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Amerisource Receivable Pooling & Servicing Agreement

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AMERISOURCE RECEIVABLES MASTER TRUST
POOLING AND SERVICING AGREEMENT


dated as of December 13, 1994


among


AMERISOURCE RECEIVABLES CORPORATION,
as transferor,


AMERISOURCE CORPORATION,
as the initial Servicer,


and


MANUFACTURERS AND TRADERS TRUST COMPANY,
as Trustee


================================================================================


2 || TABLE OF CONTENTS


ARTICLE I
DEFINITIONS


SECTION 1.01 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1


ARTICLE II
CONVEYANCE OF CERTAIN ASSETS; ISSUANCE
OF CERTIFICATES


SECTION 2.01 Creation of the Trust; Conveyance of Certain Assets . . . . . . . . . . . . . . . . . . . . . . . . . 1 SECTION 2.02 Acceptance by Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 SECTION 2.03 Representations and Warranties of ARC Relating to the Trust Assets . . . . . . . . . . . . . . . . . 3 SECTION 2.04 No Assumption of Obligations Relating to Receivables, Related
Transferred Assets or Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 SECTION 2.05 Conveyance of Receivables by the Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5


ARTICLE III
ADMINISTRATION AND SERVICING
OF RECEIVABLES


SECTION 3.01 Acceptance of Appointment and Other Matters Relating to the Servicer . . . . . . . . . . . . . . . . 6 SECTION 3.02 Duties of the Servicer and ARC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 SECTION 3.03 Lockbox Accounts; Concentration Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 SECTION 3.04 Servicing Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 SECTION 3.05 Records of the Servicer and Reports to be Prepared by the Servicer . . . . . . . . . . . . . . . . . 13 SECTION 3.06 Monthly Servicer's Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 SECTION 3.07 Annual Servicing Report of Independent Public Accountants;
Forms 10-Q and 10-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 SECTION 3.08 Rights of the Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 SECTION 3.09 Ongoing Responsibilities of AmeriSource . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 SECTION 3.10 Further Action Evidencing Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19


ARTICLE IV
RIGHTS OF CERTIFICATEHOLDERS AND
ALLOCATION AND APPLICATION OF COLLECTIONS
SECTION 4.01 Rights of Certificateholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 SECTION 4.02 Establishment of Trust Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 SECTION 4.03 Daily Calculations and Funds Allocations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 SECTION 4.04 Investment of Funds in Trust Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 SECTION 4.05 Attachment of Trust Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 3
ARTICLE V
DISTRIBUTIONS AND REPORTS TO
CERTIFICATEHOLDERS


SECTION 5.01 Distributions to Holders of Investor Certificates and Purchasers . . . . . . . . . . . . . . . . . . 35 SECTION 5.02 Distributions on the ARC Revolving Certificate and the Residual
Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 SECTION 5.03 Information to Certificateholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 SECTION 5.04 Notice of Early Liquidation at Seller Election . . . . . . . . . . . . . . . . . . . . . . . . . . . 40


ARTICLE VI
THE CERTIFICATES


SECTION 6.01 The Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 SECTION 6.02 Authentication of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 SECTION 6.03 Registration of Transfer and Exchange of Certificates . . . . . . . . . . . . . . . . . . . . . . . . 42 SECTION 6.04 Mutilated, Destroyed, Lost or Stolen Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . 47 SECTION 6.05 Persons Deemed Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 SECTION 6.06 Appointment of Paying Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 SECTION 6.07 Access to List of Certificateholders' Names and Addresses . . . . . . . . . . . . . . . . . . . . . . 48 SECTION 6.08 Authenticating Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 SECTION 6.09 Tax Treatment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 SECTION 6.10 Issuance of Additional Series of Certificates and Sales
of Purchased Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 SECTION 6.11 Changes in Amount of Investor Revolving Certificates . . . . . . . . . . . . . . . . . . . . . . . . 55 SECTION 6.12 Book-Entry Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 SECTION 6.13 Notices to Clearing Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 SECTION 6.14 Definitive Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 SECTION 6.15 Letter of Representations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58


ARTICLE VII
ARC


SECTION 7.01 Representations and Warranties of ARC Relating to ARC and the
Transaction Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 SECTION 7.02 Covenants of ARC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 SECTION 7.03 Indemnification by ARC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69


ARTICLE VIII
THE SERVICER


SECTION 8.01 Representations and Warranties of the Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 SECTION 8.02 Covenants of the Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73


-ii- 4


SECTION 8.03 Merger or Consolidation of, or Assumption of the
Obligations of, the Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 SECTION 8.04 Indemnification by the Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 SECTION 8.05 Servicer Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 SECTION 8.06 Limitation on Liability of the Servicer and Others . . . . . . . . . . . . . . . . . . . . . . . . . 75


ARTICLE IX
LIQUIDATION EVENTS


SECTION 9.01 Liquidation Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 SECTION 9.02 Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 SECTION 9.03 Additional Rights Upon the Occurrence of Certain Events . . . . . . . . . . . . . . . . . . . . . . . 79


ARTICLE X
SERVICER DEFAULTS


SECTION 10.01 Servicer Defaults . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 SECTION 10.02 Trustee to Act; Appointment of Successor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 SECTION 10.03 Notification of Servicer Default; Notification
of Appointment of Successor Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84


ARTICLE XI
THE TRUSTEE


SECTION 11.01 Duties of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 SECTION 11.02 Certain Matters Affecting the Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 SECTION 11.03 Limitation on Liability of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 SECTION 11.04 Trustee May Deal with Other Parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 SECTION 11.05 Servicer To Pay Trustee's Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 SECTION 11.06 Eligibility Requirements for Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 SECTION 11.07 Resignation or Removal of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 SECTION 11.08 Successor Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 SECTION 11.09 Merger or Consolidation of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 SECTION 11.10 Appointment of Co-Trustee or Separate Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 SECTION 11.11 Tax Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 SECTION 11.12 Trustee May Enforce Claims Without Possession of Certificates . . . . . . . . . . . . . . . . . . . 94 SECTION 11.13 Suits for Enforcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 SECTION 11.14 Rights of Investor Certificateholders To Direct Trustee . . . . . . . . . . . . . . . . . . . . . . 95 SECTION 11.15 Representations and Warranties of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 SECTION 11.16 Maintenance of Office or Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96


-iii- 5
ARTICLE XII
TERMINATION


SECTION 12.01 Termination of Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 SECTION 12.02 Final Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 SECTION 12.03 Rights Upon Termination of the Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98


ARTICLE XIII
MISCELLANEOUS PROVISIONS


SECTION 13.01 Amendment, Waiver, Etc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION 13.02 Actions by Certificateholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 SECTION 13.03 Limitation on Rights of Certificateholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 SECTION 13.04 Limitation on Rights of Purchasers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 SECTION 13.05 Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 SECTION 13.06 Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SECTION 13.07 Severability of Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SECTION 13.08 Certificates Nonassessable and Fully Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SECTION 13.09 Further Assurances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION 13.10 Nonpetition Covenant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION 13.11 No Waiver; Cumulative Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION 13.12 Counterparts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION 13.13 Third-Party Beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION 13.14 Integration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 SECTION 13.15 Binding Effect; Assignability; Survival of Provisions . . . . . . . . . . . . . . . . . . . . . . . 106 SECTION 13.16 Recourse to ARC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 SECTION 13.17 Recourse to Trust Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 SECTION 13.18 Submission to Jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 SECTION 13.19 Waiver of Jury Trial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SECTION 13.20 Certain Partial Releases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SECTION 13.21 Confidentiality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 ||

EXHIBITS


EXHIBIT A Form of Lockbox Account Letter Agreement EXHIBIT B Form of Concentration Account Letter Agreement EXHIBIT C-1 Form of Daily Report (Pre-Liquidation EXHIBIT C-2 Form of Daily Report (Liquidation) EXHIBIT D-1 Form of Settlement Statement (Pre-Liquidation) EXHIBIT D-2 Form of Settlement Statement (Liquidation) EXHIBIT E Form of Monthly Servicer's Certificate


-iv- 6 EXHIBIT F Form of Monthly Report to Certificateholders EXHIBIT G Form of ARC Revolving Certificate EXHIBIT H Form of Residual Certificate EXHIBIT I Form of Owner Regulation S Certification EXHIBIT J Form of Transferee Regulation S Certification EXHIBIT K Form of Depositary Regulation S Certification EXHIBIT L Form of Transfer to Regulation S Certification EXHIBIT M Form of Placement Agent Exchange Instructions EXHIBIT N Form of Restrictive Legends EXHIBIT O-1 Form of Phase I Intercreditor Agreement EXHIBIT O-2 Form of Phase II Intercreditor Agreement


SCHEDULES


SCHEDULE 1 Offices of the Transferor, the Servicer and the Seller Where Records are Maintained SCHEDULE 2 Account Banks


APPENDIX


APPENDIX A Definitions


-v- 7
This POOLING AND SERVICING AGREEMENT, dated as of December 13, 1994 (this "Agreement"), is made among AMERISOURCE RECEIVABLES CORPORATION, a Delaware corporation ("ARC"), as transferor, AMERISOURCE CORPORATION, a Delaware corporation ("AmeriSource"), as initial Servicer, and Manufacturers and Traders Trust Company, a New York banking corporation, as Trustee.


In consideration of the mutual agreements herein, each party agrees as follows for the benefit of the other parties and the Certificateholders to the extent provided herein:


ARTICLE I
DEFINITIONS


SECTION 1.01 Definitions. Whenever used in this Agreement, capitalized terms, unless otherwise defined herein, have the meanings that Appendix A assigns to them, and this Agreement shall be interpreted in accordance with the conventions set forth in Parts B, C and D of Appendix A.


ARTICLE II
CONVEYANCE OF CERTAIN ASSETS; ISSUANCE
OF CERTIFICATES


SECTION 2.01 Creation of the Trust; Conveyance of Certain Assets. (a) By execution and delivery of this Agreement, ARC does hereby transfer, assign, set over and otherwise convey to the Trust, for the benefit of the Certificateholders, all its right, title and interest in, to and under, without recourse except as expressly provided otherwise herein, (i) each Receivable and any Notes Receivable that is or have been transferred by the Seller to ARC, pursuant to the Purchase Agreement or the Subscription Agreement, from and including the date on which the first Purchases occur under the Purchase Agreement to but excluding the Purchase Termination Date, (ii) all Related Assets, (iii) the Seller Transaction Documents (excluding the Subscription Agreement) (all of ARC's right, title and interest in, to and under such Seller Transaction Documents and the Related Assets being called the "Related Transferred Assets"), (iv) all funds from time to time on deposit in each of the Trust Accounts and all funds from time to time on deposit in each of the Bank Accounts representing Collections on, or other proceeds of, the foregoing and, in each case, all certificates and instruments, if any, from time to time evidencing such funds, all investments made with such funds, all claims thereunder or in connection therewith and all interest, dividends, monies, instruments, securities and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing, (v) funds in an amount, if positive, equal to, as of the First Issuance Date, (A) the 8 Investor Initial Invested Amount minus (B) the Base Amount (which funds the Trustee is directed to deposit into the Equalization Account on the date hereof), and (vi) all moneys due or to become due and all amounts received or receivable with respect to any of the foregoing and all proceeds of the foregoing. Such property shall constitute the assets of the Trust (collectively, the "Trust Assets"). The foregoing transfer, assignment, setover and conveyance to the Trust shall be made to the Trustee, on behalf of the Trust, and each reference in this Agreement to such transfer, assignment, setover and conveyance shall be construed accordingly.


(b) In connection with the transfer described in subsection (a), ARC and the Servicer have recorded and filed or caused to be recorded and filed, in connection with the First Issuance Date, as an expense of the Servicer paid out of the Servicing Fee, financing statements (and continuation statements with respect to such financing statements when applicable) with respect to the Trust Assets (whether now existing or hereafter created) meeting the requirements of applicable state law in such manner and in such jurisdictions as the Servicer reasonably determined were necessary or desirable to perfect, and maintain perfection of, the transfer and assignment of the Trust Assets to the Trust. The Trustee shall be under no obligation whatsoever to file such financing statements, or continuation statements to such financing statements, or to make any other filing under the UCC in connection with such transfer. In connection with the transfer described in subsection (a), ARC and the Servicer further agree to deliver to the Trustee each Trust Asset (including any original documents or instruments included in the Trust Assets as are necessary to effect such transfer) in which the transfer of an interest is perfected under the UCC or otherwise by possession. ARC or the Servicer shall deliver each such Trust Asset to the Trustee, as an expense of the Servicer paid out of the Servicing Fee, immediately upon the transfer of any such Trust Asset to the Trustee pursuant to subsection (a).


(c) In connection with the transfer described above in subsection (a), the Servicer shall, on behalf of ARC, as an expense of the Servicer paid out of the Servicing Fee, on or prior to the Closing Date, mark the master data processing records evidencing the Receivables with the following legend:


"THE RECEIVABLES DESCRIBED HEREIN HAVE BEEN SOLD TO
AMERISOURCE RECEIVABLES CORPORATION PURSUANT TO A RECEIVABLES
PURCHASE AGREEMENT, DATED AS OF DECEMBER 13, 1994, AMONG
AMERISOURCE CORPORATION, AS SELLER, AND AMERISOURCE
RECEIVABLES CORPORATION, AS PURCHASER; AND SUCH RECEIVABLES
HAVE BEEN TRANSFERRED TO THE AMERISOURCE RECEIVABLES MASTER
TRUST PURSUANT TO A POOLING AND SERVICING AGREEMENT, DATED AS
OF DECEMBER 13, 1994, AMONG AMERISOURCE RECEIVABLES
CORPORATION, AS TRANSFEROR, AMERISOURCE CORPORATION, AS THE


page 2 9
INITIAL SERVICER, AND MANUFACTURERS AND TRADERS TRUST COMPANY,
AS TRUSTEE."


(d) Upon the request of ARC, the Trustee will cause Certificates in authorized denominations evidencing the entire interest in the Trust to be duly authenticated and delivered to or upon the order of ARC pursuant to Section 6.02.


SECTION 2.02 Acceptance by Trustee. The Trustee hereby acknowledges its acceptance on behalf of the Trust of all right, title and interest to the property, now existing and hereafter created, conveyed to the Trust pursuant to Section 2.01(a) and declares that it shall maintain such right, title and interest, upon the trust herein set forth, for the benefit of all Certificateholders, on the terms and subject to the conditions hereinafter set forth.


SECTION 2.03 Representations and Warranties of ARC Relating to the Trust Assets.


(a) Representations and Warranties. At the time that any Receivable or Related Asset is sold or transferred by ARC to the Trust, ARC hereby represents and warrants that:


(i) Valid Transfer. Each transfer made by ARC pursuant to
this Agreement constitutes a valid transfer and assignment of all of
its right, title and interest in, to and under the Receivables and the
Related Transferred Assets to the Trust that is perfected and of first
priority under the UCC and otherwise, enforceable against creditors
of, and purchasers from, ARC and the Seller and free and clear of any
Adverse Claim (other than any Permitted Adverse Claim and any Adverse
Claim arising solely as a result of any action taken by the Trustee
under this Agreement).


(ii) Quality of Title. (A) Immediately before each transfer
to be made by ARC hereunder, each Receivable and Related Transferred
Asset that was then to be transferred to the Trust hereunder was owned
by ARC free and clear of any Adverse Claim (other than any Permitted
Adverse Claim and any Adverse Claim arising solely as a result of any
action taken by the Trustee under this Agreement); and, in connection
with the First Issuance Date, ARC and the Servicer made, or caused to
be made, all filings and took all other action under applicable law in
each relevant jurisdiction in order to protect and perfect the Trust's
interest in such Receivables, such Related Transferred Assets and the
funds in the Trust Accounts against all creditors of, and purchasers
from, ARC and the Seller.


(B) Each transfer of Receivables and Related Transferred
Assets by ARC to the Trust pursuant to this Agreement constitutes a
valid transfer and assignment to the Trust of all right, title and
interest of ARC in the Receivables and the Related Transferred Assets,
free and clear of any Adverse Claim (other than any Permitted Adverse
Claim and any Adverse Claim arising solely as the result of any action
taken by the Trustee under this Agreement), and constitutes either an
absolute transfer of


page 3 10
such property to the Trust or a grant of a first priority perfected
security interest in such property to the Trust. Whenever the Trust
accepts a transfer of a Receivable or a Related Transferred Asset
hereunder, it shall have acquired a valid and perfected first priority
interest in such Receivable or Related Transferred Asset free and
clear of any Adverse Claim (other than any Permitted Adverse Claim and
any Adverse Claim arising solely as a result of any action taken by
the Trustee under this Agreement).


(C) No effective financing statement or other instrument
similar in effect that covers all or part of any Receivable, any
Related Transferred Asset, any other Trust Asset or any interest in
any thereof is on file in any recording office except financing
statements as to which termination statements or releases are filed on
the Closing Date or the day after the Closing Date and except such as
may be filed (1) in favor of the Seller in accordance with the
Contracts, (2) in favor of ARC pursuant to the Purchase Agreement or
the Subscription Agreement, and (3) in favor of the Trustee, for the
benefit of the Certificateholders, in accordance with this Agreement
or otherwise filed by or at the direction of the Trustee. No
effective financing statement or instrument similar in effect relating
to perfection that covers any inventory of the Seller that might give
rise to Receivables is on file in any recording office except for (so
long as
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