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 | 1999 |
Aircraft Reimbursement Agreement
Aircraft Reimbursement Agreement (7K)
Doc #112768: Click preview link for longer preview.
AIRCRAFT REIMBURSEMENT AGREEMENT
This Agreement is entered into as of April 14, 1994, among Friendly Ice
Cream Corporation, a Massachusetts corporation ("Friendly"), and TRC Realty Co.,
a Vermont corporation ("Lessee").
R E C I T A L S
Lessee has entered into that certain Aircraft Lease Agreement dated as
of April 14, 1994 (as amended, supplemented or modified from time to time, the
"Lease") with General Electric Capital Corporation ("Lessor") providing for the
lease by Lessee from the Lessor of a certain Beechjet 400A aircraft, FAA
Registration Mark N998GP and Manufacturer's Serial Number RK-32, together with
two Pratt & Whitney JT-15D-5 engines and related accessories and optional
equipment (collectively, the "Aircraft"). Friendly is an Affiliate of Lessee,
will be using the Aircraft in its business from time to time as permitted by the
Lease, and desires under this Agreement to provide for its reimbursement of
Lessee for certain costs and expenses of its use of the aircraft.
It is hereby agreed as follows:
1. Terms used with initial capital letters in this Agreement and not
otherwise defined shall have the respective meanings given thereto in the Lease.
The following terms when used in this Agreement shall have the meanings
indicated below:
"Contract User" shall mean Friendly and any other Affiliate of
Lessee which has entered into an Aircraft Reimbursement Agreement with
Lessee on substantially the same terms and conditions as are contained
in this Agreement.
"Fixed Costs" shall mean, with respect to any month, those
costs and expenses associated with the possession and use of the
Aircraft for such month of the type which are reflected as "Fixed
costs" on Exhibit A hereto.
"Usage Share" shall mean, with respect to each Contract User,
such Contract User's share (expressed as a percentage) of the usage of
the Aircraft by all Contract Users during the preceding month, which
share shall be determined by dividing the number of hours of use of the
Aircraft by such Contract User during such month by the total number of
hours of use of the Aircraft during such month by all Contract Users.
"Variable Expenses" shall mean, with respect to any month, all
costs and expenses incurred in connection with the possession and use
of the Aircraft during such month other than Fixed Costs, and shall
include, without limitation, those costs and expenses of the type which
are reflected as "Variable Expenses" on Exhibit A.
112768
|
 GE Capital
As referenced in this Aircraft Reimbursement Agreement:
General Electric Capital Corp – that certain Aircraft Lease Agreement dated as
of April 14, 1994 (as amended, supplemented or modified from time to time, the
"Lease") with General Electric Capital Corp oration ("Lessor") providing for the
lease by Lessee from the Lessor of a certain Beechjet 400A aircraft, FAA
Registration Mark N998GP and Manufacturer'
_____________
dt 100977
;
Friendly Ice Cream Corp
As referenced in this Aircraft Reimbursement Agreement:
FRIENDLY ICE CREAM CORP –
FRIENDLY ICE CREAM CORP
_____________
dt 1849977
;
Friendly Ice Cream Corp
As referenced in this Aircraft Reimbursement Agreement:
FRIENDLY ICE CREAM CORP –
FRIENDLY ICE CREAM CORP
_____________
dt 1854137
;
| TRC Realty Co.;
Friendly Ice Cream Corp.
|
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| 1999 |
Credit Agreement [Amendment No. 1]
Credit Agreement [Amendment No. 1] (31K)
Doc #109105: Click preview link for longer preview.
AMENDMENT NO. 1 TO CREDIT AGREEMENT
AMENDMENT dated as of September 30, 1998 to the Credit Agreement dated as
of April 29, 1998 (the "CREDIT AGREEMENT") among VENCOR OPERATING, INC. (the
"BORROWER"), VENCOR, INC. (f/k/a Vencor Healthcare, Inc.), the LENDERS,
SWINGLINE BANK, LC ISSUING BANKS, SENIOR MANAGING AGENTS, MANAGING AGENTS AND
CO-AGENTS party thereto, MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as
Documentation Agent and Collateral Agent, and NATIONSBANK, N.A., as
Administrative Agent.
WHEREAS, the parties hereto desire to amend the Credit Agreement to (i)
amend the financial covenants in Article 6 thereof, (ii) amend the restriction
on Consolidated Capital Expenditures in Section 7.07 thereof, (iii) amend the
Pricing Schedule attached thereto and (iv) amend and update certain other
provisions thereof;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1. Defined Terms; References. Unless otherwise specifically
defined herein, each term used herein which is defined in the Credit Agreement
has the meaning assigned to such term in the Credit Agreement. Each reference to
"hereof", "hereunder", "herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other similar reference
contained in the Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby.
SECTION 2. Total Leverage Ratio. Subsection (a) of Section 6.01 is
amended to read as follows:
SECTION 6.01. Total Leverage Ratio. (a) On and after September 30,
1998, the ratio of (x) Adjusted Consolidated Debt for Borrowed Money to (y)
Consolidated EBITDAR for the four consecutive Fiscal Quarters then most
recently ended will not, at any date during any period set forth below,
exceed the ratio set forth below opposite such period:
PERIOD RATIO
------ -----
September 30, 1998 through December 30, 1998 7.50 to 1
December 31, 1998 through March 30, 1999 7.25 to 1
March 31, 1999 through June 29, 1999 7.10 to 1
June 30, 1999 through December 30, 1999 6.75 to 1
December 31, 1999 through March 30, 2000 6.50 to 1
March 31, 2000 through June 29, 2000 6.40 to 1
June 30, 2000 through September 29, 2000 6.30 to 1
September 30, 2000 through December 30, 2000 6.10 to 1
{PAGE}
PERIOD RATIO
------ -----
December 31, 2000 through March 30, 2001 6.00 to 1
March 31, 2001 through March 30, 2002 5.00 to 1
March 31, 2002 through March 30, 2003 4.75 to 1
March 31, 2003 and thereafter 4.50 to 1
provided that, for dates prior to June 30, 1999, Consolidated EBITDAR shall be
determined as of the end of the then most recently ended Fiscal Quarter on an
Annualized Basis.
SECTION 3. Senior Leverage Ratio. Subsection (b) of Section 6.02 of the
Credit Agreement is amended to read as follows:
(b) On and after September 30, 1998, the ratio of (x) Adjusted
Consolidated Senior Debt for Borrowed Money to (y) Consolidated EBITDAR for
the four consecutive Fiscal Quarters then most recently ended will not, at
any date during any period set forth below, exceed the ratio set forth
below opposite such period:
PERIOD RATIO
------ -----
September 30, 1998 through December 30, 1998 7.00 to 1
December 31, 1998 through March 30, 1999 6.75 to 1
March 31, 1999 through June 29, 1999 6.60 to 1
June 30, 1999 through December 30, 1999 6.25 to 1
December 31, 1999 through March 30, 2000 6.00 to 1
March 31, 2000 through June 29, 2000 5.90 to 1
June 30, 2000 through September 29, 2000 5.80 to 1
September 30, 2000 through December 30, 2000 5.60 to 1
December 31, 2000 through March 30, 2001 5.50 to 1
March 31, 2001 through March 30, 2002 4.40 to 1
March 31, 2002 through March 30, 2003 4.25 to 1
March 31, 2003 and thereafter 4.00 to 1
provided that, for dates prior to June 30, 1999, Consolidated EBITDAR shall
be determined as of the end of the then most recently ended Fiscal Quarter
on an Annualized Basis.
SECTION 4. Fixed Charge Coverage Ratio. Section 6.03 of the Credit
Agreement is amended to read as follows:Section 6.03. Fixed Charge Coverage
Ratio. At each Quarterly Measurement Date on or after September 30, 1998, the
ratio of (i) Consolidated EBITDAR for the four consecutive Fiscal Quarters then
ended to (ii) the sum of Consolidated Interest Expense plus Consolidated Rental
109105
|
GE Capital
As referenced in this Credit Agreement [Amendment No. 1]:
GENERAL ELECTRIC CAPITAL
CORP – NATIONAL BANK
By: /s/ NERAN SHAYA
---------------------------
Title: Relationship Manager
THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ MICHAEL P. CIUCHTA
---------------------
Title: Vice President
GENERAL ELECTRIC CAPITAL
CORP ORATION
By: /s/ HOLLY KACZMARCZYK
--------------------------------
Title: Duly Authorized Signatory
HIBERNIA NATIONAL BANK
By: /s/ CHRISTOPHER B. PITRE
---------------------
Title: Vice President
THE SUMITOMO BANK
_____________
dt 100969
;
ABN AMRO Bank
As referenced in this Credit Agreement [Amendment No. 1]:
ABN AMRO BANK – President
7
{PAGE}
WACHOVIA BANK, N.A.
By: /s/ JOHN B. TIBE
---------------------
Title: Vice President
ABN AMRO BANK N.V.
By: /s/ ANDRE NEL
------------------------------
Title: Senior Vice President &
Managing Director - Pittsburgh
By: /s/
dt 45165
;
ABN AMRO Bank
As referenced in this Credit Agreement [Amendment No. 1]:
ABN AMRO BANK – President
7
{PAGE}
WACHOVIA BANK, N.A.
By: /s/ JOHN B. TIBE
---------------------
Title: Vice President
ABN AMRO BANK N.V.
By: /s/ ANDRE NEL
------------------------------
Title: Senior Vice President &
Managing Director - Pittsburgh
By: /s/
dt 45165
;
|
AmSouth Bank
As referenced in this Credit Agreement [Amendment No. 1]:
AMSOUTH BANK
– s/ ROBERT M. BIRINGER
-------------------------------
Title: Executive Vice President
9
{PAGE}
STAR BANK, N.A.
By: /s/ TOBY B. RAU
-------------------------------
Title: Assistant Vice President
AMSOUTH BANK
By: /s/ JANA LUELLER
--------------
Title: Officer
FIRST AMERICAN NATIONAL BANK
By: /s/ KENT D. WOOD
---------------------
Title: Vice President
FIRST UNION NATIONAL BANK
_____________
dt 215538
;
BNY
As referenced in this Credit Agreement [Amendment No. 1]:
BANK OF NEW YORK
– Vice President
BANK OF AMERICA NT & SA
By: /s/ KEVIN WAGLEY
---------------------
Title: Vice President
THE BANK OF NEW YORK
By: /s/ EDWARD J. DOUGHERTY III
--------------------------------
Title: Vice President - U.S.
Commercial Banking
U.
dt 41411
;
More... |
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Full Doc
| 2002 |
Credit Agreement [Amended and Restated]
Credit Agreement [Amended and Restated] (628K)
Doc #117532: Click preview link for longer preview.
================================================================================
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF MARCH 31, 2002
AMONG
ANTHONY CRANE RENTAL, L.P.,
AS COMPANY,
ANTHONY CRANE RENTAL HOLDINGS, L.P.,
AS GUARANTOR,
THE LENDERS LISTED HEREIN,
AS LENDERS,
GOLDMAN SACHS CREDIT PARTNERS L.P.,
AS LEAD ARRANGER AND SYNDICATION AGENT,
AND
FLEET NATIONAL BANK,
AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
================================================================================
{PAGE}
ANTHONY CRANE RENTAL, L.P.
ANTHONY CRANE RENTAL HOLDINGS, L.P.
CREDIT AGREEMENT
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
{S} {C}
SECTION 1. DEFINITIONS................................................................................ 2
1.1 Certain Defined Terms...................................................................... 2
1.2 Accounting Terms; Utilization of GAAP for Purposes of Calculations Under Agreement........ 44
1.3 Other Definitional Provisions and Rules of Construction.................................... 44
1.4 Changes in GAAP............................................................................ 45
SECTION 2. AMOUNTS AND TERMS OF COMMITMENTS AND LOANS................................................. 45
2.1 Commitments; Making of Loans; the Register; Notes.......................................... 45
2.2 Interest on the Loans...................................................................... 52
2.3 Fees....................................................................................... 55
2.4 Scheduled Payments of Term Loans Repayments, Prepayments and Reductions in Revolving Loan
Commitments; General Provisions Regarding Payments; Application of Proceeds of Collateral
and Payments Under Guaranties. 56
2.5 Use of Proceeds............................................................................ 63
2.6 Special Provisions Governing Eurodollar Rate Loans......................................... 64
2.7 Increased Costs; Taxes; Capital Adequacy................................................... 66
2.8 Obligation of Lenders and Issuing Lenders to Mitigate...................................... 70
2.9 Defaulting Lenders......................................................................... 70
2.10 Removal or Replacement of a Lender......................................................... 72
SECTION 3. LETTERS OF CREDIT.......................................................................... 73
3.1 Issuance of Letters of Credit and Lenders' Purchase of Participations Therein.............. 73
3.2 Letter of Credit Fees...................................................................... 77
3.3 Drawings and Reimbursement of Amounts Paid Under Letters of Credit......................... 78
3.4 Obligations Absolute....................................................................... 80
3.5 Indemnification; Nature of Issuing Lenders' Duties......................................... 81
3.6 Increased Costs and Taxes Relating to Letters of Credit.................................... 82
SECTION 4. CONDITIONS TO LOANS AND LETTERS OF CREDIT.................................................. 83
4.1 Closing Date............................................................................... 83
4.2 Conditions to Effectiveness of this Agreement.............................................. 84
4.3 Conditions to All Loans.................................................................... 88
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
4.4 Conditions to Letters of Credit............................................................ 89
4.5 Failure to Meet Conditions to Effectiveness................................................ 89
SECTION 5. HOLDINGS' AND COMPANY'S REPRESENTATIONS AND WARRANTIES..................................... 90
5.1 Organization, Powers. Qualification. Good Standing, Business and Subsidiaries.............. 90
5.2 Authorization of Borrowing, etc............................................................ 91
5.3 Financial Condition........................................................................ 92
5.4 No Material Adverse Change................................................................. 93
5.5 Title to Properties; Liens; Real Property.................................................. 93
5.6 Litigation; Adverse Facts.................................................................. 94
5.7 Payment of Taxes........................................................................... 94
5.8 Performance of Agreements; Materially Adverse Agreements................................... 94
5.9 Governmental Regulation.................................................................... 95
5.10 Securities Activities...................................................................... 95
5.11 Employee Benefit Plans..................................................................... 95
5.12 Certain Fees............................................................................... 96
5.13 Environmental Protection................................................................... 96
5.14 Employee Matters........................................................................... 96
5.15 Solvency................................................................................... 97
5.16 Matters Relating to Collateral............................................................. 97
5.17 Disclosure................................................................................. 98
5.18 Subordination of Shareholder Subordinated Notes............................................ 98
SECTION 6. HOLDINGS' AND COMPANY'S AFFIRMATIVE COVENANTS.............................................. 98
6.1 Financial Statements and Other Reports..................................................... 99
6.2 Corporate/Partnership Existence, etc....................................................... 104
6.3 Payment of Taxes and Claims; Tax Consolidation............................................. 105
6.4 Maintenance of Properties; Insurance; Application of Net Insurance/Condemnation Proceeds... 105
6.5 Inspection Rights; Audits of Inventory and Accounts Receivable; Lender Meeting; Internal
Audit; Supplemental Appraisal; Field Examinations.......................................... 107
6.6 Compliance with Laws, etc.................................................................. 108
6.7 Environmental Review and Investigation, Disclosure, Etc.; Actions Regarding Hazardous
Materials Activities, Environmental Claims and Violations of Environmental Laws............ 108
6.8 Execution of Subsidiary Guaranty and Personal Property Collateral Documents by Subsidiaries
and Future Subsidiaries.................................................................... 111
6.9 Conforming Leasehold Interests; Matters Relating to Additional Real Property Collateral.... 112
6.10 Interest Rate Protection................................................................... 114
6.11 Post-Closing Deliveries.................................................................... 115
6.12 Deposit Accounts and Cash Management Systems............................................... 115
6.13 Sale of Assets............................................................................. 115
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
SECTION 7. HOLDINGS' AND COMPANY'S NEGATIVE COVENANTS................................................. 115
7.1 Indebtedness............................................................................... 115
7.2 Liens and Related Matters.................................................................. 118
7.3 Investments; Joint Ventures................................................................ 120
7.4 Contingent Obligations..................................................................... 122
7.5 Restricted Junior Payments................................................................. 123
7.6 Financial Covenants........................................................................ 124
7.7 Restriction on Fundamental Changes; Permitted Asset Sales and Acquisitions................. 127
7.8 Fiscal Year................................................................................ 129
7.9 Sales and Lease-Backs...................................................................... 129
7.10 Sale or Discount of Receivables............................................................ 129
7.11 Transactions with Shareholders and Affiliates.............................................. 130
7.12 Disposal of Subsidiary Interests........................................................... 130
7.13 Conduct of Business........................................................................ 130
7.14 Amendments of Documents Relating to Subordinated Indebtedness and Senior Notes; Amendments
of Term Loan Credit Documents.............................................................. 131
7.15 Bain Management Fee........................................................................ 132
SECTION 8. EVENTS OF DEFAULT.......................................................................... 132
8.1 Failure to Make Payments When Due.......................................................... 133
8.2 Default in Other Agreements................................................................ 133
8.3 Breach of Certain Covenants................................................................ 133
8.4 Breach of Warranty......................................................................... 133
8.5 Other Defaults Under Loan Documents........................................................ 133
8.6 Involuntary Bankruptcy; Appointment of Receiver, etc....................................... 134
8.7 Voluntary Bankruptcy; Appointment of Receiver, etc......................................... 134
8.8 Judgments and Attachments.................................................................. 134
8.9 Dissolution................................................................................ 135
8.10 Employee Benefit Plans..................................................................... 135
8.11 Change in Control.......................................................................... 135
8.12 Invalidity of Guaranties; Failure of Security; Repudiation of Obligations.................. 135
8.13 Material Adverse Effect.................................................................... 136
SECTION 9. AGENTS..................................................................................... 137
9.1 Appointment................................................................................ 137
9.2 Powers and Duties; General Immunity........................................................ 138
9.3 Representations and Warranties; No Responsibility For Appraisal of Creditworthiness........ 140
9.4 Right to Indemnity......................................................................... 140
9.5 Successor Administrative Agent and Swing Line Lender....................................... 140
9.6 Collateral Documents and Guaranty.......................................................... 141
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
SECTION 10. MISCELLANEOUS.............................................................................. 143
10.1 Assignments and Participations in Loans and Letters of Credit.............................. 143
10.2 Expenses................................................................................... 146
10.3 Indemnity.................................................................................. 147
10.4 Set-Off; Security Interest in Deposit Accounts............................................. 148
10.5 Ratable Sharing............................................................................ 148
10.6 Amendments and Waivers..................................................................... 149
10.7 Independence of Covenants.................................................................. 150
10.8 Notices.................................................................................... 150
10.9 Survival of Representations, Warranties and Agreements..................................... 151
10.10 Failure or Indulgence Not Waiver; Remedies Cumulative...................................... 151
10.11 Marshalling; Payments Set Aside............................................................ 151
10.12 Severability............................................................................... 151
10.13 Obligations Several; Independent Nature of Lenders' Rights................................. 152
10.14 Headings................................................................................... 152
10.15 Applicable Law............................................................................. 152
10.16 Successors and Assigns..................................................................... 152
10.17 Consent to Jurisdiction and Service of Process............................................. 152
10.18 Waiver of Jury Trial....................................................................... 153
10.19 Confidentiality............................................................................ 154
10.20 Counterparts; Effectiveness................................................................ 154
10.21 Limitation on Liability of General Partner................................................. 155
10.22 "C" Corporation Conversion................................................................. 155
10.23 Effect on Existing Credit Agreement........................................................ 155
10.24 Reaffirmation of Validity and Enforceability of Documents and Obligations.................. 156
10.25 Arm's Length Agreement..................................................................... 156
10.26 No Third-Party Beneficiaries............................................................... 156
10.27 Release.................................................................................... 156
10.28 Advice of Counsel.......................................................................... 157
{/TABLE}
iv
{PAGE}
EXHIBITS
I FORM OF NOTICE OF BORROWING
II FORM OF NOTICE OF CONVERSION/CONTINUATION
III FORM OF NOTICE OF ISSUANCE OF LETTER OF CREDIT
IV FORM OF REVOLVING NOTE
IV-A FORM OF TERM NOTE
V FORM OF SWING LINE NOTE
VI FORM OF COMPLIANCE CERTIFICATE
VII FORM OF OPINIONS OF COUNSEL TO LOAN PARTIES
VIII FORM OF ACKNOWLEDGEMENT AND AUTHORIZATION-NET CAPITAL EXPENDITURES
IX FORM OF ASSIGNMENT AGREEMENT
X FORM OF CERTIFICATE RE NON-BANK STATUS
XI FORM OF FINANCIAL CONDITION CERTIFICATE
XII FORM OF INTERCREDITOR AGREEMENT
XIII FORM OF PLEDGE AND SECURITY AGREEMENT
XIV FORM OF SUBSIDIARY GUARANTY
XV FORM OF HOLDINGS GUARANTY
XVI FORM OF MORTGAGE
XVII FORM OF COLLATERAL ACCESS AGREEMENT
XVIII FORM OF SUBORDINATION PROVISIONS
XIX FORM OF BORROWING BASE CERTIFICATE
XX FORM OF ACKNOWLEDGMENT AND CONSENT
XXI FORM OF BUDGET
XXII FORM OF LOCKBOX ACCOUNT AGREEMENT
XXIII FORM OF BLOCKED ACCOUNT AGREEMENT
XXIV FORM OF VARIANCE REPORT
XXV FORM OF RECONCILIATION REPORT
v
{PAGE}
SCHEDULES
A LIST OF DEFAULTS AND INCIPIENT DEFAULTS
1.1 (i) ADJUSTMENTS TO BORROWING BASE
1.1 (ii) ADD BACKS TO EBITDA
1.1 (iii) OTHER INVESTORS/EXISTING INVESTORS
1.1 (iv) RECAPITALIZATION TRANSACTIONS
1.1 (v) 1998 CLOSING DATE AND 1999 CLOSING DATE INITIAL VALUES
1.1 (vi) CERTAIN SUBSIDIARIES
1.1 (vii) VALUATION PERCENTAGES
1.1 (viii) APPRAISAL FIRMS
1.1 (ix) EQUIPMENT NOT APPRAISED
1.1(x) THIRD PRIORITY TERM LOAN DOCUMENTS
2.1 LENDERS' COMMITMENTS AND PRO RATA SHARES
3.1 EXISTING LETTERS OF CREDIT
4.2C CORPORATE AND CAPITAL STRUCTURE; OWNERSHIP
4.2E(vi) CERTAIN LIENS ON VESSELS
5.1 SUBSIDIARIES OF COMPANY
5.3 CERTAIN UNDISCLOSED LIABILITIES
5.4 CERTAIN MATERIAL ADVERSE CHANGES
5.5 REAL PROPERTY
5.5A TITLE TO PROPERTIES; LIENS
5.16 EXCEPTIONS TO CREATION, PERFECTION AND PRIORITY OF LIENS
6.11 POST-CLOSING DELIVERIES
6.13 SALE OF CERTAIN ASSETS
7.1 CERTAIN EXISTING INDEBTEDNESS
7.2 CERTAIN LIENS EXISTING ON THE EFFECTIVE DATE
7.3 CERTAIN EXISTING INVESTMENTS
7.4 CERTAIN EXISTING CONTINGENT OBLIGATIONS
7.7 CERTAIN PERMITTED REAL ESTATE SALES
7.9 CERTAIN PERMITTED LEASEBACK TRANSACTIONS
7.11 CERTAIN TRANSACTIONS WITH AFFILIATES
7.12 FLEET MAIN ACCOUNT; LOCKBOX ACCOUNTS; LOCKBOX ACCOUNT BANKS;
DISBURSEMENT ACCOUNTS;
vi
{PAGE}
ANTHONY CRANE RENTAL, L.P.
ANTHONY CRANE RENTAL HOLDINGS, L.P.
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This SECOND AMENDED AND RESTATED CREDIT AGREEMENT is dated as of March 31,
2002 and entered into by and among ANTHONY CRANE RENTAL, L.P., a Pennsylvania
limited partnership ("Company"), ANTHONY CRANE RENTAL HOLDINGS, L.P., a
Pennsylvania limited partnership ("Holdings"), GOLDMAN SACHS CREDIT PARTNERS
L.P. ("GSCP"), as lead arranger (in such capacity, "Lead Arranger") and
syndication agent (in such capacity, "Syndication Agent"), THE FINANCIAL
INSTITUTIONS LISTED ON THE SIGNATURE PAGES HEREOF (each individually referred to
herein as a "Lender" and collectively as "Lenders"), FLEET NATIONAL BANK
("Fleet"), as administrative agent for Lenders (in such capacity,
"Administrative Agent") and Fleet as Collateral Agent for Lenders (in such
capacity, "Collateral Agent").
R E C I T A L S
- - - - - - - -
WHEREAS, capitalized terms used herein having the meanings assigned to
those terms in subsection 1.1;
WHEREAS, Company and certain financial institutions (the "Original
Lenders"), the Syndication Agent, the Administrative Agent and Collateral Agent
were party to a Credit Agreement dated as of July 22, 1998 (the "Original Credit
Agreement");
WHEREAS, the Company, the Original Lenders, certain other financial
institutions (such additional financial institutions, together with the Original
Lenders, the "Existing Lenders"), Holdings, the Syndication Agent, the
Administrative Agent, and the Collateral Agent amended the Original Credit
Agreement in its entirety pursuant to the terms of an Amended and Restated
Credit Agreement dated as of June 30, 1999 (as amended or otherwise modified
prior to the date hereof, the "Existing Credit Agreement");
WHEREAS, the Company and Holdings have notified the Administrative Agent
that certain "Events of Default" and "Potential Events of Default" (as defined
in the Existing Credit Agreement) have occurred and such Events of Default and
Potential Events of Default are set forth on Schedule A annexed hereto
(collectively, the "Existing Defaults and Incipient Defaults"), and the Company
and Holdings have requested that the Administrative Agent, the Syndication Agent
and the Existing Lenders amend the Existing Agreement in accordance with the
terms hereof;
WHEREAS, as an accommodation to the Company, Holdings and the Loan Parties,
the Administrative Agent, the Syndication Agent and the Existing Lenders have
agreed to amend and restate the Existing Credit Agreement, subject to and solely
on the terms and conditions set forth herein;
WHEREAS, as part of such amendment and restatement transaction, on or prior
to the Effective Date, Bain/ACR, L.L.C. has agreed to provide the Company with
$8,000,000 in third-
1
{PAGE}
priority debt financing on the terms and conditions set forth in the Third
Priority Term Loan Documents (as defined below);
WHEREAS, in connection with such amendment and restatement transaction, the
Company, Holdings, the Loan Parties, the Administrative Agent, the Syndication
Agent, and the Lenders have agreed to amend the Existing Credit Agreement in
certain respects and to enter into this Agreement as a restatement of the
Existing Credit Agreement;
WHEREAS, it is the intention of the Company, Holdings, the Loan Parties,
the Administrative Agent, the Syndication Agent and the Lenders that the
amendment and restatement of the Existing Credit Agreement pursuant to this
Agreement shall not effect a refinancing or novation of the Obligations under
the Existing Credit Agreement (the "Existing Obligations") which shall remain
outstanding under this Agreement, but rather a modification of the terms
governing repayment of such Existing Obligations, which shall remain outstanding
as of the date hereof and shall remain secured by the "Collateral" (as defined
in the Existing Credit Agreement);
WHEREAS, it is the intention of the parties hereto that, upon the
occurrence of the Effective Date, the Existing Defaults and Incipient Defaults
shall no longer be in effect; and
WHEREAS, it is the intention of the parties that the amendment and
restatement of the Existing Credit Agreement pursuant to this Agreement shall be
without prejudice to any rights or remedies that the Administrative Agent and
the Lenders have or may have with respect to any Events of Default or Potential
Events of Default as defined in, and pursuant to the terms and conditions of,
this Agreement;
NOW, THEREFORE, in consideration of the foregoing premises and the
agreements, provisions and covenants herein contained, Holdings, Company,
Existing Lenders, the Syndication Agent, the Administrative Agent agree that, on
the Effective Date, the Existing Credit Agreement shall be amended and restated
in its entirety as follows:
SECTION 1.
DEFINITIONS
1.1 Certain Defined Terms.
---------------------
The following terms used in this Agreement shall have the following
meanings:
"Accounts" shall mean all of Company's and Permitted Subsidiaries' accounts
receivable, whether now or hereafter existing, arising in the ordinary course of
business from sales or leases of goods or rendition of services made by Company
or Permitted Subsidiaries, or through any of Company's or Permitted
Subsidiaries' divisions.
"Acknowledgment and Consent" means that certain Acknowledgment and Consent
executed by Holdings, the Company, and the Subsidiary Guarantors dated as of the
Effective Date and substantially in the form of Exhibit XX annexed hereto, as
such Acknowledgment and Consent may be amended, restated, supplemented or
otherwise modified from time to time.
117532
|
GE Capital
As referenced in this Credit Agreement [Amended and Restated]:
GENERAL ELECTRIC CAPITAL CORP – Suisse Asset Management
466 Lexington Avenue, 14 floor
New York, NY 10017
Attention:
Telephone: (212) 201-9031
Facsimile: (212) 983-4118
177
{PAGE}
GENERAL ELECTRIC CAPITAL CORP ORATION
By:_____________________________________
Name: William Magee
Title: Duly Authorized Signatory
Notice Address:
GE Capital
Commercial Finance
6 High Ridge Park 6C
Stamford, CT
_____________
dt 100792
;
UBS
As referenced in this Credit Agreement [Amended and Restated]:
UBS AG, – NC 28288-0537
Attention: Marc Bergren
Telephone: (704) 715-1507
Facsimile: (704) 383-6249
196
{PAGE}
ZERMATT CBO LIMITED
as a Lender
By: UBS AG, New York Branch, as its Collateral
Manager
By:_______________________________________
Name: Joseph V. Chapey
Title: Executive Director
By:_______________________________________
Name: Sandra Ward Costin
_____________
UBS AG, – Manager
By:_______________________________________
Name: Joseph V. Chapey
Title: Executive Director
By:_______________________________________
Name: Sandra Ward Costin
Title: Executive Director
Notice Address:
c/o UBS AG, New York Branch
299 Park Avenue
New York, NY 10171
Attention: Joseph V. Chapey
Telephone: (212) 713-3992
Facsimile: (212) 713-3373
_____________
dt 237778
;
BNY
As referenced in this Credit Agreement [Amended and Restated]:
Bank of New York, – is not a Business Day, for the next preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any
day which is a
dt 41469
;
|
Chase Manhattan
As referenced in this Credit Agreement [Amended and Restated]:
Chase
Manhattan Bank – Exhibit XXIII, with (a) Fleet with respect to the Fleet Main Account, the
Fleet Regional Disbursement Accounts and the Fleet Lockboxes, (b) The Chase
Manhattan Bank with respect to Account numbers 7241141212 and 7241141220,
and (c) Promistar with respect to Account numbers 60125544 and 60127003.
(v) Real Property Mortgages.
_____________
dt 101556
;
First Union
As referenced in this Credit Agreement [Amended and Restated]:
FIRST UNION NATIONAL BANK – Louis, MO 63101
Attention: Daryl Hagstrom
Telephone: (314) 418-8323
Facsimile: (314) 418-8555
195
{PAGE}
WACHOVIA BANK, NATIONAL ASSOCIATION (F/K/A)
FIRST UNION NATIONAL BANK as a Lender
By:___________________________________________
Name: Marc Bergren
Title: Director
Notice Address:
NC0537
301 South College Street
Charlotte, NC 28288-0537
Attention: Marc
_____________
dt 184135
;
More... |
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Credit Agreement
Credit Agreement (756K)
Doc #126144: Click preview link for longer preview.
$60,000,000
CREDIT AGREEMENT
among
MUZAK HOLDINGS LLC,
as Parent Guarantor,
MUZAK LLC,
as Borrower,
The Several Lenders
from Time to Time Parties Hereto,
LEHMAN COMMERCIAL PAPER INC. and FLEET NATIONAL BANK,
as Co-Syndication Agents,
GENERAL ELECTRIC CAPITAL CORPORATION,
as Documentation Agent,
and
BEAR STEARNS CORPORATE LENDING INC.,
as Administrative Agent
Dated as of May 20, 2003
================================================================================
BEAR, STEARNS & CO. INC. and LEHMAN BROTHERS INC., as Joint Lead Arrangers
and Joint Bookrunners
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
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SECTION 1. DEFINITIONS........................................................1
1.1. Defined Terms......................................................1
1.2. Other Definitional Provisions.....................................28
SECTION 2. AMOUNT AND TERMS OF REVOLVING COMMITMENTS.........................29
2.1. Revolving Commitments.............................................29
2.2. Procedure for Loan Borrowing......................................29
2.3. Commitment Fees, etc..............................................29
2.4. Termination or Reduction of Revolving Commitments.................30
2.5. L/C Commitment....................................................30
2.6. Procedure for Issuance of Letter of Credit........................31
2.7. Fees and Other Charges............................................31
2.8. L/C Participations................................................32
2.9. Reimbursement Obligation of the Borrower..........................33
2.10. Obligations Absolute..............................................33
2.11. Letter of Credit Payments.........................................34
2.12. Applications......................................................34
SECTION 3. GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT......34
3.1. Optional Prepayments..............................................34
3.2. Mandatory Prepayments and Revolving Commitment Reductions.........34
3.3. Conversion and Continuation Options...............................35
3.4. Limitations on Eurodollar Tranches................................35
3.5. Interest Rates and Payment Dates..................................36
3.6. Computation of Interest and Fees..................................36
3.7. Inability to Determine Interest Rate..............................36
3.8. Pro Rata Treatment and Payments...................................37
3.9. Requirements of Law...............................................38
3.10. Taxes.............................................................39
3.11. Indemnity.........................................................41
3.12. Change of Lending Office..........................................42
3.13. Replacement of Lenders............................................42
3.14. Evidence of Debt..................................................43
3.15. Illegality........................................................43
{/TABLE}
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SECTION 4. REPRESENTATIONS AND WARRANTIES....................................43
4.1. Financial Condition...............................................43
4.2. No Change.........................................................44
4.3. Corporate Existence; Compliance with Law..........................44
4.4. Power; Authorization; Enforceable Obligations.....................45
4.5. No Legal Bar......................................................45
4.6. Litigation........................................................45
4.7. No Default........................................................45
4.8. Ownership of Property; Liens......................................45
4.9. Intellectual Property.............................................46
4.10. Taxes.............................................................46
4.11. Federal Regulations...............................................46
4.12. Labor Matters.....................................................46
4.13. ERISA.............................................................46
4.14. Investment Company Act; Other Regulations.........................47
4.15. Subsidiaries......................................................47
4.16. Use of Proceeds...................................................47
4.17. Environmental Matters.............................................47
4.18. Accuracy of Information, etc......................................48
4.19. Security Documents................................................49
4.20. Solvency..........................................................49
4.21. Senior Indebtedness...............................................50
4.22. Regulation H......................................................50
4.23. Certain Documents.................................................50
4.24. Holdings..........................................................50
SECTION 5. CONDITIONS PRECEDENT..............................................50
5.1. Conditions to Initial Extension of Credit.........................50
5.2. Conditions to Each Extension of Credit............................53
SECTION 6. AFFIRMATIVE COVENANTS.............................................54
6.1. Financial Statements..............................................54
6.2. Certificates; Other Information...................................55
6.3. Payment of Obligations............................................57
6.4. Maintenance of Existence; Compliance..............................57
6.5. Maintenance of Property; Insurance................................57
6.6. Inspection of Property; Books and Records; Discussions............57
6.7. Notices...........................................................58
6.8. Environmental Laws................................................58
6.9. Additional Collateral, etc........................................59
{/TABLE}
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6.10. Further Assurances................................................60
6.11. Post-Closing Obligations..........................................60
SECTION 7. NEGATIVE COVENANTS................................................61
7.1. Financial Condition Covenants.....................................61
7.2. Indebtedness......................................................63
7.3. Liens.............................................................66
7.4. Fundamental Changes...............................................68
7.5. Disposition of Property...........................................69
7.6. Restricted Payments...............................................69
7.7. Capital Expenditures..............................................72
7.8. Investments.......................................................73
7.9. Modifications of Certain Debt Instruments.........................74
7.10. Transactions with Affiliates......................................74
7.11. Sales and Leasebacks; Sale or Discount of Receivables.............75
7.12. Hedge Agreements..................................................75
7.13. Changes in Fiscal Periods.........................................75
7.14. Negative Pledge Clauses...........................................75
7.15. Clauses Restricting Subsidiary Distributions......................75
7.16. Lines of Business; Holdings.......................................76
7.17. Amendments to Certain Related Agreements..........................76
SECTION 8. EVENTS OF DEFAULT.................................................76
SECTION 9. THE AGENTS........................................................80
9.1. Appointment.......................................................80
9.2. Delegation of Duties..............................................80
9.3. Exculpatory Provisions............................................80
9.4. Reliance by Agents................................................80
9.5. Notice of Default.................................................81
9.6. Non-Reliance on Agents and Other Lenders..........................81
9.7. Indemnification...................................................82
9.8. Agent in Its Individual Capacity..................................82
9.9. Successor Administrative Agent....................................82
9.10. Agents Generally..................................................83
9.11. The Joint Lead Arrangers..........................................83
SECTION 10. MISCELLANEOUS.....................................................83
10.1. Amendments and Waivers............................................83
10.2. Notices...........................................................84
10.3. No Waiver; Cumulative Remedies....................................86
{/TABLE}
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{S} {C} {C}
10.4. Survival of Representations and Warranties........................87
10.5. Payment of Expenses and Taxes.....................................87
10.6. Successors and Assigns; Participations and Assignments............88
10.7. Adjustments; Set-off..............................................91
10.8. Counterparts......................................................92
10.9. Severability......................................................92
10.10. Integration.......................................................92
10.11. GOVERNING LAW.....................................................93
10.12. Submission to Jurisdiction; Waivers...............................93
10.13. Acknowledgments...................................................93
10.14. Releases of Guarantees and Liens..................................94
10.15. Confidentiality...................................................94
10.16. WAIVERS OF JURY TRIAL.............................................94
10.17. Delivery of Addenda...............................................95
10.18. Agreement Currency................................................95
10.19. Usury Savings Clause..............................................95
{/TABLE}
ANNEX:
A Pricing Grid
SCHEDULES:
1.1 Mortgaged Property
1.1(a) Fee and Leasehold Property
2.5(c) Existing Letters of Credit
4.4 Consents, Authorizations, Filings and Notices
4.6 Litigation
4.9 Intellectual Property
4.12 Labor Matters
4.15 Subsidiaries
4.19(a) UCC Filing Jurisdictions
4.19(b) Mortgage Filing Jurisdictions
7.2(d) Existing Indebtedness
7.3(f) Existing Liens
7.8(e) Existing Investments
EXHIBITS:
A Form of Guarantee and Collateral Agreement
B Form of Compliance Certificate
C Form of Closing Certificate
D Form of Mortgage
E Form of Assignment and Assumption
F-1 Form of Legal Opinion of Kirkland & Ellis
F-2 Form of Local Counsel Opinion
-iv-
{PAGE}
G Form of Exemption Certificate
H Form of Note
I Form of Addendum
J Form of Permitted Sponsor Subordinated Debt Agreement
K Form of Solvency Certificate
L Form of Borrowing Notice
M Form of Conversion Notice
-v-
{PAGE}
CREDIT AGREEMENT, dated as of May 20, 2003, among MUZAK LLC, a
Delaware limited liability company (the "Borrower"), MUZAK HOLDINGS LLC, a
Delaware limited liability company ("Holdings"), the several banks and other
financial institutions or entities from time to time parties to this Agreement
(the "Lenders"), BEAR, STEARNS & CO. INC. and LEHMAN BROTHERS INC., as joint
lead arrangers and joint bookrunners (together with their successors and
assigns, collectively, the "Joint Lead Arrangers"), LEHMAN COMMERCIAL PAPER INC.
and FLEET NATIONAL BANK, as co-syndication agents (together with their
successors and assigns, in such capacity, collectively, the "Co-Syndication
Agents"), GENERAL ELECTRIC CAPITAL CORPORATION, as documentation agent (together
with its successors and assigns, in such capacity, the "Documentation Agent"),
and BEAR STEARNS CORPORATE LENDING INC., as administrative agent (together with
its successors and assigns, in such capacity, the "Administrative Agent").
The parties hereto hereby agree as follows:
SECTION 1. DEFINITIONS
1.1. Defined Terms. As used in this Agreement, the terms listed in
this Section 1.1 shall have the respective meanings set forth in this Section
1.1.
"Acquisition Subsidiary": an Included Subsidiary that is either
acquired in or formed simultaneously and in connection with, a Permitted
Acquisition.
"Addendum": an instrument, substantially in the form of Exhibit I, by
which a Lender becomes a party to this Agreement as of the Closing Date.
"Additional Related Agreements": collectively, the following: (i) any
agreements relating to Permitted Seller Debt and (ii) any agreements relating to
Holdings Preferred Stock.
"Additional Senior Notes": additional Senior Notes of the Borrower and
Muzak Finance to be issued pursuant to the Senior Notes Indenture.
"Additional Senior Subordinated Notes": additional Senior Subordinated
Notes of the Borrower and Muzak Finance to be issued pursuant to the Senior
Subordinated Notes Indenture.
"Adjustment Date": as defined in the Pricing Grid.
"Administrative Agent": as defined in the recitals to this Agreement.
"Affiliate": as to any Person, any other Person that, directly or
indirectly, is in control of, is controlled by, or is under common control with,
such Person. For purposes of this definition, "control" of a Person means the
power, directly or indirectly, either to (a) vote 10% or more of the securities
having ordinary voting power for the election of directors (or persons
performing similar functions) of such Person or (b) direct or cause the
direction of the management and policies of such Person, whether by contract or
otherwise.
{PAGE}
-2-
"Agents": the collective reference to the Co-Syndication Agents, the
Documentation Agent, the Joint Lead Arrangers and the Administrative Agent,
which term shall include, for purposes of Section 9 only, the Issuing Lender.
"Aggregate Exposure": with respect to any Lender at any time, an
amount equal to (a) until the Closing Date, the aggregate amount of such
Lender's Revolving Commitment at such time and (b) thereafter, the amount of
such Lender's Revolving Commitment then in effect or, if the Revolving
Commitments have been terminated, the amount of such Lender's Revolving
Extensions of Credit then outstanding.
"Aggregate Exposure Percentage": with respect to any Lender at any
time, the ratio (expressed as a percentage) of such Lender's Aggregate Exposure
at such time to the Aggregate Exposure of all Lenders at such time.
"Agreement": this Credit Agreement.
"Agreement Currency": as defined in Section 10.18.
"Applicable Margin": for each Type of Loan, the rate per annum set
forth under the relevant column heading below:
Eurodollar Loans Base Rate Loans
---------------- ---------------
4.00% 2.75%
; provided that, on and after the first Adjustment Date (as defined in the
Pricing Grid) occurring upon receipt of the Borrower's financial statements for
the two full fiscal quarters of the Borrower completed after the Closing Date,
the Applicable Margin with respect to Loans will be determined pursuant to the
Pricing Grid.
"Application": an application, in such form as the Issuing Lender may
specify from time to time, requesting the Issuing Lender to open a Letter of
Credit.
"Approved Fund": with respect to any Lender that is a fund that
invests in commercial loans, any other fund that invests in commercial loans and
is managed or advised by the same investment advisor as such Lender or by an
Affiliate of such investment advisor.
"Asset Sale": any Disposition of Property or series of related
Dispositions of Property (excluding any such Disposition permitted by clause
(a), (b), (c), (d), (f), (g) or (i) of Section 7.5) that yields gross proceeds
to any Group Member (valued at the initial principal amount thereof in the case
of non-cash proceeds consisting of notes or other debt securities and valued at
fair market value in the case of other non-cash proceeds) in excess of $500,000.
"Assignee": as defined in Section 10.6(b).
"Assignment and Assumption": an Assignment and Assumption,
substantially in the form of Exhibit E.
126144
|
GE Capital
As referenced in this Credit Agreement:
GENERAL ELECTRIC CAPITAL CORP – as Borrower,
The Several Lenders
from Time to Time Parties Hereto,
LEHMAN COMMERCIAL PAPER INC. and FLEET NATIONAL BANK,
as Co-Syndication Agents,
GENERAL ELECTRIC CAPITAL CORP ORATION,
as Documentation Agent,
and
BEAR STEARNS CORPORATE LENDING INC.,
as Administrative Agent
Dated as of May 20, 2003
================================================================================
BEAR, STEARNS & CO. INC.
_____________
GENERAL ELECTRIC CAPITAL CORP – INC.
and FLEET NATIONAL BANK, as co-syndication agents (together with their
successors and assigns, in such capacity, collectively, the "Co-Syndication
Agents"), GENERAL ELECTRIC CAPITAL CORP ORATION, as documentation agent (together
with its successors and assigns, in such capacity, the "Documentation Agent"),
and BEAR STEARNS CORPORATE LENDING INC., as
_____________
General Electric Capital
Corp – the Administrative Agent.
(c) The Borrower agrees to pay to Lehman Brothers Inc. and Bear,
Stearns & Co. Inc. (on behalf of itself and General Electric Capital
Corp oration) fees in the amounts and on the dates previously agreed to in
writing by the Borrower and Lehman Brothers Inc. and Bear,
_____________
General Electric Capital Corp – 9th Floor
MA DE 10009D
Boston, Massachusetts 02110
Attention: Karen M. Kirley
Telecopy: (617) 434-8426
Telephone: (617) 434-2781
The Documentation Agent: General Electric Capital Corp oration
120 Long Ridge Road
Stamford, Connecticut 06927
Attention: Manager, Telecom Portfolio
Telecopy: (203) 961-2194
Telephone: (203) 357-6859
provided that any
_____________
GENERAL ELECTRIC CAPITAL
CORP – Burgueno
Title: Director
BEAR STEARNS CORPORATE LENDING INC.,
as Administrative Agent
By: /s/ Richard Bram Smith
--------------------------------------
Name: Richard Bram Smith
Title: Vice President
GENERAL ELECTRIC CAPITAL
CORP ORATION, as Documentation Agent
By: /s/ Molly S. Fergusson
--------------------------------------
Name: Molly S. Fergusson
Title: Manager, Operations
{PAGE}
Annex A
PRICING GRID FOR REVOLVING
_____________
dt 100799
;
Bear, Stearns
As referenced in this Credit Agreement:
BEAR, STEARNS & CO. – Agents,
GENERAL ELECTRIC CAPITAL CORPORATION,
as Documentation Agent,
and
BEAR STEARNS CORPORATE LENDING INC.,
as Administrative Agent
Dated as of May 20, 2003
================================================================================
BEAR, STEARNS & CO. INC. and LEHMAN BROTHERS INC., as Joint Lead Arrangers
and Joint Bookrunners
{PAGE}
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{S} {C} {C}
_____________
BEAR, STEARNS & CO. – limited liability company ("Holdings"), the several banks and other
financial institutions or entities from time to time parties to this Agreement
(the "Lenders"), BEAR, STEARNS & CO. INC. and LEHMAN BROTHERS INC., as joint
lead arrangers and joint bookrunners (together with their successors and
assigns, collectively, the "Joint Lead
_____________
Bear, Stearns & Co. – Senior
Notes, (c) the Purchase Agreement dated as of May 20, 2003, by and among the
Borrower, Muzak Finance, the guarantors named therein, Bear, Stearns & Co. Inc.
("Bear") and Lehman Brothers Inc. ("Lehman"), and (d) the Registration Rights
Agreement dated as of May 20, 2003 by and among
_____________
Bear,
Stearns & Co. – previously agreed to in writing by the Borrower and
the Administrative Agent.
(c) The Borrower agrees to pay to Lehman Brothers Inc. and Bear,
Stearns & Co. Inc. (on behalf of itself and General Electric Capital
Corporation) fees in the amounts and on the dates previously agreed to in
_____________
Bear, Stearns & Co. – Capital
Corporation) fees in the amounts and on the dates previously agreed to in
writing by the Borrower and Lehman Brothers Inc. and Bear, Stearns & Co. Inc.
2.4. Termination or Reduction of Revolving Commitments. The Borrower
shall have the right, upon not less than three Business Days'
_____________
dt 106716
;
NMLIC
As referenced in this Credit Agreement:
Northwestern Mutual Life
Insurance Co – Diversified Partners, L.P., Banc America Capital Investors I, L.P., New York
Life Capital Partners, L.P., AMFM Systems, Inc. and The Northwestern Mutual Life
Insurance Co mpany to Holdings or the Borrower, provided (i) prior to the payment
in full in cash of all of the Obligations, no payment
_____________
Northwestern Mutual Life
Insurance Co – Diversified Partners, L.P., Banc America Capital Investors I, L.P., New York
Life Capital Partners, L.P., AMFM Systems, Inc. and The Northwestern Mutual Life
Insurance Co mpany, on the one hand, and Holdings or the Borrower, on the other
hand, as applicable, evidencing the Permitted Sponsor Subordinated Debt, and
_____________
Northwestern Mutual Life Insurance Co – Unger, Music Holdings Corp. and AMFM Systems, Inc., BancAmerica
Capital Investors I, L.P., New York Life Capital Partners, L.P. and The
Northwestern Mutual Life Insurance Co mpany, as amended, supplemented or
otherwise modified from time to time to the extent permitted under Section 7.17.
"Regulation U": Regulation U
_____________
Northwestern Mutual Life Insurance
Co – Holdings, MEM
Holdings, LLC and AMFM Systems, Inc., BancAmerica Capital Investors I, L.P., New
York Life Capital Partners, L.P. and The Northwestern Mutual Life Insurance
Co mpany, as amended, supplemented, modified, revised or replaced from time to
time in accordance with Section 7.17.
"Senior Note Documents": (a) the
_____________
Northwestern Mutual Life Insurance Co – among Holdings, MEM Holdings,
LLC, AMFM Systems, Inc., BancAmerica Capital Investors I, L.P., New York Life
Capital Partners, L.P. and The Northwestern Mutual Life Insurance Co mpany, as
amended from time to time.
"Senior Agent" means Bear Stearns Corporate Lending Inc., as Administrative
Agent for the Lenders, the Lender
_____________
dt 120654
;
|
BNY
As referenced in this Credit Agreement:
Bank of New York, – federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a
dt 41598
;
Bear, Stearns
As referenced in this Credit Agreement:
BEAR, STEARNS & CO. – Agents,
GENERAL ELECTRIC CAPITAL CORPORATION,
as Documentation Agent,
and
BEAR STEARNS CORPORATE LENDING INC.,
as Administrative Agent
Dated as of May 20, 2003
================================================================================
BEAR, STEARNS & CO. INC. and LEHMAN BROTHERS INC., as Joint Lead Arrangers
and Joint Bookrunners
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_____________
BEAR, STEARNS & CO. – limited liability company ("Holdings"), the several banks and other
financial institutions or entities from time to time parties to this Agreement
(the "Lenders"), BEAR, STEARNS & CO. INC. and LEHMAN BROTHERS INC., as joint
lead arrangers and joint bookrunners (together with their successors and
assigns, collectively, the "Joint Lead
_____________
Bear, Stearns & Co. – Senior
Notes, (c) the Purchase Agreement dated as of May 20, 2003, by and among the
Borrower, Muzak Finance, the guarantors named therein, Bear, Stearns & Co. Inc.
("Bear") and Lehman Brothers Inc. ("Lehman"), and (d) the Registration Rights
Agreement dated as of May 20, 2003 by and among
_____________
Bear,
Stearns & Co. – previously agreed to in writing by the Borrower and
the Administrative Agent.
(c) The Borrower agrees to pay to Lehman Brothers Inc. and Bear,
Stearns & Co. Inc. (on behalf of itself and General Electric Capital
Corporation) fees in the amounts and on the dates previously agreed to in
_____________
Bear, Stearns & Co. – Capital
Corporation) fees in the amounts and on the dates previously agreed to in
writing by the Borrower and Lehman Brothers Inc. and Bear, Stearns & Co. Inc.
2.4. Termination or Reduction of Revolving Commitments. The Borrower
shall have the right, upon not less than three Business Days'
_____________
dt 106716
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Credit Agreement
Credit Agreement (321K)
Doc #153234: Click preview link for longer preview.
CREDIT AGREEMENT
dated as of
August 21, 2003
among
SPECIALTY RETAILERS (TX) LP
As Borrower
STAGE STORES, INC.
SPECIALTY RETAILERS, INC.
SRI GENERAL PARTNER LLC
SRI LIMITED PARTNER LLC
As Facility Guarantors
The LENDERS Party Hereto,
FLEET RETAIL FINANCE INC.
as Administrative Agent and as Collateral Agent
FLEET NATIONAL BANK
as Issuing Bank
THE CIT GROUP/BUSINESS CREDIT, INC.
GENERAL ELECTRIC CAPITAL CORPORATION
NATIONAL CITY COMMERCIAL FINANCE, INC.
As Co-Documentation Agents
WELLS FARGO FOOTHILL, LLC
as Syndication Agent
and
FLEET SECURITIES INC.
as Arranger
___________________________
TABLE OF CONTENTS
Page
ARTICLE I Definitions 1
SECTION 1.01 Defined Terms 1
SECTION 1.02 Terms Generally 26
SECTION 1.03 Accounting Terms; GAAP 27
ARTICLE II Amount and Terms of Credit 27
SECTION 2.01 Commitment of the Lenders 27
SECTION 2.02 Increase in Total Commitment 28
SECTION 2.03 Reserves; Changes to Reserves 29
SECTION 2.04 Making of Loans 30
SECTION 2.05 Overadvances 31
SECTION 2.06 Swingline Loans 31
SECTION 2.07 Letters of Credit 32
SECTION 2.08 Settlements Amongst Lenders 35
SECTION 2.09 Notes; Repayment of Loans 36
SECTION 2.10 Interest on Loans 37
SECTION 2.11 Default Interest 37
SECTION 2.12 Certain Fees 37
SECTION 2.13 Unused Commitment Fee 37
SECTION 2.14 Letter of Credit Fees 38
SECTION 2.15 Early Termination Fee 38
SECTION 2.16 Nature of Fees 39
SECTION 2.17 Termination or Reduction of Commitments 39
SECTION 2.18 Alternate Rate of Interest 39
SECTION 2.19 Conversion and Continuation of Loans 40
SECTION 2.20 Mandatory Prepayment; Commitment Termination; Cash Collateral 41
SECTION 2.21 Optional Prepayment of Loans; Reimbursement of Lenders 41
SECTION 2.22 Maintenance of Loan Account; Statements of Account 43
SECTION 2.23 Cash Receipts 43
SECTION 2.24 Application of Payments 45
SECTION 2.25 Increased Costs 46
SECTION 2.26 Change in Legality 47
SECTION 2.27 Payments; Sharing of Setoff 47
SECTION 2.28 Taxes 49
SECTION 2.29 Security Interests in Collateral 50
SECTION 2.30 Mitigation Obligations; Replacement of Lenders. 51
ARTICLE III Representations and Warranties 51
SECTION 3.01 Organization; Powers 51
SECTION 3.02 Authorization; Enforceability 52
SECTION 3.03 Governmental Approvals; No Conflicts 52
SECTION 3.04 Financial Condition 52
SECTION 3.05 Properties 52
SECTION 3.06 Litigation and Environmental Matters 53
SECTION 3.07 Compliance with Laws and Agreements 53
SECTION 3.08 Investment and Holding Company Status 53
SECTION 3.09 Taxes 53
SECTION 3.10 ERISA 53
SECTION 3.11 Disclosure. 54
SECTION 3.12 Subsidiaries 54
SECTION 3.13 Insurance 54
SECTION 3.14 Labor Matters 54
SECTION 3.15 Security Documents 54
SECTION 3.16 Federal Reserve Regulations 55
SECTION 3.17 Solvency 55
SECTION 3.18 Securitization Program 55
ARTICLE IV Conditions 55
SECTION 4.01 Closing Date 55
SECTION 4.02 Conditions Precedent to Each Loan and Each Letter of Credit 58
ARTICLE V Affirmative Covenants 58
SECTION 5.01 Financial Statements and Other Information 59
SECTION 5.02 Notices of Material Events 61
SECTION 5.03 Information Regarding Collateral 61
SECTION 5.04 Existence; Conduct of Business 62
SECTION 5.05 Payment of Obligations 62
SECTION 5.06 Maintenance of Properties 62
SECTION 5.07 Insurance 62
SECTION 5.08 Casualty and Condemnation 63
SECTION 5.09 Books and Records; Inspection and Audit Rights 63
SECTION 5.10 Physical Inventories 64
SECTION 5.11 Compliance with Laws 64
SECTION 5.12 Use of Proceeds and Letters of Credit 64
SECTION 5.13 Additional Subsidiaries 65
SECTION 5.14 Further Assurances 65
ARTICLE VI Negative Covenants 65
SECTION 6.01 Indebtedness and Other Obligations 65
SECTION 6.02 Liens 67
SECTION 6.03 Fundamental Changes 67
SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions 68
SECTION 6.05 Asset Sales 68
SECTION 6.06 Restricted Payments; Certain Payments of Indebtedness 69
SECTION 6.07 Transactions with Affiliates 70
SECTION 6.08 Restrictive Agreements 70
SECTION 6.09 Amendment of Material Documents 71
SECTION 6.10 Additional Subsidiaries 71
SECTION 6.11 Capital Expenditures 71
SECTION 6.12 Fiscal Year 71
SECTION 6.13 Environmental Laws 71
SECTION 6.14 Securitization Program 72
ARTICLE VII Events of Default 72
SECTION 7.02 When Continuing 75
SECTION 7.03 Remedies on Default 75
SECTION 7.04 Application of Proceeds 75
ARTICLE VIII The Agents 75
SECTION 8.01 Administration by Administrative Agent 75
SECTION 8.02 The Collateral Agent 76
SECTION 8.03 Agreement of Required Lenders 76
SECTION 8.04 Liability of Agents 76
SECTION 8.05 Notice of Default; Actions on Default 77
SECTION 8.06 Lenders' Credit Decisions 78
SECTION 8.07 Reimbursement and Indemnification 78
SECTION 8.08 Rights of Agents 78
SECTION 8.09 Notice of Transfer 78
SECTION 8.10 Successor Agent 79
SECTION 8.11 Reports and Financial Statements 79
SECTION 8.12 Delinquent Lender 79
SECTION 8.13 Arranger, Co-Documentation Agents and Syndication Agent 80
ARTICLE IX Miscellaneous 80
SECTION 9.01 Notices 80
SECTION 9.02 Waivers; Amendments 81
SECTION 9.03 Expenses; Indemnity; Damage Waiver 82
SECTION 9.04 Successors and Assigns 84
SECTION 9.05 Survival 86
SECTION 9.06 Counterparts; Integration; Effectiveness 86
SECTION 9.07 Severability 86
SECTION 9.08 Right of Setoff 87
SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process 87
SECTION 9.10 WAIVER OF JURY TRIAL 87
SECTION 9.11 Headings 88
SECTION 9.12 Interest Rate Limitation 88
SECTION 9.13 Additional Waivers 88
SECTION 9.14 Confidentiality 89
EXHIBITS
A. Assignment and Acceptance
B-1. Revolving Notes
B-2 Swingline Note
C Opinion of Counsel to Loan Parties
D. Form of Compliance Certificate
E. Borrowing Base Certificate
F. Form of Intercreditor Agreement
SCHEDULES
1.1 Lenders and Commitments
1.2 Existing Securitization Program Documents
1.3 Fiscal Periods
1.4 Warrants
2.23(a) DDAs
2.23(b) Credit Card Arrangements
2.23(c) Blocked Accounts
2.23(f) Disbursement Accounts
3.05(c)(i) Title to Properties; Real Estate Owned
3.05(c)(ii) Leased Properties
3.06 Disclosed Matters
3.12 Subsidiaries
3.13 Insurance
5.01(i) Financial Reporting Requirements
6.01 Indebtedness
6.02 Liens
6.04 Investments
CREDIT AGREEMENT dated as of August 21, 2003 among
SPECIALTY RETAILERS (TX) LP, a Texas limited partnership, having its principal place of business at 10201 Main Street, Houston, Texas 77025; and
STAGE STORES, INC., a Nevada corporation, having its principal place of business at 10201 Main Street, Houston, Texas 77025; and
SPECIALTY RETAILERS, INC., a Texas corporation, having its principal place of business at 10201 Main Street, Houston, Texas 77025; and
SRI GENERAL PARTNER LLC, a Nevada limited liability company, having its principal place of business at 10201 Main Street, Houston, Texas 77025; and
SRI LIMITED PARTNER LLC, a Nevada limited liability company, havi |