FIRST AMENDMENT TO FIVE YEAR CREDIT AGREEMENT
Exhibit 10.02
FIRST AMENDMENT TO FIVE YEAR CREDIT AGREEMENT
THIS FIRST AMENDMENT TO FIVE YEAR CREDIT AGREEMENT (this “Amendment”), dated as of March 28, 2003, is entered into among WELLPOINT HEALTH NETWORKS INC., a Delaware corporation (the “Borrower”), the Lenders identified on the signature pages hereto (the “Lenders”), BANK OF AMERICA, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and JPMORGAN CHASE BANK, as syndication agent (in such capacity, the “Syndication Agent”). Terms used but not otherwise defined herein shall have the meanings provided in the Existing Credit Agreement described below.
W I T N E S S E T H
WHEREAS, the Borrower, the Lenders party thereto, the Administrative Agent and the Syndication Agent entered into that certain Credit Agreement, dated as of March 30, 2001 (the “Existing Credit Agreement”);
WHEREAS, the Borrower has requested, and the Required Lenders (on behalf of the Lenders) have agreed, to amend the Existing Credit Agreement as provided herein;
NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
PART 1
DEFINITIONS
SUBPART 1.1 Certain Definitions. Unless otherwise defined herein or the context otherwise requires, the following terms used in this Amendment, including its preamble and recitals, have the following meanings:
“Amended Credit Agreement” means the Existing Credit Agreement as amended hereby.
“Amendment No. 1 Effective Date” is defined in Subpart 3.1.
SUBPART 1.2 Other Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in the Existing Credit Agreement.
PART 2
AMENDMENTS TO EXISTING CREDIT AGREEMENT
Effective on (and subject to the occurrence of) the Amendment No. 1 Effective Date, the Existing Credit Agreement is hereby amended in accordance with this Part 2.
SUBPART 2.1 Amendment to Section 3.10. Section 3.10 of the Existing Credit Agreement is hereby amended and restated in its entirely as follows:
Section 3.10 ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $100,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $100,000,000 the fair market value of the assets of all such underfunded Plans.
PART 3
CONDITIONS TO EFFECTIVENESS
SUBPART 3.1 Amendment No. 1 Effective Date. This Amendment shall be and become effective as of the date hereof (the “Amendment No. 1 Effective Date”) when all of the conditions set forth in this Part 3 shall have been satisfied, and thereafter this Amendment shall be known, and may be referred to, as the “Amendment”.
SUBPART 3.2 Execution of Counterparts of Amendment. The Administrative Agent shall have received counterparts of this Amendment, which collectively shall have been duly executed on behalf of each of the Borrower, the Lenders, the Administrative Agent and the Syndication Agent.
SUBPART 3.4 Other Items. The Administrative Agent shall have received such other documents, agreements or information that may be reasonably requested by the Administrative Agent.
PART 4
MISCELLANEOUS
SUBPART 4.1 Representations and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, after giving effect to this Amendment, (a) no Default or Event of Default exists under the Amended Credit Agreement and (b) the representations and warranties set forth in Section 3 of the Existing Credit Agreement are, subject to the limitations set forth therein, true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date).
SUBPART 4.2 Reaffirmation of obligations. The Borrower hereby ratifies the Existing Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Existing Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective obligations under the Existing Credit Agreement.
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SUBPART 4.3 Cross-References. References in this Amendment to any Part or Subpart are, unless otherwise specified, to such Part or Subpart of this Amendment.
SUBPART 4.4 Instrument Pursuant to Existing Credit Agreement. This Amendment is executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Existing Credit Agreement.
SUBPART 4.5 References in Other Credit Documents. At such time as this Amendment shall become effective pursuant to the terms of Subpart 3.1, all references to the “Credit Agreement” in the Existing Credit Agreement shall be deemed to refer to the Existing Credit Agreement as amended by this Amendment.
SUBPART 4.6 Counterparts/Telecopy. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. Delivery of executed counterparts of the Amendment by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered.
SUBPART 4.7 Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAW RULES).
SUBPART 4.8 Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
SUBPART 4.9 General. Except as amended hereby, the Existing Credit Agreement and all other Credit Documents shall continue in full force and effect.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Five Year Credit Agreement as of the date first above written.
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BORROWER: |
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WELLPOINT HEALTH NETWORKS INC., |
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By: |
/s/ R.XXXXX XXXXXXXXXX |
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Name: |
R.Xxxxx Xxxxxxxxxx |
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Title: |
Vice President and Treasurer |
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ADMINISTRATIVE AGENT: |
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BANK OF AMERICA, N.A. |
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By: |
/s/ XXXXX X. XXXXX |
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Name: |
Xxxxx X. Xxxxx |
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Title: |
Assistant Vice President |
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SYNDICATION AGENT: |
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JPMORGAN CHASE BANK |
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By: |
/s/ XXXXX XXX III |
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Name: |
Xxxxx X. Xxx III |
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Title: |
Managing Director |
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BANK OF AMERICA, N.A. |
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By: |
/s/ XXXXXX X. XXXXX |
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Name: |
Xxxxxx X. Xxxxx |
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Title: |
Principal |
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BANK ONE, N.A. |
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By: |
/s/ XXXXXX XXXXXXX XXXXXX |
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Name: |
Xxxxxx Xxxxxxx Xxxxxx |
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Title: |
Associate Director |
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JPMORGAN CHASE BANK |
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By: |
/s/ XXXXX XXX III |
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Name: |
Xxxxx Xxx III |
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Title: |
Managing Director |
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CITICORP USA, INC. |
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By: |
/s/ XXXXX X. XXXXXXXX |
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Name: |
Xxxxx X. Xxxxxxxx |
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Title: |
Vice President |
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MELLON BANK, N.A. |
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By: |
/s/ XXXXXX XXXXXX |
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Name: |
Xxxxxx Xxxxxx |
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Title: |
Vice President |
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CREDIT SUISSE FIRST BOSTON, |
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By: |
/s/ XXXXXXXXXXX XXXXX |
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Name: |
Xxxxxxxxxxx Xxxxx |
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Title: |
Vice President |
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By: |
/s/ XXXXXXXX PIEZA |
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Name: |
Xxxxxxxx Pieza |
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Title: |
Associate |
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THE BANK OF NEW YORK |
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By: |
/s/ XXXXXXX X. XXXXXX |
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Name: |
Xxxxxxx X. Xxxxxx |
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Title: |
Vice President |
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SUNTRUST BANK |
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By: |
/s/ W. XXXXXX XXXXXXX |
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Name: |
W. Xxxxxx Xxxxxxx |
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Title: |
Director |
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UBS AG, CAYMAN ISLANDS BRANCH |
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By: |
/s/ XXXXXXX X. SAINT |
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Name: |
Xxxxxxx X. Saint |
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Title: |
Associate Director |
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Banking Products Services, US |
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By: |
/s/ XXXXXX X. XXXXXXX |
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Name: |
Xxxxxx X. Xxxxxxx |
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Title: |
Director |
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Banking Products Services, US |
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DEUTSCHE BANK AG NEW YORK BRANCH |
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By: |
/s/ XXXXXXX XXXXXXX |
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Name: |
Xxxxxxx Xxxxxxx |
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Title: |
Vice President |
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XXXXXX COMMERCIAL PAPER INC. |
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By: |
/s/ XXXXXXX XXXXX |
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Name: |
Xxxxxxx Xxxxx |
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Title: |
Authorized Signatory |
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WACHOVIA BANK, NATIONAL |
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By: |
/s/ XXXXXXXX XXXXXXX |
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Name: |
Xxxxxxxx Xxxxxxx |
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Title: |
Director |
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FLEET NATIONAL BANK |
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By: |
/s/ XXXXXX X. XXXXXX, XX. |
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Name: |
Xxxxxx X. Xxxxxx, Xx. |
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Title: |
Group Executive |
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BNP PARIBAS |
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By: |
/s/ PIERRE XXXXXXXX XXXXXX |
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Name: |
Pierre Xxxxxxxx Xxxxxx |
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Title: |
Managing Director |
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By: |
/s/ XXXXX X. XXXXXX |
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Name: |
Xxxxx X. XxXxxx |
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Title: |
Director |
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SUMITOMO MITSUI BANKING |
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By: |
/s/ XX XXXXXXXX |
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Name: |
Xx Xxxxxxxx |
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Title: |
Senior Vice President |
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SOCIETE GENERALE |
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By: |
/s/ XXXXXXX XXXXXX |
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Name: |
Xxxxxxx Xxxxxx |
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Title: |
Director |
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CREDIT LYONNAIS NEW YORK BRANCH |
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By: |
/s/ XXXXXXX HEIDEIECK |
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Name: |
Xxxxxxx Heideieck |
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Title: |
Senior Vice President |
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BANCA DI ROMA |
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By: |
/s/ XXXX XXXXXXXX |
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Name: |
Xxxx Xxxxxxxx |
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Title: |
Senior Vice President and Manager |
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By: |
/s/ XXXXXXX XXXXX |
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Name: |
Xxxxxxx Xxxxx |
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Title: |
Vice President |
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THE BANK OF TOKYO-MITSUBISHI LTD., |
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By: |
/s/ XXXXXX XXXXXXXXX |
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Name: |
Xxxxxx Xxxxxxxxx |
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Title: |
Vice President |
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