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EXHIBIT 2.2
FIFTH AMENDMENT
Dated as of May __, 1999
This FIFTH AMENDMENT among Del Monte Fresh Produce (UK) Ltd. ("Fresh
U.K."), Wafer Limited ("Wafer"), Del Monte Fresh Produce International Inc.
("Fresh International"), Del Monte Fresh Produce N.A., Inc. ("Fresh N.A.") Fresh
Del Monte Produce Inc. ("Fresh Produce"), Global Reefer Carriers, Ltd. ("Global;
collectively with Fresh U.K., Wafer, Fresh International, Fresh N.A. and Fresh
Produce, the "Borrowers"), the banks appearing on the signature pages hereto
(the "Increasing Lenders") and Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A., "Rabobank Nederland", New York Branch, as agent (in such capacity, the
"Agent") for the other banks, financial institutions and other institutional
lenders a party to the Credit Agreement referred to below (the "Lenders").
PRELIMINARY STATEMENTS. The Borrowers, the Agent and the Lenders have
entered into a Revolving Credit Agreement dated as of May 19, 1998 (as amended,
supplemented or otherwise modified from time to time, the "Credit Agreement";
the terms defined in the Credit Agreement being used herein as therein defined).
Each of the Borrowers, the Agent, the Initial Issuing Bank, the Swing Line Bank
and the Lenders wish to amend the Credit Agreement as hereinafter set forth.
NOW, THEREFORE, the Borrowers, the Agent (on behalf of the Lenders) and
the Increasing Lenders hereby agree as follows:
SECTION 1. AMENDMENTS TO CREDIT AGREEMENT. The Credit Agreement is,
effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 2 hereof, hereby amended as follows:
(a) Section 1.01 of the Credit Agreement is hereby amended by deleting
the amount "$389,000,000" appearing in the definition of "Total Commitment" and
substituting in lieu thereof the amount "$450,000,000"; it being understood that
the Total Commitment, as amended, reflects the reduction on May 1, 1999 pursuant
to Section 2.05(c) of the Credit Agreement.
(b) Schedule I to the Credit Agreement is hereby replaced by Schedule I
hereto.
SECTION 2. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
effective when, and only when, the Agent shall have received, in form and
substance satisfactory to the Agent:
(a) counterparts of this Amendment executed by each Borrower, the Agent
and each Increasing Lender;
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(b) a consent duly executed by each Guarantor in the form of Exhibit A
hereto; and
SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE BORROWERS. The
Borrowers represent and warrant as follows:
(a) The representations and warranties contained in Section 4.01 of the
Credit Agreement, are true and correct on and as of the date hereof as though
made on and as of the date hereof, other than such representations and
warranties that, by their terms, refer to a date other than the date of this
Amendment or a Borrowing; provided that such representation and warranty shall
be deemed to be updated by such information relating to the matters described
therein as and to the extent that Fresh Produce or the relevant Borrower shall
have furnished such information in writing to the Administrative Agent.
(b) The execution, delivery and performance by the Borrowers of this
Amendment, and the Credit Agreement, as amended hereby, are within each
Borrowers' powers, have been duly authorized by all necessary action and do not
contravene (i) any Borrower's charter or by-laws, or equivalent governing
documentation, as applicable, or (ii) any law or contractual restriction binding
on or affecting any Borrower, or result in, or require, the creation of any
lien, security interest or other charge or encumbrance upon or with respect to
any of its properties.
(c) No authorization, 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 any Borrower of this Amendment or the
Credit Agreement, as amended hereby.
(d) This Amendment and the Credit Agreement, as amended hereby,
constitute, legal, valid and binding obligations of the Borrowers enforceable
against the Borrowers in accordance with their respective terms, subject,
however, to the effect on such enforceability of (i) any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors'
rights generally and (ii) general principles of equity (regardless whether such
enforceability is considered in a proceeding in equity or at law).
(e) No event has occurred and is continuing which constitutes an Event
of Default or would constitute an Event of Default but for the requirement that
notice be given or time elapse or both.
SECTION 4. REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT. (a) Upon
the effectiveness of Section 1 hereof, on and after the date hereof, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of like import shall mean and be a reference to the Credit
Agreement as amended hereby, and each reference in the Notes and the other Loan
Documents to the Credit Agreement shall mean and be a reference to the Credit
Agreement as amended hereby.
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(b) Except as specifically amended above, the Credit Agreement and the
Notes shall remain in full force and effect and are hereby ratified and
confirmed in all respects.
(c) The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders under the Credit Agreement, nor constitute a
waiver of any provision of the Credit Agreement.
SECTION 5. INCREASING LENDERS. (a) Each Increasing Lenders (i)
confirms that it has received a copy of the Credit Agreement, together with
copies of financial statements and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter
into this Amendment; (ii) agrees that it will, independently and without
reliance upon the Agents or any other Lender and based on such documents and
information as they shall deem appropriate at the time, continue to make their
own credit decisions in taking or not taking action under the Credit Agreement;
(iii) appoints and authorizes each Agent to take such action as agent on its
behalf and to exercise such powers and discretion under the Credit Agreement as
are delegated to the Agents by the terms hereof, together with such powers and
discretion as are reasonably incidental thereto; (iv) agrees that it will
perform in accordance with their terms all of the obligations that by the terms
of the Credit Agreement are required to be performed by is as a Lender; and (v)
attach any U.S. Internal Revenue Service forms required under Section 2.12 of
the Credit Agreement.
(b) Upon the effectiveness of this Amendment, the Increasing
Lenders shall (a) if not already a Lender, be a party to the Credit Agreement
and the rights and obligations of a Lender thereunder and (ii) have a Commitment
in the amount set forth opposite such Increasing Lender's name on Schedule I to
the Credit Agreement under the Caption "Commitment", as such Schedule has been
amended by the terms of this Amendment.
SECTION 6. COSTS, EXPENSES AND TAXES. The Borrowers agrees, jointly and
severally, to pay on demand all costs and expenses of the Agent in connection
with the preparation, execution and delivery of this Amendment and the other
instruments and documents to be delivered hereunder, 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 and thereunder. In addition, the Borrowers
agree, jointly and severally, to pay any and all stamp and other taxes payable
or determined to be payable in connection with the execution and delivery of
this Amendment and the other instruments and documents to be delivered
hereunder, and agrees to save the Agent and the Lenders harmless from and
against any and all liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes.
SECTION 7. EXECUTION IN COUNTERPARTS. This Amendment may be executed in
any number of counterparts, each of which when so executed and delivered shall
be deemed to be an original and all of which taken together shall constitute but
one and the same instrument.
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SECTION 8. GOVERNING LAW. This Amendment shall be governed by, and
construed in accordance with, the laws (without giving effect to the conflicts
of laws principles thereof) of the State of New York.
SECTION 9. FINAL AGREEMENT. This Amendment represents the final
agreement between the Borrowers, the Agent and the Lenders as to the subject
matter hereof and may not be contradicted by evidence of prior, contemporaneous
or subsequent oral agreements of the parties. There are no unwritten oral
agreements between the parties.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.
BORROWERS:
DEL MONTE FRESH PRODUCE (UK)
LTD.
By: /s/ XXXX. X. XXXXXXX
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Title
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WAFER LIMITED
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE
INTERNATIONAL INC.
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE N.A., INC.
By: /s/ XXXX. X. XXXXXXX
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Title
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FRESH DEL MONTE PRODUCE INC.
By: /s/ XXXX. X. XXXXXXX
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Title
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GLOBAL REEFER CARRIERS LTD.
By: /s/ XXXX. X. XXXXXXX
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Title
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AGENT:
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK NEDERLAND", NEW YORK BRANCH,
as Agent and as a Lender
By: /s/
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Title
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LENDERS:
WACHOVIA BANK
By: /s/
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Title
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AG FIRST FARM CREDIT BANK
By: /s/
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Title
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DEUTSCHE FINANCIAL SERVICES
By: /s/
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Title
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BARCLAYS BANK, PLC
By: /s/
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Title
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BANQUE FRANCAISE DE L'ORIENT
By: /s/
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Title
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SCHEDULE I
COMMITMENTS AND LENDING OFFICES
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DOMESTIC EURODOLLAR
LENDER COMMITMENT LENDING OFFICE LENDING OFFICE
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Cooperatieve Centrale $66,516,594.76 000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
Xxxxxxxxxx-Xxxxxxxxxxxxxx X.X., Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
"Rabobank Nederland", New York Branch
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First Union National Bank, $44,596,133.40 000 X. Xxxxxxxx Xxxxxxxxx Xxxxx, 200 S. Biscayne Boulevard
Florida 33131 Xxxxx, Xxxxxxx 00000
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Nationsbank N.A $41,768,634.78 000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
Xxxxxx, Xxxxx 00000 Xxxxxx, Xxxxx 00000
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Xxxxxx Trust And Savings Bank, $34,872,483.02 000 Xxxx Xxxxxx Xxxxxx Xxxxxxx, 000 Xxxx Xxxxxx Xxxxxx
Xxxxxxxx 00000 Xxxxxxx, Xxxxxxxx 00000
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Wachovia Bank N.A $40,000,000.00 000 Xxxxxxxxx Xxxxxx 000 Xxxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000 Xxxxxxx, Xxxxxxx 00000
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The Fuji Bank, Limited $18,551,335.84 Two World Trade Center, Two World Trade Center, 00xx Xxxxx
00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000
New York New York 10048
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ABN AMRO Bank N.V. New York Branch $23,562,488.52 000 Xxxx Xxxxxx, 000 Xxxx Xxxxxx,
Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
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Deutsche Financial Services $30,000,000.00 0000 Xxxxxxxxxx Xxxx. 0000 Xxxxxxxxxx Xxxx.
Xxxxx 000 Xxxxx 000
Xxxxxxx Xxxxxxx 00000 Xxxxxxx Xxxxxxx 00000
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Banque Francaise De L'Orient. $22,500,000.00 00 Xxxxxx Xxxxxx X 00000, Xxxxx, 00 Xxxxxx Xxxxxx X 00000, Xxxxx,
Xxxxxx France
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Agfirst Farm Credit Bank, $20,000,000.00 0000 Xxxxxxx Xxxxxx 0000 Xxxxxxx Xxxxxx
Xxxxxxxx Xxxxx Xxxxxxxx 00000 Xxxxxxxx Xxxxx Xxxxxxxx 00000
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Barclays Bank, PLC $18,800,000.00 222 Broadway, 000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
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Banque Nationale de Paris, Chicago $14,585,475.58 000 X. XxXxxxx Xxxxxx 000 X. XxXxxxx Xxxxxx
Xxxxxx, Xxxxxxx, Xxxxxxxx 00000 Xxxxxxx, Xxxxxxxx 00000
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Christiania Bank OG Kreditkasse ASA, $9,424,995.41 00 X 00xx Xxxxxx, 0xx Xxxxx 00 X 00xx Xxxxxx, 0xx Xxxxx Xxx
Xxx Xxxx Branch New York, New York 10036 Xxxx, Xxx Xxxx 00000
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Union Bank Of California, N.A $ 14,137,493.11 000 X. Xxxx Xxxxxx 000 X. Xxxx Xxxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000 Xxx Xxxxxxx, Xxxxxxxxxx 00000
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Suntrust Bank Central Florida, N.A. $ 14,585,475.58 000 Xxxxx Xxxxxx Xxxxxx 000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000 Xxxxxxx, Xxxxxxx 00000
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TOTAL COMMITMENT $413,901,110.00
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EXHIBIT A
CONSENT
Dated as of May __, 1999
The undersigned, [NAME OF GUARANTOR], a company organized and existing
under the laws of , as Guarantor under the Guaranty dated as of May 19, 1998
(the "Guaranty") in favor of COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
B.A., "RABOBANK NEDERLAND", NEW YORK BRANCH, hereby consents to the foregoing
amendment dated as of the date hereof and hereby confirms and agrees that the
Guaranty is, and shall continue to be, in full force and effect and is hereby
ratified and confirmed in all respects except that, upon the effectiveness of,
and on and after the date of, the said amendment, all references in the Guaranty
to the Credit Agreement referred to in the said amendment, "thereunder",
"thereof" or words of like import referring to the Credit Agreement shall mean
the Credit Agreement as amended by the said amendment.
[NAME OF GUARANTOR]
By:______________________
Name:
Title:
A-1
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CONSENT
Dated as of May _, 1999
The undersigned, as Guarantor under its respective Guaranty dated as of
May 19, 1998 (with respect to each such Guarnator, its "Guaranty") in favor of
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND", NEW
YORK BRANCH, hereby consents to the foregoing amendment dated as of the date
hereof and hereby confirms and agrees that the Guaranty is, and shall continue
to be, in full force and effect and is hereby ratified and confirmed in all
respects except that, upon the effectiveness of, and on and after the date of,
the said amendment, all references in the Guaranty to the Credit Agreement
referred to in the said amendment, "thereunder", "thereof" or words of like
import referring to the Credit Agreement shall mean the Credit Agreement as
amended by the said amendment.
DEL MONTE FRESH PRODUCE (UK) LTD.
By: /s/ XXXX. X. XXXXXXX
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Title
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WAFER LIMITED
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE INTERNATIONAL INC.
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE N.A., INC.
By: /s/ XXXX. X. XXXXXXX
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Title
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X-0
00
XXXXX XXX XXXXX PRODUCE INC.
By: /s/ XXXX. X. XXXXXXX
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Title
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GLOBAL REEFER CARRIERS LTD.
By: /s/ XXXX. X. XXXXXXX
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Title
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FRESH DEL MONTE PRODUCE, N.V.
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE, B.V.
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE, (ASIA PACIFIC)
LIMITED
By: /s/ XXXX. X. XXXXXXX
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Title
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CLAVERTON LIMITED
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE BVI LIMITED
By: /s/ XXXX. X. XXXXXXX
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Title
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X-0
00
XXXXXXXX XX DESARROLLO BANANERO DE
GUATAMALA, S.A
By: /s/ XXXX. X. XXXXXXX
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Title
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DEL MONTE FRESH PRODUCE COMPANY
By: /s/ XXXX. X. XXXXXXX
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Title
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FDM HOLDINGS LIMITED
By: /s/ XXXX. X. XXXXXXX
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Title
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CORPORACION DE DESARROLLO AGRICOLA DEL
MONTE, S.A.
By: /s/ XXXX. X. XXXXXXX
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Title
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A-4
