as Seller
as Servicer
HERETO,
and
as Administrator and LC Bank
Page | ||||||
ARTICLE I AMOUNTS AND TERMS OF THE PURCHASES | ||||||
Section 1.1 | Purchase Facility | 1 | ||||
Section 1.2 | Making Purchases | 3 | ||||
Section 1.3 | Purchased Interest Computation | 5 | ||||
Section 1.4 | Settlement Procedures | 6 | ||||
Section 1.5 | Fees | 11 | ||||
Section 1.6 | Payments and Computations, Etc | 11 | ||||
Section 1.7 | Increased Costs | 12 | ||||
Section 1.8 | Requirements of Law | 13 | ||||
Section 1.9 | Funding Losses | 14 | ||||
Section 1.10 | Taxes | 14 | ||||
Section 1.11 | Inability to Determine Euro-Rate | 15 | ||||
Section 1.12 | Letters of Credit | 16 | ||||
Section 1.13 | Issuance of Letters of Credit | 16 | ||||
Section 1.14 | Requirements For Issuance of Letters of Credit | 17 | ||||
Section 1.15 | Disbursements, Reimbursement | 17 | ||||
Section 1.16 | Repayment of Participation Advances | 18 | ||||
Section 1.17 | Documentation | 18 | ||||
Section 1.18 | Determination to Honor Drawing Request | 19 | ||||
Section 1.19 | Nature of Participation and Reimbursement Obligations | 19 | ||||
Section 1.20 | Indemnity | 20 | ||||
Section 1.21 | Liability for Acts and Omissions | 21 | ||||
Section 1.22 | Extension of Termination Date | 22 | ||||
ARTICLE II REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS | ||||||
Section 2.1 | Representations and Warranties; Covenants | 23 | ||||
Section 2.2 | Termination Events | 23 | ||||
ARTICLE III INDEMNIFICATION | ||||||
Section 3.1 | Indemnities by the Seller | 23 | ||||
Section 3.2 | Indemnities by the Servicer | 25 |
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(continued)
Page | ||||||
ARTICLE IV ADMINISTRATION AND COLLECTIONS | ||||||
Section 4.1 | Appointment of the Servicer | 26 | ||||
Section 4.2 | Duties of the Servicer | 27 | ||||
Section 4.3 | Lock-Box Account Arrangements | 28 | ||||
Section 4.4 | Enforcement Rights | 28 | ||||
Section 4.5 | Responsibilities of the Seller | 29 | ||||
Section 4.6 | Servicing Fee | 30 | ||||
ARTICLE V THE AGENTS | ||||||
Section 5.1 | Appointment and Authorization | 30 | ||||
Section 5.2 | Delegation of Duties | 31 | ||||
Section 5.3 | Exculpatory Provisions | 31 | ||||
Section 5.4 | Reliance by Agents | 31 | ||||
Section 5.5 | Notice of Termination Events | 32 | ||||
Section 5.6 | Non-Reliance on Administrator, Purchaser Agents and Other Purchasers | 33 | ||||
Section 5.7 | Administrator, Purchasers, Purchaser Agents and Affiliates | 33 | ||||
Section 5.8 | Indemnification | 33 | ||||
Section 5.9 | Successor Administrator | 34 | ||||
ARTICLE VI MISCELLANEOUS | ||||||
Section 6.1 | Amendments, Etc | 34 | ||||
Section 6.2 | Notices, Etc | 35 | ||||
Section 6.3 | Successors and Assigns; Participations; Assignments | 35 | ||||
Section 6.4 | Costs, Expenses and Taxes | 37 | ||||
Section 6.5 | No Proceedings; Limitation on Payments | 38 | ||||
Section 6.6 | GOVERNING LAW AND JURISDICTION | 39 | ||||
Section 6.7 | Confidentiality | 39 | ||||
Section 6.8 | Execution in Counterparts | 40 | ||||
Section 6.9 | Survival of Termination | 40 | ||||
Section 6.10 | WAIVER OF JURY TRIAL | 40 |
-ii-
(continued)
Page | ||||||
Section 6.11 | Sharing of Recoveries | 40 | ||||
Section 6.12 | Right of Setoff | 41 | ||||
Section 6.13 | Entire Agreement | 41 | ||||
Section 6.14 | Headings | 41 | ||||
Section 6.15 | Purchaser Groups’ Liabilities | 41 |
-iii-
EXHIBITS | ||
Exhibit I | Definitions | |
Exhibit II | Conditions to Purchases | |
Exhibit III | Representations and Warranties | |
Exhibit IV | Covenants | |
Exhibit V | Termination Events | |
SCHEDULES | ||
Schedule I | Credit and Collection Policy | |
Schedule II | Lock-Box Banks and Lock-Box Accounts | |
Schedule III | [Reserved.] | |
Schedule IV | Actions and Proceedings | |
Schedule V | Fiscal Calendar | |
ANNEXES | ||
Annex A | Form of Information Package | |
Annex B | Form of Purchase Notice | |
Annex C | Form of Assumption Agreement | |
Annex D | Form of Transfer Supplement | |
Annex E | Form of Paydown Notice | |
Annex F | Form of Letter of Credit Application |
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1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
TERMINATION EVENTS
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
KELLY RECEIVABLES FUNDING, LLC, as Seller | ||||
By: | /s/ Joel Starr | |||
Name: | Joel Starr | |||
Title: | Vice President and Treasurer | |||
Address: | Kelly Receivables Funding, LLC 911 West Big Beaver Road, Suite 301A Troy, MI 48084 Attention: Joel Starr Telephone: (248) 244-4077 Facsimile: (248) 244-5557 Email: starrjd@kellyservices.com | |||
Receivables Purchase Agreement | ||||
S-1 | (Kelly Receivables Funding, LLC) |
KELLY SERVICES, INC., as Servicer | ||||
By: | /s/ Joel Starr | |||
Name: | Joel Starr | |||
Title: | Vice President and Treasurer | |||
Address: | Kelly Services, Inc. 999 West Big Beaver Road Troy, MI 48084 Attention: Joel Starr Telephone: (248) 244-4077 Facsimile: (248) 244-5557 Email: starrjd@kellyservices.com | |||
Receivables Purchase Agreement | ||||
S-2 | (Kelly Receivables Funding, LLC) |
THE PURCHASER GROUPS: PNC BANK, NATIONAL ASSOCIATION, as Purchaser Agent for the Market Street Purchaser Group | ||||
By: | /s/ William P. Falcon | |||
Name: | William P. Falcon | |||
Title: | Vice President | |||
Address: | PNC Bank, National Association One PNC P1aza 249 Fifth Avenue Pittsburgh, Pennsylvania 15222-2707 Attention: William P. Falcon Telephone: (412) 762-5442 Facsimile: (412)762-9184 Email: william.falcon@pnc.com Group Commitment: $100,000,000 | |||
Receivables Purchase Agreement | ||||
S-3 | (Kelly Receivables Funding, LLC) |
MARKET STREET FUNDING LLC, as Related Committed Purchaser | ||||
By: | /s/ Doris J. Hearn | |||
Name: | Doris J. Hearn | |||
Title: | Vice President | |||
Address: | c/o AMACAR Group, L.L.C. 6525 Morrison Blvd., Suite 318 Charlotte, North Carolina 28211 Attention: Doris J. Hearn Telephone:(704) 365-0569 Facsimile: (704) 365-1362 Email: djhearn@amacar.com Commitment: $100,000,000 | |||
MARKET STREET FUNDING LLC, as Conduit Purchaser | ||||
By: | /s/ Doris J. Hearn | |||
Name: | Doris J. Hearn | |||
Title: | Vice President | |||
Address: | c/o AMACAR Group, L.L.C. 6525 Morrison Blvd., Suite 318 Charlotte, North Carolina 28211 Attention: Doris J. Hearn Telephone:(704) 365-0569 Facsimile: (704) 365-1362 Email: djhearn@amacar.com | |||
Receivables Purchase Agreement | ||||
S-4 | (Kelly Receivables Funding, LLC) |
PNC BANK, NATIONAL ASSOCIATION, as the LC Bank and as an LC Participant | ||||
By: | /s/ Louis McLinden | |||
Name: | Louis McLinden | |||
Title: | Senior Vice President | |||
Address: | PNC Bank, N.A. 249 Fifth Avenue, 22nd Floor Pittsburgh, Pennsylvania 15222 Attention: Louis McLinden Telephone: (412) 762-8830 Facsimile: (412) 705-3232 Email: louis.mclinden@pnc.com Commitment: $100,000,000 Pro-Rata Share: 100% | |||
PNC BANK, NATIONAL ASSOCIATION, as Administrator | ||||
By: | /s/ William P. Falcon | |||
Name: | William P. Falcon | |||
Title: | Vice President | |||
Address: | PNC Bank, National Association One PNC Plaza 249 Fifth Avenue Pittsburgh, Pennsylvania 15222-2707 Attention: William P. Falcon Telephone: (412) 762-5442 Facsimile: (412) 762-9184 Email: william.falcon@pnc.com | |||
Receivables Purchase Agreement | ||||
S-5 | (Kelly Receivables Funding, LLC) |
I-1
I-2
I-3
I-4
I-5
I-6
AR | = | the Alternate Rate for such Portion of Capital for such Yield Period with respect to such Purchaser, | ||||
C | = | the Capital with respect to such Portion of Capital during such Yield Period with respect to such Purchaser, | ||||
CPR | = | the CP Rate for the Portion of Capital for such Yield Period with respect to such Purchaser, |
I-7
ED | = | the actual number of days during such Yield Period, | ||||
Year | = | if such Portion of Capital is funded based upon: (i) the Euro-Rate, 360 days, and (ii) the Base Rate, 365 or 366 days, as applicable, and | ||||
YPF | = | the Yield Protection Fee, if any, for the Portion of Capital for such Yield Period with respect to such Purchaser; |
I-8
I-9
Euro-Rate = | Composite of London interbank offered rates shown on Bloomberg Finance L.P. Screen US0001M or appropriate successor | |
1.00 - Euro-Rate Reserve Percentage |
I-10
I-11
I-12
I-13
I-14
I-15
I-16
I-17
Net Receivables Pool Balance
I-18
I-19
I-20
I-21
I-22
I-23
I-24
BR | = | the Base Rate in effect at such time, | ||
DSO | = | the Days’ Sales Outstanding, and | ||
SFR | = | the Servicing Fee Rate. |
I-25
II-1
II-2
II-3
III-1
III-2
III-3
III-4
III-5
III-6
III-7
III-8
COVENANTS
IV-1
IV-2
IV-3
IV-4
IV-5
IV-6
IV-7
IV-8
IV-9
IV-10
IV-11
IV-12
IV-13
IV-14
IV-15
V-1
V-2
CREDIT AND COLLECTION POLICY
Schedule I-1
LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS
Schedule II-1
Schedule III-1
Schedule IV-1
Schedule V-1
Annex A-1
One PNC Plaza, 26th Floor
249 Fifth Avenue
Pittsburgh, PA 15222-2707
Attention: [_________]
1 | Such amount shall not be less than $300,000 (or such lesser amount as agreed to by the Administrator and the Majority Purchaser Agents) and shall be in integral multiples of $100,000 with respect to each Purchaser Group. | |
2 | In the case of a Borrowing Request. | |
3 | In the case of a request for an issuance of a Letter of Credit. |
Annex B-1
Annex B-2
KELLY RECEIVABLES FUNDING, LLC | ||||
By: | ||||
Name: | ||||
Title: |
Annex B-3
Annex C-1
Annex C-2
[________], as a Conduit Purchaser | ||||
By: | ||||
Name: | ||||
Title: |
[Address] [________], as a Related Committed Purchaser | ||||
By: | ||||
Name: | ||||
Title: |
[Address] [Commitment] [________], as a related LC Participant | ||||
By: | ||||
Name: | ||||
Title: | ||||
[Address] [Commitment] [________], as Purchaser Agent for [________] | ||||
By: | ||||
Name: | ||||
Title: | ||||
[Address] |
Annex C-3
KELLY RECEIVABLES FUNDING, LLC, as Seller | ||||
By: | ||||
Name: | ||||
Title: | ||||
Consented and Agreed: PNC BANK, NATIONAL ASSOCIATION, as Administrator | ||||
By: | ||||
Name: | ||||
Title: | ||||
Address: | PNC Bank, National Association One PNC Plaza 249 Fifth Avenue Pittsburgh, Pennsylvania 15222-2707 |
PNC BANK, NATIONAL ASSOCIATION, as LC Bank | ||||
By: | ||||
Name: | ||||
Title: | ||||
Address: | PNC Bank, National Association One PNC Plaza 249 Fifth Avenue Pittsburgh, Pennsylvania 15222-2707 |
[THE PURCHASER AGENTS] | ||||
By: | ||||
Name: | ||||
Title: | ||||
Annex C-4
Commitment assigned: | $ | |||
Assignor’s remaining Commitment: | $ | |||
Capital allocable to Commitment assigned: | $ | |||
Assignor’s remaining Capital: | $ | |||
Discount (if any) allocable to Capital assigned: | $ | |||
Discount(if any) allocable to Assignor’s remaining Capital: | $ |
Annex D-1
By: | ||||
Name: | ||||
Title: |
By: | ||||
Name: | ||||
Title: | ||||
[Address] |
the [________] Purchaser Group
By: | ||||
Name: | ||||
Title: |
Annex D-2
One PNC Plaza, 26th Floor
249 Fifth Avenue
Pittsburgh, Pennsylvania 15222-2707
Attention: [________]
4 | Notice must be given at least two Business Days prior to the date of such reduction for any reduction of the Aggregate Capital less than or equal to $25,000,000 (or such greater amount as agreed to by the Administrator and the Majority Purchaser Agents) and at least five Business Days prior to the date of such reduction for any reduction of the Aggregate Capital greater than $25,000,000. |
Annex E-1
KELLY RECEIVABLES FUNDING, LLC | ||||
By: | ||||
Name: | ||||
Title: |
Annex E-2
Annex F-1