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Subscribers | 1999 |
Credit Agreement
Credit Agreement (329K)
Doc #109023: Click preview link for longer preview.
================================================================================
CREDIT AGREEMENT
Dated as of November 25, 1997
among
EQUISTAR CHEMICALS, LP, as Borrower
MILLENNIUM AMERICA INC., as Guarantor,
and
THE LENDERS PARTY HERETO
================================================================================
[CS&M Ref. No. 4408-140]
{PAGE}
TABLE OF CONTENTS
Page
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ARTICLE I
Definitions
SECTION 1.01. Definitions............................................. 1
SECTION 1.02. Accounting Terms........................................ 21
SECTION 1.03. Terms Generally......................................... 22
SECTION 1.04. Classification of Loans and Borrowings.................. 22
ARTICLE II
The Loans
SECTION 2.01. Commitments............................................. 22
SECTION 2.02. Loans................................................... 22
SECTION 2.03. Competitive Bid Procedure............................... 25
SECTION 2.04. Notice of Borrowings.................................... 27
SECTION 2.05. Conversions and Continuations........................... 28
SECTION 2.06. Swingline Loans......................................... 29
SECTION 2.07. Letters of Credit....................................... 31
SECTION 2.08. Fees.................................................... 36
SECTION 2.09. Repayment of Loans; Evidence of Debt.................... 37
SECTION 2.10. Interest on Loans....................................... 38
SECTION 2.11. Interest on Overdue Amounts; Alternative Rate
of Interest............................................ 39
SECTION 2.12. Termination and Reduction of Commitments................ 40
SECTION 2.13. Prepayment of Loans..................................... 41
SECTION 2.14. Reserve Requirements; Change in Circumstances........... 41
SECTION 2.15. Change in Legality...................................... 44
SECTION 2.16. Indemnity............................................... 45
SECTION 2.17. Pro Rata Treatment...................................... 46
SECTION 2.18. Sharing of Setoffs...................................... 46
SECTION 2.19. Taxes................................................... 47
SECTION 2.20. Duty to Mitigate; Assignment of Commitments Under
Certain Circumstances................................. 49
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2
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ARTICLE III
Representations and Warranties
SECTION 3.01. Organization............................................ 50
SECTION 3.02. Authorization........................................... 50
SECTION 3.03. Absence of Conflicts.................................... 50
SECTION 3.04. Governmental Approvals.................................. 51
SECTION 3.05. Enforceability.......................................... 51
SECTION 3.06. Financial Statements.................................... 51
SECTION 3.07. Material Adverse Effect................................. 52
SECTION 3.08. Litigation.............................................. 52
SECTION 3.09. Compliance with Laws and Agreements..................... 53
SECTION 3.10. Federal Reserve Regulations............................. 53
SECTION 3.11. Tax Returns............................................. 53
SECTION 3.12. Employee Benefit Plans.................................. 53
SECTION 3.13. Accuracy of Information................................. 54
SECTION 3.14. Investment Company Act; Public Utility Holding
Company Act........................................... 54
SECTION 3.15. Environmental and Safety Matters........................ 54
SECTION 3.16. Title to Properties..................................... 55
SECTION 3.17. Senior Ranking.......................................... 55
SECTION 3.18 Representations of MAI.................................. 55
ARTICLE IV
Conditions of Lending
SECTION 4.01. All Borrowings.......................................... 55
SECTION 4.02. Effective Date.......................................... 57
ARTICLE V
Affirmative Covenants
SECTION 5.01. Existence............................................... 59
SECTION 5.02. Businesses and Properties............................... 59
SECTION 5.03. Insurance............................................... 59
SECTION 5.04. Taxes................................................... 59
SECTION 5.05. Financial Statements, Reports, etc...................... 59
SECTION 5.06. Litigation and Other Notices............................ 61
SECTION 5.07. ERISA................................................... 61
SECTION 5.08. Access to Premises and Records.......................... 62
SECTION 5.09. Compliance with Laws.................................... 62
SECTION 5.10. Environmental Compliance................................ 62
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ARTICLE VI
Negative Covenants
SECTION 6.01. Liens................................................... 63
SECTION 6.02. Sale and Leaseback Transactions......................... 66
SECTION 6.03. Subsidiary Indebtedness and Preferred Stock............. 67
SECTION 6.04. Leverage Ratio.......................................... 67
SECTION 6.05. Interest Coverage Ratio................................. 67
SECTION 6.06. Consolidations, Mergers, Sales of Assets................ 67
SECTION 6.07. Change of Business...................................... 68
SECTION 6.08. Use of Proceeds......................................... 69
SECTION 6.09. Restrictive Agreements.................................. 69
ARTICLE VII
Events of Default........................... 69
ARTICLE VIII
Administrative Agents......................... 73
ARTICLE IX
Guarantee............................... 76
ARTICLE X
Miscellaneous
SECTION 10.01. Notices................................................ 77
SECTION 10.02. No Waivers; Amendments................................. 79
SECTION 10.03. Payments............................................... 80
SECTION 10.04. Governing Law; Submission to Jurisdiction.............. 80
SECTION 10.05. Expenses; Documentary Taxes; Indemnity................. 81
SECTION 10.06. Survival of Agreements, Representations and
Warranties, etc....................................... 82
SECTION 10.07. Successors and Assigns................................. 82
SECTION 10.08. Right of Setoff........................................ 86
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SECTION 10.09. Severability........................................... 87
SECTION 10.10. Cover Page, Table of Contents and Section Headings..... 87
SECTION 10.11. Counterparts; Effectiveness............................ 87
SECTION 10.12. WAIVER OF JURY TRIAL................................... 87
SECTION 10.13. Entire Agreement....................................... 88
SECTION 10.14 Confidentiality........................................ 87
SECTION 10.15. Limitation on Recourse to General Partners; Pari Passu
Obligations............................................ 88
Schedules
Schedule 2.01 Lenders' Commitments
Exhibits
Exhibit A Form of Assignment and Acceptance
Exhibit B Form of Revolving Borrowing Request
Exhibit C-1 Form of Competitive Bid Request
Exhibit C-2 Form of Notice of Competitive Bid Request
Exhibit C-3 Form of Competitive Bid
Exhibit C-4 Form of Competitive Bid Accept/Reject Letter
Exhibit D Form of Letter of Credit Application
Exhibit E-1 Opinion of Baker & Botts L.L.P., counsel for the Borrower
Exhibit E-2 Opinion of Kerry Galvin, Esq., General Counsel
of Lyondell GP
Exhibit E-3 Opinion of George H. Hempstead, III, Esq., General
Counsel of MAI
{PAGE}
CREDIT AGREEMENT dated as of November 25, 1997, among
EQUISTAR CHEMICALS, LP, a Delaware limited partnership;
MILLENNIUM AMERICA INC., a Delaware corporation, as Guarantor;
the lenders from time to time party hereto, initially consisting
of those listed on Schedule 2.01 hereto; BANK OF AMERICA NATIONAL
TRUST AND SAVINGS ASSOCIATION ("BofA"), as Servicing Agent and
Documentation Agent; THE CHASE MANHATTAN BANK ("Chase"), as
Syndication Agent; and BofA and Chase as administrative agents
(in such capacity, the "Administrative Agents").
The Borrower (such term and each other capitalized term used but not
otherwise defined herein having the meaning assigned to it in Article I) has
requested the Lenders to extend credit in order to enable it to borrow on a
revolving basis an aggregate principal amount not in excess of $1,250,000,000.
The proceeds of such Borrowings are to be used to finance a $750,000,000 payment
to Millennium at the closing of the Joint Venture, to provide working capital
availability (including the financing of $250,000,000 required by the Borrower
as a result of retention of certain accounts receivable by Millennium
Petrochemicals Inc.) and for general partnership purposes, including non-hostile
acquisitions and capital expenditures. The Lenders are willing to extend such
credit to the Borrower on the terms and subject to the conditions set forth
herein.
Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Definitions. As used in this Agreement, the following
terms shall have the meanings specified below:
"ABR Borrowing" shall mean a Borrowing comprised of ABR Loans.
"ABR Loan" shall mean any Revolving Loan bearing interest at a rate
determined by reference to the Alternate Base Rate in accordance with Article
II.
{PAGE}
2
"Acceptable Subordinated Loan" shall mean any loan to the Borrower
from a Partner or an Affiliate of a Partner (other than the Borrower or a
Subsidiary), but only to the extent that (a) such loan does not mature, and no
payment, prepayment, redemption or repurchase of the principal amount thereof is
required by the terms thereof, prior to the Maturity Date and (b) such loan is
subordinated to the Obligations on terms acceptable to the Administrative
Agents.
"Administrative Fees" shall have the meaning assigned to such term in
Section 2.08(c).
"Affiliate" shall mean, with respect to any person, any other person
which directly or indirectly controls, is under common control with or is
controlled by such person. As used in this definition, "control" (including,
with correlative meanings, "controlled by" and "under common control with")
shall mean possession, directly or indirectly, of power to direct or cause the
direction of management or policies (whether through ownership of securities or
partnership or other ownership interests, by contract or otherwise).
"Alternate Base Rate" shall mean, for any day, a rate per annum
(rounded upwards to the next higher 1/16th of 1%) equal to the greater of (a)
the Reference Rate in effect on such day and (b) the Federal Funds Effective
Rate in effect on such day plus 1/2 of 1%. If for any reason the Servicing
Agent shall have determined (which determination shall be conclusive absent
manifest error) that it is unable to ascertain the Federal Funds Effective Rate
for any reason, including, without limitation, the inability of the Servicing
Agent to obtain sufficient bids in accordance with the terms hereof, the
Alternate Base Rate shall be determined without regard to clause (b) of the
first sentence of this definition until the circumstances giving rise to such
inability no longer exist.
"Applicable Lending Office" shall mean, with respect to each Lender,
(i) such Lender's domestic lending office in the case of an ABR Loan, a NIBOR
Loan or a Fixed Rate Loan or (ii) such Lender's LIBOR Lending Office in the case
of a LIBOR Loan.
"Applicable Percentage" shall mean, for any day, with respect to any
LIBOR Loan (other than any Competitive Loan) or NIBOR Loan, or with respect to
the Facility Fee, as the case may be, the applicable percentage set forth below
under the caption
109023
|
ABN AMRO Bank
As referenced in this Credit Agreement:
ABN AMRO BANK – Syndication Agent,
by /s/ Mary Elizabeth Swerz
----------------------------------------
Name: Mary Elizabeth Swerz
Title: Vice President
{PAGE}
ABN AMRO BANK N.V.,
by /s/ Micheal W. Nepveux
----------------------------------------
Name: Micheal W. Nepveux
Title: Vice President
by /
dt 45163
;
Hanson
As referenced in this Credit Agreement:
Hanson PLC) – proceeds thereof to be used by
the holders thereof to purchase American Depositary Shares of Hanson PLC) in an
aggregate outstanding principal amount (including accretion of original issue
discount) of $42,
dt 30679
;
Millennium
As referenced in this Credit Agreement:
Millennium Chemicals – Transaction.
"Maturity Date" shall mean the fifth anniversary of the Closing Date.
"Millennium" shall mean Millennium Chemicals Inc., a Delaware
corporation, and its successors and assigns.
"Millennium GP" shall mean Millennium Petrochemicals
dt 22376
;
|
 ABN AMRO Bank
As referenced in this Credit Agreement:
ABN AMRO BANK – Syndication Agent,
by /s/ Mary Elizabeth Swerz
----------------------------------------
Name: Mary Elizabeth Swerz
Title: Vice President
{PAGE}
ABN AMRO BANK N.V.,
by /s/ Micheal W. Nepveux
----------------------------------------
Name: Micheal W. Nepveux
Title: Vice President
by /
dt 45163
;
BofA
As referenced in this Credit Agreement:
BANK OF AMERICA – time to time party hereto, initially consisting
of those listed on Schedule 2.01 hereto; BANK OF AMERICA NATIONAL
TRUST AND SAVINGS ASSOCIATION ("BofA"), as Servicing Agent and
Documentation Agent; THE CHASE MANHATTAN
Bank of America – Attention of Joseph M. Putz
(b) If to the Administrative Agents, in all cases to:
Bank of America National Trust and Savings Association
1850 Gateway Blvd.
Concord, California 94520
Telecopy: 510-675-8500
Bank of America – of David Mills
(c) If to the Servicing Agent, in all cases to it at:
Bank of America National Trust and Savings Association
1850 Gateway Blvd.
Concord, California 94520
Telecopy: 510-675-8500
Bank of America – the Borrower
and the Administrative Agents.
(e) If to the Swingline Lender, to it at:
Bank of America National Trust and Savings Association
1850 Gateway Blvd.
Concord, California 94520
Telecopy: 510-675-8500
Bank of
America – the Lenders hereunder
shall be made to the Servicing Agent in immediately available funds at Bank of
America National Trust and Savings Association (ABA #121000358, Account #12339-
15888 and Reference: Equistar) not later
dt 39624
;
More... |
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Subscribers | 2003 |
Credit Agreement [Amended and Restated]
Credit Agreement [Amended and Restated] (13K)
Doc #173494: Click preview link for longer preview.
AMENDMENT TO ASSET PURCHASE AGREEMENT
This Amendment to Asset Purchase Agreement ("Amendment"), dated as of the 15th day of December, 2003, is entered by and between Rock of Ages Kentucky Cemeteries, LLC, a Delaware limited liability company ("Seller"), and Saber Management-Kentucky, LLC, an Indiana limited liability company ("Buyer").
WHEREAS, the Seller and Saber Management, L.L.C., an Indiana limited liability company, entered into an Asset Purchase Agreement dated July 28, 2003 (the "Asset Purchase Agreement"), pursuant to which the Seller . . .
173494
| Cherokee International Corporation;
| Heller Financial, Inc.
|
| Preview
Subscribers | 2003 |
Credit Agreement [Amended and Restated No. 2]
Credit Agreement [Amended and Restated No. 2] (298K)
Doc #174077: Click preview link for longer preview.
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF MARCH 25, 2003
AMONG
CENTEX CONSTRUCTION PRODUCTS, INC.,
AS BORROWER,
THE LENDERS,
BANK ONE, NA,
AS ADMINISTRATIVE AGENT
AND LC ISSUER,
PNC BANK, NATIONAL ASSOCIATION,
AS SYNDICATION AGENT,
AND
BANC ONE CAPITAL MARKETS, INC.,
AS SOLE LEAD ARRANGER AND
SOLE BOOK MANAGER
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ARTICLE I DEFINITIONS............................................................................... 1
ARTICLE II THE CREDITS............................................................................... 14
2.1. Commitment................................................................................ 14
2.2. Required Payments; Termination............................................................ 14
2.3. Ratable Loans............................................................................. 14
2.4. Types of Advances......................................................................... 15
2.5. Commitment Fee; Reductions in Aggregate Commitment........................................ 15
2.6. Increase in Commitment.................................................................... 15
2.7. Minimum Amount of Each Advance............................................................ 17
2.8. Optional Principal Payments............................................................... 17
2.9. Method of Selecting Types and Interest Periods for New Advances........................... 17
2.10. Conversion and Continuation of Outstanding Advances....................................... 18
2.11. Changes in Interest Rate, etc............................................................. 18
2.12. Rates Applicable After Default............................................................ 19
2.13. Method of Payment......................................................................... 19
2.14. Noteless Agreement; Evidence of Indebtedness.............................................. 19
2.15. Telephonic Notices........................................................................ 20
2.16. Interest Payment Dates; Interest and Fee Basis............................................ 20
2.17. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions........... 21
2.18. Lending Installations..................................................................... 21
2.19. Non-Receipt of Funds by the Administrative Agent.......................................... 21
2.20. Facility LCs.............................................................................. 22
2.21. Replacement of Lender..................................................................... 26
2.22. Swing Line Subfacility.................................................................... 27
2.23. Limitation of Interest.................................................................... 28
ARTICLE III YIELD PROTECTION; TAXES................................................................... 29
3.1. Yield Protection.......................................................................... 29
3.2. Changes in Capital Adequacy Regulations................................................... 30
3.3. Availability of Types of Advances......................................................... 31
3.4. Funding Indemnification................................................................... 31
3.5. Taxes..................................................................................... 31
3.6. Lender Statements; Survival of Indemnity.................................................. 33
ARTICLE IV CONDITIONS PRECEDENT...................................................................... 33
4.1. Initial Advance........................................................................... 33
4.2. Each Credit Extension..................................................................... 35
ARTICLE V REPRESENTATIONS AND WARRANTIES............................................................ 35
5.1. Existence and Standing.................................................................... 35
5.2. Authorization and Validity................................................................ 36
5.3. No Conflict; Government Consent........................................................... 36
5.4. Financial Statements...................................................................... 36
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5.5. Material Adverse Change................................................................... 37
5.6. Taxes..................................................................................... 37
5.7. Litigation and Contingent Obligations..................................................... 37
5.8. Subsidiaries.............................................................................. 37
5.9. ERISA..................................................................................... 37
5.10. Accuracy of Information................................................................... 38
5.11. Regulation U.............................................................................. 38
5.12. Material Agreements....................................................................... 38
5.13. Compliance With Laws...................................................................... 38
5.14. Ownership of Properties................................................................... 38
5.15. Plan Assets; Prohibited Transactions...................................................... 38
5.16. Environmental Matters..................................................................... 38
5.17. Investment Company Act.................................................................... 39
5.18. Public Utility Holding Company Act........................................................ 39
5.19. Subordinated Indebtedness................................................................. 39
5.20. Post-Retirement Benefits.................................................................. 39
5.21. Solvency.................................................................................. 39
ARTICLE VI COVENANTS................................................................................. 40
6.1. Financial Reporting....................................................................... 40
6.2. Use of Proceeds........................................................................... 41
6.3. Notice of Default......................................................................... 41
6.4. Taxes..................................................................................... 41
6.5. Insurance................................................................................. 41
6.6. Compliance with Laws...................................................................... 42
6.7. Maintenance of Properties................................................................. 42
6.8. Books and Records......................................................................... 42
6.9. Inspection................................................................................ 42
6.10. Merger.................................................................................... 42
6.11. Sale of Assets............................................................................ 42
6.12. Liens..................................................................................... 43
6.13. Affiliates................................................................................ 44
6.14. Sale and Leaseback Transactions and other Off-Balance Sheet Liabilities................... 44
6.15. Letters of Credit......................................................................... 44
6.16. Financial Covenants....................................................................... 44
6.17. Lines of Business......................................................................... 44
6.18. Prepayment of Debt........................................................................ 45
6.19. Future Subsidiaries....................................................................... 45
6.20. Prohibition on Granting Negative Pledges.................................................. 45
6.21. Prohibition on Granting Restrictions on Distributions..................................... 45
6.22. Prohibition on Synthetic Leases........................................................... 45
6.23. Acquisitions.............................................................................. 45
{/TABLE}
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(CONTINUED)
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ARTICLE VII DEFAULTS.................................................................................. 46
7.1. .......................................................................................... 46
7.2. .......................................................................................... 46
7.3. .......................................................................................... 46
7.4. .......................................................................................... 46
7.5. .......................................................................................... 46
7.6. .......................................................................................... 46
7.7. .......................................................................................... 47
7.8. .......................................................................................... 47
7.9. .......................................................................................... 47
7.10. .......................................................................................... 47
7.11. .......................................................................................... 47
7.12. .......................................................................................... 47
7.13. .......................................................................................... 48
7.14. .......................................................................................... 48
7.15. .......................................................................................... 48
7.16. .......................................................................................... 48
ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES............................................ 48
8.1. Acceleration; Facility LC Collateral Account.............................................. 48
8.2. Amendments................................................................................ 49
8.3. Preservation of Rights.................................................................... 50
ARTICLE IX GENERAL PROVISIONS........................................................................ 50
9.1. Survival of Representations............................................................... 50
9.2. Governmental Regulation................................................................... 50
9.3. Headings.................................................................................. 51
9.4. ENTIRE AGREEMENT.......................................................................... 51
9.5. Several Obligations; Benefits of this Agreement........................................... 51
9.6. Expenses; Indemnification................................................................. 51
9.7. Numbers of Documents...................................................................... 52
9.8. Accounting................................................................................ 52
9.9. Severability of Provisions................................................................ 52
9.10. Nonliability of Lenders................................................................... 52
9.11. Confidentiality........................................................................... 53
9.12. Nonreliance............................................................................... 53
9.13. Disclosure................................................................................ 53
9.14. Survival of Prior Agreements.............................................................. 53
ARTICLE X THE ADMINISTRATIVE AGENT.................................................................. 53
10.1. Appointment; Nature of Relationship....................................................... 53
10.2. Powers.................................................................................... 54
10.3. General Immunity.......................................................................... 54
10.4. No Responsibility for Credit Extensions, Recitals, etc.................................... 54
10.5. Action on Instructions of Lenders......................................................... 55
{/TABLE}
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(CONTINUED)
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10.6. Employment of Administrative Agents and Counsel........................................... 55
10.7. Reliance on Documents; Counsel............................................................ 55
10.8. Administrative Agent's Reimbursement and Indemnification.................................. 55
10.9. Notice of Default......................................................................... 56
10.10. Rights as a Lender........................................................................ 56
10.11. Lender Credit Decision.................................................................... 56
10.12. Successor Administrative Agent............................................................ 56
10.13. Administrative Agent and Arranger Fees.................................................... 57
10.14. Delegation to Affiliates.................................................................. 57
10.15. Co-Agents, Syndication Agent, etc......................................................... 57
ARTICLE XI SETOFF; RATABLE PAYMENTS.................................................................. 58
11.1. Setoff.................................................................................... 58
11.2. Ratable Payments.......................................................................... 58
ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS......................................... 58
12.1. Successors and Assigns.................................................................... 58
12.2. Participations............................................................................ 59
12.3. Assignments............................................................................... 60
12.4. Dissemination of Information.............................................................. 61
12.5. Tax Treatment............................................................................. 62
ARTICLE XIII NOTICES................................................................................... 62
13.1. Notices................................................................................... 62
13.2. Change of Address......................................................................... 62
ARTICLE XIV COUNTERPARTS.............................................................................. 62
ARTICLE XV CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.............................. 63
15.1. CHOICE OF LAW............................................................................. 63
15.2. CONSENT TO JURISDICTION................................................................... 63
15.3. WAIVER OF JURY TRIAL...................................................................... 63
15.4. Effect of Amendment and Restatement....................................................... 63
{/TABLE}
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(CONTINUED)
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EXHIBITS:
A - PRICING SCHEDULE
B - COMPLIANCE CERTIFICATE
C - ASSIGNMENT AGREEMENT
D - LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION
E - NOTE
F - COMMITMENT AND ACCEPTANCE
SCHEDULES:
1 - COMMITMENTS
2 - SUBSIDIARIES AND OTHER INVESTMENTS
3 - LIENS
4 - EXISTING FACILITY LCS
{/TABLE}
v
{PAGE}
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This Second Amended and Restated Credit Agreement (this "Agreement") is
entered into as of March 25, 2003, by and among the banks listed on the
signature pages hereof (the "Lenders"), CENTEX CONSTRUCTION PRODUCTS, INC., a
Delaware corporation (the "Borrower"), PNC BANK, NATIONAL ASSOCIATION, a
national banking association, as Syndication Agent (the "Syndication Agent"),
BANC ONE CAPITAL MARKETS, INC., as Sole Lead Arranger and Sole Book Manager (the
"Sole Lead Arranger" and/or "Sole Book Manager"), and BANK ONE, NA, as LC Issuer
and Administrative Agent (the "LC Issuer" and/or the "Administrative Agent").
RECITALS
A. The Borrower, certain lenders party thereto, the Sole Lead
Arranger and Sole Book Manager, the LC Issuer and the Administrative Agent are
parties to that certain Amended and Restated Credit Agreement dated as of June
30, 2001 to be effective as of July 20, 2001 (as the same has been amended,
restated or modified from time to time, the "Existing Credit Agreement").
B. The Borrower desires to amend and restate the Existing Credit
Agreement to amend certain covenants and provisions therein, and the
Administrative Agent and Lenders have agreed to such amendment, subject to the
terms and conditions contained herein.
NOW, THEREFORE, in consideration of the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are all hereby acknowledged, the parties
hereto covenant and agree as follows:
ARTICLE I
DEFINITIONS
As used in this Agreement:
"Acquisition" means any transaction, or any series of related
transactions, consummated on or after the date of this Agreement, by which the
Borrower or any of its Subsidiaries (i) acquires any going business or all or
substantially all of the assets of any firm, corporation or limited liability
company, or division thereof, whether through purchase of assets, merger or
otherwise or (ii) directly or indirectly acquires (in one transaction or as the
most recent transaction in a series of transactions) at least a majority (in
number of votes) of the securities of a corporation which have ordinary voting
power for the election of directors (other than securities having such power
only by reason of the happening of a contingency) or a majority (by percentage
or voting power) of the outstanding ownership interests of a partnership or
limited liability company.
"Advance" means (a) a borrowing hereunder, (i) made by the Lenders on
the same Borrowing Date, or (ii) converted or continued by the Lenders on the
same date of conversion or continuation, consisting, in either case, of the
aggregate amount of the several Loans of the same
174077
|
Centex
As referenced in this Credit Agreement [Amended and Restated No. 2]:
CENTEX CONSTRUCTION PRODUCTS, – SECOND AMENDED/RESTATED CREDIT AGREEMENT
{TEXT}
{PAGE}
EXHIBIT 4.2
================================================================================
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF MARCH 25, 2003
AMONG
CENTEX CONSTRUCTION PRODUCTS, INC.,
AS BORROWER,
THE LENDERS,
BANK ONE, NA,
AS ADMINISTRATIVE AGENT
AND LC ISSUER,
PNC BANK, NATIONAL ASSOCIATION,
AS SYNDICATION AGENT,
AND
_____________
CENTEX CONSTRUCTION PRODUCTS, – this "Agreement") is
entered into as of March 25, 2003, by and among the banks listed on the
signature pages hereof (the "Lenders"), CENTEX CONSTRUCTION PRODUCTS, INC., a
Delaware corporation (the "Borrower"), PNC BANK, NATIONAL ASSOCIATION, a
national banking association, as Syndication Agent (the "Syndication Agent"),
BANC ONE
_____________
Centex Construction Products, – Bank One, NA, a national banking association having
its principal office in Dallas, Texas, in its individual capacity, and its
successors.
"Borrower" means Centex Construction Products, Inc., a Delaware
corporation, and its successors and assigns.
"Borrowing Date" means a date on which an Advance is made hereunder.
"Borrowing
_____________
CENTEX CONSTRUCTION PRODUCTS, – WHEREOF, the Borrower, the Lenders, the LC Issuer and the
Administrative Agent have executed this Agreement as of the date first above
written.
CENTEX CONSTRUCTION PRODUCTS, INC.,
as Borrower
By: _____________________________________
Name: ___________________________________
Title: __________________________________
Address: 2728 N. Harwood
Dallas, Texas 75201
Attention: Arthur R. Zunker, Jr.
Chief
_____________
Centex Construction Products, – the Credit Agreement.
5. Credit Agreement: The $250,000,000 Second Amended and Restated
Credit Agreement dated as of March 25, 2003 among
Centex Construction Products, Inc., the Lenders
party thereto, the Syndication Agent, and Bank
One, NA, as Administrative Agent.
-------------------------------
(1) Select as applicable
{PAGE}
6. Assigned
_____________
dt 109006
;
Centex
As referenced in this Credit Agreement [Amended and Restated No. 2]:
CENTEX CONSTRUCTION PRODUCTS, – SECOND AMENDED/RESTATED CREDIT AGREEMENT
{TEXT}
{PAGE}
EXHIBIT 4.2
================================================================================
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF MARCH 25, 2003
AMONG
CENTEX CONSTRUCTION PRODUCTS, INC.,
AS BORROWER,
THE LENDERS,
BANK ONE, NA,
AS ADMINISTRATIVE AGENT
AND LC ISSUER,
PNC BANK, NATIONAL ASSOCIATION,
AS SYNDICATION AGENT,
AND
_____________
CENTEX CONSTRUCTION PRODUCTS, – this "Agreement") is
entered into as of March 25, 2003, by and among the banks listed on the
signature pages hereof (the "Lenders"), CENTEX CONSTRUCTION PRODUCTS, INC., a
Delaware corporation (the "Borrower"), PNC BANK, NATIONAL ASSOCIATION, a
national banking association, as Syndication Agent (the "Syndication Agent"),
BANC ONE
_____________
Centex Construction Products, – Bank One, NA, a national banking association having
its principal office in Dallas, Texas, in its individual capacity, and its
successors.
"Borrower" means Centex Construction Products, Inc., a Delaware
corporation, and its successors and assigns.
"Borrowing Date" means a date on which an Advance is made hereunder.
"Borrowing
_____________
CENTEX CONSTRUCTION PRODUCTS, – WHEREOF, the Borrower, the Lenders, the LC Issuer and the
Administrative Agent have executed this Agreement as of the date first above
written.
CENTEX CONSTRUCTION PRODUCTS, INC.,
as Borrower
By: _____________________________________
Name: ___________________________________
Title: __________________________________
Address: 2728 N. Harwood
Dallas, Texas 75201
Attention: Arthur R. Zunker, Jr.
Chief
_____________
Centex Construction Products, – the Credit Agreement.
5. Credit Agreement: The $250,000,000 Second Amended and Restated
Credit Agreement dated as of March 25, 2003 among
Centex Construction Products, Inc., the Lenders
party thereto, the Syndication Agent, and Bank
One, NA, as Administrative Agent.
-------------------------------
(1) Select as applicable
{PAGE}
6. Assigned
_____________
dt 109006
;
Banc One Capital
As referenced in this Credit Agreement [Amended and Restated No. 2]:
BANC ONE CAPITAL MARKETS, – PRODUCTS, INC.,
AS BORROWER,
THE LENDERS,
BANK ONE, NA,
AS ADMINISTRATIVE AGENT
AND LC ISSUER,
PNC BANK, NATIONAL ASSOCIATION,
AS SYNDICATION AGENT,
AND
BANC ONE CAPITAL MARKETS, INC.,
AS SOLE LEAD ARRANGER AND
SOLE BOOK MANAGER
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I DEFINITIONS............................................................................... 1
_____________
BANC ONE CAPITAL MARKETS, – CENTEX CONSTRUCTION PRODUCTS, INC., a
Delaware corporation (the "Borrower"), PNC BANK, NATIONAL ASSOCIATION, a
national banking association, as Syndication Agent (the "Syndication Agent"),
BANC ONE CAPITAL MARKETS, INC., as Sole Lead Arranger and Sole Book Manager (the
"Sole Lead Arranger" and/or "Sole Book Manager"), and BANK ONE, NA,
_____________
Banc One Capital Markets, – an Affiliate of a Lender or (c) an entity or an Affiliate of an
entity that administers or manages a Lender.
"Arranger" means Banc One Capital Markets, Inc., a Delaware
corporation, and its successors, in its capacity as Sole Lead Arranger and Sole
Book Manager.
2
{PAGE}
"Article" means
_____________
dt 100659
;
|
BofA
As referenced in this Credit Agreement [Amended and Restated No. 2]:
BANK OF AMERICA, – ______________________________
Telephone: ______________________________
FAX: ______________________________
Signature Page to Second Amended and Restated Credit Agreement
{PAGE}
BANK OF AMERICA, N.A.,
as a Lender
By: _____________________________________
Name: ___________________________________
Title: __________________________________
Address: ______________________________
______________________________
Bank of America, – S} {C}
Bank One, NA 30,000,000
PNC Bank, National Association 25,000,000
Bank of America, N.A. 15,000,000
JPMorgan Chase Bank 15,000,000
Bank of Texas,
dt 40416
;
BNY
As referenced in this Credit Agreement [Amended and Restated No. 2]:
Bank of New York, – is not a
Business Day, for the immediately 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 42389
;
More... |
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Credit Agreement
Credit Agreement (410K)
Doc #343507: Click preview link for longer preview.
CREDIT AGREEMENT
Dated as of May 14, 2003
among
ASTEC INDUSTRIES, INC.,
ASTEC, INC., HEATEC, INC., CEI ENTERPRISES, INC.,
ASTEC SYSTEMS, INC., TELSMITH, INC.,
KOLBERG - PIONEER, INC.,
JOHNSON CRUSHERS INTERNATIONAL, INC.,
SUPERIOR INDUSTRIES OF MORRIS, INC.,
BREAKER TECHNOLOGY, INC.,
PRODUCTION ENGINEERED PRODUCTS, INC.,
CARLSON PAVING PRODUCTS, INC.,
ROADTEC, INC., TRENCOR, INC., AMERICAN AUGERS, INC.,
AI DEVELOPMENT GROUP, INC.,
AI ENTERPRISES, INC., ASTEC HOLDINGS, INC.,
ASTEC INVESTMENTS, INC.,
ASTEC TRANSPORTATION, INC.,
RI PROPERTIES, INC., and
TI . . .
343507
|
Astec Industries
As referenced in this Credit Agreement:
ASTEC INDUSTRIES, INC –
EX-99 3 geagree2.htm LOAN AGREEMENT, US
EXHIBIT 99.1
CREDIT AGREEMENT
Dated as of May 14, 2003
among
ASTEC INDUSTRIES, INC .,
ASTEC, INC., HEATEC, INC., CEI ENTERPRISES, INC.,
ASTEC SYSTEMS, INC., TELSMITH, INC.,
KOLBERG - PIONEER, INC.,
JOHNSON CRUSHERS INTERNATIONAL, INC.,
SUPERIOR INDUSTRIES OF
_____________
ASTEC INDUSTRIES, INC – 12.7
Contribution with Respect to Guaranty Obligations.
66
12.8
Liability Cumulative
67
CREDIT AGREEMENT, dated as of May 14, 2003, among ASTEC INDUSTRIES, INC ., a Tennessee corporation ("Astec Industries"), ASTEC, INC., a Tennessee corporation ("AI"), HEATEC, INC., a Tennessee corporation ("Heatec"), CEI ENTERPRISES, INC., a Tennessee
_____________
ASTEC INDUSTRIES, INC – Page Intentionally Blank.
Signature pages follow.]
IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first written above.
BORROWERS:
ASTEC INDUSTRIES, INC .,
a Tennessee corporation,
By: /s/ F. McKamy Hall
Name: F. McKamy Hall
Title: Treasurer
ASTEC, INC.,
a Tennessee corporation
By: /s/ F.
_____________
Astec Industries, Inc – Road
Stamford, Connecticut 06905-3417
Attention: Doug Hirai
Telecopier No.: (203) 961-5136
Telephone No.: (203) 316-7889]
(B) If to Borrower, at
Astec Industries, Inc .
4101 Jerome Avenue
Chattanooga, Tennessee 37407
Attention: McKamy Hall
Telecopier No.: (423) 827-1818
Telephone No.: (423) 867-4210
with copies to:
_____________
dt 692676
;
Martin Marietta
As referenced in this Credit Agreement:
Martin Marietta Materials, Inc – of any Credit Party, or to any entity that has any common officer or director with any Credit Party, in each case excluding Martin Marietta Materials, Inc . with respect to the sole common director of each;
h. that is the obligation of an Account Debtor that is the United
_____________
Martin Marietta Materials, Inc – as of any date of determination, exceed ten percent (10%) of all Eligible Accounts (except that (1) with respect to Accounts owing by Martin Marietta Materials, Inc ., and its Affiliates, such percentage shall be twenty percent (20%); (2) with respect to Accounts owing by Vulcan Materials Company and its
_____________
dt 695442
;
|
Bank One
As referenced in this Credit Agreement:
Bank One, NA – after the Closing Date by any Credit Party (as required by the Agreement or any other Loan Document).
"Prior Lender" shall mean collectively, Bank One, NA , American United Life Insurance Company, United of Omaha Life Insurance Company, Companion Life Insurance Company, The Guardian Life Insurance Company of America,
_____________
dt 703083
;
 Patton Boggs
As referenced in this Credit Agreement:
Patton Boggs – Road, Suite 900
Atlanta, Georgia 30328
Attention: Astec Account Manager
Telecopier No.: (678) 320-8902
Telephone No.: (678) 320-8900
with copies to:
Patton Boggs LLP
2001 Ross Avenue, Suite 3000
Dallas, Texas 75201
Attention: James C. Chadwick
Telecopier No.: (214) 758-1550
Telephone No.: (214) 758-
_____________
dt 700443
|
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Credit Agreement
Credit Agreement (275K)
Doc #343508: Click preview link for longer preview.
CREDIT AGREEMENT
Dated as of May 14, 2003
among
BREAKER TECHNOLOGY LTD.
as Borrower
THE OTHER CREDIT PARTIES SIGNATORY HERETO
as Credit Parties
GENERAL ELECTRIC CAPITAL CANADA INC.
as Lender
TABLE OF CONTENTS
Page
1.
AMOUNT AND TERMS OF CREDIT
1
1.1
Credit Facilities
1
1.2
Letters of Credit
2
1.3
Prepayments
2
1.4
Use of Proceeds
4
1.5
Interest and Applicable Margins
4
1.6
Eligible Accounts
6
1.7
Eligible . . .
343508
|
Astec Industries
As referenced in this Credit Agreement:
Astec Industries Inc – non-use of committed funds pursuant to Section 1.9(a).
"Approved Appraiser" shall mean an appraiser selected by Lender.
"Astec" shall mean Astec Industries Inc ., a Tennessee corporation.
"Blocked Accounts" has the meaning ascribed to it in Annex C.
"Borrower" shall have the meaning ascribed thereto in
_____________
Astec Industries, Inc – Guarantor Security Agreement" means the Security Agreement of even date herewith entered into among Lender and each Guarantor signatory thereto.
"Guarantors" shall mean Astec Industries, Inc ., Astec Inc., Heatec, Inc., CEI Enterprises, Inc., Astec Systems, Inc., Telesmith, Inc., Kolberg-Pioneer, Inc., Johnson Crushers International, Inc., Superior Industries of
_____________
Astec Industries, Inc – lawful currency of the United States of America.
"US Facility Agreement" shall mean the Credit Agreement dated the date hereof among, inter alia, Astec Industries, Inc ., the other credit parties signatory thereto, the Lender from time to time party thereto, and General Electric Capital Corporation, as agent.
"US
_____________
Astec Industries Inc – will be Solvent, and (f) there has been no material increase in liabilities, liquidated or contingent, and no material decrease in assets of Astec Industries Inc . or any of its Subsidiaries, including, without limitation, Borrower.
R. Waivers. Lender shall have received landlord waivers and consents, bailee letters and
_____________
Astec Industries, Inc – Attention: Doug Hirai
Telecopier No.: (203) 961-5136
Telephone No.: (203) 316-7889
(B) If to Borrower, at
Breaker Technology Ltd.
c/o Astec Industries, Inc .
4101 Jerome Avenue
Chattanooga, Tennessee 37407
Attention: McKamy Hall
Telecopier No.: (423) 827-1818
Telephone No.: (423) 827-4210
with copies to:
_____________
dt 692654
;
Martin Marietta
As referenced in this Credit Agreement:
Martin Marietta Materials, Inc – of any Credit Party, or to any entity that has any common officer or director with any Credit Party, in each case, excluding Martin Marietta Materials, Inc . with respect to the sole common director of each;
that is the obligation of an Account Debtor that is the Canadian government (
_____________
Martin Marietta Materials, Inc – as of any date of determination, exceed ten percent (10%) of all Eligible Accounts (except that (1) with respect to Accounts owing by Martin Marietta Materials, Inc ., and its Affiliates, such percentage shall be twenty percent (20%); (2) with respect to Accounts owing by Vulcan Materials Company and its
_____________
dt 695443
;
Bank One
As referenced in this Credit Agreement:
Bank One, Na – established (i) a Canadian Dollar and a US Dollar depository account and (ii) a Canadian Dollar and a US Dollar disbursement account at Bank One, Na tional Association, Canada Branch. On or prior to the date which is three days following the Closing Date, Borrower shall confirm in writing
_____________
dt 703092
;
|
Royal Bank
As referenced in this Credit Agreement:
Royal Bank of Canada, – the reports with respect to the Collateral referred to in Annex F.
"Collection Account" shall mean that certain account of Lender, account number 1011519 in the name of Lender at Royal Bank of Canada, Main Branch, Toronto, Ontario, or such other account as Lender may specify in writing as the "Collection Account".
"Commitment Termination Date" shall mean the earliest of (a) May 14,
_____________
dt 1313473
;
Patton Boggs
As referenced in this Credit Agreement:
Patton Boggs – Road, Suite 900
Atlanta, Georgia 30328
Attention: Astec Account Manager
Telecopier No.: (678) 320-8902
Telephone No.: (678) 320-8900
with copies to:
Patton Boggs LLP
2001 Ross Avenue, Suite 3000
Dallas, Texas 75201
Attention: James C. Chadwick
Telecopier No.: (214) 758-1550
Telephone No.: (214) 758-
_____________
dt 700444
|
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Five Year Credit Agreement
Five Year Credit Agreement (358K)
Doc #350496: Click preview link for longer preview.
FIVE YEAR CREDIT AGREEMENT
dated as of
June 30, 2000
among
USG CORPORATION
as Borrower
The Lenders Party Hereto
THE CHASE MANHATTAN BANK
as Administrative Agent
THE TORONTO-DOMINION BANK
as Canadian Agent
BANK ONE, NA and CITIBANK, N.A.
as Syndication Agents
and
BANK OF AMERICA, N.A.
as Documentation Agent
---------------------------
CHASE SECURITIES INC.
as Sole Lead Arranger and Sole Book Manager
================================================================================
{PAGE} 2
ARTICLE I Definitions....................................................1
SECTION 1.01. Defined Terms..................................................1
SECTION 1.02. Classification of Loans and Borrowings........................24
SECTION 1.03. Terms Generally...............................................25
SECTION 1.04. Accounting Terms; GAAP........................................25
SECTION 1.05. Exchange Rates................................................25
ARTICLE II The Credits...................................................26
SECTION 2.01. Commitments...................................................26
SECTION 2.02. Loans and Borrowings..........................................26
SECTION 2.03. Requests for Revolving Borrowings.............................27
SECTION 2.04. Canadian Bankers' Acceptances.................................29
SECTION 2.05. Competitive Bid Procedure.....................................33
SECTION 2.06. Swingline Loans...............................................35
SECTION 2.07. Letters of Credit.............................................38
SECTION 2.08. Funding of Borrowings.........................................44
SECTION 2.09. Repayment of Borrowings; Evidence of Debt.....................45
SECTION 2.10. Interest Elections............................................46
SECTION 2.11. Termination and Reduction of Commitments......................47
SECTION 2.12. Increase in Commitments.......................................48
SECTION 2.13. Prepayment of Loans...........................................51
SECTION 2.14. Fees..........................................................52
SECTION 2.15. Interest......................................................54
SECTION 2.16. Alternate Rate of Interest....................................56
SECTION 2.17. Increased Costs...............................................56
SECTION 2.18. Break Funding Payments........................................57
SECTION 2.19. Taxes.........................................................58
SECTION 2.20. Payments Generally; Pro Rata Treatment; Sharing of Setoffs....59
SECTION 2.21. Mitigation Obligations; Replacement of Lenders................61
SECTION 2.22. Designation of Canadian Borrowers.............................62
ARTICLE III Representations and Warranties................................62
SECTION 3.01. Organization; Corporate Powers................................63
SECTION 3.02. Authority.....................................................63
SECTION 3.03. Subsidiaries; Ownership of Capital Stock......................63
SECTION 3.04. No Conflict...................................................63
SECTION 3.05. Governmental Consents.........................................64
SECTION 3.06. Governmental Regulation.......................................64
SECTION 3.07. Labor Matters.................................................64
SECTION 3.08. Litigation; Material Adverse Effects..........................64
SECTION 3.09. Payment of Taxes..............................................64
SECTION 3.10. Margin Stock..................................................65
SECTION 3.11. No Material Misstatements.....................................65
{PAGE} 3
SECTION 3.12. Requirements of Law...........................................65
SECTION 3.13. Environmental Matters.........................................65
SECTION 3.14. ERISA.........................................................66
SECTION 3.15. Assets and Properties.........................................66
SECTION 3.16. Agreements....................................................67
SECTION 3.17. Financial Statements..........................................67
ARTICLE IV Conditions....................................................67
SECTION 4.01. Effective Date................................................67
SECTION 4.02. Each Credit Event.............................................68
SECTION 4.03. Initial Credit Event for each Canadian Borrower...............69
ARTICLE V Affirmative Covenants.........................................69
SECTION 5.01. Corporate Existence; Corporate Powers; Etc....................69
SECTION 5.02. Compliance with Laws, Etc.....................................70
SECTION 5.03. Maintenance of Properties; Insurance..........................70
SECTION 5.04. Payment of Taxes and Claims...................................70
SECTION 5.05. Inspection of Property; Books and Records.....................70
SECTION 5.06. ERISA.........................................................71
SECTION 5.07. Financial Statements..........................................71
SECTION 5.08. Notices of Material Events....................................73
ARTICLE VI Negative Covenants............................................73
SECTION 6.01. Debt..........................................................73
SECTION 6.02. Sales of Assets...............................................74
SECTION 6.03. Liens.........................................................75
SECTION 6.04. Transactions with Affiliates..................................76
SECTION 6.05. Fundamental Changes...........................................76
SECTION 6.06. Sales and Lease-Back..........................................76
SECTION 6.07. Restrictive Agreements........................................76
SECTION 6.08. No More Restrictive Covenants.................................77
SECTION 6.09. Financial Covenants...........................................77
ARTICLE VII Events of Default.............................................77
SECTION 7.01. Events of Default.............................................77
SECTION 7.02. Rights and Remedies...........................................81
ARTICLE VIII The Agents....................................................81
ARTICLE IX Collection Allocation Mechanism...............................84
ARTICLE X Guarantee.....................................................85
ii
{PAGE} 4
ARTICLE XI Miscellaneous.................................................86
SECTION 11.01. Notices.......................................................86
SECTION 11.02. Waivers; Amendments...........................................87
SECTION 11.03. Expenses; Indemnity; Damage Waiver............................89
SECTION 11.04. Successors and Assigns........................................90
SECTION 11.05. Survival......................................................93
SECTION 11.06. Counterparts; Integration; Effectiveness......................93
SECTION 11.07. Severability..................................................94
SECTION 11.08. Right of Setoff...............................................94
SECTION 11.09. Governing Law; Jurisdiction; Consent to Service of Process....94
SECTION 11.10. WAIVER OF JURY TRIAL..........................................95
SECTION 11.11. Headings......................................................95
SECTION 11.12. Confidentiality...............................................96
SECTION 11.13. Conversion of Currencies......................................96
SECTION 11.14. Non-Reliance by the Lenders...................................96
SCHEDULES:
Schedule 2.01 -- Lenders and Commitments
Schedule 2.07 -- Existing Letters of Credit
Schedule 2.20 -- Payment Instructions
Schedule 3.03 -- Subsidiaries
Schedule 3.08 -- Litigation; Material Adverse Effects
Schedule 3.13 -- Environmental Matters
Schedule 3.14 -- ERISA
Schedule 6.01 -- Existing Debt
Schedule 6.03 -- Existing Liens
Schedule 6.07 -- Existing Restrictive Agreements
EXHIBITS:
Exhibit A-1 -- Form of Borrowing Subsidiary Agreement
Exhibit A-2 -- Form of Borrowing Subsidiary Termination
Exhibit B -- Form of Assignment and Acceptance
Exhibit C-1 -- Form of Opinion of Special Counsel for the Administrative
Agent
Exhibit C-2 -- Form of Opinion of Assistant General Counsel of the Company
iii
{PAGE} 5
FIVE YEAR CREDIT AGREEMENT dated as of June 30, 2000, among USG
CORPORATION, a Delaware corporation (the "Company"); the CANADIAN BORROWERS (as
defined herein) (the Company and the Canadian Borrowers being collectively
called the "Borrowers"); the LENDERS from time to time party hereto; THE CHASE
MANHATTAN BANK, as Administrative Agent; THE TORONTO-DOMINION BANK, as Canadian
Agent; BANK ONE, NA and CITIBANK, N.A., as Syndication Agents; and BANK OF
AMERICA, N.A., as Documentation Agent.
The Company has requested the Lenders (such term and each other
capitalized term used and not otherwise defined herein having the meaning
assigned to it in Article I) to extend credit in the form of (a) US Tranche
Commitments under which the Company may obtain Loans in US Dollars in an
aggregate principal amount at any time outstanding that will not result in the
sum of the US Tranche Revolving Exposures and the Competitive Loan Exposures
exceeding $325,000,000, (b) Canadian Tranche Commitments under which the
Canadian Borrowers may obtain Loans and Acceptances in Canadian Dollars and the
Company may obtain Loans in US Dollars in an aggregate principal amount at any
time outstanding that will not result in the Canadian Tranche Exposure exceeding
$75,000,000, (c) Letters of Credit in US Dollars in an aggregate stated amount
at any time outstanding up to $75,000,000 and (d) Letters of Credit in Canadian
Dollars in an aggregate stated amount at any time outstanding up to $10,000,000.
The Company has also requested the Lenders to provide a procedure pursuant to
which the Company may invite the Lenders to bid on an uncommitted basis on
short-term Loans to the Company.
The Lenders are willing to establish the credit facilities referred to
in the preceding paragraph upon the terms and subject to the conditions set
forth herein. Accordingly, the parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01 Defined Terms. As used in this Agreement, the following
terms have the meanings specified below:
"ABR", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.
"Acceptance" means a Draft issued by a Canadian Borrower and accepted
by a Canadian Tranche Lender pursuant to this Agreement.
"Acceptance Proceeds" means the cash proceeds derived from the sale of
a specified Acceptance before deduction of the Stamping Fee.
"Adjusted LIBO Rate" means, with respect to any Eurocurrency Borrowing
for any Interest Period, an interest rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest
Period multiplied by (b) the Statutory
{PAGE} 6
Reserve Rate.
"Administrative Agent" means The Chase Manhattan Bank, in its capacity
as administrative agent for the Lenders hereunder.
"Administrative Questionnaire" means an Administrative Questionnaire
in a form supplied by the Administrative Agent or the Canadian Agent, as
applicable.
"Affiliate" means, with respect to a specified Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified.
"Agents" means, collectively, the Administrative Agent and the
Canadian Agent.
"Alternate Base Rate" means, for any day, a rate per annum equal to
the greatest of (a) the Prime Rate in effect on such day, (b) the Base CD Rate
in effect on such day plus 1% and (c) the Federal Funds Effective Rate in effect
on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a
change in the Prime Rate, the Base CD Rate or the Federal Funds Effective Rate
shall be effective from and including the effective date of such change in the
Prime Rate, the Base CD Rate or the Federal Funds Effective Rate, respectively.
"Applicable Agent" means (a) with respect to a Loan, Borrowing or
Letter of Credit denominated in US Dollars, and with respect to any payment
hereunder that does not relate to a particular Loan, Borrowing or Letter of
Credit, the Administrative Agent and (b) with respect to a Loan, Acceptance,
Borrowing or Letter of Credit denominated in Canadian Dollars, the Canadian
Agent.
"Applicable Rate" means, for any day, with respect to (i) any Loan of
any Type, (ii) the Stamping Fee for any Acceptance or (iii) the facility fees
payable hereunder, as the case may be, the applicable rate per annum set forth
under the appropriate caption in the table below, based upon the ratings by
Moody's and S&P, respectively, applicable on such date to the Index Debt:
{TABLE}
{CAPTION}
=====================================================================================================================
ABR/C$ Prime Rate Eurocurrency Stamping Fee Rate Facility Fee
---------------------------------------------------------------------------------
Index Debt Ratings: Spread Spread Rate
------------------- ------ ------ ----
{S} {C} {C} {C} {C}
---------------------------------------------------------------------------------------------------------------------
Category 1 0% 0.22% 0.22% 0.08%
----------
= A2/A
---------------------------------------------------------------------------------------------------------------------
Category 2 0% 0.275% 0.275% 0.10%
----------
A3/A-
---------------------------------------------------------------------------------------------------------------------
Category 3 0% 0.375% 0.375% 0.125%
----------
Baa1/BBB+
---------------------------------------------------------------------------------------------------------------------
Category 4 0% 0.475% 0.475% 0.15%
----------
Baa2/BBB
---------------------------------------------------------------------------------------------------------------------
Category 5 0% 0.575% 0.575% 0.175%
----------
Baa3/BBB-
---------------------------------------------------------------------------------------------------------------------
Category 6 0% 1.025% 1.025% 0.225%
----------
{Baa3/BBB-
=====================================================================================================================
{/TABLE}
2
{PAGE} 7
For purposes of the foregoing,
(i) if either Moody's or S&P shall not have in effect a rating
for the Index Debt (other than by reason of the circumstances referred to
in the last sentence of this definition), then such rating agency shall be
deemed to have established a rating in Category 6;
(ii) if the ratings established or deemed to have been
established by Moody's and S&P for the Index Debt shall fall within
different Categories, the Applicable Rate shall be based on the higher of
the two ratings, unless one of the two ratings is two or more Categories
lower than the other, in which case the Applicable Rate shall be determined
by reference to the Category next below that of the higher of the two
ratings; and
(iii) if the ratings established or deemed to have been
established by Moody's and S&P for the Index Debt shall be changed (other
than as a result of a change in the rating system of Moody's or S&P), such
change shall be effective as of the date on which it is first announced by
the applicable rating agency, irrespective of when notice of such change
shall have been furnished by the Company to the Administrative Agent and
the Lenders pursuant to Section 5.07(f) hereof or otherwise. Each change in
the Applicable Rate shall apply during the period commencing on the
effective date of such change and ending on the date immediately preceding
the effective date of the next such change. If the rating system of Moody's
or S&P shall change, or if either such rating agency shall cease to be in
the business of rating corporate debt obligations, the Company and the
Lenders shall negotiate in good faith to amend this definition to reflect
such changed rating system or the unavailability of ratings from such
rating agency and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating most
recently in effect prior to such change or cessation.
"Assessment Rate" means, for any day, the annual assessment rate in
effect on such day that is payable by a member of the Bank Insurance Fund
classified as "well-capitalized" and within supervisory subgroup "B" (or a
comparable successor risk classification) within the meaning of 12 C.F.R. Part
327 (or any successor provision) to the Federal Deposit Insurance Corporation
for insurance by such Corporation of time deposits made in dollars at the
offices of such member in the United States; provided that if, as a result of
any change in any law, rule or regulation, it is no longer possible to determine
the Assessment Rate as aforesaid, then the Assessment Rate shall be such annual
rate as shall be determined by the Administrative Agent to be representative of
the cost of such insurance to the Lenders.
"Assignment and Acceptance" means an assignment and acceptance entered
into by a Lender and an assignee (with the consent of any party whose consent is
required b |