================================================================== Total Repayment -- Required Total Repayment -- New Payment Schedule (Includes Excess Cash) Dollar Amounts -- Original Payments Excess Cash Payment 6000 Debt Balance After Principal, Tax, Add'l & Excess Payments
MFI CONFIDENTIAL 7/2/2003 Page 4
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 {000'S} 49 50 51 52 53 54 55 Projected Projected Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Month of Month of Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Cashflows from Operating Activities Cash Received from Customers Lease Payments 96 89 80 70 59 47 32 Rentals 1,521 1,452 1,387 1,326 1,268 1,213 1,163 Monitoring 420 416 412 408 404 400 396 Fees & Other 211 203 194 187 179 172 165 Delinquent & Prepays New Volumes 124 121 117 113 110 106 103 ------- ------- ------- ------- ------- ------- ------- SUBTOTAL 2,373 2,280 2,191 2,103 2,020 1,938 1,858 ------- ------- ------- ------- ------- ------- ------- Cash Paid to Suppliers and Employees Payroll Related (434) (434) (652) (434) (434) (434) (434) Other (1,178) (1,178) (1,256) (1,178) (1,178) (1,256) (1,178) Intercompany Charges $460 $458 $455 $452 $449 $446 $443 Cash paid for Taxes Sales (130) (125) (120) (115) (110) (106) (102) Property (144) (31) (108) (21) (17) (14) (51) Interest Paid (Net) Revolver Loan Interest -- -- -- -- -- -- -- Subdebt Interest (35) (35) (35) (35) (35) (35) (35) ------- ------- ------- ------- ------- ------- ------- Net Cash Provided By Operating Activities 912 935 475 772 694 540 501 ------- ------- ------- ------- ------- ------- ------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- ------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) (107) (107) ------- ------- ------- ------- ------- ------- ------- Cashflows from Financing Activities Tax Refunds -- Federal/State -- -- -- -- -- -- -- Tax Obligations -- Federal/State -- -- -- -- -- -- -- Repayment of Secured Debt (Revolving Credit) -- -- -- -- -- -- -- Proposed Additional Debt Repayment -- -- -- -- -- -- -- Proposed Excess Cash Repayment -- -- -- -- -- -- -- Proposed Additional Debt Repayment -- Tax Refund -- -- -- -- -- -- -- Securitization Cash to Trust Account -- -- -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- -- -- Securitization Settlement ($ collateral/Servicer) -- -- -- -- -- -- -- Repayment of Capital Leases -- -- -- -- -- -- -- Payment of Dividends -- -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- ------- Net Cash Provided by (Used in) Financing Activities -- -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in cash and cash equivalents 805 828 368 665 587 433 394 Cash and Cash Equivalents beginning of period* 62,795 63,600 64,428 64,796 65,461 66,048 66,481 ------- ------- ------- ------- ------- ------- ------- Cash and Cash Equivalents end of period* 63,600 64,428 64,796 65,461 66,048 66,481 66,875 ======= ======= ======= ======= ======= ======= ======= Total Repayment -- Required Total Repayment -- New Payment Schedule (Includes Excess Cash) Dollar Amounts -- Original Payments Excess Cash Payment 6000 Debt Balance After Principal, Tax, Add'l & Excess Payments
MICROFINANCIAL INCORPORATED -- EXHIBIT H MONTHLY ROLLING CASHFLOW PROJECTION AS OF JANUARY, 2003 {000'S} 56 57 58 59 60 Projected Projected Projected Projected Projected Includes Default Interest and Fees Month of Month of Month of Month of Month of Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Cashflows from Operating Activities Cash Received from Customers Lease Payments 18 3 1 0 0 Rentals 1,114 1,068 1,019 971 925 Monitoring 392 388 384 380 376 Fees & Other 158 151 145 140 135 Delinquent & Prepays New Volumes 99 96 92 89 85 ------- ------- ------- ------- ------- SUBTOTAL 1,780 1,706 1,640 1,579 1,521 ------- ------- ------- ------- ------- Cash Paid to Suppliers and Employees Payroll Related (652) (434) (434) (434) (434) Other (1,178) (1,256) (1,178) (1,178) (1,256) Intercompany Charges $440 $436 $433 $430 $628 Cash paid for Taxes Sales (97) (93) (90) (86) (83) Property (93) (61) (52) (22) (54) Interest Paid (Net) Revolver Loan Interest -- -- -- -- -- Subdebt Interest (35) (35) (35) (35) (35) ------- ------- ------- ------- ------- Net Cash Provided By Operating Activities 165 262 284 253 286 ------- ------- ------- ------- ------- Cashflows from Investing Activities Investment in Leased Equipment (100) (100) (100) (100) (100) Investment in Inventory -- -- -- -- -- Investment in Direct Costs (7) (7) (7) (7) (7) Investment in Service Contracts -- -- -- -- -- ------- ------- ------- ------- ------- Net Cash used in Investing Activities (107) (107) (107) (107) (107) ------- ------- ------- ------- ------- Cashflows from Financing Activities Tax Refunds -- Federal/State -- -- -- -- -- Tax Obligations -- Federal/State Repayment of Secured Debt (Revolving Credit) -- -- -- -- -- Proposed Additional Debt Repayment -- -- -- -- -- Proposed Excess Cash Repayment -- -- -- -- -- Proposed Additional Debt Repayment -- Tax Refund Securitization Cash to Trust Account -- -- -- -- -- Securitization Prepayments & Defaults -- -- -- -- -- Securitization Settlement ($ collateral/Servicer) -- -- -- -- -- Repayment of Capital Leases -- -- -- -- -- Payment of Dividends -- -- -- -- -- ------- ------- ------- ------- ------- Net Cash Provided by (Used in) Financing Activities -- -- -- -- -- ------- ------- ------- ------- ------- Net Increase (Decrease) in cash and cash equivalents 58 155 177 146 179 Cash and Cash Equivalents beginning of period* 66,875 66,932 67,087 67,264 67,410 ------- ------- ------- ------- ------- Cash and Cash Equivalents end of period* 66,932 67,087 67,264 67,410 67,590 ======= ======= ======= ======= ======= Total Repayment -- Required Total Repayment -- New Payment Schedule (Includes Excess Cash) Dollar Amounts -- Original Payments Excess Cash Payment 6000 Debt Balance After Principal, Tax, Add'l & Excess Payments
MFI CONFIDENTIAL 7/2/2003 Page 1
SCHEDULE 2.8(A) 1st of each month At Closing Total Jul-03 $4,700,000 $4,700,000 Aug-03 $4,500,000 $4,500,000 Sep-03 $4,700,000 $4,700,000 Oct-03 $4,700,000 $4,700,000 Nov-03 $4,700,000 $4,700,000 Dec-03 $4,500,000 $4,500,000 Jan-04 $4,500,000 $4,500,000 Feb-04 $4,700,000 $4,700,000 Mar-04 $4,900,000 $4,900,000 Apr-04 $4,800,000 $4,800,000 May-04 $4,700,000 $4,700,000 Jun-04 $4,700,000 $4,700,000 Jul-04 $4,700,000 $4,700,000 Aug-04 $4,600,000 $4,600,000 Sep-04 $4,600,000 $4,600,000 Oct-04 $4,600,000 $4,600,000 Nov-04 $4,600,000 $4,600,000 Dec-04 $4,600,000 $4,600,000 Jan-05 $4,600,000 $4,600,000 $88,400,000 $0 $88,400,000