SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT
Exhibit 10.15
SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT
SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT, made this 24th day of February, 2014, by and among:
PRUDENTIAL INVESTMENT MANAGEMENT, INC., having an office at c/o Prudential Capital Group, 1114 Avenue of the Xxxxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 (“Prudential”) and each Prudential Affiliate (as hereinafter defined) that hereafter purchases any Senior Notes (as hereinafter defined) and has executed a joinder hereto in accordance with Section 12(e) hereof (together with Prudential, their respective successors and assigns that execute a joinder hereto and future holders from time to time of the Senior Notes, collectively, the “Holders”) (provided, however that any such Prudential Affiliate shall in any event be deemed for the purposes hereof to have executed such joinder upon becoming such a holder and shall be subject to and entitled to the benefits of the terms hereof);
JPMORGAN CHASE BANK, N.A., in its capacity as a lender under the Credit Agreement (as hereinafter defined), having an office at 000 Xxxxxxxxx Xxxx Xxxxx, Xxxxx Xxxxxx, Xxx Xxxx 00000, Attention: Xx Xxxxxx, Xxxxx Fargo Bank, N.A., in its capacity as lender under the Credit Agreement, having an office at 00 Xxxx Xxxxxx, Xxxxx Xxxxxx, XX 00000, Attn: Xxxxxxx X. Xxxxx, and each other financial institution which from time to time may become a lender under the Credit Agreement (as hereinafter defined) and has executed a joinder hereto in accordance with Section 12(e) hereof (collectively, together with their respective successors and assigns that execute a joinder hereto, the “Lenders”) (provided, however that any such financial institution shall in any event be deemed for the purposes hereof to have executed such joinder upon becoming such a lender and shall be subject to and entitled to the benefits of the terms hereof); and
JPMORGAN CHASE BANK, N.A. having an office at JPMorgan Chase Bank, N.A., 4 New York Plaza, 15th Floor, New York, New York 10004, Attn: Institutional Trust Services, (i) in its capacity as administrative agent for each of the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”), (ii) in its capacity as collateral agent (in such capacity, together with its successors and assigns in such capacity, the “Collateral Agent”) for the benefit of the Secured Parties (as defined in the Credit Agreement referred to below) and (iii) in its capacity as security trustee for the benefit of the Holders (in such capacity, together with its successors and assigns in such capacity, the “Trustee”; the Trustee and the Collateral Agent are hereinafter collectively referred to as the “Creditors”).
W I T N E S S E T H
WHEREAS:
X. Xxxxxxx Components, Inc., a Delaware corporation (the “Borrower”), has entered into a Second Amended and Restated Credit Agreement, dated as of November 25, 2008 (as amended, restated, supplemented or modified from time to time, including as amended by that certain Second Amendment to Second Amended and Restated Credit Agreement dated the date hereof (the “Second Amendment”), the “Credit Agreement”), with the Lenders and the Administrative Agent, pursuant to which the Lenders have agreed to make loans and issue letters of credit to the Borrower in an aggregate principal amount not to exceed $75,000,000 (subject, however, to further increase in an amount of up to $25,000,000 pursuant to Section 2.06A of the Credit Agreement) (the outstanding loans and the amount drawn under the letters of credit and not reimbursed are hereinafter referred to collectively as the “Loans”);
B. The Borrower’s parent, Drew Industries Incorporated (“Drew”), and certain subsidiaries of Drew and the Borrower (collectively, the “Subsidiary Guarantors”) have agreed to jointly and severally guarantee the obligations of the Borrower under the Credit Agreement;
C. All of the indebtedness, liabilities and obligations of the Borrower under the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement) and of Drew and the Subsidiary Guarantors under each of the Loan Documents to which they are parties, whether now existing or hereafter arising (“Lender Indebtedness”), is secured by the grant by each of Drew, the Borrower and Xxxxxxx Components Manufacturing, Inc. (collectively, the “Bank Pledgors”) to the Collateral Agent, for the ratable benefit of the Secured Parties, of liens on and security interests in all of the capital stock, partnership interests, membership interests and other equity ownership interests in each of its Subsidiaries owned by it and all proceeds thereof (all such collateral is more specifically described on Exhibit A hereto and is hereinafter referred to as the “Common Collateral”);
D. Pursuant to a Third Amended and Restated Note Purchase and Private Shelf Agreement, dated as of February 24, 2014 (the “Note Purchase Agreement”), by and among Drew and the Borrower, on the one hand, and Prudential and each of the other holders from time to time of the Senior Notes (as defined below), on the other hand, certain affiliates of Prudential (collectively, the “Prudential Affiliates”) may, in their sole discretion and within limits which may be prescribed for purchase by Prudential and the Prudential Affiliates from time to time, purchase senior secured promissory notes issued by the Borrower in an aggregate principal amount of up to $150,000,000 (the “Senior Notes”), upon the terms and subject to the conditions set forth therein;
X. Xxxx and certain of the Subsidiary Guarantors have agreed to jointly and severally guarantee the obligations of the Borrower under the Note Purchase Agreement and the Senior Notes;
F. All of the indebtedness, liabilities and obligations (including, without limitation, any Yield-Maintenance Amount (as defined in the Note Purchase Agreement)) of the Borrower to the Holders and the Trustee under the Note Purchase Agreement, the Senior Notes and the other Transaction Documents (as defined in the Note Purchase Agreement) and of Drew and the Subsidiary Guarantors under each of the Transaction Documents to which they are parties, whether now existing or hereafter arising (the “Senior Note Obligations”), are or will be secured by the grant by each of the Pledgors and the other Subsidiary Guarantors party to that certain Pledge Agreement (as defined in the Note Purchase Agreement) (the “Note Pledgors”, and together with the Bank Pledgors, the “Pledgors”) to the Trustee, for the ratable benefit of the Holders, of liens on and security interests in the Common Collateral;
G. Certain of the parties (and certain other parties) entered into that certain Amended and Restated Intercreditor Agreement dated as of November 25, 2008 (the “Existing Intercreditor Agreement”) in connection with that certain Second Amended and Restated Credit Agreement dated November 25, 2008 between JPMorgan Chase Bank, N.A., Xxxxx Fargo Bank, N.A., the Borrower and the Lenders party thereto and the Second Amended and Restated Note Purchase and Private Shelf Agreement dated as of November 25, 2008 between Drew, the Borrower and Prudential, et al.; and
H. The parties desire to confirm, as among themselves, their relative rights and priorities with respect to the Common Collateral and to amend and restate the Existing Intercreditor Agreement.
NOW, THEREFORE, in consideration for the mutual covenants set forth herein and intending to be legally bound hereby the parties hereto agree that the Existing Intecreditor Agreement is amended and restated as follows:
1 Priorities Regarding Common Collateral.
Notwithstanding anything to the contrary contained in or arising from any note, agreement, instrument or document now or hereafter executed and delivered by the Lenders, the Administrative Agent, the Collateral Agent, the Trustee, the Holders or the Pledgors in connection with any of the Credit Agreement, the Loans, the Lender Indebtedness, the Senior Note Obligations, the Note Purchase Agreement or the Senior Notes, including, without limitation, the terms and conditions of any promissory note, security agreement or pledge agreements executed and delivered by the Pledgors to the Lenders, the Administrative Agent, the Collateral Agent, the Trustee or the Holders, or any instrument or document executed and delivered in connection therewith, or otherwise, and irrespective of (a) the time, order or method of any attachment, perfection, filing or recording of any security interest in, or lien upon, the Common Collateral, including, without limitation, any prior perfection of a security interest or lien by the Lenders, the Collateral Agent, the Administrative Agent or the Trustee or the existence of any present or future filing of financing statements under the Uniform Commercial Code or other filings or recordings under any other law of any jurisdictions which is applicable or in which such filing or recording has been made, or (b) the provisions of the Uniform Commercial Code or any other law of any jurisdiction which is applicable:
(a) the priorities of the liens and security interests of the Collateral Agent and the Trustee in the Common Collateral shall rank first and equal to each other, and shall be senior and prior to any other liens and security interests in the Common Collateral; and
(b) Until (i) payment in full in cash of all of the Lender Indebtedness (and the termination of the Revolving Credit Commitments (as defined in the Credit Agreement) and the LC Exposure (as defined in the Credit Agreement) being zero) or (ii) payment in full in cash of all of the Senior Note Obligations (and the termination of the Facility (as defined in the Note Purchase Agreement)), whichever of (i) or (ii) shall occur first, all of the Common Collateral shall be held for the mutual benefit of the Collateral Agent, for the benefit of the Secured Parties, and the Trustee, for the benefit of the Holders, and all of the proceeds of the Common Collateral (including, without limitation, any net proceeds received by any Creditor in connection with any sale, exchange, foreclosure or other disposition of the Common Collateral) shall be allocated to the Collateral Agent and the Trustee and applied against the Lender Indebtedness and the Senior Note Obligations on a pro rata basis based upon the aggregate principal amount of the then outstanding Loans and the aggregate principal amount of the then outstanding indebtedness evidenced by the Senior Notes (such proportionate allocation is hereafter referred to as the “Pro Rata Allocation”). The Trustee shall then allocate such proceeds to the Holders on a pro rata basis based upon the aggregate principal amount of outstanding Senior Notes held by the Holders.
2 Provisions Relating to Bankruptcy of Pledgors and Subsidiaries; Foreclosure on Common Collateral and Set-Offs.
(a) In the event of (i) any insolvency, bankruptcy, receivership, liquidation, reorganization, assignment for the benefit of creditors or other similar proceeding relative to any of the Pledgors or any of their respective Subsidiaries (as defined in the Note Purchase Agreement and the Credit Agreement), whether voluntary or involuntary, under any law now or hereafter in effect (ii) any proceeding for the voluntary liquidation, dissolution or other winding-up of any of the Pledgors or any of their respective Subsidiaries and whether or not involving insolvency or bankruptcy proceedings, or (iii) any foreclosure on or other similar action with respect to all or any portion of the Common Collateral, then, and in any such event, any payment or other distribution of any character, whether in cash, securities or other property out of or in respect of the Common Collateral or any proceeds thereof shall be shared by the Collateral Agent, for the benefit of the Secured Parties, and the Trustee, for the benefit of the Holders, and applied against the Lender Indebtedness and the Senior Note Obligations in accordance with the Pro Rata Allocation. This Agreement shall continue in full force and effect notwithstanding the commencement of any action, event or proceeding described in clauses (i) or (ii) of the preceding sentence.
(b) If either of the Creditors shall have received any payment or distribution out of any of the assets of the Pledgors or their respective Subsidiaries constituting a part of the Common Collateral, whether arising out of or as a result of any event described in subparagraph (a) above or otherwise, such Creditor shall hold such payment or distribution in trust as trustee of an express trust, for the benefit of itself and the other Creditor, shall not commingle such payment or distribution with its other assets, and shall promptly take all action necessary to cause such payment or distribution to be distributed (i) first, to the payment or reimbursement of any expenses and fees of the Creditors hereunder or under any Loan Document (as defined in the Credit Agreement) or Transaction Document (as defined in the Note Purchase Agreement), whether such amounts are payable to indemnify the Creditors, to pay the fees of the Creditors, to reimburse the Creditors for any expenses incurred in connection with the maintenance, protection, enforcement, sale or realization of any of the Common Collateral or otherwise, and (ii) second, in accordance with the Pro Rata Allocation as provided in subparagraph (a) above.
(c) If any amounts received by any Creditor and distributed pursuant to Section 1 or 2(a) above subsequently are required to be repaid by one or more, but less than all, of the Secured Parties or the Holders which received such distribution to a trustee, receiver or any other party under any bankruptcy law, state, provincial or Federal law, common law or in equity, then each other Secured Party and Holder which received a distribution but was not required to repay the same shall, upon receipt of written notice from any such Secured Party or Holder which was required to repay such amount, pay to such party (or parties) a pro rata share of the distribution received by it and necessary to result in the aggregate amount not repaid being distributed in the manner contemplated by Section 1 or Section 2(a) above, as applicable.
3 Additional Provisions Regarding Common Collateral.
The Trustee hereby appoints the Collateral Agent as its agent to perfect by possession, as the bailee of the Trustee, its lien in any of the Collateral which is perfectible by possession and that is, at any time, delivered to and in the possession of the Collateral Agent, subject always to the terms of this Agreement, and the Collateral Agent hereby accepts such appointment. If either of the Creditors shall, at any time have possession or control of any of the Common Collateral, such Creditor shall hold or control such Common Collateral for the benefit of itself and the other Creditor, in accordance with the Pro Rata Allocation, for so long as each Creditor shall have a security interest therein. Upon (i) payment or other satisfaction in full of all the Lender Indebtedness (and the termination of the Revolving Credit Commitments and the LC Exposure being zero), or (ii) payment or other satisfaction in full of all the Senior Note Obligations (and the termination of the Facility), as the case may be, the Creditor acting on behalf of the holders of the obligations that were paid in full (and who were obligated in respect of the Revolving Credit Commitments (or the Letters of Credit (as defined in the Credit Agreement)) or the Facility, as the case may be) shall assign and deliver to the other Creditor, as directed in writing by such other Creditor, without representation, warranty or recourse of any kind, all such Common Collateral then in the possession of such Creditor, and in so doing, such Creditor shall thereupon be discharged from further responsibility with respect thereto.
4 Injunctive Relief.
Each party hereto acknowledges that the breach by it of any of the provisions of this Agreement is likely to cause irreparable damage to the other parties. Therefore, the relief to which any party shall be entitled in the event of any such breach or threatened breach shall include, but not be limited to, a mandatory injunction for specific performance, judicial relief to prevent a violation of any of the provisions of this Agreement, damages and any other relief to which it may be entitled at law or in equity.
5 No Rights for Third Parties.
This Agreement is intended to establish the relative priorities among the Creditors, the Administrative Agent, the Lenders and the Holders and their respective successors and assigns and shall not be deemed to create any rights or priorities in any other person or entity including, without limitation, the Pledgors.
6 Uniform Commercial Code.
Except as otherwise provided herein, the respective rights and priorities of the Creditors shall be governed by the Uniform Commercial Code as enacted in the State of New York or other applicable law.
7 Notices.
All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be delivered by hand or recognized overnight courier or mailed by first class registered or certified mail, postage prepaid, to the parties hereto at their respective addresses set forth in the heading of this Agreement or in the Joinder Agreement pursuant to which any such person or entity became a party hereto, or to such other address as shall have been designated by notice duly given hereunder, and shall be effective upon receipt.
8 Amendment.
Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated except by a writing signed by all of the parties hereto.
9 Notice of Disposition and Removal of, or Resignation of Collateral Agent or Trustee.
(a) The Administrative Agent and/or the Collateral Agent, on behalf of the Lenders, agrees to give Prudential and the Trustee, on behalf of the Holders, prompt written notice of the declaration of any default under the Credit Agreement or any of the other Loan Documents together with a copy of any notice given to the Borrower or any of their respective Subsidiaries, relating to such default; provided, however, that the failure to give such notice shall not prejudice the rights of the Administrative Agent, the Collateral Agent or the Lenders.
(b) The Trustee, on behalf of Holders, agrees to give the Administrative Agent and the Collateral Agent, on behalf of the Lenders, prompt written notice of the declaration or decision by any of the Holders to act with respect to any default under the Note Purchase Agreement or the Senior Notes, together with a copy of any notice given to the Borrower relating to such default; provided, however, that the failure to give such notice shall not prejudice the rights of the Trustee or the Holders.
(c) The Holders and the Lenders will give each other prior written notice of the removal or resignation of the Collateral Agent or the Trustee (as appropriate).
(d) Neither the Collateral Agent nor the Trustee can be removed unless consented to (i) in the case of the Collateral Agent, by persons holding at least 66⅔% of the aggregate amount of outstanding Lender Indebtedness, and (ii) in the case of the Trustee, by the Required Holders (as defined in the Note Purchase Agreement). Neither the Collateral Agent nor the Trustee may be removed unless the other such Creditor shall be simultaneously removed.
10 Amendment of Credit Documents; Assignment of Security Interest.
Prior to (i) the payment in full of the Lender Indebtedness and the termination of the Revolving Credit Commitments (and the LC Exposure being zero), or (ii) the payment in full of the Senior Note Obligations and the termination of the Facility, and notwithstanding anything to the contrary contained in the Credit Agreement, the other Loan Documents, the Note Purchase Agreement, the Senior Notes or the other Transaction Documents,
(a) the Administrative Agent, the Collateral Agent and the Lenders shall not, without the prior written consent of the Required Holders, do any of the following:
(i) Amend, modify or supplement or agree to any amendment, modification or supplement of, or to, the Credit Agreement or any of the Loan Documents, except as otherwise permitted by the Note Purchase Agreement; or
(ii) Sell, transfer, pledge, assign, grant a security interest in, or otherwise dispose of or encumber its interest as a secured party with respect to, the Common Collateral, except for (aa) such assignments or transfers to affiliates, and (bb) assignments and participations permitted under the Credit Agreement.
(b) The Trustee and the Holders shall not, without the prior written consent of the Required Lenders (as defined in the Credit Agreement), do any of the following:
(i) Amend, modify or supplement or agree to any amendment, modification or supplement of, or to, the Senior Notes, the Note Purchase Agreement or the other Transaction Documents, except as otherwise permitted by the Credit Agreement; or
(ii) Sell, transfer, pledge, assign, grant a security interest in, or otherwise dispose of or encumber its interest as a secured party with respect to, the Common Collateral except for (x) such assignments or transfers to affiliates, and (y) transfers permitted under the Note Purchase Agreement.
(c) Notwithstanding subparagraphs (a) and (b) above,
(i) without the written consent of the Collateral Agent, the Trustee and each of the parties hereto (A) no amendment shall be made to any provision of any Security Document (as hereinafter defined) that narrows the description of the Common Collateral or modifies in any way the description of the obligations secured by the Common Collateral (provided, however, that the consent of the Collateral Agent and the Trustee shall not be required for increases or decreases in the amount of the Revolving Credit Commitments or the Facility), and (B) there shall be no release of any security interest or lien on any of the Common Collateral; and
(ii) any amendment made to any of the Security Documents that changes the responsibilities of the Collateral Agent and/or the Trustee shall require the prior written consent of the Collateral Agent and/or the Trustee (as applicable).
11 Action by Creditors.
Prior to the payment in full of the Lender Indebtedness and the termination of the Revolving Credit Commitments (and the LC Exposure being zero) or the payment in full of the Senior Note Obligations and the termination of the Facility and notwithstanding anything to the contrary contained in the Credit Agreement, the other Loan Documents, the Note Purchase Agreement, the Senior Notes or the other Transaction Documents, neither of the Creditors may take any action with respect to the Common Collateral or enforce or exercise any rights, powers or remedies under any security agreements, pledge agreements or any other documents, instruments or agreements relating to the Common Collateral to which it is a party (the “Security Documents”), or under applicable law (in respect of the Common Collateral), upon the occurrence of any event of default under and as defined in the Credit Agreement or the Note Purchase Agreement or any event which, with the passage of time, or giving of notice, or both, would constitute such an event of default unless instructed to do so in writing by Lenders holding at least 66⅔% of the aggregate amount outstanding at such time of Lender Indebtedness and by Holders holding at least 66⅔% of the aggregate amount outstanding at such time of the Senior Note Obligations (collectively, the “Requisite Holders”). Upon receipt by either Creditor of written instructions from the Requisite Holders, such Creditor shall, subject to the provisions of Section 2.2(e) of the Trust Agreement (as defined in the Note Purchase Agreement) and Article VIII of the Credit Agreement, make such demands and give such notices under the Security Documents as may be set forth in such instructions, and take such actions to enforce the Security Documents and to foreclose upon, collect and dispose of the Common Collateral or any portion thereof as it may be directed to take pursuant to such instructions; provided that neither the Collateral Agent nor the Trustee shall be required to take any such action that is, in its opinion, contrary to law or the terms of this Agreement or any Security Document.
12 Miscellaneous.
(a) If either of the Creditors shall receive any monies on account of the Common Collateral and the receipt thereof at such time is inconsistent with the provisions of Sections 1 and 2 of this Agreement, then such Creditor will hold the monies in trust as trustee of an express trust for the benefit of the other Creditor, shall not commingle such monies with any of its properties or assets, and shall promptly remit such monies to the other Creditor as may be necessary in order to cause such monies to be shared in accordance with the Pro Rata Allocation as provided in Section 1 or Section 2 hereof, as applicable.
(b) If either of the Creditors or any Secured Party or any Holder shall obtain or negotiate to obtain any additional document confirming, perfecting or otherwise affecting any of the security interests or liens on the Common Collateral, it shall;
(i) promptly notify the other Creditor that such document has been obtained or that it is negotiating to obtain such document; and
(ii) at the request and direction of the Lenders or the Holders, execute any documents presented to such Creditor to reflect the relative rights and priorities of the parties hereto (in accordance with Sections 1 and 2(a) hereof) with respect to the Common Collateral covered by such document.
(c) If any of the Common Collateral or any of the proceeds thereof shall come into the possession of any Secured Party or any Holder and the receipt thereof at such time is inconsistent with the provisions of Sections 1 and 2(a) of this Agreement, the recipient thereof shall hold such proceeds in trust as trustee of an express trust for the benefit of the Creditors and the other Secured Parties and Holders, shall not commingle such monies with any of its properties or assets, and shall promptly deliver such Common Collateral or proceeds to the Collateral Agent (in the event such Common Collateral or proceeds are received by a Secured Party) or the Trustee (in the event such Common Collateral or proceeds are received by a Holder), as the case may be, to be allocated in accordance with the Pro Rata Allocation as provided by Section 1 or Section 2(a) hereof, as applicable.
(d) To the extent there is any conflict or inconsistency between the terms of this Agreement and any of the Credit Agreement, the Loan Documents, the Note Purchase Agreement, the Senior Notes or the Transaction Documents, or any document executed, delivered or issued pursuant thereto, with respect to the relative rights and priorities of the parties with respect to the Common Collateral, the terms of this Agreement shall control.
(e) All the terms of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto, whether so expressed or not. None of the parties hereto shall assign or transfer any interest in the Credit Agreement, the Loans, the other Loan Documents, the Note Purchase Agreement, the Senior Notes or the other Transaction Documents to any third party unless such assignee or transferee shall have executed and delivered to each of the other parties hereto, prior to the date of such assignment or transfer, a joinder hereto substantially in the form attached hereto as Exhibit B (the “Joinder Agreement”), pursuant to which the assignee or transferee agrees to be bound by this Agreement. In addition, Prudential shall cause any Prudential Affiliate that becomes an initial holder of Senior Notes (if such Prudential Affiliate is not already a party to this Agreement) to execute and deliver a Joinder Agreement concurrent with such Prudential Affiliate’s becoming a holder of Senior Notes.
(f) The headings in this Agreement are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof.
(g) This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, relating thereto.
(h) THIS AGREEMENT AND ALL RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW RULES.
(i) Nothing contained in this Agreement is intended to or shall affect or limit, in any way, the rights that each of the parties hereto have with respect to third parties. The parties hereto specifically reserve all of their respective rights against the Pledgors and all other third parties.
(j) Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
(k) Each of the parties hereto agrees to execute and deliver, upon the request of any other, such documents and instruments (appropriate for filing, if requested) as may be necessary or appropriate to fully implement or to fully evidence the understanding and agreements contained in this Agreement. Prior to executing any document or instrument pursuant to this Section 12(k), the Collateral Agent or the Trustee, as the case may be, shall be entitled to receive and shall be fully protected in relying upon a written certification from the party requesting such action certifying that the execution and delivery of such document or instrument is authorized or permitted hereunder and under the Trust Agreement (as defined in the Note Purchase Agreement) and the Loan Documents, and that all conditions precedent in all such documents have been satisfied.
(l) This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original. Delivery of an executed counterpart by facsimile shall be deemed to be effective as an original.
(m) Promptly upon receipt by the Collateral Agent or the Trustee of any written notice or other written communication relating to the taking of any enforcement action with respect to the Common Collateral, the release of any of the Common Collateral, the valuation or change in valuation of any of the Common Collateral or any other material written notice or communication from any Secured Party or any Holder regarding the Common Collateral, such Creditor shall forward such notice or communication to (i) if received by the Collateral Agent, Prudential and the Trustee, on behalf of the Holders, and (ii) if received by the Trustee, to the Administrative Agent and the Collateral Agent, on behalf of the Lenders; provided, however, that the failure of the Collateral Agent or the Trustee so to forward any such notice or communication shall not give rise to a cause of action against it unless such failure is the result of the gross negligence or willful misconduct of the Collateral Agent or the Trustee, as the case may be; and provided, further, that neither Creditor shall be required to forward any notice or communication to any other person or entity that is also an addressee or recipient of such notice or communication.
(n) This Agreement is entered into solely for the purposes set forth herein, and, except as is expressly provided otherwise herein, none of the Secured Parties, the Holders or the Creditors assumes any responsibility to any other party hereto to advise such other parties of information known to such party regarding the financial condition of any Pledgor or regarding the Common Collateral or of any other circumstances bearing upon the risk of non-payment of the Lender Indebtedness or the Senior Note Obligations. Each Secured Party and each Holder shall be separately responsible for managing its relationship with the Pledgors and no Secured Party or Holder shall be deemed the agent of any other party for any purpose. This Agreement shall not be construed to be, or to create, any partnership, joint venture or other joint enterprise among the Secured Parties and the Holders or between or among the Secured Parties, the Holders and the Creditors.
(o) For purposes of this Agreement and the agreements contemplated hereby, neither the Trustee or the Collateral Agent shall be deemed to have knowledge or possession of any information or document that is in the possession of JPMorgan Chase Bank, N.A. as a lender or in any other capacity unless such information is furnished directly to the Trustee or the Collateral Agent, as the case may be, in writing at the address and in the manner specifically required for notice to the Trustee or the Collateral Agent, as the case may be, by the terms hereof or of any other agreement to which the Trustee or the Collateral Agent, as the case may be, is a party.
13 Consent.
(a) The Required Holders (as defined in the Note Purchase Agreement) hereby consent to the amendments being made in the Second Amendment and the related Bank Credit Documents (as defined in the Note Purchase Agreement) in the form or substantially in the form circulated by the Borrower to Prudential.
(b) The Required Lenders (as defined in the Credit Agreement) hereby consent to the amendments being made to the Note Purchase Agreement and the Prudential Security Documents (as defined in the Credit Agreement) in the form or substantially in the form circulated by the Borrower to the Administrative Agent.
[Remainder of page intentionally left blank. Next page is a signature page.]
IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement on the day and year first above written.
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JPMORGAN CHASE BANK, N.A. |
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as Lender and Administrative Agent |
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JPMORGAN CHASE BANK, N.A. |
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as Trustee and Collateral Agent |
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XXXXX FARGO BANK, NATIONAL ASSOCIATION |
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PRUDENTIAL INVESTMENT MANAGEMENT, INC. |
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[Signature Page to Second Amended and Restated Intercreditor Agreement]
EXHIBIT A
COMMON COLLATERAL
Common Collateral means the following:
(i) the shares of capital stock listed on Schedule I hereto and any other shares of stock of any Subsidiary obtained in the future by the Pledgors and the certificates representing all such shares (the “Pledged Stock”), (ii) all of the Pledgors’ partnership interests or other equity interests in any Subsidiary obtained in the future by the Pledgors and all of the Pledgors’ partnership interests and related rights described in Schedule II and any limited liability company membership interests or other equity interests in any Subsidiary obtained in the future by the Pledgors and all of the Pledgors’ limited liability company membership interests and related rights described in Schedule III (collectively, the “Pledged Interests”), (iii) all other property (including any security entitlements) that may be delivered to and held by JPMorgan Chase Bank, N.A., as Trustee pursuant to the terms of the Pledge Agreement (as defined in the Note Purchase Agreement) or as Collateral Agent pursuant to the terms of the Pledge Agreement (as defined in the Credit Agreement), (iv) subject to Section 2.05 of the Pledge Agreement (as defined in the Note Purchase Agreement) and Section 2.05 of the Pledge Agreement (as defined in the Credit Agreement) all payments of dividends and distributions, including, without limitation, all cash, instruments, securities, security entitlements, investment property and other property, from time to time received, receivable or otherwise paid or distributed, in respect of, or in exchange for or upon the conversion of the securities and other property referred to in clauses (i), (ii) or (iii) above, (v) subject to Section 2.05 of the Pledge Agreement (as defined in the Note Purchase Agreement) and Section 2.05 of the Pledge Agreement (as defined in the Credit Agreement), all rights and privileges of the Pledgors with respect to the securities (including any security entitlements) and other property referred to in clauses (i), (ii), (iii) and (iv) above, (vi) any and all custodial accounts, securities accounts or other safekeeping accounts in which any of the foregoing property (and any property described in the following clause (vii) may be deposited or held in, and any security entitlements or other rights relating thereto, and (vii) all proceeds of any of the foregoing.
