U.S. $1,000,000,000 CREDIT AGREEMENT Dated as of August 23, 2006 Among COMPUTER SCIENCES CORPORATION as Borrower and THE BANKS NAMED HEREIN as Lenders and CITICORP USA, INC. as Administrative Agent BARCLAYS BANK PLC THE BANK OF NOVA SCOTIA THE ROYAL...
EXHIBIT
10.23
U.S.
$1,000,000,000
Dated
as
of August 23, 2006
Among
COMPUTER
SCIENCES CORPORATION
as
Borrower
and
THE
BANKS NAMED HEREIN
as
Lenders
and
CITICORP
USA, INC.
as
Administrative Agent
BARCLAYS
BANK PLC
THE
BANK OF NOVA SCOTIA
THE
ROYAL BANK OF SCOTLAND PLC
WACHOVIA
BANK, NATIONAL ASSOCIATION
as
Co-Syndication Agents
CITIGROUP
GLOBAL MARKETS INC.
as
Arranger
TABLE
OF CONTENTS
Page
|
|||
ARTICLE
I DEFINITIONS
AND ACCOUNTING TERMS
|
1
|
||
Section
1.01
|
Certain
Defined Terms
|
1
|
|
Section
1.02
|
Computation
of Time Periods
|
11
|
|
Section
1.03
|
Accounting
Terms
|
12
|
|
ARTICLE
II AMOUNTS
AND TERMS OF THE ADVANCES
|
12
|
||
Section
2.01
|
The
A Advances
|
12
|
|
Section
2.02
|
Making
the A Advances
|
12
|
|
Section
2.03
|
The
B Advances
|
14
|
|
Section
2.04
|
Fees
|
18
|
|
Section
2.05
|
Optional
Reduction of the Commitments
|
19
|
|
Section
2.06
|
Repayment
and Prepayment of A Advances
|
19
|
|
Section
2.07
|
Interest
on A Advances
|
19
|
|
Section
2.08
|
Interest
Rate Determination
|
20
|
|
Section
2.09
|
Voluntary
Conversion or Continuation of A Advances
|
20
|
|
Section
2.10
|
Increased
Costs
|
21
|
|
Section
2.11
|
Payments
and Computations
|
22
|
|
Section
2.12
|
Taxes
|
23
|
|
Section
2.13
|
Sharing
of Payments, Etc.
|
25
|
|
Section
2.14
|
Evidence
of Debt
|
25
|
|
Section
2.15
|
Use
of Proceeds
|
26
|
|
Section
2.16
|
Extension
of the Commitment Termination Date
|
26
|
|
Section
2.17
|
Substitution
of Lenders
|
27
|
|
Section
2.18
|
Increased
Commitments; Additional Lenders
|
28
|
|
Section
2.19
|
Special
Purpose Funding Vehicles
|
29
|
|
ARTICLE
III CONDITIONS
OF LENDING
|
29
|
||
Section
3.01
|
Condition
Precedent to Effective Date
|
29
|
|
Section
3.02
|
Conditions
Precedent to Each A Borrowing
|
30
|
|
Section
3.03
|
Conditions
Precedent to Each B Borrowing
|
30
|
|
ARTICLE
IV REPRESENTATIONS
AND WARRANTIES
|
31
|
||
Section
4.01
|
Representations
and Warranties of the Borrower
|
31
|
i
TABLE
OF CONTENTS
(continued)
Page
|
|||
ARTICLE
V COVENANTS
|
34
|
||
Section
5.01
|
Affirmative
Covenants of the Borrower
|
34
|
|
Section
5.02
|
Negative
Covenants of the Borrower
|
37
|
|
ARTICLE
VI EVENTS
OF DEFAULT
|
40
|
||
Section
6.01
|
Events
of Default
|
40
|
|
ARTICLE
VII THE
AGENT
|
42
|
||
Section
7.01
|
Authorization
and Action
|
42
|
|
Section
7.02
|
Agent's
Reliance, Etc.
|
43
|
|
Section
7.03
|
CUSA
and Affiliates
|
43
|
|
Section
7.04
|
Lender
Credit Decision
|
43
|
|
Section
7.05
|
Indemnification
|
44
|
|
Section
7.06
|
Successor
Agent
|
44
|
|
ARTICLE
VIII MISCELLANEOUS
|
44
|
||
Section
8.01
|
Amendments,
Etc.
|
44
|
|
Section
8.02
|
Notices,
Etc.
|
45
|
|
Section
8.03
|
No
Waiver; Remedies
|
46
|
|
Section
8.04
|
Costs,
Expenses and Indemnification
|
47
|
|
Section
8.05
|
Right
of Set-off
|
48
|
|
Section
8.06
|
Binding
Effect
|
48
|
|
Section
8.07
|
Assignments
and Participations
|
48
|
|
Section
8.08
|
Governing
Law
|
51
|
|
Section
8.09
|
Execution
in Counterparts
|
51
|
|
Section
8.10
|
Consent
to Jurisdiction; Waiver of Immunities
|
51
|
|
Section
8.11
|
Waiver
of Trial by Jury
|
51
|
|
Section
8.12
|
Survival
of Warranties
|
52
|
|
Section
8.13
|
Severability
|
52
|
|
Section
8.14
|
Headings
|
52
|
|
Section
8.15
|
Website
Communications
|
52
|
|
Section
8.16
|
USA
PATRIOT Act Notice
|
53
|
ii
SCHEDULES
|
||
Schedule
I
|
List
of Applicable Lending Offices
|
I-1
|
Schedule
II
|
Lenders’
Commitments
|
II-1
|
EXHIBITS
|
||
Exhibit
A-1
|
Form
of Notice of A Borrowing
|
X-0-0
|
Xxxxxxx
X-0
|
Form
of Notice of B Borrowing
|
A-2-1
|
Exhibit
B
|
Form
of Assignment and Acceptance
|
B-1
|
Exhibit
C
|
Form
of Opinion of Xxxxxx X. Xxxx, Esq., Counsel for the
Borrower
|
C-1
|
Exhibit
D
|
Form
of Extension Request
|
D-1
|
iii
Dated
as
of August 23, 2006
This
CREDIT AGREEMENT is entered into as of August 23, 2006, among Computer Sciences
Corporation, a Nevada corporation (the “Borrower”),
the
financial institutions (the “Banks”)
listed
on Schedule II hereof, and Citicorp USA, Inc. (“CUSA”),
as
administrative agent (the “Agent”)
for
the Lenders hereunder.
In
consideration of the premises and the agreements, provisions and covenants
herein contained, the Borrower, the Lenders and the Agent agree as
follows:
ARTICLE
I
DEFINITIONS
AND ACCOUNTING TERMS
Section
1.01 Certain
Defined Terms.
As used
in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of
the
terms defined):
“A
Advance”
means
an advance by a Lender to the Borrower as part of an A Borrowing and refers
to a
Base Rate Advance or a Eurodollar Rate Advance, each of which shall be a
“Type”
of
A
Advance.
“A
Borrowing”
means
a
borrowing consisting of A Advances of the same Type made on the same day to
the
Borrower pursuant to the same Notice of A Borrowing by each of the Lenders
pursuant to Section 2.01.
“Adjusted
Eurodollar Rate”
means,
for any Interest Period for each Eurodollar Rate Advance comprising part of
the
same A Borrowing, an interest rate per annum equal to the rate per annum
obtained by dividing (i) (A) the rate per annum equal to the rate determined
by
the Agent to be the offered rate that appears on the page of the Telerate screen
that displays an average British Bankers Association Interest Settlement Rate
for deposits in Dollars (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period, determined as of approximately
11:00 a.m. (London time) on the date two Business Days prior to the
commencement of such Interest Period; (B) in the event the rate referenced
in
the preceding clause (A) does not appear on such page or service or such page
or
service shall cease to be available, the rate per annum equal to the rate
determined by the Agent to be the offered rate on such other page or other
service that displays an average British Bankers Association Interest Settlement
Rate for deposits in Dollars (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period, determined as of
approximately 11:00 a.m. (London time) on the date two Business Days prior
to
the commencement of such Interest Period, or (C) in the event the rates
referenced in the preceding clauses (A) and (B) are not available, the rate
per
annum determined by the Agent as the rate of interest (rounded upward to the
next 1/100th of 1%) at which deposits in Dollars for delivery on the first
day
of such Interest Period in same day funds in the approximate amount of the
Eurodollar Rate Advance being made, continued or converted by Citibank and
with
a
1
term
equivalent to such Interest Period would be offered by Citibank to major banks
in the London interbank market at their request at approximately 11:00 a.m.
(London time) on the date two Business Days prior to the commencement of such
Interest Period; by (ii) a percentage equal to 100% minus the Eurodollar Rate
Reserve Percentage.
“Advance”
means
an A Advance or a B Advance.
“Affiliate”
means,
as to any Person, any other Person that, directly or indirectly, controls,
is
controlled by or is under common control with such Person or is a director
or
executive officer (as such term is used in Regulation S-K promulgated under
the
Securities Act of 1933, as amended) of such Person.
“Agreement”
means
this Credit Agreement, as this Credit Agreement may be amended, supplemented
or
otherwise modified from time to time.
“Applicable
Lending Office”
means,
with respect to each Lender, such Lender's Domestic Lending Office in the case
of a Base Rate Advance, and such Lender's Eurodollar Lending Office in the
case
of a Eurodollar Rate Advance and, in the case of a B Advance, the office of
such
Lender notified by such Lender to the Agent as its Applicable Lending Office
with respect to such B Advance.
“Applicable
Margin”
means,
for any period for which any interest payment is to be made with respect to
any
Eurodollar Rate Advance, the interest rate per annum derived by dividing (i)
the
sum of the Daily Margins for each of the days included in such period by (ii)
the number of days included in such period.
“Assignment
and Acceptance”
means
an assignment and acceptance entered into by a Lender and an Eligible Assignee,
and accepted by the Agent, in substantially the form of Exhibit B
hereto.
“B
Advance”
means
an advance by a Lender to the Borrower as part of a B Borrowing resulting from
the auction bidding procedure described in Section 2.03.
“B
Borrowing”
means
a
borrowing consisting of B Advances made on the same day to the Borrower pursuant
to the same Notice of B Borrowing by each of the Lenders whose offer to make
one
or more B Advances as part of such borrowing has been accepted by the Borrower
under the auction bidding procedure described in Section 2.03.
“B
Reduction”
has
the
meaning specified in Section 2.01.
“Base
Rate”
means,
for any period, a fluctuating interest rate per annum as shall be in effect
from
time to time which rate per annum shall at all times be equal to the highest
of:
(a) the
rate
of interest announced publicly by Citibank in New York, New York, from time
to
time, as Citibank's base rate;
2
(b) the
sum
of (A) 1/2 of one percent per annum plus (B) the rate obtained by dividing
(x) the latest three-week moving average of secondary market morning
offering rates in the United States for three-month certificates of deposit
of
major United States money market banks (such three-week moving average being
determined weekly by Citibank on the basis of such rates reported by certificate
of deposit dealers to and published by the Federal Reserve Bank of New York
or,
if such publication shall be suspended or terminated, on the basis of quotations
for such rates received by Citibank, in either case adjusted to the nearest
1/4
of one percent or, if there is no nearest 1/4 of one percent, to the next higher
1/4 of one percent), by (y) a percentage equal to 100% minus the average of
the daily percentages specified during such three-week period by the Board
of
Governors of the Federal Reserve System for determining the maximum reserve
requirement (including, but not limited to, any marginal reserve requirements
for Citibank in respect of liabilities consisting of or including (among other
liabilities) three-month nonpersonal time deposits of at least $100,000),
plus
(C) the average during such three-week period of the daily net annual
assessment rates estimated by Citibank for determining the current annual
assessment payable by Citibank to the Federal Deposit Insurance Corporation
for
insuring three-month deposits in the United States; or
(c) 1/2
of
one percent per annum above the Federal Funds Rate.
“Base
Rate Advance”
means
an A Advance which bears interest as provided in Section 2.07(a).
“Borrower”
means
Computer Sciences Corporation, a Nevada corporation.
“Borrowing”
means
an A Borrowing or a B Borrowing.
“Business
Day”
means
a
day of the year on which banks are not required or authorized to close in New
York City and, if the applicable Business Day relates to any Eurodollar Rate
Advances, on which dealings are carried on in the London interbank
market.
“Capital
Lease”
means,
with respect to any Person, any lease of any property by that Person as lessee
which would, in conformity with GAAP, be required to be accounted for as a
capital lease on the balance sheet of that Person.
“Citibank”
means
Citibank, N.A.
“Code”
means
the Internal Revenue Code of 1986, as amended.
“Commercial
Paper”
means
commercial paper issued by the Borrower from time to time.
“Commitment”
has
the
meaning specified in Section 2.01.
3
“Commitment
Termination Date”
means,
with respect to any Lender, August 23, 2011, or such later date to which the
Commitment Termination Date of such Lender may be extended from time to time
pursuant to Section 2.16 (or if any such date is not a Business Day, the next
preceding Business Day).
“Consolidated
EBITDA”
means,
for any period (i) the sum of (A) net income, plus
(B)
taxes on income, plus
(C)
Consolidated Interest Expense, plus
(D)
depreciation expense, plus
(E)
amortization expense of goodwill, financing costs and other intangibles,
plus
(F)
extraordinary losses, plus
(G)
other non-cash charges to the extent deducted from net income, minus
extraordinary gains.
“Consolidated
Interest Expense”
means,
for any period, total interest expense (including that portion attributable
to
Capital Leases in accordance with GAAP and capitalized interest) of Borrower
and
its Subsidiaries on a consolidated basis with respect to all outstanding
Indebtedness of Borrower and its Subsidiaries, including all commissions,
discounts and other fees and charges owed with respect to letters of credit
and
bankers’ acceptance financing, net costs under Interest Rate Agreements and
amounts referred to in Section 2.04 payable to Administrative Agent and Lenders
that are considered interest expense in accordance with GAAP, but excluding,
however, any such amounts referred to in Section 2.04 payable on or before
the
Closing Date.
“Consolidated
Total Debt”
means,
as of any date of determination, all Debt (excluding Equity-linked Debt) of
the
Borrower and its Subsidiaries on a consolidated basis.
“Convert,”
“Conversion”
and
“Converted”
each
refers to a conversion of A Advances of one Type into A Advances of another
Type
pursuant to Section 2.09.
“Daily
Margin”
means,
for any date of determination, the interest rate per annum set forth in the
table below that corresponds to (i) the Level applicable to such date of
determination and (ii) the Utilization Ratio applicable to such date of
determination:
4
Daily
Margin when
Utilization
Ratio is
equal
to or less than
0.50:1.00
|
Daily
Margin when
Utilization
Ratio
is
greater than
0.50:1.00
|
|
Xxxxx
0
|
0.150%
|
0.200%
|
Xxxxx
0
|
0.170%
|
0.220%
|
Xxxxx
0
|
0.210%
|
0.260%
|
Xxxxx
0
|
0.250%
|
0.350%
|
Xxxxx
0
|
0.325%
|
0.425%
|
Xxxxx
0
|
0.450%
|
0.600%
|
For
purposes of this definition, (a) “Utilization
Ratio”
means,
as of any date of determination, the ratio of (1) the aggregate outstanding
principal amount of all Advances as of such date to (2) the aggregate amount
of
all Commitments in effect as of such date (whether used or unused and without
giving effect to any B Reduction), (b) if any change in the Rating established
by S&P, Moody's or Fitch shall result in a change in the Level, the change
in the Daily Margin shall be effective as of the date on which such rating
change is publicly announced by S&P, Moody's or Fitch, as the case may be,
(c) if Ratings are available from only one of S&P, Moody’s or Fitch, then
the applicable Level shall be set by reference to this one Rating, (d) if
Ratings are available from only two of S&P, Xxxxx’x and Fitch and such
Ratings fall within two different Levels, then the higher of such Ratings shall
apply, unless there is a split in such Ratings of more than one Level, in which
case the Level that is one Level higher than the Level of the lower Rating
shall
apply, (e) if Ratings are available from each of S&P, Xxxxx'x and Fitch and
such Ratings fall within two different Levels, the applicable Level shall be
set
by reference to the Ratings established by two of the three rating agencies,
(f)
if Ratings are available from each of S&P, Xxxxx'x and Fitch and such
Ratings fall within three different Levels, the applicable Level shall be set
by
reference to the middle Rating, (g) if Ratings are unavailable from S&P,
Xxxxx’x and Fitch for any reason for any day, then the applicable Level for such
day shall be deemed to be Xxxxx 0, and (h) if any of S&P, Moody’s or Fitch
change the basis on which their ratings are established and or described, each
reference in this Agreement to a Rating announced by S&P, Moody’s or Fitch,
as the case may be, shall be deemed to refer to the then equivalent rating
established by S&P, Moody’s or Fitch.
“Debt”
means,
with respect to any Person, (i) indebtedness of such Person for borrowed
money, (ii) obligations of such Person evidenced by bonds, debentures,
notes or other similar instruments and (iii) obligations of such Person as
lessee under Capital Leases; provided
that
“Debt” shall not include borrowings against the cash surrender value of life
insurance policies covering employees of the Borrower or its Affiliates and
5
owned
by
the Borrower so long as (x) recourse for such borrowings is limited to such
policies and the proceeds thereof and (y) any value assigned to such policies
on
the consolidated financial statements of the Borrower and its Subsidiaries
is
net of the amount of such borrowings.
“Domestic
Lending Office”
means,
with respect to any Lender, the office of such Lender specified as its “Domestic
Lending Office” opposite its name on Schedule I hereto or in the Assignment
and Acceptance pursuant to which it became a Lender, or such other office of
such Lender as such Lender may from time to time specify to the Borrower and
the
Agent.
“Effective
Date”
means
August 23, 2006, so long as the conditions precedent set forth in Section 3.01
have been satisfied.
“Eligible
Assignee”
means
any financial institution or entity engaged in the business of extending
revolving credit approved in writing by the Borrower (so long as no Event of
Default exists) and the Agent as an Eligible Assignee for purposes of this
Agreement, provided
that the
Borrower’s and the Agent's approval shall not be unreasonably withheld or
delayed, and provided further
that no
such approval shall be required in the case of an assignment by a Lender to
an
Affiliate of such Lender or to another Lender.
“Environmental
Law”
means
any and all statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or
other
governmental restrictions of any federal, state or local govern-mental authority
within the United States or any State or territory thereof and which relate
to
the environment or the release of any materials into the
environment.
“Equity-linked
Debt”
means
Debt that is required to be converted at, or prior to, maturity into equity
securities of the Borrower.
“ERISA”
means
the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the regulations promulgated and rulings issued
thereunder.
“ERISA
Affiliate”
means
any Person who for purposes of Title IV of ERISA is a member of the
Borrower's controlled group, or under common control with the Borrower, within
the meaning of Section 414 of the Code and the regulations promulgated and
rulings issued thereunder.
“ERISA
Event”
means
(i) the occurrence of a reportable event, within the meaning of
Section 4043 of ERISA, unless the 30-day notice requirement with respect
thereto has been waived by the PBGC; (ii) the provision by the
administrator of any Pension Plan of a notice of intent to terminate such
Pension Plan pursuant to Section 4041(a)(2) of ERISA (including any such
notice with respect to a plan amendment referred to in Section 4041(e) of
ERISA); (iii) the cessation of operations at a facility in the
circumstances described in Section 4062(e) of ERISA; (iv) the
withdrawal
6
by
the
Borrower or an ERISA Affiliate from a Multiple Employer Plan during a plan
year
for which it was a substantial employer, as defined in Section 4001(a)(2)
of ERISA; (v) the failure by the Borrower or any ERISA Affiliate to make a
payment to a Pension Plan required under Section 302(f)(1) of ERISA, which
Section imposes a lien for failure to make required payments; (vi) the
adoption of an amendment to a Pension Plan requiring the provision of security
to such Pension Plan, pursuant to Section 307 of ERISA; or (vii) the
institution by the PBGC of proceedings to terminate a Pension Plan, pursuant
to
Section 4042 of ERISA, or the occurrence of any event or condition which,
in the reasonable judgment of the Borrower, might constitute grounds under
Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, a Pension Plan.
“Eurocurrency
Liabilities”
has
the
meaning assigned to that term in Regulation D of the Board of Governors of
the
Federal Reserve System, as in effect from time to time.
“Eurodollar
Lending Office”
means,
with respect to any Lender, the office of such Lender specified as its
“Eurodollar Lending Office” opposite its name on Schedule I hereto or in the
Assignment and Acceptance pursuant to which it became a Lender (or, if no such
office is specified, its Domestic Lending Office), or such other office of
such
Lender as such Lender may from time to time specify to the Borrower and the
Agent.
“Eurodollar
Rate Advance”
means
an A Advance which bears interest as provided in Section 2.07(b).
“Eurodollar
Rate Reserve Percentage”
of
any
Lender for any Interest Period for any Eurodollar Rate Advance means the reserve
percentage applicable during such Interest Period (or if more than one such
percentage shall be so applicable, the daily average of such percentages for
those days in such Interest Period during which any such percentage shall be
so
applicable) under regulations issued from time to time by the Board of Governors
of the Federal Reserve System (or any successor) for determining the maximum
reserve requirements (including, without limitation, any emergency, supplemental
or other marginal reserve requirement) for such Lender with respect to
liabilities or assets consisting of or including Eurocurrency Liabilities having
a term equal to such Interest Period.
“Events
of Default”
has
the
meaning specified in Section 6.01.
“Existing
Credit Agreement”
means
the Credit Agreement, dated as of August 13, 2004, among the Borrower, the
financial institutions party thereto and CUSA, as agent for such lenders, as
amended.
“Federal
Funds Rate”
means,
for any period, a fluctuating interest rate per annum equal for each day during
such period to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal
funds brokers, as published for such day (or, if such day is not a Business
Day,
for the next preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the
average of the
7
quotations
for such day on such transactions received by the Agent from three Federal
funds
brokers of recognized standing selected by it.
“Fitch”
means
Fitch Ratings.
“GAAP”
means
generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute
of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity
as
may be approved by a significant segment of the accounting profession, which
are
applicable to the circumstances as of the date of determination.
“Granting
Lender”
has
the
meaning specified in Section 2.19.
“Insufficiency”
means,
with respect to any Pension Plan, the amount, if any, of its unfunded benefit
liabilities, as defined in Section 4001(a)(18) of ERISA.
“Interest
Period”
means,
for each Eurodollar Rate Advance comprising part of the same A Borrowing, the
period commencing on the date of such Eurodollar Rate Advance, or on the date
of
continuation of such Advance as a Eurodollar Rate Advance upon expiration of
successive Interest Periods applicable thereto, or on the date of Conversion
of
a Base Rate Advance into a Eurodollar Rate Advance, and ending on the last
day
of the period selected by the Borrower pursuant to the provisions below. The
duration of each such Interest Period shall be one, two, three or six months,
as
the Borrower may select in the Notice of Borrowing or the Notice of
Conversion/Continuation for such Advance; provided,
however,
that:
(i) the
Borrower may not select any Interest Period which ends after the earliest
Commitment Termination Date of any Lender then in effect;
(ii) Interest
Periods commencing on the same date for A Advances comprising part of the same
A
Borrowing shall be of the same duration; and
(iii) whenever
the last day of any Interest Period would otherwise occur on a day other than
a
Business Day, the last day of such Interest Period shall be extended to occur
on
the next succeeding Business Day, provided,
that if
such extension would cause the last day of such Interest Period to occur in
the
next following calendar month, the last day of such Interest Period shall occur
on the next preceding Business Day.
“Interest
Rate Agreement”
means
any interest rate swap agreement, interest rate cap agreement, interest rate
collar agreement or other similar agreement or arrangement to which Borrower
or
any of its Subsidiaries is a party.
“Lenders”
means
the Banks listed on Schedule II hereof and each Eligible Assignee that shall
become a party hereto pursuant to Section 8.07.
8
“Level”
means
Xxxxx 0, Xxxxx 0, Xxxxx 0, Xxxxx 0, Xxxxx 5 or Xxxxx 0, as the case may
be.
“Level
1”
means
that, as of any date of determination, the applicable Rating is equal to or
better than A+ (in the case of a Rating from S&P), A1 (in the case of a
Rating from Moody’s) or A+ (in the case of a Rating from Fitch), as applicable,
as of such date of determination.
“Level
2”
means
that, as of any date of determination, the applicable Rating is equal to A
(in
the case of a Rating from S&P), A2 (in the case of a Rating from Moody’s) or
A (in the case of a Rating from Fitch), as applicable, as of such date of
determination.
“Level
3”
means
that, as of any date of determination, the applicable Rating is equal to A-
(in
the case of a Rating from S&P), A3 (in the case of a Rating from Moody’s) or
A- (in the case of a Rating from Fitch), as applicable, as of such date of
determination.
“Level
4”
means
that, as of any date of determination, the applicable Rating is equal to BBB+
(in the case of a Rating from S&P), Baa1 (in the case of a Rating from
Moody’s) or BBB+ (in the case of a Rating from Fitch), as applicable, as of such
date of determination.
“Level
5”
means
that, as of any date of determination, the applicable Rating is equal to BBB
(in
the case of a Rating from S&P), Baa2 (in the case of a Rating from Moody’s)
or BBB (in the case of a Rating from Fitch), as applicable, as of such date
of
determination.
“Level
6”
means
that, as of any date of determination, the applicable Rating is equal to or
below BBB- (in the case of a Rating from S&P), Baa3 (in the case of a Rating
from Moody’s) or BBB- (in the case of a Rating from Fitch), as applicable, as of
such date of determination, or the only Rating is a private rating and the
Borrower will not authorize the applicable rating agency to make such Rating
available to the Agent and the Lenders.
“Lien”
means
any lien, mortgage, pledge, security interest, charge or encumbrance of any
kind
(including any conditional sale or other title retention agreement and any
lease
in the nature thereof).
“Long-Term
Debt”
means
senior, unsecured, non-credit enhanced, long-term debt securities of the
Borrower.
“Majority
Lenders”
means
at any time Lenders holding greater than 50% of the then aggregate unpaid
principal amount of the A Advances held by Lenders, or, if no such principal
amount is then outstanding, Lenders having greater than 50% of the Commitments
(provided
that,
for purposes hereof, neither the Borrower, nor any of its Affiliates, if a
Lender, shall be included in (i) the Lenders holding such amount of the A
9
Advances
or having such amount of the Commitments or (ii) determining the aggregate
unpaid principal amount of the A Advances or the total
Commitments).
“Moody's”
means
Xxxxx'x Investors Service, Inc.
“Multiemployer
Plan”
means
a
“multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the
Borrower or any ERISA Affiliate of the Borrower is making, or is obligated
to
make, contributions or has within any of the preceding six plan years been
obligated to make or accrue contributions.
“Multiple
Employer Plan”
means
a
single employer plan, as defined in Section 4001(a)(15) of ERISA, which
(i) is maintained for employees of the Borrower or an ERISA Affiliate and
at least one Person other than the Borrower and its ERISA Affiliates or
(ii) was so maintained and in respect of which the Borrower or an ERISA
Affiliate could have liability under Section 4063, 4064 or 4069 of ERISA in
the event such plan has been or were to be terminated.
“Non-Hostile
Acquisition”
means
an acquisition (whether by purchase of capital stock or assets, merger or
otherwise) which has been approved by resolutions of the Board of Directors
of
the Person being acquired or by similar action if the Person is not a
corporation and as to which such approval has not been withdrawn.
“Notice
of A Borrowing”
has
the
meaning specified in Section 2.02(a).
“Notice
of a B Borrowing”
has
the
meaning specified in Section 2.03(a).
“Notice
of Borrowing”
means
the Notice of A Borrowing or the Notice of B Borrowing or both, as the context
may require.
“Notice
of Conversion/Continuation”
has
the
meaning specified in Section 2.09.
“PBGC”
means
the U.S. Pension Benefit Guaranty Corporation.
“Pension
Plan”
means
a
Single Employer Plan or a Multiple Employer Plan or both.
“Person”
means
an individual, partnership, corporation, business trust, joint stock company,
trust, unincorporated association, joint venture or other entity, or a
government or any political subdivision or agency thereof.
“Potential
Event of Default”
means
a
condition or event which, after notice or lapse of time or both, would
constitute an Event of Default if that condition or event were not cured or
removed within any applicable grace or cure period.
“Rating”
means
as of any date, the public rating that has been most recently announced by
any
of S&P, Moody's or Fitch, as the case may be, with respect to the
10
Long-Term
Debt, or if any such rating agency shall have issued more than one such public
rating, the lowest such public rating issued by such rating agency.
“Register”
has
the
meaning specified in Section 8.07(c).
“S&P”
means
Standard & Poor's Ratings Group.
“SEC”
means
the Securities and Exchange Commission and any successor agency.
“Significant
Subsidiary”
means,
at any time, any Subsidiary of the Borrower which accounts for more than 5%
of
consolidated total assets or 5% of consolidated revenue of the Borrower and
its
Subsidiaries determined in accordance with GAAP.
“Single
Employer Plan”
means
a
single employer plan, as defined in Section 4001(a)(15) of ERISA, which (i)
is
maintained for employees of the Borrower or any ERISA Affiliate and no Person
other than the Borrower and its ERISA Affiliates or (ii) was so maintained
and
in respect of which the Borrower or an ERISA Affiliate could have liability
under Section 4062 or 4069 of ERISA in the event such plan has been or were
to
be terminated.
“SPC”
has
the
meaning specified in Section 2.19.
“Subsidiary”
of
any
Person means any corporation, association, partnership or other business entity
of which at least 50% of the total voting power of shares of stock or other
securities entitled to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination
thereof.
“Termination
Date”
means,
with respect to any Lender, the earlier of (i) the Commitment Termination Date
of such Lender and (ii) the date of termination in whole of the Commitments
of
all Lenders pursuant to Section 2.05 or 6.01.
“Type”
means,
with reference to an A Advance, a Base Rate Advance or a Eurodollar Rate
Advance.
“Withdrawal
Liability”
has
the
meaning given such term under Part I of Subtitle E of Title IV of
ERISA.
Section
1.02 Computation
of Time Periods.
In this
Agreement in the computation of periods of time from a specified date to a
later
specified date, the word “from” means “from and including” and the words “to”
and “until” each means “to but excluding”.
Section
1.03 Accounting
Terms.
All
accounting terms not specifically defined herein shall be construed in
accordance with GAAP consistent with those applied in the preparation of the
financial statements referred to in Section 4.01(e). All computations
determining compliance with financial covenants or terms, including definitions
11
used
therein, shall be prepared in accordance with generally accepted accounting
principles in effect at the time of the preparation of, and in conformity with
those used to prepare, the historical financial statements delivered to the
Lenders pursuant to Section 4.01(e). If at any time the computations for
determining compliance with financial covenants or provisions relating thereto
utilize generally accepted accounting principles different than those then
being
utilized in the financial statements being delivered to the Lenders, such
financial statements shall be accompanied by a reconciliation
statement.
ARTICLE
II
AMOUNTS
AND TERMS OF THE ADVANCES
Section
2.01 The
A Advances.
Each
Lender severally agrees, on the terms and conditions hereinafter set forth,
to
make A Advances to the Borrower from time to time on any Business Day during
the
period from the Effective Date until the Termination Date of such Lender in
an
aggregate amount not to exceed at any time outstanding the amount set opposite
such Lender's name on Schedule II hereto or, if such Lender has entered into
any
Assignment and Acceptance, set forth for such Lender in the Register maintained
by the Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant
to Section 2.05 (such Lender's “Commitment”), provided
that the
aggregate amount of the Commitments of the Lenders shall be deemed used from
time to time to the extent of the aggregate amount of the B Advances then
outstanding and at any time of determination, such deemed use of the aggregate
amount of the Commitments shall be applied to the Lenders ratably according
to
their respective Commitments in effect at such time of determination (such
deemed use of the aggregate amount of the Commitments being a “B Reduction”).
Each A Borrowing shall be in an aggregate amount not less than $5,000,000 or
an
integral multiple of $1,000,000 in excess thereof and shall consist of A
Advances of the same Type made on the same day to the Borrower by the Lenders
ratably according to their respective Commitments. Within the limits of each
Lender's Commitment, the Borrower may from time to time borrow, until the
Commitment Termination Date, prepay pursuant to Section 2.06(c) and reborrow
under this Section 2.01.
Section
2.02 Making
the A Advances.
(a) Each
A
Borrowing shall be made on notice by the Borrower, given not later than (x)
10:00 A.M. (New York City time) on the date of a proposed A Borrowing consisting
of Base Rate Advances and (y) 12:00 noon (New York City time) on the third
Business Day prior to the date of a proposed A Borrowing consisting of
Eurodollar Rate Advances, which shall give to each Lender prompt notice thereof
by telecopier, mail or delivery. Each such notice of an A Borrowing (a “Notice
of A Borrowing”) shall be by telecopier, mail or delivery, confirmed immediately
in writing, in substantially the form of Exhibit A-1 hereto, specifying therein
the requested (i) date of such A Borrowing, (ii) Type of A Advances
comprising such A Borrowing, (iii) aggregate amount of such A Borrowing,
and (iv) in the case of an A Borrowing comprised of Eurodollar Rate
Advances, the initial Interest Period for each such A Advance. The Borrower
may,
subject to the conditions herein provided, borrow more than one A Borrowing
on
any Business Day. Each Lender shall, before 1:00 P.M. (New York City time)
in
the case of a Borrowing consisting of Base Rate Advances and before 11:00 A.M.
(New York City time) in the case of a Borrowing consisting of Eurodollar Rate
Advances, in each case on the date of such A Borrowing, make available for
the
account of its Applicable Lending Office to the Agent at its address referred
to
in Section 8.02, in same day funds, such
12
Lender's
ratable portion of such A Borrow-ing. After the Agent's receipt of such funds
and upon fulfillment of the applicable conditions set forth in Article III,
the
Agent will make such funds available to the Borrower at the Agent's aforesaid
address.
(b) Anything
in subsection (a) above to the contrary notwithstanding,
(i) the
Borrower may not select Eurodollar Rate Advances for any A Borrowing or with
respect to the Conversion or continuance of any A Borrowing if the aggregate
amount of such A Borrowing or such Conversion or continuance is less than
$5,000,000;
(ii) there
shall be no more than five Interest Periods relating to Eurodollar Rate Advances
outstanding at any time;
(iii) if
any
Lender shall notify the Agent that the introduction of or any change in or
in
the interpretation of any law or regulation makes it unlawful, or that any
central bank or other governmental authority asserts that it is unlawful, for
such Lender or its Eurodollar Lending Office to perform its obligations
hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar
Rate Advances hereunder, the Commitment of such Lender to make Eurodollar Rate
Advances or to Convert all or any portion of Base Rate Advances shall forthwith
be suspended until the Agent shall notify the Borrower that such Lender has
determined that the circumstances causing such suspension no longer exist and
such Lender's then outstanding Eurodollar Rate Advances, if any, shall be Base
Rate Advances; to the extent that such affected Eurodollar Rate Advances become
Base Rate Advances, all payments of principal that would have been otherwise
applied to such Eurodollar Rate Advances shall be applied instead to such
Lender's Base Rate Advances; provided
that if
Majority Lenders are subject to the same illegality or assertion of illegality,
then the right of the Borrower to select Eurodollar Rate Advances for such
A
Borrowing or any subsequent A Borrowing or to Convert all or any portion of
Base
Rate Advances shall forthwith be suspended until the Agent shall notify the
Borrower that the circumstances causing such suspension no longer exist, and
each A Advance comprising such A Borrowing shall be a Base Rate
Advance;
(iv) if
the
Majority Lenders shall, at least one Business Day before the date of any
requested A Borrowing, notify the Agent that the Adjusted Eurodollar Rate for
Eurodollar Rate Advances comprising such A Borrowing will not adequately reflect
the cost to such Majority Lenders of making, funding or maintaining their
respective Eurodollar Rate Advances for such A Borrowing, the right of the
Borrower to select Eurodollar Rate Advances for such A Borrowing or any
subsequent A Borrowing shall be suspended until the Agent shall notify the
Borrower and the Lenders that the circumstances causing such suspension no
longer exist, and each A Advance comprising such A Borrowing shall be made
as a
Base Rate Advance.
(c) Each
Notice of A Borrowing shall be irrevocable and binding on the Borrower
requesting the proposed A Borrowing. In the case of any A Borrowing which the
related Notice of A Borrowing specifies is to be comprised of Eurodollar Rate
Advances, the Borrower requesting the proposed A Borrowing shall indemnify
each
Lender against any loss, cost or expense incurred by such Lender by reason
of
the liquidation or reemployment of deposits
13
or
other
funds acquired by such Lender to fund the A Advance to be made by such Lender
as
part of such A Borrowing or by reason of the termination of hedging or other
similar arrangements, in each case when such A Advance is not made on such
date,
including without limitation, as a result of any failure to fulfill on or before
the date specified in such Notice of A Borrowing for such A Borrowing the
applicable conditions set forth in Article III.
(d) Unless
the Agent shall have received notice from a Lender prior to any A Borrowing
that
such Lender will not make available to the Agent such Lender's ratable portion
of such A Borrowing, the Agent may assume that such Lender has made such portion
available to the Agent on the date of such A Borrowing in accordance with
subsection (a) of this Section 2.02 and the Agent may, in reliance upon such
assumption, make available to the Borrower on such date a corresponding amount.
If and to the extent that such Lender shall not have so made such ratable
portion available to the Agent, such Lender and the Borrower severally agree
to
repay to the Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date such amount is made available
to
the Borrower until the date such amount is repaid to the Agent, at (i) in
the case of the Borrower, the interest rate applicable at the time to A Advances
comprising such A Borrowing and (ii) in the case of such Lender, the
Federal Funds Rate. If such Lender shall repay to the Agent such corresponding
amount, such amount so repaid shall constitute such Lender's A Advance as part
of such A Borrowing for purposes of this Agreement.
(e) The
failure of any Lender to make the A Advance to be made by it as part of any
A
Borrowing shall not relieve any other Lender of its obligation, if any,
hereunder to make its A Advance on the date of such A Borrowing, but no Lender
shall be responsible for the failure of any other Lender to make the A Advance
to be made by such other Lender on the date of any A Borrowing.
Section
2.03 The
B Advances.
(a) Each
Lender severally agrees that the Borrower may make B Borrowings under this
Section 2.03 from time to time on any Business Day during the period from the
date hereof until the date occurring 30 days prior to the latest Commitment
Termination Date of any Lender then in effect in the manner set forth below;
provided
that,
(i) following the making of each B Borrowing, (1) the aggregate amount
of the Advances then outstanding to the Borrower shall not exceed the aggregate
amount of the Commitments of the Lenders then in effect (computed without regard
to any B Reduction), and (2) the aggregate amount of the B Advances
scheduled to be outstanding to the Borrower at any time through the maturity
of
such B Advances shall not exceed the aggregate amount of the Commitments of
the
Lenders scheduled to be in effect at such time (computed without regard to
any B
Reduction), and (ii) no Lender may make a B Advance if the maturity date of
such B Advance occurs after the Commitment Termination Date of such
Lender.
(i) The
Borrower may request a B Borrowing under this Section 2.03 by delivering to
the
Agent, by telecopier or delivery, confirmed immediately in writing, a notice
of
a B Borrowing (a “Notice of B Borrowing”), in substantially the form of Exhibit
A-2 hereto, specifying the date and aggregate amount of the proposed B
Borrowing, the maturity date for repayment of each B Advance to be made as
part
of such B Borrowing (which maturity date (x) in the case of a fixed rate B
Borrowing may not be earlier than the date occurring 14 days after the date
of
such B Borrowing or later than the date occurring 180 days after the date of
such B Borrowing, and (y) in the case of any other B
14
Borrowing
may not be earlier than the date occurring 30 days after the date of such B
Borrowing or later than the date occurring 180 days after the date of such
B
Borrowing), the interest payment date or dates relating thereto, and any other
terms to be applicable to such B Borrowing, not later than 11:00 A.M. (New
York
City time) (A) at least one Business Day prior to the date of the proposed
B Borrowing, if the Borrower shall specify in the Notice of B Borrowing that
the
rates of interest to be offered by the Lenders shall be fixed rates per annum
and (B) at least four Business Days prior to the date of the proposed B
Borrowing, if the Borrower shall instead specify in the Notice of B Borrowing
the basis to be used by the Lenders in determining the rates of interest to
be
offered by them. The Borrower may not select a maturity date for any B Borrowing
which ends after the latest Commitment Termination Date of any Lender then
in
effect. The Agent shall in turn promptly notify each Lender of each request
for
a B Borrowing received by it from the Borrower by sending such Lender a copy
of
the related Notice of B Borrowing.
(ii) Each
Lender may, if, in its sole discretion, it elects to do so, irrevocably offer
to
make one or more B Advances to the Borrower as part of such proposed B Borrowing
at a rate or rates of interest specified by such Lender in its sole discretion,
by notifying the Agent (which shall give prompt notice thereof to the Borrower),
before 11:00 A.M. (New York City time) (A) on the date of such proposed B
Borrowing, in the case of a Notice of B Borrowing delivered pursuant to clause
(A) of paragraph (i) above and (B) three Business Days before the date of
such proposed B Borrowing, in the case of a Notice of B Borrowing delivered
pursuant to clause (B) of paragraph (i) above, of the minimum amount and maximum
amount of each B Advance which such Lender would be willing to make as part
of
such proposed B Borrowing (which amounts may, subject to the proviso to the
first sentence of this Section 2.03(a), exceed such Lender's Commitment), the
rate or rates of interest therefor and such Lender's Applicable Lending Office
with respect to such B Advance; provided
that if
the Agent in its capacity as a Lender shall, in its sole discretion, elect
to
make any such offer, it shall notify the Borrower of such offer before 10:00
A.M. (New York City time) on the date on which notice of such election is to
be
given to the Agent by the other Lenders. If any Lender shall elect not to make
such an offer, such Lender shall so notify the Agent, before 10:00 A.M. (New
York City time) on the date on which notice of such election is to be given
to
the Agent by the other Lenders, and such Lender shall not be obligated to,
and
shall not, make any B Advance as part of such B Borrowing; provided
that the
failure by any Lender to give such notice shall not cause such Lender to be
obligated to make any B Advance as part of such proposed B
Borrowing.
(iii) The
Borrower shall, in turn, (A) before 12:00 noon (New York City time) on
the date of such proposed B Borrowing, in the case of a Notice of B Borrowing
delivered pursuant to clause (A) of paragraph (i) above and (B) before 1:00
P.M. (New York City time) three Business Days before the date of such proposed
B
Borrowing, in the case of a Notice of B Borrowing delivered pursuant to clause
(B) of paragraph (i) above, either
(x) cancel
such B Borrowing by giving the Agent notice to that effect, or
(y) accept
one or more of the offers made by any Lender or Lenders pursuant
15
to
paragraph (ii) above (which acceptance shall be irrevocable) in its sole
discretion, by giving notice to the Agent of the amount of each B Advance (which
amount shall be equal to or greater than the minimum amount, and equal to or
less than the maximum amount, notified to the Borrower by the Agent on behalf
of
such Lender for such B Advance pursuant to paragraph (ii) above) to be made
by
each Lender as part of such B Borrowing (provided that the aggregate amount
of
such B Borrowing shall not exceed the amount specified on the Notice of B
Borrowing delivered by the Borrower pursuant to paragraph (i) above), and reject
any remaining offers made by Lenders pursuant to paragraph (ii) above by giving
the Agent notice to that effect; provided
that
acceptance of offers may only be made on the basis of ascending rates for B
Borrowings of the same type and duration for up to the maximum amounts offered
by Lenders; and provided further
that if
offers are made by two or more Lenders for the same type of B Borrowing for
the
same duration and with the same rate of interest, in an aggregate amount which
is greater than the amount requested, such offers shall be accepted on a pro
rata basis based on the maximum amounts offered by such Lenders at such rate
of
interest.
(iv) If
the
Borrower notifies the Agent that such B Borrowing is cancelled pursuant to
paragraph (iii)(x) above or if the Borrower rejects any offers made by Lenders
pursuant to paragraph (iii)(y) above, the Agent shall give prompt notice thereof
to the Lenders or affected Lenders, as the case may be, and in the case of
a
cancellation, such B Borrowing shall not be made.
(v) If
the
Borrower accepts one or more of the offers made by any Lender or Lenders
pursuant to paragraph (iii)(y) above, the Agent shall in turn promptly notify
(A) each Lender that has made an offer as described in paragraph (ii)
above, of the date and aggregate amount of such B Borrowing and whether or
not
any offer or offers made by such Lender pursuant to paragraph (ii) above have
been accepted by the Borrower, (B) each Lender that is to make a B Advance
as part of such B Borrowing, of the amount of each B Advance to be made by
such
Lender as part of such B Borrowing, and (C) each Lender that is to make a B
Advance as part of such B Borrowing, upon receipt, that the Agent has received
forms of documents appearing to fulfill the applicable conditions set forth
in
Article III. Each Lender that is to make a B Advance as part of such B Borrowing
shall, before 1:00 P.M. (New York City time) on the date of such B Borrowing
specified in the notice received from the Agent pursuant to clause (A) of the
preceding sentence or any later time when such Lender shall have received notice
from the Agent pursuant to clause (C) of the preceding sentence, make
available for the account of its Applicable Lending Office to the Agent at
its
address referred to in Section 8.02 such Lender's portion of such B Borrowing,
in same day funds. Upon fulfillment of the applicable conditions set forth
in
Article III and after receipt by the Agent of such funds, the Agent will make
such funds available to the Borrower at the Agent's aforesaid address. Promptly
after each B Borrowing, the Agent will notify each Lender of the amount of
the B
Borrowing, the consequent B Reduction and the dates upon which such B Reduction
commenced and will terminate.
(vi) The
Borrower agrees to pay to the Agent for the Agent's account an auction fee
in an
amount agreed to in a separate letter agreement between the Borrower
16
and
the
Agent for each Notice of B Borrowing delivered by the Borrower to the Agent
pursuant to this Section 2.03(a), whether or not a B Borrowing is made pursuant
thereto.
(b) Each
B
Borrowing shall be in an aggregate amount not less than $5,000,000 or an
integral multiple of $1,000,000 in excess thereof and, following the making
of
each B Borrowing, the Borrower and each Lender shall be in compliance with
the
limitations set forth in the proviso to the first sentence of subsection (a)
above.
(c) Within
the limits and on the conditions set forth in this Section 2.03, the Borrower
may from time to time borrow under this Section 2.03, repay or prepay pursuant
to subsection (d) below, and reborrow under this Section 2.03, and more than
one
B Borrowing may be made on a Business Day; provided
that,
except for B Borrowings made on the same Business Day, a B Borrowing shall
not
be made within three Business Days of the date of any other B
Borrowing.
(d) The
Borrower shall repay to the Agent for the account of each Lender which has
made
a B Advance to the Borrower, on the maturity date of each B Advance made to
the
Borrower (such maturity date being that specified by the Borrower for repayment
of such B Advance in the related Notice of B Borrowing delivered pursuant to
subsection (a)(i) above), the then unpaid principal amount of such B Advance.
The Borrower shall not have any right to prepay any principal amount of any
B
Advance unless, and then only on the terms, specified by the Borrower for such
B
Advance in the related Notice of B Borrowing delivered pursuant to subsection
(a)(i) above.
(e) The
Borrower shall pay interest on the unpaid principal amount of each B Advance
made to the Borrower from the date of such B Advance to the date the principal
amount of such B Advance is repaid in full, at the rate of interest for such
B
Advance specified by the Lender making such B Advance in its notice with respect
thereto delivered pursuant to subsection (a)(ii) above, payable on the interest
payment date or dates specified by the Borrower for such B Advance in the
related Notice of B Borrowing delivered pursuant to subsection (a)(i) above;
provided
that any
principal amount of any B Advance which is not paid when due (whether at stated
maturity, by acceleration or otherwise) shall bear interest from the date on
which such amount is due until such amount is paid in full, payable on demand,
at a rate per annum equal at all times to (A) until the stated maturity
date of such B Advance, the greater of (x) 2% per annum above the Base Rate
in effect from time to time and (y) 2% above the stated rate per annum of
such B Advance, and (B) after the stated maturity of such B Advance, 2% per
annum above the Base Rate in effect from time to time.
Section
2.04 Fees.
(a) Facility
Fees.
The
Borrower agrees to pay to the Agent for the account of each Lender a facility
fee on the amount of such Lender's Commitment (or if no Commitment is in effect,
Advances), whether used or unused and without giving effect to any B Reduction,
from the date hereof in the case of each Bank and from the effective date
specified in the Assignment and Acceptance pursuant to which it became a Lender
in the case of each other Lender until the Termination Date of such Lender,
payable in arrears on the last day of each March, June, September and December
during the term of such Lender's Commitment, commencing September 30, 2006,
and
on the Termination Date of such Lender, in an amount equal to the
17
product
of (i) the average daily amount of such Lender's Commitment (whether used or
unused and without giving effect to any B Reduction) in effect during the period
for which such payment that is to be made times (ii) the weighted average rate
per annum that is derived from the following rates: (a) a rate of 0.050% per
annum with respect to each day during such period that the higher of the
Ratings was Xxxxx 0, (x) a rate of 0.080% per annum with respect to each day
during such period that the higher of such Ratings was Level 2, (c) a rate
of
0.090% per annum with respect to each day during such period that the higher
of
such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each
day during such period that the higher of such Ratings was Level 4, (e) a rate
of 0.125% per annum with respect to each day during such period that the higher
of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect
to
each day during such period that the higher of such Ratings was Level 6. If
any
change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a
change in the Level, the change in the facility fee shall be effective as of
the
date on which such rating change is publicly announced by S&P, Xxxxx'x or
Fitch, as the case may be. If Ratings are available from only one of S&P,
Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this
one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch
and such Ratings fall within two different Levels, then the higher of such
Ratings shall apply, unless there is a split in such Ratings of more than one
Level, in which case the Level that is one Level higher than the Level of the
lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x
and Fitch and such Ratings fall within two different Levels, the applicable
Level shall be set by reference to the Ratings established by two of the three
rating agencies. If Ratings are available from each of S&P, Xxxxx'x and
Fitch and such Ratings fall within three different Levels, the applicable Level
shall be set by reference to the middle Rating. If Ratings are unavailable
from
S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level
for purposes of calculating the facility fee for such day shall be deemed to
be
Level 6. If any of S&P, Xxxxx’x or Fitch change the basis on which their
ratings are established and/or described, each reference in this Agreement
to a
Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be
deemed to refer to the then equivalent rating established by S&P, Xxxxx’x or
Fitch.
(b) Agents’
Fees.
The
Borrower agrees to pay to the Agent the fees payable pursuant to the fee letter
dated as of July 26, 2006 between the Borrower and CUSA, in the amounts and
at
the times specified in such letter.
Section
2.05 Optional
Reduction of the Commitments.
The
Borrower shall have the right, upon at least three Business Days' notice to
the
Agent by the Borrower, to terminate in whole or permanently reduce ratably
in
part the unused portions of the respective Commitments of the Lenders,
provided
that the
aggregate amount of the Commitments of the Lenders shall not be reduced to
an
amount which is less than the aggregate principal amount of the Advances then
outstanding, and provided,
further,
that
each partial reduction shall be in the aggregate amount of $5,000,000 or an
integral multiple of $1,000,000 in excess thereof.
Section
2.06 Repayment
and Prepayment of A Advances.
(a) Mandatory
Repayment on Termination Date.
The
Borrower shall repay the outstanding principal amount of each A Advance made
by
each Lender to the Borrower on the Termination Date of such Lender.
18
(b) Mandatory
Prepayment Due to Reductions of Commitments.
The
Borrower shall from time to time prepay the A Advances made to the Borrower
to
the extent necessary so that the sum of the aggregate principal amount of the
Advances then outstanding does not exceed the aggregate amount of the
Commitments of the Lenders then in effect (computed without regard to any B
Reduction).
(c) Voluntary
Prepayments of A Borrowings.
The
Borrower shall not have any right to prepay any principal amount of any A
Advances other than as provided in this subsection (c). The Borrower may, upon
at least one Business Day's notice to the Agent in the case of Base Rate
Advances and at least three Business Days' notice to the Agent in the case
of
Eurodollar Rate Advances stating the proposed date and aggregate principal
amount of the prepayment, and if such notice is given the Borrower shall, prepay
the outstanding principal amounts of the Advances made to the Borrower
comprising part of the same A Borrowing in whole or ratably in part;
provided,
however,
that
(x) each partial prepayment shall be in an aggregate principal amount not
less than $5,000,000 and integral multiples of $1,000,000 in excess thereof
and
(y) in the case of any such prepayment of any Eurodollar Rate Advance, the
Borrower shall pay all accrued interest to the date of such prepayment on the
portion of such Eurodollar Rate Advance being prepaid and shall be obligated
to
reimburse the Lenders in respect thereof pursuant to Section
8.04(b).
Section
2.07 Interest
on A Advances.
The
Borrower shall pay interest accrued on the principal amount of each A Advance
that was made to the Borrower outstanding from time to time from the date of
such A Advance until such principal amount shall be paid in full, at the
following rates per annum:
(a) Base
Rate Advances.
If such
A Advance is a Base Rate Advance, a rate per annum equal at all times to the
Base Rate in effect from time to time, payable in arrears on the last day of
each March, June, September and December during the term of this Agreement,
commencing September 30, 2006, and on the Termination Date of the applicable
Lender; provided
that any
amount of principal, interest, fees and other amounts payable under this
Agreement (including, without limitation, the principal amount of Base Rate
Advances, but excluding the principal amount of Eurodollar Rate Advances and
B
Advances) which is not paid when due (whether at stated maturity, by
acceleration or otherwise) shall bear interest from the date on which such
amount is due until such amount is paid in full, payable on demand, at a rate
per annum equal at all times to 2% per annum above the Base Rate in effect
from
time to time.
(b) Eurodollar
Rate Advances.
If such
A Advance is a Eurodollar Rate Advance, a rate per annum equal at all times
during the Interest Period for such A Advance to the sum of the Adjusted
Eurodollar Rate for such Interest Period plus the Applicable Margin, payable
in
arrears on the last day of such Interest Period and, if such Interest Period
has
a duration of more than three months, on the day which occurs during such
Interest Period three months from the first day of such Interest Period;
provided
that any
principal amount of any Eurodollar Rate Advance which is not paid when due
(whether at stated maturity, by acceleration or otherwise) shall bear interest
from the date on which such amount is due until such amount is paid in full,
payable on demand, at a rate per annum equal at all times to (A) during the
Interest Period applicable to such Eurodollar Rate Advance, the greater of
(x) 2% per annum above the Base Rate in effect from time to time and
(y) 2% per annum above the rate per annum required to be paid on such
amount immediately prior to the date on which such amount became due and
19
(B) after
the expiration of such Interest Period, 2% per annum above the Base Rate in
effect from time to time.
Section
2.08 Interest
Rate Determination.
The
Agent shall give prompt notice to the Borrower and the Lenders of the applicable
interest rate determined by the Agent for purposes of Section 2.07(a) or
2.07(b).
Section
2.09 Voluntary
Conversion or Continuation of A Advances.
(a) The
Borrower may on any Business Day, upon notice given to the Agent not later
than
12:00 noon (New York City time) on the third Business Day prior to the date
of
the proposed Conversion or continuance (a “Notice of Conversion/Continuation”)
and subject to the provisions of Section 2.02(b), (1) Convert all
Advances of one Type comprising the same A Borrowing made to the Borrower into
A
Advances of another Type and (2) upon the expiration of any Interest Period
applicable to A Advances which are Eurodollar Rate Advances made to the
Borrower, continue all (or, subject to Section 2.02(b), any portion of)
such A Advances as Eurodollar Rate Advances and the succeeding Interest
Period(s) of such continued A Advances shall commence on the last day of the
Interest Period of the A Advances to be continued; provided,
however,
that
any Conversion of any Eurodollar Rate Advances into A Advances of another Type
shall be made on, and only on, the last day of an Interest Period for such
Eurodollar Rate Advances. Each such Notice of Conversion/Continuation shall,
within the restrictions specified above, specify (i) the date of such
continuation or Conversion, (ii) the A Advances (or, subject to Section
2.02(b), any portion thereof) to be continued or Converted, (iii) if such
continuation is of, or such Conversion is into, Eurodollar Rate Advances, the
duration of the Interest Period for each such A Advance and (iv) that no
Potential Event of Default or Event of Default has occurred and is
continuing.
(b) If
upon
the expiration of the then existing Interest Period applicable to any A Advance
which is a Eurodollar Rate Advance made to the Borrower, the Borrower shall
not
have delivered a Notice of Conversion/Continuation in accordance with this
Section 2.09, then such Advance shall upon such expiration automatically be
Converted to a Base Rate Advance.
(c) After
the
occurrence of and during the continuance of a Potential Event of Default or
an
Event of Default, the Borrower may not elect to have an A Advance be made or
continued as, or Converted into, a Eurodollar Rate Advance after the expiration
of any Interest Rate then in effect for that A Advance.
Section
2.10 Increased
Costs.
(a) If,
due
to either (i) the introduction of or any change (other than any change by
way of imposition or increase of reserve requirements in the case of Eurodollar
Rate Advances included in the Eurodollar Rate Reserve Percentage) in or in
the
interpretation of any law or regulation or (ii) the compliance with any
guideline or request from any central bank or other governmental authority
(whether or not having the force of law), there shall be any increase in the
cost to any Lender of agreeing to make or making, funding or maintaining
Eurodollar Rate Advances made to the Borrower, then the Borrower shall from
time
to time, upon demand by such Lender (with a copy of such demand to the Agent),
pay to the Agent for the account of such Lender additional amounts sufficient
to
compensate such Lender for such increased cost. A
20
reasonably
detailed certificate as to the amount and manner of calculation of such
increased cost, submitted to the Borrower and the Agent by such Lender, shall
be
conclusive and binding for all purposes, absent manifest error.
(b) If
any
Lender determines that compliance with any law or regulation or any guideline
or
request from any central bank or other governmental authority (whether or not
having the force of law) affects or would affect the amount of capital required
or expected to be maintained by such Lender or any corporation controlling
such
Lender and that the amount of such capital is increased by or based upon the
existence of such Lender's commitment to lend hereunder and other commitments
of
this type, then, upon demand by such Lender (with a copy of such demand to
the
Agent), the Borrower shall immediately pay to the Agent for the account of
such
Lender, from time to time as specified by such Lender, additional amounts
sufficient to compensate such Lender or such corporation in the light of such
circumstances, to the extent that such Lender reasonably determines such
increase in capital to be allocable to the existence of such Lender's commitment
to lend hereunder. A reasonably detailed certificate as to such amounts and
the
manner of calculation thereof submitted to the Borrower and the Agent by such
Lender shall be conclusive and binding for all purposes, absent manifest
error.
(c) If
a
Lender shall change its Applicable Lending Office, such Lender shall not be
entitled to receive any greater payment under Sections 2.10 and 2.12 than
the amount such Lender would have been entitled to receive if it had not changed
its Applicable Lending Office, unless such change was made at the request of
the
Borrower or at a time when the circumstances giving rise to such greater payment
did not exist.
Section
2.11 Payments
and Computations.
(a) The
Borrower shall make each payment hereunder not later than 1:00 P.M. (New York
City time) on the day when due in U.S. dollars to the Agent at its address
referred to in Section 8.02 in same day funds, without setoff, deduction or
counterclaim. Subject to the immediately succeeding sentence, the Agent will
promptly thereafter cause to be distributed like funds relating to the payment
of principal or interest or facility fees ratably (other than amounts payable
pursuant to Section 2.03, 2.10 or 2.12 or, to the extent the Termination Date
is
not the same for all Lenders, pursuant to Section 2.06(a)) to the Lenders for
the account of their respective Applicable Lending Offices, and like funds
relating to the payment of any other amount payable to any Lender to such Lender
for the account of its Applicable Lending Office, in each case to be applied
in
accordance with the terms of this Agreement. Upon receipt of principal or
interest paid after an Event of Default and an acceleration or a deemed
acceleration of amounts due hereunder, the Agent will promptly thereafter cause
to be distributed like funds relating to the payment of principal or interest
ratably in accordance with each Lender's outstanding A Advances and B Advances
(other than amounts payable pursuant to Section 2.10 or 2.12) to the Lenders
for
the account of their respective Applicable Lending Offices. Upon its acceptance
of an Assignment and Acceptance and recording of the information contained
therein in the Register pursuant to Section 8.07(d), from and after the
effective date specified in such Assignment and Acceptance, the Agent shall
make
all payments hereunder in respect of the interest assigned thereby to the Lender
assignee thereunder, and the parties to such Assignment and Acceptance shall
make all appropriate adjustments in such payments for periods prior to such
effective date directly between themselves.
21
(b) All
computations of interest based on the Base Rate shall be made by the Agent
on
the basis of a year of 365 or 366 days, as the case may be, and all computations
of interest based on the Adjusted Eurodollar Rate or the Federal Funds Rate
and
of facility fees shall be made by the Agent on the basis of a year of 360 days,
in each case for the actual number of days (including the first day but
excluding the last day) occurring in the period for which such interest or
such
fees are payable. Each determination by the Agent of an interest rate hereunder
shall be conclusive and binding for all purposes, absent manifest
error.
(c) Whenever
any payment hereunder shall be stated to be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day, and such
extension of time shall in such case be included in the computation of payment
of interest or facility fee, as the case may be; provided,
however,
if such
extension would cause payment of interest on or principal of Eurodollar Rate
Advances to be made in the next following calendar month, such payment shall
be
made on the next preceding Business Day.
(d) Unless
the Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Lenders hereunder that the Borrower will not
make such payment in full, the Agent may assume that the Borrower has made
such
payment in full to the Agent on such date and the Agent may, in reliance upon
such assumption, cause to be distributed to each Lender on such due date an
amount equal to the amount then due such Lender. If and to the extent that
the
Borrower shall not have so made such payment in full to the Agent, each Lender
shall repay to the Agent forthwith on demand such amount distributed to such
Lender together with interest thereon, for each day from the date such amount
is
distributed to such Lender until the date such Lender repays such amount to
the
Agent, at the Federal Funds Rate.
Section
2.12 Taxes.
(a) Any
and
all payments by the Borrower hereunder shall be made, in accordance with Section
2.11, free and clear of and without deduction for any and all present or future
taxes, levies, imposts, deductions, charges or withholdings, and all liabilities
with respect thereto, excluding,
in the
case of each Lender and the Agent, (i) taxes imposed on its income, and
franchise taxes imposed on it, by the jurisdiction under the laws of which
such
Lender or the Agent (as the case may be) is organized or any political
subdivision thereof or in which its principal office is located, (ii) taxes
imposed on its income, and franchise taxes imposed on it, by the jurisdiction
of
such Lender's Applicable Lending Office or any political subdivision thereof,
(iii) taxes imposed upon or measured by the overall net income of such Lender
by
the United States of America or any political subdivision or taxing authority
thereof or therein, and (iv) United States income taxes (including withholding
taxes with respect to payments hereunder) payable with respect to payments
hereunder under laws (including without limitation any statute, treaty, ruling,
determination or regulation) in effect on the date hereof in the case of each
Bank and on the effective date of the Assignment and Acceptance pursuant to
which it became a Lender in the case of each other Lender (all such non-excluded
taxes, levies, imposts, deductions, charges, withholdings and liabilities being
hereinafter referred to as “Taxes”). If the Borrower shall be required by law to
deduct any Taxes from or in respect of any sum payable hereunder to any Lender
or the Agent, (i) the sum payable shall be increased as may be necessary so
that after making all required deductions (including deductions applicable
to
additional sums payable under this Section 2.12) such Lender or the Agent (as
the case may be) receives an amount equal to the sum it would have received
had
no such deductions been made, (ii) the Borrower shall
22
make
such
deductions and (iii) the Borrower shall pay the full amount deducted to the
relevant taxation authority or other authority in accordance with applicable
law.
(b) In
addition, the Borrower agrees to pay any present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies which
arise from the execution, delivery or registration of, or otherwise with respect
to, this Agreement (hereinafter referred to as “Other Taxes”).
(c) The
Borrower will indemnify each Lender and the Agent for the full amount of Taxes
or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed
by any jurisdiction on amounts payable under this Section 2.12) and the Borrower
will indemnify each Lender and the Agent for the full amount of Taxes or Other
Taxes (including, without limitation, any Taxes or Other Taxes imposed by any
jurisdiction on amounts payable under this Section 2.12), in each case paid
by
such Lender or the Agent (as the case may be) and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto,
whether or not such Taxes or Other Taxes were correctly or legally asserted.
This indemnification shall be made within 30 days from the date such Lender
or
the Agent (as the case may be) makes written demand therefor.
(d) Within
30
days after the date of any payment of Taxes, the Borrower will furnish to the
Agent, at its address referred to in Section 8.02, the original or a certified
copy of a receipt evidencing payment thereof.
(e) (i)
Each
Lender organized under the laws of a jurisdiction outside the United States,
on
or prior to the date of its execution and delivery of this Agreement in the
case
of each Bank and on the date of the Assignment and Acceptance pursuant to which
it becomes a Lender in the case of each other Lender, and from time to time
thereafter if requested in writing by the Borrower (but only so long as such
Lender remains lawfully able to do so), shall provide the Borrower with Internal
Revenue Service form W-8BEN or W-8BCI, as appropriate, or any successor form
prescribed by the Internal Revenue Service, to establish that such Lender is
not
subject to United States withholding tax with respect to any payments to such
Lender of interest payable under this Agreement. If the form provided by a
Lender at the time such Lender first becomes a party to this Agreement indicates
a United States interest withholding tax rate in excess of zero, withholding
tax
at such rate shall be considered excluded from “Taxes” as defined in Section
2.12(a).
23
(ii) In
addition, each Lender organized under the laws of a jurisdiction outside the
United States, to the extent it does not act or ceases to act for its own
account with respect to any portion of any sums paid or payable to such Lender
under this Agreement (for example, in the case of a typical participation by
such Lender), on or prior to the date of its execution and delivery of this
Agreement in the case of each Bank and on the date of the Assignment and
Acceptance pursuant to which it becomes a Lender in the case of each other
Lender, and from time to time thereafter if requested in writing by the Borrower
(but only so long as such Lender remains lawfully able to do so), shall provide
the Borrower with Internal Revenue Service form W-8BIMY, or any successor form
prescribed by the Internal Revenue Service, to establish that such Lender is
not
acting for its own account with respect to a portion of any such sums payable
to
such Lender.
(f) For
any
period (i) during which any Tax is required to be deducted or withheld on the
basis of the information, certificates or statements of exemption a Lender
chooses to transmit with an Internal Revenue Service Form W-8IMY pursuant to
subsection 2.12(e)(ii), or (ii) with respect to which a Lender has failed to
provide the Borrower with the appropriate form described in Section 2.12(e)
(other than if such failure is due to a change in law occurring subsequent
to
the date on which a form originally was required to be provided, or if such
form
otherwise is not required under the first sentence of subsection 2.12(e)(i)
above), such Lender shall not be entitled to indemnification under Section
2.12(a) with respect to Taxes imposed by the United States; provided,
however,
that
should a Lender become subject to Taxes because of its failure to deliver a
form
required hereunder, the Borrower shall, at the expense of such Lender, take
such
steps as the Lender shall reasonably request to assist the Lender to recover
such Taxes.
(g) Without
prejudice to the survival of any other agreement of the Borrower hereunder,
the
agreements and obligations of the Borrower contained in this Section 2.12 shall
survive the payment in full of principal and interest hereunder.
Section
2.13 Sharing
of Payments, Etc.
If any
Lender shall obtain any payment (whether voluntary, involuntary, through the
exercise of any right of set-off, or otherwise) on account of the A Advances
made by it (other than pursuant to Section 2.10 or 2.12 or, to the extent the
Termination Date is not the same for all Lenders, pursuant to Section 2.06(a))
in excess of its ratable share of payments on account of the A Advances obtained
by all the Lenders, such Lender shall forthwith purchase from the other Lenders
such participations in the A Advances made by them as shall be necessary to
cause such purchasing Lender to share the excess payment ratably with each
of
them, provided,
however,
that if
all or any portion of such excess payment is thereafter recovered from such
purchasing Lender, such purchase from each Lender shall be rescinded and such
Lender shall repay to the purchasing Lender the purchase price to the extent
of
such recovery together with an amount equal to such Lender's ratable share
(according to the proportion of (i) the amount of such Lender's required
repayment to (ii) the total amount so recovered from the purchasing Lender)
of any interest or other amount paid or payable by the purchasing Lender in
respect of the total amount so recovered. The Borrower agrees that any Lender
so
purchasing a participation from another Lender pursuant to this Section 2.13
may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of set-off) with respect to such participation as fully
as
if such Lender were the direct creditor of the Borrower in the amount of such
participation.
24
Section
2.14 Evidence
of Debt.
(a) Each
Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower to such Lender resulting
from each Advance owing to such Lender from time to time, including the amounts
of principal and interest payable and paid to such Lender from time to time
hereunder. The Borrower agrees that upon notice by any Lender to the Borrower
(with a copy of such notice to the Agent) to the effect that a promissory note
or other evidence of indebtedness is required or appropriate in order for such
Lender to evidence (whether for purposes of pledge, enforcement or otherwise)
the A Advances or the B Advances owing to, or to be made by, such Lender, the
Borrower shall promptly execute and deliver to such Lender promissory notes
or
other evidence of such indebtedness, in form and substance reasonably
satisfactory to the Borrower and such Lender, payable to the order of such
Lender in a principal amount equal, in the case of the A Advances, to the
aggregate principal amount of the Commitment of such Lender and, in the case
of
the B Advances, to the outstanding principal amount of B Advances of such
Lender; provided,
however,
that
the execution and delivery of such promissory note or other evidence of
indebtedness shall not be a condition precedent to the making of any Advance
under this Agreement.
(b) The
Register maintained by the Agent pursuant to Section 8.07(c) shall include
a
control account, and a subsidiary account for each Lender, in which accounts
(taken together) shall be recorded (i) the date, amount and tenor, as
applicable, of each Borrowing, the Borrower that received the proceeds of such
Borrowing, the Type of Advances comprising such Borrowing and the Interest
Period applicable thereto, (ii) the terms of each Assignment and Acceptance
delivered to and accepted by it, (iii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to
each
Lender hereunder, and (iv) the amount of any sum received by the Agent from
the Borrower hereunder and each Lender's share thereof.
(c) The
entries made in the Register shall be conclusive and binding for all purposes,
absent manifest error.
Section
2.15 Use
of Proceeds.
(a) Advances
shall be used by the Borrower for Commercial Paper backup, for Non-Hostile
Acquisitions and for general corporate purposes.
(b) No
portion of the proceeds of any Advances under this Agreement shall be used
by
the Borrower or any of its Subsidiaries in any manner which might cause the
Advances or the application of such proceeds to violate, or require any Lender
to make any filing or take any other action under, Regulation T, Regulation
U or
Regulation X of the Board of Governors of the Federal Reserve System or any
other regulation of such Board or to violate the Securities Exchange Act of
1934, in each case as in effect on the date or dates of such Advances and such
use of proceeds.
Section
2.16 Extension
of the Commitment Termination Date.
The
Borrower may, not later than 30 days prior to each applicable anniversary of
the
Effective Date (the “Current Anniversary Date”), and not more than once in any
calendar year, commencing not
25
later
than 60 days prior to the first anniversary of the Effective Date, from time
to
time request that the Commitment Termination Date for all Eligible Lenders
(as
defined below) be extended for a period of one year by delivering to the Agent
a
copy of an extension request signed by the Borrower (an “Extension Request”) in
substantially the form of Exhibit D hereto; provided
that at
the time of such request and as of the date of any such extension of the
Commitment Termination Date, (i) the representations and warranties of the
Borrower contained in Article IV are correct on and as of such date, as though
made on and as of such date, except to the extent that any such representation
or warranty expressly relates only to an earlier date, in which case they were
correct as of such earlier date, and (ii) no Event of Default or Potential
Event
of Default exists and is continuing. The Agent shall promptly notify each Lender
of its receipt of such Extension Request. On or prior to the fifteenth day
(the
“Determination Date”) prior to the Current Anniversary Date, each Eligible
Lender shall notify the Agent and the Borrower of its willingness or
unwillingness to extend its Commitment Termination Date hereunder. Any Eligible
Lender that shall fail to so notify the Agent and the Borrower on or prior
to
the Determination Date shall be deemed to have declined to so extend. In the
event that, on or prior to the Determination Date, Eligible Lenders representing
more than 50% of the aggregate amount of the Commitments of all Eligible Lenders
then in effect shall consent to such extension, the Agent shall so advise the
Lenders and the Borrower and, subject to execution of documentation evidencing
such extension and consents, the Commitment Termination Date of each Eligible
Lender (each a “Consenting Lender”) that has consented on or prior to the
Determination Date to so extend shall be extended to the date indicated in
the
Extension Request. Thereafter, (i) for each Consenting Lender, the term
“Commitment Termination Date” as used herein and in any promissory note executed
and delivered by the Borrower pursuant to Section 2.14 hereof, shall at all
times refer to such date, unless it is later extended pursuant to this Section
2.16, and (ii) for each Lender that is not an Eligible Lender and for each
Eligible Lender that either has declined on or prior to the Determination Date
to so extend or is deemed to have so declined, the term “Commitment Termination
Date” shall at all times refer to the date which was the Commitment Termination
Date of such Lender immediately prior to the delivery to the Agent of such
Extension Request. In the event that, as of the Determination Date, the
Consenting Lenders represent 50% or less of the aggregate amount of the
Commitments of all Eligible Lenders then in effect, the Agent shall so advise
the Lenders and the Borrower, and none of the Lenders' Commitment Termination
Dates shall be extended to the date indicated in the Extension Request and
each
Lender's Commitment Termination Date shall continue to be the date which was
the
Commitment Termination Date of such Lender immediately prior to the delivery
to
the Agent of such Extension Request. For purposes of this Section 2.16, the
term
“Eligible Lenders” means, with respect to any Extension Request, (i) all
Lenders if no Lender's Commitment Termination Date had been extended pursuant
to
this Section 2.16 prior to the delivery to the Agent of such Extension Request,
and (ii) in all other cases, those Lenders which had extended their
Commitment Termination Date in the most recent extension of any Commitment
Termination Date effected pursuant to this Section 2.16.
Section
2.17 Substitution
of Lenders.
If any
Lender requests compensation from the Borrower under Section 2.10(a) or (b)
or
if any Lender declines to extend its Commitment Termination Date pursuant to
Section 2.16, the Borrower shall have the right, with the assistance of the
Agent, to seek one or more substitute banks or financial institutions (which
may
be one or more of the Lenders) reasonably satisfactory to the Agent and the
Borrower to purchase the Advances and assume the Commitments of such Lender,
and
the
26
Borrower,
the Agent, such Lender, and such substitute banks or financial institutions
shall execute and deliver an appropriately completed Assignment and Acceptance
pursuant to Section 8.07(a) hereof to effect the assignment of rights to and
the
assumption of obligations by such substitute banks or financial institutions;
provided
that
such requesting Lender shall be entitled to (i) compensation under Section
2.10
for any costs incurred by it prior to its replacement, (ii) payment of all
A
Advances of such Lender then outstanding and all interest and fees accrued
to
the date of such payment, and (iii) if any Eurodollar Rate Advances of such
Lender are then outstanding, any reimbursement which would be payable under
Section 8.04(b) in connection with a prepayment of such Eurodollar Rate Advances
on such date.
Section
2.18 Increased
Commitments; Additional Lenders.
(a) No
more
than once per year from the Effective Date, the Borrower may, upon at least
thirty (30) days notice to the Agent (which shall promptly provide a copy of
such notice to the Lenders), propose to increase the aggregate amount of the
Commitments in increments of $25,000,000, the total amount of all such increases
not to exceed $250,000,000 (the amount of any such increase, the “Increased
Commitments”); provided
that at
the time of and after giving effect to any increase in the Commitments (and
the
delivery of the applicable commitment increase notice shall constitute a
representation and warranty by the Borrower that on the effective date of such
increase such statements are true) (i) the Borrower’s Long-Term Debt ratings
from two of (1) Xxxxx’x, (2) S&P, and (3) Fitch are better than or equal to
Baa2, BBB or BBB respectively; (ii) the representations and warranties of the
Borrower contained in Article IV are correct on and as of the date of such
increase, before and after giving effect to such increase, as though made on
and
as of such date, except to the extent that any such representation or warranty
expressly relates only to an earlier date, in which case they were correct
as of
such earlier date; (iii) no Event of Default or Potential Event of Default
exists and is continuing; (iv) on the date of such increase, (x) there shall
be
no A Advances outstanding or all Interest Periods shall have ended and (y)
and
all accrued and unpaid interest on the A Advances and all accrued and unpaid
Facility Fees shall have been paid in full and (v) after any such increase,
no
Lender’s Commitment shall exceed 50% of the aggregate amount of the Commitments.
Each Lender party to this Agreement at such time shall have the right (but
no
obligation), for a period of fifteen (15) days following receipt of such notice,
to elect by notice to the Borrower and the Agent to increase its Commitment
by a
principal amount which bears the same ratio to the Increased Commitments as
its
then Commitment bears to the aggregate Commitments then existing.
(b) If
any
Lender party to this Agreement shall not elect to increase its Commitment
pursuant to subsection (a) of this Section, the Borrower may designate
another lender or other lenders (which may be, but need not be, one or more
of
the existing Lenders) which at the time agree to (i) in the case of any
such lender that is an existing Lender, increase its Commitment and (ii) in
the case of any other such lender (an “Additional Lender”), become a party to
this Agreement. The sum of the increases in the Commitments of the existing
Lenders pursuant to this subsection (b) plus the Commitments of the
Additional Lenders shall not in the aggregate exceed the unsubscribed amount
of
the Increased Commitments.
(c) An
increase in the aggregate amount of the Commitments pursuant to this Section
2.18 shall become effective upon the receipt by the Agent of an agreement in
form and substance satisfactory to the Agent signed by the Borrower, by each
Additional Lender and by each other Lender whose Commitment is to be increased,
setting forth the new Commitments of
27
such
Lenders and Additional Lenders on a revised Schedule II to this Agreement and
setting forth the agreement of each Additional Lender to become a party to
this
Agreement and to be bound by all the terms and provisions hereof, together
with
such evidence of appropriate corporate authorization on the part of the Borrower
with respect to the Increased Commitments and such opinions of counsel for
the
Borrower with respect to the Increased Commitments as the Agent may reasonably
request.
Section
2.19 Special
Purpose Funding Vehicles.
Notwithstanding
anything to the contrary contained herein, any Lender, (a “Granting
Lender”)
may
grant to a special purpose funding vehicle (an “SPC”)
the
option to fund all or any part of any Advance that such Granting Lender would
otherwise be obligated to fund pursuant to this Agreement; provided,
that
(i) nothing herein shall constitute a commitment by an SPC to fund any Advance,
and (ii) if an SPC elects not to exercise such option or otherwise fails to
fund
all or any part of such Advance, the Granting Lender shall be obligated to
fund
such Advance pursuant to the terms hereof. The funding of an Advance by an
SPC
hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Advance were funded by such Granting Lender. Each party
hereto hereby agrees that no SPC shall be liable for any indemnity or payment
under this Agreement for which a Lender would otherwise be liable for so long
as, and to the extent, the Granting Lender provides such indemnity or makes
such
payment. Notwithstanding anything to the contrary contained in this Agreement,
any SPC may disclose on a confidential basis any non-public information relating
to its funding of Advances to any rating agency, commercial paper dealer or
provider of any surety or guarantee to such SPC.
ARTICLE
III
CONDITIONS
OF LENDING
Section
3.01 Condition
Precedent to Effective Date.
The
effectiveness of this Agreement and the obligation of each Lender to make its
initial Advance hereunder on and after the Effective Date are subject to the
condition precedent that the Agent receive on or before the Effective Date
the
following, each dated the Effective Date, and each in form and substance
satisfactory to the Agent and in sufficient copies for each Lender:
(a) This
Agreement, executed by the Borrower;
(b) Certified
copies of the resolutions of the Board of Directors of the Borrower approving
this Agreement, and of all documents evidencing other necessary corporate action
and governmental approvals, if any, with respect to this Agreement;
(c) A
certificate of the Secretary or an Assistant Secretary of the Borrower
certifying the names and true signatures of the officers of the Borrower
authorized to sign this Agreement and the other documents to be delivered by
the
Borrower hereunder;
(d) A
certificate of the Secretary or Assistant Secretary of the Borrower, dated
the
Effective Date, certifying the correctness and completeness of the copies of
Borrower’s Certificate of Incorporation and Bylaws previously delivered to the
Agent, together with good standing certificates from the state of its
incorporation and its principal place of business, each to be dated a recent
date prior to the Effective Date;
28
(e) A
favorable opinion of Xxxxxxx X. Xxxx, Esq., General Counsel of the Corporation,
substantially in the form of Exhibit C hereto;
(f) A
certificate of an authorized officer of the Borrower, stating that the
representations and warranties of the Borrower contained in Article IV are
correct on and as of the Effective Date; and
(g) Evidence
satisfactory to the Agent of (i) the absence of any indebtedness of the
Borrower under the Existing Credit Agreement (including borrowings and accrued
interest), (ii) the payment of fees, costs and expenses, if any, payable by
the
Borrower under the Existing Credit Agreement, and (iii) the termination of
the
Existing Credit Agreement and all commitments thereunder.
Section
3.02 Conditions
Precedent to Each A Borrowing.
The
obligation of each Lender to make an A Advance on the occasion of each A
Borrowing (including the initial A Borrowing) shall be subject to the further
conditions precedent that (i) Agent shall have received a Notice of A Borrowing
with respect thereto in accordance with Section 2.02 and (ii) on the date of
such A Borrowing the following statements shall be true (and each of the
giving of the applicable Notice of A Borrowing and the acceptance by the
Borrower of the proceeds of such A Borrowing shall constitute a representation
and warranty by the Borrower that on the date of such A Borrowing such
statements are true):
(a) The
representations and warranties of the Borrower contained in Article IV (other
than the representation set forth in the second sentence of Section 4.01(e),
to
the extent the proceeds of such A Borrowing are used to repay Commercial Paper)
are correct on and as of the date of such A Borrowing, before and after giving
effect to such A Borrowing and to the application of the proceeds therefrom,
as
though made on and as of such date, except to the extent that any such
representation or warranty expressly relates only to an earlier date, in which
case they were correct as of such earlier date; and
(b) No
event
has occurred and is continuing, or would result from such A Borrowing or from
the application of the proceeds therefrom, which constitutes an Event of Default
or a Potential Event of Default.
Section
3.03 Conditions
Precedent to Each B Borrowing.
The
obligation of each Lender which is to make a B Advance on the occasion of a
B
Borrowing (including the initial B Borrowing) to make such B Advance as part
of
such B Borrowing is subject to the conditions precedent that (i) the Agent
shall have received the written confirmatory Notice of B Borrowing with respect
thereto in accordance with Section 2.03 and (ii) on the date of such B
Borrowing the following statements shall be true (and each of the giving of
the
applicable Notice of B Borrowing and the acceptance by the Borrower of the
proceeds of such B Borrowing shall constitute a representation and warranty
by
the Borrower that on the date of such B Borrowing such statements are
true):
(a) The
representations and warranties of the Borrower contained in Article IV are
correct on and as of the date of such B Borrowing, before and after giving
effect to such B Borrowing and to the application of the proceeds therefrom,
as
though made on and as of such
29
date,
except to the extent that any such representation or warranty expressly relates
only to an earlier date, in which case they were correct as of such earlier
date, and
(b) No
event
has occurred and is continuing, or would result from such B Borrowing or from
the application of the proceeds therefrom, which constitutes an Event of Default
or a Potential Event of Default.
ARTICLE
IV
REPRESENTATIONS
AND WARRANTIES
Section
4.01 Representations
and Warranties of the Borrower.
The
Borrower represents and warrants as follows:
(a) Due
Organization, etc.
The
Borrower is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada. The Borrower is duly qualified to do
business as a foreign corporation in good standing in all other jurisdictions
which require such qualification except to the extent that failure to so qualify
would not have a material adverse effect on the Borrower. Each Subsidiary of
the
Borrower is duly organized and validly existing under the laws of the
jurisdiction of its incorporation or formation. Each such Subsidiary is duly
qualified to do business in all other jurisdictions which require such
qualification except to the extent that failure to so qualify would not have
a
material adverse effect on such Subsidiary.
(b) Due
Authorization, etc.
The
execution, delivery and performance by the Borrower of this Agreement are within
the Borrower’s corporate powers, have been duly authorized by all necessary
corporate action, and do not contravene (i) the Borrower’s certificate of
incorporation or bylaws or (ii) law or any material contractual restriction
binding on or affecting the Borrower.
(c) Governmental
Consent.
No
authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for the due execution,
delivery and performance by the Borrower of this Agreement.
(d) Validity.
This
Agreement is the legal, valid and binding obligation of the Borrower enforceable
against the Borrower in accordance with its terms, subject to the effect of
applicable bankruptcy, insolvency, arrangement, moratorium and other similar
laws affecting creditors' rights generally and to the application of general
principles of equity.
(e) Condition
of the Borrower.
The
balance sheet of the Borrower and its Subsidiaries as at March 31, 2006, and
the
related statements of income and retained earnings of the Borrower and its
Subsidiaries for the fiscal year then ended, copies of which have been furnished
to each Bank, fairly present the financial condition of the Borrower and its
Subsidiaries as at such date and the results of the operations of the Borrower
and its Subsidiaries for the fiscal year ended on such date, all in accordance
with GAAP consistently applied. There has been no material adverse change in
the
business, condition (financial or otherwise), operations or properties of the
Borrower and its Subsidiaries, taken as a whole, since March 31,
2006.
(f) Litigation.
Except
as otherwise described in Part II, Item 1 of the Borrower’s quarterly report on
Form 10-Q for the quarter ended June 30, 2006, there is no
30
pending
or threatened investigation, action or proceeding against the Borrower or any
of
its Subsidiaries before any court, governmental agency or arbitrator that would
reasonably be expected to materially adversely affect the financial condition
or
operations of the Borrower and its Subsidiaries, taken as a whole, or which
purports to affect the legality, validity or enforceability of this
Agreement.
(g) Margin
Regulations.
The
Borrower is not engaged in the business of extending credit for the purpose
of
purchasing or carrying margin stock (within the meaning of Regulation U issued
by the Board of Governors of the Federal Reserve System), and no proceeds of
any
Advance will be used to purchase or carry any margin stock or to extend credit
to others for the purpose of purchasing or carrying any margin stock in any
manner that violates or would cause a violation of Regulation T, Regulation
U or
Regulation X.
(h) Payment
of Taxes.
The
Borrower and each of its Subsidiaries have filed or caused to be filed all
material tax returns (federal, state, local and foreign) required to be filed
and paid all material amounts of taxes shown thereon to be due, including
interest and penalties, except for such taxes as are being contested in good
faith and by proper proceedings and with respect to which appropriate reserves
are being maintained by the Borrower or any such Subsidiary, as the case may
be.
(i) Governmental
Regulation.
The
Borrower is not subject to regulation under the Public Utility Holding Company
Act of 1935, the Federal Power Act, the Interstate Commerce Act or the
Investment Company Act of 1940, each as amended, or to any Federal or state
statute or regulation limiting its ability to incur indebtedness for money
borrowed. No Subsidiary of the Borrower is subject to any regulation that would
limit the ability of the Borrower to enter into or perform its obligations
under
this Agreement.
(j) ERISA.
(i) No
ERISA
Event which might result in liability (other than for premiums payable under
Title IV of ERISA) has occurred or is reasonably expected to occur with respect
to any Pension Plan.
(ii) Schedule
B (Actuarial Information) to the most recently completed annual report (Form
5500 Series) for each Pension Plan, copies of which have been filed with the
Internal Revenue Service, is complete and, to the best knowledge of the
Borrower, accurate, and since the date of such Schedule B there has been no
material adverse change in the funding status of any such Pension
Plan.
(iii) Neither
the Borrower nor any ERISA Affiliate has incurred, or, to the best knowledge
of
the Borrower, is reasonably expected to incur, any Withdrawal Liability to
any
Multiemployer Plan.
(iv) Neither
the Borrower nor any ERISA Affiliate has been notified by the sponsor of a
Multiemployer Plan that such Multiemployer Plan is in reorganization or has
been
terminated, within the meaning of Title IV of ERISA, and, to the best knowledge
of the Borrower, no Multiemployer Plan is reasonably expected to be in
reorganization or to be terminated within the meaning of Title IV of
ERISA.
31
(k) Disclosure.
No
representation or warranty of the Borrower contained in this Agreement
(including any Schedule furnished in connection herewith) contains any untrue
statement of a material fact. No other document, certificate or written
statement furnished to the Agent or any Lender by or on behalf of the Borrower
for use in connection with the transactions contemplated in this Agreement,
taken as a whole with other documents, certificates or written statements
furnished contemporaneously therewith, contains any untrue statement of fact
or
omits to state a material fact (known to the Borrower in the case of any
documents not furnished by it) necessary in order to make the statements
contained therein not misleading in light of the circumstances under which
the
same were made.
(l) Insurance.
The
Borrower and its Subsidiaries (i) have in full force insurance coverage of
their
respective properties, assets and business (including casualty, general
liability, products liability and business interruption insurance) that is
(A) no less protective in any material respect than the insurance the
Borrower and its Subsidiaries have carried in accordance with their past
practices or (B) prudent given the nature of the business of the Borrower
and its Subsidiaries and the prevailing practice among companies similarly
situated or (ii) maintain a plan or plans of self-insurance to such extent
and
covering such risks as is usual for companies of comparable size engaged in
the
same or similar business which plan or plans provide for, among other things,
adequate reserves for the risks being self-insured.
(m) Environmental
Matters.
(i) The Borrower and each of its Subsidiaries is in compliance in all
material respects with all Environmental Laws the non-compliance with which
could reasonably be expected to have a material adverse effect on the financial
condition or operations of the Borrower and its Subsidiaries, taken as a whole,
and (ii) there has been no “release or threatened release of a hazardous
substance” (as defined by the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq.)
or any
other release, emission or discharge into the environment of any hazardous
or
toxic substance, pollutant or other materials from the Borrower’s or its
Subsidiaries' property other than as permitted under applicable Environmental
Law and other than those which would not have a material adverse effect on
the
financial condition or operations of the Borrower and its Subsidiaries, taken
as
a whole. Other than disposals for which the Borrower has been indemnified in
full, all “hazardous waste” (as defined by the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq.
(1976)
and the regulations thereunder, 40 CFR Part 261 (“RCRA”)) generated at the
Borrower’s or any Subsidiaries' properties have in the past been and shall
continue to be disposed of at sites which maintain valid permits under RCRA
and
any applicable state or local Environmental Law.
ARTICLE
V
COVENANTS
Section
5.01 Affirmative
Covenants of the Borrower.
The
Borrower covenants and agrees that the Borrower will, unless and until all
of
the Advances shall have been indefeasibly paid in full and the Commitments
of
the Lenders shall have terminated, unless Majority Lenders shall otherwise
consent in writing:
32
(a) Compliance
with Laws, Etc.
Comply,
and cause each of its Subsidiaries to comply, with all applicable laws, rules,
regulations and orders, such compliance to include, without limitation, (i)
complying with all Environmental Laws and (ii) paying before the same become
delinquent all taxes, assessments and governmental charges imposed upon it
or
upon its property except to the extent contested in good faith, except where
failure to so comply would not have a material adverse effect on the business,
condition (financial or otherwise), operations or properties of the Borrower
and
its Subsidiaries, taken as a whole.
(b) Reporting
Requirements.
Furnish
to the Lenders:
(i) as
soon
as available and in any event within 60 days of the end of each of the first
three fiscal quarters of each fiscal year of the Borrower, a copy of the
quarterly report for such quarter for the Borrower and its Subsidiaries,
containing financial statements (including a consolidated balance sheet,
consolidated statements of income and stockholders' equity and cash flows of
the
Borrower and its Subsidiaries) for such quarter;
(ii) as
soon
as available and in any event within 120 days after the end of each fiscal
year
of the Borrower, a copy of the annual audit report for such year for the
Borrower and its Subsidiaries, containing financial statements (including a
consolidated balance sheet, consolidated statements of income and stockholders'
equity and cash flows of the Borrower and its Subsidiaries) for such year,
accompanied by an opinion of Deloitte & Touche or other nationally
recognized independent public accountants. The opinion shall be unqualified
(as
to going concern, scope of audit and disagreements over the accounting or other
treatment of offsets) and shall state that such consolidated financial
statements present fairly the financial position of the Borrower and its
Subsidiaries as at the dates indicated and the results of their operations
and
cash flow for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years (except as stated therein) and that the examination
by such accountants in connection with such consolidated financial statements
has been made in accordance with generally accepted auditing
standards;
(iii) together
with each delivery of the report of the Borrower and its Subsidiaries pursuant
to subsection (i) or subsection (ii) above, a compliance certificate for the
quarter or year, as applicable, executed by an authorized financial officer
of
the Borrower (A) stating, in the case of the financial statements delivered
under Section 5.01(b)(i) for such quarter, that such financial statements fairly
present the financial condition of the Borrower and its Subsidiaries as at
the
dates indicated and the results of operations of the Borrower and its
Subsidiaries and cash flow for the periods indicated in conformity with GAAP
applied on a basis consistent with prior years (except as otherwise stated
therein), subject to changes resulting from audit and normal year-end
adjustment, (B) stating that the signer has reviewed the terms of this Agreement
and has made, or caused to be made under his or her supervision, a review in
reasonable detail of the transactions and condition of the Borrower and its
Subsidiaries during the accounting period covered by such financial statements
and that such review has not disclosed the existence during or at the end of
such accounting period, and that the signer does not have knowledge of the
existence as at the date of the compliance certificate, of any condition or
event that constitutes an Event of Default or a Potential Event of Default
or,
if any such condition or event existed or exists, specifying the nature and
period of existence thereof and what action the Borrower has taken, is taking
and proposes to take with respect thereto and (C) demonstrating in
reasonable detail compliance during (as required thereunder) and at the end
of
such accounting periods with the restrictions contained in Section
5.02(c).
33
(iv) as
soon
as possible and in any event within five days after the occurrence of each
Event
of Default and each Potential Event of Default, continuing on the date of such
statement, a statement of an authorized financial officer of the Borrower
setting forth details of such Event of Default or Potential Event of Default
and
the action which the Borrower has taken and proposes to take with respect
thereto;
(v) promptly
after any significant change in accounting policies or reporting practices,
notice and a description in reasonable detail of such change;
(vi) promptly
and in any event within 30 days after the Borrower or any ERISA Affiliate knows
or has reason to know that any ERISA Event referred to in clause (i) of the
definition of ERISA Event with respect to any Pension Plan has occurred which
might result in liability to the PBGC a statement of the chief accounting
officer of the Borrower describing such ERISA Event and the action, if any,
that
the Borrower or such ERISA Affiliate has taken or proposes to take with respect
thereto;
(vii) promptly
and in any event within 10 days after the Borrower or any ERISA Affiliate knows
or has reason to know that any ERISA Event (other than an ERISA Event referred
to in (vi) above) with respect to any Pension Plan has occurred which might
result in liability to the PBGC, a statement of the chief accounting officer
of
the Borrower describing such ERISA Event and the action, if any, that the
Borrower or such ERISA Affiliate has taken or proposes to take with respect
thereto;
(viii) promptly
and in any event within five Business Days after receipt thereof by the Borrower
or any ERISA Affiliate from the PBGC, copies of each notice from the PBGC of
its
intention to terminate any Pension Plan or to have a trustee appointed to
administer any Pension Plan;
(ix) promptly
and in any event within seven Business Days after receipt thereof by the
Borrower or any ERISA Affiliate from the sponsor of a Multiemployer Plan, a
copy
of each notice received by the Borrower or any ERISA Affiliate concerning
(w) the imposition of Withdrawal Liability by a Multiemployer Plan,
(x) the determination that a Multiemployer Plan is, or is expected to be,
in reorganization within the meaning of Title IV of ERISA, (y) the
termination of a Multiemployer Plan within the meaning of Title IV of ERISA
or
(z) the amount of liability incurred, or expected to be incurred, by the
Borrower or any ERISA Affiliate in connection with any event described in clause
(w), (x) or (y) above;
(x) promptly
after the sending or filing thereof, copies of all proxy statements, financial
statements and reports that the Borrower or any of its Subsidiaries sends to
its
stockholders generally, and copies of all regular, periodic and special reports,
and all registration statements, that the Borrower or any of its Subsidiaries
files with the SEC or any governmental authority that may be substituted
therefor, or with any national securities exchange;
34
(xi) promptly
after the furnishing thereof, copies of any statement or report furnished to
any
other holder of the securities of the Borrower or any of its Subsidiaries
pursuant to the terms of any indenture, loan or credit or similar agreement
and
not otherwise required to be furnished to the Lenders pursuant to any other
clause of this Section 5.01.
(xii) promptly
after the commencement thereof, notice of all material actions, suits and
proceedings before any court or government department, commission, board,
bureau, agency or instrumentality, domestic or foreign, affecting the Borrower
or any of its Subsidiaries, of the type described in Section
4.01(f).
(xiii) promptly
after the occurrence thereof, notice of (A) any event which makes any of
the representations contained in Section 4.01(m) inaccurate in any material
respect or (B) the receipt by the Borrower of any notice, order, directive
or other communication from a governmental authority alleging violations of
or
noncompliance with any Environmental Law which could reasonably be expected
to
have a material adverse effect on the financial condition of the Borrower and
its Subsidiaries, taken as a whole;
(xiv) promptly
after any change in any Rating, a notice of such change, which notice shall
specify the new Rating, the date on which such change was publicly announced
by
S&P, Xxxxx’x or Fitch, as the case may be, and such other information with
respect to such change as any Lender through Agent may reasonably request;
and
(xv) such
other information respecting the condition or operations, financial or
otherwise, of the Borrower or any of its Subsidiaries as any Lender through
the
Agent may from time to time reasonably request.
In
lieu
of furnishing to the Agent paper copies of the documents required to be
delivered pursuant to Sections 5.01(b)(i), (ii), (v), and (x), to the extent
such documents are filed with the SEC, the Borrower shall notify the Agent
and
Lenders when such documents are so filed and may make such documents available
to the Agent and Lenders at its Internet website located at xxxx://xxx.xxx.xxx
and
through the SEC’s XXXXX system. Notwithstanding the foregoing, the Borrower
shall deliver paper copies of such documents to any Lender that requests the
Borrower to deliver such paper copies.
(c) Corporate
Existence, Etc.
The
Borrower will, and will cause each of its material Subsidiaries to, at all
times
maintain its fundamental business and preserve and keep in full force and effect
its corporate existence (except as permitted under Section 5.02(b)) and all
rights, franchises and licenses necessary or desirable in the normal conduct
of
its business.
(d) Maintenance
of Insurance.
The
Borrower will and will cause each of its Subsidiaries to maintain insurance
with
responsible and reputable insurance companies or associations in such amounts
and covering such risks (i) as are usually insured by companies engaged in
similar businesses and (ii) with responsible and reputable insurance companies
or associations. Notwithstanding the foregoing, the Borrower and its
Subsidiaries may maintain a plan or plans of self-insurance to such extent
and
covering such risks as is usual for companies of comparable size engaged in
the
same or similar business, which plans shall include, among other
35
things,
adequate reserves for the risks that are self-insured. On request the Borrower
will advise the Agent and the Lenders concerning any such plan or plans for
self-insurance.
Section
5.02 Negative
Covenants of the Borrower.
The
Borrower covenants and agrees that, unless and until all of the Advances shall
have been indefeasibly paid in full and the Commitments of the Lenders shall
have terminated, unless Majority Lenders shall otherwise consent in
writing:
(a) Liens,
Etc.
The
Borrower will not create or suffer to exist, or permit any of its Subsidiaries
to create or suffer to exist, any Lien, upon or with respect to any of its
properties, whether now owned or hereafter acquired, or assign, or permit any
of
its Subsidiaries to assign, any right to receive income, in each case to secure
or provide for the payment of any Debt of any Person, unless the Borrower’s
obligations hereunder shall be secured equally and ratably with, or prior to,
any such Debt; provided however
that the
foregoing restriction shall not apply to the following Liens which are
permitted:
(i) set-off
rights, arising by operation of law or under any contract entered into in the
ordinary course of business, and bankers' Liens, Liens of carriers,
warehousemen, mechanics, workmen, employees, materialmen and other Liens imposed
by law;
(ii) Liens
in
favor of the United States of America to secure amounts paid to the Borrower
or
any of its Subsidiaries as advance or progress payments under government
contracts entered into by it so long as such Liens cover only (x) special bank
accounts into which only such advance or progress payments are deposited and
(y)
supplies covered by such government contracts and material and other property
acquired for or allocated to the performance of such government
contracts;
(iii) attachment,
judgment and other similar Liens arising in connection with legal proceedings,
provided
that the
execution or other enforcement of such Liens is effectively stayed and the
claims secured thereby are being contested in good faith by appropriate
proceedings, and provided
that any
such judgment does not constitute an Event of Default;
(iv) Liens
on
accounts receivable resulting from the sale of such accounts
receivable;
(v) Liens
on
assets of any Subsidiary of the Borrower existing at the time such Person
becomes a Subsidiary (other than any such Lien created in contemplation of
becoming a Subsidiary);
(vi) purchase
money Liens upon or in any property acquired or held by the Borrower or any
Subsidiary in the ordinary course of business to secure the purchase price
of
such property or to secure Debt incurred solely for the purpose of financing
the
acquisition of such property (provided that the amount of Debt secured by such
Lien does not exceed 100% of the purchase price of such property and transaction
costs relating to such acquisition) and Liens existing on such property at
the
time of its acquisition (other
36
than
any
such Lien created in contemplation of such acquisition); and the interest of
the
lessor thereof in any property that is subject to a Capital Lease;
(vii) Liens,
other than Liens described in clauses (i) through (vi) and in clause (ix),
to
secure Debt not in excess of an aggregate of $100,000,000 principal amount
at
any time outstanding;
(viii) Liens
resulting from any extension, renewal or replacement (or successive extensions,
renewals or replacements), in whole or in part, of any Debt secured by any
Lien
referred to in clauses (iv), (v) and (vi) so long as (x) the aggregate principal
amount of any such Debt shall not increase as a result of any such extension,
renewal or replacement and (y) Liens resulting from any such extension, renewal
or replacement shall cover only such property which secured the Debt that is
being extended, renewed or replaced; and
(ix) Liens
on
any real property owned by the Borrower or any of its Subsidiaries on the
Effective Date to secure Debt financing the acquisition of or construction
of
improvements on such real property, provided that the amount of such Debt does
not exceed 100% of the fair market value of the real property encumbered by
such
Lien at the time such Debt is incurred.
(b) Restrictions
on Fundamental Changes.
The
Borrower will not, and will not permit any of its Subsidiaries to, merge or
consolidate with or into, or convey, transfer, lease or otherwise dispose of
(whether in one transaction or in a series of transactions) all or a substantial
portion of its assets (whether now owned or hereafter acquired) to any Person
(other than the Borrower or any Subsidiary of the Borrower, so long as the
Borrower, directly or indirectly, owns 80% or more of the voting stock thereof),
or enter into any partnership, joint venture, syndicate, pool or other
combination, unless (a) no Event of Default or Potential Event of Default has
occurred and is continuing or would result therefrom and (b) in the case of
any
consolidation or merger involving the Borrower either (i) the Borrower is the
surviving entity or (ii) the Person surviving or resulting from such
consolidation or merger shall have assumed the obligations of the Borrower
hereunder in an agreement or instrument reasonably satisfactory in form and
substance to the Agent.
(c) Financial
Covenants.
(i) Minimum
Interest Coverage Ratio.
The
Borrower will not permit at the end of any quarterly financial reporting period
the ratio of Consolidated EBITDA to Consolidated Interest Expense for the period
of four consecutive fiscal quarters ending on or immediately prior to such
period, to be less than 3.00 to 1.00.
(ii) Consolidated
Total Debt to Consolidated EBITDA Ratio.
The
Borrower will not permit at the end of any quarterly financial reporting period
the ratio of Consolidated Total Debt to Consolidated EBITDA for the period
of
four consecutive fiscal quarters ending on or immediately prior to such period,
to exceed 3.00 to 1.00.
(d) Plan
Terminations.
The
Borrower will not, and will not permit any ERISA Affiliate to, terminate any
Pension Plan so as to result in liability of the Borrower or any ERISA
37
Affiliate
to the PBGC in excess of $15,000,000, or permit to exist any occurrence of
an
event or condition which reasonably presents a material risk of a termination
by
the PBGC of any Pension Plan with respect to which the Borrower or any ERISA
Affiliate would, in the event of such termination, incur liability to the PBGC
in excess of $15,000,000.
(e) Employee
Benefit Costs and Liabilities.
The
Borrower will not, and will not permit any ERISA Affiliate to, create or suffer
to exist, (i) any Insufficiency with respect to a Pension Plan or any Withdrawal
Liability with respect to a Multiemployer Plan if, immediately after giving
effect thereto, such Insufficiencies and Withdrawal Liabilities of all Pension
Plans and Multiemployer Plans, respectively, of the Borrower and its ERISA
Affiliates exceeds $50,000,000 or (ii) except as provided in Section 4980B
of the Code and except as provided under the terms of any employee welfare
benefit plans provided pursuant to the terms of collective bargaining
agreements, any employee benefit plan to provide health or welfare benefits
(through the purchase of insurance or otherwise) for any retired or former
employee of the Borrower or any of its ERISA Affiliate unless the Borrower
and/or any of its ERISA Affiliates are permitted to terminate such benefits
pursuant to the terms of such employee benefit plan.
ARTICLE
VI
EVENTS
OF
DEFAULT
Section
6.01 Events
of Default.
If any
of the following events (“Events of Default”) shall occur and be
continuing:
(a) The
Borrower shall fail to pay any principal of any Advance when the same becomes
due and payable or the Borrower shall fail to pay any interest on any Advance
or
any fees or other amounts payable hereunder within five days of the date due;
or
(b) Any
representation or warranty made by the Borrower herein or in connection with
this Agreement shall prove to have been incorrect in any material respect when
made; or
(c) The
Borrower shall fail to perform or observe (i) any term, covenant or agreement
contained in Section 5.01(c) or 5.02, or (ii) any other term, covenant or
agreement contained in this Agreement on its part to be performed or observed
if
the failure to perform or observe such other term, covenant or agreement shall
remain unremedied for 30 days after the Borrower obtains knowledge of such
breach; or
(d) The
Borrower or any of its Subsidiaries shall fail to pay any principal of or
premium or interest on any Debt and any guaranties of third-party indebtedness
which is outstanding in a principal amount of at least $100,000,000 in the
aggregate (but excluding Debt arising under this Agreement) of the Borrower
or
such Subsidiary (as the case may be), when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or
other-wise), and such failure shall continue after the applicable grace period,
if any, specified in the agreement or instrument relating to such Debt or
guaranty; or any other event shall occur or condition shall exist under any
agreement or instrument relating to any such Debt and shall continue after
the
applicable grace period, if any, specified in such agreement or instrument,
if
the effect of such event or condition is to accelerate, or to permit the
acceleration of, the maturity of such Debt; or any such Debt shall be declared
to be due and
38
payable,
or required to be prepaid (other than by a regularly scheduled required
prepayment or by a required prepayment of insurance proceeds or by a required
prepayment as a result of formulas based on asset sales or excess cash flow),
redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or
defease such Debt shall be required to be made, in each case prior to the stated
maturity thereof; or
(e) The
Borrower or any of its Significant Subsidiaries shall generally not pay its
debts as such debts become due, or shall admit in writing its inability to
pay
its debts generally, or shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against the Borrower
or
any of its Significant Subsidiaries seeking to adjudicate it a bankrupt or
insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, or composition of it or its debts under any
law
relating to bankruptcy, insolvency or reorganization or relief of debtors,
or
seeking the entry of an order for relief or the appointment of a receiver,
trustee, custodian or other similar official for it or for substantial part
of
its property and, in the case of any such proceeding instituted against it
(but
not instituted by it), either such proceeding shall remain undismissed or
unstayed for a period of 60 days, or any of the actions sought in such
proceeding (including, without limitation, the entry of an order for relief
against, or the appointment of a receiver, trustee, custodian or other similar
official for, it or for any substantial part of its property) shall occur;
or
the Borrower or any of its Significant Subsidiaries shall take any corporate
or
partnership action to authorize any of the actions set forth above in this
subsection (e); or
(f) Any
judgment or order for the payment of money in excess of $100,000,000 shall
be
rendered against the Borrower or any of its Significant Subsidiaries and is
not
promptly paid by the Borrower or any of its Significant Subsidiaries and either
(i) enforcement proceedings shall have been commenced by any creditor upon
such judgment or order or (ii) there shall be any period of 10 consecutive
days during which a stay of enforcement of such judgment or order, by reason
of
a pending appeal or otherwise, shall not be in effect; or
(g)
(i) Any
ERISA
Event with respect to a Pension Plan shall have occurred and, 30 days after
notice thereof shall have been given to the Borrower by the Agent, (x) such
ERISA Event shall still exist and (y) the sum (determined as of the date of
occurrence of such ERISA Event) of the Insufficiency of such Pension Plan and
the Insufficiency of any and all other Pension Plans with respect to which
an
ERISA Event shall have occurred and then exist (or in the case of a Pension
Plan
with respect to which an ERISA Event described in clause (iii) through (vi)
of
the definition of ERISA Event shall have occurred and then exist, the liability
related thereto) is equal to or greater than $15,000,000; or
(ii) The
Borrower or any ERISA Affiliate shall have been notified by the sponsor of
a
Multiemployer Plan that it has incurred an aggregate Withdrawal Liability for
all years to such Multiemployer Plan in an amount that, when aggregated with
all
other amounts required to be paid to Multiemployer Plans by the Borrower and
its
ERISA Affiliates as Withdrawal Liability (determined as of the date of such
notification), exceeds $15,000,000; or
39
(iii) The
Borrower or any ERISA Affiliate shall have been notified by the sponsor of
a
Multiemployer Plan that such Multiemployer Plan is in reorganization or is
being
terminated, within the meaning of Title IV or ERISA, if as a result of such
reorganization or termination the aggregate annual contributions of the Borrower
and its ERISA Affiliates to all Multiemployer Plans that are then in
reorganization or being terminated have been or will be increased over the
amounts contributed to such Multiemployer Plans for the plan year of such
Multiemployer Plan immediately preceding the plan year in which the
reorganization or termination occurs by an amount exceeding $15,000,000;
or
(h) Any
Person or two or more Persons acting in concert shall have acquired beneficial
ownership (within the meaning of Rule 13d-3 of the SEC under the Securities
Exchange Act of 1934, as amended), directly or indirectly, of securities of
the
Borrower (or other securities convertible into such securities) representing
35%
or more of the combined voting power of all securities of the Borrower entitled
to vote in the election of directors, other than securities having such power
only by reason of the happening of a contingency; or
(i) The
Borrower or any of its Subsidiaries shall be suspended or debarred by any
governmental entity from entering into any government contract or government
subcontract from otherwise engaging in any business relating to government
contracts or from participation in government non-procurement programs, and
such
suspension or debarment could reasonably be expected to have a material adverse
effect on the business, condition (financial or otherwise), operations or
properties of the Borrower and its Subsidiaries, taken as a whole;
then,
and
in any such event, the Agent (i) shall at the request, or may with the
consent, of the Majority Lenders, by notice to the Borrower, declare the
obligation of each Lender to make Advances to be terminated, whereupon the
same
shall forthwith terminate, and (ii) shall at the request, or may with the
consent, of the Majority Lenders, by notice to the Borrower, declare the
Advances, all interest thereon and all other amounts payable under this
Agreement to be forthwith due and payable, whereupon the Advances, all such
interest and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of
which
are here expressly waived by the Borrower; provided,
however,
that in
the event of an actual or deemed entry of an order for relief with respect
to
the Borrower or any of its Significant Subsidiaries under the Federal Bankruptcy
Code, (A) the obligation of each Lender to make Advances shall
automatically be terminated and (B) the Advances, all such interest and all
such amounts shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which are hereby
expressly waived by the Borrower.
ARTICLE
VII
THE
AGENT
Section
7.01 Authorization
and Action.
Each
Lender hereby appoints and authorizes the Agent to take such action as agent
on
its behalf and to exercise such powers under this Agreement as are delegated
to
the Agent by the terms hereof, together with such powers as are reasonably
incidental thereto. As to any matters not expressly provided for by this
Agreement (including, without limitation, enforcement or collection of the
Advances and other amounts owing hereunder), the Agent shall not be required
to
exercise any discretion or
40
take
any
action, but shall be required to act or to refrain from acting (and shall be
fully protected in so acting or refraining from acting) upon the instructions
of
the Majority Lenders, and such instructions shall be binding upon all Lenders;
provided,
however,
that
the Agent shall not be required to take any action which exposes the Agent
to
personal liability or which is contrary to this Agreement or applicable law.
The
Agent agrees to give to each Lender prompt notice of each notice given to it
by
the Borrower pursuant to the terms of this Agreement. The Lenders identified
on
the cover page of this Agreement as co-syndication agents shall not have any
powers, duties, responsibilities or liabilities under this Agreement other
than
those applicable to all Lenders as such, and none of such Lenders shall have
or
be deemed to have a fiduciary relationship with any Lender.
Section
7.02 Agent's
Reliance, Etc.
Neither
the Agent nor any of its directors, officers, agents or employees shall be
liable for any action taken or omitted to be taken by it or them under or in
connection with this Agreement, except for its or their own gross negligence
or
willful misconduct. Without limitation of the generality of the foregoing,
the
Agent: (i) may treat the payee of any Advance as the holder thereof until
the Agent receives and accepts an Assignment and Acceptance entered into by
the
Lender which is the payee of such Advance, as assignor, and an Eligible
Assignee, as assignee, as provided in Section 8.07; (ii) may consult with
legal counsel (including counsel for the Borrower), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with
the
advice of such counsel, accountants or experts; (iii) makes no warranty or
representation to any Lender and shall not be responsible to any Lender for
any
statements, warranties or representations (whether written or oral) made in
or
in connection with this Agreement; (iv) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms,
covenants or conditions of this Agreement on the part of the Borrower or to
inspect the property (including the books and records) of the Borrower;
(v) shall not be responsible to any Lender for the due execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement
or
any other instrument or document furnished pursuant hereto; and (vi) shall
incur no liability under or in respect of this Agreement by acting upon any
notice, consent, certificate or other instrument or writing (which may be by
telecopier, telegram, or delivery) believed by it to be genuine and signed
or
sent by the proper party or parties.
Section
7.03 CUSA
and Affiliates.
With
respect to its Commitment, the Advances made by it, CUSA shall have the same
rights and powers under this Agreement as any other Lender and may exercise
the
same as though it were not the Agent; and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated, include CUSA in its individual capacity.
CUSA and its affiliates may accept deposits from, lend money to, act as trustee
under indentures of, and generally engage in any kind of business with, the
Borrower, any of their respective subsidiaries and any Person who may do
business with or own securities of the Borrower or any such subsidiary, all
as
if CUSA were not the Agent and without any duty to account therefor to the
Lenders.
Section
7.04 Lender
Credit Decision.
Each
Lender acknowledges that it has, independently and without reliance upon the
Agent or any other Lender and based on the financial statements referred to
in
Section 4.01 and such other documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently and without
reliance
41
upon
the
Agent or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions
in
taking or not taking action under this Agreement.
Section
7.05 Indemnification.
The
Lenders agree to indemnify the Agent (to the extent not reimbursed by the
Borrower), ratably according to the respective principal amounts of the A
Advances then held by each of them (or if no A Advances are at the time
outstanding or if any A Advances are held by Persons which are not Lenders,
ratably according to the respective amounts of their Commitments), from and
against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against
the
Agent in any way relating to or arising out of this Agreement or any action
taken or omitted by the Agent under this Agreement, provided
that no
Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Agent's gross negligence or willful misconduct. Without
limitation of the foregoing, each Lender agrees to reimburse the Agent promptly
upon demand for its ratable share of any out-of-pocket expenses (including
counsel fees) incurred by the Agent in connection with the preparation,
execution, delivery, administration, syndication, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise)
of,
or legal advice in respect of rights or responsibilities under, this Agreement,
to the extent that the Agent is not reimbursed for such expenses by the
Borrower.
Section
7.06 Successor
Agent.
The
Agent may resign at any time by giving written notice thereof to the Lenders
and
the Borrower and may be removed at any time with or without cause by the
Majority Lenders. Upon any such resignation or removal, the Majority Lenders
shall have the right to appoint a successor Agent. If no successor Agent shall
have been so appointed by the Majority Lenders, and shall have accepted such
appointment, within 30 days after the retiring Agent's giving of notice of
resignation or the Majority Lenders' removal of the retiring Agent, then the
retiring Agent may, on behalf of the Lenders, appoint a successor Agent which
shall be a commercial bank organized under the laws of the United States of
America or of any State thereof or any Bank and, in each case having a combined
capital and surplus of at least $50,000,000. Upon the acceptance of any
appointment as Agent hereunder by a successor Agent, such successor Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Agent, and the retiring Agent shall be discharged
from its duties and obligations under this Agreement. After any retiring Agent's
resignation or removal hereunder as Agent, the provisions of this Article VII
shall inure to its benefit as to any actions taken or omitted to be taken by
it
while it was Agent under this Agreement.
ARTICLE
VIII
MISCELLANEOUS
Section
8.01 Amendments,
Etc.
No
amendment or waiver of any provision of this Agreement, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless
the
same shall be in writing and signed by the Majority Lenders, and then such
waiver or consent shall be effective only in the specific instance and for
the
specific purpose for which given; provided,
however,
that no
amendment, waiver or consent
42
shall,
unless in writing and signed by all the Lenders, do any of the following:
(a) waive any of the conditions specified in Section 3.01,
(b) increase the Commitments of the Lenders (except pursuant to Section
2.18) or subject the Lenders to any additional obligations, (c) reduce the
principal of, or interest on, the A Advances or any fees or other amounts
payable hereunder, (d) postpone any date fixed for any payment of principal
of, or interest on, the A Advances or any fees or other amounts payable
hereunder (except pursuant to Section 2.16), (e) change the percentage of
the Commitments or of the aggregate unpaid principal amount of the A Advances,
or the number of Lenders, which shall be required for the Lenders or any of
them
to take any action hereunder, or (f) amend Section 2.16, Section 2.18 or this
Section 8.01; and provided,
further,
that no
amendment, waiver or consent shall, unless in writing and signed by the Agent
in
addition to the Lenders required above to take such action, affect the rights
or
duties of the Agent under this Agreement; and provided further,
that no
amendment, modification, termination or waiver of the principal amount of any
B Advance or payments or prepayments by the Borrower in respect thereof,
the scheduled maturity dates of any B Advance, the dates on which interest
is payable and decreases in interest rates borne by B Advances shall be
effective without the written concurrence of the Lender which has funded such
B Advance and provided,
further
that no
amendment of Section 2.19 shall be effective without the written consent of
each
Granting Lender, all or any part of whose outstanding Loans is being funded
by
an SPC at the time of such amendment.
Section
8.02 Notices,
Etc.
(a) General.
Unless
otherwise expressly provided in this Agreement, all notices, requests, demands,
directions and other communications provided for hereunder shall be in writing
(including by facsimile transmission). All such written notices shall be mailed,
faxed or delivered to the applicable address, facsimile number or (subject
to
Section 8.15) electronic mail address, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:
(1) if
to the
Borrower or Agent, to the address, facsimile number, electronic mail address
or
telephone number set forth below, or to such other address, facsimile number,
electronic mail address or telephone number as shall be designated by such
party
in a notice to the other parties:
Borrower:
|
Computer
Sciences Corporation
0000
Xxxx Xxxxx Xxxxxx
Xx
Xxxxxxx, Xxxxxxxxxx 00000
Attention:
Xxxxxx X. Xxxxx
Phone:
(000) 000-0000
Fax:
(000) 000-0000
Email:
xxxxxx@xxx.xxx
|
Agent:
|
Citicorp
USA, Inc.
c/o
Citibank Agency Services
0
Xxxxx Xxx, Xxxxx 000
Xxx
Xxxxxx, Xxxxxxxx 00000
Attention:
Xxxxx Xxxxxxx-Xxxxxxx
Phone:
(000) 000-0000
Fax:
(000) 000-0000
Email:
xxxxx.xxxxxxxxxxxxxx@xxxxxxxxx.xxx
|
43
(2) if
to any
other Lender, to the address, facsimile number, electronic mail address or
telephone number of its Domestic Lending Office as may be specified opposite
its
name on Schedule I hereto (or in the Assignment and Acceptance pursuant to
which
it became a Lender), or to such other address, facsimile number, electronic
mail
address or telephone number as shall be designated by such party in a notice
to
the Borrower and the Agent.
(b) Timing.
All
such notices and other communications shall be deemed to be given or made upon
the earlier to occur of (i) actual receipt by the relevant party hereto and
(ii)
(A) if delivered by hand or by courier, when signed for by or on behalf of
the
relevant party hereto; (B) if delivered by mail, four Business Days after
deposit in the United States mail, postage prepaid; (C) if delivered by
facsimile, when sent and receipt has been confirmed by telephone; and (D) if
delivered by electronic mail (subject to the provisions of Section 8.15(c))
when
received; provided,
however,
that
notices and other communications to the Agent pursuant to Article II or VII
shall not be effective until actually received by such Person. In no event
shall
a voicemail message be effective as a notice, communication or confirmation
hereunder.
(c) Effectiveness
of Facsimile Documents and Signatures.
This
Agreement and any documents delivered pursuant to or in connection with this
Agreement may be transmitted and/or signed by facsimile. The effectiveness
of
any such documents and signatures shall, subject to applicable law, have the
same force and effect as manually-signed originals and shall be binding on
the
Borrower, the Agent and the Lenders. The Agent may also require that any such
documents and signatures be confirmed by a manually-signed original thereof;
provided,
however,
that
the failure to request or deliver the same shall not limit the effectiveness
of
any facsimile document or signature.
(d) Reliance
by the Agent and Lenders.
The
Agent and the Lenders shall be entitled to rely and act upon any notices
purportedly given by or on behalf of the Borrower even if (i) such notices
were
not made in a manner specified herein, were incomplete or were not preceded
or
followed by any other form of notice specified herein, or (ii) the terms
thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrower shall indemnify each indemnified person from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrower. All telephonic notices
to and other communications with the Agent may be recorded by the Agent, and
each of the parties hereto hereby consents to such recording.
Section
8.03 No
Waiver; Remedies.
No
failure on the part of any Lender or the Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall
any
single or partial exercise of any such right preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by
law.
Section
8.04 Costs,
Expenses and Indemnification.
(a) The
Borrower agrees to pay promptly on demand all reasonable costs and out-of-pocket
expenses of Agent in connection with the preparation, execution, delivery,
44
administration,
syndication, modification and amendment of this Agreement, and the other
documents to be delivered hereunder or thereunder, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Agent with respect thereto and with respect to advising the Agent as to its
rights and responsibilities hereunder. The Borrower further agrees to pay
promptly on demand all costs and expenses of the Agent and of each Lender,
if
any (including, without limitation, reasonable counsel fees and out-of-pocket
expenses), in connection with the enforcement (whether through negotiations,
legal proceedings or otherwise) of this Agreement and the other documents to
be
delivered hereunder, including, without limitation, reasonable counsel fees
and
out-of-pocket expenses in connection with the enforcement of rights under this
Section 8.04(a).
(b) If
any
payment of principal of any Eurodollar Rate Advance or B Advance extended to
the
Borrower is made other than on the last day of the interest period for such
Advance, as a result of a payment pursuant to Section 2.06 or acceleration
of the maturity of the Advances pursuant to Section 6.01 or for any other
reason, the Borrower shall, upon demand by any Lender (with a copy of such
demand to the Agent), pay to the Agent for the account of such Lender any
amounts required to compensate such Lender for any additional losses, costs
or
expenses which it may reasonably incur as a result of such payment, including,
without limitation, any loss, cost or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by any Lender
to
fund or maintain such Advance.
(c) The
Borrower agrees to indemnify and hold harmless the Agent, each Lender and each
director, officer, employee, agent, attorney and affiliate of the Agent and
each
Lender (each an “indemnified person”) in connection with any expenses, losses,
claims, damages or liabilities to which the Agent, a Lender or such indemnified
persons may become subject, insofar as such expenses, losses, claims, damages
or
liabilities (or actions or other proceedings commenced or threatened in respect
thereof) arise out of the transactions referred to in this Agreement or arise
from any use or intended use of the proceeds of the Advances, or in any way
arise out of activities of the Borrower that violate Environmental Laws, and
to
reimburse the Agent, each Lender and each indemnified person, upon their demand,
for any reasonable legal or other out-of-pocket expenses incurred in connection
with investigating, defending or participating in any such loss, claim, damage,
liability, or action or other proceeding, whether commenced or threatened
(whether or not the Agent, such Lender or any such person is a party to any
action or proceeding out of which any such expense arises). Notwithstanding
the
foregoing, the Borrower shall have no obligation hereunder to an indemnified
person with respect to indemnified liabilities which have resulted from the
gross negligence, bad faith or willful misconduct of such indemnified
person.
(d) To
the
fullest extent permitted by applicable law, the Borrower shall not assert,
and
hereby waives, any claim against any indemnified person, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result
of this Agreement, or any agreement or instrument contemplated hereby, the
transactions contemplated hereby, any Advance or the use of the proceeds
thereof.
Section
8.05 Right
of Set-off.
Upon
(i) the occurrence and during the continuance of any Event of Default and
(ii) the making of the request or the granting of the consent specified by
Section 6.01 to authorize the Agent to declare the Advances due and
45
payable
pursuant to the provisions of Section 6.01, each Lender is hereby authorized
at
any time and from time to time, to the fullest extent permitted by law, to
set
off and apply any and all deposits (time or demand, provisional or final, or
general, but not special) at any time held and other indebtedness at any time
owing by such Lender or any Affiliate thereof to or for the credit or the
account of the Borrower against any and all of the obligations of the Borrower
now or hereafter existing under this Agreement that are then due and payable,
whether or not such Lender shall have made any demand under this Agreement,
and
each such Affiliate is hereby irrevocably authorized to permit such setoff
and
application. Each Lender agrees promptly to notify the Borrower after any such
set-off and application made by such Lender, provided
that the
failure to give such notice shall not affect the validity of such set-off and
application. The rights of each Lender under this Section are in addition to
other rights and remedies (including, without limitation, other rights of
set-off) which such Lender may have.
Section
8.06 Binding
Effect.
This
Agreement shall be deemed to have been executed and delivered when it shall
have
been executed by the Borrower and the Agent and when the Agent shall have been
notified by each Bank that such Bank has executed it and thereafter shall be
binding upon and inure to the benefit of the Borrower, the Agent and each Lender
and their respective successors and permitted assigns, except that the Borrower
shall not have the right to assign its rights or obligations hereunder or any
interest herein without the prior written consent of all Lenders. This Agreement
and the fee letter referred to in Section 2.04(b) constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the
subject matter hereof.
Section
8.07 Assignments
and Participations.
(a) Each
Lender may assign to one or more Eligible Assignees all or a portion of its
rights and obligations under this Agreement (including, without limitation,
all
or a portion of its Commitment and the A Advances owing to it); provided,
however,
that
(i) each such assignment shall be of a constant, and not a varying,
percentage of all rights and obligations under this Agreement (other than any
B
Advances), (ii) after giving effect to any such assignment, (1) the assigning
Lender shall no longer have any Commitment or (2) the amount of the Commitment
of each of the assigning Lender and the Eligible Assignee party to such
assignment (in each case determined as of the date of the Assignment and
Acceptance with respect to such assignment) shall not be less than $10,000,000
and increments of $1,000,000 in excess thereof (iii) each such assignment
shall be to an Eligible Assignee, and (iv) the parties to each such
assignment shall execute and deliver to the Agent, for its acceptance and
recording in the Register, an Assignment and Acceptance, and a processing and
recordation fee of $3,500. Upon such execution, delivery, acceptance and
recording, from and after the effective date specified in each Assignment and
Acceptance, (x) the assignee thereunder shall be a party hereto and, to the
extent that rights and obligations hereunder have been assigned to it pursuant
to such Assignment and Acceptance, have the rights and obligations of a Lender
hereunder and (y) the Lender assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it pursuant to such
Assignment and Acceptance, relinquish its rights and be released from its
obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender's rights
and obligations under this Agreement, such Lender shall cease to be a party
hereto). Any Lender may at any time (i) upon notice to Borrower, assign all
or
any portion of its rights hereunder to an Affiliate of such Lender
46
or
to
another Lender or (ii) without notice to or consent of the Borrower, pledge
as
security all or any portion of its rights hereunder to any Federal Reserve
Bank;
provided,
that no
such pledge or assignment shall release such Lender from any of its obligations
hereunder.
(b) By
executing and delivering an Assignment and Acceptance, the Lender assignor
thereunder and the assignee thereunder confirm to and agree with each other
and
the other parties hereto as follows: (i) other than as provided in such
Assignment and Acceptance, such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement
or
the execution, legality, validity, enforceability, genuineness, sufficiency
or
value of this Agreement or any other instrument or document furnished pursuant
hereto; (ii) such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the
Borrower or the performance or observance by the Borrower of any of its
obligations under this Agreement or any other instrument or document furnished
pursuant hereto; (iii) such assignee confirms that it has received a copy
of this Agreement, together with copies of the financial statements referred
to
in Section 4.01, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such
Assignment and Acceptance; (iv) such assignee will, independently and
without reliance upon the Agent, such assigning Lender or any other Lender
and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under this Agreement; (v) such assignee confirms that it is an Eligible
Assignee; (vi) such assignee appoints and authorizes the Agent to take such
action as agent on its behalf and to exercise such powers under this Agreement
as are delegated to the Agent by the terms hereof, together with such powers
as
are reasonably incidental thereto; and (vii) such assignee agrees that it
will perform in accordance with their terms all of the obligations which by
the
terms of this Agreement are required to be performed by it as a
Lender.
(c) The
Agent
shall maintain at its address referred to in Section 8.02 a copy of each
Assignment and Acceptance delivered to and accepted by it and a register for
the
recordation of the names and addresses of the Lenders and the Commitment of,
the
Commitment Termination Date of, and, with respect to the Borrower, principal
amount of the Advances owing to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes,
absent manifest error, and the Borrower, the Agent and the Lenders may treat
each Person whose name is recorded in the Register as a Lender hereunder for
all
purposes of this Agreement. The Register shall be available for inspection
by
the Borrower or any Lender at any reasonable time and from time to time upon
reasonable prior notice.
(d) Within
five days of its receipt of an Assignment and Acceptance executed by an
assigning Lender and an assignee representing that it is an Eligible Assignee
(together with a processing and recordation fee of $3,500 with respect thereto)
and upon consent of the Agent and, so long as no Potential Event of Default
or
Event of Default then exists and is continuing (and except for assignments
to an
Affiliate of the Lender or to another Lender), the Borrower thereto, which
consents shall not be unreasonably withheld or delayed, the Agent shall, if
such
Assignment and Acceptance has been completed and is in substantially the form
of
Exhibit B hereto, (1) accept such Assignment and Acceptance and (2) record
the information contained therein in the Register. All communications with
the
Borrower with respect to such consent of
47
the
Borrower shall be either sent pursuant to Section 8.02 or sent to the following:
CSC Enterprises, 0000 X. Xxxxx Xxxxxx, Xx Xxxxxxx, Xxxxxxxxxx 00000, Attention:
Xxxx X. Level, Telephone No.: (000) 000-0000, Facsimile No.: (000)
000-0000.
(e) Each
Lender may assign to one or more banks or other entities any B Advance or B
Advances made by it.
(f) Each
Lender may sell participations to one or more banks or other entities in or
to
all or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Commitment and the Advances owing
to
it; provided,
however,
that
(i) such Lender's obligations under this Agreement (including, without
limitation, its Commitment to the Borrower hereunder) shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations, (iii) such Lender shall
remain the holder of any such Advance for all purposes of this Agreement,
(iv) the Borrower, the Agent and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender's rights
and
obligations under this Agreement, and (v) no Lender shall grant any
participation under which the participant shall have rights to require such
Lender to take or omit to take any action hereunder or approve any amendment
to
or waiver of this Agreement, except to the extent such amendment or waiver
would: (A) extend the Termination Date of such Lender; or (B) reduce the
interest rate or the amount of principal or fees applicable to Advances or
the
Commitment in which such participant is participating.
(g) Any
Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 8.07, disclose to the
assignee or participant or proposed assignee or participant, any information
relating to the Borrower furnished to such Lender by or on behalf of the
Borrower; provided
that,
prior to any such disclosure, the assignee or Participant or proposed assignee
or participant shall agree to preserve the confidentiality of any confidential
information relating to the Borrower received by it from such
Lender.
Section
8.08 Governing
Law.
This
Agreement shall be governed by, and construed in accordance with, the laws
of
the State of New York.
Section
8.09 Execution
in Counterparts.
This
Agreement 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.
Section
8.10 Consent
to Jurisdiction; Waiver of Immunities.
The
Borrower hereby irrevocably submits to the jurisdiction of any New York state
or
Federal court sitting in New York, New York in any action or proceeding arising
out of or relating to this Agreement, and the Borrower hereby irrevocably agrees
that all claims in respect of such action or proceeding may be heard and
determined in such New York state or Federal court. The Borrower hereby
irrevocably waives, to the fullest extent they may effectively do so, the
defense of an inconvenient forum to the maintenance of such action or
proceeding. The Borrower agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this
Section 8.10 shall affect the right of any Lender or Agent to serve legal
process in any other
48
manner
permitted by law or affect the right of any Lender or Agent to bring any action
or proceeding against the Borrower or its property in the courts of any other
jurisdiction.
Section
8.11 Waiver
of Trial by Jury.
THE
BORROWER, THE BANKS, THE AGENT AND, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF,
OTHER LENDERS HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL
OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. The
scope of this waiver is intended to be all-encompassing of any and all disputes
that may be filed in any court and that relate to the subject matter of this
transaction, including without limitation contract claims, tort claims, breach
of duty claims and all other common law and statutory claims. Each of the
Borrower, the Banks, the Agent and, by its acceptance of the benefits hereof,
other Lenders (i) acknowledges that this waiver is a material inducement
for the Borrower, the Lenders and the Agent to enter into a business
relationship, that the Borrower, the Lenders and the Agent have already relied
on this waiver in entering into this Agreement or accepting the benefits
thereof, as the case may be, and that each will continue to rely on this waiver
in their related future dealings and (ii) further warrants and represents
that it has reviewed this waiver with its legal counsel, and that it knowingly
and voluntarily waives its jury trial rights following consultation with legal
counsel. THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN
WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.
In the
event of litigation, this Agreement may be filed as a written consent to a
trial
by the court.
Section
8.12 Survival
of Warranties.
All
agreements, representations and warranties made in this Agreement shall survive
the execution and delivery of this Agreement and any increase in the Commitments
under this Agreement.
Section
8.13 Severability.
In case
any provision in or obligation under this Agreement shall be invalid, illegal
or
unenforceable in any jurisdiction, the validity, legality and enforceability
of
the remaining provisions or obligations, or of such provision or obligation
in
any other jurisdiction, shall not in any way be affected or impaired
thereby.
Section
8.14 Headings.
Section
and subsection headings in this Agreement are included herein for convenience
of
reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.
Section
8.15 Website
Communications.
(a) The
Borrower hereby agrees that it will provide to the Agent all information,
documents and other materials that it is obligated to furnish to the Agent
pursuant to this Agreement, including, without limitation, all notices,
requests, financial statements, financial and other reports, certificates and
other information materials, but excluding any such communication that (i)
relates to a request for a new, or a conversion of an existing, borrowing or
other extension of credit (including any election of an interest rate or
interest period relating thereto), (ii) relates to the payment of any principal
or other amount due under this Agreement prior to the scheduled date therefor,
(iii) provides notice of any default or event of default under this Agreement
or
(iv) is required to be delivered to satisfy any condition precedent to the
49
effectiveness
of this Agreement and/or any borrowing or other extension of credit thereunder
(all such non-excluded communications being referred to herein collectively
as
“Communications”),
by
transmitting the Communications in an electronic/soft medium in a format
acceptable to the Agent to xxxxxxxxxxxxxxx@xxxxxxxxx.xxx
or as
otherwise specified in Section 5.01(b). In addition, the Borrower agrees to
continue to provide the Communications to the Agent in the manner specified
in
this Agreement but only to the extent requested by the Agent.
(b) The
Borrower further agrees that the Agent may make the Communications available
to
the Lenders by posting the Communications on Intralinks or
a
substantially similar electronic transmission systems
(the
“Platform”).
THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR
THE
ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR
OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR
STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN
CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE AGENT
OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS,
EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “AGENT
PARTIES”)
HAVE
ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR
DAMAGES OF ANY KIND,
INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES
(WHETHER
IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE AGENT’S
TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE
LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY
A
COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT
PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
(c) The
Agent
agrees that the receipt of the Communications by the Agent at its e-mail address
set forth above shall constitute effective delivery of the Communications to
the
Agent for purposes of this Agreement. Each Lender agrees that notice to it
(as
provided in the next sentence) specifying that the Communications have been
posted to the Platform shall constitute effective delivery of the Communications
to such Lender for purposes of this Agreement. Each Lender agrees to notify
the
Agent in writing (including by electronic communication) from time to time
of
such Lender’s e-mail address to which the foregoing notice may be sent by
electronic transmission and (ii) that the foregoing notice may be sent to such
e-mail address.
Nothing
herein shall prejudice the right of the or any Lender to give any notice or
other communication pursuant to this Agreement in any other manner specified
in
this Agreement.
50
Section
8.16 USA
PATRIOT Act Notice.
Each
Lender that is subject to the Act (as hereinafter defined) and the Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”),
it is
required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other
information that will allow such Lender or the Agent, as applicable, to identify
the Borrower in accordance with the Act.
[Remainder
of page intentionally left blank]
51
IN
WITNESS WHEREOF,
the
parties hereto have caused this Agreement to be duly executed and delivered
by
their respective authorized officers as of the date first written
above.
COMPUTER
SCIENCES CORPORATION,
a
Nevada corporation, as Borrower
By /s/
Xxxxxxx X. Xxxxx
Name: Xxxxxxx
X. Xxxxx
Title: Vice
President and Chief Financial Officer
S-1
CITICORP
USA, INC.,
as
Agent
and a Lender
By /s/
Xxxx Xxx
Name: Xxxx
Xxx
Title: Vice
President
S-2
BARCLAYS
BANK PLC,
as
a Lender
By /s/
Xxxxxx XxXxxxxx
Name: Xxxxxx
XxXxxxxx
Title: Associate
Director
|
|
The
Bank of Nova Scotia,
as
a Lender
By /s/
Xxxxx Xxxxxx
Name: Xxxxx
Xxxxxx
Title: Managing
Director
|
|
The
Royal Bank of Scotland plc,
as
a Lender
By /s/
Xxxxx Dec
Name: Xxxxx
Dec
Title: Senior
Vice President
|
|
Wachovia
Bank, N.A,
as
a Lender
By /s/
Xxxx X. Xxxxxx
Name: Xxxx
X. Xxxxxx
Title: Vice
President
|
|
Bank
of America, N.A,
as
a Lender
By /s/
Xxx Xxxxxx-Xxxxxxx
Name: Xxx
Xxxxxx-Xxxxxxx
Title: Managing
Director
|
S-3
The
Bank of New York,
as
a Lender
By /s/
Xxxxxx Xxxxxx
Name: Xxxxxx
Xxxxxx
Title: Vice
President
|
|
Mellon
Bank, N.A.,
as
a Lender
By /s/
Xxxxx X. Xxxx
Name: Xxxxx
X. Xxxx
Title: Vice
President
|
|
Sumitomo
Mitsui Banking Corporation,
as
a Lender
By /s/
Xxxxxxx Xxxxx
Name: Xxxxxxx
Xxxxx
Title: Joint
General Manager
|
|
XXXXXXX
XXXXX BANK USA,
as
a Lender
By /s/
Xxxxx Xxxxx
Name: Xxxxx
Xxxxx
Title: Director
|
S-4
XXXXXX
XXXXXXX BANK,
as
a Lender
By /s/
Xxxxxx Xxxxxx
Name: Xxxxxx
Xxxxxx
Title: Authorized
Signatory
|
|
Lloyds
TSB Bank plc,
as
a Lender
By /s/
Mario Del Duca
Name: Mario
Del Duca
Title: Assistant
Vice President
By /s/
Xxxxxxx Xxxxxxx
Name: Xxxxxxx
Xxxxxxx
Title: VP
& Manager - Business Development
|
|
SANPAOLO
IMI S.p.A.,
as
a Lender
By /s/
Xxxxxx Xxxxxxxx
Name: Xxxxxx
Xxxxxxxx
Title: General
Manager
By /s/
Xxxxxx Xxxxxxx
Name: Xxxxxx
Xxxxxxx
Title: Senior
Vice President
|
S-5
XXXXX
FARGO BANK, N.A.,
as
a Lender
By /s/
Xxxx X. Xxxxxxx
Name: Xxxx
X. Xxxxxxx
Title: Senior
Vice President
|
|
XXXXXXX
STREET COMMITMENT CORPORATION (Recourse only to assets of Xxxxxxx
Street
Commitment Corporation),
as
a Lender
By /s/
Xxxx Xxxxxx
Name: Xxxx
Xxxxxx
Title: Assistant
Vice President
|
|
BNP
Paribas,
as
a Lender
By /s/
Xxxxxxx Xxxxxxxx
Name: Xxxxxxx
Xxxxxxxx
Title: Director
By /s/
Xxxxxx Xxxxxx
Name: Xxxxxx
Xxxxxx
Title: Managing
Director
|
|
STANDARD
CHARTERED BANK,
as
a Lender
By /s/
Xxxxxx Xxxxxx
Name: Xxxxxx
Xxxxxx
Title: Senior
Vice President
By /s/
Xxxxxx X. Xxxxxxxxxx
Name: Xxxxxx
X. Xxxxxxxxxx
Title: AVP/Credit
Documentation
|
S-6
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Seattle
Branch
as
a Lender
By /s/
Xxxxxxx Xxxxxx
Name: Xxxxxxx
Xxxxxx
Title: General
Manager
|
|
UBS
Loan Finance LLC,
as
a Lender
By /s/
Xxxx X. Xxxx
Name: Xxxx
X. Xxxx
Title: Associate
Director
By /s/
Xxxx Xxxxxxxxxxxx
Name: Xxxx
Xxxxxxxxxxxx
Title: Associate
Director
|
|
Danske
Bank A/S,
as
a Lender
By /s/
Xxxxxx Xxxxxxxxx
Name: Xxxxxx
Xxxxxxxxx
Title: Senior
Vice President
By /s/
Xxx Xxxxxx
Name: Xxx
Xxxxxx
Title: Senior
Relationship Manager
|
S-7
SCHEDULE
I
APPLICABLE
LENDING OFFICES
Bank
|
Domestic
Lending Office
|
Eurodollar
Lending Office
|
Bank
of America, N.A.
|
Bank
of America NA
000
X. Xxxxx Xxxxxx
Mail
Code NC1-007-17-15
Xxxxxxxxx,
XX 00000-0000
Attention:
Xxxxx X. Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.x.xxxxx@
xxxxxxxxxxxxx.xxx
|
Bank
of America NA
000
X. Xxxxx Xxxxxx
Mail
Code NC1-007-17-15
Xxxxxxxxx,
XX 00000-0000
Attention:
Xxxxx X. Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.x.xxxxx@
xxxxxxxxxxxxx.xxx
|
The
Bank of New York
|
The
Bank of New York
Xxx
Xxxx Xxxxxx, 0xx Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxx Xxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxxx@xxxxxxxx.xxx
|
The
Bank of New York
Xxx
Xxxx Xxxxxx, 0xx Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxx Xxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxxx@xxxxxxxx.xxx
|
The
Bank of Nova Scotia
|
The
Bank of Nova Scotia
000
Xxxxxxxxxx Xxxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention:
Xxx Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
liz_hanson@
xxxxxxxxxxxxx.xxx
|
The
Bank of Nova Scotia
000
Xxxxxxxxxx Xxxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention:
Xxx Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
liz_hanson@
scotiacapitalcom
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
000
Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
XX 00000-0000
Attention:
Xxxxx Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxx@xxxxx.xxx
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
000
Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
XX 00000-0000
Attention:
Xxxxx Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxx@xxxxx.xxx
|
Schedule
I-1
Barclays
Bank PLC
|
Barclays
Bank PLC
000
Xxxx Xxxxxx, 0xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxxxx Xxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxx.xxxx@
xxxxxxxxxxxxxxx.xxx
|
Barclays
Bank PLC
000
Xxxx Xxxxxx, 0xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxxxx Xxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxx.xxxx@
xxxxxxxxxxxxxxx.xxx
|
BNP
Paribas
|
BNP
Paribas
Xxx
Xxxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention:
Xxxx Xxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxx.xxxxxxxx@xxxxxxxx.xxxxxxxxxx.xxx
|
BNP
Paribas
Xxx
Xxxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention:
Xxxx Xxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxx.xxxxxxxx@xxxxxxxx.xxxxxxxxxx.xxx
|
Citicorp
USA, Inc.
|
Citicorp
USA, Inc.
Citibank
Agency Services
0
Xxxxx Xxx, Xxxxx 000
Xxx
Xxxxxx, XX 00000
Attention:
Xxxxx Xxxxxxx-Xxxxxxx
Telephone
No: (000) 000-0000
Facsimile
No: (000) 000-0000
Email:
xxxxx.wallacehimmler@
xxxxxxxxx.xxx
|
Citicorp
USA, Inc.
Citibank
Agency Services
0
Xxxxx Xxx, Xxxxx 000
Xxx
Xxxxxx, XX 00000
Attention:
Xxxxx Xxxxxxx-Xxxxxxx
Telephone
No: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.wallacehimmler@
xxxxxxxxx.xxx
|
Danske
Bank A/S
|
Danske
Bank A/S
0-00
Xxxxxxx Xxxxx
XX-0000
Xxxxxxxxxx K
Denmark
Attention:
Xxx Xxxxxx
Telephone
No: x00
00 00 00 00
Facsimile
No: x00
00 00 00 00
Email:
xxxxx@xxxxxxxxxx.xx
|
Xxxxxx
Xxxx X/X
0-00
Xxxxxxx Xxxxx
XX-0000
Xxxxxxxxxx K
Denmark
Attention:
Xxx Xxxxxx
Telephone
No: x00
00 00 00 00
Facsimile
No: x00
00 00 00 00
Email:
xxxxx@xxxxxxxxxx.xx
|
Lloyds
TSB Bank plc
|
Lloyds
TSB Bank PLC
1251
Avenue of the Xxxxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxxx Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
|
Lloyds
TSB Bank PLC
1251
Avenue of the Xxxxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxxx Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
|
Schedule
I-2
Mellon
Bank, X.X.
|
Xxxxxx
Bank, N.A.
Rm.
4535, One Mellon Bank Center
000
Xxxxx Xxxxxx
Xxxxxxxxxx,
XX 00000-0000
Attention:
Xxxxx X. Xxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxx.x@xxxxxx.xxx
|
Mellon
Bank, N.A.
Rm.
4535, One Mellon Bank Center
000
Xxxxx Xxxxxx
Xxxxxxxxxx,
XX 00000-0000
Attention:
Xxxxx X. Xxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxx.x@xxxxxx.xxx
|
Xxxxxxx
Xxxxx Bank USA
|
Xxxxxxx
Xxxxx Bank USA
00
X. Xxxxx Xxxxxx Xx., XXX 000
Xxxx
Xxxx Xxxx, XX 00000
Attention:
Xxxxx Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxx_xxxxx@xx.xxx
|
Xxxxxxx
Xxxxx Bank USA
00
X. Xxxxx Xxxxxx Xx., XXX 000
Xxxx
Xxxx Xxxx, XX 00000
Attention:
Xxxxx Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxx_xxxxx@xx.xxx
|
Xxxxxx
Xxxxxxx Bank
|
Xxxxxx
Xxxxxxx Bank
One
Pierrepont Plaza, 7th
Floor
000
Xxxxxx Xxxxx Xxxx
Xxxxxxxx,
XX 00000
Attention:
Xxxx Dell’Aquila / Xxxxxx Xxxxxx
Telephone
No.: (000) 000-0000 / 7285
Facsimile
No.: (000) 000-0000 / 7250
Email:
Xxxx.Xxxx’Xxxxxx@xxxxxxxxxxxxx.xxx / Xxxxxx.Xxxxxx@xxxxxxxxxxxxx.xxx
|
Xxxxxx
Xxxxxxx Bank
Xxx
Xxxxxxxxxx Xxxxx, 0xx
Xxxxx
000
Xxxxxx Xxxxx Xxxx
Xxxxxxxx,
XX 00000
Attention:
Xxxx Dell’Aquila / Xxxxxx Xxxxxx
Telephone
No.: (000) 000-0000 / 7285
Facsimile
No.: (000) 000-0000 / 7250
Email:
Xxxx.Xxxx’Xxxxxx@xxxxxxxxxxxxx.xxx / Xxxxxx.Xxxxxx@xxxxxxxxxxxxx.xxx
|
The
Royal Bank of Scotland plc
|
The
Royal Bank of Scotland Plc
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxx Dec
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.xxx@xxxx.xxx
|
The
Royal Bank of Scotland Plc
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxx Dec
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.xxx@xxxx.xxx
|
Schedule
I-3
SanPaolo
IMI S.p.A.
|
SanPaolo
IMI S.p.A.
000
Xxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxx.xxxxxxx@xxxxxxxxxxx.xxx
|
SanPaolo
IMI S.p.A.
000
Xxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxx.xxxxxxx@xxxxxxxxxxx.xxx
|
Standard
Chartered Bank
|
Standard
Chartered Bank
Xxx
Xxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxx Xxxxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.xxxxxxxxxx@
xx.xxxxxxxxxxxxxxxxx.xxx
|
Standard
Chartered Bank
Xxx
Xxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxx Xxxxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.xxxxxxxxxx@
xx.xxxxxxxxxxxxxxxxx.xxx
|
Sumitomo
Mitsui Banking Corporation
|
Sumitomo
Mitsui Banking Corporation
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxxxx or Xxxxxx Xxxxxx
Telephone
No.: (000) 000-0000 or (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
mariko_doi_stewart@
xxxxxxxxx.xxx;
andrew_homola@
xxxxxxxxx.xxx
|
Sumitomo
Mitsui Banking Corporation
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxxxx or Xxxxxx Xxxxxx
Telephone
No.: (000) 000-0000 or (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
mariko_doi_stewart@
xxxxxxxxx.xxx;
andrew_homola@
xxxxxxxxx.xxx
|
UBS
Loan Finance LLC
|
UBS
Loan Finance LLC
000
Xxxxxxxxxx Xxxx., 0xx
Xxxxx
Xxxxxxxx,
XX 00000
Attention:
Xxxxxxx Xxxxxx or Xxxxxxx Xxxxx
Telephone
No.: (000) 000-0000 or (000) 000-0000
Facsimile
No.: (000) 000-0000 or (000) 000-0000
|
UBS
Loan Finance LLC
000
Xxxxxxxxxx Xxxx., 0xx
Xxxxx
Xxxxxxxx,
XX 00000
Attention:
Xxxxxxx Xxxxxx or Xxxxxxx Xxxxx
Telephone
No.: (000) 000-0000 or (000) 000-0000
Facsimile
No.: (000) 000-0000 or (000)
000-0000
|
Schedule
I-4
Wachovia
Bank, National Association
|
Wachovia
Securities
000
00xx
Xxxxxx, X.X. XX0000
000
Xxxxxxxx, 0xx
Xxxxx
Xxxxxxx,
XX 00000
Attention:
Xxxxxx Xxx
Telephone
No: (000) 000-0000
Facsimile
No: (000) 000-0000
Email:
Xxxxx.xxx@xxxxxxxx.xxx
|
Wachovia
Securities
000
00xx
Xxxxxx, X.X. XX0000
000
Xxxxxxxx, 0xx
Xxxxx
Xxxxxxx,
XX 00000
Attention:
Xxxxxx Xxx
Telephone
No: (000) 000-0000
Facsimile
No: (000) 000-0000
Email:
Xxxxx.xxx@xxxxxxxx.xxx
|
Xxxxx
Fargo Bank, X.X.
|
Xxxxx
Fargo Bank, N.A.
333
So. Grand Ave., 00xx
Xxxxx
XXX
X0000-00X
Xxx
Xxxxxxx, XX 00000
Attention:
Xxxx Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxx@xxxxxxxxxx.xxx
|
Xxxxx
Fargo Bank, N.A.
333
So. Grand Ave., 00xx
Xxxxx
XXX
X0000-00X
Xxx
Xxxxxxx, XX 00000
Attention:
Xxxx Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxx@xxxxxxxxxx.xxx
|
Xxxxxxx
Street Commitment Corporation
|
Xxxxxxx
Street Commitment Corporation
00
Xxxxxx Xxxxxx, 00xx
Xxxxx
Xxxxxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxx / XX Xxxxx
Telephone
No.: (000) 000-0000 / (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxxx.X.Xxxxx@xx.xxx
/
Xxxx-Xxxxxx.Xxxxx@xx.xxx
|
Xxxxxxx
Street Commitment Corporation
00
Xxxxxx Xxxxxx, 00xx
Xxxxx
Xxxxxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxx / XX Xxxxx
Telephone
No.: (000) 000-0000 / (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxxx.X.Xxxxx@xx.xxx
/
Xxxx-Xxxxxx.Xxxxx@xx.xxx
|
Schedule
I-5
SCHEDULE
II
LENDERS’
COMMITMENTS
Lender
|
Commitment
|
Citicorp
USA, Inc.
|
$85,000,000
|
Barclays
Bank PLC
|
$75,000,000
|
The
Bank of Nova Scotia
|
$75,000,000
|
The
Royal Bank of Scotland plc
|
$75,000,000
|
Wachovia
Bank, National Association
|
$75,000,000
|
Bank
of America, N.A.
|
$55,000,000
|
The
Bank of New York
|
$55,000,000
|
Mellon
Bank, N.A.
|
$55,000,000
|
Sumitomo
Mitsui Banking Corporation
|
$55,000,000
|
Xxxxx
Fargo Bank, N.A.
|
$55,000,000
|
BNP
Paribas
|
$35,000,000
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$35,000,000
|
Danske
Bank A/S
|
$35,000,000
|
Lloyds
TSB Bank plc
|
$35,000,000
|
Xxxxxxx
Xxxxx Bank USA
|
$35,000,000
|
Xxxxxx
Xxxxxxx Bank
|
$35,000,000
|
Standard
Chartered Bank
|
$35,000,000
|
UBS
Loan Finance LLC
|
$35,000,000
|
Xxxxxxx
Street Commitment Corporation
|
$35,000,000
|
SANPAOLO
IMI S.p.A.
|
$25,000,000
|
Total
Commitments:
|
$1,000,000,000
|
Schedule
II-1