EXHIBIT 4.1
FORM OF
LIMITED WAIVER AND SECOND AMENDMENT TO CREDIT AGREEMENT
THIS LIMITED WAIVER AND SECOND AMENDMENT TO CREDIT AGREEMENT (herein
called this "Amendment"), dated as of July 23, 2001, is entered into by and
among The Xxxxxxxx Companies, Inc., a Delaware corporation, as Borrower pursuant
to the Credit Agreement (as hereinafter defined), the Banks from time to time
party to the Credit Agreement, the Co-Syndication Agents as named therein, the
Co-Documentation Agents as named therein and Citibank, N.A., as agent for the
Banks (in such capacity, the "Agent"). Except as otherwise defined or as the
context requires, terms defined in the Credit Agreement are used herein as
therein defined.
WITNESSETH:
WHEREAS, The Xxxxxxxx Companies, Inc. ("TWC" or the "Borrower") has
entered into a certain Credit Agreement dated as of July 25, 2000 with the
financial institutions from time to time party thereto (the "Banks"), The Chase
Manhattan Bank and Commerzbank AG, as Co-Syndication Agents, Credit Lyonnais New
York Branch, as Documentation Agent, and Citibank, N.A., as Agent (the "Original
Credit Agreement"), which Credit Agreement has been amended by a Waiver and
First Amendment to Credit Agreement dated as of January 31, 2001 (the Original
Credit Agreement, as so amended, the "Credit Agreement");
WHEREAS, the Borrower and the Banks now desire to amend the Credit
Agreement in certain respects, as hereinafter provided;
WHEREAS, the Borrower has requested waivers of certain provisions of
the Credit Agreement; and
WHEREAS, the Banks wish to name Bank of America, N.A. and Credit
Lyonnais as Co-Documentation Agents and to replace the Documentation Agent with
the Co-Documentation Agents for purposes of the Credit Agreement and each
document related thereto;
NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the Borrower and the Banks hereby agree as follows:
SECTION 1. Amendment of Section 1.1 of the Credit Agreement. Section
1.1 of the Credit Agreement is hereby amended as follows:
(a) The following definitions of "B of A" and
"Co-Documentation Agent" are added to such Section 1.1 in appropriate
alphabetical order:
"B of A" means Bank of America, National Association.
"Co-Documentation Agent" means either of B of A or Credit
Lyonnais, together with the successors and assigns of each in such
capacity.
(b) The definition of "Commitment" in such Section 1.1 is
hereby amended and restated to read in its entirety as follows:
"Commitment" of any Bank means at any time the amount set
opposite such Bank's name on Schedule IV or as reflected for such Bank
in the relevant Transfer Agreement to which it is a party, as such
amount may be terminated, reduced or increased after the date hereof
pursuant to Section 2.4, Section 2.17, Section 6.1 or Section 8.6(a).
(c) The definition of "Consolidated" in such Section 1.1 is
hereby amended and restated to read in its entirety as follows:
"Consolidated" refers to the consolidation of the accounts of
any Person and its subsidiaries in accordance with generally accepted
accounting principles.
(d) The definition of "Consolidating" in such Section 1.1 is
hereby deleted in its entirety.
(e) The definition of "Designated Minority Interests" in such
Section 1.1 is hereby amended and restated to read in its entirety as follows:
"Designated Minority Interests" of the Borrower means, as of
any date of determination, the total of the minority interests in the
following Subsidiaries: (i) El Furrial, (ii) PIGAP II, (iii) Nebraska
Energy, (iv) Seminole, (v) American Soda, (vi) the Midstream Asset MLP,
and (vii) other Subsidiaries, as presented in the Consolidated balance
sheet of the Borrower, in an amount not to exceed in the aggregate
$9,000,000 for such other Subsidiaries not referred to in items (i)
through (vi); provided that minority interests which provide for a
stated preferred cumulative return shall not be included in "Designated
Minority Interests."
(f) The definition of "Designating Bank" in such Section 1.1
is amended and restated in its entirety to read as follows:
"Designating Bank" has the meaning specified in Section
8.6(g).
(g) The definition of "Documentation Agent" in such Section
1.1 is hereby deleted.
(h) The definition of "Domestic Lending Office" in such
Section 1.1 is amended and restated in its entirety to read as follows:
"Domestic Lending Office" means, with respect to any Bank, the
office of such Bank specified as its "Domestic Lending Office" opposite
its name on Schedule I hereto or in the relevant Transfer Agreement
delivered pursuant to Section 8.6(a), or such other office of such Bank
as such Bank may from time to time specify to the Borrower and the
Agent.
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(i) The following definition of "Eligible Assignee" is added
to Section 1.1 of the Credit Agreement in appropriate alphabetical order:
"Eligible Assignee" means (i) any Bank, (ii) any affiliate of
any Bank, and (iii) any other Person not covered by clause (i) or (ii)
of this definition (A) so long as no Event of Default has occurred and
is continuing, with the consent of the Borrower and the Agent (which
consents shall not be unreasonably withheld) or (B) if (x) any Event of
Default has occurred and is continuing or (y) any event or condition
which, upon the giving of notice or passage of time or both, would
constitute an Event of Default has occurred or exists and is
continuing, without any requirement for consent by the Agent or the
Borrower; provided, however, that neither the Borrower nor any
affiliate of the Borrower shall be an Eligible Assignee.
(j) The definition of "Eurodollar Lending Office" in such
Section 1.1 of the Credit Agreement is amended and restated to read in its
entirety, as follows:
"Eurodollar Lending Office" means, with respect to any Bank,
the office of such Bank specified as its "Eurodollar Lending Office"
opposite its name on Schedule I hereto or in the relevant Transfer
Agreement delivered pursuant to Section 8.6(a) (or, if no such office
is specified, its Domestic Lending Office) or such other office of such
Bank as such Bank may from time to time specify to the Borrower and the
Agent.
(k) The following definition of "Register" is added to Section
1.1 of the Credit Agreement in appropriate alphabetical order:
"Register" shall mean the books and accounts maintained by the
Agent of the interests of each Bank under this Agreement and its
Commitments and Advances, including records of transfers of any
interests in this Agreement and the Commitment and Advances (if any) of
any Bank pursuant to Section 8.6 and the records maintained by the
Agent pursuant to Section 2.9.
(l) The definition of "SPC" in such Section 1.1 is hereby
amended and restated to read in its entirety as follows:
"SPC" has the meaning specified in Section 8.6(g).
(m) The definition of "Subsidiary" in such Section 1.1 is
hereby amended and restated in its entirety to read as follows:
"Subsidiary" of any Person means any corporation, partnership,
joint venture or other entity of which more than 50% of the outstanding
capital stock or other equity interests having ordinary voting power to
elect a majority of the board of directors of such corporation,
partnership, joint venture or other entity or others performing similar
functions (irrespective of whether or not at the time capital stock or
other equity interests of any other class or classes of such
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corporation, partnership, joint venture or other entity shall or might
have voting power upon the occurrence of any contingency) is at the
time directly or indirectly owned by such Person.
(n) The definition of "Transfer Agreement" in such Section 1.1
is amended and restated in its entirety to read as follows:
"Transfer Agreement" means an agreement executed pursuant to
Section 8.6 by an assignor Bank and assignee Bank substantially in the
form of Exhibit F, which agreement shall be executed by the Borrower
and the Agent to evidence the consent of each if such consent is
required pursuant to the terms of Section 8.6.
SECTION 2. Amendment of Section 2.11. Clause (c) of Section 2.11 of the
Credit Agreement is hereby amended by replacing the phrase "all of the
provisions of the last sentence of Section 8.6(a)" in such clause (c) with the
phrase "all of the provisions of the second and third sentences of Section
8.6(a), and clauses (b) and (d) of Section 8.6."
SECTION 3. Amendment of Section 4.1(e). Section 4.1(e) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:
(e) The Consolidated balance sheets of the Borrower and its
Subsidiaries as at December 31, 2000, and the related Consolidated
statements of income and cash flows of the Borrower and its
Subsidiaries for the fiscal year then ended, copies of which have been
furnished to each Bank, and the Consolidated balance sheet of the
Borrower and its Subsidiaries as at March 31, 2001, and the related
Consolidated statements of income and cash flows of the Borrower and
its Subsidiaries for the three months then ended, duly certified by an
authorized financial officer of the Borrower, copies of which have been
furnished to each Bank, fairly present, (in the case of such balance
sheets as at March 31, 2001, and such statements of income and cash
flows for the three months then ended, subject to year-end audit
adjustments) the Consolidated financial condition of the Borrower and
its Subsidiaries as at such dates and the Consolidated results of
operations of the Borrower and its Subsidiaries for the year and three
month period, respectively, ended on such dates, all in accordance with
generally accepted accounting principles consistently applied. Since
March 31, 2001, there has been no material adverse change in the
condition or operations of the Borrower or its Subsidiaries.
SECTION 4. Amendment of Section 4.1(h). The last sentence of Section
4.1(h) of the Credit Agreement is hereby amended by deleting the parenthetical
"(including the WCG Subsidiaries)" therefrom.
SECTION 5. Amendment of Section 4.1(j). Section 4.1(j) of the Credit
Agreement is hereby amended by deleting the parenthetical "(including any
material WCG Subsidiaries)" wherever it appears in such Section.
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SECTION 6. Amendment of Section 4.1(k). [Intentionally Blank.]
SECTION 7. Amendment of Section 4.1(m). Section 4.1(m) of the Credit
Agreement is hereby amended by deleting the last sentence thereof.
SECTION 8. Amendment of Section 5.1(b)(ii). Section 5.1(b)(ii) of the
Credit Agreement is hereby amended and restated in its entirety as follows:
(ii) as soon as available and in any event not later than 60
days after the end of each of the first three quarters of each fiscal
year of the Borrower, the Consolidated balance sheets of the Borrower
and its Subsidiaries as of the end of such quarter and the Consolidated
statements of income and cash flows of the Borrower and its
Subsidiaries for the period commencing at the end of the previous year
and ending with the end of such quarter, all in reasonable detail and
duly certified (subject to year-end audit adjustments) by an authorized
financial officer of the Borrower as having been prepared in accordance
with generally accepted accounting principles; provided that, if any
financial statement referred to in this clause (ii) of Section 5.1(b)
is readily available on-line through XXXXX as of the date on which such
financial statement is required to be delivered hereunder, the Borrower
shall not be obligated to furnish copies of such financial statement.
An authorized financial officer of the Borrower shall furnish a
certificate (a) stating that he has no knowledge that an Event of
Default, or an event which, with notice or lapse of time or both, would
constitute an Event of Default has occurred and is continuing or, if an
Event of Default or such an event has occurred and is continuing, a
statement as to the nature thereof and the action, if any, which the
Borrower proposes to take with respect thereto, and (b) showing in
detail the calculation supporting such statement in respect of Section
5.2(b).
SECTION 9. Amendment of Section 5.1(b)(iii). Section 5.1(b)(iii) of the
Credit Agreement is hereby amended and restated in its entirety as follows:
(iii) as soon as available and in any event not later than 105
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, including therein Consolidated balance sheets of the
Borrower and its Subsidiaries as of the end of such fiscal year and
Consolidated statements of income and cash flows of the Borrower and
its Subsidiaries for such fiscal year, in each case prepared in
accordance with generally accepted accounting principles and certified
by Ernst & Young, LLP or other independent certified public accountants
of recognized standing acceptable to the Majority Banks; provided that
if any financial statement referred to in this clause (iii) of Section
5.1(b) is readily available on-line through XXXXX as of the date on
which such financial statement is required to be delivered hereunder,
the Borrower shall not be obligated to furnish copies of such financial
statement. The Borrower shall also deliver in conjunction with such
financial statements, a certificate of such accounting firm to the
Banks (a) stating that, in the course of the regular audit of the
business of the Borrower and its Subsidiaries, which audit was
conducted by such accounting firm in accordance with generally accepted
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auditing standards, such accounting firm has obtained no knowledge that
an Event of Default or an event which, with notice or lapse of time or
both, would constitute an Event of Default, has occurred and is
continuing, or if, in the opinion of such accounting firm, an Event of
Default or such an event has occurred and is continuing, a statement as
to the nature thereof, and (b) showing in detail the calculations
supporting such statement in respect of Section 5.2(b).
SECTION 10. Amendment of Section 5.1(b)(vi). Section 5.1(b)(vi) of the
Credit Agreement is hereby amended and restated in its entirety as follows:
(vi) as soon as possible and in any event within 30 Business
Days after the Borrower or any ERISA Affiliate knows or has reason to
know (A) that any Termination Event described in clause (i) of the
definition of Termination Event with respect to any Plan has occurred
that could have a material adverse effect on the Borrower or any
material Subsidiary of the Borrower or any ERISA Affiliate or (B) that
any other Termination Event with respect to any Plan has occurred or is
reasonably expected to occur that could have a material adverse effect
on the Borrower or any material Subsidiary of the Borrower or any ERISA
Affiliate, a statement of the chief financial officer or chief
accounting officer of the Borrower describing such Termination Event
and the action, if any, which the Borrower or such Subsidiary or ERISA
Affiliate proposes to take with respect thereto;
SECTION 11. Amendment of Section 5.2(g) of the Credit Agreement.
Section 5.2(g) of the Credit Agreement is hereby amended by deleting the
parenthetical "(including any material WCG Subsidiary)" in each of clauses (i)
and (ii) thereof.
SECTION 12. Amendment of Section 7.2. Clause (i) of Section 7.2 of the
Credit Agreement is hereby amended by replacing the reference to "the last
sentence of Section 8.6(a)" in such clause (i) with a reference to "the second
and third sentences of Section 8.6(a)."
SECTION 13. Amendment of Section 8.2. Section 8.2 is hereby amended by
replacing the phrase "specified pursuant to Section 8.6(a)" each time it appears
therein with "specified in a Transfer Agreement for any assignee Bank delivered
pursuant to Section 8.6(a)."
SECTION 14. Amendment of Section 8.6. Clause (d) of Section 8.6 of the
Credit Agreement is redesignated clause (g). Clauses (a) through (c) of Section
8.6 of the Credit Agreement shall be amended, restated and replaced in their
entirety as follows:
SECTION 8.6 Binding Effect; Transfers. (a) This Agreement
shall become effective when it shall have been executed by the
Borrower, the Co-Syndication Agents, Credit Lyonnais in its former
capacity as the documentation agent and the Agent and when each Bank
listed on the signature pages hereof has delivered an executed
counterpart hereof to the Agent, has sent to the Agent a facsimile copy
of its signature hereon or has notified the Agent that such Bank has
executed this Agreement and thereafter shall be binding upon and inure
to the benefit of the Borrower, the Agent and each Bank and their
respective successors and assigns; provided that the Borrower shall not
have the right to assign any of
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its rights hereunder or any interest herein without the prior written
consent of all of the Banks. Each Bank may assign to one or more banks,
financial institutions or other entities all or a portion of its rights
and obligations under this Agreement (including, without limitation,
all or a portion of its Commitments, the Advances owing to it and any
Note or Notes held by 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, (ii) except in the case of
an assignment of all of a Bank's rights and obligations under this
Agreement or an assignment to another Bank, the amount of the
Commitment of the assigning Bank being assigned pursuant to each such
assignment (determined as of the date of the Transfer Agreement with
respect to such assignment) shall in no event be less than $10,000,000
in the aggregate or such lesser amount as may be consented to by the
Agent and the Borrower, (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 maintained by the Agent, a Transfer Agreement together
with any Note or Notes subject to such assignment and, unless the
assignment is to an affiliate of such Bank, a processing and
recordation fee of $3,500. Upon such execution, delivery, acceptance
and recording, from and after the effective date specified in each
Transfer Agreement, (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 Transfer Agreement, have the rights and
obligations of a Bank hereunder (including, without limitation,
obligations to the Agent pursuant to Section 7.5) and (y) the Bank
assignor thereunder shall, to the extent that rights and obligations
hereunder have been assigned by it pursuant to such Transfer Agreement,
relinquish its rights and be released from its obligations under this
Agreement, except for rights and obligations which continue after
repayment of the Advances or termination of this Agreement pursuant to
the express terms of this Agreement (and, in the case of a Transfer
Agreement covering all of an assigning Bank's rights and obligations
under this Agreement, such Bank shall cease to be a party hereto).
(b) By executing and delivering a Transfer Agreement, the Bank
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 Transfer Agreement, such assigning Bank makes no
representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations (whether written or
oral) made in or in connection with this Agreement, any Note or Notes
or any other instrument or document furnished pursuant hereto or in
connection herewith or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement,
any Note or Notes or any other instrument or document furnished
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pursuant hereto or in connection herewith; (ii) such assigning Bank
makes no representation or warranty and assumes no responsibility with
respect to the financial condition of the Borrower or any other Person
or the performance or observance by the Borrower or any other Person of
any of its respective obligations under this Agreement, any Note or
Notes or any other instrument or document furnished pursuant hereto or
in connection herewith; (iii) such assignee confirms that it has
received a copy of this Agreement, together with copies of the
financial statements and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to
enter into such Transfer Agreement; (iv) such assignee will,
independently and without reliance upon the Agent, such assigning Bank
or any other Bank and based on such financial statements and such other
documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis and decisions in taking or not
taking action under this Agreement, any Note or Notes or any other
instrument or document; (v) such assignee confirms that it is an
Eligible Assignee; (vi) such assignee appoints and authorizes the Agent
to act as Agent on its behalf and to exercise such powers and
discretion under the Agreement, any Note or Notes or any other document
executed in connection herewith or therewith as are delegated to the
Agent by the terms hereof or thereof, together with such powers and
discretion 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 Bank.
(c) The Agent shall maintain at its address referred to in
Section 2.13(a) a copy of each Transfer Agreement, delivered to and
accepted by it and the Register for the recordation of the names and
addresses of the Banks and the Commitment of, and the principal amount
of the Advances owing to, each Bank from time to time.
(d) Upon its receipt of a Transfer Agreement executed and
completed by an assigning Bank and an assignee representing that it is
an Eligible Assignee (and, if required, consented to by the Borrower),
the Agent shall (i) accept such Transfer Agreement, (ii) record the
information contained therein in the Register and (iii) give prompt
notice thereof to the Borrower. Within five Business Days after its
receipt of such notice and the request of the assigning Bank and/or
Eligible Assignee, the Borrower shall deliver, in replacement of any A
Note of the Borrower then outstanding which may have been executed to
the order of such assigning Bank or as may be requested by the assignee
or the assigning Bank (A) to such assignee upon its request or as
required by Section 2.9, a new A Note of the Borrower in the amount of
the Commitment of such assigning Bank which is being so assumed by such
assignee plus, in the case of any assignee which is already a Bank
hereunder, the amount of such assignee's Commitment immediately prior
to such assignment (any such assignee which is already a Bank hereunder
agrees to xxxx "Exchanged" and return to the Borrower, with reasonable
promptness following the delivery of such new A Note, any A Note being
replaced thereby, if any), (B) to such assigning Bank as required by
Section 2.9, a new A Note in the amount of the balance, if any, of the
Commitment of such assigning Bank to the Borrower (without giving
effect to any B Reduction) retained by such assigning Bank (and such
assigning Bank agrees to xxxx "Exchanged" and return to the Borrower,
with reasonable promptness following
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delivery of such new A Notes, the A Note being replaced thereby), and
(C) to the Agent, photocopies of such new A Notes, if any.
(e) Each Bank may sell participations to one or more banks or
other entities (other than the Borrower or any of its Affiliates) 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, the
Advances owing to it and any Note or Notes held by it); provided,
however, that (i) such Bank's obligations under this Agreement
(including without limitation, its Commitment to the Borrower
hereunder) shall remain unchanged, (ii) such Bank shall remain solely
responsible to the other parties hereto for the performance of such
obligations, (iii) such Bank shall remain the holder of any such Note
or any Notes for all purposes of this Agreement, (iv) the Borrower, the
Agent and the other Banks shall continue to deal solely and directly
with such Bank in connection with such Bank's rights and obligations
under this Agreement, (v) all amounts payable under this Agreement
shall be calculated as if such Bank had not sold such participation,
and (vi) the terms of any such participation shall not restrict such
Bank's ability to consent to any departure by the Borrower therefrom
without the approval of the participant, except that the approval of
the participant may be required to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the
Advances or any fees or other amounts payable hereunder, in each case
to the extent subject to such participation, or postpone any date fixed
for any payment of principal of, or interest on, the Advances or any
fees or other amounts payable hereunder, in each case to the extent
subject to such participation.
(f) Notwithstanding any other provisions set forth in this
Agreement, any Bank may at any time create a security interest in all
or any portion of its rights under this Agreement (including, without
limitation, the Advances owing to it and the Note or Notes held by it)
in favor of any Federal Reserve Bank in accordance with Regulation A of
the Federal Reserve Board.
SECTION 15. Replacement of Schedule IV; Addition of New Banks, etc. (a)
Schedule IV of the Credit Agreement is hereby amended and restated in its
entirety to read as set forth in Schedule IV hereto.
(b) The Commitments of DG Bank will terminate effective as of
July 24, 2001, and as of such date such Bank shall not have any further
obligation to make any Advance. Upon payment in full of all amounts owed to DG
Bank by the Borrower in accordance with the terms and conditions of this
Agreement and any Note or Notes issued by the Borrower to such Bank, DG Bank
shall not have any rights or obligations under the Credit Agreement, any Note or
Notes or other documents executed pursuant to the Credit Agreement except for
those rights and obligations which, by the express terms of the Credit
Agreement, continue after repayment in full of the obligations of the Borrower
to any Bank.
(c) Each of UMB Bank, N.A., Xxxxxx Commercial Paper Inc. and
Xxxxxxx Xxxxx Bank USA (each a "New Bank" and collectively, the "New Banks"), by
its signature to this Amendment, agrees to become, and is hereby deemed to be a
Bank pursuant to the terms of
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the Credit Agreement and any other documents executed pursuant thereto, with a
Commitment in the amount shown on Schedule IV to this Amendment. Each New Bank
agrees that (i) none of the Agent, the Co-Syndication Agents, the
Co-Documentation Agents, the Arranger or any Bank has made any representation or
warranty or assumed any responsibility with respect to any statements,
warranties or representations, whether written or oral, made in or in connection
with the Credit Agreement, any Note or Notes or any other instrument or document
furnished pursuant hereto or thereto or in connection herewith or therewith or
the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Credit Agreement, any Note or Notes or any other instrument or
document furnished pursuant hereto or thereto or in connection herewith; (ii)
none of the Agent, the Co-Syndication Agents, the Co-Documentation Agents, the
Arranger or any Bank makes any representation or warranty or assumes any
responsibility with respect to the financial condition of the Borrower or any
other Person or the performance or observance by the Borrower or any other
Person of any of its respective obligations under the Credit Agreement, any Note
or Notes or any other instrument or document furnished pursuant thereto or in
connection therewith; (iii) such New Bank confirms that it has received a copy
of the Credit Agreement, together with copies of the financial statements and
such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into the Credit Agreement; (iv) such
New Bank will, independently and without reliance upon the Agent, or any Bank
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 the Credit Agreement, any Note or Notes or any other instrument or
document; (v) such New Bank appoints and authorizes the Agent to act as Agent on
its behalf and to exercise such powers and discretion under the Credit
Agreement, any Note or Notes or any other instrument or document furnished
pursuant to the Credit Agreement as are delegated to the Agent by the terms
thereof, together with such powers and discretion as are reasonably incidental
thereto; and (vi) such New Bank agrees that it will perform in accordance with
their terms all of the obligations which by the terms of the Credit Agreement,
any Note or Notes or any other instrument or document furnished pursuant to the
Credit Agreement are required to be performed by it as a Bank.
After giving effect to this Amendment, the Commitment of each Bank
shall be as shown on Schedule IV hereto, effective as of July 24, 2001 and the
aggregate total of all such Commitments is $2,200,000,000.
SECTION 16. Extension of Stated Termination Date. Pursuant to Section
2.18 of the Credit Agreement, each of the Banks executing below agrees that the
Stated Termination Date shall be extended to July 23, 2002.
SECTION 17. Replacement of Documentation Agent. Each Bank hereby
designates each of B of A and Credit Lyonnais as a Co-Documentation Agent and B
of A and Credit Lyonnais hereby accept such designation. Each of the
Co-Documentation Agents and the Banks agrees that the Co-Documentation Agents
shall replace the Documentation Agent for all purposes related to the Credit
Agreement, the Notes and any other instrument or document related thereto. Each
reference to the Documentation Agent in the Credit Agreement (including in the
preface, recitals and any schedule or exhibit), any Note or any other document
or
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instrument related to the Credit Agreement shall be deemed to be a reference to
the Co-Documentation Agents.
SECTION 18. Limited Waiver of Section 5.2(e). The Borrower has
requested the waiver of, and each Bank by its signature hereby agrees to waive,
Section 5.2(e) of the Credit Agreement for and in connection with the following:
(a) WCG and/or one or more of the Subsidiaries thereof owns
the assets described on Annex A hereto. TWC anticipates that it or one of its
Subsidiaries may enter into a Sale and Lease-Back Transaction in which TWC or
one of its Subsidiaries will purchase the assets described on Annex A and then
lease such assets to WCG or a WCG Subsidiary. TWC hereby covenants that such
transaction shall be entered into on terms and conditions reasonably fair in all
material respects to TWC and its Subsidiaries. To the extent that such Sale and
Lease-Back Transaction may be, or may be deemed to be, an investment in a WCG
Subsidiary, an advance to a WCG Subsidiary, or a purchase, acquisition or
ownership of an obligation of a WCG Subsidiary, such transaction is prohibited
by Section 5.2(e) of the Credit Agreement.
In connection with such Sale and Lease-Back Transaction, and only for
purposes of such transactions, TWC requests that the Banks waive the provisions
of Section 5.2(e) of the Credit Agreement to allow TWC and/or its Subsidiaries
to effect the Sale and Lease-Back Transaction, described in the preceding
paragraph. Nothing herein shall, or shall be deemed to, waive the provisions of
Section 5.2(j) of the Credit Agreement, or any other provisions of the Credit
Agreement applicable to the Sale and Lease-Back Transaction, except as expressly
set forth above with respect to Section 5.2(e) thereof.
By its signature hereto, each Bank agrees to waive and does hereby
waive Section 5.2(e) (and only Section 5.2(e)) of the Credit Agreement to allow,
and only to the extent necessary to allow, TWC and its Subsidiaries to acquire
the assets described on Annex A and to act as lessor pursuant to the Sale and
Lease-Back Transaction described above involving such assets.
SECTION 19. Representations and Warranties. To induce the Agent and the
Banks to enter into this Amendment, the Borrower hereby reaffirms, as of the
date hereof, its representations and warranties contained in Article IV of the
Credit Agreement (except to the extent such representations and warranties
relate solely to an earlier date) and additionally represents and warrants as
follows:
(a) The Borrower is duly organized, validly existing and in
good standing under the laws of the State of Delaware and has all corporate or
limited liability company powers and all governmental licenses, authorizations,
certificates, consents and approvals required to carry on its business as now
conducted in all material respects, except for those licenses, authorizations,
certificates, consents and approvals which the failure to have could not
reasonably be expected to have a material adverse effect on the business,
assets, condition or operation of the Borrower and its Subsidiaries taken as a
whole. Each material Subsidiary of the Borrower is duly organized or validly
formed, validly existing and (if applicable) in good standing under the laws of
its jurisdiction of incorporation or formation, except where the failure to be
so organized, existing and in good standing could not reasonably be expected to
have a material adverse effect on the business, assets, condition or operations
of the Borrower and its
11
Subsidiaries taken as a whole. Each material Subsidiary of the Borrower has all
corporate or limited liability company powers and all governmental licenses,
authorizations, certificates, consents and approvals required to carry on its
business as now conducted in all material respects, except for those licenses,
authorizations, certificates, consents and approvals which the failure to have
could not reasonably be expected to have a material adverse effect on the
business, assets, condition or operation of the Borrower and its Subsidiaries
taken as a whole.
(b) The execution, delivery and performance by the Borrower of
this Amendment and the consummation of the transactions contemplated by this
Amendment are within the Borrower's corporate powers, have been duly authorized
by all necessary corporate action, do not contravene (i) the Borrower's charter
or by-laws or (ii) any law or any contractual restriction binding on or
affecting the Borrower and will not result in or require the creation or
imposition of any Lien.
(c) 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
Amendment or the consummation of the transactions contemplated by this
Amendment.
(d) This Amendment has been duly executed and delivered by the
Borrower. This Amendment and the Credit Agreement as amended by this Amendment
are the legal, valid and binding obligations of the Borrower enforceable against
the Borrower in accordance with its terms, except as such enforceability may be
limited by any applicable bankruptcy, insolvency, reorganization, moratorium or
similar law affecting creditors' rights generally and by general principles of
equity.
(e) Except as set forth in the Public Filings, there is, as to
the Borrower, no pending or, to the knowledge of the Borrower, threatened action
or proceeding affecting the Borrower or any material Subsidiary of the Borrower
before any court, governmental agency or arbitrator, which could reasonably be
expected to materially and 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, binding effect or enforceability of
this Amendment, the Credit Agreement or any Note. For the purposes of this
Section, "Public Filings" shall mean the Borrower's annual report on Form 10-K
for the year ended December 31, 2000, and the Borrower's quarterly reports on
Form 10-Q for the quarter ended March 31, 2001.
(f) Upon giving effect to this Amendment, no event has
occurred and is continuing which constitutes an Event of Default or which would
constitute an Event of Default but for the requirement that notice be given or
time elapse or both.
SECTION 20. Conditions to Effectiveness. The effectiveness of this
Amendment is conditioned upon receipt by the Agent of all the following
documents, each in form and substance satisfactory to the Agent:
(a) Counterparts of this Amendment executed by the Borrower,
the Agent and each of the Banks;
12
(b) A certificate of the Secretary or Assistant Secretary of
the Borrower as to (i) any changes (or the absence of changes) since July 25,
2000 to its certificate of incorporation and its by-laws as of the date hereof,
(ii) the resolutions of the Borrower authorizing the execution of this Amendment
and (iii) the names and true signatures of the officers authorized to execute
this Amendment;
(c) An opinion of Xxxxxxx X. xxx Xxxxx, General Counsel of the
Borrower, substantially in the form of Exhibit A hereto; and
(d) Such other documents as the Agent shall have reasonably
requested.
SECTION 21. Effect. This Amendment shall be deemed to be an amendment
to the Credit Agreement, and the Credit Agreement, as amended hereby, is hereby
ratified, approved and confirmed in each and every respect. All references to
the Credit Agreement in any other document, instrument, agreement or writing
shall hereafter be deemed to refer to the Credit Agreement as amended hereby.
SECTION 22. Governing Law, Etc. THIS AMENDMENT SHALL BE A CONTRACT MADE
UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. Whenever
possible each provision of this Amendment shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Amendment shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Amendment.
SECTION 23. Counterpart Execution. This Amendment may be executed in
any number of counterparts, all of which taken together shall constitute one and
the same instrument, and any party hereto may execute this Amendment by signing
one or more counterparts.
SECTION 24. Successors and Assigns. This Amendment shall be binding
upon the Borrower, the Agent and the Banks and their respective successors and
assigns, and shall inure to the benefit of each of the Borrower, the Agent and
the Banks and the successors and assigns of the Banks.
13
IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their respective officers thereunto duly authorized, to be effective
as of the date first written above.
BORROWER:
THE XXXXXXXX COMPANIES, INC.
By:
--------------------------------------
Name: Xxxxx X. Xxxx
Title: Treasurer
S-1
AGENT:
CITIBANK, N.A., as Agent
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
CO-SYNDICATION AGENTS:
THE CHASE MANHATTAN BANK,
as Co-Syndication Agent and as a Bank
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
COMMERZBANK AG, as Co-Syndication Agent
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-2
CO-DOCUMENTATION AGENTS:
CREDIT LYONNAIS NEW YORK BRANCH,
as Co-Documentation Agent and as a Bank
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
BANK OF AMERICA,
as Co-Documentation Agent and as a Bank
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-3
BANKS:
CITIBANK, N.A.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
X-0
XXX XXXX XX XXXX XXXXXX
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-5
BANK ONE, NA (CHICAGO)
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-6
[Page intentionally left blank]
X-0
XXXXXXXXXXX XX,
XXX XXXX AND GRAND CAYMAN BRANCHES
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-8
CREDIT LYONNAIS NEW YORK BRANCH
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-9
THE FUJI BANK, LIMITED
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-10
NATIONAL WESTMINSTER BANK PLC
NEW YORK BRANCH
By:
--------------------------------------
Name:
------------------------------------
Title:
-----------------------------------
Date: , 2001
------------------------------
NATIONAL WESTMINSTER BANK PLC
NASSAU BRANCH
By:
--------------------------------------
Name:
------------------------------------
Title:
-----------------------------------
Date: , 2001
------------------------------
S-11
ABN AMRO BANK, N.V.
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-12
BANK OF MONTREAL
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
X-00
XXX XXXX XX XXX XXXX
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-14
BARCLAYS BANK PLC
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-15
CIBC INC.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-16
CREDIT SUISSE FIRST BOSTON
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
X-00
XXXXX XXXX XX XXXXXX
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-18
THE BANK OF TOKYO-MITSUBISHI, LTD.,
HOUSTON AGENCY
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-19
FLEET NATIONAL BANK
f/k/a Bank Boston, N.A.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-20
SOCIETE GENERALE, SOUTHWEST AGENCY
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-21
THE INDUSTRIAL BANK OF JAPAN TRUST
COMPANY
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
X-00
XXXXXXX XXXXXXXX (XXXXX), INC.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-23
UBS AG, STAMFORD BRANCH
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-24
XXXXX FARGO BANK TEXAS, N.A.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
X-00
XXXXXXXXXXXX XXXXXXXXXX XXXXXXXXXXXX,
XXX XXXX BRANCH
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-26
CREDIT AGRICOLE INDOSUEZ
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-27
SUNTRUST BANK
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-28
THE DAI-ICHI KANGYO BANK, LTD.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-29
ARAB BANKING CORPORATION (B.S.C.)
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
X-00
XXXX XX XXXXX, XXX XXXX BRANCH
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-31
BANK OF OKLAHOMA, N.A.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-32
BNP PARIBAS, HOUSTON AGENCY
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-33
DG BANK DEUTSCHE
GENNOSSENSCHAFTSBANK AG
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-34
KBC BANK N.V.
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-35
SUMITOMO MITSUI BANKING CORPORATION
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-36
COMMERCE BANK, N.A.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-37
RZB FINANCE LLC
By:
--------------------------------------
Authorized Officer
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-38
FIRST UNION NATIONAL BANK
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-39
UMB BANK, N.A.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-40
XXXXXXX XXXXX BANK USA
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-41
XXXXXX COMMERCIAL PAPER INC.
By:
--------------------------------------
Authorized Officer
Date: , 2001
------------------------------
S-42
Executed for purposes of acknowledging
Section 15(b) only:
DG BANK
By:
--------------------------------------
Name:
------------------------------------
Title:
-----------------------------------
S-43
SCHEDULE IV
COMMITMENTS
AS OF JUNE 23, 2001
BANKS COMMITMENT
----- ----------
Bank of America, N.A.
The Bank of Nova Scotia
Bank One, NA
The Chase Manhattan Bank
Citibank, N.A.
Commerzbank AG
Credit Lyonnais
The Fuji Bank, Limited
National Westminster Bank PLC
ABN Amro Bank N.V.
Bank of Montreal
The Bank of New York
Barclays Bank PLC
CIBC Inc.
Credit Suisse First Boston
Royal Bank of Canada
The Bank of Tokyo-Mitsubishi, Ltd.
Fleet National Bank
Societe Generale
The Industrial Bank of Japan Trust Company
Toronto Dominion (Texas), Inc.
UBS AG, Stamford Branch
Xxxxx Fargo Bank Texas, N.A.
Westdeutsche Landesbank Girozentrale
Credit Agricole Indosuez
Suntrust Bank
The Dai-Ichi Kangyo Bank, Ltd.
Arab Banking Corporation (B.S.C.)
Bank of China
Bank of Oklahoma, N.A.
BNP Paribas, Houston Agency
DG Bank
KBC Bank, N.V.
The Sumitomo Bank, Limited
Sch IV -- 1
BANKS COMMITMENT
----- ----------
Commerce Bank, N.A.
RZB Finance LLC
UMB Bank, X.X.
Xxxxxx Commercial Paper Inc.
Xxxxxxx Xxxxx Bank USA
COMMITMENTS $2,200,000,000.00
=================
Sch IV -- 2
ANNEX A
Assets to be subject to the Sale and Lease-back transaction:
XXXXXXXX TECHNOLOGY CENTER
The (a) real property and structures located east of the existing Bank of
Oklahoma Tower at One Xxxxxxxx Center, Tulsa, Oklahoma commonly known as the
Xxxxxxxx Technology Center (the "Center"), Tech Center Parking Garage (including
the "La Pente" parcel) (located at First Street and Cincinnati Avenue), Skywalk,
Skywalk Support and Skywalk Support Parcel (the "Realty") and (b) the personal
property and fixtures generally comprised of the furniture, fixtures and
equipment as are located or to be located upon or affixed or to be affixed to
the Realty (the "FF&E").
AIRCRAFT
The Aircraft shall include the three (3) aircraft identified as follows:
Citation X (N358WC)
Citation V (N352WC)
Citation Excel (N359WC)
The aggregate value of the assets described above is approximately $277,000,000.
Annex A -- 1
EXHIBIT A
FORM OF OPINION
Exhibit A -- 1
