Amended and Restated Master Receivables Purchase and Servicing Agreement among Visteon Entities, Citibank, and Others (2008)
This agreement, dated August 14, 2006 and amended through October 29, 2008, is between various Visteon group companies (as sellers and servicers), Visteon Financial Centre P.L.C. (as purchaser), Citibank and affiliates (as cash manager, funding agent, and collateral monitoring agent), The Law Debenture Trust Corporation (as security trustee), and Visteon Corporation (as parent). It sets out the terms for the sale and purchase of receivables generated by the sellers, the servicing of those receivables, and the roles and obligations of each party. The agreement includes provisions for payment, representations, servicing, and termination.
Form of Amended and Restated Master Receivables Purchase and Servicing
Agreement
(as amended on 13 November 2006 and as further
amended and restated on 29 October 2008)
VISTEON DEUTSCHLAND GMBH
VISTEON SISTEMAS INTERIORES ESPAÑA, S.L.U.
CÁDIZ ELECTRÓNICA, S.A.U.
VISTEON PORTUGUESA LTD.
VC RECEIVABLES FINANCING CORPORATION LIMITED
(as Sellers and, except for VC, together with US Sub-Servicer the Servicers)
(as Master Servicer, VEC and US Sub-Servicer)
(as Master Purchaser)
(as Security Trustee)
(as MP Cash Manager)
(as Funding Agent)
(as Collateral Monitoring Agent)
(as Parent)
FACILITY
PURCHASE AND SERVICING AGREEMENT

Freshfields Bruckhaus Deringer LLP
65 Fleet Street
London EC4Y 1HS
CLAUSE | PAGE | |||
SECTION I DEFINITIONS AND INTERPRETATION | 3 | |||
1. DEFINITIONS AND INTERPRETATION | 3 | |||
SECTION II SALE AND PURCHASE OF RECEIVABLES | 4 | |||
2. COMMITMENT TO SELL AND PURCHASE RECEIVABLES | 4 | |||
3. DETERMINATION AND PAYMENT OF THE PURCHASE PRICE AND OTHER PAYMENTS | 8 | |||
4. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS | 12 | |||
5. PERFECTION | 23 | |||
6. TERMINATION | 25 | |||
7. REMEDIES FOR BREACH OF WARRANTY | 26 | |||
SECTION III SERVICING OF THE PURCHASED RECEIVABLES | 28 | |||
8. APPOINTMENT OF SERVICERS AND COLLATERAL MONITORING AGENT | 28 | |||
9. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS | 31 | |||
10. COLLECTION OF RECEIVABLES | 31 | |||
11. RECORDS AND ACCOUNTS | 33 | |||
12. CALCULATIONS | 34 | |||
13. APPLICATION OF FUNDS | 35 | |||
14. REPORTS | 35 | |||
15. PURCHASES | 37 | |||
16. ENFORCEMENT | 37 | |||
17. RECORDS AND INFORMATION AND REVIEWS | 37 | |||
18. UNDERTAKINGS OF THE SERVICERS | 39 | |||
19. SUB CONTRACTS | 44 | |||
20. LIABILITY OF SERVICER | 44 | |||
21. SERVICING FEE | 45 | |||
22. TERMINATION OF APPOINTMENT | 45 | |||
SECTION IV GENERAL | 48 | |||
23. FURTHER PROVISIONS | 48 | |||
24. GOVERNING LAW AND JURISDICTION | 50 | |||
SCHEDULE 1 | 61 | |||
SCHEDULE 2 | 64 |
CLAUSE | PAGE | |||
SCHEDULE 3 ELIGIBILITY CRITERIA IN RESPECT OF RECEIVABLES | 72 | |||
SCHEDULE 4 | 75 | |||
SCHEDULE 5 FORM OF COMPLIANCE CERTIFICATE | 89 | |||
SCHEDULE 6 | 91 | |||
SCHEDULE 7 | 92 | |||
SCHEDULE 8 FORM OF TRANSFER AGREEMENT RELATING TO RECEIVABLES GOVERNED BY GERMAN LAW | 93 | |||
SCHEDULE 9 NOTICES OF ASSIGNMENT | 98 | |||
SCHEDULE 10 MASTER PURCHASER RECEIVABLES POWERS OF ATTORNEY | 112 | |||
SCHEDULE 11 PROVISIONS RELATING TO SALE AND ASSIGNMENT OF SPANISH RECEIVABLES | 125 | |||
SCHEDULE 12 FORM OF SPANISH OFFER DEED | 132 | |||
SCHEDULE 13 FORM OF SPANISH MASTER PURCHASER ACCEPTANCE | 137 |
(1) | VISTEON FINANCIAL CENTRE P.L.C., a company incorporated in Ireland, registered in Ireland with the Companies Registration Office with number 423820, whose registered office is at First Floor, 7 Exchange Place, International Financial Services Centre, Dublin 1, Ireland (the Master Purchaser); |
(2) | VISTEON ELECTRONICS CORPORATION, a company incorporated under the laws of the State of Delaware with registered number ###-###-#### whose registered office is at One Village Center Drive, Van Buren Township, Michigan 48111, U.S.A. (the Master Servicer, VEC and US Sub-Servicer); |
(3) | Each of the entities listed in Part A of Schedule 1 (the Sellers); | |
(4) | Each of the entities listed in Part B of Schedule 1 (the Servicers); |
(5) | VISTEON CORPORATION, a corporation incorporated under the laws of the State of Delaware with its principal place of business at One Village Center Drive, Van Buren Township, Michigan 48111, U.S.A. (the Parent); |
(6) | THE LAW DEBENTURE TRUST CORPORATION P.L.C., a company incorporated in England and Wales (registered number 00235914) whose registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX (the Security Trustee); |
(7) | CITIBANK INTERNATIONAL PLC, a company incorporated in England and Wales with limited liability whose registered office is at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB (the Funding Agent); |
(8) | CITIBANK, N.A., a national banking association formed under the banking laws of the United States of America, acting through its London branch at Citigroup Centre, Canada Square, Canary Wharf, London El4 5LB (the MP Cash Manager); and |
(9) | CITICORP USA, INC., a corporation incorporated under the banking laws of Delaware acting through its principal office at 399 Park Avenue, New York, New York, U.S.A. (the Collateral Monitoring Agent), |
1.1 | (a) Capitalised terms in this Agreement shall, except where the context otherwise requires and save where otherwise defined in this Agreement, have the meanings given to them in the Master Definitions and Framework Deed executed by, among others, each of the parties to this Agreement (the Framework Deed) on or about the date hereof (as it may be amended, varied or supplemented from time to time with the consent of the parties to it) and this Agreement shall be construed in accordance with the principles of construction set out in the Framework Deed. |
(b) | In addition, the provisions set out in Clauses 3 to 6 and 12 to 28 of the Framework Deed (the Framework Provisions) shall be expressly and specifically incorporated into this Agreement, as though they were set out in full in this Agreement. In the event of any conflict between the provisions of |
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this Agreement and the Framework Provisions, the provisions of this Agreement shall prevail. |
2.1 | (a) Each Seller (other than VC) and the Master Purchaser agrees that such Seller will sell and that the Master Purchaser will purchase on the Funding Date all Assignable Receivables originated by such Seller and existing on the Cut-Off Date, together with their Related Rights, and with respect to English Restricted Receivables existing on the Cut-Off Date that are not Excluded Receivables, that the English Seller will sell the benefit of such English Restricted Receivables and hold on trust those English Restricted Receivables and their Related Rights for the benefit of the Master Purchaser and the Master Purchaser will purchase the sole beneficial interest under such trust, in each case on the terms and subject to the conditions set out in this Agreement. | |
(b) | Each Seller (other than VC) and the Master Purchaser agrees that such Seller will sell and that the Master Purchaser will purchase with effect from the Funding Date all Assignable Receivables which come into existence after the Cut-Off Date and during the Securitisation Availability Period and which have been originated by such Seller, together with their Related Rights, and with respect to English Restricted Receivables which come into existence after the Cut-Off Date and during the Securitisation Availability Period that are not Excluded Receivables that the English Seller will hold on trust those English Restricted Receivables and their Related Rights for the benefit of the Master Purchaser and the Master Purchaser will purchase the sole beneficial interest under such trust, in each case on the terms and subject to the conditions set out in this Agreement. | |
(c) | VC and the Master Purchaser agree that VC will sell and that the Master Purchaser will purchase on the first Settlement Date following the Second Closing Date all Assignable Receivables originated by VEC and purchased by VC pursuant to the VC Receivables Purchase Agreement on the Second Cut-Off Date, together with their Related Rights on the terms and subject to the conditions set out in this Agreement. | |
(d) | VC and the Master Purchaser agree that VC will sell and that the Master Purchaser will purchase with effect from the first Settlement Date following the Second Closing Date all Assignable Receivables which come into existence after the Second Cut-Off Date and during the Securitisation Availability Period and which have been originated by VEC and purchased by VC pursuant to the VC Receivables Purchase Agreement, together with their |
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Related Rights, on the terms and subject to the conditions set out in this Agreement. |
2.2 | (a) Each Seller (other than VC) hereby sells and assigns, and the Master Purchaser hereby purchases, on the Funding Date all Assignable Receivables originated by such Seller existing on the Cut-Off Date and which are not assigned hereunder by way of a German Law Transfer Agreement or a Spanish Transfer Deed, as the case may be, as provided in Clauses 2.2(f) and (g) and Schedule 11, together with their Related Rights, on the terms and subject to the conditions set out in this Agreement. |
(b) | Each Seller (other than VC) hereby sells and assigns, and the Master Purchaser hereby purchases, with effect from the Funding Date all Assignable Receivables originated by such Seller which are not in existence on the Cut-Off Date and which come into existence after the Funding Date and during the Securitisation Availability Period and which are not assigned hereunder by way of a German Law Transfer Agreement or a Spanish Transfer Deed, as the case may be, as provided in Clauses 2.2(f) and (g) and Schedule 11, together with their Related Rights, on the terms and subject to the conditions set out in this Agreement. |
(c) | The English Seller hereby declares that as of and from the Funding Date it holds and will hold on trust, absolutely and irrevocably, for variable consideration for the benefit of the Master Purchaser: |
(i) | all English Restricted Receivables existing on the Cut-Off Date which are not Excluded Receivables together with their Related Rights; and | ||
(ii) | all English Restricted Receivables which come into existence after the Cut-Off Date, and which are not Excluded Receivables, together with their Related Rights, |
in each case on the terms and subject to the conditions contained in this Agreement. | ||
(d) | VC hereby sells and assigns, and the Master Purchaser hereby purchases, on the first Settlement Date following the Second Closing Date all Assignable Receivables originated by VEC and purchased by VC pursuant to the VC Receivables Purchase Agreement and existing on the Second Cut-Off Date and which are not assigned hereunder by way of a German Law Transfer Agreement as provided in Clause 2.2(f), together with their Related Rights, on the terms and subject to the conditions set out in this Agreement. |
(e) | VC hereby sells and assigns, and the Master Purchaser hereby purchases, with effect from the first Settlement Date following the Second Closing Date all Assignable Receivables originated by VEC and purchased by VC pursuant to the VC Receivables Purchase Agreement and which are not in existence on the Second Cut-Off Date and which come into existence after the Second Cut-Off |
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Date and during the Securitisation Availability Period and which are not assigned hereunder by way of a German Law Transfer Agreement as provided in Clause 2.2(f), together with their Related Rights, on the terms and subject to the conditions set out in this Agreement. | ||
(f) | With respect to the sale and purchase of the Receivables governed by German law, each Seller (other than VC) will on the Funding Date, and VC will on the Second Closing Date, enter into a German Law Transfer Agreement in the form set out in Schedule 8 in order to fulfil its obligation under this Agreement. | |
(g) | The sale and assignment by each Spanish Seller to the Master Purchaser of all Receivables to be sold by that Spanish Seller that are governed by Spanish law shall be governed by the provisions of Schedule 11. | |
2.3 | In respect of any Receivable, the Related Rights mean: | |
(a) | all rights, title, benefit and interest in and to the relevant Receivable, including any Value Added Tax; | |
(b) | all Related Contract Rights with respect to such Receivable; and | |
(c) | any Related Security with respect to such Receivable. | |
Conditions | ||
2.4 | (a) Each Seller (other than VC) will on or before the Funding Date, and VC will on or before the Second Closing Date, execute a power of attorney substantially in the form applicable to that Seller as set out in Schedule 10 (each a Master Purchaser Receivables Power of Attorney) and deliver the same to, or to the order of, the Master Purchaser on such date. The Master Purchaser shall not use any Master Purchaser Receivables Power of Attorney to notify Obligors of any assignment of Receivables except in the circumstances described in Clauses 5.1 and 5.2. |
(b) | VC agrees to procure that VEC shall on or before the Second Closing Date execute a power of attorney and deliver the same to, or to the order of, the Master Purchaser enabling the Master Purchaser to notify Obligors of any assignment of Receivables by VEC to VC in accordance with and subject to the terms of the VC Receivables Purchase Agreement. |
(a) | with respect to the initial purchase of Assignable Receivables and the initial purchase of a beneficial interest in the English Restricted Receivables Trust on |
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the Funding Date, the satisfaction as determined by the Collateral Monitoring Agent in its sole discretion of the Conditions Precedent set out in Part A and Part B of Schedule 3 to the Framework Deed; | ||
(b) | with respect to the purchase of Assignable Receivables from the Sellers other than VC following the Funding Date and with respect to the subsequent purchase of beneficial interests in the English Restricted Receivables Trust, the satisfaction or waiver, as determined by the Collateral Monitoring Agent in its sole discretion, of the Conditions Precedent set out in Part B of Schedule 3 to the Framework Deed; |
(c) | all representations and warranties of the Parent, Sellers and Servicers are true and correct on and as of each such date, before and after giving effect to such purchase and to the application of the proceeds of such purchase, as if they had been made on and as of such date; and |
(d) | with respect to the initial purchase of Assignable Receivables from VC on the first Settlement Date following the Second Closing Date, the satisfaction or waiver (and other than in respect of any fees payable on that date), as determined by the Collateral Monitoring Agent in its sole discretion, of the Second Closing Date Conditions Precedent and the Conditions Precedent set out in Part B of Schedule 3 to the Framework Deed; | |
(e) | with respect to the purchase of Assignable Receivables from VC after the first Settlement Date following the Second Closing Date, the satisfaction or waiver, as determined by the Collateral Monitoring Agent in its sole discretion, of the Conditions Precedent set out in Part B of Schedule 3 to the Framework Deed; |
(f) | no Termination Event has occurred that has not been waived by the Master Purchaser, the Collateral Monitoring Agent and the Security Trustee. |
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(a) | subject to Clause 3.6, by set-off of the obligation of that Seller to pay to the Master Purchaser Collections in the same Agreed Currency (subject to the conditions contained in Clause 10.3 (Payment of Collections)) against the obligation of the Master Purchaser to pay the Purchase Price to that Seller and the Master Purchaser hereby authorises each Servicer and each Servicer hereby undertakes to the Master Purchaser and the Security Trustee to debit the relevant Deposit Accounts in the relevant Agreed Currency and to transfer the relevant amount to the relevant Seller in accordance with Clause 10.3 of this Agreement; and | |
(b) | to the extent that the Collections in the same Agreed Currency are not sufficient for such purpose, by means of a payment by the Master Purchaser to the relevant Seller in the relevant Agreed Currency by crediting the relevant amount in the relevant Agreed Currency to the relevant Deposit Account of the relevant Seller on the Settlement Date immediately following the end of the Determination Period in which the Purchase Date for such Purchased Receivable falls. |
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(a) | shall be set off against any amounts of Purchase Price payable to the Seller on such Settlement Date provided that no Cash Control Event has occurred and is continuing as at such Settlement Date; and | |
(b) | to the extent that, following any such set-off there remains any Negative Balance, each Seller shall pay to the Master Purchaser on such Settlement Date an amount equal to the Negative Balance applicable to that Seller less any amount set-off pursuant to paragraph (a) above, |
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(a) | Compliance with Laws, etc.: The Seller will comply in all material respects with all applicable laws, rules, regulations and orders and preserve and maintain its corporate existence, rights, franchises, qualifications, and privileges provided that its failure to do so will not be treated as a breach of this provision to the extent that the failure so to comply or the failure so to preserve could not reasonably be expected to result in a Material Adverse Effect. | |
(b) | Offices, Records, Name and Organisation: The Seller will keep its principal place of business and chief executive office and the office where it keeps its records concerning the Receivables at the address of the Seller set forth in Part A of Schedule 1 hereto or at another location provided it gives 30 days prior written notice thereof to the Funding Agent and the Master Purchaser. The Seller will not change its name or the nature of its incorporation or organisation, unless (i) the Seller shall have provided the Funding Agent, the Security Trustee and the Master Purchaser with at least 30 days prior written notice thereof, and (ii) no later than the effective date of such change, all actions, documents and agreements considered necessary by the Master Purchaser and the Security Trustee to protect and perfect the Master Purchasers interest in the Receivables, the Related Security, all Deposit Accounts of the Seller, and the other assets of the Seller in which a security interest is granted under the Transaction Documents have been taken and completed. The Seller also will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Purchased Receivables and Related Rights in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary for the collection of all Purchased Receivables (including, without limitation, records adequate to permit the daily identification of each Purchased Receivable and all Collections of and adjustments to each existing Purchased Receivable). | |
(c) | Performance and Compliance with Contracts and the Seller Credit and Collection Procedures: The Seller will, at its expense, timely and fully perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Purchased Receivables, and timely and fully comply in all respects with the Seller Credit and Collection Procedures in regard to each Purchased Receivable and the Related Contract Rights, other than where non-compliance would not have an adverse effect on the collectability, enforceability or value of such Purchased Receivable or the Related Contract Rights. |
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(d) | Extension or Amendment of Receivables: Except as provided in Clause 4.3(c) or to protect the Master Purchasers interest in the Purchased Receivables, or its interest in the English Restricted Receivables Trust, the Seller will not (and each Servicer and the Master Purchaser agree not to) extend, amend or otherwise modify the terms of any Purchased Receivable or amend, modify or waive any term or condition of any Contract related thereto, except as otherwise provided in the Transaction Documents, and provided in all cases that the Seller shall at all times comply with the Seller Credit and Collection Procedures. | |
(e) | Change in business or Seller Credit and Collection Procedures: The Seller will not make any change in the character of its business or in the Seller Credit and Collection Procedures that could, in either case, reasonably be expected to result in a Material Adverse Effect. | |
(f) | Change in Payment Instructions to Obligors: The Seller will not, without the prior consent of the Collateral Monitoring Agent, add or terminate any contract, mandate or account agreement relating to a Deposit Account with any Deposit Account Bank, or terminate any post office box or bank account that is a Deposit Account, or make any change in its instructions to Obligors regarding payments to be made to the Seller or payments to be made to any Deposit Account. | |
(g) | Deposit to Deposit Accounts: The Seller will instruct all its Eligible Obligors to remit all their payments in respect of Receivables outstanding on the Closing Date or originated after the Closing Date (or, in the case of VC, in respect of Receivables outstanding on the Second Closing Date or originated after the Second Closing Date) to the relevant Deposit Accounts of such Seller (being, in the case of the Portuguese Seller, the Master Purchaser Portuguese Deposit Accounts or, in the case of VC, the Deposit Account(s) of VEC). For the avoidance of doubt, instructions which have been given by the Seller to Obligors which pre-date the Closing Date (or, in the case of VC, the Second Closing Date) shall satisfy this obligation in respect of such Obligors. If the Seller shall receive any Collections directly, it shall immediately (and in any event within two Business Days) deposit the same to the relevant Deposit Accounts of such Seller (or, in the case of VC, the Deposit Account of VEC). The Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Deposit Account, cash or cash proceeds other than Collections in respect of Purchased Receivables. The Seller undertakes not to open any accounts into which payments in respect of Purchased Receivables may be made by Obligors other than the relevant Deposit Accounts of such Seller (or, in the case of VC, the Deposit Account of VEC). | |
(h) | Marking of Records: At its expense, the Seller will maintain at all times in its data processing records and systems a list of all Purchased Receivables. | |
(i) | Further Assurances: The Seller agrees from time to time, at its expense, promptly to execute and deliver all further instruments and documents, and to take all further actions, that may be necessary, or that the Security Trustee or |
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the Funding Agent may reasonably request, to perfect, protect or more fully evidence the interests in the Purchased Receivables and, in respect of the English Restricted Receivables, the Master Purchasers interest in the English Restricted Receivables Trust, or to enable the Master Purchaser or the Security Trustee or the Funding Agent to exercise and enforce their respective rights and remedies under this Agreement. | ||
(j) | Reporting Requirements: The Seller will provide to the Funding Agent, the MP Cash Manager, the Collateral Monitoring Agent and the Master Purchaser (in multiple copies, if requested by the Funding Agent or the Master Purchaser) the following: |
(i) | as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the Parent after the end of each of the first three quarters of each fiscal year (the documents with respect to the second quarter of 2006 being the first documents due from the Seller): |
(A) | balance sheets of the Parent as of the end of such quarter and statements of income and retained earnings of the Parent for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of the Parent; | ||
(B) | a consolidated balance sheet of the Parent and its subsidiaries as of the end of such quarter and consolidated statements of income and retained earnings of the Parent and its subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of the Parent; |
(ii) | as soon as available and in any event within 120 days after the end of each fiscal year of the Parent, a copy of the annual report for such year for the Parent and its subsidiaries, containing financial statements for such year audited by independent public accountants of recognised national standing; | ||
(iii) | as soon as available, and in any event within any time period after the end of each fiscal year of the Seller within which such financial statements are required to be prepared under the laws of any applicable jurisdiction, a balance sheet of the Seller as of the end of such fiscal year and the related statement of income and retained earnings of the Seller for such fiscal year, certified by the chief financial officer of the Seller; | ||
(iv) | as soon as available, and in any event within 120 days after the end of each fiscal year of the Parent, a copy of the consolidated annual report for such year for the Parent, and its subsidiaries containing consolidated financial statements for such year audited by independent public accountants of recognised national standing; |
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(v) | as soon as possible and in any event within three Business Days after the relevant Seller obtains actual knowledge of the occurrence of any Termination Event or Potential Termination Event, a statement of the chief financial officer of the Seller setting forth details of such Termination Event or Potential Termination Event and the action that the Seller has taken and proposes to take with respect thereto; | ||
(vi) | at least 30 days prior to any change in the name of the Seller, a notice setting forth the new name and the effective date thereof; | ||
(vii) | so long as any Notes shall be outstanding, as soon as possible and in any event no later than the day of occurrence thereof, notice that the Seller has stopped selling all newly arising Receivables (or, in respect of English Restricted Receivables, beneficial interests in the English Restricted Receivables Trust in respect thereof) to the Master Purchaser pursuant to the Master Receivables Purchase Agreement; | ||
(viii) | at the time of the delivery of the financial statements provided for in Clauses (i), (ii) and (iii) of this paragraph (j), a certificate of the chief financial officer or the treasurer of the Seller to the effect that, to the best of such officers knowledge, no Termination Event, Potential Termination Event or other Cash Control Event has occurred and is continuing or, if any Termination Event, Potential Termination Event or other Cash Control Event has occurred and is continuing, specifying the nature and extent thereof. |
(k) | Compliance with Transaction Documents: |
(i) | (A) Until such time as all the liabilities of the Seller and the Master Purchaser under the Transaction Documents have been discharged, the Seller shall deliver to the Master Purchaser, the Funding Agent, the Collateral Monitoring Agent and the Security Trustee: |
(B) | (i) prior to the occurrence of a Termination Event, Potential Termination Event or Cash Control Event, not later than 30 days after every anniversary of the date of this Agreement and (ii) after the occurrence of a Termination Event, Potential Termination Event or Cash Control Event that is continuing, not later than 30 days after each third Settlement Date, a certificate substantially in the form set out in Schedule 5 (Compliance Certificate) from two directors of the Seller stating that, to the best of such directors knowledge, the Seller during such period has observed and performed all of its undertakings, and satisfied every condition, contained in this Agreement to be observed, performed or satisfied by it on or prior to the date of such certificate, and that such directors have no knowledge of any Termination Event, Potential Termination Event or Cash Control Event except as specified in such certificate, and to the extent that such certificate specified that any such event has occurred, the certificate shall also set out the |
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action that the Seller has taken or proposes to take with respect thereto; | |||
(C) | promptly and from time to time such information, documents, records or reports concerning such Receivables and/or the Obligors (to the extent such Obligors have given their consent to that effect, where required) and such additional financial information in connection therewith as the Master Purchaser, the Collateral Monitoring Agent, the Funding Agent or the Security Trustee may reasonably request. |
(ii) | The Seller shall promptly notify the Master Purchaser, the Collateral Monitoring Agent, the Funding Agent and the Security Trustee upon being notified of or becoming aware of the occurrence of any Termination Event, Potential Termination Event or Cash Control Event. |
(l) | Nature of Business: The Seller will not engage in any business other than the sale of automotive interior products and the transactions contemplated in the Transaction Documents or, in the case of VC will not engage in any business other than the transactions contemplated in the Transaction Documents. | |
(m) | Mergers, etc.: The Seller will not (i) merge with (other than a merger with another Seller or other member of the Visteon Group where the resulting legal entity is and remains a Seller for the purposes of the Transaction Documents and remains bound by the Transaction Documents as a Seller) or into or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired), or (ii) acquire all or substantially all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any person where such transaction would fundamentally change the nature of its business or the composition of its Receivables, in either case other than as contemplated by this Agreement and the other Transaction Documents to which it is a party, except (A) as permitted by the Master Purchaser, the Security Trustee and the Funding Agent or (B), in relation to a disposal of assets, where such disposal would be permitted pursuant to Section 6.04 (j), (l) or (m) of the US ABL Credit Agreement in the form of the US ABL Credit Agreement as at the Closing Date, it being agreed (i) that any amendment made after the Closing Date to such section shall not have the effect of amending the provisions of this Clause 4.3(m) unless such amendment is made in accordance with Clause 13 of the Framework Deed and (ii) that any termination of or waiver under the US ABL Credit Agreement shall not affect this provision. | |
(n) | Distribution, etc.: The Seller will not declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Seller, or return any capital to its shareholders as such, or purchase, retire, defease, redeem or otherwise acquire for value or make any payment in respect of any shares of |
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(o) | Debt: The Seller will not incur any Indebtedness other than any Indebtedness incurred pursuant to the Transaction Documents and (in the case of any Seller other than VC) the Seller Permitted Indebtedness, nor will the Seller create any Encumbrance on its assets other than a Seller Permitted Encumbrance or any other Encumbrance which would be permitted to be created by that Seller pursuant to Section 6.02 of the US Credit Agreement in the form of the US ABL Credit Agreement as at the Closing Date, it being agreed (i) that any amendment made after the Closing Date to such section shall not have the effect of amending the provisions of this Clause 4.3(o) unless such amendment is made in accordance with Clause 13 of the Framework Deed and (ii) that any termination of or waiver under the US ABL Credit Agreement shall not affect this provision. | |
(p) | Place of business: The Seller undertakes that: |
(i) | it will: |
(A) | maintain its registered office in the jurisdiction of its incorporation; and | ||
(B) | maintain its centre of main interests (as that expression is used in Council Regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency proceedings (the Insolvency Regulation)) in the jurisdiction of its incorporation (except for the Portuguese Seller which shall maintain its centre of main interests in Portugal); and |
(ii) | it will not maintain an establishment (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the jurisdiction of its incorporation (except in the case of the Portuguese Seller, Portugal); and | ||
(iii) | it will not, and shall procure that no current or future member of the Visteon Group (other than VC) will, maintain a centre of main interests or establishment (as those terms are defined above) in Ireland. |
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(a) | Compliance with Laws, etc.: The Parent will comply in all material respects with all applicable laws, rules, regulations and orders and preserve and maintain its corporate existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply or the failure so to preserve could not reasonably be expected to result in a Material Adverse Effect. | |
(b) | The Parent shall promptly notify the Master Purchaser, the Funding Agent and the Security Trustee immediately upon being notified of or becoming aware of the occurrence of any Termination Event, Potential Termination Event, or Cash Control Event. | |
(c) | The Parent shall use all reasonable endeavours to procure that all information and reports furnished by it or on its behalf under the Transaction Documents are accurate in all material respects; | |
(d) | Reporting Requirements: The Parent will provide to the Funding Agent, the MP Cash Manager and the Collateral Monitoring Agent and the Master Purchaser (in multiple copies, if requested by the Funding Agent or the Master Purchaser) the following: |
(i) | (within 90 days after the end of each fiscal year of the Parent, its audited consolidated (and, with respect to the Sellers and VEC only, if Minimum Consolidated Excess Liquidity is less than USD125,000,000 for periods beginning after 30 September 2006, unaudited consolidating) balance sheet and related audited consolidated statements of operations, and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous year, reported on (without a going concern or like qualification or exception, or qualification arising out of the scope of the audit by PricewaterhouseCoopers LLP or other independent certified public accountants of nationally recognized standing, and such financial statements shall be complete and correct in all material respects and shall be prepared in accordance with the generally accepted accounting principles in the United States of America (GAAP) applied (except as approved by such accountants and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods); | ||
(ii) | within 45 days after the end of each of the first three fiscal quarters of the Parent, its consolidated (and, with respect to the Sellers and VEC only if Minimum Consolidated Excess Liquidity is less than USD125,000,000 for periods beginning after 30 September 2006, unaudited, consolidating) balance sheet and related statements of operations, stockholders equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of the |
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Chief Financial Officer, Chief Accounting Officer, Treasurer or Assistant Treasurer (each a Financial Officer) of the Parent as being fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnote disclosure), and such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods; | |||
(iii) | concurrently with any delivery of financial statements under clause (i) or (ii) above, a certificate of a Financial Officer of the Parent in substantially the form of Schedule 5 (Compliance Certificate) (A) certifying, in the case of the financial statements delivered under clause (ii), as presenting fairly in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently applied, subject to normal year-end audit adjustments and the absence of footnotes and (B) stating whether, to the extent any such change has an impact on such financial statements, any change in GAAP or in the application thereof has occurred since the date of last audited financial statements of the Parent provided to the Master Purchaser, and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate. | ||
(iv) | concurrently with any delivery of financial statements under clause (i) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any breach by the Parent of Clause 4.4(e) (which certificate may be limited to the extent required by accounting rules or guidelines) provided that, for any period, the Parent shall not be required to deliver such certificate if the Parent certifies to the Collateral Monitoring Agent that they are unable to do so following the use of commercially reasonable efforts; | ||
(v) | no later than 45 days after the end of each fiscal year of the Parent, detailed consolidated projections for the following fiscal year prepared on a quarterly basis (including a projected consolidated balance sheet of the Parent and its Subsidiaries, consolidated statements of projected cash flow and projected income and a description of the underlying assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such projections with respect to such fiscal year (collectively, the Projections), setting forth in each case in comparative form the budget figures for the previous year, which Projections shall in each case be accompanied by a certificate of a Financial Officer stating that such Projections are based on estimates, information and |
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assumptions believed by the management of the Parent to be reasonable at the time made and that such Financial Officer has no reason to believe that such Projections, taken as a whole, are incorrect or misleading in any material respect, it being acknowledged and agreed by the Master Purchaser and the Security Trustee that (i) such Projections as they relate to future events are not to be considered as fact and that actual results for the period or periods covered by such Projections may differ from the results set forth therein by a material amount, (ii) the Projections are subject to significant uncertainties and contingencies, which may be beyond the control of the Parent and its Subsidiaries and (iii) no assurances are given by the Parent or any of its Subsidiaries that the results forecasted in the Projections will be realized and such differences may be material; |
(e) | Parent Financial Covenant: The Parent will comply at all times with the financial covenants set out in section 6.19(b) of the US ABL Credit Agreement in its unamended form as of the date hereof it being agreed that any termination of or waiver under the US ABL Credit Agreement shall not affect this provision. |
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(a) | Status: it is duly incorporated with limited liability and validly existing under the laws of Ireland; | |
(b) | Powers and Authorisations: the documents which contain or establish its constitution include provisions which give power, and all necessary corporate authority has been obtained and action taken, for it to own its assets, carry on its business and operations as they are now being conducted and to sign and deliver, and perform the transactions contemplated in, the Transaction Documents to which it is a party; | |
(c) | Legal Validity: its obligations under the Transaction Documents constitute, or when executed by it will constitute, its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, examination, reorganisation, moratorium or similar laws affecting the enforcement of creditors rights generally; | |
(d) | Ordinary course of business: the purchase of the Purchased Receivables by the Master Purchaser from each Seller pursuant to this Agreement occurs in the ordinary course of the business of the Master Purchaser; | |
(e) | Non-Violation: the execution, signing and delivery of the Transaction Documents to which it is a party and the performance of any of the transactions contemplated in any of them do not and will not contravene or breach or constitute a default under or conflict or be inconsistent with or cause to be exceeded any limitation on it or the powers of its directors imposed by or contained in: |
(i) | any law, statute, decree, rule, regulation or licence to which it or any of its assets or revenues is subject or of any order, judgment, injunction, decree, resolution, determination or award of any court or any judicial, administrative, or governmental authority or organisation which applies to it or any of its assets or revenues; or |
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(ii) | any agreement, indenture, mortgage, deed of trust, bond, or any other document, instrument or obligation to which it is a party or by which any of its assets or revenues is bound or affected; or | ||
(iii) | any document which contains or establishes its constitution; |
(f) | Consents: no authorisation, approval, consent, licence, exemption, registration, recording, filing or notarisation and no payment of any duty or tax and no other action whatsoever which has not been duly and unconditionally obtained, made or taken is required to ensure the creation, validity, legality, enforceability or priority of its liabilities and obligations or of the rights of each Seller against it under the Transaction Documents save for (i) the delivery of all necessary particulars of the security created pursuant to the Master Purchaser Security Documents in the prescribed form to the Registrar of Companies in Ireland within 21 days of the creation of such security in accordance with section 99 of the Companies Act, 1963 (as amended) of Ireland and (ii) the delivery of the particulars of such security (constituting a fixed charge over book debts) to the Revenue Commissioners in Ireland in accordance with section 1001 of the Taxes Consolidation Act, 1997 (as amended) of Ireland; and | |
(g) | Solvency: it is solvent and able and expects to be able to pay its debts as they fall due. |
(a) | give written notice in its own name (and/or require that Seller to give notice), either in the form of notice at Part A of Schedule 9 (in respect of Purchased Receivables governed by German law, other than Purchased Receivables governed by German law and originated by VEC), Part B of Schedule 9 (in respect of Purchased Receivables governed by Spanish law), Part C of Schedule 9 (in respect of Purchased Receivables governed by a law other than German law, Spanish law or Portuguese law) or Part D of Schedule 9 (in respect of Purchased Receivables governed by Portuguese law) or in such other form as the Master Purchaser, the Collateral Monitoring Agent, the Funding Agent or the Security Trustee may require, to all or any of the Obligors of (in the case of Assignable Receivables) the sale and assignment of all or any of the Purchased Receivables originated by that Seller or (in the case of English Restricted Receivables) the trust declared of the benefit of the English Restricted Receivables; and/or |
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(b) | direct in writing (and/or require the Seller to direct in writing) all or any of the Obligors to pay amounts outstanding in respect of Purchased Receivables originated by that Seller (or, in the case of VC, the Purchased Receivables originated by VEC) directly to the Master Purchaser, the Master Purchaser Transaction Account in the same Agreed Currency, or any other account which is specified by the Master Purchaser (with the consent of the Security Trustee); and/or | |
(c) | exercise the Master Purchasers rights under the Master Purchaser Receivables Powers of Attorney (as defined below); and/or | |
(d) | give written instructions (and/or require the Seller to give written instructions) to make transfers from any Deposit Account in the name of that Seller to the Master Purchaser Transaction Account in the same Agreed Currency; and/or | |
(e) | in respect of any Assignable Receivable sold and assigned pursuant to Clause 2.2(a), 2.2(b), 2.2(d) or 2.2(e) hereof, execute a written assignment in favour of the Master Purchaser of the legal interest of the relevant Seller therein and in all Related Contract Rights and Related Security; and/or | |
(f) | take such other action as it reasonably considers to be necessary in order to recover any amount outstanding in respect of Purchased Receivables or to improve, protect, preserve and/or enforce their rights against the Obligors in respect of Purchased Receivables originated by that Seller. |
(a) | all or any of the English Restricted Receivables arising under such related Contracts in respect of which consent to assignment has been given by the relevant Customer; | |
(b) | all Related Contract Rights with respect to such English Restricted Receivables; and | |
(c) | any Related Security with respect to such English Restricted Receivable. |
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(a) | there arises any set-off, counterclaim, dispute, defence or deduction in respect of a Purchased Receivable by the relevant Obligor; or | |
(b) | any Dilution occurs in relation to a transaction under which a Purchased Receivable arises or any other transaction between the relevant Seller and the relevant Obligor; |
(a) | all or part of which remains unpaid after the statutory period for purposes of claiming bad debt relief has elapsed; or | |
(b) | which or the Outstanding Balance of which is, or would be, reduced, adjusted or cancelled by the Seller that originated such Purchased Receivable; |
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(a) | collect all sums due in relation to the Purchased Receivables originated by each Servicer including Delinquent Receivables and Defaulted Receivables and provide administration services in relation to the collection of the Purchased Receivables; | |
(b) | report to the Master Purchaser and the Collateral Monitoring Agent on the performance of the Purchased Receivables originated by each Servicer; | |
(c) | pursue delinquent Obligors; | |
(d) | maintain books and records in respect of Purchased Receivables originated by each Servicer; | |
(e) | perform periodic reporting activities in respect of Purchased Receivables originated by each Servicer; | |
(f) | with respect to each Purchased Receivable, determine whether at the time of the assignment of that Receivable to VC or the Master Purchaser, as the case may be, or, in the case of Visteon UK Limited, if such Purchased Receivable is an English Restricted Receivable, at the time such Receivable is held on trust pursuant to the English Restricted Receivables Trust for the benefit of the |
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Master Purchaser it satisfies the Eligibility Criteria and to identify the Purchased Receivable as an Eligible Receivable or a non-Eligible Receivable and, in the case of Visteon UK Limited, to identify the Purchased Receivable as an Assignable Receivable or an English Restricted Receivable in its books and records and computer systems; and | ||
(g) | perform those other functions as more particularly described to be performed by the Master Servicer in this Agreement and the other Transaction Documents, |
(a) | collect all sums due in relation to the Purchased Receivables originated by that Sub-Servicer including Delinquent Receivables and Defaulted Receivables and provide administration services in relation to the collection of the Purchased Receivables; | |
(b) | report to the Master Purchaser and the Collateral Monitoring Agent on the performance of the Purchased Receivables originated by that Sub-Servicer; | |
(c) | pursue delinquent Obligors; | |
(d) | maintain books and records in respect of Purchased Receivables originated by that Sub-Servicer; | |
(e) | perform periodic reporting activities in respect of Purchased Receivables originated by that Sub-Servicer; |
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(f) | with respect to each Purchased Receivable, to determine whether at the time of the assignment of that Receivable to VC or the Master Purchaser, as the case may be, or, in the case of Visteon UK Limited, if such Purchased Receivable is an English Restricted Receivable, at the time such Receivable is held on trust pursuant to the English Restricted Receivables Trust for the benefit of the Master Purchaser it satisfies the Eligibility Criteria and to identify the Purchased Receivable as an Eligible Receivable or a non-Eligible Receivable and, in the case of Visteon UK Limited, to identify the Purchased Receivable as an Assignable Receivable or an English Restricted Receivable in its books and records and computer systems; | |
(g) | take all other action as necessary or desirable for the Master Servicer to perform its own duties and obligations under the Transaction Documents and for the servicing of all other Receivables; and | |
(h) | perform those other functions as more particularly described in this Agreement, |
(a) | collect all sums due in relation to the German Receivables including Delinquent Receivables and Defaulted Receivables and provide administration services in relation to the collection of the German Receivables; | |
(b) | report to the Master Purchaser and the Collateral Monitoring Agent on the performance of the German Receivables; | |
(c) | pursue delinquent Obligors in respect of German Receivables; | |
(d) | maintain books and records in respect of German Receivables; | |
(e) | perform periodic reporting activities in respect of German Receivables; | |
(f) | with respect to each German Receivable, to determine whether at the time of the assignment of that Receivable to the Master Purchaser it satisfies the Eligibility Criteria, and to identify the German Receivable as an Eligible Receivable or a non-Eligible Receivable in its books and records and computer systems; and | |
(g) | perform those other functions as more particularly described to be performed by it in this Agreement and the other Transaction Documents, |
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(a) | first to the Discount element; |
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(b) | secondly to the Purchase Price element. |
(a) | with respect to each Seller, and with respect to each Agreed Currency, the aggregate of the Purchase Price paid during such Determination Period and payable on the immediately succeeding Payment Date by the Master Purchaser to that Seller in respect of all Purchased Receivables originated by that Seller or, in the case of VC, all Purchased Receivables originated by VEC during such Determination Period; | |
(b) | with respect to VEC, and with respect to each Agreed Currency, the aggregate of the VC Purchase Price paid during such Determination Period and payable on the immediately succeeding Payment Date by the Purchaser to VEC in respect of all Purchased Receivables originated by VEC; | |
(c) | with respect to each Seller, and with respect to each Agreed Currency, the Collections received by the Master Purchaser in respect of all Purchased Receivables originated by that Seller or, in the case of VC, all Purchased Receivables originated by VEC; | |
(d) | with respect to each Seller, and with respect to each Agreed Currency, the aggregate amount of the Purchased Receivables originated by that Seller which are Ineligible Receivables or, in the case of VC, the aggregated amount of the Purchased Receivables originated by VEC which are Ineligible Receivables; | |
(e) | with respect to each Seller, and with respect to each Agreed Currency, the aggregate amount of the Purchased Receivables originated by that Seller which are Eligible Receivables or, in the case of VC, the aggregate amount of the Purchased Receivables originated by VEC which are Eligible Receivables; | |
(f) | with respect to the English Seller, and with respect to each Agreed Currency, the aggregate amount of the Assignable Receivables which are Purchased Receivables and the aggregate amount of English Restricted Receivables which are Purchased Receivables held on trust pursuant to the English Restricted Receivables Trust for the benefit of the Master Purchaser; |
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(g) | NRPB Before Excess Concentrations and Exchange Rate Protection; | |
(h) | Net Receivables Pool Balance; | |
(i) | Maximum EUR Available Amount, Maximum GBP Available Amount, and Maximum USD Available Amount; | |
(j) | EUR Subordinated VLN Required Amount, GBP Subordinated VLN Required Amount, and USD Subordinated VLN Required Amount; | |
(k) | all other calculations necessary for the proper preparation and delivery of the Servicer Reports or as otherwise required of any Servicer under the Transaction Documents. |
14.2 | Each Master Servicers Monthly Report shall provide details of the following: | |
(a) | in respect of each Agreed Currency and each Seller, the amounts collected in respect of the Purchased Receivables during the Determination Period ending on the immediately preceding Determination Date and details of all outstanding Purchased Receivables; |
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(b) | in respect of each Agreed Currency and each Seller, the aggregate Dilutions during the Determination Period ending on the immediately preceding Determination Date; | |
(c) | in respect of each Agreed Currency and each Seller, the aggregate of the Outstanding Balance of the Purchased Receivables purchased since the last Determination Date; | |
(d) | in respect of each Agreed Currency and each Seller, the aggregate of the Outstanding Balance of all Purchased Receivables as at the immediately preceding Determination Date; | |
(e) | in respect of each Agreed Currency and each Seller, the aggregate of the Outstanding Balance of all Purchased Receivables as at the immediately preceding Determination Date which are identified by the Master Servicer as Eligible Receivables; | |
(f) | in respect of each Agreed Currency and each Seller, the aggregate of the Outstanding Balance of all Purchased Receivables as at the immediately preceding Determination Date which are identified by the Master Servicer as non-Eligible Receivables; | |
(g) | in respect of each Agreed Currency and each Seller, Purchased Receivables then outstanding classified according to the following categories: current Receivables; Receivables that are 1-30 days past due; Receivables that are 31 - 60 days past due; Receivables that are 61 - 90 days past due; Receivables that are 91 - 120 days past due; and Receivables that are 121 or more days past due. |
(a) | in respect of each Agreed Currency and each Seller, the aggregate of the Outstanding Balance of the Purchased Receivables; | |
(b) | in respect of each Agreed Currency and each Seller the amount equal to the aggregate of the Outstanding Balance of Purchased Receivables as on the |
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previous Determination Date, plus the aggregate of the Outstanding Balance of Purchased Receivables purchased since that Determination Date, less the aggregate of the Collections received into a Deposit Account since that Determination Date. |
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(a) | it will devote to the performance of its obligations and the exercise of its discretions under this Agreement and its exercise of the rights of the Master Purchaser in respect of contracts and arrangements giving rise to payment obligations in respect of the Purchased Receivables at least the same amount of time and attention and that there is exercised the same level of skill, care and diligence as it would if it were administering receivables in respect of which it held the entire benefit (both legally and beneficially) and, in any event, will devote all due skill, care and diligence to the performance of its obligations and the exercise of its discretions hereunder and will devote all operational resources necessary to fulfil its obligations under this Agreement and the other Transaction Documents to which it is a party; | |
(b) | it will comply with any proper and lawful directions, orders and instructions which the Master Purchaser, the Security Trustee or the Collateral Monitoring Agent may from time to time give to it in connection with the performance of its obligations under this Agreement, but only to the extent that compliance with those directions does not conflict with any provision of the Transaction Documents, provided that this paragraph 18(b) shall not apply to Visteon Deutschland GmbH; | |
(c) | it will obtain, make, take and keep in force all authorisations, approvals, consents, licences, exemptions, registrations, recordings, filings, notices, notifications and notarisations and comply with any other legal requirements |
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which may be required in connection with the performance of its functions, duties and obligations under this Agreement and the other Transaction Documents (other than where failure to do so would not have a Material Adverse Effect) and to ensure the validity, legality, or enforceability of its (or the Master Purchasers) liabilities and the rights of the Master Purchaser, the Security Trustee and the Funding Agent and it shall perform its obligations under this Agreement and the other Transaction Documents to which it is a party in such a way as to not prejudice the continuation of any such approvals, consents, licences, exemptions, registrations, recordings, filings, or notarisations; | ||
(d) | in servicing the Purchased Receivables and performing its obligations under this Agreement and the other Transaction Documents to which it is a party, it will comply with all requirements of any relevant or applicable law, statutory instrument, regulation, directive, administrative requirement, licence, authorisation or order made by any government, supra national body, state, municipality, district, canton, authority, court, tribunal or arbitral body (other than where failure to do so would not have a Material Adverse Effect); | |
(e) | it will make all payments required to be made by it pursuant to this Agreement and the other Transaction Documents to which it is a party on their due date for payment under this Agreement or such other Transaction Documents, as the case may be, in the applicable Agreed Currency, for value on such day without set off or counterclaim and (unless required by law to deduct or withhold) without deduction or withholding for any taxes or otherwise; | |
(f) | it will give to the Master Purchaser, the Security Trustee and the Funding Agent, within three Business Days after written demand by the Master Purchaser or the Funding Agent, a compliance certificate substantially in the form set out in Schedule 5 and signed by two directors of that Servicer to the effect that as at a date not more than seven days before delivering such certificate, to its knowledge, there did not exist any Potential Termination Event, any Termination Event, any Potential Servicer Default or any Servicer Default (or, if such exists or existed, specifying the same) and that during the period from the date of this Agreement to the date of such certificate that Servicer has complied with all its obligations under this Agreement and the other Transaction Documents to which it is a party or (if this is not the case) specifying the respects in which it had not complied; | |
(g) | it will fully co-operate with the Master Purchaser and provide it with such information and assistance as it shall reasonably require in order to keep all registers and make all returns required by law or by relevant regulatory authorities and it shall fully co-operate with the directors of the Master Purchaser and provide them with such information in relation to the Purchased Receivables and the operation of the transactions contemplated in the Transaction Documents as they shall reasonably require in order to discharge their functions and legal obligations as directors of the Master Purchaser; |
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(h) | subject to and in accordance with the provisions of this Agreement, it will take all reasonable steps to recover all sums due to the Master Purchaser in respect of the Purchased Receivables; | |
(i) | it will comply in all material respects with the Seller Credit and Collection Procedures, and, other than in relation to those policies and procedures: |
(i) | which are required by law or by any governmental body or regulatory authority; or | ||
(ii) | which would be adopted by a reasonably prudent operator of a business of the sale of interior automotive products; or | ||
(iii) | to which the Collateral Monitoring Agent has given its prior written consent, |
it will not adopt any additional and/or alternative policies and procedures in place of the Seller Credit and Collection Procedures which are likely adversely to affect the Master Purchaser in relation to the Purchased Receivables and any other rights acquired under this Agreement and the other Transaction Documents. It will, in relation to any additional and/or alternative policies and procedures which are proposed to be adopted in accordance with paragraph (iii) above and which might affect such interests, inform the Master Purchaser and the Collateral Monitoring Agent in writing of any of the same, prior to their adoption, together with an explanation as to why such policies and procedures are proposed to be adopted and why, in its reasonable opinion, such effect is not likely to be adverse to such interests. It shall be entitled to adopt the additional and/or alternative policies and procedures to which the Servicers written notification relates unless the Collateral Monitoring Agent has notified it in writing no later than the fifth Business Day after the Collateral Monitoring Agent has received the Servicers notification in respect of the additional and/or alternative policies proposed, that in the reasonable opinion of the Collateral Monitoring Agent such effect is likely to be adverse to such interests; and | ||
(j) | it will promptly (and in any event within two Business Days of the date it obtains actual knowledge thereof or ought reasonably to have obtained knowledge thereof) notify the Master Purchaser, the Collateral Monitoring Agent, the Funding Agent and the Security Trustee of the occurrence of a Termination Event, Potential Termination Event, Cash Control Event, Servicer Default or Potential Servicer Default; | |
(k) | it will promptly (and in any event within two Business Days of the date it obtains actual knowledge thereof or ought reasonably to have obtained knowledge thereof) notify the Master Purchaser, the Collateral Monitoring Agent, the Funding Agent and the Security Trustee if legal proceedings are initiated against it, any Seller, VEC or the Master Purchaser which might adversely affect the Sellers, VECs, the Master Purchasers or the Security Trustees title to or interest in the Purchased Receivables or any of the other rights acquired under this Agreement; |
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(l) | it will promptly execute all such further documents, deeds, agreements, instruments, consents, notices or authorisations and do all such further acts and things (or procure the same) as may be necessary at any time or times in the reasonable opinion of the Master Purchaser, the Security Trustee or the Collateral Monitoring Agent to perfect or protect the interests of the Master Purchaser, the Security Trustee or the Collateral Monitoring Agent and to give effect to this Agreement or any of the other Transaction Documents to which it is a party; | |
(m) | it will not extend, amend or otherwise modify any Purchased Receivable, or amend, modify or waive any provision of the related Contract, except in accordance with the Seller Credit and Collection Procedures, except for any amendment, modification or waiver that would not have a material adverse effect on the collectability, enforceability or validity of such Purchased Receivables or the Related Contract Rights and as otherwise provided in the Transaction Documents; | |
(n) | it will (i) instruct Obligors to make payments only to Deposit Accounts of the Seller which originated in the relevant Purchased Receivables (or the Deposit Account of VEC, in the case of Purchased Receivables originated by VEC) and in the same Agreed Currency and (ii) deposit, or cause to be deposited, all Collections of Purchased Receivables into the Deposit Accounts of the Seller which originated in the relevant Purchased Receivables (or the Deposit Account of VEC, in the case of Purchased Receivables originated by VEC) and in the same Agreed Currency promptly following receipt. No Collections other than those related to Purchased Receivables, or Receivables purchased by FCC Visteon, will be deposited into Deposit Accounts; | |
(o) | it will as security for the discharge and performance of all its obligations under this Agreement at any time owed or due to the other parties hereto (i) on or prior to the Funding Date or as soon as possible following the Funding Date, execute a declaration of trust or a pledge, or other form of Encumbrance or commingling risk protection (including but not limited to the transfer of the Non-French Receivables Deposit Account into the name of the Master Purchaser), over each Non-French Receivables Deposit Account held in its name and (ii) procure that each of the Deposit Account Banks execute an acknowledgment of the pledge or Encumbrance or other form of commingling risk protection, or an agreement regarding the acknowledgement of the trust, created over the relevant Non-French Receivables Deposit Accounts held with the relevant Deposit Account Bank, or novation of the account agreement with the relevant Deposit Account Bank, and in the law of such pledge, trust or Encumbrance each such pledge, trust or Encumbrance (as the case may be) is perfected and acknowledged in writing by the relevant Deposit Account Bank in each case by no later than the date falling 60 days after the Closing Date (or, in the case of the US Sub-Servicer by no later than the first Settlement Date following the Second Closing Date), in such form as the Collateral Monitoring Agent may require; in the event that and so long as the Servicer fails to create such pledge, trust or Encumbrances in respect of any Non-French Receivables Deposit Account, or to deliver to the Master Purchaser the relevant |
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acknowledgment, agreement or novation agreement with respect to any Non-French Receivables Deposit Account, or the Master Purchaser, the Collateral Monitoring Agent and the Security Trustee have not received opinions of counsel in form and substance reasonably satisfactory to them in respect of the pledge, trust or Encumbrance over the Deposit Account, the Receivables originated by the Seller or VEC (as the case may be) in whose name such Non-French Receivables Deposit Account is held shall not be Eligible Receivables from the first Determination Date occurring on or following the date falling 60 days after the Closing Date (or the first Settlement Date following the Second Closing Date, in the case of VEC originated Receivables) until the Determination Date immediately following the date on which the relevant trust or Encumbrance is created and is acknowledged by the relevant Deposit Account Bank to the satisfaction of the Master Purchaser, the Collateral Monitoring Agent and the Security Trustee, and such satisfactory opinion is obtained (at which point a Purchased Receivable originated by that Seller or VEC (as the case may be) may be an Eligible Receivable subject to satisfaction of the Eligibility Criteria on its Purchase Date); | ||
(p) | it will as security for the discharge and performance of its obligations to the FCC under the FCC Documents, (i) on or prior to the French Programme Commencement Date or as soon as possible following the French Programme Commencement Date, execute a compte daffectation specialisé agreement, pledge, trust, or other form of Encumbrance or commingling risk protection, over each Deposit Account held in its name and which are dedicated to Collections arising on Receivables purchased by the FCC and (ii) procure that each of the Deposit Account Banks execute an acknowledgment of the pledge or Encumbrance, or an agreement regarding the acknowledgement of the trust, created over the relevant French Receivables Deposit Accounts held with the relevant Deposit Account Bank, or novation of the account agreement with the relevant Deposit Account Bank, and in the law of such pledge, trust or Encumbrance each such pledge, trust or Encumbrance (as the case may be) is perfected and acknowledged in writing by the relevant Deposit Account Bank in each case by no later than the date falling 60 days after the French Programme Commencement Date, in such form as the Collateral Monitoring Agent may require; in the event that and so long as the Servicer fails to create such compte daffectation specialisé agreement, pledge, trust or Encumbrances or to deliver to the FCC the relevant acknowledgements with respect to any Deposit Account, and the FCC, the Master Purchaser and the Security Trustee shall not have received opinions of counsel in form and substance reasonably satisfactory to them in respect of the trusts or Encumbrances over the Deposit Account, the Receivables originated by the Seller in whose name such Deposit Account is held shall not be Eligible Receivables from the first Determination Date on or following the date falling 60 days after the French Programme Commencement Date until the Determination Date immediately following the date on which the relevant trust or Encumbrance is created and is acknowledged by the relevant Deposit Account Bank to the satisfaction of the Master Purchaser, the Collateral Monitoring Agent and the Security Trustee, and such satisfactory opinion is obtained (at which point a Receivable |
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(q) | with respect to each Receivable, it will promptly upon that Receivable coming into existence, determine whether it is an Eligible Receivable or a non-Eligible Receivable. |
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(a) | if the Parent or an affiliate of the Parent is acting as Master Servicer under this Agreement, 0.25 per cent. per annum based on the aggregate of the EUR Equivalent of the Outstanding Balances of all Purchased Receivables other than German Receivables as at the Monthly Determination Date on which the relevant Monthly Determination Period ends; and | |
(b) | if a party not affiliated to the Parent is acting as Master Servicer under this Agreement, such other percentage fee per annum based on the daily Outstanding Balance of all Purchased Receivables other than German Receivables as may be agreed upon by the Collateral Monitoring Agent, the Master Purchaser and such party, provided that such fee shall not in any circumstances exceed 110% of such Master Servicers costs and expenses in administering and collecting the Purchased Receivables other than German Receivables. |
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EXECUTED and DELIVERED as a DEED | ) | |
by VISTEON CORPORATION a company | ) | |
incorporated in the State of Delaware | ) | |
acting by | ) | |
being a person who, in accordance with the | ) | |
laws of that territory, is acting under the | ) | |
authority of the company | ) |
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EXECUTED and DELIVERED as a | ) | |
DEED by | ) | |
as duly authorised attorney | ) | |
for and on behalf of | ) | |
by VISTEON UK LIMITED | ) | |
in the presence of: | ) |
EXECUTED and DELIVERED as a | ) | |
DEED by VISTEON DEUTSCHLAND GMBH | ) | |
a company incorporated in Germany | ) | |
by | ) | |
being a person who in accordance with | ) | |
the laws of that territory, is acting under | ) | |
the authority of the company | ) |
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EXECUTED and DELIVERED as a | ) | |
DEED by VISTEON SISTEMAS | ) | |
INTERIORES ESPAÑA, S.L.U. | ) | |
a company incorporated in Spain | ) | |
by | ) | |
being a person who in accordance with | ) | |
the laws of that territory, is acting under | ) | |
the authority of the company | ) |
EXECUTED and DELIVERED as a | ) | |
DEED by CÁDIZ ELECTRÓNICA, S.A.U. | ) | |
a company incorporated in Spain | ) | |
by | ) | |
being a person who in accordance with | ) | |
the laws of that territory, is acting under | ) | |
the authority of the company | ) |
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EXECUTED and DELIVERED as a | ) | |
DEED by | ) | |
VISTEON PORTUGUESA LTD. | ) | |
a company incorporated in Bermuda | ) | |
by | ) | |
being a person who in accordance with | ) | |
the laws of that territory, is acting under | ) | |
the authority of the company | ) |
SIGNED, SEALED and DELIVERED as a | ) | |
DEED by VC RECEIVABLES | ) | |
FINANCING CORPORATION LIMITED | ) | |
a company incorporated in Ireland acting by, | ) | |
) | ||
) | ||
being a person who in accordance with | ) | |
the laws of that territory, is acting under | ) | |
the authority of the company | ) |
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EXECUTED and DELIVERED as a | ) | |
DEED by VISTEON ELECTRONICS | ) | |
CORPORATION a company incorporated | ) | |
under the laws of the State of Delaware | ) | |
by | ) | |
being a person who in accordance with | ) | |
the laws of that territory, is acting under | ) | |
the authority of the company | ) |
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SIGNED, SEALED and DELIVERED as a | ) | |
DEED by VISTEON FINANCIAL | ) | |
CENTRE P.L.C. a company incorporated in | ) | |
Ireland, acting by | ) | |
) | ||
being a person who, in accordance with the | ) | |
laws of that territory, is acting under the | ) | |
authority of the company | ) |
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EXECUTED and DELIVERED as a DEED | ) | |
by | ) | |
) | ||
as duly authorised attorney for and on behalf | ) | |
of CITIBANK INTERNATIONAL PLC | ) | |
in the presence of | ) |
EXECUTED and DELIVERED as a DEED | ) | |
by CITICORP USA, INC., a company | ) | |
incorporated under the laws of Delaware, | ) | |
acting by | ) | |
) | ||
being a person who, in accordance with the | ) | |
laws of that territory, is acting under the | ) | |
authority of the company |
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EXECUTED and DELIVERED as a DEED | ) | |
under the COMMON SEAL of THE LAW | ) | |
DEBENTURE TRUST CORPORATION | ) | |
P.L.C. in the presence of: | ) |
EXECUTED and DELIVERED as a DEED | ) | |
by CITIBANK, N.A. a national banking | ) | |
association organised under the banking laws | ) | |
of the United States of America, acting by | ) | |
) | ||
being a person who, in accordance with the | ) | |
laws of that territory, is acting under the | ) | |
authority of the company | ) |
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