Document:

exh10_4.htm

    EXHIBIT
      10.4

     

     

    TERMINATION,
      RELEASE AND INDEMNIFICATION AGREEMENT, dated as of August 21, 2007
      (this “Termination Agreement”), executed in connection with that certain
FINANCING
      AGREEMENT, dated as of June 8, 2005 (as
      amended, supplemented, restated or otherwise modified from time to time, the
      “Financing Agreement”), by and among MTM TECHNOLOGIES,
      INC., a New York corporation (“MTM”), all of MTM’s subsidiaries
      from time to time party thereto (all such subsidiaries together with MTM,
      collectively, the “Borrowers”), the financial institutions from time to
      time party thereto as lenders (collectively, the “Lenders”) and
THE CIT GROUP/BUSINESS CREDIT, INC. as agent for the Lenders
      (in such capacity, “Agent”).  Terms which are capitalized in
      this Termination Agreement and not otherwise defined herein shall have the
      meanings ascribed to such terms in the Financing Agreement.

     

    WHEREAS,
      the Borrowers have notified Agent of their intention to terminate the Financing
      Agreement and all other Loan Documents, and to pay and satisfy in full in
      immediately available funds all outstanding Revolving Loans and all other
      Obligations, including without limitation, all interest accrued thereon, and
      all
      costs, fees and expenses payable in connection therewith, on or about the date
      hereof; and

     

    WHEREAS,
      concurrently with such termination and payment, GE
      COMMERCIAL DISTRIBUTION FINANCE CORPORATION, as agent for itself
      and certain other lenders (“New Lender”), shall enter into one or more
      financing agreements with the Borrowers (collectively, the “New Credit
      Agreement”); and

     

    WHEREAS,
      the parties hereto wish to set forth their understanding with respect to (i)
      the
      payment and satisfaction in full of the Obligations, the calculation thereof,
      and the method of payment thereof, (ii) the termination of the Financing
      Agreement and the other Loan Documents and the termination and release by Agent
      of all liens and security interests in the assets and properties of the
      Borrowers, (iii) the delivery by Agent to New Lender’s legal counsel, various
      original instruments and documents, (iv) the exchange of mutual releases by
      and
      among the Borrowers and Agent, and (v) the indemnification of Agent by the
      Borrowers with respect to certain contingent Obligations, and the establishment
      of the Reserve (as defined on Exhibit A annexed hereto);

     

    NOW,
      THEREFORE, in connection with the mutual promises 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:

     

    1.           Payment
      of Obligations.  The Borrowers have advised Agent that the date of
      repayment of the Obligations shall be August 21, 2007 (the “Payout
      Date”).  Assuming that payment is received by Agent by 2:00 p.m.
      New York City time on the Payout Date, the total amount of all Obligations
      and
      other amounts to be paid shall equal the total amount set forth at the end
      of
Schedule A annexed hereto, adjacent to the words “Payout Amount” (the
“Payout Amount”).  Payment of the Payout Amount, including the
      portion thereof which constitutes the estimated fees and disbursements of
      Agent’s legal counsel, shall be effectuated by the wire-transfer of same day
      funds in U.S. dollars directly to Agent at its bank account, as
      follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Name
      of
      Bank:                                  JPMorgan
      Chase Bank

    Bank
      Account:                                 CIT
      Business Credit Inc.

    Bank
      Account
      No.:                          144-0-64425

    ABA
      Routing
      No.:                           021000021

    Reference:                                        
      MTM Technologies, Inc.

    

    2.           Termination
      of Financing Agreement and other Loan Documents; Release and Reassignment of
      Liens.  Effective upon Agent’s timely receipt on the Payout Date
      of (a) the Payout Amount and (b) a fully executed counterpart of this
      Termination Agreement (collectively, the “Release Conditions”): (i) the
      Financing Agreement, all commitments thereunder, and all other Loan Documents,
      are each automatically terminated and cancelled by mutual consent, (ii) all
      indebtedness, liabilities and other Obligations of the Borrowers to Agent are
      satisfied in full (other than those obligations which shall continue after
      the
      Payout Date in accordance with Paragraphs 4 and 5 of this Termination
      Agreement), (iii) Agent reassigns to the Borrowers, with respect to each item
      of
      property in which any of the Borrowers has previously granted to Agent a lien
      upon or security interest in as collateral security for the Obligations arising
      under or relating to the Loan Documents (collectively the “Collateral”),
      without recourse, representation or warranty, all such liens and security
      interests so granted, (iv) all liens upon and security interests in the
      Collateral are automatically terminated, and (v) without limiting the generality
      of the termination provisions contained in clause (i) hereof, automatically
      upon
      the satisfaction of the Release Conditions, Agent terminates all right, title
      and interest it has in and to all lockboxes, deposit accounts and blocked
      accounts that any of the Borrowers maintain with JPMorgan Chase Bank, N.A.
      (the
“Blocked Account Bank”) or any affiliate thereof, and Agent terminates
      all blocked account arrangements or agreements it has with the Blocked Account
      Bank or such affiliates with respect to such lockboxes, deposit accounts and
      blocked accounts.  In addition, automatically upon the satisfaction of
      the Release Conditions, Agent terminates all right, title and interest it may
      have in and to all third-party documents, such as landlord waivers and consents,
      executed or delivered from time to time to Agent with respect to any of the
      Borrowers.

     

    3.           Authorization
      to Record Termination Statements; Delivery of Certain Investment Property and
      Certain Other Release Instruments.  Effective upon the
      satisfaction of the Release Conditions, Agent hereby authorizes the Borrowers
      and New Lender, or their respective attorneys, agents or designees, to record
      or
      file, as applicable, with the appropriate filing or recording offices any and
      all financing statements necessary to terminate all UCC-1 financing statements
      of record, covering any Collateral, in which Agent is named as secured party
      and
      any of the Borrowers is named as debtor.  In addition, no later than
      the business day immediately following the day on which the Release Conditions
      are satisfied, Agent shall send by a nationally-recognized overnight courier
      service to Steven C. Drapekin, Esq., Lewis, Rice & Fingersh, L.C., 500 North
      Broadway, Suite 2000, St. Louis, Missouri 63102 (i) all certificates in Agent’s
      possession evidencing securities and other similar investment property in which
      any of the Borrowers shall have previously granted to Agent a lien upon or
      security interest in (copies of all such certificates are annexed hereto as
      Exhibit B) and (ii) an instrument in the form of Exhibit A annexed
      hereto, pursuant to which the collateral assignment to Agent of certain
      trademarks in which any of the Borrowers has any right, title or interest shall
      be cancelled and terminated of record (and Agent hereby authorizes the Borrowers
      and New Lender, or their respective attorneys, agents or designees, to record
      or
      file, as applicable, such instrument).

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    4.           Mutual
      Release.  Effective upon the satisfaction of the Release
      Conditions, Agent and each of the Lenders hereby releases and discharges the
      Borrowers and the successors and assigns of each, and the Borrowers hereby
      release and discharge Agent and each of the Lenders, and their respective
      successors and assigns, of and from all claims, demands, debts, accounts,
      contracts, obligations, Obligations, actions and causes of action, whether
      in
      law or in equity, which any party ever had, now has, or hereafter may have
      against the other, directly or indirectly arising out of or in any way relating
      to the Financing Agreement, the Loan Documents, any amendments thereto, any
      instrument, document or agreement executed or delivered in connection therewith,
      and any transaction relating thereto, except (i) to the extent that any
      provision contained in the Financing Agreement or in any other Loan Document,
      by
      its terms, specifically provides that a referenced Obligation survives the
      payment of monetary obligations owing by the Borrowers to Agent or any of the
      Lenders, as to which the Borrowers shall continue to be liable after the date
      of
      this Termination Agreement, in accordance with the terms of such provision
      and
      (ii) with respect to the indemnity obligations of the Borrowers described in
      paragraph 5 hereof, as to which the Borrowers shall continue to be liable after
      the date of this Termination Agreement, in accordance with the terms of
      paragraph 5.

     

    5.           Reserve;
      Indemnity.  (a) As collateral security for all obligations,
      indebtedness, and liabilities owing to Agent or any of the Lenders with respect
      to (i) any Returned Items (as defined below) and (ii) all amounts owing by
      the
      Borrowers to Agent or any of the Lenders which by virtue of clerical or similar
      error are not reflected in the calculation of the Payoff Amount or which, in
      the
      case of estimated out-of-pocket expenses of Agent, are determined after the
      date
      of this Termination Agreement to have been inadequately reflected in such
      calculation (collectively, the “Reimbursement Obligations”), the
      Borrowers hereby pledge and assign to Agent, and grant to Agent a continuing
      security interest in and lien upon, all of their right, title and interest
      in
      and to the Reserve.  The Reserve shall (x) at all times be held by
      Agent or its designee, (y) at all times be under Agent’s dominion and control
      and (z) be non-interest bearing.  Agent may at any time and from time
      to time, and without notice to the Borrowers or to any other party (any such
      notice being hereby expressly waived) set-off, charge and/or apply all of the
      Reserve against and on account of the Reimbursement Obligations as they come
      due.  Any balance of the Reserve (less Agent’s standard wire transfer
      charges pursuant to Section 8.8 of the Financing Agreement) remaining after
      one
      hundred and twenty (120) days have elapsed from the date of this Termination
      Agreement shall be delivered to New Lender, in accordance with the Borrowers’
instructions, by wire transfer of funds, as follows:

     

    
      
        	
                Name
                  of Bank:

                 

                Credit
                  Account:

                ABA
                  Routing No.:

                Payee:

                 

              	
                Northern
                  Trust

                Chicago,
                  Illinois

                57010

                071000152

                GE
                  Commercial Distribution Finance / MTM Technologies

                 

              

      

    

     

    Should
      the Reimbursement Obligations exceed the Reserve (the “Excess”), the
      Borrowers shall remain liable to Agent for such Excess and shall immediately
      pay
      any such Excess to Agent upon demand.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (b)           The
      Borrowers jointly and severally agree, irrevocably and unconditionally, to
      indemnify Agent and each of the Lenders for, and hold Agent and each of the
      Lenders harmless against, and to immediately pay to Agent upon its demand
      therefor, the amount of all checks and other instruments for the payment of
      money (plus ordinary and customary service, protest or other bank charges or
      other ordinary and customary charges or fees relating thereto), which checks
      and
      instruments have been (i) received by Agent on or before the Payout Date and
      (ii) credited to any account of the Borrowers with Agent for the purpose of
      computing the Payout Amount and which Agent is unable for any reason to collect
      or, solely with respect to the indemnity of the Borrowers, which Agent is for
      any reason compelled to surrender to any person because such payment is
      determined to be void or voidable as a preference, an impermissible setoff,
      a
      diversion of trust funds or for any other reason (collectively, the “Returned
      Items”).  The Borrowers shall pay interest thereon from the date
      such check or other instrument was paid to the date of payment by the Borrowers
      at the rate that would have been applicable under the Financing
      Agreement.

     

    6.           General
      Provisions.  1)  Agent agrees promptly to do all things
      which may be reasonably requested by the Borrowers or New Lender to further
      effect and evidence of record the release and reassignment described in
      paragraph 2 hereof, subject to the prior indefeasible payment in full by the
      Borrowers to Agent of all of Agent’s out-of-pocket costs and expenses
      (including, without limitation, all reasonable fees and expenses of counsel)
      incurred in connection therewith.

     

    (b)           This
      Termination Agreement may be executed in any number of counterparts, each of
      which when so executed shall be deemed to be an original, and such counterparts
      together shall constitute one and the same Termination Agreement.

     

    (c)           All
      notices and demands given or made under this Termination Agreement shall be
      in
      writing, and shall be delivered by messenger, first class or overnight mail,
      or
      by facsimile transmission followed by delivery by messenger, first class or
      overnight mail, as follows:

     

    if
      to
      Agent, then to:

    The
      CIT
      Group/Business Credit, Inc.

    11
      West
      42nd
      Street

    New
      York,
      New York 10036

    Attn:
      Andrew S. Hausspiegel

    Fax
      No.:  (212) 461-7760

    

    if
      to the
      Borrowers, then to:

    MTM
      Technologies, Inc.

    1200
      High
      Ridge Road

    Stamford,
      Connecticut  06905

    Attn:
      J.W. Braukman, III

    Fax
      No.:
      (203) 975-3701

    

    (d)           THIS
      TERMINATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
      ACCORDANCE WITH, THE LAWS OF

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

     THE
      STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES
      THEREOF.

     

    (Signature
      Page Follows)

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each of the parties hereto has executed this Termination
      Agreement as of the day and year first set forth above. New Lender, although
      not
      a party to this Termination Agreement, is an intended third-party beneficiary
      with respect to the provisions contained in paragraphs 1, 2, 3 and 4
      hereof.

     

     

    
      	 	
              THE
                CIT GROUP/BUSINESS CREDIT, INC.

               

            
	 	By:	    /s/ 
	 	Name: 	Andrew
              Hausspiegel 
	 	Title: 	Vice
              President 
	 	
               

               

              MTM
                TECHNOLOGIES, INC.

              MTM
                TECHNOLOGIES (CALIFORNIA), INC.

              MTM
                TECHNOLOGIES (US), INC.

              MTM
                TECHNOLOGIES (TEXAS), INC.

              MTM
                TECHNOLOGIES (MASSACHUSETTS), LLC

              INFO
                SYSTEMS, INC.

               

            
	 	By: 	    /s/ 
	 	Name: 	J.W.
              Braukman, III
	 	Title:	
              Senior
                Vice President and Chief
                Financial Officer

            

    

     

     

     

     

     

    Signature
      Page to Termination, Release and Indemnification Agreement

     

    
    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    Calculation
      of Payout Amount

     

    

    
      	
              1.

               

            	
              Outstanding
                principal balance of Revolving Loans

               

            	
              $     4,964,926.87

               

            
	
              2.

               

            	
              Accrued
                interest on Revolving Loans

               

            	
              $     36,286.11

               

            
	
              3.

               

            	
              Wire
                Transfer Fee

               

            	
              $     330.00

               

            
	
              4.

               

            	
              Early
                termination fee pursuant to Section 8.11 of the Financing
                Agreement

               

            	
              $     62,500.00

               

            
	
              5.

               

            	
              “Reserve”

               

            	
              $     25,000.00

               

            
	
              6.

               

            	
              Unused
                Line Fee

               

            	
              $     2,680.58

               

            
	
              7.

               

            	
              Estimated
                legal fees and disbursements

               

            	
              $     30,000.00

               

            
	 	
              PAYOUT
                AMOUNT (which includes the Reserve)

            	
              $     5,121,723.56

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    TERMINATION,
      RELEASE AND REASSIGNMENT OF

    SECURITY
      INTEREST IN TRADEMARKS

     

    This
      Termination, Release and Reassignment Agreement (this “Agreement”) is
      dated as of August __, 2007 and is executed in favor of MTM Technologies, Inc.
      (“MTM”), by The CIT Group/Business Credit, Inc. (“Secured
      Party”).

     

    WHEREAS,
      MTM, all of MTM’s subsidiaries from time to time party thereto (all such
      subsidiaries together with MTM, collectively, the “Borrowers”), the
      financial institutions from time to time party thereto as lenders (collectively,
      the “Lenders”) and Secured Party as agent for the Lenders entered into
      that certain Financing Agreement, dated as of June 8, 2005 (as amended,
      supplemented, restated or otherwise modified from time to time, the
“Financing Agreement”), pursuant to which Secured Party and certain of
      the Lenders extended credit to MTM;

     

    WHEREAS,
      in connection with the Financing Agreement, MTM and Secured Party entered into
      (i) that certain Trademark Security Agreement, dated as of June 8, 2005,
      recorded with the United States Patent and Trademark Office on July 12, 2005
      at
      Reel/Frame 3155/0815 (the “Trademark Security Agreement”), pursuant to
      which MTM granted a security interest in the Trademark Collateral (as defined
      in
      the Trademark Security Agreement) to Secured Party, and (ii) that certain
      Assignment for Security of Trademarks by MTM to Agent, dated as of June 8,
      2005
      (the “Assignment for Security of Trademarks”); and

     

    WHEREAS,
      MTM has requested that Secured Party terminate, release and reassign its
      security interest in the Trademark Collateral in connection with the termination
      of the Financing Agreement and the related agreements, documents and
      instruments, and the payment and satisfaction in full of all obligations
      thereunder, pursuant to that certain Termination, Release and Indemnification
      Agreement, dated as of the date hereof, by and among the Borrowers and Secured
      Party (the “Payoff Agreement”);

     

    NOW,
      THEREFORE, upon Secured Party’s receipt of the Payoff Amount (as defined in the
      Payoff Agreement), Secured Party hereby terminates, releases and reassigns
      to
      MTM its lien on and security interest in the Trademark Collateral, (ii) the
      goodwill of MTM’s business connected with and symbolized by the Trademark
      Collateral, and (iii) all cash and non-cash proceeds of the foregoing, whether
      such lien and security interest is granted pursuant to the Financing Agreement,
      the Trademark Security Agreement, the Assignment for Security of Trademarks,
      or
      any other agreement, document or instrument; and

     

    Secured
      Party further agrees to execute and deliver to MTM or to MTM’s new lender, GE
      Commercial Distribution Finance Corporation, as MTM may so direct Secured Party
      in writing, any and all further documents or instruments and do any and all
      further acts, in each case at MTM’s cost and expense, which MTM (or its agent or
      any of its designees) may reasonably request, in order to confirm this Agreement
      and the release by Secured Party of its lien on and security interest in the
      Trademark Collateral, and the reassignment by Secured Party to MTM of all of
      Secured Party’s right, title and interest in and to the Trademark
      Collateral.

     

     

    (Signature
      Page Follows)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Secured Party has executed this Agreement as of the day and
      year first above written.

     

    
      	
            	
              
                THE
                  CIT GROUP/BUSINESS CREDIT, INC.,

                as
                  Secured Party

              

               

            
	 	By:	 
	 	Name: 	 
	 	Title: 	 

    

     

     

     

     

     

    
      
        
          	STATE
                  OF NEW YORK	)
	 	)
                  ss: 
	COUNTY
                  OF NEW YORK 	) 

        

      

       

    

    On
      the
      ____ day of August, 2007, before me, a duly authorized notary in and for the
      above county and state, appeared ______________, on behalf of The CIT
      Group/Business Credit, Inc., known to me to be the individual who executed
      the
      above Agreement.

     

    
      	
            	 	 
	 	 	Notary
              Public
	 	 

    

     

     

     

     

     

    Signature
      Page to Termination, Release and Reassignment Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      TO TERMINATION, RELEASE AND REASSIGNMENT OF

    SECURITY
      INTEREST IN TRADEMARKS

     

     

    
      
        	
                Title

                 

              	
                Trademark
                  Registration

                 

              	
                Date
                  Filed

                 

              	
                Country

                 

              
	
                Pivot
                  Technologies

              	
                2,479,202

              	
                10/23/99

              	
                USA

              
	
                Pivot
                  Technologies and Design

              	
                2,444,052

              	
                10/23/99

              	
                USA

              
	
                Pivot
                  Technologies (Eye Logo)

              	
                2,756,707

              	
                8/30/00

              	
                USA

              
	
                Systems
                  Managing Systems

              	
                2,434,901

              	
                10/23/99

              	
                USA

              
	
                DNA
                  Net Sensor Datavox Network Assurance

              	
                2,721,382

              	
                12/14/01

              	
                USA

              
	
                Enterprise
                  Services Partner

              	
                2,763,391

              	
                10/30/01

              	
                USA

              
	
                Vector
                  ESP

              	
                2,924,616

              	
                10/30/01

              	
                USAexh10_5.htm

    EXHIBIT
      10.5

     

    
      

      ACKNOWLEDGMENT
        OF PAYMENT AND TERMINATION AGREEEMNT

      

      This
ACKNOWLEDGEMENT
        OF PAYMENT
        AND TERMINATION AGREEEMNT (this “Agreement”), dated
        August 21, 2007,  is by and between TEXTRON FINANCIAL
        CORPORATION (“TFC”) and GE COMMERCIAL
        DISTRIBUTION FINANCE (“GECDF”) and acknowledged by MTM
        TECHNOLOIES, INC., MTM TECHNOLOGIES (MASSACHUSETTS) LLC, MTM TECHNOLOGIES
        (US),
        INC. and INFO SYSTEMS, INC. (collectively, the
“Customers”).

      

      RECITALS:

      

      WHEREAS,
TFC
        has
        extended inventory financing to the Customers;

      

      WHEREAS,
        GECDF will
        provide financing to the Customers and the Customers have granted GECDF a
        security interest in their (the “Assets”) to secure the
        obligations of the Customers to GECDF;

      

      WHEREAS,
        GECDF desires
        TFC to terminate its rights, title, security interests and liens in the Assets
        under or otherwise in connection with its Loan and Security Agreement dated
        as
        June 8, 2005 between TFC and the Customers, as amended, and any other documents
        executed in connection therewith, and to authorize the filing of the Uniform
        Commercial Code (UCC) termination statements attached hereto as Exhibit A
        to
        evidence the termination of its rights in the Assets (the “Termination
        Statements”); and

      

      WHEREAS,
TFC
        is
        willing to terminate its rights, title, security interests and liens in the
        Assets as set forth above and to authorize the filing of the Termination
        Statements provided that TFC receives the “Payout Amount” (as defined
        below).

      

      NOW
        THEREFORE, TFC and
        GECDF hereby agree as follows:

      

      TFC
        represents and warrants to GECDF
        that, to the best of TFC's knowledge, TFC has not assigned or subordinated
        any
        of TFC's right, title or interest in the Assets as set forth above to any
        other
        person or party other than in connection with that certain Amended and Restated
        Intercreditor Agreement, dated as of November 3, 2006, between TFC and The
        CIT
        Group/Business Credit, Inc. and that certain Agreement Relating to Sun Service
        Contracts dated as of December 12, 2005 among MRA Systems, Inc., the Customers,
        TFC, and the other parties thereto.

      

      Upon
        receipt of payment in immediately
        available funds in the sum of $12,228,140.63 (the “Payout
        Amount”) on August 21, 2007, TFC agrees that (a) TFC’s rights, title,
        security interests and liens in the Assets as set forth above shall be
        terminated, and (b) the Customers and/or GECDF and/or their respective agents
        or
        attorneys are authorized to record or file the Termination Statements in
        the
        appropriate offices and/or jurisdictions (all at the cost and expense of
        the
        Customers or GECDF).  The Payout Amount represents all of the
        outstanding indebtedness owing to TFC by the Customers, inclusive of
        $10,701,238.56 of principal and $49,332.65 of interest, fees and charges
        as set
        forth on Exhibt B attached hereto.   The Payout Amount shall be
        paid via Federal Funds wire transfer to TFC pursuant to wiring isntructions
        set
        forth on Exhibit B attached hereto.

      

      Included
        in the Payout Amount are
        obligations of TFC  in connection with TFC's open approvals (amounts
        approved by TFC for Customers' inventory purchases, but which, for any reason
        remain unfunded by TFC on the date hereof) in an amount equal to $1,483,904.42
        (collectively the “Open Approvals”), as more particularly
        detailed on Exhibit C attached hereto. Customers acknowledge that the amount
        of
        the Open Approvals shall be deemed an advance as set forth and defined in
        the
        credit agreement between Customers and GECDF.  TFC agrees to fund the
“Open Approvals” in accordance with its standard operating procedures from the
        $1,483,904.42 amount referred to above and to provide written notice of each
        such funding to GECDF.  TFC shall also furnish to the
        Customers  any manufacturer/vendor invoice received in respect of any
        such Open Approval.  If any Open Approvals have not been funded after
        45 days from the date hereof, TFC shall return to GECDF the portion of the
        aforesaid $1,483,904.42 amount attributable to such unfunded Open Approvals
        and
        TFC shall be relieved from funding such Open Approvals.  During
        such  45 day period,  TFC shall use reasonable
        administrative efforts to forward directly to GECDF any  other
        invoices received on Customers' behalf.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      TFC
        agrees to execute and deliver to
        GECDF for filing in the appropriate offices, such other additional Termination
        Statements or other releases and terminations as GECDF may reasonably request,
        from time to time, to evidence the termination of TFC’s rights, title, security
        interests and liens in the Assets as provided above.

      

      Except
        with respect to TFC’s
        undertaking above regarding the return of  the unused amount of the
        Open Approval portion of the Payout Amount  and TFC’s express
        representations and warranties set forth above, this letter is issued without
        any recourse, in any event, to TFC and without warranties or representations
        by
        TFC.

      

      This
        Agreement constitutes the entire
        agreement between GECDF and TFC with respect to the subject matter
        hereof.

      

      This
        Agreement may not be amended
        except by written agreement between GECDF and TFC and shall be governed by
        and
        construed according to the laws of the state of New York.

      

      This
        Agreement is solely for the
        benefit of  GECDF and TFC and is not intended to benefit any other
        person or entity, including without limitation, the Customers.

      

      Nothing
        herein shall be deemed a
        release or termination of any Customer’s obligations to TFC to the extent that
        such obligations survive the payment of the Payout Amount.  Any such
        obligations shall be unsecured.

      

      This
        Agreement may be executed in one
        or more counterparts, each of which when so executed and delivered (whether
        by
        facsimile or otherwise) shall be an original but all of which together shall
        constitute one and the same agreement.

      

      IN
        WITNESS WHEREOF,
        the duly authorized representatives of TFC and GECDF have executed, and
        Customers have acknowledged, this Acknowledgement of Payment and Termination
        Agreement as of the date set forth above.

      

      

      
        	
                TEXTRON
                  FINANCIAL CORPORATION

              	 	
                GE
                  COMMERCIAL DISTRIBUTION FINANCE CORPORATION

              
	
                By:

              	    /s/ 	 	
                By:

              	    /s/ 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 

      

       

       

      
        	
                ACKNOWLEDGED
                  BY:

                 

                MTM
                  TECHNOLOIES, INC.,

                MTM
                  TECHNOLOGIES (MASSACHUSETTS) LLC,

                MTM
                  TECHNOLOGIES (US), INC. and INFO SYSTEMS,
                  INC.

              	 	 
	
                By:

              	    /s/ 	 	 
	
                Name:

              	 	 	 
	
                Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]