IN REGARD TO EACH
RECEIVABLE AND THE RELATED CONTRACT.
(H)
COLLECTIONS.
INSTRUCT ALL OBLIGORS TO CAUSE ALL COLLECTIONS TO BE
DEPOSITED DIRECTLY TO A POST OFFICE BOX OR LOCK-BOX ACCOUNT AND IF THE SELLER
SHALL RECEIVE ANY COLLECTIONS (INCLUDING, WITHOUT LIMITATION, ANY COLLECTIONS
DEEMED TO HAVE BEEN RECEIVED PURSUANT TO SECTION 2.05), THE SELLER SHALL HOLD
SUCH COLLECTIONS IN TRUST FOR THE BENEFIT OF THE BUYER AND REMIT SUCH
COLLECTIONS TO THE BUYER BY DEPOSITING SUCH COLLECTIONS INTO A LOCK-BOX ACCOUNT
WITHIN ONE BUSINESS DAY FOLLOWING SELLER'S IDENTIFICATION THEREOF AND IN ANY
EVENT WITHIN FOUR BUSINESS DAYS FOLLOWING SELLER'S RECEIPT THEREOF.
(I)
COMPLIANCE WITH ERISA.
ESTABLISH, MAINTAIN AND OPERATE ALL PLANS TO COMPLY
IN ALL MATERIAL RESPECTS WITH THE PROVISIONS OF ERISA, THE IRC, AND ALL OTHER
APPLICABLE LAWS, AND THE REGULATIONS AND INTERPRETATIONS THEREUNDER.
(J)
PERFECTED SECURITY INTEREST UNDER CONTRACTS.
TAKE SUCH ACTION WITH RESPECT
TO EACH RECEIVABLE AS IS NECESSARY TO ENSURE THAT THE BUYER MAINTAINS, AS
AGAINST THE OBLIGOR THEREUNDER, A PERFECTED SECURITY INTEREST IN ANY EQUIPMENT
RELATING THERETO FREE AND CLEAR OF ADVERSE CLAIMS OR, IN THE CASE OF ANY LEASE,
TO ENSURE THAT THE BUYER WOULD MAINTAIN SUCH A PERFECTED PRIORITY SECURITY
INTEREST IN THE EVENT THAT A COURT OR OTHER PERSON WERE TO DETERMINE THAT SUCH
LEASE PURPORTED TO TRANSFER TO THE OBLIGOR AN OWNERSHIP (RATHER THAN A
LEASEHOLD) INTEREST IN THE EQUIPMENT SUBJECT THERETO; PROVIDED, THAT THE SELLER
SHALL NOT BE REQUIRED TO FILE FINANCING STATEMENTS OR TO MAINTAIN THE
EFFECTIVENESS OF PREVIOUSLY FILED FINANCING STATEMENTS AGAINST ANY OBLIGOR WITH
RESPECT TO ANY RECEIVABLES THE OUTSTANDING BALANCE OF WHICH ORIGINALLY IS OR HAS
THEREAFTER BEEN REDUCED BELOW $5,000, RESPECTIVELY, SO LONG AS THE AGGREGATE
OUTSTANDING BALANCE OF RECEIVABLES FOR WHICH NO SUCH FINANCING STATEMENTS ARE IN
EFFECT AT ANY TIME REMAINS LESS THAN 7.5% OF THE DISCOUNTED RECEIVABLES BALANCE
OF ALL RECEIVABLES AT SUCH TIME; PROVIDED THAT SUCH SEVEN AND ONE-HALF PERCENT
LIMITATION SHALL NOT APPLY FROM AND AFTER THE TERMINATION DATE UNLESS AND TO THE
EXTENT THAT THE BUYER OR THE COLLATERAL AGENT ON ITS BEHALF SPECIFICALLY
REQUESTS OTHERWISE.
15
(K)
MAINTENANCE OF INSURANCE.
CAUSE EACH OBLIGOR TO MAINTAIN, WITH RESPECT TO
THE CONTRACTS AND THE EQUIPMENT RELATED THERETO, CASUALTY AND GENERAL LIABILITY
INSURANCE WHICH PROVIDE AT LEAST THE SAME COVERAGE AS A FIRE AND EXTENDED
COVERAGE INSURANCE POLICY AS IS COMPARABLE FOR OTHER COMPANIES IN RELATED
BUSINESSES IN AN AMOUNT WHICH IS NOT LESS THAN THE DISCOUNTED VALUE FOR THE
RECEIVABLES ARISING UNDER THE RELEVANT CONTRACTS AND NAMING THE SELLER OR BUYER
AS LOSS PAYEE AND ADDITIONAL INSURED, AND THE SELLER SHALL HAVE ASSIGNED ANY
SUCH INTEREST TO THE BUYER; PROVIDED, THAT IF AN OBLIGOR FAILS TO MAINTAIN SUCH
INSURANCE, THE SELLER SHALL MAINTAIN SUCH INSURANCE ON BEHALF OF THE OBLIGOR AND
SUCH INSURANCE (I) MAY BE INCLUDED IN A CASUALTY AND GENERAL LIABILITY POLICY
PROVIDED THAT SUCH POLICY HAS (A) A LOSS LIMIT PER ANNUM EQUAL TO THE GREATER
OF
(1) $10,000,000 AND (2) FIVE TIMES THE HIGHEST AGGREGATE