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Subscribers | 2002 |
Loan and Security Agreement [Amended and Restated No. 2]
Loan and Security Agreement [Amended and Restated No. 2] (303K)
Doc #143021: Click preview link for longer preview.
SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
BY AND AMONG
IDS ENGINEERING, INC.,
THERMAIRE, INC.,
CONSTANT POWER MANUFACTURING, INC.,
INDUSTRIAL DATA SYSTEMS, INC.,
IDS ENGINEERING MANAGEMENT, LC,
PETROCON ENGINEERING, INC.,
TRIANGLE ENGINEERS AND CONSTRUCTORS, INC.,
PETROCON SYSTEMS, INC.,
PETROCON ENGINEERING OF LOUISIANA, INC.,
R.P.M. ENGINEERING, INC.,
PETROCON CONSTRUCTION RESOURCES, INC.,
PETROCON TECHNOLOGIES, INC., AND
ALLIANCE ENGINEERING ASSOCIATES, INC.,
AS BORROWER,
FLEET CAPITAL CORPORATION,
AS AGENT AND AS A LENDER,
AND
THE OTHER LENDERS PARTY THERETO
DATED: DECEMBER 21, 2001
{PAGE}
TABLE OF CONTENTS
Page
SECTION 1. CREDIT FACILITY.......................................... 3
1.1 Revolving Credit Loans....................................... 3
1.1.1 Loans and Reserves.................................... 3
1.1.2 Use of Proceeds....................................... 4
1.2 Term Loan.................................................... 4
1.3 Notes........................................................ 4
1.4 Letters of Credit; LC Guaranties............................. 4
1.5 All Loans to Constitute One Obligation....................... 5
1.6 Joint and Several Liability; Rights of Contribution.......... 5
1.7 Original Borrowers' Obligations.............................. 6
1.8 Structure of Credit Facility................................. 7
SECTION 2. INTEREST, FEES AND CHARGES............................... 7
2.1 Interest..................................................... 7
2.1.1 Rates of Interest..................................... 7
2.1.2 Default Rate of Interest.............................. 7
2.1.3 Maximum Interest...................................... 8
2.1.4 This Section is intentionally omitted................. 9
2.2 Computation of Interest and Fees............................. 9
2.3 Closing Fee.................................................. 9
2.4 Letter of Credit and LC Guaranty Fees........................ 9
2.5 Commitment Fees.............................................. 10
2.6 Audit and Appraisal Fees; Annual Servicing Fee............... 10
2.7 Reimbursement of Expenses.................................... 10
2.8 Bank Charges................................................. 11
SECTION 3. LOAN ADMINISTRATION...................................... 11
3.1 Manner of Borrowing Loans.................................... 11
3.1.1. Loan Requests......................................... 12
3.1.2. Disbursement.......................................... 12
3.1.3 Authorization......................................... 12
3.2 Payments..................................................... 12
3.2.1 Principal............................................. 12
3.2.2 Interest.............................................. 12
3.2.3 Costs, Fees and Charges............................... 13
3.2.4 Other Obligations..................................... 13
3.3 Mandatory Prepayments........................................ 13
3.3.1 Proceeds of Sale, Loss, Destruction or Condemnation of
Collateral........................................... 13
3.3.2 Excess Cash Flow Recapture............................ 13
3.4 Application of Payments and Collections...................... 13
3.5 Loan Account................................................. 14
i
{PAGE}
3.6 Statements of Account........................................ 14
3.7 Additional Provisions Regarding Eurodollar Loans............. 14
3.8 Capital Adequacy and Other Adjustments....................... 15
3.9 Taxes........................................................ 15
3.10 Required Termination and Prepayment.......................... 17
3.11 Compensation................................................. 17
3.12 Booking of Eurodollar Loans.................................. 17
3.13 Assumptions Concerning Funding of Eurodollar Loans........... 17
3.14 Optional Prepayment/Replacement of Agent or Lenders in
Respect of Increased Costs.................................. 17
SECTION 4. TERM AND TERMINATION..................................... 18
4.1 Term of Agreement............................................ 18
4.2 Termination.................................................. 18
4.2.1 Termination by Requisite Lenders...................... 18
4.2.2 Termination by Borrower............................... 18
4.2.3 Termination Charges................................... 19
4.2.4 Effect of Termination................................. 19
SECTION 5. SECURITY INTERESTS....................................... 19
5.1 Security Interest in Collateral.............................. 19
5.2 Other Collateral............................................. 21
5.3 Lien Perfection; Further Assurances.......................... 21
5.4 Lien on Realty............................................... 22
5.5 Representations, Warranties and Covenants -- Collateral...... 23
5.6 Real Property Lien Documentation............................. 23
SECTION 6. COLLATERAL ADMINISTRATION................................ 24
6.1 General...................................................... 24
6.1.1 Location of Collateral................................ 24
6.1.2 Insurance of Collateral............................... 24
6.1.3 Protection of Collateral.............................. 24
6.2 Administration of Accounts................................... 25
6.2.1 Records, Schedules and Assignments of Accounts........ 25
6.2.2 Discounts, Allowances, Disputes....................... 25
6.2.3 Taxes................................................. 25
6.2.4 Account Verification.................................. 26
6.2.5 Maintenance of Dominion Account....................... 26
6.2.6 Collection of Accounts, Proceeds of Collateral........ 26
6.3 Administration of Equipment.................................. 26
6.3.1 Records and Schedules of Equipment.................... 26
6.3.2 Dispositions of Equipment............................. 26
6.3.3 Condition of Equipment................................ 27
6.4 Payment of Charges........................................... 27
ii
{PAGE}
SECTION 7. REPRESENTATIONS AND WARRANTIES........................... 27
7.1 General Representations and Warranties....................... 27
7.1.1 Organization and Qualification........................ 27
7.1.2 Power and Authority................................... 27
7.1.3 Legally Enforceable Agreement......................... 28
7.1.4 Capital Structure..................................... 28
7.1.5 Names................................................. 28
7.1.6 Business Locations; Agent for Process................. 29
7.1.7 Title to Properties; Priority of Liens................ 29
7.1.8 Accounts.............................................. 29
7.1.9 Financial Statements; Fiscal Year..................... 30
7.1.10 Full Disclosure....................................... 30
7.1.11 Solvent Financial Condition........................... 30
7.1.12 Surety Obligations.................................... 30
7.1.13 Taxes................................................. 31
7.1.14 Brokers............................................... 31
7.1.15 Patents, Trademarks, Copyrights and Licenses.......... 31
7.1.16 Governmental Consents................................. 31
7.1.17 Compliance with Laws.................................. 31
7.1.18 Restrictions.......................................... 31
7.1.19 Litigation............................................ 32
7.1.20 No Defaults........................................... 32
7.1.21 Leases................................................ 32
7.1.22 Pension Plans......................................... 32
7.1.23 Trade Relations....................................... 32
7.1.24 Labor Relations....................................... 32
7.1.25 Information Supplied by Borrower...................... 33
7.1.26 Alliance.............................................. 33
7.2 Continuous Nature of Representations and Warranties.......... 33
7.3 Survival of Representations and Warranties................... 33
SECTION 8. COVENANTS AND CONTINUING AGREEMENTS...................... 33
8.1 Affirmative Covenants........................................ 33
8.1.1 Visits and Inspections................................ 33
8.1.2 Notices............................................... 34
8.1.3 Financial Statements.................................. 34
8.1.4 Landlord and Storage Agreements....................... 36
8.1.5 Projections........................................... 36
8.1.6 Taxes................................................. 36
8.1.7 Compliance with Laws.................................. 36
8.1.8 Insurance............................................. 36
8.1.9 Dissolution of Petrocon FSC Ltd....................... 36
8.1.10 Deposit and Brokerage Accounts........................ 36
8.2 Negative Covenants........................................... 36
8.2.1 Mergers; Consolidations; Acquisitions................. 37
8.2.2 Loans................................................. 37
iii
{PAGE}
8.2.3 Total Indebtedness.................................... 37
8.2.4 Affiliate Transactions................................ 38
8.2.5 Limitation on Liens................................... 39
8.2.6 Subordinated Debt; Management Fees.................... 39
8.2.7 Distributions......................................... 40
8.2.8 Capital Expenditures.................................. 40
8.2.9 Disposition of Assets................................. 40
8.2.10 Stock of Subsidiaries................................. 40
8.2.11 Bill-and-Hold Sales, Etc.............................. 40
8.2.12 Restricted Investment................................. 40
8.2.13 Operating Leases...................................... 40
8.2.14 Tax Consolidation..................................... 41
8.2.15 RPM Earnout Payment................................... 41
8.3 Specific Financial Covenants................................. 41
8.3.1 Fixed Charge Ratio.................................... 41
8.3.2 Ratio of Senior Debt and Equus Term Note to EBITDA.... 41
8.3.3 Costs in Excess of Billings Amount.................... 42
SECTION 9. CONDITIONS PRECEDENT..................................... 42
9.1 Documentation................................................ 42
9.2 No Default................................................... 42
9.3 Availability................................................. 42
9.4 Organizational and Governing Documents....................... 42
9.5 Good Standing Certificates................................... 42
9.6 Opinion Letters.............................................. 43
9.7 Insurance.................................................... 43
9.8 Dominion Account............................................. 43
9.9 Landlord Agreements.......................................... 43
9.10 No Litigation................................................ 43
9.11 Evidence of Perfection and Priority of Liens in Collateral... 43
9.12 Evidence of Consummation of IDSC Merger and Equus
Subordinated Debt Restructuring.............................. 43
9.13 Documentation Relating to Transactions....................... 43
9.14 No Material Adverse Effect................................... 44
9.15 Average Daily Availability................................... 44
9.16 Closing Fee.................................................. 44
SECTION 10. EVENTS OF DEFAULT; RIGHTS AND REMEDIES ON DEFAULT...... 44
10.1 Events of Default............................................ 44
10.1.1 Payment of Note...................................... 44
10.1.2 Payment of Other Obligations......................... 44
10.1.3 Misrepresentations................................... 44
10.1.4 Breach of Specific Covenants......................... 44
10.1.5 Breach of Other Covenants............................ 44
10.1.6 Default Under Other Agreements....................... 44
10.1.7 Other Defaults....................................... 45
iv
{PAGE}
10.1.8 Uninsured Losses.................................... 45
10.1.9 Adverse Changes..................................... 45
10.1.10 Insolvency and Related Proceedings.................. 45
10.1.11 Business Disruption; Condemnation................... 45
10.1.12 Change of Ownership................................. 45
10.1.13 ERISA............................................... 46
10.1.14 Challenge to Agreement.............................. 46
10.1.15 Criminal Forfeiture................................. 46
10.1.16 Judgments........................................... 46
10.1.17 Repudiation of or Default Under Guaranty Agreements. 46
10.2 Acceleration of the Obligations............................... 46
10.3 Other Remedies................................................ 46
10.4 Remedies Cumulative; No Waiver................................ 48
10.5 Power of Attorney............................................. 48
SECTION 11. ASSIGNMENT AND PARTICIPATION........................... 49
11.1 Assignments and Participations in Loans....................... 49
11.2 Agent......................................................... 51
11.3 Consents...................................................... 55
11.4 Set Off and Sharing of Payments............................... 55
11.5 Disbursement of Funds......................................... 55
11.6 Settlements, Payments and Information......................... 56
11.7 Dissemination of Information.................................. 57
11.8 Discretionary Advances........................................ 58
SECTION 12. MISCELLANEOUS.......................................... 58
12.1 Indemnity.................................................... 58
12.2 Amendments and Waivers....................................... 59
12.3 Severability................................................. 60
12.4 Successors and Assigns....................................... 60
12.5 Cumulative Effect; Conflict of Terms......................... 60
12.6 Execution in Counterparts.................................... 60
12.7 Notice....................................................... 60
12.8 Agent's or Lenders' Consent.................................. 61
12.9 Credit Inquiries............................................. 61
12.10 Time of Essence.............................................. 62
12.11 Entire Agreement; Appendix A and Exhibits and Schedules...... 62
12.12 Interpretation............................................... 62
12.13 GOVERNING LAW; CONSENT TO FORUM.............................. 62
12.14 WAIVERS BY BORROWER.......................................... 63
12.15 WAIVER OF CONSUMER RIGHTS.................................... 63
12.16 ORAL AGREEMENTS INEFFECTIVE.................................. 64
12.17 Nonapplicability of Chapter 346 of the Texas Finance Code.... 64
12.18 Certain Matters of Construction.............................. 64
12.19 Confidentiality.............................................. 64
12.20 Amendment and Restatement.................................... 64
v
{PAGE}
SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
"Agreement") is made this 21st day of December 2001, by and among IDS
ENGINEERING, INC., a Texas corporation ("IDS Engineering"), THERMAIRE, INC., a
Texas corporation ("Thermaire"), CONSTANT POWER MANUFACTURING, INC., a Texas
corporation ("Constant Power"), INDUSTRIAL DATA SYSTEMS, INC., a Texas
corporation ("Data"), IDS ENGINEERING MANAGEMENT, LC, a Texas limited liability
company ("Management", and collectively with IDS Engineering, Thermaire, Data
and Constant Power, "New Borrowers"), PETROCON ENGINEERING, INC., a Texas
corporation ("Petrocon"), TRIANGLE ENGINEERS AND CONSTRUCTORS, INC., a Texas
corporation ("Triangle"), PETROCON SYSTEMS, INC., a Texas corporation ("Petrocon
Systems"), PETROCON ENGINEERING OF LOUISIANA, INC., a Louisiana corporation
("Petrocon Louisiana"), R.P.M. ENGINEERING, INC., a Louisiana corporation
("RPM"), PETROCON CONSTRUCTION RESOURCES, INC., a Texas corporation ("Petrocon
Construction"), PETROCON TECHNOLOGIES, INC., a Texas corporation ("Petrocon
Technologies"), ALLIANCE ENGINEERING ASSOCIATES, INC., a Texas corporation
("Alliance", and collectively with Petrocon, Triangle, Petrocon Systems,
Petrocon Louisiana, RPM, Petrocon Construction and Petrocon Technologies
"Original Borrowers") (New Borrowers and Original Borrowers are hereinafter
sometimes referred to individually and collectively as "Borrower" or
"Borrowers"), each with its chief executive office at 3155 Executive Boulevard,
Beaumont, Texas 77705, FLEET CAPITAL CORPORATION, a Rhode Island corporation
("Fleet") with an office at 5950 Sherry Lane, Suite 300, Dallas, Texas 75225,
as Agent (Fleet, in such capacity, the "Agent"), and the financial
institution(s) listed on the signature pages hereof and their respective
successors and assigns (each individually a "Lender" and collectively
"Lenders"). Capitalized terms used in this Agreement have the meanings assigned
to them in Appendix A, General Definitions. Accounting terms not otherwise
specifically defined herein shall be construed in accordance with GAAP
consistently applied.
A. Original Borrowers, Agent and Lenders have entered into that certain
Loan and Security Agreement dated June 15, 1999, as amended by that certain (i)
Forbearance Agreement and First Amendment to Amended and Restated Loan and
Security Agreement, entered into as of January 31, 2000, (ii) Forbearance
Agreement and Second Amendment to Amended and Restated Loan and Security
Agreement, entered into as of June 30, 2000, (iii) Forbearance Agreement and
Third Amendment to Amended and Restated Loan and Security Agreement, entered
into as of March 30, 2001 and (iv) Fourth Amendment to Amended and Restated Loan
Agreement, entered into as of May 14, 2001 (as amended, the "Original Loan
Agreement").
B. The Borrowers desire to enter into and close the following simultaneous
transactions (collectively, the "Transactions"), as of the Closing Date:
(i) The stock merger (hereinafter, the "IDSC Merger") by and between
Petrocon and PEI Acquisition, Inc., a Texas corporation ("PEI
Acquisition"), with Petrocon as the surviving corporation, pursuant to the
terms, conditions and provisions of
1
{PAGE}
that certain Agreement and Plan of Merger, dated July 31, 2001, executed by
Petrocon, PEI Acquisition, Management, and Industrial Data Systems
Corporation, a Nevada corporation ("IDSC") (as thereafter amended, the
"IDSC Merger Agreement");
(ii) The inclusion of all Subsidiaries of IDSC (a) as co-borrowers to
the revolving credit facility provided for by the Original Loan Agreement,
(b) as guarantors of the term loan provided for in the Original Loan
Agreement, and (c) as parties to the Original Loan Agreement;
(iii) The restructuring (hereinafter, the "Equus Subordinated Debt
Restructuring") of the existing "Subordinated Debt" (as defined in the
Original Loan Agreement) of Petrocon to Equus II Incorporated, a Delaware
corporation ("Equus") (hereinafter, the "Existing Equus Subordinated
Debt"), pursuant to the terms, conditions and provisions of that certain
Settlement Agreement and Plan of Reorganization dated as of July 31, 2001,
executed by Equus, Petrocon, PEI Acquisition and IDSC (the "Equus
Settlement Agreement"), whereby in exchange for the cancellation of the
Existing Equus Subordinated Debt and forgiveness of approximately
$2,000,000 in payment-in-kind interest on the Existing Equus Subordinated
Debt:
(a) Equus receives on the Closing Date a $2,000,000 payment in
cash from Petrocon, as payment in full of the First Replacement Notes
(as defined in the Equus Settlement Agreement);
(b) Equus receives a new term note dated on or about the Closing
Date in the original principal amount of $3,000,000, executed by
Petrocon and payable to the order of Equus (the "Equus Term Note"),
such Equus Term Note to be subordinated to the prior payment of the
Obligations in the manner and to the extent specified in the Equus
Intercreditor Agreement (as hereinafter defined in Appendix A); and
(c) Equus is issued 2,500,000 shares of the Series A Convertible
Preferred Stock $0.001 par value of IDSC, as payment in full of the
Remainder Note (as defined in the Equus Settlement Agreement);
(iv) The settlement (hereinafter, the "Coury/Berry Settlement") of
existing lawsuits brought by and against Gary Coury, a former chief
executive officer of Petrocon ("Coury") and Rick Berry, a former chief
financial officer of Petrocon ("Berry") pursuant to the terms, conditions
and provisions of those certain settlement agreements executed by Coury,
Berry and Petrocon (the "Coury/Berry Settlement Agreements") whereby
Petrocon agrees to pay to Coury and Berry the aggregate maximum amount of
$475,000, payable in 24 monthly installments in the aggregate amount of
$12,500 each, with an aggregate balloon payment of $175,000, payable 25
months after the date of the Coury/Berry Settlement;
143021
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 Chase Manhattan
As referenced in this Loan and Security Agreement [Amended and Restated No. 2]:
Chase Manhattan Bank. – Exemption - as defined in Section 3.9(C) of the
Agreement.
Certificated Security - has the meaning assigned thereto under the
UCC.
Chase - The Chase Manhattan Bank.
Chase Term Note - that certain promissory note dated February 28,
1997, in the original principal amount of $450,000.00, payable to
_____________
dt 101735
;
Equus II
As referenced in this Loan and Security Agreement [Amended and Restated No. 2]:
Equus II – The restructuring (hereinafter, the "Equus Subordinated Debt
Restructuring") of the existing "Subordinated Debt" (as defined in the
Original Loan Agreement) of Petrocon to Equus II Incorporated, a Delaware
corporation ("Equus") (hereinafter, the "Existing Equus Subordinated
Debt"), pursuant to the terms, conditions and provisions of that certain
Settlement Agreement
_____________
dt 232108
;
Fleet National
As referenced in this Loan and Security Agreement [Amended and Restated No. 2]:
Fleet National Bank' – own account, all normal and customary charges associated with
the issuance of each such Letter of Credit or LC Guaranty in accordance with
Fleet National Bank' s standard fee schedule, which fees and charges shall be
deemed fully earned upon issuance of each such Letter of Credit or LC
_____________
Fleet National Bank, – end of each day during the month in
question and by dividing such sum by the number of days in such month.
Bank - Fleet National Bank, and its successors or assigns.
A-1-2
{PAGE}
Base Rate - the rate of interest announced or quoted by Bank from
time
_____________
dt 103920
;
|
 Gardere Wynne
As referenced in this Loan and Security Agreement [Amended and Restated No. 2]:
Gardere Wynne – 77705
Attention: Mr. Robert W. Raiford
Facsimile No.: (409) 840-2400
With a copy to: Gardere Wynne Sewell LLP
3000 Thanksgiving Tower
1601 Elm Street
Dallas, Texas 75201
Attention: Mr. Gary
dt 36795
;
Patton Boggs
As referenced in this Loan and Security Agreement [Amended and Restated No. 2]:
Patton Boggs – Texas 75225
Attention: Loan Administration Manager
Facsimile No.: (214) 706-7066
With a copy to: Patton Boggs , L.L.P.
2001 Ross Avenue, Suite 3000
Dallas, Texas 75201
Attention: Mr. R.
dt 32815
;
More... |
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Subscribers | 1998 |
Loan and Security Agreement
Loan and Security Agreement (243K)
Doc #143463: Click preview link for longer preview.
LOAN AND SECURITY AGREEMENT
by and between
CTC COMMUNICATIONS CORP.
as Borrower,
and
GOLDMAN SACHS CREDIT PARTNERS L.P. and
FLEET NATIONAL BANK
as Lenders,
and
FLEET NATIONAL BANK
as Agent
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Arrangement, Structuring & Syndication Agent
Dated as of September 1, 1998
LOAN AND SECURITY AGREEMENT
THIS LOAN AND SECURITY AGREEMENT (this "Agreement"), is entered into as of
September 1, 1998, between and among the financial institutions listed on
the signature pages hereof (such financial institutions, together with
their respective successors and assigns, are referred to hereinafter each
individually as a "Lender" and collectively as the "Lenders"), GOLDMAN
SACHS CREDIT PARTNERS L.P., a Bermuda limited partnership, as an agent for
the Lenders (in such capacity, "Arrangement, Structuring & Syndication
Agent"), with a place of business located at 85 Broad Street, New York,
New York 10004, FLEET NATIONAL BANK, a national banking association, with
a place of business located at One Federal Street, Boston, Massachusetts
02110, as an agent for the Lenders (in such capacity, "Agent"), and CTC
COMMUNICATIONS CORP., a Massachusetts corporation ("Borrower"), with its
chief executive office located at 360 Second Avenue, Waltham,
Massachusetts 02451.
The parties agree as follows:
1. DEFINITIONS AND CONSTRUCTION.
1.1 Definitions.
As used in this Agreement, the following terms shall have the following
definitions:
"Account Debtor" means any Person who is or who may become obligated
under, with respect to, or on account of, an Account, General Intangible,
or Negotiable Collateral.
"Accounts" means all currently existing and hereafter arising accounts,
contract rights, and all other forms of obligations owing to Borrower
arising out of the sale, license, or lease of goods or General Intangibles
or the rendition of services by Borrower, irrespective of whether earned
by performance, and any and all credit insurance, guaranties, or security
therefor.
"Advances" has the meaning set forth in Section 2.1(a).
"Affiliate" means, as applied to any Person, any other Person who,
directly or indirectly, controls, is controlled by, or is under common
control with such Person. For purposes of this definition, "control"
means the possession, directly or indirectly, of the power to vote 5% or
more of the Stock having ordinary voting power for the election of
directors (or comparable managers) or the direct or indirect power to
direct the management and policies of a Person.
"Agent" means Fleet, solely in its capacity as an agent for the Lenders,
and shall include any successor Agent.
"Agent Account" has the meaning set forth in Section 2.9
"Agent's Liens" means the Liens on the Collateral granted by Borrower to
Agent for the benefit of the Lender Group under this Agreement and the
other Loan Documents.
"Agent Priority Collateral" means all Collateral other than the Cisco
Priority Collateral.
143463
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Cisco Systems
As referenced in this Loan and Security Agreement:
Cisco Systems, – Company shall cease to own and control,
directly and of record, 100% of the issued and outstanding capital Stock
of Borrower.
"Cisco" means Cisco Systems, Inc. and/or Cisco Systems Capital
Corporation.
"Cisco Financing Documents" shall have the meaning set forth in the
Intercreditor Agreement.
"Cisco Priority
_____________
Cisco Systems – and control,
directly and of record, 100% of the issued and outstanding capital Stock
of Borrower.
"Cisco" means Cisco Systems, Inc. and/or Cisco Systems Capital
Corporation.
"Cisco Financing Documents" shall have the meaning set forth in the
Intercreditor Agreement.
"Cisco Priority Collateral" has the meaning ascribed to
_____________
dt 147995
;
Chase Manhattan
As referenced in this Loan and Security Agreement:
Chase
Manhattan Bank, – statute.
"Base Rate" means, as of any date of determination, the variable rate of
interest, per annum, most recently publicly announced by The Chase
Manhattan Bank, or any successor thereto, as its prime lending rate in
effect at its principal office in New York City, irrespective of whether
_____________
dt 101736
;
Cisco Systems
As referenced in this Loan and Security Agreement:
Cisco Systems Capital – and control,
directly and of record, 100% of the issued and outstanding capital Stock
of Borrower.
"Cisco" means Cisco Systems, Inc. and/or Cisco Systems Capital
Corporation.
"Cisco Financing Documents" shall have the meaning set forth in the
Intercreditor Agreement.
"Cisco Priority Collateral" has the meaning ascribed to
_____________
dt 158665
;
|
Fleet National
As referenced in this Loan and Security Agreement:
FLEET NATIONAL BANK
– Exhibit 10.1
LOAN AND SECURITY AGREEMENT
by and between
CTC COMMUNICATIONS CORP.
as Borrower,
and
GOLDMAN SACHS CREDIT PARTNERS L.P. and
FLEET NATIONAL BANK
as Lenders,
and
FLEET NATIONAL BANK
as Agent
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Arrangement, Structuring & Syndication Agent
Dated as
_____________
FLEET NATIONAL BANK
– AGREEMENT
by and between
CTC COMMUNICATIONS CORP.
as Borrower,
and
GOLDMAN SACHS CREDIT PARTNERS L.P. and
FLEET NATIONAL BANK
as Lenders,
and
FLEET NATIONAL BANK
as Agent
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Arrangement, Structuring & Syndication Agent
Dated as of September 1, 1998
LOAN AND
_____________
FLEET NATIONAL BANK, – Lenders (in such capacity, "Arrangement, Structuring & Syndication
Agent"), with a place of business located at 85 Broad Street, New York,
New York 10004, FLEET NATIONAL BANK, a national banking association, with
a place of business located at One Federal Street, Boston, Massachusetts
02110, as an agent for the
_____________
Fleet National Bank, – within the United States) that has been
designated, in writing and from time to time, by Borrower to Agent.
"Designated Account Bank" means Fleet National Bank, whose office is
located at One Federal Street, Boston, Massachusetts, and whose ABA number
is 011000138.
"Dollars" or "$" means United States dollars.
"
_____________
Fleet National Bank, – forth in Section 8.
"Exchange Act" means the Securities Exchange Act of 1934, as amended, and
any successor statute thereto.
"Existing Lender" means Fleet National Bank, a national banking
association.
"Fabbricatore" means Mr. Robert Fabbricatore.
"Fabbricatore Related Parties" means Fabbricatore, the Family Members of
Fabbricatore, Fabbricatore Family Trusts,
_____________
dt 103921
;
GS Credit
As referenced in this Loan and Security Agreement:
GOLDMAN SACHS CREDIT PARTNERS – DATED AS OF 9/1/98
{TEXT}
Exhibit 10.1
LOAN AND SECURITY AGREEMENT
by and between
CTC COMMUNICATIONS CORP.
as Borrower,
and
GOLDMAN SACHS CREDIT PARTNERS L.P. and
FLEET NATIONAL BANK
as Lenders,
and
FLEET NATIONAL BANK
as Agent
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Arrangement,
_____________
GOLDMAN SACHS CREDIT PARTNERS – CORP.
as Borrower,
and
GOLDMAN SACHS CREDIT PARTNERS L.P. and
FLEET NATIONAL BANK
as Lenders,
and
FLEET NATIONAL BANK
as Agent
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Arrangement, Structuring & Syndication Agent
Dated as of September 1, 1998
LOAN AND SECURITY AGREEMENT
THIS LOAN AND SECURITY AGREEMENT (this "
_____________
GOLDMAN
SACHS CREDIT PARTNERS – financial institutions, together with
their respective successors and assigns, are referred to hereinafter each
individually as a "Lender" and collectively as the "Lenders"), GOLDMAN
SACHS CREDIT PARTNERS L.P., a Bermuda limited partnership, as an agent for
the Lenders (in such capacity, "Arrangement, Structuring & Syndication
Agent"), with a place of
_____________
Goldman Sachs Credit Partners – respect to any person, the certificate
or articles of incorporation, by-laws, or other organizational or
governing documents of such Person.
"GSCP" means Goldman Sachs Credit Partners L.P., a Bermuda limited
partnership, in its capacity as a Lender.
"Governmental Authority" shall mean any federal, state, local, or other
governmental
_____________
GOLDMAN SACHS CREDIT PARTNERS – Glass, Esq.
45 Central Avenue
Tenafly, New Jersey 07670
Fax No. 201.894.1718
If to GSCP or
Arrangement,
Structuring, and
Syndication Agent: GOLDMAN SACHS CREDIT PARTNERS L.P.
85 Broad Street
New York, New York 10004
Attn: Mr. Craig F. Noell
Fax No. 212.902.3757
with copies to:
_____________
dt 108319
;
More... |
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Subscribers | 2003 |
Bridge Loan and Security Agreement
Bridge Loan and Security Agreement (265K)
Doc #163909: Click preview link for longer preview.
================================================================================
BRIDGE LOAN AND SECURITY AGREEMENT
dated as of
October 9, 2003
among
SMITHFIELD FOODS, INC.,
THE SUBSIDIARY GUARANTORS PARTY HERETO,
THE LENDERS PARTY HERETO
and
GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Sole Lead Arranger, Sole Book-Runner, Administrative Agent and Collateral
Agent
================================================================================
{PAGE}
TABLE OF CONTENTS
Page
----
ARTICLE I
DEFINITIONS
SECTION 1.01. Defined Terms..................................................1
SECTION 1.02. Classification of Loans and Borrowings........................19
SECTION 1.03. Terms Generally...............................................19
SECTION 1.04. Accounting Terms; GAAP........................................20
ARTICLE II
THE CREDITS
SECTION 2.01. Commitments...................................................20
SECTION 2.02. Loans and Borrowings..........................................20
SECTION 2.03. Request for Loan..............................................21
SECTION 2.04. [RESERVED]....................................................21
SECTION 2.05. [RESERVED]....................................................21
SECTION 2.06. Funding of Borrowings.........................................21
SECTION 2.07. Interest Elections............................................22
SECTION 2.08. Termination of Commitments....................................23
SECTION 2.09. Repayment of Loans; Evidence of Debt..........................23
SECTION 2.10. Prepayment of Loans...........................................24
SECTION 2.11. Manner of Payment.............................................25
SECTION 2.12. Interest......................................................25
SECTION 2.13. Alternate Rate of Interest....................................26
SECTION 2.14. Increased Costs...............................................26
SECTION 2.15. Break Funding Payments........................................27
SECTION 2.16. Taxes.........................................................28
SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Setoffs....29
SECTION 2.18. Mitigation Obligations; Replacement of Lenders................31
ARTICLE III
REPRESENTATIONS AND WARRANTIES
SECTION 3.01. Organization; Powers..........................................32
SECTION 3.02. Authorization; Enforceability.................................32
SECTION 3.03. Governmental Approvals; No Conflicts..........................32
SECTION 3.04. Financial Condition; No Material Adverse Change...............33
SECTION 3.05. Properties....................................................33
SECTION 3.06. Litigation and Environmental Matters..........................34
SECTION 3.07. Compliance with Laws and Agreements...........................34
-i-
{PAGE}
Page
----
SECTION 3.08. Investment and Holding Company Status.........................34
SECTION 3.09. Taxes.........................................................34
SECTION 3.10. ERISA.........................................................35
SECTION 3.11. Disclosure....................................................35
SECTION 3.12. Regulations U and X...........................................35
SECTION 3.13. Material Agreements and Liens.................................35
SECTION 3.14. Subsidiaries, Etc.............................................36
SECTION 3.15. Solvency......................................................36
SECTION 3.16. Labor Matters.................................................36
ARTICLE IV
CONDITIONS
SECTION 4.01. Effective Date................................................36
SECTION 4.02. The Credit Event..............................................39
SECTION 4.03. Conditions To Release From the Account........................39
ARTICLE V
AFFIRMATIVE COVENANTS
SECTION 5.01. Financial Statements and Other Information....................41
SECTION 5.02. Notices of Material Events....................................42
SECTION 5.03. Existence; Conduct of Business................................43
SECTION 5.04. Payment of Obligations........................................43
SECTION 5.05. Maintenance of Properties; Insurance..........................43
SECTION 5.06. Books and Records; Inspection Rights..........................43
SECTION 5.07. Compliance with Laws..........................................43
SECTION 5.08. Use of Proceeds...............................................44
SECTION 5.09. Further Assurances............................................44
SECTION 5.10. Schneider Consents............................................44
SECTION 5.11. Resolutions...................................................44
ARTICLE VI
NEGATIVE COVENANTS
SECTION 6.01. Indebtedness..................................................44
SECTION 6.02. Liens.........................................................45
SECTION 6.03. Fundamental Changes...........................................46
SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions.....47
SECTION 6.05. Hedging Agreements............................................47
SECTION 6.06. Restricted Payments...........................................48
SECTION 6.07. Transactions with Affiliates..................................48
SECTION 6.08. Restrictive Agreements........................................48
SECTION 6.09. Senior Note Documents; Revolving Credit Agreement.............49
-ii-
{PAGE}
Page
----
SECTION 6.10. Limitation on Sale and Leaseback Transactions.................49
SECTION 6.11. Fiscal Periods................................................49
SECTION 6.12. Financial Covenants...........................................50
SECTION 6.13. Subordinated Indebtedness.....................................50
SECTION 6.14. Change in Control.............................................50
ARTICLE VII
EVENTS OF DEFAULT
ARTICLE VIII
GUARANTEE
SECTION 8.01. The Guarantee.................................................53
SECTION 8.02. Obligations Unconditional.....................................54
SECTION 8.03. Reinstatement.................................................54
SECTION 8.04. Subrogation...................................................55
SECTION 8.05. Remedies......................................................55
SECTION 8.06. Instrument for the Payment of Money...........................55
SECTION 8.07. Continuing Guarantee..........................................55
SECTION 8.08. Rights of Contribution........................................55
SECTION 8.09. General Limitation on Guarantee Obligations...................56
SECTION 8.10. Agreement to Subordinate the Subsidiary Guarantees............56
SECTION 8.11. Certain Definitions...........................................57
SECTION 8.12. Liquidation; Dissolution; Bankruptcy..........................57
SECTION 8.13. Acceleration of Securities....................................58
SECTION 8.14. Notice by Subsidiary Guarantors...............................58
SECTION 8.15. Relative Rights...............................................58
SECTION 8.16. Rights of Administrative Agent................................58
SECTION 8.17. Authorization to Effect Subordination.........................58
SECTION 8.18. Amendments....................................................59
SECTION 8.19. Automatic Release.............................................59
ARTICLE IX
THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT
ARTICLE X
MISCELLANEOUS
SECTION 10.01. Notices.......................................................61
SECTION 10.02. Waivers; Amendments...........................................62
SECTION 10.03. Expenses; Indemnity; Damage Waiver............................63
SECTION 10.04. Successors and Assigns........................................64
SECTION 10.05. Survival......................................................66
-iii-
{PAGE}
Page
----
SECTION 10.06. Counterparts; Integration; Effectiveness......................67
SECTION 10.07. Severability..................................................67
SECTION 10.08. Right of Setoff...............................................67
SECTION 10.09. Governing Law; Jurisdiction; Consent to Service of Process....67
SECTION 10.10. WAIVER OF JURY TRIAL..........................................68
SECTION 10.11. Headings......................................................68
SECTION 10.12. Confidentiality...............................................68
SECTION 10.13. [RESERVED]....................................................69
SECTION 10.14. Acknowledgements..............................................69
SECTION 10.15. [RESERVED]....................................................70
SECTION 10.16. Judgment Currency.............................................70
ARTICLE XI
SECURITY INTERESTS AND COLLATERAL ADMINISTRATION
SECTION 11.01. Security Interest in Collateral...............................70
SECTION 11.02. Lien Perfection; Further Assurances...........................71
SECTION 11.03. Remedies......................................................71
SECTION 11.04. Waiver of Notice and Claims...................................71
-iv-
{PAGE}
SCHEDULES:
Schedule 1.01 -- Excluded Debt Issuances
Schedule 2.01 -- Commitments
Schedule 3.06 -- Disclosed Matters
Schedule 3.13 -- Material Agreements and Liens
Schedule 3.14 -- Subsidiaries
Schedule 6.01 -- Existing Indebtedness
Schedule 6.02 -- Existing Liens
EXHIBITS:
Exhibit A - Form of Assignment and Acceptance
Exhibit B - Form of Guarantee Assumption Agreement
Exhibit C - Form of Opinion of Counsel to the Borrower
Exhibit D - Form of Opinion of Canadian Counsel to the Subsidiary Guarantors
Exhibit E - Form of Control Agreement
-v-
{PAGE}
BRIDGE LOAN AND SECURITY AGREEMENT dated as of October 9, 2003, among
SMITHFIELD FOODS, INC., a Virginia corporation (the "Borrower"), each of the
Subsidiaries of the Borrower identified under the caption "SUBSIDIARY
GUARANTORS" on the signature pages hereto or that, pursuant to Section 5.09
hereof, shall become a "Subsidiary Guarantor" hereunder (individually, a
"Subsidiary Guarantor" and, collectively, the "Subsidiary Guarantors" and,
together with the Borrower, the "Obligors"), each of the lenders that is a party
hereto identified under the caption "LENDERS" on Schedule 2.01 hereto or that,
pursuant to Section 10.04 hereof, shall become a "Lender" hereunder
(individually, a "Lender" and, collectively, the "Lenders") and GOLDMAN SACHS
CREDIT PARTNERS L.P., in its capacity as administrative agent for the Lenders
hereunder (the "Administrative Agent").
The Borrower and its Subsidiaries are engaged as an integrated group
in the business of pork production, hog farming, pork processing and
manufacturing spices and chemicals, and in related businesses, and in furnishing
the required supplies, services, equipment, credit and other facilities for such
integrated operation. The Borrower desires to acquire certain assets comprising
the pork business (the "Acquired Business") of Farmland Industries, Inc., a
Kansas corporation and a debtor-in-possession in a Chapter 11 proceeding under
the United States Bankruptcy Code (the "Farmland Acquisition"). In that
connection, the Obligors have requested that the Lenders extend credit to the
Borrower, by means of Dollar-denominated loans, in an aggregate amount of up to
but not exceeding $300,000,000, to finance the Farmland Acquisition and the fees
and expenses related thereto.
The Lenders are willing to so agree, and accordingly, the parties
hereto hereby 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.
"Account" means the account of the Borrower at Goldman Sachs Asset
Management, No. 1885033075.
"Acquired Business" has the meaning given to such term in the preamble
hereto.
"Acquisition" means any transaction, or any series of related
transactions, consummated after the date of this Agreement, by which the
Borrower and/or any of its Subsidiaries (a) acquires any going business or all
or substantially all of the assets of any Person, whether through purchase of
assets, merger or otherwise, (b) directly or indirectly acquires control of at
least a majority (in number of votes) of the securities of a corporation that
have ordinary voting
163909
|
Citibank
As referenced in this Bridge Loan and Security Agreement:
Citibank, N.A. – defined in Section 3(5) of
ERISA.
"Prime Rate" means the rate of interest per annum publicly announced
from time to time by Citibank, N.A. as its base rate in effect at its principal
office in New York City; each change in the Prime Rate shall be
_____________
dt 146035
;
Smithfield Foods
As referenced in this Bridge Loan and Security Agreement:
SMITHFIELD FOODS, INC. – TYPE}EX-99.1
{SEQUENCE}4
{FILENAME}dex991.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
{PAGE}
EXHIBIT 99.1
================================================================================
BRIDGE LOAN AND SECURITY AGREEMENT
dated as of
October 9, 2003
among
SMITHFIELD FOODS, INC. ,
THE SUBSIDIARY GUARANTORS PARTY HERETO,
THE LENDERS PARTY HERETO
and
GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Sole Lead Arranger, Sole Book-Runner, Administrative Agent and Collateral
Agent
================================================================================
{PAGE}
_____________
SMITHFIELD FOODS, INC. – Form of Opinion of Canadian Counsel to the Subsidiary Guarantors
Exhibit E - Form of Control Agreement
-v-
{PAGE}
BRIDGE LOAN AND SECURITY AGREEMENT dated as of October 9, 2003, among
SMITHFIELD FOODS, INC. , a Virginia corporation (the "Borrower"), each of the
Subsidiaries of the Borrower identified under the caption "SUBSIDIARY
GUARANTORS" on the signature pages hereto or that, pursuant to Section 5.
_____________
Smithfield Foods, Inc. – of America or the District of
Columbia.
"Effective Date" has the meaning specified in Section 4.01.
"Engagement Letter" means the Engagement Letter dated as of October 7,
2003 between Smithfield Foods, Inc. and Goldman, Sachs & Co.
"Environmental Laws" means all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental
_____________
Smithfield Foods, Inc. – transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.
"Fee Letter" means the Fee Letter dated as of October 7, 2003 among
Smithfield Foods, Inc. , Goldman, Sachs & Co. and Goldman Sachs Credit Partners
L.P.
"Financial Officer" means the chief financial officer, principal
accounting officer, treasurer or controller of the Borrower.
"Foreign Lender" means
_____________
Smithfield Foods, Inc. – Group.
"Schneider Disposition" means the sale of Schneider Corporation and
its subsidiaries by the Borrower.
"Schneider Disposition Agreement" means the Share Purchase Agreement
dated as of September 24, 2003 among Smithfield Foods, Inc. , and Maple Leaf
Foods Inc.
"Schneider Indentures" means the Fourth Supplemental Deed of Trust,
providing for the issuance of Series B Debentures, dated as of September 1,
1995, between
_____________
dt 1474573
;
Smithfield Foods
As referenced in this Bridge Loan and Security Agreement:
SMITHFIELD FOODS, INC. – TYPE}EX-99.1
{SEQUENCE}4
{FILENAME}dex991.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
{PAGE}
EXHIBIT 99.1
================================================================================
BRIDGE LOAN AND SECURITY AGREEMENT
dated as of
October 9, 2003
among
SMITHFIELD FOODS, INC. ,
THE SUBSIDIARY GUARANTORS PARTY HERETO,
THE LENDERS PARTY HERETO
and
GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Sole Lead Arranger, Sole Book-Runner, Administrative Agent and Collateral
Agent
================================================================================
{PAGE}
_____________
SMITHFIELD FOODS, INC. – Form of Opinion of Canadian Counsel to the Subsidiary Guarantors
Exhibit E - Form of Control Agreement
-v-
{PAGE}
BRIDGE LOAN AND SECURITY AGREEMENT dated as of October 9, 2003, among
SMITHFIELD FOODS, INC. , a Virginia corporation (the "Borrower"), each of the
Subsidiaries of the Borrower identified under the caption "SUBSIDIARY
GUARANTORS" on the signature pages hereto or that, pursuant to Section 5.
_____________
Smithfield Foods, Inc. – of America or the District of
Columbia.
"Effective Date" has the meaning specified in Section 4.01.
"Engagement Letter" means the Engagement Letter dated as of October 7,
2003 between Smithfield Foods, Inc. and Goldman, Sachs & Co.
"Environmental Laws" means all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental
_____________
Smithfield Foods, Inc. – transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.
"Fee Letter" means the Fee Letter dated as of October 7, 2003 among
Smithfield Foods, Inc. , Goldman, Sachs & Co. and Goldman Sachs Credit Partners
L.P.
"Financial Officer" means the chief financial officer, principal
accounting officer, treasurer or controller of the Borrower.
"Foreign Lender" means
_____________
Smithfield Foods, Inc. – Group.
"Schneider Disposition" means the sale of Schneider Corporation and
its subsidiaries by the Borrower.
"Schneider Disposition Agreement" means the Share Purchase Agreement
dated as of September 24, 2003 among Smithfield Foods, Inc. , and Maple Leaf
Foods Inc.
"Schneider Indentures" means the Fourth Supplemental Deed of Trust,
providing for the issuance of Series B Debentures, dated as of September 1,
1995, between
_____________
dt 1335040
;
|
BNY
As referenced in this Bridge Loan and Security 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 42138
;
Citibank
As referenced in this Bridge Loan and Security Agreement:
Citibank, N.A. – defined in Section 3(5) of
ERISA.
"Prime Rate" means the rate of interest per annum publicly announced
from time to time by Citibank, N.A. as its base rate in effect at its principal
office in New York City; each change in the Prime Rate shall be
_____________
dt 146035
;
More... |
| Preview
Subscribers | 2002 |
Loan and Security Agreement
Loan and Security Agreement (421K)
Doc #259522: Click preview link for longer preview.
LOAN AND SECURITY AGREEMENT
Dated as of December 12, 2001
between
VENTAS FINANCE I, LLC
as Borrower
and
MERRILL LYNCH MORTGAGE LENDING, INC.
as Lender
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
ARTICLE I
DEFINITIONS
{S} {C}
Section 1.1 Certain Defined Terms .................................................... 1
Section 1.2 Accounting Terms. ........................................................ 22
Section 1.3 Other Definitional Provisions. ........................................... 22
ARTICLE II
TERMS OF THE LOAN
Section 2.1 Loan. .................................................................... 22
Section 2.2 Interest. ................................................................ 23
Section 2.3 Interest Rate Cap Agreement. ............................................. 24
Section 2.4 Payments. ................................................................ 25
Section 2.5 Maturity ................................................................. 26
Section 2.6 Prepayment. .............................................................. 26
Section 2.7 Outstanding Balance ...................................................... 29
Section 2.8 Taxes .................................................................... 29
Section 2.9 Reasonableness of Charges ................................................ 29
Section 2.10 Funding Losses/Change in Law Etc ......................................... 29
ARTICLE III
CONDITIONS TO LOAN
Section 3.1 Conditions to Funding of the Loan on the Closing Date .................... 31
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
Section 4.1 Organization, Powers, Capitalization, Good Standing, Business. ........... 36
Section 4.2 Authorization of Borrowing, etc. ......................................... 36
Section 4.3 Financial Statements ..................................................... 37
Section 4.4 Indebtedness and Contingent Obligations .................................. 37
Section 4.5 Title to Properties ...................................................... 37
Section 4.6 Zoning; Compliance with Laws. ............................................ 38
Section 4.7 Leases; Agreements. ...................................................... 39
Section 4.8 Condition of Properties .................................................. 40
Section 4.9 Litigation; Adverse Facts ................................................ 41
Section 4.10 Payment of Taxes ......................................................... 41
Section 4.11 Adverse Contracts ........................................................ 41
Section 4.12 Performance of Agreements ................................................ 42
Section 4.13 Governmental Regulation .................................................. 42
Section 4.14 Employee Benefit Plans ................................................... 42
Section 4.15 Broker's Fees ............................................................ 42
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
Section 4.16 Environmental Compliance. ............................................... 42
Section 4.17 Solvency ................................................................ 43
Section 4.18 Disclosure .............................................................. 43
Section 4.19 Use of Proceeds and Margin Security ..................................... 43
Section 4.20 Insurance ............................................................... 43
Section 4.21 Separate Tax Lots ....................................................... 44
Section 4.22 Investments ............................................................. 44
Section 4.23 Bankruptcy .............................................................. 44
Section 4.24 Defaults ................................................................ 44
Section 4.25 No Plan Assets .......................................................... 44
Section 4.26 Governmental Plan ....................................................... 44
Section 4.27 Not Foreign Person ...................................................... 44
Section 4.28 No Collective Bargaining Agreements ..................................... 44
ARTICLE V
COVENANTS OF BORROWER PARTIES
Section 5.1 Financial Statements and Other Reports. ................................. 44
Section 5.2 Existence; Qualification ................................................ 49
Section 5.3 Payment of Impositions, Claims and Tax Claims. .......................... 49
Section 5.4 Maintenance of Insurance ................................................ 50
Section 5.5 Maintenance of the Property; Alterations; Casualty. ..................... 55
Section 5.6 Inspection .............................................................. 60
Section 5.7 Environmental Compliance. ............................................... 61
Section 5.8 Environmental Disclosure. ............................................... 62
Section 5.9 Compliance with Laws and Contractual Obligations; Operation of
Properties as Nursing Facilities ........................................ 62
Section 5.10 Further Assurances ...................................................... 63
Section 5.11 Performance of Agreements and Leases .................................... 63
Section 5.12 Leases. ................................................................. 63
Section 5.13 Management. ............................................................. 65
Section 5.14 Material Agreements ..................................................... 65
Section 5.15 Deposits; Application of Receipts ....................................... 65
Section 5.16 Estoppel Certificates. .................................................. 65
Section 5.17 Indebtedness ............................................................ 66
Section 5.18 Liens and Related Matters ............................................... 66
Section 5.19 Contingent Obligations .................................................. 66
Section 5.20 Restriction on Fundamental Changes ...................................... 67
Section 5.21 Transactions with Related Persons ....................................... 67
Section 5.22 ERISA. .................................................................. 67
Section 5.23 Lender's Expenses ....................................................... 68
259522
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Kindred
As referenced in this Loan and Security Agreement:
Kindred Healthcare Operating, Inc – the Internal Revenue Service or any successor thereto.
---
"Kindred" means, collectively, Kindred Healthcare, Inc., a Delaware
-------
corporation (f/k/a Vencor, Inc.) and Kindred Healthcare Operating, Inc ., a
Delaware corporation (f/k/a/ Vencor Operating, Inc.).
"Knowledge" or "knowledge" whenever in this Loan Agreement or any of the
--------- ---------
Loan
_____________
Kindred Healthcare Operating, Inc – means, collectively, Vencor, Inc., a Delaware corporation (n/k/a
------
Kindred Healthcare, Inc.), and Vencor Operating, Inc., a Delaware corporation
(n/k/a Kindred Healthcare Operating, Inc .).
"Ventas" means Ventas, Inc., a Delaware corporation.
------
"Ventas Realty" means Ventas Realty, Limited Partnership, a Delaware
-------------
limited partnership.
"Waiving Party" has the
_____________
dt 531971
;
Kindred
As referenced in this Loan and Security Agreement:
Kindred
Healthcare, – Agreement, dated July 24, 2000, between the Office of the Inspector General of
the United States Department of Health and Human Services and Kindred
Healthcare, Inc. (formerly known as Vencor, Inc.).
"Debt Service Coverage Ratio" shall mean, for any twelve (12) month
---------------------------
period, the ratio of (i)
_____________
Kindred Healthcare, – any Property is property of the estate therein.
10
{PAGE}
"IRS" means the Internal Revenue Service or any successor thereto.
---
"Kindred" means, collectively, Kindred Healthcare, Inc., a Delaware
-------
corporation (f/k/a Vencor, Inc.) and Kindred Healthcare Operating, Inc., a
Delaware corporation (f/k/a/ Vencor Operating,
_____________
Kindred Healthcare – the Internal Revenue Service or any successor thereto.
---
"Kindred" means, collectively, Kindred Healthcare, Inc., a Delaware
-------
corporation (f/k/a Vencor, Inc.) and Kindred Healthcare Operating, Inc., a
Delaware corporation (f/k/a/ Vencor Operating, Inc.).
"Knowledge" or "knowledge" whenever in this Loan Agreement or any of the
--------- ---------
_____________
Kindred Healthcare, – 1(G).
"Transfer" has the meaning set forth in Section 11.2.
--------
"Vencor" means, collectively, Vencor, Inc., a Delaware corporation (n/k/a
------
Kindred Healthcare, Inc.), and Vencor Operating, Inc., a Delaware corporation
(n/k/a Kindred Healthcare Operating, Inc.).
"Ventas" means Ventas, Inc., a Delaware corporation.
------
"
_____________
Kindred Healthcare – means, collectively, Vencor, Inc., a Delaware corporation (n/k/a
------
Kindred Healthcare, Inc.), and Vencor Operating, Inc., a Delaware corporation
(n/k/a Kindred Healthcare Operating, Inc.).
"Ventas" means Ventas, Inc., a Delaware corporation.
------
"Ventas Realty" means Ventas Realty, Limited Partnership, a Delaware
-------------
limited partnership.
"Waiving Party" has
_____________
dt 228153
;
McGraw-Hill Companies
As referenced in this Loan and Security Agreement:
McGraw-Hill Companies, Inc – has the meaning set forth in Section 5.5(D).
----------------
"S&P" shall mean Standard & Poor's Rating Services, a division of The
---
McGraw-Hill Companies, Inc .
"SEC" has the meaning set forth in Section 5.1(A).
---
"Secondary Market Transaction" has the meaning set forth in Section 10.
_____________
dt 311640
;
|
Ventas
As referenced in this Loan and Security Agreement:
Ventas, Inc – an accounting period shall
be discounted for an allowance for doubtful accounts in a manner consistent with
historical net realizable value.
"Guarantor" means Ventas, Inc ., a Delaware corporation.
---------
"Guaranty" means the Exceptions to Non-Recourse Guaranty of even date
--------
herewith executed by Guarantor in favor of Lender,
_____________
Ventas, Inc – corporation (n/k/a
------
Kindred Healthcare, Inc.), and Vencor Operating, Inc., a Delaware corporation
(n/k/a Kindred Healthcare Operating, Inc.).
"Ventas" means Ventas, Inc ., a Delaware corporation.
------
"Ventas Realty" means Ventas Realty, Limited Partnership, a Delaware
-------------
limited partnership.
"Waiving Party" has the meaning set forth in
_____________
Ventas inc – in Borrower or Member for purposes of this
Section: the sale, transfer, issuance, conveyance, pledge or hypothecation of
any shares of stock in Ventas inc luding in connection with a merger,
consolidation or similar transaction involving Ventas.
For purposes of this Section 11.2, "control" shall have the
_____________
Ventas, Inc – the next Business Day) (with receipt of confirmation).
Notices shall be addressed as follows:
If to Borrower or any Borrower Party:
c/o Ventas, Inc .
4360 Brownsboro Road
Suite 115
Louisville, Kentucky 40207-1642
Attn: General Counsel
Facsimile: (502) 357-9029
With a copy to:
Barack Ferrazzano
_____________
VENTAS, INC – President
MEMBER:
------
VENTAS FINANCE I, INC.,
a Delaware corporation
By: /s/ T. Richard Riney
---------------------------
Name: T. Richard Riney
Title: Executive Vice President
GUARANTOR:
---------
VENTAS, INC ., a Delaware corporation
By: /s/ T. Richard Riney
---------------------------
Name: T. Richard Riney
Title: Executive Vice President
LENDER:
------
MERRILL LYNCH MORTGAGE LENDING,
INC.,
_____________
dt 133525
;
BofA
As referenced in this Loan and Security Agreement:
Bank of America, N.A. – Adverse Contracts. Except for the Loan Documents (and, except in
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the case of Guarantor, the loan documents relating to its loan facility with
Bank of America, N.A. , as administrative agent), none of the Borrower Parties is
a party to or bound by, nor is any property of such Person
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Subscribers | 2001 |
Loan and Security Agreement
Loan and Security Agreement (348K)
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LOAN AND SECURITY AGREEMENT
Dated as of December 15, 2000
between
CEDARS LA LLC, HERALD SQUARE LLC,
INDIANA AVENUE LLC, BRIDGEPOINT PROPERTY TRUST, LAKEWOOD
PROPERTY TRUST and 1600 MARKET STREET PROPERTY TRUST,
collectively, as Borrowers
and
MERRILL LYNCH MORTGAGE LENDING, INC.
as Lender
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Table of Contents
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ARTICLE I
DEFINITIONS
Section 1.1 Certain Defined Terms.......................................................................1
Section 1.2 Accounting Terms...........................................................................15
Section 1.3 Other Definitional Provisions..............................................................15
ARTICLE II
TERMS OF THE LOAN
Section 2.1 Loan.......................................................................................16
Section 2.2 Interest...................................................................................16
Section 2.3 Reserved...................................................................................18
Section 2.4 Payments...................................................................................18
Section 2.5 Maturity...................................................................................18
Section 2.6 Prepayment.................................................................................19
Section 2.7 Outstanding Balance........................................................................20
Section 2.8 Taxes......................................................................................20
Section 2.9 Reasonableness of Charges..................................................................20
ARTICLE III
CONDITIONS TO LOAN
Section 3.1 Conditions to Funding of the Loan on the Closing Date......................................21
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
Section 4.1 Organization, Powers, Capitalization, Good Standing, Business..............................25
Section 4.2 Authorization of Borrowing, etc............................................................26
Section 4.3 Financial Statements.......................................................................27
Section 4.4 Indebtedness and Contingent Obligations....................................................27
Section 4.5 Title to Properties........................................................................27
Section 4.6 Zoning; Compliance with Laws...............................................................27
Section 4.7 Leases; Agreements.........................................................................28
Section 4.8 Condition of Properties....................................................................29
Section 4.9 Litigation; Adverse Facts..................................................................30
Section 4.10 Payment of Taxes...........................................................................30
Section 4.11 Adverse Contracts..........................................................................30
Section 4.12 Performance of Agreements..................................................................30
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Section 4.13 Governmental Regulation....................................................................31
Section 4.14 Employee Benefit Plans.....................................................................31
Section 4.15 Broker's Fees..............................................................................31
Section 4.16 Environmental Compliance...................................................................31
Section 4.17 Solvency...................................................................................31
Section 4.18 Disclosure.................................................................................32
Section 4.19 Use of Proceeds and Margin Security........................................................32
Section 4.20 Insurance..................................................................................32
Section 4.21 Separate Tax Lots..........................................................................32
Section 4.22 Investments................................................................................32
Section 4.23 Bankruptcy.................................................................................33
Section 4.24 Defaults...................................................................................33
Section 4.25 No Plan Assets.............................................................................33
Section 4.26 Governmental Plan..........................................................................33
Section 4.27 Not Foreign Person.........................................................................33
Section 4.28 No Collective Bargaining Agreements........................................................33
ARTICLE V
COVENANTS OF BORROWER PARTIES
Section 5.1 Financial Statements and Other Reports.....................................................33
Section 5.2 Existence; Qualification...................................................................36
Section 5.3 Payment of Impositions and Claims..........................................................36
Section 5.4 Maintenance of Insurance...................................................................37
Section 5.5 Maintenance of the Property; Alterations; Casualty.........................................40
Section 5.6 Inspection.................................................................................43
Section 5.7 Environmental Compliance...................................................................44
Section 5.8 Environmental Disclosure...................................................................44
Section 5.9 Compliance with Laws and Contractual Obligations...........................................45
Section 5.10 Further Assurances.........................................................................45
Section 5.11 Performance of Agreements and Leases.......................................................45
Section 5.12 Leases.....................................................................................46
Section 5.13 Management.................................................................................48
Section 5.14 Material Agreements........................................................................49
Section 5.15 Deposits; Application of Receipts..........................................................49
Section 5.16 Estoppel Certificates......................................................................49
Section 5.17 Indebtedness...............................................................................50
Section 5.18 Liens and Related Matters..................................................................51
Section 5.19 Contingent Obligations.....................................................................52
Section 5.20 Restriction on Fundamental Changes.........................................................52
Section 5.21 Transactions with Related Persons..........................................................52
Section 5.22 ERISA......................................................................................52
Section 5.23 Lender's Expenses..........................................................................53
Section 5.24 Tenant Estoppels...........................................................................53
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ARTICLE VI
RESERVES
Section 6.1 Security Interest in Reserves; Other Matters Pertaining to Reserves........................53
Section 6.2 Funds Deposited with Lender................................................................54
Section 6.3 Impositions and Insurance Reserve..........................................................54
Section 6.4 Replacement Reserve........................................................................55
Section 6.5 Hazardous Materials Remediation Reserve................ |