LETTER AMENDMENT
Exhibit 10.299
EXECUTION COPY
LETTER AMENDMENT
Dated as of August 3, 2007
To the banks, financial institutions
and other institutional lenders
(collectively, the “Lenders”) parties
to the Credit Agreement referred to
below and to Citicorp USA, Inc., as agent
(the “Agent”) for the Lenders
Ladies and Gentlemen:
We refer to the Credit Agreement (364-Day Commitment) dated as of June 15, 2007 (the “Credit Agreement”) among the undersigned and you. Capitalized terms not otherwise defined in this Letter Amendment have the same meanings as specified in the Credit Agreement.
It is hereby agreed by you and us as follows:
The definition of “Minimum Stockholders’ Equity” in Section 1 of the Credit Agreement is, effective as of the date of this Letter Amendment, hereby amended in full to read as follows:
Minimum Stockholders’ Equity: |
As of the Closing Date, and the last day of each fiscal quarter thereafter, the greater of: | |
(a) $1,800,000,000, or
(b) the sum of –
(i) $1,800,000,000, plus
(ii) 50% of the sum of cumulative Net Earnings for each fiscal quarter commencing with the fiscal quarter ended September 30, 2007. |
The Borrower hereby certifies that, as of the date hereof, the representations and warranties contained in Section 5 of the Credit Agreement are correct and no Default or an Event of Default has occurred and is continuing.
This Letter Amendment shall become effective as of the date first above written when, and only when, the Agent shall have received counterparts of this Letter Amendment executed by the undersigned and the Required Lenders. This Letter Amendment is subject to the provisions of Section 10.1 of the Credit Agreement.
On and after the effectiveness of this Letter Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder”, “thereof” or words
of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Letter Amendment.
The Credit Agreement and the Notes, as specifically amended by this Letter Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Letter Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.
If you agree to the terms and provisions hereof, please evidence such agreement by executing and returning at least two counterparts of this Letter Amendment to Xxxxx X. Xxxxxx, Xxxxxxxx & Sterling LLP, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000.
This Letter Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Letter Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Letter Amendment.
This Letter Amendment shall be governed by, and construed in accordance with, the laws of the State of California.
Very truly yours, | ||||
THE XXXXXXX XXXXXX CORPORATION | ||||
By | /s/ Xxxxxx X. Xxxxx | |||
Name: | Xxxxxx X. Xxxxx | |||
Title: | Senior Vice President and Treasurer |
Agreed as of the date first above written:
CITICORP USA, INC., | ||
as Agent and as Lender | ||
By: | /s/ Xxxxx Xxx | |
Name: Xxxxx Xxx | ||
Title: Vice President | ||
BANK OF AMERICA, N.A. | ||
By: | /s/ Xxxxxxxx Xxxxxxx | |
Name: Xxxxxxxx Xxxxxxx | ||
Title: Senior Vice President |
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CALYON NEW YORK BRANCH | ||
By: | /s/ Xxxxxxxxx Xxxxx | |
Name: Xxxxxxxxx Xxxxx | ||
Title: Managing Director | ||
By: | /s/ Xxxxxx Xxxxxxx | |
Name: Xxxxxx Xxxxxxx | ||
Title: Vice President | ||
JPMORGAN CHASE BANK, N.A. | ||
By: | /s/ Xxxxxxx Xxxxxx | |
Name: Xxxxxxx Xxxxxx | ||
Title: Managing Director | ||
LLOYDS TSB BANK PLC | ||
By: | /s/ Xxxxxxx X. Xxxxxxxx | |
Name: Xxxxxxx X. Xxxxxxxx | ||
Title: Managing Director | ||
By: | /s/ Xxxxxx X. Xxxxxxxxxx | |
Name: Xxxxxx X. Xxxxxxxxxx | ||
Title: Associate Director | ||
BNP PARIBAS | ||
By: | /s/ Xxxxx Xxxxxx | |
Name: Xxxxx Xxxxxx | ||
Title: Managing Director | ||
By: | /s/ Xxxxx Xxxxxx | |
Name: Xxxxx Xxxxxx | ||
Title: Director |
NORDDEUTSCHE LANDESBANK GIROZENTRALE,
NEW YORK AND/OR CAYMAN ISLANDS BRANCH
By: | ||
Name: | ||
Title: | ||
By: | ||
Name: | ||
Title: |
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PNC BANK, NATIONAL ASSOCIATION | ||
By: | /s/ Xxxxxx X. Xxxxxxx | |
Name: Xxxxxx X. Xxxxxxx | ||
Title: Managing Director |
XXXXX FARGO BANK, NATIONAL ASSOCIATION
By: | /s/ Xxxx XxXxxxxx | |
Name: Xxxx XxXxxxxx | ||
Title: Senior Vice President/Loan Team Manager | ||
WESTLB AG, NEW YORK BRANCH | ||
By: | /s/ Xxxxx Xxxxxxxx | |
Name: Xxxxx Xxxxxxxx | ||
Title: Director | ||
By: | /s/ Dee Xxx Xxxxx | |
Name: Dee Xxx Xxxxx | ||
Title: Managing Director | ||
BANK OF HAWAII | ||
By: | /s/ Xxxxxx X. Xxxxxxxx | |
Name: Xxxxxx X. Xxxxxxxx | ||
Title: Vice President |
COMMERZBANK AG NEW YORK AND GRAND CAYMAN BRANCHES
By: | Xxxxxxx X. Xxxxxx | |
Name: Xxxxxxx X. Xxxxxx | ||
Title: Senior Vice President | ||
By: | /s/ Xxxxxx X. Xxxxx | |
Name: Xxxxxx X. Xxxxx | ||
Title: Vice President | ||
DEUTSCHE BANK AG NEW YORK BRANCH | ||
By: | /s/ Xxxxxxx Xxxxxx | |
Name: Xxxxxxx Xxxxxx | ||
Title: Managing Director | ||
By: | /s/ Xxxxxxx Xxxxx | |
Name: Xxxxxxx Xxxxx | ||
Title: Director |
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XXXXXX X.X. | ||
By: | /s/ Xxxxx Haven | |
Name: Xxxxx Haven | ||
Title: Managing Director | ||
HSBC BANK USA, N.A. | ||
By: | /s/ Xxxxxx Xxxxxxxxxxx | |
Name: Xxxxxx Xxxxxxxxxxx | ||
Title: Senior Vice President | ||
MELLON BANK, N.A. | ||
By: | /s/ Xxxxxx Xxxxxx | |
Name: Xxxxxx Xxxxxx | ||
Title: First Vice President | ||
STATE STREET BANK AND TRUST COMPANY | ||
By: | /s/ Xxxxx X. Xxxxxxxx | |
Name: Xxxxx X. Xxxxxxxx | ||
Title: Vice President | ||
UBS LOAN FINANCE LLC | ||
By: | /s/ Xxxx X. Xxxxx | |
Name: Xxxx X. Xxxxx | ||
Title: Associate Director | ||
By: | /s/ Xxxxx X. Xxxxx | |
Name: Xxxxx X. Xxxxx | ||
Title: Associate Director |
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