RCC. The financial statements of RCC, dated December 31, 1995, which have previously been provided to the Purchaser, have been prepared in accordance with United States generally accepted accounting principles ("GAAP") applied on a consistent basis during the periods involved and fairly present in all material respects the financial position and results of operations and cash flows of RCC as at the date thereof and for the period presented therein. Since such date, there has been no material adverse change in its financial condition, operations or properties.
RCC. RCC has, and as of the Closing will have, good and marketable title to all of the personal property reflected in its financial statements or acquired after the date thereof (except for personal property sold or otherwise disposed of since such date), free and clear of all security interests, mortgages, pledges, liens, charges, and encumbrances of any nature whatsoever, except for the mortgages and security interests granted by it to Bank of America, as agent for the financing provided at the time of its organization and for the mortgage and security interest granted by it to Central Maine Power Company in connection with its execution of a long-term agreement to sell the bulk of its power output to such firm and for minor imperfections of title, encumbrances, or liens as do not materially detract from or interfere with the present use of its assets or materially impair the operation of its portion of the Business.
RCC. Strong earthquake resistant RCC framed structure with best material component.
RCC. RCC shall design and fabricate composite components and do the final assembly and testing of the deliverable structure. The components include such things as honeycomb panels, tubing and molded structures. The Company will issue an RFQ for the work to be done by RCC and RCC will provide a firm fixed price proposal to the Company. _____________________________ _________________________________ RCC shall be responsible for any cost overruns that may occur that are not due to legitimate design changes from the Company's final customer. The Company will also reside within RCC's facility.
