Common use of Conditions Precedent to All Sales Clause in Contracts

Conditions Precedent to All Sales. The obligation of MCF to pay for each Sold Receivable on each Transfer Date (including the initial Transfer Date) shall be subject to the further conditions precedent that on such Transfer Date: (a) The following statements shall be true (and delivery by the Originator of a Request Notice and the acceptance by the Originator of the Sale Price for any Receivables on any Transfer Date shall constitute a representation and warranty by the Originator that on such Transfer Date such statements are true): (i) the representations and warranties of the Originator contained in Section 4.01 shall be correct on and as of such Transfer Date in all material respects (except with respect to Section 4.01(b) and those already so qualified which are true and correct in all respects), before and after giving effect to the Sale of Receivables on such Transfer Date and to the application of proceeds therefrom, as though made on and as of such date; and (ii) the Originator is in compliance with each of its covenants and other agreements set forth herein. (b) The Originator shall have taken such other action, including delivery of approvals, consents, opinions, documents and instruments as MCF may reasonably request.

Conditions Precedent to All Sales. The obligation of MCF --------------------------------- PSC to pay for each Sold Receivable on each Transfer Date (including the initial Transfer Date) shall be subject to the further conditions precedent that on such Transfer Date: (a) The following statements shall be true (and delivery by the Originator of a Request Notice and the acceptance by the Originator of the Sale Price for any Receivables on any Transfer Date shall constitute a representation and warranty by the Originator that on such Transfer Date such statements are true): (i) the representations and warranties of the Originator contained in Section 4.01 shall be correct on and as of such Transfer Date in all material respects (except with respect to Section 4.01(b) and those already so qualified which are true and correct in all respects), before and after giving effect to the Sale of Receivables on such Transfer Date and to the application of proceeds therefrom, as though made on and as of such date; and (ii) the Originator is in compliance with each of its covenants and other agreements set forth herein. (b) The Originator shall have taken such other action, including delivery of approvals, consents, opinions, documents and instruments as MCF PSC may reasonably request.