CONFORMED COPY
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DEERE & COMPANY
XXXX DEERE CAPITAL CORPORATION
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$2,250,000,000
FIVE YEAR
CREDIT AGREEMENT
Dated as of February 22, 2000
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THE CHASE MANHATTAN BANK,
as Administrative Agent and as a Managing Agent
BANK OF AMERICA, N.A.,
as a Documentation Agent and as a Managing Agent
BANK ONE, NA,
as a Documentation Agent and as a Managing Agent
DEUTSCHE BANK AG, NEW YORK BRANCH,
as Syndication Agent and as a Managing Agent
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TABLE OF CONTENTS
Page
SECTION 1. DEFINITIONS ....................................................................1
1.1 Defined Terms ...............................................................1
1.2 Other Definitional Provisions...............................................12
SECTION 2. THE COMMITTED RATE LOANS;
THE BID LOANS; THE NEGOTIATED RATE LOANS;
AMOUNT AND TERMS .........................................12
2.1 The Committed Rate Loans ...................................................12
2.2 The Bid Loans; the Negotiated Rate Loans....................................13
2.3 Loan Accounts...............................................................17
2.4 Fees........................................................................18
2.5 Termination or Reduction of Commitments; Cancellation of Capital
Corporation as Borrower...................................................18
2.6 Optional Prepayments........................................................19
2.7 Minimum Amount of Certain Loans.............................................19
2.8 Committed Rate Loan Interest Rate and Payment Dates.........................19
2.9 Conversion and Continuation Options.........................................20
2.10 Computation of Interest and Fees............................................21
2.11 Inability to Determine Interest Rate........................................21
2.12 Pro Rata Treatment and Payments.............................................22
2.13 Requirements of Law.........................................................24
2.14 Indemnity...................................................................27
2.15 Non-Receipt of Funds by the Administrative Agent............................27
2.16 Extension of Termination Date...............................................28
2.17 Foreign Taxes...............................................................29
2.18 Confirmations...............................................................30
2.19 Replacement of Cancelled Banks..............................................31
2.20 Commitment Increases........................................................31
SECTION 3. REPRESENTATIONS AND WARRANTIES.................................................33
3.1 Financial Condition ........................................................33
3.2 Corporate Existence ........................................................33
3.3 Corporate Power; Authorization; Enforceable Obligations ....................33
3.4 No Legal Bar ...............................................................34
3.5 No Material Litigation......................................................34
3.6 Taxes.......................................................................34
3.7 Margin Regulations..........................................................34
3.8 Pari Passu Ranking..........................................................34
3.9 No Defaults.................................................................35
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3.10 Use of Proceeds............................................................35
3.11 Year 2000 Issues...........................................................35
SECTION 4. CONDITIONS PRECEDENT...........................................................35
4.1 Conditions to Initial Loan .................................................35
4.2 Conditions to All Loans.....................................................36
SECTION 5. AFFIRMATIVE COVENANTS..........................................................37
5.1 Financial Statements .......................................................37
5.2 Certificates; Other Information.............................................38
5.3 Company Indenture Documents.................................................38
5.4 Capital Corporation Indenture Documents.....................................38
5.5 Notice of Default...........................................................38
5.6 Ownership of Capital Corporation Stock......................................38
5.7 Employee Benefit Plans......................................................39
SECTION 6. NEGATIVE COVENANTS OF THE COMPANY..............................................39
6.1 Company May Consolidate, etc., Only on Certain Terms .......................39
6.2 Limitation on Liens.........................................................39
6.3 Limitations on Sale and Lease-back Transactions.............................43
6.4 Consolidated Tangible Net Worth.............................................43
SECTION 7. NEGATIVE COVENANTS OF THE CAPITAL CORPORATION .................................44
7.1 Fixed Charges Ratio ........................................................44
7.2 Consolidated Senior Debt to Consolidated Capital Base.......................44
7.3 Limitation on Liens.........................................................44
7.4 Consolidation; Merger.......................................................45
SECTION 8. EVENTS OF DEFAULT..............................................................46
SECTION 9. THE AGENTS ....................................................................48
9.1 Appointment ................................................................48
9.2 Delegation of Duties........................................................48
9.3 Exculpatory Provisions......................................................48
9.4 Reliance by Agents..........................................................49
9.5 Notice of Default...........................................................49
9.6 Non-Reliance on Agents and Other Banks......................................49
9.7 Indemnification.............................................................50
9.8 Agents in their Individual Capacities.......................................50
9.9 Successor Agents............................................................50
SECTION 10. MISCELLANEOUS.................................................................51
10.1 Amendments and Waivers ....................................................51
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10.2 Notices....................................................................51
10.3 No Waiver; Cumulative Remedies.............................................53
10.4 Payment of Expenses and Taxes..............................................53
10.5 Successors and Assigns; Participations; Purchasing Banks...................55
10.6 Adjustments................................................................59
10.7 Confidentiality............................................................59
10.8 Counterparts...............................................................60
10.9 GOVERNING LAW..............................................................60
10.10 Consent to Jurisdiction and Service of Process.............................60
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Page
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SCHEDULES:
Schedule I Terms of Subordination
Schedule II Commitments
Schedule III Addresses for Notices
EXHIBITS:
Exhibit A Form of Borrowing Notice
Exhibit B Form of Bid Loan Request
Exhibit C Form of Bid Loan Offer
Exhibit D Form of Bid Loan Confirmation
Exhibit E Form of Loan Assignment
Exhibit F Form of Commitment Transfer Supplement
Exhibit G Form of Opinion of Associate General Counsel to
the Borrowers
Exhibit H Form of Opinion of Special New York Counsel to
the Borrowers
Exhibit I Form of Extension Request
Exhibit J Form of Form 1001 Tax Letter
Exhibit K Form of Form 4224 Tax Letter
Exhibit L Form of Agreement
Exhibit M Form of Promissory Note
Exhibit N Form of New Bank Supplement
Exhibit O Form of Commitment Increase Supplement
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CREDIT AGREEMENT, dated as of February 22, 2000, among (a) DEERE &
COMPANY, a Delaware corporation (the "COMPANY"), (b) XXXX DEERE CAPITAL
CORPORATION, a Delaware corporation (the "CAPITAL CORPORATION"), (c) the several
financial institutions parties hereto (collectively, the "BANKS", and
individually, a "BANK"), (d) THE CHASE MANHATTAN BANK, as administrative agent
hereunder (in such capacity, the "ADMINISTRATIVE AGENT"), (e) BANK OF AMERICA,
N.A. and BANK ONE, NA, as documentation agents hereunder (in such capacity, the
"DOCUMENTATION Agents"), (f) DEUTSCHE BANK AG, NEW YORK BRANCH, as syndication
agent hereunder (in such capacity, the "SYNDICATION AGENT"), (g) the managing
agents identified on the signature pages hereof (collectively, the "MANAGING
AGENTS") and (h) the co-agents identified on the signature pages hereof
(collectively, the "CO-AGENTS").
The parties hereto hereby agree as follows:
SECTION 1. DEFINITIONS
1.1 DEFINED TERMS. As used in this Agreement, the following
terms have the following meanings:
"ABR": at any particular date, the higher of (a) the rate of
interest per annum publicly announced by Chase for such date as its
prime rate in effect at its principal office in New York City and (b)
0.5% per annum above the rate set forth for such date or, if such date
is not a Business Day, the next preceding Business Day, opposite the
caption "Federal Funds (Effective)" in the weekly statistical release
designated as "H.15(519)" (or any successor publication) published by
the Board of Governors of the Federal Reserve System or, if such rate
is not so published for such date, the average of the quotations for
such day on such transactions received by the Administrative Agent from
three Federal Funds dealers of recognized standing selected by it. The
prime rate is not intended to be the lowest rate of interest charged by
Chase in connection with extensions of credit to debtors.
"ABR LOANS": Committed Rate Loans at such time as they are
made and/or being maintained at a rate of interest based upon the ABR.
"ABSOLUTE RATE BID LOAN": any Bid Loan made pursuant to an
Absolute Rate Bid Loan Request.
"ABSOLUTE RATE BID LOAN REQUEST": any Bid Loan Request
requesting the Banks to offer to make Bid Loans at an absolute rate (as
opposed to a rate composed of the Applicable Index Rate PLUS (or MINUS)
a margin).
"ADMINISTRATIVE AGENT": as defined in the preamble hereto.
"AGENT": the Administrative Agent, the Syndication Agent or
any Documentation Agent, as the context shall require; together, the
"AGENTS".
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"AGREEMENT": this Credit Agreement, as amended, supplemented
or modified from time to time.
"APPLICABLE INDEX RATE": in respect of any Bid Loan requested
pursuant to an Index Rate Bid Loan Request, the Eurodollar Rate
applicable to the Interest Period for such Bid Loan.
"APPLICABLE MARGIN": for each Type of Committed Rate Loan the
rate per annum set forth below:
ABR Eurodollar
Loans Loans
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0% 0.15%
"ATTRIBUTABLE DEBT": as defined in subsection 6.2(b)(ii).
"BANK" and "BANKS": as defined in the preamble hereto.
"BENEFITTED BANK": as defined in subsection 10.6.
"BID LOAN": each loan (other than Negotiated Rate Loans) made
pursuant to subsection 2.2; the aggregate amount advanced by a Bid Loan
Bank pursuant to subsection 2.2 on each Borrowing Date shall constitute
one Bid Loan, or more than one Bid Loan if so specified by the relevant
Loan Assignee in its request for promissory notes pursuant to
subsection 10.5(c).
"BID LOAN BANKS": the collective reference to each Bank
designated from time to time as a Bid Loan Bank by a Borrower (for
purposes of Bid Loans to such Borrower) by written notice to the
Administrative Agent and which has not been removed as a Bid Loan Bank
by such Borrower by written notice to the Administrative Agent (each of
which notices the Administrative Agent shall transmit to each such
affected Bank).
"BID LOAN CONFIRMATION": each confirmation by the Company or
the Capital Corporation of its acceptance of Bid Loan Offers, which Bid
Loan Confirmation shall be substantially in the form of Exhibit D and
shall be delivered to the Administrative Agent by facsimile
transmission or by telephone, immediately confirmed by facsimile
transmission.
"BID LOAN OFFER": each offer by a Bid Loan Bank to make Bid
Loans pursuant to a Bid Loan Request, which Bid Loan Offer shall
contain the information specified in Exhibit C and shall be delivered
to the Administrative Agent by facsimile transmission or by telephone,
immediately confirmed by facsimile transmission.
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"BID LOAN REQUEST": each request by a Borrower for Bid Loan
Banks to submit bids to make Bid Loans, which shall contain the
information in respect of such requested Bid Loans specified in Exhibit
B and shall be delivered to the Administrative Agent by facsimile
transmission or by telephone, immediately confirmed by facsimile
transmission.
"BORROWER": the Company or the Capital Corporation;
collectively, the "BORROWERS".
"BORROWING DATE": in respect of any Loan, the date such Loan
is made.
"BUSINESS DAY": a day other than a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or
required by law to close.
"CANCELLED BANK": any Bank that has the whole or any part of
its Commitment cancelled under subsection 2.13(a), (b) or (c),
subsection 2.16(c) or subsection 2.17(b) or the Commitment of which has
expired under subsection 2.16(a).
"CAPITAL CORPORATION": as defined in the preamble hereto.
"CHASE": The Chase Manhattan Bank, a New York banking
corporation.
"CLOSING DATE": the date on which each of the conditions
precedent specified in subsection 4.1 shall have been satisfied (or
compliance therewith shall have been waived by the Majority Banks
hereunder).
"CO-AGENTS": as defined in the preamble hereto.
"CODE": the Internal Revenue Code of 1986, as amended from
time to time.
"COMMITMENT": as to any Bank, the amount set opposite such
Bank's name on Schedule II, as such amount may be modified as provided
herein; collectively, as to all the Banks, the "COMMITMENTS".
"COMMITMENT EXPIRATION DATE": as defined in subsection
2.16(a).
"COMMITMENT INCREASE NOTICE": as defined in subsection
2.20(a).
"COMMITMENT INCREASE SUPPLEMENT": as defined in subsection
2.20(c).
"COMMITMENT PERCENTAGE": as to any Bank at any time, the
percentage which such Bank's Commitment at such time constitutes of all
the Commitments at such time; collectively, as to all the Banks, the
"COMMITMENT PERCENTAGES".
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"COMMITMENT PERIOD": the period from and including the Closing
Date to but not including the Termination Date or such earlier date on
which the Commitments shall terminate as provided herein.
"COMMITMENT TRANSFER SUPPLEMENT": a Commitment Transfer
Supplement, substantially in the form of Exhibit F.
"COMMITTED RATE LOANS": each loan made pursuant to subsection
2.1.
"COMMONLY CONTROLLED ENTITY": in relation to a Borrower, an
entity, whether or not incorporated, which is under common control with
such Borrower within the meaning of Section 414(b) or (c) of the Code.
"COMPANY": as defined in the preamble hereto.
"CONSOLIDATED CAPITAL BASE": at a particular time for the
Capital Corporation and its consolidated Subsidiaries, the sum of (a)
the amount shown opposite the item "Total stockholder's equity" on the
consolidated balance sheet of the Capital Corporation and its
consolidated Subsidiaries PLUS (b) the principal amounts outstanding
under the 8-5/8% Subordinated Debentures due 2019 of the Capital
Corporation (so long as the subordination terms thereof continue to be
as favorable to the Administrative Agent and the Banks as in existence
on the Closing Date) and all indebtedness of the Capital Corporation
and its consolidated Subsidiaries for borrowed money subordinated (on
terms no less favorable to the Administrative Agent and the Banks than
the terms of subordination set forth on Schedule I) to the indebtedness
which may be incurred hereunder by the Capital Corporation, PROVIDED
that the sum of clauses (a) and (b) hereof as at the end of a fiscal
quarter of the Capital Corporation and its consolidated Subsidiaries
(including the last quarter of a fiscal year of the Capital Corporation
and its consolidated Subsidiaries) shall be determined by reference to
the publicly available consolidated balance sheet of the Capital
Corporation and its consolidated Subsidiaries as at the end of such
fiscal quarter and after such adjustments, if any, as may be required
so that the sum of the amounts referred to in clauses (a) and (b) is
determined in accordance with GAAP.
"CONSOLIDATED NET WORTH": as defined in subsection 6.2(b)(ii).
"CONSOLIDATED SENIOR DEBT": at a particular time for the
Capital Corporation and its consolidated Subsidiaries, indebtedness for
borrowed money other than the 8-5/8% Subordinated Debentures due 2019
of the Capital Corporation (so long as the subordination terms thereof
continue to be as favorable to the Administrative Agent and the Banks
as such terms in existence on the Closing Date) and any such
indebtedness that is subordinated, on terms no less favorable to the
Administrative Agent and the Banks than the terms of subordination set
forth on Schedule I, to the indebtedness which may be incurred
hereunder by the Capital Corporation, PROVIDED that the amount of such
indebtedness for borrowed money (other than such subordinated
indebtedness) as at the
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end of a fiscal quarter of the Capital Corporation and its consolidated
Subsidiaries (including the last quarter of a fiscal year of the
Capital Corporation and its consolidated Subsidiaries) shall be
determined by reference to the publicly available consolidated balance
sheet of the Capital Corporation and its consolidated Subsidiaries as
at the end of such fiscal quarter and after such adjustments, if any,
as may be required so that such amount is determined in accordance with
GAAP.
"CONSOLIDATED TANGIBLE NET WORTH": at a particular time for a
Borrower and its consolidated Subsidiaries, the excess of the amount
shown opposite the item "Total stockholder's equity" on the
consolidated balance sheet of such Borrower and its consolidated
Subsidiaries over the aggregate amount shown on such balance sheet for
any intangible assets, including, without limitation, goodwill,
franchises, licenses, patents, trademarks, trade-names, copyrights,
service marks and brand names, PROVIDED that such excess amount shall
be determined (a) with respect to the Company and its consolidated
Subsidiaries as at the end of any of their fiscal quarters (including
the last quarter of any of their fiscal years), by reference to the
publicly available consolidated balance sheet of the Company and its
consolidated Subsidiaries as at the end of such fiscal quarter and (b)
with respect to the Capital Corporation and its consolidated
Subsidiaries as at the end of any of their fiscal quarters (including
the last quarter of any of their fiscal years), by reference to the
publicly available consolidated balance sheet of the Capital
Corporation and its consolidated Subsidiaries as at the end of such
fiscal quarter, in each such case after such adjustments, if any, as
may be required so that such excess is determined in accordance with
GAAP.
"CONTRACTUAL OBLIGATION": as to any Person, any provision of
any security issued by such Person or of any agreement, instrument or
undertaking to which such Person is a party or by which it or any of
its property is bound.
"DEAL YEAR": as defined in subsection 2.16(c).
"DEBT": as defined in subsection 6.2.
"DEFAULT": any of the events specified in Section 8, whether
or not any requirement for the giving of notice, the lapse of time, or
both, or any other condition, event or act has been satisfied.
"DOCUMENTATION AGENTS": as defined in the preamble hereto.
"DOLLARS" and "$": dollars in lawful currency of the United
States of America.
"ERISA": the Employee Retirement Income Security Act of 1974,
as amended from time to time.
"EURODOLLAR LOANS": Committed Rate Loans at such time as they
are made and/or being maintained at a rate of interest based upon a
Eurodollar Rate.
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"EURODOLLAR RATE": with respect to each day during each
Interest Period for a Eurodollar Loan and for each Index Rate Bid Loan,
(a) the rate determined by the Administrative Agent to be the
arithmetic mean of the offered rates for deposits in Dollars for a
period of such Interest Period which appear on the Reuters Screen LIBO
Page as of 11:00 a.m., London time, on the date that is two Working
Days prior to the beginning of such Interest Period or (b) if fewer
than two offered rates appear, the rate in respect of such Interest
Period will be the rate per annum equal to the average (rounded
upwards, if necessary, to the nearest whole multiple of one sixteenth
of one percent) of the respective rates notified to the Administrative
Agent by the Reference Banks as the rate at which such Reference Bank
is offered Dollar deposits two Working Days prior to the beginning of
such Interest Period in the interbank eurodollar market where the
eurodollar and foreign currency and exchange operations in respect of
its Eurodollar Loans are customarily conducted at or about 10:00 a.m.,
New York City time, for delivery on the first day of such Interest
Period for the number of days comprised therein and in an amount (i) in
the case of Eurodollar Loans, comparable to the amount of the
Eurodollar Loan of such Reference Bank to be outstanding during such
Interest Period and (ii) in the case of an Index Rate Bid Loan by any
Bank, equal to the principal amount of all Index Rate Bid Loans to
which such Interest Period applies.
"EVENT OF DEFAULT": any of the events specified in Section 8,
PROVIDED that any requirement for the giving of notice, the lapse of
time, or both, or any other condition, event or act has been satisfied.
"EXTENSION REQUEST": each request by the Borrowers made
pursuant to subsection 2.16 for the Banks to extend this Agreement,
which shall contain the information in respect of such extension
specified in Exhibit I and shall be delivered to the Administrative
Agent in writing.
"FACILITY FEE RATE": 0.075%.
"FIXED CHARGES": for any particular period for the Capital
Corporation and its consolidated Subsidiaries, all of the Capital
Corporation's and its consolidated Subsidiaries' consolidated interest
on indebtedness for borrowed money, amortization of discounts of
indebtedness for borrowed money, the portion of rentals under financing
leases deemed to represent interest and rentals under operating leases,
PROVIDED that such amounts for a fiscal quarter of the Capital
Corporation and its consolidated Subsidiaries (including the last
quarter of a fiscal year of the Capital Corporation and its
consolidated Subsidiaries) shall be determined by reference to the
publicly available consolidated statement of income of the Capital
Corporation and its consolidated Subsidiaries for or covering such
fiscal quarter and after such adjustments, if any, as may be required
so that such amounts are determined in accordance with GAAP.
"FOREIGN TAXES": as defined in subsection 2.17(a).
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"GAAP": generally accepted accounting principles in the United
States of America as applied in the preparation of financial statements
of the Company or the Capital Corporation, respectively, as of the
fiscal year ended October 31, 1998.
"GOVERNMENTAL AUTHORITY": any nation or government, any state
or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.
"IMPORTANT PROPERTY": (a) any manufacturing plant, including
land, all buildings and other improvements thereon, and all
manufacturing machinery and equipment located therein, owned and used
by the Company or a Restricted Subsidiary primarily for the manufacture
of products to be sold by the Company or such Restricted Subsidiary,
(b) the executive office and administrative building of the Company in
Moline, Illinois, and (c) research and development facilities,
including land and buildings and other improvements thereon and
research and development machinery and equipment located therein, in
each case, owned and used by the Company or a Restricted Subsidiary;
except in any case property of which the aggregate fair value as
determined by the Board of Directors of the Company does not at the
time exceed 1% of Consolidated Net Worth, as shown on the audited
consolidated balance sheet contained in the latest annual report to
stockholders of the Company.
"INCREASING BANK": as defined in subsection 2.20(c).
"INDEX RATE BID LOAN": any Bid Loan made at an interest rate
based upon the Applicable Index Rate.
"INDEX RATE BID LOAN REQUEST": any Bid Loan Request requesting
the Banks to offer to make Index Rate Bid Loans at an interest rate
equal to the Applicable Index Rate PLUS (or MINUS) a margin.
"INTEREST PAYMENT DATE": (a) as to any ABR Loan, the last
Business Day of each March, June, September and December, commencing on
the first of such days to occur after such ABR Loan is made or a
Eurodollar Loan is converted to an ABR Loan and (b) as to any
Eurodollar Loan, the last day of each Interest Period applicable
thereto, PROVIDED that as to any Eurodollar Loan in respect of which a
Borrower has selected an Interest Period of six months, interest shall
also be paid on the day which is three months after the beginning of
such Interest Period.
"INTEREST PERIOD": (a) with respect to any Eurodollar Loan,
the period commencing on the Borrowing Date, the date any ABR Loan is
converted to a Eurodollar Loan or the date any Eurodollar Loan is
continued as a Eurodollar Loan, as the case may be, with respect to
such Eurodollar Loan and ending one, two, three or six months
thereafter, as selected by a Borrower in its notice of borrowing,
conversion or continuance as provided in subsection 2.1(c) or 2.9;
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(b) with respect to any Bid Loan, the period commencing on the
Borrowing Date with respect to such Bid Loan and ending on the date not
less than seven days nor more than six months thereafter, as specified
by a Borrower in its Bid Loan Request as provided in subsection 2.2(b);
and
(c) with respect to any Negotiated Rate Loan, the period or
periods commencing on the Borrowing Date with respect to such
Negotiated Rate Loan or the last day of any Interest Period with
respect thereto and ending on the dates as shall be mutually agreed
upon between the relevant Borrower and the relevant Bank;
PROVIDED, that all of the foregoing provisions relating to Interest
Periods are subject to the following:
(i) if any Interest Period pertaining to a
Eurodollar Loan or an Index Rate Bid Loan would otherwise end
on a day which is not a Working Day, that Interest Period
shall be extended to the next succeeding Working Day unless
the result of such extension would be to carry such Interest
Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Working
Day;
(ii) if any Interest Period pertaining to a
Negotiated Rate Loan or an Absolute Rate Bid Loan would
otherwise end on a day which is not a Business Day, that
Interest Period shall be extended to the next succeeding
Business Day;
(iii) any Interest Period pertaining to a
Eurodollar Loan having an Interest Period of one, two, three
or six months or an Index Rate Bid Loan having an Interest
Period of one, two, three, four, five or six months, that
begins on the last Working Day of a calendar month (or on a
day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall end
on the last Working Day of a calendar month;
(iv) Interest Periods shall be deemed available
only if the Required Banks shall not have advised the
Administrative Agent that the Eurodollar Rate determined by
the Administrative Agent on the basis of the applicable quotes
will not adequately and fairly reflect the cost to such Banks
of maintaining or funding their Committed Rate Loans bearing
interest based on the Eurodollar Rate determined for such
Interest Period. The Administrative Agent shall notify the
Borrowers and each Bank promptly after having been advised by
the Required Banks that a Eurodollar Rate will not so
adequately and fairly reflect such Banks' costs as aforesaid.
If a requested Interest Period shall be unavailable in
accordance with the foregoing sentence, the proposed Borrower
may (A) in accordance with the provisions (including any
requirements for notification) of subsection 2.1 request, at
its option, that the requested Committed Rate Loans be made or
maintained as ABR Loans or (B) withdraw the request for such
9
Committed Rate Loans for which the Interest Period was
unavailable by giving notice of such election to the
Administrative Agent in accordance with subsection 2.11;
PROVIDED, that if the Administrative Agent does not receive
any notice hereunder, such Borrower shall be deemed to have
requested ABR Loans;
(v) with respect to Loans made by an Objecting
Bank, no Interest Periods with respect to such Loans shall end
after such Objecting Bank's Commitment Expiration Date; and
(vi) no Interest Period shall end after the
Termination Date.
"LOAN ACCOUNT": as defined in subsection 2.3; collectively,
the "LOAN ACCOUNTS".
"LOAN ASSIGNEES": as defined in subsection 10.5(c).
"LOAN ASSIGNMENT": a Loan Assignment, substantially in the
form of Exhibit E.
"LOANS": the collective reference to the Committed Rate Loans,
the Bid Loans and the Negotiated Rate Loans.
"MAJORITY BANKS": at any particular time, Banks having
Commitment Percentages aggregating more than fifty percent; PROVIDED,
that at any time after the termination of all the Commitments,
"Majority Banks" shall mean Banks holding Loans aggregating more than
fifty percent in principal amount of all outstanding Loans.
"MANAGING AGENTS": as defined in the preamble hereto.
"MARGIN STOCK": as defined in Regulation U of the Board of
Governors of the Federal Reserve System.
"MORTGAGE": as defined in subsection 6.2.
"NEGOTIATED RATE LOAN": each Loan made to a Borrower by a Bank
pursuant to a Negotiated Rate Loan Request in such principal amount,
for such number of Interest Periods (subject to the proviso to the
definition of "Interest Period" in this subsection 1.1) and having such
interest rate(s) and repayment terms as shall, in each case, be
mutually agreed upon between such Borrower and such Bank.
"NEGOTIATED RATE LOAN REQUEST": each request by a Borrower for
a Bank to make Negotiated Rate Loans, which shall be delivered to such
Bank in writing, by facsimile transmission, or by telephone,
immediately confirmed in writing, and which shall specify the amount to
be borrowed and the proposed Borrowing Date.
"NET EARNINGS AVAILABLE FOR FIXED CHARGES": for any particular
period for the Capital Corporation and its consolidated Subsidiaries,
consolidated net earnings of the
10
Capital Corporation and such Subsidiaries for such period without
deduction of Fixed Charges and without deduction of federal, state or
other income taxes, PROVIDED that such net earnings for a fiscal
quarter of the Capital Corporation and its consolidated Subsidiaries
(including the last quarter of a fiscal year of the Capital Corporation
and its consolidated Subsidiaries) shall be determined by reference to
the publicly available statement of income of the Capital Corporation
and its consolidated Subsidiaries for or covering such fiscal quarter
and after such adjustments, if any, as may be required so that such net
earnings are determined in accordance with GAAP, except that earned
investment tax credits may be included as revenue in the consolidated
income statement of the Capital Corporation and its consolidated
Subsidiaries, rather than as an offset against the provision for income
taxes.
"NEW BANK": as defined in subsection 2.20(b).
"NEW BANK SUPPLEMENT": as defined in subsection 2.20(b).
"NOTES": the collective reference to any promissory note
evidencing Loans.
"OBJECTING BANKS": as defined in subsection 2.16(a).
"OFFERED INCREASE AMOUNT": as defined in subsection 2.20(a).
"PARTICIPANTS": as defined in subsection 10.5(b).
"PERSON": an individual, partnership, corporation, business
trust, joint stock company, trust, unincorporated association, joint
venture, Governmental Authority or other entity of whatever nature,
PROVIDED that for purposes of Section 8(h), Person shall also include
two or more entities acting as a syndicate or any other group for the
purpose of acquiring, holding or disposing of securities of the
Company.
"PLAN": any pension plan which is covered by Title IV of ERISA
and in respect of which either Borrower or a Commonly Controlled Entity
is an "employer" as defined in Section 3(5) of ERISA.
"PURCHASING BANKS": as defined in subsection 10.5(d).
"RE-ALLOCATION DATE": as defined in subsection 2.20(e).
"REFERENCE BANKS": Chase, Bank of America, N.A., Bank One, NA
and Deutsche Bank AG, New York Branch.
"REGISTER": as defined in subsection 10.5(e).
"REPORT PERIOD": as defined in subsection 2.18.
11
"REPORTABLE EVENT": any of the events set forth in Section
4043(b) of ERISA or the regulations thereunder.
"REQUIRED BANKS": at a particular time, Banks having
Commitment Percentages aggregating at least 66-2/3%; PROVIDED that (a)
at any time after the termination of all the Commitments, "Required
Banks" means Banks holding Loans aggregating at least 66-2/3% in
principal amount of all outstanding Loans and (b) as used in subsection
2.16, "Required Banks" means with respect to any Extension Request, at
a particular time after the Termination Date has been extended pursuant
to such subsection, Banks (i) which are not Objecting Banks with
respect to any previous Extension Request and (ii) which have
Commitment Percentages aggregating at least 66-2/3% of the aggregate
Commitment Percentages of such non-Objecting Banks.
"REQUIREMENT OF LAW": as to any Person, the Certificate of
Incorporation and By-Laws or other organizational or governing
documents of such Person, and any law, treaty, rule or regulation, or
determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or
any of its property or to which such Person or any of its property is
subject.
"RESERVES": as defined in subsection 2.13(c).
"RESPONSIBLE OFFICER": of a Borrower, the Chairman, the
President, any Executive, Senior or other Vice President, the Treasurer
and any Assistant Treasurer of such Borrower.
"RESTRICTED MARGIN STOCK": any Margin Stock, the sale, pledge
or other disposition of which by the Company or any of its Subsidiaries
is in any way restricted by an arrangement with any Bank or any
affiliate thereof to the extent that the value thereof (determined in
accordance with Regulation U of the Board of Governors of the Federal
Reserve System) does not exceed 25% of the value (determined in
accordance with such Regulation U) of all the assets subject to such
restriction.
"RESTRICTED SUBSIDIARY": any Subsidiary of the Company
incorporated in the United States of America or Canada (a) which is
engaged in, or whose principal assets consist of property used by the
Company or any Restricted Subsidiary in, the manufacture of products
within the United States of America or Canada or in the sale of
products principally to customers located in the United States of
America or Canada except any corporation which is a retail dealer in
which the Company has, directly or indirectly, an investment, or (b)
which the Company shall designate as a Restricted Subsidiary in an
officers' certificate signed by two Responsible Officers of the Company
and delivered to the Administrative Agent.
"SALE AND LEASE-BACK TRANSACTION": as defined in subsection
6.3.
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"SIGNIFICANT SUBSIDIARY": of a Borrower, any Subsidiary of
such Borrower the assets, revenues or net worth of which is, at the
time of determination, equal to or greater than ten percent of the
assets, revenues or net worth, respectively, of such Borrower at such
time.
"SUBSIDIARY": of a Person, a corporation or other entity of
which securities or other ownership interests having ordinary voting
power (other than securities or other ownership interests having such
power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other Persons performing similar
functions are at the time directly or indirectly owned by such Person
or one or more Subsidiaries of such Person, or by such Person and one
or more Subsidiaries of such Person.
"SYNDICATION AGENT": as defined in the preamble hereto.
"TERMINATION DATE": the fifth anniversary of the Closing Date
or such later date as shall be determined pursuant to the provisions of
subsection 2.16 with respect to non-Objecting Banks.
"TRANSFEREES": as defined in subsection 10.5(g).
"TRANSFER EFFECTIVE DATE": as defined in each Commitment
Transfer Supplement and each Loan Assignment.
"TYPE": as to any Committed Rate Loan, its nature as an ABR
Loan or Eurodollar Loan.
"WORKING DAY": any Business Day on which dealings in foreign
currencies and exchange between banks may be carried on in London,
England and New York, New York.
1.2 OTHER DEFINITIONAL PROVISIONS. (a) All terms defined in
this Agreement shall have the defined meanings when used in any certificate or
other document made or delivered pursuant hereto.
(b) As used herein and in any certificate or other document
made or delivered pursuant hereto, accounting terms relating to either Borrower
and its Subsidiaries not defined in subsection 1.1, and accounting terms partly
defined in subsection 1.1 to the extent not defined, shall have the respective
meanings given to them under GAAP.
(c) The words "hereof", "herein" and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement, and Section,
subsection, Schedule and Exhibit references are to this Agreement unless
otherwise specified.
13
(d) Unless otherwise qualified, all references to a
"Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary
or Subsidiaries of the relevant Borrower.
SECTION 2. THE COMMITTED RATE LOANS; THE BID
LOANS; THE NEGOTIATED RATE LOANS;
AMOUNT AND TERMS
2.1 THE COMMITTED RATE LOANS. (a) During the Commitment
Period, subject to the terms and conditions hereof, each Bank severally agrees
to make loans (individually, a "COMMITTED RATE LOAN") to either Borrower from
time to time in an aggregate principal amount for both Borrowers at any one time
outstanding not to exceed such Bank's Commitment. During the Commitment Period,
either Borrower may use the Commitments by borrowing, repaying and reborrowing,
all in accordance with the terms and conditions hereof.
(b) The Committed Rate Loans may be either (i) Eurodollar
Loans, (ii) ABR Loans or (iii) a combination thereof as determined by the
relevant Borrower.
(c) Either Borrower may borrow Committed Rate Loans on any
Working Day, if the borrowing is of Eurodollar Loans, or on any Business Day, if
the borrowing is of ABR Loans; PROVIDED, HOWEVER, that a Responsible Officer of
such Borrower shall give the Administrative Agent irrevocable notice thereof
(which notice must be received by the Administrative Agent (i) prior to 12:00
Noon, New York City time, three Working Days prior to the requested Borrowing
Date, in the case of Eurodollar Loans, (ii) except as provided in clause (iii)
hereof below, prior to 12:00 Noon, New York City time, one Business Day prior to
the requested Borrowing Date, in the case of ABR Loans and (iii) prior to 11:00
A.M., New York City time, on the requested Borrowing Date in the case of ABR
Loans up to an aggregate principal amount for both Borrowers not to exceed 25%
of the Commitments on such Borrowing Date). Each such notice shall be given in
writing or by facsimile transmission substantially in the form of Exhibit A
(with appropriate insertions) or shall be given by telephone (specifying the
information set forth in Exhibit A) promptly confirmed by notice given in
writing or by facsimile transmission substantially in the form of Exhibit A
(with appropriate insertions). On the day of receipt of any such notice from
either Borrower, the Administrative Agent shall promptly notify each Bank
thereof. Each Bank will make the amount of its share of each borrowing available
to the Administrative Agent for the account of such Borrower at the office of
the Administrative Agent set forth in subsection 10.2 at 11:00 A.M. (or 2:00
P.M., in the case of ABR Loans requested pursuant to clause (iii) above), New
York City time, on the Borrowing Date requested by such Borrower in funds
immediately available to the Administrative Agent as the Administrative Agent
may direct. The proceeds of all such Committed Rate Loans will be made available
promptly to such Borrower by the Administrative Agent at the office of the
Administrative Agent specified in subsection 10.2 by crediting the account of
such Borrower on the books of such office of the Administrative Agent with the
aggregate of the amount made available to the Administrative Agent by the Banks
and in like funds as received by the Administrative Agent.
14
(d) All Committed Rate Loans made to each Borrower shall be
repaid in full by such Borrower on or before the Termination Date.
2.2 THE BID LOANS; THE NEGOTIATED RATE LOANS. (a) Either
Borrower may borrow Bid Loans or Negotiated Rate Loans from time to time on any
Business Day (in the case of Bid Loans made pursuant to an Absolute Rate Bid
Loan Request), any Working Day (in the case of Bid Loans made pursuant to an
Index Rate Bid Loan Request) or, in the case of Negotiated Rate Loans, on such
days as shall be mutually agreed upon between the relevant Borrower and the
applicable Bank, in each case during the Commitment Period and in the manner set
forth in this subsection 2.2 and in amounts such that the aggregate principal
amount of Loans at any time outstanding shall not exceed the aggregate amount of
the Commitments at such time. Notwithstanding any other provision of this
Agreement, the aggregate principal amount of the outstanding Bid Loans and/or
Negotiated Rate Loans made by any Bank may at any time (but shall not be
required to) exceed the Commitment of such Bank so long as the aggregate
outstanding principal amount of all Loans does not at any time exceed the
aggregate amount of the Commitments.
(b)(i) Either Borrower shall request Bid Loans or Negotiated
Rate Loans by delivering (A) in the case of an Index Rate Bid Loan, a Bid Loan
Request to the Administrative Agent, x/x Xxx Xxxxx Xxxxxxxxx Xxxx, Xxx Chase
Xxxxxxxxx Xxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxxx Xxxxxxxx,
Telephone: (000) 000-0000, Facsimile: (000) 000-0000, not later than 12:00 Noon
(New York City time) four Working Days prior to the proposed Borrowing Date, (B)
in the case of an Absolute Rate Bid Loan, a Bid Loan Request to the
Administrative Agent at the address set forth in clause (A) of this subsection
2.2(b)(i) not later than 10:00 A.M. (New York City time) one Business Day prior
to the proposed Borrowing Date or (C) in the case of a Negotiated Rate Loan, a
Negotiated Rate Loan Request to any Bank at such time as the applicable Borrower
and the applicable Bank shall agree. Each Bid Loan Request may solicit bids for
Bid Loans in an aggregate principal amount of $25,000,000 or an integral
multiple of $5,000,000 in excess thereof and for not more than three alternative
Interest Periods for such Bid Loans. The Administrative Agent shall promptly
notify each Bid Loan Bank by facsimile transmission or by telephone, immediately
confirmed by facsimile transmission, of the contents of each Bid Loan Request
received by it.
(ii) In the case of an Index Rate Bid Loan Request, upon
receipt of notice from the Administrative Agent of the contents of such Bid Loan
Request, any Bid Loan Bank that elects, in its sole discretion, to do so, shall
irrevocably offer to make one or more Bid Loans at the Applicable Index Rate
plus or minus a margin for each such Bid Loan determined by such Bid Loan Bank,
in its sole discretion. Any such irrevocable offer shall be made by delivering a
Bid Loan Offer to the Administrative Agent at the address set forth in clause
(i)(A) above before 10:30 A.M. (New York City time) three Working Days before
the proposed Borrowing Date, setting forth the maximum amount of Bid Loans for
each Interest Period, and the aggregate maximum amount for all Interest Periods,
which such Bank would be willing to make and the margin above or below the
Applicable Index Rate at which such Bid Loan Bank is willing to make each such
Bid Loan. The Administrative Agent shall advise the relevant
15
Borrower before 11:00 A.M. (New York City time) three Working Days before the
proposed Borrowing Date of the contents of each such Bid Loan Offer received by
it. If the Administrative Agent in its capacity as a Bid Loan Bank shall, in its
sole discretion, elect to make any such offer, it shall advise such Borrower of
the contents of its Bid Loan Offer before 10:15 A.M. (New York City time) three
Working Days before the proposed Borrowing Date.
(iii) In the case of an Absolute Rate Bid Loan Request, upon
receipt of notice from the Administrative Agent of the contents of such Bid Loan
Request, any Bid Loan Bank that elects, in its sole discretion, to do so, shall
irrevocably offer to make one or more Bid Loans at a rate or rates of interest
for each such Bid Loan determined by such Bid Loan Bank in its sole discretion.
Any such irrevocable offer shall be made by delivering a Bid Loan Offer to the
Administrative Agent at the address set forth in clause (i)(A) of this
subsection 2.2(b) before 9:30 A.M. (New York City time) on the proposed
Borrowing Date, setting forth the maximum amount of Bid Loans for each Interest
Period, and the aggregate maximum amount for all Interest Periods, which such
Bid Loan Bank would be willing to make and the rate or rates of interest at
which such Bid Loan Bank is willing to make each such Bid Loan. The
Administrative Agent shall advise the relevant Borrower before 10:00 A.M. (New
York City time) on the proposed Borrowing Date of the contents of each such Bid
Loan Offer received by it. If the Administrative Agent in its capacity as a Bid
Loan Bank shall, in its sole discretion, elect to make any such offer, it shall
advise such Borrower of the contents of its Bid Loan Offer before 9:15 A.M. (New
York City time) on the proposed Borrowing Date.
(iv) The relevant Borrower shall before 11:30 A.M. (New
York City time) three Working Days before the proposed Borrowing Date (in the
case of Bid Loans requested by an Index Rate Bid Loan Request) and before 10:30
A.M. (New York City time) on the proposed Borrowing Date (in the case of Bid
Loans requested by an Absolute Rate Bid Loan Request) either, in its absolute
discretion:
(A) cancel such Bid Loan Request by giving the Administrative
Agent telephone notice to that effect, or
(B) accept one or more of the offers made by any Bid Loan Bank
or Bid Loan Banks pursuant to clause (ii) or clause (iii) of this
subsection 2.2(b), as the case may be, by giving telephone notice to
the Administrative Agent (immediately confirmed by delivery to the
Administrative Agent at the address set forth in clause (i)(A) of this
subsection 2.2(b) of a Bid Loan Confirmation) of the amount of Bid
Loans for each relevant Interest Period to be made by each Bid Loan
Bank (which amount shall be equal to or less than the maximum amount
for such Interest Period specified in the Bid Loan Offer of such Bid
Loan Bank, and for all Interest Periods included in such Bid Loan Offer
shall be equal to or less than the aggregate maximum amount specified
in such Bid Loan Offer for all such Interest Periods) and reject any
remaining offers made by Bid Loan Banks pursuant to clause (ii) or
clause (iii) above, as the case may be; PROVIDED, HOWEVER, that (x)
such Borrower may not accept offers for Bid Loans for any Interest
Period in an aggregate principal amount in excess of the maximum
principal amount requested for such Interest Period in the related Bid
Loan Request, (y) if such Borrower accepts any
16
such offers, it must accept offers strictly based upon pricing for such
relevant Interest Period and upon no other criteria whatsoever and (z)
if two or more Bid Loan Banks submit offers for any Interest Period at
identical pricing and such Borrower accepts any of such offers but does
not wish to borrow the total amount offered by such Bid Loan Banks with
such identical pricing, such Borrower shall accept offers from all of
such Bid Loan Banks in amounts allocated among them PRO RATA according
to the amounts offered by such Bid Loan Banks (or as nearly PRO RATA as
shall be practicable, after giving effect to the requirement that Bid
Loans made by a Bid Loan Bank on a Borrowing Date for each relevant
Interest Period shall be in a principal amount of $5,000,000 or an
integral multiple of $1,000,000 in excess thereof, it being agreed that
to the extent that it is not possible to make allocations in accordance
with the provisions of this clause (z) such allocations shall be made
in accordance with the instructions of such Borrower, it being
understood that in no event shall any Bank be obligated to make any Bid
Loan in a principal amount less than $5,000,000).
(v) If such Borrower notifies the Administrative Agent that
a Bid Loan Request is cancelled pursuant to clause (iv)(A) of this subsection
2.2(b), the Administrative Agent shall give prompt telephone notice thereof to
the Bid Loan Banks, and the Bid Loans requested thereby shall not be made.
(vi) (A) If such Borrower accepts pursuant to clause
(iv)(B) of this subsection 2.2(b) one or more of the offers made by any Bid Loan
Bank or Bid Loan Banks pursuant to a Bid Loan Request, the Administrative Agent
shall promptly notify by telephone each Bid Loan Bank which has made such an
offer of the aggregate amount of such Bid Loans to be made on such Borrowing
Date for each Interest Period and of the acceptance or rejection of any offers
to make such Bid Loans made by such Bid Loan Bank. Each Bid Loan Bank which is
to make a Bid Loan pursuant to a Bid Loan Request shall, before 12:00 Noon (New
York City time) on the Borrowing Date specified in the Bid Loan Request
applicable thereto, make available to the Administrative Agent at its office set
forth in subsection 10.2 the amount of Bid Loans to be made by such Bid Loan
Bank, in immediately available funds. The Administrative Agent will make such
funds available to such Borrower as soon as practicable on such date at the
Administrative Agent's aforesaid address.
(B) If such Borrower and any Bank agree to the terms of a
Negotiated Rate Loan to be made on a Borrowing Date pursuant to a
Negotiated Rate Loan Request, such Borrower and such Bank shall
promptly notify by telephone the Administrative Agent of the aggregate
amount of Negotiated Rate Loans to be made on such Borrowing Date and
the respective Interest Periods therefor. Each Bank which is to make a
Negotiated Rate Loan shall, at such time, on such Borrowing Date and at
such location as shall be mutually agreed upon between such Borrower
and such Bank, make available to such Borrower the amount of Negotiated
Rate Loans to be made by such Bank, in immediately available funds.
(C) As soon as practicable after each Borrowing Date for Bid
Loans and Negotiated Rate Loans, the Administrative Agent shall notify
each Bank of the aggregate
17
amount of Bid Loans or Negotiated Rate Loans advanced pursuant to a Bid
Loan Request or Negotiated Rate Loan Request on such Borrowing Date and
the respective Interest Periods therefor.
(c) Within the limits and on the conditions set forth in this
subsection 2.2, each Borrower may from time to time borrow under this subsection
2.2, repay pursuant to paragraph (d) below, and reborrow under this subsection
2.2.
(d) Each Borrower shall repay to the Administrative Agent for
the account of each Bid Loan Bank (or the Loan Assignee in respect thereof, as
the case may be) which has made a Bid Loan to such Borrower on the last day of
the Interest Period for each Bid Loan (such Interest Period being that specified
by such Borrower for repayment of such Bid Loan in the related Bid Loan Request)
the then unpaid principal amount of such Bid Loan. Each Borrower shall repay to
each Bank which has made a Negotiated Rate Loan to such Borrower (or the Loan
Assignee in respect thereof, as the case may be) the principal thereof as agreed
by such Borrower and such Bank.
(e) Each Borrower shall pay interest on the unpaid principal
amount of each Bid Loan and each Negotiated Rate Loan borrowed by such Borrower
from the applicable Borrowing Date to the stated maturity date thereof, in the
case of a Bid Loan, at the rate of interest determined pursuant to paragraph (b)
of this subsection 2.2, and, in the case of a Negotiated Rate Loan, as agreed by
such Borrower and the relevant Bank (calculated on the basis of a 360 day year
for actual days elapsed), payable on the interest payment date or dates (i)
specified by such Borrower for such Bid Loan in the related Bid Loan Request and
(ii) mutually agreed upon between such Borrower and such Bank in the case of
Negotiated Rate Loans, PROVIDED that as to any Bid Loan in respect of which the
stated maturity date is more than three months after such Borrowing Date,
interest shall also be paid on the day which occurs three months after such
Borrowing Date. If all or a portion of the principal amount of any Bid Loan
shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue principal amount shall, without limiting any rights of
any Bank under this Agreement, bear interest from the date on which such payment
was due at a rate per annum which is 1% above the rate which would otherwise be
applicable to such Bid Loan until the scheduled maturity date with respect
thereto and for each day thereafter at a rate per annum which is 1% above the
ABR until paid in full (as well after as before judgment). If all or any portion
of the principal amount of any Negotiated Rate Loan shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue
principal amount shall, without limiting any rights of any Bank under this
Agreement, bear interest from the date on which such payment was due at a rate
per annum as shall be mutually agreed upon between the relevant Borrower and the
relevant Bank.
(f) After the first Bid Loan Request has been given hereunder,
no Bid Loan Request or Negotiated Rate Loan Request shall be given until at
least one Business Day, in the case of an Absolute Rate Bid Loan Request, or one
Working Day, in the case of an Index Rate Bid Loan Request, after the earliest
to occur of (i) the Borrowing Dates with respect to all prior Bid Loan Requests
made pursuant to subsection 2.2(b)(i), (ii) the date on which all Bid Loan Banks
have failed to submit Bid Loan Offers with respect to any Bid Loan Requests
within the
18
time specified in subsection 2.2(b)(ii) or (iii), as the case may be, and (iii)
the date on which the relevant Borrower has cancelled all prior Bid Loan
Requests pursuant to subsection 2.2(b)(iv).
2.3 LOAN ACCOUNTS. Each Bank, with respect to its Committed
Rate Loans, Bid Loans and Negotiated Rate Loans, and the Administrative Agent,
with respect to all Committed Rate Loans and Bid Loans, shall open and maintain
in the name of each Borrower loan accounts (as to each Bank, its "LOAN ACCOUNT"
applicable to such Borrower) on its books and records setting forth the amounts
of principal, interest and other sums paid and payable by such Borrower from
time to time hereunder in respect of such Loans, and the obligation of such
Borrower to pay or repay, as the case may be, such amounts to such Bank shall be
evidenced by such Bank's Loan Account. In case of any dispute, action or
proceeding relating to any Committed Rate Loan, Bid Loan or Negotiated Rate
Loan, the entries in such records shall constitute PRIMA FACIE evidence of the
accuracy of the information set forth therein. In case of discrepancy between
the entries in the Administrative Agent's books and records and any Bank's, the
entries in the Administrative Agent's books and records shall constitute PRIMA
FACIE evidence of the accuracy of the information set forth therein.
2.4 FEES. (a) The Company and the Capital Corporation jointly
and severally agree to pay to the Administrative Agent for the account of each
Bank a facility fee from and including the Closing Date to but excluding the
last day of the Commitment Period, computed at a per annum rate equal to the
Facility Fee Rate on the average daily amount of the Commitment of such Bank in
effect during the period for which payment is made, payable quarterly in arrears
on the first Business Day of each January, April, July and October of each year
and on the Termination Date or such earlier date on which the Commitments shall
terminate as provided herein, commencing in April, 2000.
(b) The Company and the Capital Corporation jointly and
severally agree to pay to the Administrative Agent for its own account all fees
set forth in the letter agreement dated January 24, 2000 from Chase Securities
Inc. and Chase to the Borrowers.
(c) The Company and the Capital Corporation jointly and
severally agree to pay to the Administrative Agent for its own account all other
fees payable to the Administrative Agent as the Borrowers and the Administrative
Agent shall mutually agree from time to time.
2.5 TERMINATION OR REDUCTION OF COMMITMENTS; CANCELLATION OF
CAPITAL CORPORATION AS BORROWER. (a) The Borrowers, acting jointly, shall have
the right, upon not less than five Business Days' notice to the Administrative
Agent, to terminate the Commitments or, from time to time, reduce the amount of
the Commitments, PROVIDED that (i) any such reduction shall be accompanied by
prepayment of Committed Rate Loans hereunder, together with accrued interest on
the amount so prepaid to the date of such prepayment, to the extent, if any,
that the aggregate outstanding principal amount of all Loans exceeds the amount
of the Commitments as then reduced and (ii) any such termination of the
Commitments shall be accompanied by prepayment in full of the Loans then
outstanding hereunder in accordance with subsection 2.6, and any termination of
a Bank's Commitment pursuant to subsection 2.13, 2.16 or 2.17 shall, with
respect to each affected Loan, on the last day of the applicable Interest Period
therefor or, if
19
earlier, on such earlier date as shall be notified by the Borrowers, be
accompanied by prepayment in full of such Loan, together with, in each case,
accrued interest thereon to the date of such prepayment, the payment of any
unpaid facility fee then accrued hereunder, and the payment of any amounts then
payable pursuant to subsections 2.13, 2.14, 2.15 and 2.17. Upon receipt of such
notice from the Borrowers the Administrative Agent shall promptly notify each
Bank thereof. Any reduction of the Commitments pursuant to this subsection 2.5
shall be in an amount not less than $25,000,000, and shall be an amount which is
a whole multiple of $5,000,000, and shall reduce permanently the amount of the
Commitments then in effect.
(b) The Company may cancel the ability of the Capital
Corporation to borrow hereunder upon not less than five Business Days' notice to
the Administrative Agent. Upon receipt of such notice from the Company the
Administrative Agent shall promptly notify each Bank thereof. On the first day
following receipt of such notice, on which all Loans to the Capital Corporation
and all interest thereon shall have been paid in full, and notwithstanding any
other provision of this Agreement, (i) the Capital Corporation shall cease to be
a party hereto or to have any right or obligation hereunder, (ii) rights and
obligations expressed herein to be, in effect, of either the Company or the
Capital Corporation or of both of them, but not any such rights and obligations
expressed herein to be of the Capital Corporation only, shall be deemed to be
rights and obligations of the Company only and (iii) the Banks shall cease to
have any right or obligation hereunder which depends or is contingent upon any
action, condition or performance, or the absence thereof, whether past or
present, of the Capital Corporation other than any action, condition or
performance, or the absence thereof, of the Capital Corporation in its capacity
as a Subsidiary, Significant Subsidiary or Restricted Subsidiary hereunder;
PROVIDED, HOWEVER, that the obligation of the Capital Corporation to make any
payment pursuant to subsection 2.13, 2.14, 2.15 or 2.17 which arises prior to
the cancellation of the ability of the Capital Corporation to borrow hereunder
shall survive the cancellation of the ability of the Capital Corporation to
borrow hereunder.
2.6 OPTIONAL PREPAYMENTS. Either Borrower may at any time and
from time to time prepay its Committed Rate Loans in whole or in part, without
premium or penalty, but subject to the provisions of subsection 2.14, upon at
least three Working Days' irrevocable notice, in the case of Eurodollar Loans,
or one Business Day's irrevocable notice in the case of ABR Loans, in each case
to the Administrative Agent, specifying the date and amount of prepayment and
whether the prepayment is of its Eurodollar Loans, ABR Loans, or a combination
thereof, and if of a combination thereof the amount of prepayment allocable to
each. Upon receipt of such notice the Administrative Agent shall promptly notify
each Bank thereof. If such notice is given, the Borrower delivering such notice
shall make such prepayment, and the payment of the amount specified in such
notice shall be due and payable, on the date specified therein, together with
accrued interest to such date on the amount prepaid and any amounts payable
pursuant to subsections 2.14 and 2.15. Except as provided in the immediately
following sentence, partial prepayments shall be in an aggregate principal
amount of $5,000,000, or a whole multiple thereof; PROVIDED, HOWEVER, that after
giving effect thereto, the aggregate principal amount of all Committed Rate
Loans made on the same Borrowing Date shall not be less than $25,000,000.
Anything contained in this subsection 2.6 to the contrary notwithstanding,
partial prepayments of a Cancelled Bank's Loans in connection with the
20
termination under subsection 2.13(a), (b) or (c), 2.16(c) or 2.17(b) of such
Cancelled Bank's Commitment (in whole or in part) shall be in an amount equal to
the principal amount of the Loans of such Bank being prepaid, notwithstanding
the amount thereof, and shall be permitted notwithstanding the provisions of the
foregoing proviso. Either Borrower may prepay Negotiated Rate Loans or Bid Loans
on such terms as shall be mutually agreed upon between the relevant Borrower and
the relevant Bank.
2.7 MINIMUM AMOUNT OF CERTAIN LOANS. All borrowings,
conversions, continuations, payments and, except as set forth in the penultimate
sentence of subsection 2.6(a), prepayments in respect of Committed Rate Loans
shall be in such amounts and be made pursuant to such elections that, after
giving effect thereto, (a) the aggregate principal amount of Committed Rate
Loans made on any Borrowing Date shall not be less than $25,000,000 or a whole
multiple of $5,000,000 in excess thereof and (b) the aggregate principal amount
of Committed Rate Loans of any Type with the same Interest Period shall not be
less than $10,000,000 or a whole multiple of $1,000,000 in excess thereof.
2.8 COMMITTED RATE LOAN INTEREST RATE AND PAYMENT DATES. (a)
The Eurodollar Loans shall bear interest for the period from the date thereof
until the stated maturity thereof on the unpaid principal amount thereof at a
rate per annum equal to the Eurodollar Rate determined for the Interest Period
therefor plus the Applicable Margin.
(b) The ABR Loans shall bear interest for each day during the
period from the date thereof until the payment in full thereof on the unpaid
principal amount thereof at a fluctuating rate per annum equal to the ABR for
such day plus the Applicable Margin.
(c) If all or a portion of the principal amount of any of the
Committed Rate Loans shall not be paid when due (whether at the stated maturity,
by acceleration or otherwise) such overdue principal amount of such Committed
Rate Loan (i) shall bear interest at a rate per annum which is 1% above the rate
which would otherwise be applicable pursuant to subsection 2.8(a) or (b) as the
case may be, from the date when such principal amount is due until the date on
which such amount is paid in full and (ii) shall, if such Committed Rate Loan is
a Eurodollar Loan, be converted to an ABR Loan at the end of the Interest Period
applicable thereto.
(d) Interest shall be payable in arrears on each Interest
Payment Date.
2.9 CONVERSION AND CONTINUATION OPTIONS. (a) The relevant
Borrower may elect from time to time to convert Committed Rate Loans of one Type
into Committed Rate Loans of another Type by giving to the Administrative Agent
irrevocable notice of such conversion by the earliest time that they would have
been required to give notice under subsection 2.1(c) if they had been borrowing
Committed Rate Loans of each such Type on the conversion date specified in such
notice, PROVIDED that any such conversion of Eurodollar Loans may only be made
on the last day of an Interest Period with respect thereto. Any such notice of
conversion to Eurodollar Loans shall specify the length of the initial Interest
Period or Interest Periods therefor. Upon receipt of any such notice the
Administrative Agent shall promptly notify each Bank thereof. All or any part of
outstanding Eurodollar Loans and ABR Loans may be converted as provided
21
herein, PROVIDED that no Loan may be converted into a Eurodollar Loan after the
date that is one month prior to (i) in the case of a Loan made by an Objecting
Bank, such Objecting Bank's Commitment Expiration Date, and (ii) in the case of
all Loans, the Termination Date.
(b) Any Eurodollar Loans may be continued as such upon the
expiration of the then current Interest Period with respect thereto by the
relevant Borrower giving notice to the Administrative Agent, such notice to be
given by the time it would have been required to give notice under subsection
2.1(c) if it had been borrowing Eurodollar Loans on the last day of the then
expiring Interest Period therefor, of the length of the next Interest Period to
be applicable to such Loans, PROVIDED that no Eurodollar Loan may be continued
as such after the date that is one month prior to (i) in the case of a Loan made
by an Objecting Bank, such Objecting Bank's Commitment Expiration Date, and (ii)
in the case of all Loans, the Termination Date. Upon receipt of any such notice,
the Administrative Agent shall promptly notify each Bank thereof.
2.10 COMPUTATION OF INTEREST AND FEES. (a) Facility fees and
interest in respect of ABR Loans based upon clause (a) of the definition of ABR
shall be calculated on the basis of a 365 (or 366 as the case may be) day year
for the actual days elapsed (including the first day and excluding the last
day). Interest in respect of Eurodollar Loans, Bid Loans and ABR Loans based
upon clause (b) of the definition of ABR shall be calculated on the basis of a
360 day year for the actual days elapsed (including the first day and excluding
the last day). The Administrative Agent shall promptly notify the Borrowers and
the Banks of each determination of a Eurodollar Rate. Any change in the interest
rate on a Committed Rate Loan resulting from a change in the ABR shall become
effective as of the opening of business on the day on which such change in the
ABR shall become effective. The Administrative Agent shall promptly notify the
Borrowers and the Banks of the effective date and the amount of each such
change.
(b) Each determination of an interest rate by the
Administrative Agent pursuant to any provision of this Agreement shall be
conclusive and binding on the Borrowers and the Banks in the absence of manifest
error. The Administrative Agent shall, at the request of a Borrower, deliver to
such Borrower a statement showing the quotations given by the Reference Banks
and the computations used by the Administrative Agent in determining any
interest rate.
(c) If any Reference Bank's Commitment shall terminate
(otherwise than on termination of all the Commitments) or, as the case may be,
its Loans are assigned, prepaid or repaid for any reason whatsoever, such
Reference Bank shall thereupon cease to be a Reference Bank, and the
Administrative Agent (after consultation with the Banks and with the consent of
the Borrowers) shall, by notice to the Borrowers and the Banks, designate a
sufficient number of other Banks as Reference Banks so that there shall at all
times be at least three Reference Banks.
(d) Each Reference Bank shall use its best efforts to furnish
quotations of rates to the Administrative Agent as contemplated hereby. If any
of the Reference Banks shall be unable or otherwise fails to supply such rates
to the Administrative Agent upon its request, the rate of interest shall be
determined on the basis of the quotations of the remaining Reference Banks or
Reference Bank.
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2.11 INABILITY TO DETERMINE INTEREST RATE. (a) In the event
that the Administrative Agent shall have determined (which determination shall
be conclusive and binding upon the Borrowers) that by reason of circumstances
affecting the interbank eurodollar market generally, adequate and reasonable
means do not exist for ascertaining the Eurodollar Rate for any requested
Interest Period with respect to Committed Rate Loans that a Borrower has
requested be made as, continued as or converted into Eurodollar Loans, the
Administrative Agent shall promptly give notice of such determination to such
Borrower and the Banks prior to the first day of the requested Interest Period
for such Eurodollar Loans. If such notice is given, such Borrower may (i) in
accordance with the provisions of subsection 2.1 or 2.9, as the case may be
(including any requirements for notification), request that the affected Loans
be made as, continued as or converted into, as the case may be, ABR Loans, or
(ii) in the case of Loans requested to be made on the first day of such Interest
Period, withdraw the notice given under subsections 2.1 or 2.9, as the case may
be, by giving telephonic notice to the Administrative Agent, no later than 10:00
A.M. (New York City time) on the applicable Borrowing Date, confirmed in writing
no later than one Business Day after such telephonic notice is given; PROVIDED
that if the Administrative Agent does not receive any notice permitted from the
relevant Borrower hereunder, such Borrower shall be deemed to have requested
that the affected Loans be made as, continued as or converted into, as the case
may be, ABR Loans. Until the notice given pursuant to the first sentence of this
paragraph has been withdrawn by the Administrative Agent, no further Loans shall
be made as, continued as or converted into, as the case may be, Eurodollar
Loans.
(b In the event that the Administrative Agent shall have
determined (which determination shall be conclusive and binding upon the
Borrowers) that by reason of circumstances affecting the interbank eurodollar
market, adequate and reasonable means do not exist for ascertaining the
Eurodollar Rate for any Interest Period with respect to a proposed Bid Loan to
be made pursuant to an Index Rate Bid Loan Request, the Administrative Agent
shall forthwith give notice of such determination to the relevant Borrower and
the Bid Loan Banks at least two Business Days prior to the proposed Borrowing
Date, and such Bid Loans shall not be made on such Borrowing Date. Until any
such notice has been withdrawn by the Administrative Agent, no further Index
Rate Bid Loan Requests shall be submitted by either Borrower.
2.12 PRO RATA TREATMENT AND PAYMENTS. (a) All payments
(including prepayments), to be made by the Borrowers on account of principal,
interest and fees shall be made without defense, set-off or counterclaim and
shall be made, in the case of fees and principal of, and interest on, Loans
(other than Negotiated Rate Loans) at the Administrative Agent's office
specified in subsection 10.2, in each case in lawful money of the United States
of America and in immediately available funds not later than 11:00 A.M. (New
York City time) on the date due. The Administrative Agent shall distribute such
payments to the Banks entitled thereto on the day of receipt in like funds as
received, PROVIDED that the Administrative Agent shall have received such
payments not later than 11:00 A.M. (New York City time). If the Administrative
Agent shall distribute such payments to the Banks entitled thereto on a date
after the date on which such payments were received prior to 11:00 A.M. (New
York City time), the Administrative Agent shall pay to each such Bank on demand
an amount equal to the product of (i) the daily average Federal funds rate
during such period as quoted by the Administrative Agent, TIMES (ii) the
23
amount of such Bank's share of such payment, TIMES (iii) a fraction the
numerator of which is the number of days that elapse from and including such
date of receipt of payment by the Administrative Agent to but excluding the date
on which such Bank's share of such payment shall have become immediately
available to such Bank and the denominator of which is 360. All payments
(including prepayments) to be made by the Borrowers on account of principal,
interest and fees relating to Negotiated Rate Loans shall be made to the Bank
with respect thereto on such terms, at such address and at such time as shall be
mutually agreed upon between the relevant Borrower and the relevant Bank in
lawful money of the United States of America on the date due.
(b (i) Each borrowing by the Borrowers of Committed Rate Loans
and each payment of principal in respect of Committed Rate Loans (subject to the
provisions of subsection 2.20(e)) shall be made in accordance with the following
requirements:
(A) All borrowings of Committed Rate Loans and all principal
payments in respect of such Loans, shall be made PRO RATA according to
the respective Commitments of the Banks.
(B) As provided in clause (b)(ii) below, if any principal
payment is made in respect of any Loans (other than Negotiated Rate
Loans) on any day on which principal amounts are due and owing in
respect of any Loans (other than Negotiated Rate Loans), such principal
payment shall be applied to the Banks PRO RATA according to the
respective amounts of principal due and owing to the Banks in respect
of Loans (other than Negotiated Rate Loans) under this Agreement.
(ii) Except as provided in subsections 2.13, 2.16 and 2.17,
each reduction of the Commitments shall be made PRO RATA among the Banks
according to their respective Commitment Percentages. Each payment by the
Borrowers under this Agreement or of any Loan (other than Negotiated Rate Loans)
shall be applied, FIRST, to any fees then due and owing pursuant to subsection
2.4, SECOND, to interest then due and owing in respect of the Loans (other than
Negotiated Rate Loans) and THIRD, to principal then due and owing hereunder
(other than principal due and owing under Negotiated Rate Loans) and under the
Loans (other than Negotiated Rate Loans). Each payment made by the Borrowers
under this Agreement relating to a Negotiated Rate Loan to the Bank with respect
thereto shall be applied, FIRST, to interest then due and owing in respect of
such Negotiated Rate Loan and SECOND, to principal then due and owing hereunder
with respect to such Negotiated Rate Loan and under such Negotiated Rate Loan.
Each payment (other than voluntary prepayments made when no principal payments
are due and owing hereunder) by either Borrower on account of principal of and
interest on the Loans (other than Negotiated Rate Loans) shall be made for the
account of each Bank PRO RATA according to the respective amounts of principal
and interest due and owing to such Bank under this Agreement. Subject to the
requirements of clause (i) of this paragraph (b), each payment by a Borrower on
account of principal of the Loans (other than Negotiated Rate Loans) shall be
applied, FIRST, to such of its Committed Rate Loan borrowings as such Borrower
may designate, and, SECOND, after all Committed Rate Loans shall have been paid
in full, to all of its Absolute Rate Bid Loans or Index Rate Bid Loans made on
the same Borrowing Date with the same
24
Interest Period as such Borrower may designate, PRO RATA according to the
respective amounts outstanding; PROVIDED, HOWEVER, that prepayments made
pursuant to subsection 2.13(a), (b) or (c), 2.16(c) or 2.17(b) shall be applied
in accordance with such subsection.
(c If any payment hereunder (other than payments on the
Eurodollar Loans and Index Rate Bid Loans) becomes due and payable on a day
other than a Business Day, such payment shall be extended to the next succeeding
Business Day. If any payment on a Eurodollar Loan or Index Rate Bid Loan becomes
due and payable on a day other than a Working Day, the maturity thereof shall be
extended to the next succeeding Working Day unless the result of such extension
would be to extend such payment into another calendar month in which event such
payment shall be made on the immediately preceding Working Day. With respect to
any extension of the payment of principal pursuant to this subsection 2.12(c),
interest thereon shall be payable at the then applicable rate during such
extension.
(d Unless the Administrative Agent shall have been notified in
writing by any Bank prior to the date of the Committed Rate Loan, Committed Rate
Loans, Bid Loan or Bid Loans to be made by such Bank (which notice shall be
effective upon receipt) that such Bank will not make its PRO RATA share of the
amount of the requested borrowing on such date available to the Administrative
Agent, the Administrative Agent may assume that such Bank has made such amount
available to it on such date and the Administrative Agent may, in reliance upon
such assumption, make available to the relevant Borrower a corresponding amount.
If a Bank shall make such amount available to the Administrative Agent on a date
after such Borrowing Date, such Bank shall pay to the Administrative Agent on
demand an amount equal to the product of (i) the daily average Federal funds
rate during such period as quoted by the Administrative Agent, TIMES (ii) the
amount of such Bank's PRO RATA share of such borrowing, TIMES (iii) a fraction
the numerator of which is the number of days that elapse from and including such
Borrowing Date to but excluding the date on which such Bank's PRO RATA share of
such borrowing shall have become immediately available to the Administrative
Agent and the denominator of which is 360. A certificate of the Administrative
Agent submitted to any Bank with respect to any amounts owing under this
subsection 2.12(d) shall be conclusive, absent manifest error. If such Bank's
PRO RATA share is not in fact made available to the Administrative Agent by such
Bank within three Business Days of such Borrowing Date, the Administrative Agent
shall be entitled to recover such amount, on demand, from the relevant Borrower
with interest thereon at the rate equal to the product of (i) during the period
from and including such Borrowing Date to the Business Day next following the
date of such demand, the daily average Federal funds rate as quoted by the
Administrative Agent, TIMES a fraction the numerator of which is the number of
days that elapse from and including such Borrowing Date to but excluding the
Business Day next following the date of such demand and the denominator of which
is 360 and (ii) thereafter, the interest rate or rates applicable to the Loan or
Loans funded by the Administrative Agent on behalf of such Bank on such
Borrowing Date, TIMES a fraction the numerator of which is the number of days
which elapse from and including the Business Day next following the date of such
demand to but excluding the date such amount is recovered by the Administrative
Agent from such Borrower and the denominator of which is 360. In the event any
Bank's PRO RATA share of a borrowing is not made available to the Administrative
Agent in accordance with this paragraph within three Business Days of the
applicable Borrowing Date (i)
25
such Bank shall, during the period from such Borrowing Date to the date such
Bank makes its PRO RATA share of the applicable borrowing available, not accrue
and shall not be entitled to receive any facility fee under subsection 2.4 and
(ii) either Borrower may exercise or pursue any other rights, remedies, powers
and privileges against such Bank as are provided by law or by contract.
2.13 REQUIREMENTS OF LAW. (a) If any Bank shall determine that
by reason of (i) the introduction after the date hereof of any applicable law,
regulation or guideline or any change after the date hereof in any applicable
law, regulation or guideline (including the phasing-in of a provision of any
applicable law, regulation or guideline) or in the interpretation thereof by any
governmental or other regulatory authority charged with the administration
thereof or any court of competent jurisdiction and/or (ii) compliance by such
Bank with any requirement adopted after the date hereof of or directive adopted
after the date hereof from any central bank or other fiscal, monetary or other
regulatory authority (whether or not having the force of law), there shall be
any increase in the cost of such Bank of maintaining or giving effect to its
obligations with respect to Committed Rate Loans under this Agreement or
maintaining its Commitment with respect to Committed Rate Loans or making or
maintaining any Eurodollar Loans or any reduction in any amount receivable by
such Bank in respect of Eurodollar Loans under this Agreement, notwithstanding
the reasonable efforts (such reasonable efforts not to result in the incurrence
of additional costs or expenses) of such Bank to mitigate such increase or
reduction, then the relevant Borrower shall from time to time on receipt
(whenever occurring) of a certificate from such Bank (which shall be executed by
an officer thereof and a copy of which shall be delivered to the Administrative
Agent) pay to such Bank such amounts as are stated therein to be required to
indemnify such Bank against such increased costs or reduction; PROVIDED,
HOWEVER, that if such Borrower becomes obligated to pay any Bank any additional
amount pursuant to this subsection 2.13(a), such Borrower shall have the right,
so long as no Event of Default has occurred and is then continuing, upon giving
notice to the Administrative Agent and such Bank in accordance with subsection
2.6, to prepay in full the Loans of such Bank, together with accrued interest
thereon, any amounts payable to such Bank pursuant to subsections 2.13, 2.14,
2.15 and 2.17 and any accrued and unpaid facility fee or other amount payable to
such Bank hereunder and/or, upon giving not less than three Business Days'
notice to any such Bank and the Administrative Agent, to cancel the whole or
part of the Commitment of any such Bank; PROVIDED, FURTHER, that such Borrower
shall not be obligated to pay any Bank any additional amount pursuant to this
subsection 2.13(a) (A) which constitutes a present or future income, stamp or
other tax, levy, impost, duty, charge, fee, deduction or withholding referred to
in subsection 2.17(a) or (B) as a result of any law, rule, guideline,
regulation, request or directive regarding capital adequacy referred to in
subsection 2.13(b). A certificate of such Bank as to the amount of such
increased costs or reduction shall set forth in reasonable detail the
computation of such increased costs or reduction, and shall be binding and
conclusive in the absence of manifest error. A Bank which demands
indemnification hereunder as a result of an increased cost or reduction referred
to herein shall deliver the certificate referred to above to the relevant
Borrower demanding indemnification no later than the later of (y) the thirtieth
day immediately following each payment or realization by such Bank of such
increased cost or reduction (and such certificate shall certify that the amounts
set forth therein were paid or realized within such thirty-day period) and (z)
the thirtieth day immediately following such Bank's knowledge of the
26
incurrence or realization by such Bank of such increased cost or reduction (and
such certificate shall so certify).
(b In the event that any Bank shall have determined that the
adoption after the date hereof of any law, rule, guideline or regulation
regarding capital adequacy, or any change after the date hereof in any existing
or future law, rule, guideline or regulation regarding capital adequacy
(excluding, however, the phasing-in of any existing law, rule, regulation or
guideline regarding capital adequacy) or in the interpretation or application
thereof or compliance by such Bank or any corporation controlling such Bank with
any request or directive made or adopted after the date hereof regarding capital
adequacy (whether or not having the force of law) from any central bank or
Governmental Authority, does or shall have the effect of reducing the rate of
return on such Bank's or such corporation's capital as a consequence of its
obligations hereunder to a level below that which such Bank or such corporation
could have achieved but for such adoption, change or compliance (taking into
consideration such Bank's or such corporation's policies with respect to capital
adequacy) by an amount deemed by such Bank to be material, then from time to
time, within 30 days after receipt (whenever occurring) of a certificate from
such Bank (which shall be executed by an officer thereof and a copy of which
shall be delivered to the Administrative Agent), the Borrowers jointly and
severally agree to pay to such Bank such additional amounts as are stated
therein to be required to compensate it for such reduction; PROVIDED, HOWEVER,
that if such Borrower becomes obligated to pay any Bank any additional amount
pursuant to this subsection 2.13(b), such Borrower shall have the right, so long
as no Event of Default has occurred and is then continuing, upon giving notice
to the Administrative Agent and such Bank in accordance with subsection 2.6, to
prepay in full the Loans of such Bank, together with accrued interest thereon,
any amounts payable pursuant to subsections 2.13, 2.14, 2.15 and 2.17 and any
accrued and unpaid facility fee or other amounts payable to it hereunder and/or,
upon giving not less than three Business Days' notice to any such Bank and the
Administrative Agent, to cancel the whole or part of the Commitment of any such
Bank. A certificate of such Bank as to the amount of such reduction shall set
forth in reasonable detail the computation of such reduction, and shall be
binding and conclusive in the absence of manifest error. A Bank which demands
indemnification hereunder as a result of a reduction referred to herein shall
deliver the certificate referred to above to the relevant Borrower demanding
indemnification no later than the later of (i) the thirtieth day immediately
following each realization by such Bank of such reduction (and such certificate
shall certify that the amounts set forth therein were realized within such
thirty-day period) and (ii) the thirtieth day immediately following such Bank's
knowledge of the realization by such Bank of such reduction (and such
certificate shall so certify).
(c Each Borrower shall pay to each Bank that delivers a
certificate to such Borrower in accordance with the second and third following
sentences such amounts as shall be necessary to reimburse such Bank for the
costs (determined in accordance with the immediately following sentence), if
any, incurred by such Bank, as a result of the application to such Bank during
any period on which there are outstanding Eurodollar Loans advanced by such Bank
to such Borrower of basic, supplemental, marginal and emergency reserves under
any regulations of the Board of Governors of the Federal Reserve System or other
Governmental Authority having jurisdiction with respect thereto dealing with
reserve requirements prescribed for eurocurrency
27
funding (currently referred to as "Eurocurrency liabilities" in Regulation D of
such Board) maintained by a member bank of such System (any such reserves
dealing with reserve requirements prescribed for eurocurrency funding being
referred to as "RESERVES"), such amount to be set forth in a certificate of such
Bank delivered to the relevant Borrower; PROVIDED, HOWEVER, that if a Bank gives
to a Borrower the written notice contemplated by the proviso set forth in the
second following sentence, such Borrower shall have the right, so long as no
Event of Default has occurred and is then continuing, upon giving notice to the
Administrative Agent and such Bank in accordance with subsection 2.6, to prepay
in full the Loans of such Bank, together with accrued interest thereon, any
amounts payable pursuant to subsections 2.13, 2.14, 2.15 and 2.17 and any
accrued and unpaid facility fee or other amounts payable to it hereunder and/or
upon giving not less than three Working Days' notice to such Bank and the
Administrative Agent, to cancel the whole or part of the Commitment of any such
Bank. Amounts certified by a Bank hereunder for any period shall represent such
Bank's calculation or, if an accurate calculation is impracticable, reasonable
estimate (using such reasonable means of allocation as such Bank shall
determine) of the actual costs, if any, theretofore incurred by such Bank as a
result of the application of Reserves to Eurocurrency liabilities (as referred
to in Regulation D referred to above) of such Bank in an amount equal to such
Bank's Eurodollar Loans during such period and in any event shall not exceed the
amount obtainable utilizing the maximum Reserves prescribed by the Board of
Governors of the Federal Reserve System or other Governmental Authority having
jurisdiction with respect thereto for such period. Such payment shall be made
within fifteen days after receipt by the relevant Borrower of a certificate,
signed by an officer of the Bank delivering such certificate, which certificate
shall be binding and conclusive in the absence of demonstrable error, specifying
the period (prior to the date of such certificate) during which the cost set
forth therein was incurred by such Bank and stating (i) that such amount
represents the actual cost, or, if an accurate calculation of such cost is
impracticable stating that such amount represents such Bank's reasonable
estimate of the actual cost, incurred by such Bank during such period as a
result of the application of Reserves to Eurocurrency liabilities of such Bank
in an amount equal to such Bank's Eurodollar Loans during such period and
specified in such certificate and (ii) that the amount set forth therein does
not in any event exceed the amount obtainable utilizing the maximum Reserves
prescribed for such period by the Board of Governors of the Federal Reserve
System or such other Governmental Authority having jurisdiction with respect
thereto; PROVIDED that the obligation of the Borrowers to pay any amounts
pursuant to this subsection 2.13(c) shall apply only in the case of those Banks
that give to the relevant Borrower and the Administrative Agent, no later than
3:00 P.M. (New York City time) on the day that is two Working Days prior to the
applicable Borrowing Date therefor, a written notice stating that such Bank
intends to demand reimbursement pursuant hereto. A Bank which demands
reimbursement of Reserve costs hereunder on account of a Eurodollar Loan made by
such Bank shall deliver the certificate referred to in the preceding sentence to
the relevant Borrower setting forth the items specified in clauses (i) and (ii)
of the preceding sentence no later than the thirtieth day immediately following
the last day of the Interest Period applicable to such Eurodollar Loan.
(d The obligations of the parties under this subsection 2.13
shall survive termination of this Agreement and payment of the Loans.
28
2.14 INDEMNITY. Each Borrower agrees to indemnify each Bank
and to hold each Bank harmless from any loss or expense which such Bank may
sustain or incur as a consequence of (a) default by such Borrower in payment of
the principal amount of or interest on any Loan by such Bank, including, but not
limited to, any such loss or expense arising from interest or fees payable by
such Bank to lenders of funds obtained by it in order to maintain its Loans
hereunder, (b) default by such Borrower in making a borrowing, conversion or
continuance after such Borrower has given a notice in accordance with subsection
2.1, 2.2 or 2.9, (c) default by such Borrower in making any prepayment after
such Borrower has given a notice in accordance with subsection 2.5 or 2.6 or (d)
the making by such Borrower of a prepayment of a Committed Rate Loan (other than
an ABR Loan), a Bid Loan or, to the extent agreed to by the relevant Borrower
and the relevant Bank with respect to a Negotiated Rate Loan, a Negotiated Rate
Loan on a day which is not the last day of an Interest Period with respect
thereto (with respect to Committed Rate Loans) or the maturity date therefor
(with respect to Bid Loans) or any agreed date (with respect to Negotiated Rate
Loans), including, but not limited to, any such loss or expense arising from
interest or fees payable by such Bank to lenders of funds obtained by it in
order to maintain its Loans hereunder. This covenant shall survive termination
of this Agreement and payment of the outstanding Loans. A certificate as to any
amount payable pursuant to the foregoing shall be submitted by such Bank (and
executed by an officer thereof) to the relevant Borrower, setting forth the
computation of such amounts in reasonable detail, and shall be conclusive in the
absence of manifest error.
2.15 NON-RECEIPT OF FUNDS BY THE ADMINISTRATIVE AGENT. With
respect to all Loans except Negotiated Rate Loans, unless the Administrative
Agent shall have been notified by the relevant Borrower prior to the date on
which any payment is due from it hereunder (which notice shall be effective upon
receipt) that such Borrower does not intend to make such payment, the
Administrative Agent may assume that such Borrower has made such payment when
due, and the Administrative Agent may in reliance upon such assumption (but
shall not be required to) make available to each Bank on such payment date an
amount equal to the portion of such assumed payment to which such Bank is
entitled hereunder, and if such Borrower has not in fact made such payment to
the Administrative Agent, such Bank shall, on demand, repay to the
Administrative Agent the amount made available to such Bank together with
interest thereon in respect of each day during the period commencing on the date
such amount was made available to such Bank and ending on (but excluding) the
date such Bank repays such amount to the Administrative Agent, at a rate per
annum equal to the Administrative Agent's cost of obtaining overnight funds in
the federal funds market in New York on each such day. A certificate of the
Administrative Agent submitted to the relevant Bank with respect to any amount
owing under this subsection 2.15 shall be conclusive absent manifest error.
2.16 EXTENSION OF TERMINATION DATE. (a) No later than one year
prior to the Termination Date then in effect, provided that no Event of Default
shall have occurred and be continuing, the Borrowers may request an extension of
such Termination Date by submitting to the Administrative Agent an Extension
Request containing the information in respect of such extension specified in
Exhibit I, which the Administrative Agent shall promptly furnish to each Bank.
If, within 30 days of their receipt of an Extension Request, the Required Banks
shall approve in writing the extension of the Termination Date requested in such
Extension Request,
29
the Termination Date shall automatically and without any further action by any
Person be extended for the period specified in such Extension Request; PROVIDED
that (i) each extension pursuant to this subsection 2.16 shall be for a maximum
of one year, (ii) after giving effect to any extension, the Termination Date
shall not be more than five years after the date such extension is approved by
the Required Banks and (iii) the Commitment of any Bank which does not consent
in writing to such extension within 30 days of its receipt of such Extension
Request (an "OBJECTING BANK") shall, unless earlier terminated in accordance
with this Agreement, expire on the Termination Date in effect on the date of
such Extension Request (such Termination Date, if any, referred to as the
"COMMITMENT EXPIRATION DATE" with respect to such Objecting Bank). If, within 30
days of their receipt of an Extension Request, the Required Banks shall not
approve in writing the extension of the Termination Date requested in an
Extension Request, the Termination Date shall not be extended pursuant to such
Extension Request. The Administrative Agent shall promptly notify (y) the Banks
and the Borrowers of any extension of the Termination Date pursuant to this
subsection 2.16 and (z) the Borrowers and any other Bank of any Bank which
becomes an Objecting Bank.
(b Any Objecting Bank the Commitment of which shall expire
prior to any extended Termination Date shall, subject to subsection 2.16(c),
have its Committed Rate Loans prepaid in full by the applicable Borrower(s) on
such expiration date, together with accrued interest thereon, and shall have any
accrued and unpaid facility fee or other amount payable to it hereunder paid on
the first date to occur following such expiration date on which the fees
referred to in subsection 2.4(a) are payable to the non-Objecting Banks or, if
such fees shall be so payable on such expiration date, such unpaid facility fee
and other amount shall be paid on such expiration date.
(c The Borrowers shall have the right, so long as no Event of
Default has occurred and is then continuing, upon giving notice to the
Administrative Agent and the Objecting Banks in accordance with subsection 2.6,
to prepay in full the Committed Rate Loans of the Objecting Banks, together with
accrued interest thereon, any amounts payable pursuant to subsections 2.13,
2.14, 2.15 and 2.17 and any accrued and unpaid facility fee or other amounts
payable to it hereunder and/or, upon giving not less than three Working Days'
notice to the Objecting Banks and the Administrative Agent, to cancel the whole
or part of the Commitments of the Objecting Banks, PROVIDED that during the
period from the Closing Date through February 21, 2001 and, commencing February
22, 2001, during each one-year period thereafter to and including the
Termination Date (each, a "DEAL YEAR"), the aggregate Commitments of Banks which
are terminated pursuant to this subsection 2.16(c) and are not replaced during
such Deal Year pursuant to subsection 2.19 shall not exceed 33-1/3% of the
aggregate Commitments in effect on the first day of such Deal Year of Banks
which were not Objecting Banks on such first day.
2.17 FOREIGN TAXES. (a) All payments made under this Agreement
shall be made without set-off or counterclaim and free and clear of, and without
reduction for or on account of, any present or future income, stamp or other
taxes, levies, imposts, duties, charges, fees, deductions, withholdings or
restrictions or conditions of any nature whatsoever, now or hereafter imposed,
levied, collected, withheld or assessed by any country (or by any political
subdivision
30
or taxing authority thereof or therein) from or through which any amount is paid
under this Agreement excluding, in the case of each Bank, (i) income and
franchise taxes (including, without limitation, branch taxes imposed by the
United States or similar taxes imposed by a political subdivision or taxing
authority thereof or therein but excluding, in the case of any Bank not
organized under the laws of the United States, any taxes imposed by the United
States by means of withholding at the source), (ii) in the case of any Bank not
organized under the laws of the United States, any taxes imposed by the United
States by means of withholding at the source unless such Bank has provided the
Company, the Capital Corporation and the Administrative Agent with the documents
it is required to provide to them under subsection 2.17(c) and (iii) taxes that
would not have been imposed on such Bank but for the existence of a connection
between such Bank and the jurisdiction imposing such taxes (other than a
connection arising principally by virtue of this Agreement) (such non-excluded
taxes being called "FOREIGN TAXES"). If any Foreign Taxes are required to be
withheld from any amounts so payable to any Bank hereunder, the amounts so
payable to such Bank shall be increased to the extent necessary to yield to such
Bank (after payment of all Foreign Taxes) interest or any such other amounts
payable hereunder at the rates or in the amounts specified in this Agreement.
Whenever any Foreign Taxes are payable by the Company or the Capital
Corporation, as the case may be, as promptly as possible thereafter the Company
or the Capital Corporation, as the case may be, shall send to the Administrative
Agent, for the account of the affected Bank, a certified copy of the original
official receipt, if any, received by the Company or the Capital Corporation, as
the case may be, showing payment thereof. If the Company or the Capital
Corporation, as the case may be, fails to pay any Foreign Taxes when due to the
appropriate taxing authority or fails to remit to the Administrative Agent, for
the account of the affected Banks, the required receipts or other required
documentary evidence, the Company or the Capital Corporation, as the case may
be, shall indemnify such Banks for any incremental taxes, interest or penalties
that may become payable by such Banks as a result of any such failure.
(b If a Borrower is required by this subsection 2.17 to make a
payment to or in respect of any Bank, such Borrower shall have the right, so
long as no Event of Default has occurred and is then continuing, upon giving
notice to the Administrative Agent and such Bank in accordance with subsection
2.6, to prepay in full the Loans of such Bank, together with accrued interest
thereon, any amounts payable pursuant to subsections 2.13, 2.14, 2.15 and 2.17
and any accrued and unpaid facility fee or other amounts payable to it hereunder
and/or on giving not less than three Business Days' notice to any such Bank and
the Administrative Agent, to cancel the whole or part of the Commitment of such
Bank.
(c At least two Business Days prior to the first Borrowing
Date or, if such date does not occur within thirty days after the Closing Date,
by the end of such thirty-day period, each Bank agrees that it will deliver to
each Borrower and the Administrative Agent (i) either (A) a statement that it is
incorporated under the laws of the United States or a state thereof or (B) if it
is not so incorporated, a letter in duplicate in the form of Exhibit J or
Exhibit K, as appropriate, and two duly completed copies of United States
Internal Revenue Service Form 4224 or 1001 or successor applicable form, as the
case may be, certifying in each case that such Bank is entitled to receive
payment under this Agreement without deduction or withholding of any United
States Federal income taxes, and (ii) Internal Revenue Service Form W-8 or W-9,
or successor
31
applicable form, as the case may be, to establish an exemption from United
States backup withholding tax. Each Bank agrees (for the benefit of the
Administrative Agent and the Borrowers) to provide the Administrative Agent and
the Borrowers a new letter and Form 4224 or 1001 and Form W-8 or W-9, or
successor applicable form or other manner of certification, on or before the
date that any such letter or form expires or becomes obsolete or after the
occurrence of any event requiring a change in the most recent letter or form
previously delivered by it, certifying in the case of a Form 1001 or 4224 that
such Bank is entitled to receive payments under this Agreement without deduction
or withholding of any United States Federal income tax, and in the case of a
Form W-8 or W-9 establishing exemption from United States backup withholding
tax. The Administrative Agent shall not be responsible for obtaining such
documentation from any Bank other than Chase.
(d The Company and the Capital Corporation shall not be
required to make payments on account of United States withholding taxes to any
Bank under the second sentence of subsection 2.17(a) to the extent that such
taxes could have been avoided had such Bank complied with a reasonable request
by the Company, the Capital Corporation or the Administrative Agent for the
forms or documents referred to in subsection 2.17(c).
(e To the extent that, as determined by any Bank in its sole
discretion and without any obligation to disclose its tax records, Foreign Taxes
have been irrevocably utilized by such Bank (either as credits or deductions) to
reduce its tax liabilities and such utilization is consistent with its overall
tax policies, such Bank shall pay to the Company or the Capital Corporation, as
the case may be, an amount equal to such reduction obtained to the extent of
such increased amounts paid by the Company or the Capital Corporation to such
Bank as aforesaid.
(f The obligations of the parties under this subsection 2.17
shall survive termination of this Agreement and payment of the Loans.
2.18 CONFIRMATIONS. The Administrative Agent shall, within 15
days following the last day of each calendar quarter (each such period being a
"REPORT PERIOD"), furnish to the Borrowers a written account with respect to all
amounts outstanding under the Loan Accounts as at the last day of such Report
Period, including an accounting setting forth, for such Report Period the
amounts of principal, interest and other sums paid and payable hereunder. The
Borrowers shall, within 15 days following receipt of such written account,
notify the Administrative Agent of any discrepancies between such written
account and the Borrowers' records or, if no such discrepancies exist, furnish
written confirmation to the Administrative Agent of the accuracy of such written
account. Upon any Bank's request, the Administrative Agent shall furnish to each
Bank a copy of such written account together with the Borrowers' response
thereto.
2.19 REPLACEMENT OF CANCELLED BANKS. The Borrowers may
designate one or more financial institutions to act as a Bank hereunder in place
of any Cancelled Bank, and upon the Borrowers, each such financial institution
and the Administrative Agent executing a writing substantially in the form of
Exhibit L, such financial institution shall become and be a Bank
32
hereunder with all the rights and obligations it would have had if it had been
named on the signature pages hereof, and having for all such financial
institutions an aggregate Commitment no greater than the whole, or such
cancelled part, of the Commitment of the Cancelled Bank in place of which such
financial institutions were designated; PROVIDED, HOWEVER, that all rights and
obligations of such Cancelled Bank relating to the Loans made by such Cancelled
Bank that are outstanding on the date of such cancellation shall be the rights
and obligations of such Cancelled Bank and not of any such financial
institution. The Administrative Agent shall execute any such writing presented
to it and shall notify the Banks of the execution thereof, the name of the
financial institution executing such writing and the amount of its Commitment.
2.20 COMMITMENT INCREASES. (a) At any time after the Closing
Date, PROVIDED that no Event of Default shall have occurred and be continuing,
the Borrowers may request an increase of the aggregate Commitments by notice to
the Administrative Agent in writing of the amount (the "OFFERED INCREASE
AMOUNT") of such proposed increase (such notice, a "COMMITMENT INCREASE
NOTICE"). Any such Commitment Increase Notice must offer each Bank the
opportunity to subscribe for its pro rata share of the increased Commitments;
PROVIDED, HOWEVER, the Borrowers may, with the consent of the Administrative
Agent (which consent shall not be unreasonably withheld or delayed), without
offering to each Bank the opportunity to subscribe for its pro rata share of the
increased Commitments, offer to any bank or other financial institution that is
not an existing Bank the opportunity to provide a new Commitment pursuant to
paragraph (b) below if the aggregate amount of all Commitments made hereunder
pursuant to this proviso which will be in effect when such new Commitment
becomes effective does not exceed $750,000,000 subject to subsection 2.20(f). If
any portion of the increased Commitments offered to the Banks as contemplated in
the immediately preceding sentence is not subscribed for by the Banks, the
Borrowers may, with the consent of the Administrative Agent as to any bank or
financial institution that is not at such time a Bank (which consent shall not
be unreasonably withheld or delayed), offer to any existing Bank or to one or
more additional banks or financial institutions the opportunity to provide all
or a portion of such unsubscribed portion of the increased Commitments pursuant
to paragraph (b) below.
(b Any additional bank or financial institution that the
Borrowers select to offer the opportunity to provide any portion of the
increased Commitments, and that elects to become a party to this Agreement and
provide a Commitment, shall execute a New Bank Supplement with the Borrowers and
the Administrative Agent, substantially in the form of Exhibit N (a "NEW BANK
SUPPLEMENT"), whereupon such bank or financial institution (a "NEW BANK") shall
become a Bank for all purposes and to the same extent as if originally a party
hereto and shall be bound by and entitled to the benefits of this Agreement, and
Schedule II shall be deemed to be amended to add the name and Commitment of such
New Bank, PROVIDED that the Commitment of any such New Bank shall be in an
amount not less than $10,000,000.
(c Any Bank that accepts an offer to it by the Borrowers to
increase its Commitment pursuant to this subsection 2.20 shall, in each case,
execute a Commitment Increase Supplement with the Borrowers and the
Administrative Agent, substantially in the form of Exhibit O (a "COMMITMENT
INCREASE SUPPLEMENT"), whereupon such Bank (an "INCREASING BANK") shall be bound
by and entitled to the benefits of this Agreement with respect to the full
33
amount of its Commitment as so increased, and Schedule II shall be deemed to be
amended to so increase the Commitment of such Bank.
(d The effectiveness of any New Bank Supplement or Commitment
Increase Supplement shall be contingent upon receipt by the Administrative Agent
of such corporate resolutions of the Borrowers and legal opinions of counsel to
the Borrowers as the Administrative Agent shall reasonably request with respect
thereto.
(e (i) Except as otherwise provided in subparagraphs (ii) and
(iii) of this paragraph (e), if any bank or financial institution becomes a New
Bank pursuant to subsection 2.20(b) or any Bank's Commitment is increased
pursuant to subsection 2.20(c), additional Committed Rate Loans made on or after
the date of the effectiveness thereof (the "RE-ALLOCATION DATE") shall be made
in accordance with the pro rata provisions of subsection 2.12(b) based on the
Commitment Percentages in effect on and after such Re-Allocation Date (except to
the extent that any such pro rata borrowings would result in any Bank making an
aggregate principal amount of Committed Rate Loans in excess of its Commitment,
in which case such excess amount will be allocated to, and made by, the relevant
New Banks and Increasing Banks to the extent of, and in accordance with the pro
rata provisions of subsection 2.12(b) based on, their respective Commitments).
On each Re-Allocation Date, the Administrative Agent shall deliver a notice to
each Bank of the adjusted Commitment Percentages after giving effect to any
increase in the aggregate Commitments made pursuant to this subsection 2.20 on
such Re-Allocation Date.
(ii In the event that on any such Re-Allocation Date there is
an unpaid principal amount of ABR Loans, the applicable Borrower shall make
prepayments thereof and one or both Borrowers shall make borrowings of ABR Loans
and/or Eurodollar Loans, as the applicable Borrower shall determine, so that,
after giving effect thereto, the ABR Loans and Eurodollar Loans outstanding are
held as nearly as may be in accordance with the pro rata provisions of
subsection 2.12(b) based on such new Commitment Percentages.
(iii In the event that on any such Re-Allocation Date there is
an unpaid principal amount of Eurodollar Loans, such Eurodollar Loans shall
remain outstanding with the respective holders thereof until the expiration of
their respective Interest Periods (unless the applicable Borrower elects to
prepay any thereof in accordance with the applicable provisions of this
Agreement), and on the last day of the respective Interest Periods the
applicable Borrower shall make prepayments thereof and one or both Borrowers
shall make borrowings of ABR Loans and/or Eurodollar Loans so that, after giving
effect thereto, the ABR Loans and Eurodollar Loans outstanding are held as
nearly as may be in accordance with the pro rata provisions of subsection
2.12(b) based on such new Commitment Percentages.
(f Notwithstanding anything to the contrary in this subsection
2.20, (i) in no event shall any transaction effected pursuant to this subsection
2.20 cause the aggregate Commitments to exceed $3,000,000,000, (ii) the
Commitment of an individual Bank shall not, as a result of providing a new
Commitment or of increasing its existing Commitment pursuant to this subsection
2.20, exceed 15% of the aggregate Commitments on any Re-Allocation Date and
34
(iii) no Bank shall have any obligation to increase its Commitment unless it
agrees to do so in its sole discretion.
(g The Borrowers, at their own expense, shall execute and
deliver to the Administrative Agent in exchange for the surrendered Notes of any
Bank, if any, new Notes to the order of such Bank, if requested, in an amount
equal to the Commitment of such Bank after giving effect to any increase in such
Bank's Commitment.
SECTION 3. REPRESENTATIONS AND WARRANTIES
Each Borrower hereby represents and warrants to the
Administrative Agent and to each Bank that:
3.1 FINANCIAL CONDITION. The consolidated balance sheet of
such Borrower and its consolidated Subsidiaries as at October 31, 1999 and the
related consolidated statements of income and of cash flow for the fiscal year
then ended (including the related schedules and notes) reported on by Deloitte &
Touche LLP, copies of which have heretofore been furnished to each Bank, fairly
present the consolidated financial condition of such Borrower and its
consolidated Subsidiaries as at such date, and the consolidated results of their
operations and changes in financial position for the fiscal year then ended. All
such financial statements, including the related schedules and notes thereto,
have been prepared in accordance with generally accepted accounting principles
in the United States of America applied consistently throughout the periods
involved (except as approved by such accountants or Responsible Officer, as the
case may be, and as disclosed therein).
3.2 CORPORATE EXISTENCE. Such Borrower is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation and has the corporate power and authority to own its properties
and to conduct the business in which it is currently engaged.
3.3 CORPORATE POWER; AUTHORIZATION; ENFORCEABLE OBLIGATIONS.
Such Borrower has the corporate power and authority and the legal right to
execute, deliver and perform this Agreement and to borrow hereunder and has
taken all necessary corporate action to authorize its borrowings on the terms
and conditions of this Agreement and to authorize its execution, delivery and
performance of this Agreement. No consent or authorization of, filing with, or
other act by or in respect of, any Governmental Authority, is required in
connection with the borrowings hereunder or with the execution, delivery,
performance, validity or enforceability of this Agreement other than any such
consents, authorizations, filings or acts as have been obtained, taken or made
and are in full force and effect. This Agreement has been duly executed and
delivered on behalf of such Borrower, and this Agreement constitutes a legal,
valid and binding obligation of such Borrower enforceable against such Borrower
in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights
35
generally and by general equity principles (whether enforcement is sought by
proceedings in equity or at law).
3.4 NO LEGAL BAR. The execution, delivery and performance of
this Agreement, the borrowings hereunder and the use of the proceeds thereof,
will not violate any Requirement of Law or any Contractual Obligation of such
Borrower, and will not result in, or require, the creation or imposition of any
lien on any of its properties or revenues pursuant to any Requirement of Law or
Contractual Obligation.
3.5 NO MATERIAL LITIGATION. No litigation, investigation or
proceeding of or before any arbitrator or Governmental Authority is pending or,
to the knowledge of such Borrower, threatened by or against such Borrower or any
of its Subsidiaries or against any of its or their respective properties or
revenues except actions, suits or proceedings which will not materially
adversely affect the ability of such Borrower to perform its obligations
hereunder. All of the defaults, if any, of such Borrower or any of its
Subsidiaries with respect to any order of any Governmental Authority do not, and
will not collectively, have a material adverse effect on the business,
operations, property or financial or other condition of such Borrower and its
Subsidiaries taken as a whole.
3.6 TAXES. Each of such Borrower and its Subsidiaries has
filed or caused to be filed all tax returns which, to the knowledge of such
Borrower, are required to be filed (except where the failure to file such tax
returns would not have a material adverse effect on the business, operations,
property or financial or other condition of such Borrower and its Subsidiaries
taken as a whole), and has paid all taxes shown to be due and payable on said
returns or on any assessments made against it or any of its property and all
other taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority (other than assessments, taxes, fees and other charges
the amount or validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of such Borrower or its Subsidiaries, as
the case may be).
3.7 MARGIN REGULATIONS. No part of the proceeds of any Loan
hereunder will be used for any purpose which violates the provisions of
Regulation U of the Board of Governors of the Federal Reserve System as now and
from time to time hereafter in effect.
3.8 PARI PASSU RANKING. The indebtedness of such Borrower
under its Loans and all other amounts due hereunder ranks at least pari passu
with all present and future unsecured senior indebtedness of such Borrower
(other than indebtedness preferred by law).
3.9 NO DEFAULTS. No "Event of Default" or similar event, or
event which, with the lapse of time or the giving of notice, or both, would
constitute such an Event of Default or similar event, has occurred and is
continuing hereunder or under any material bond, debenture, note or other
evidence of indebtedness, or in any material mortgage, deed of trust, indenture
or loan agreement, of such Borrower.
36
3.10 USE OF PROCEEDS. The proceeds of the Loans will be used
by such Borrower for its general corporate purposes, which shall include, but
shall not be limited to, any purchase or other acquisition of all or a portion
of the debt or stock or other evidences of ownership of such Borrower or the
assets or stock or other evidences of ownership of any other Person or Persons.
3.11 YEAR 2000 ISSUES. The Borrowers have established a global
program to address the inability of certain computer programs and infrastructure
systems to process dates in and following the year 2000. As of the date hereof,
all modifications and upgrades of each Borrower's mission critical activities
and systems (including a contingency plan) have been completed. As of the date
hereof, the cost to the Borrowers of such modifications and upgrades as the case
may be, and testing and of the reasonably foreseeable consequences of year 2000
to the Borrowers will not result in a Default or, in the good faith belief of
the Borrowers, have a reasonable possibility of affecting materially and
adversely the Borrowers' abilities to perform their obligations under this
Agreement.
SECTION 4. CONDITIONS PRECEDENT
4.1 CONDITIONS TO INITIAL LOAN. The obligation of each Bank to
make its initial Loan hereunder is subject to the satisfaction of the following
conditions precedent:
(a COUNTERPARTS. The Administrative Agent shall have received
counterparts hereof, executed by all of the parties hereto.
(b RESOLUTIONS. The Administrative Agent shall have received,
with a counterpart for each Bank, resolutions, certified by the
Secretary or an Assistant Secretary of each Borrower, in form and
substance satisfactory to the Administrative Agent, adopted by the
Board of Directors of such Borrower authorizing the execution of this
Agreement and the performance of its obligations hereunder and any
borrowings hereunder from time to time.
(c LEGAL OPINIONS. The Administrative Agent shall have
received, with a counterpart for each Bank, an opinion of Xxxxxxx X.
Xxxxxxx, Esq., or his successor, as associate general counsel, or the
general counsel or another associate general counsel, for each of the
Borrowers, dated the Closing Date and addressed to the Agents and the
Banks, substantially in the form of Exhibit G, and an opinion of
Shearman & Sterling, special counsel to the Borrowers, dated the
Closing Date and addressed to the Agents and the Banks, substantially
in the form of Exhibit H. Such opinions shall also cover such other
matters incident to the transactions contemplated by this Agreement as
the Administrative Agent shall reasonably require.
(d INCUMBENCY CERTIFICATE. The Administrative Agent shall have
received, with a counterpart for each Bank, a certificate of the
Secretary or an Assistant Secretary of each Borrower certifying the
names and true signatures of the officers of such Borrower
37
authorized to sign this Agreement, together with evidence of the
incumbency of such Secretary or Assistant Secretary.
(e TERMINATION OF EXISTING CREDIT AGREEMENTS. The
Administrative Agent shall have received evidence satisfactory to it
that the commitment of each financial institution to make loans
pursuant to (i) the $3,500,000,000 Amended and Restated Credit
Agreement, dated as of February 24, 1998, among the Borrowers, the
lenders parties thereto, The Chase Manhattan Bank, as Administrative
Agent and as Auction Agent, Bank of America National Trust and Savings
Association, as Documentation Agent, Deutsche Bank AG, New York Branch,
as Syndication Agent, The Toronto-Dominion Bank, as Canadian
Administrative Agent, and the Managing Agents and the Co-Agents named
therein, (ii) the $2,000,000,000 Amended and Restated Credit Agreement,
dated as of February 23, 1999, among the Borrowers, the lenders parties
thereto, The Chase Manhattan Bank, as Administrative Agent and as
Auction Agent, Bank of America National Trust and Savings Association,
as Documentation Agent, Deutsche Bank AG, New York Branch, as
Syndication Agent, The Toronto-Dominion Bank, as Canadian
Administrative Agent, and the Managing Agents and the Co-Agents named
therein, (iii) $612,500,000 Loan Agreement, dated as of April 5, 1995,
between Xxxx Deere Limited, Xxxx Deere Credit Inc. (as successor to
Xxxx Deere Finance Limited), the lenders parties thereto and The
Toronto-Dominion Bank, as Agent, and (iv) $277,500,000 Loan Agreement,
dates as of April 5, 1995, between Xxxx Deere Limited, Xxxx Deere
Credit Inc. (as a successor to Xxxx Deere Finance Limited), the lenders
parties thereto and The Toronto-Dominion Bank, as Agent, shall have
been terminated in full and the outstanding principal amount of the
indebtedness thereunder and all other amounts owing to any bank
thereunder shall have been repaid or paid by the Borrowers, Xxxx Deere
Limited and Xxxx Deere Credit Inc.
(f FEES. The Administrative Agent shall have received, for the
accounts of the Banks and the Administrative Agent, and each Agent
shall have received, for the account of such Agent, all accrued fees
and expenses owing hereunder or in connection herewith to the Banks and
the Agents to be received on the Closing Date.
(g ADDITIONAL MATTERS. All other documents which the
Administrative Agent may reasonably request in connection with the
transactions contemplated by this Agreement shall be reasonably
satisfactory in form and substance to the Administrative Agent and its
counsel.
4.2 CONDITIONS TO ALL LOANS. The obligation of each Bank to
make any Loan (which shall include the initial Loan to be made by it hereunder
but shall not include any Loan made pursuant to subsection 2.20(e)(ii) or (iii)
if, after the making of such Loan and the application of the proceeds thereof,
the aggregate outstanding principal amount of the Committed Rate Loans would not
be increased) to be made by it hereunder is subject to the satisfaction of the
following conditions precedent:
38
(a) REPRESENTATIONS AND WARRANTIES. The representations and
warranties made by the Borrowers herein or which are contained in any
certificate, document or financial or other statement furnished by
either Borrower at any time hereunder or in connection herewith (other
than any representations and warranties which by the terms of such
certificate, document or financial or other statement do not survive
the execution of this Agreement) shall be correct on and as of the date
of such Loan as if made on and as of such date except as such
representations and warranties expressly relate to an earlier date.
(b) NO DEFAULT OR EVENT OF DEFAULT. No Default or Event of
Default shall have occurred and be continuing on such date or after
giving effect to the Loans to be made on such date and the application
of the proceeds thereof.
(c) ADDITIONAL CONDITIONS TO BID LOANS. If such Loan is made
pursuant to subsection 2.2, all conditions set forth in subsection
2.2(f) shall have been satisfied.
Each acceptance by either Borrower of a Loan shall constitute
a representation and warranty by the relevant Borrower as of the date of such
Loan that the applicable conditions in clauses (a), (b) and (c) of this
subsection 4.2 have been satisfied.
SECTION 5. AFFIRMATIVE COVENANTS
Each of the Borrowers (except as otherwise specified) hereby
agrees that, so long as there is any obligation by any Bank to make Loans to it
hereunder, any Loan of such Borrower remains outstanding and unpaid or any other
amount is owing by such Borrower to any Bank or any Agent hereunder (unless the
Majority Banks shall otherwise consent in writing):
5.1 FINANCIAL STATEMENTS. Such Borrower shall furnish to each
Bank:
(a) as soon as available, but in any event within 120 days
after the end of each fiscal year of such Borrower, a copy of the
consolidated balance sheet of such Borrower and its consolidated
Subsidiaries as at the end of such year and the related consolidated
statements of income and of cash flow for such year, reported on by
Deloitte & Touche LLP or other independent certified public accountants
of nationally recognized standing; and
(b) as soon as available, but in any event not later than 60
days after the end of each of the first three quarterly periods of each
fiscal year of such Borrower, the condensed unaudited consolidated
balance sheet of such Borrower and its consolidated Subsidiaries as at
the end of each such quarter and the related unaudited consolidated
statement of income of such Borrower and its consolidated Subsidiaries
for such quarterly period and the portion of the fiscal year through
such date, certified by a Responsible Officer of such Borrower (subject
to normal year-end audit adjustments);
39
all such financial statements to present fairly the consolidated financial
condition and results of operations of such Borrower and its consolidated
Subsidiaries and to be prepared in accordance with generally accepted accounting
principles in the United States of America applied consistently throughout the
periods reflected therein (except as approved by such accountants or officer, as
the case may be, and disclosed therein).
5.2 CERTIFICATES; OTHER INFORMATION. Such Borrower shall
furnish to each Bank:
(a) concurrently with the delivery of the financial statements
referred to in subsections 5.1(a) and (b) above, a certificate of a
Responsible Officer of such Borrower stating that (i) he has no
knowledge of the occurrence and continuance of any Default or Event of
Default except as specified in such certificate, in which case such
certificate shall contain a description thereof and a statement of the
steps, if any, which such Borrower is taking, or proposes to take, to
cure the same and (ii) the financial statements delivered pursuant to
subsection 5.1 would not be different if prepared in accordance with
GAAP except as specified in such certificate; and
(b) promptly, such additional financial and other information
as any Bank may from time to time reasonably request.
5.3 COMPANY INDENTURE DOCUMENTS. The Company shall,
contemporaneously with the delivery thereof to the Trustee, furnish to each Bank
a copy of any information, document or report required to be filed with the
Trustee pursuant to Section 7.03 of the indenture dated July 1, 1994 between the
Company and The Chase Manhattan Bank (National Association), as trustee.
5.4 CAPITAL CORPORATION INDENTURE DOCUMENTS. The Capital
Corporation shall, contemporaneously with the delivery thereof to the trustee,
furnish to each Bank a copy of any information, document or report required to
be filed with the Trustee pursuant to Section 7.03 of the indenture dated
February 1, 1991, between the Capital Corporation and The Bank of New York, as
trustee.
5.5 NOTICE OF DEFAULT. Such Borrower shall promptly give
notice to the Administrative Agent of the occurrence of any Default or Event of
Default, which notice shall be given in writing as soon as possible, and in any
event within 10 days after a Responsible Officer of such Borrower obtains
knowledge of such occurrence, with a description of the steps being taken to
remedy the same (provided that such Borrower shall not be obligated to give
notice of any Default or Event of Default which is remedied prior to or within
10 days after a Responsible Officer of such Borrower first acquires such
knowledge). Upon receipt of any such notice, the Administrative Agent shall
promptly notify each Bank thereof.
5.6 OWNERSHIP OF CAPITAL CORPORATION STOCK. The Company shall
continue to own, directly or through one or more wholly-owned Subsidiaries, free
and clear of any lien or other encumbrance, 51% of the voting stock of the
Capital Corporation; PROVIDED, HOWEVER, that
40
the Capital Corporation may merge or consolidate with, or sell or convey
substantially all of its assets to, the Company as provided in subsection 7.4.
5.7 EMPLOYEE BENEFIT PLANS. The Company shall maintain, and
cause each of its Subsidiaries to maintain, each Plan as to which it may have
liability, in compliance with all applicable requirements of law and
regulations.
SECTION 6. NEGATIVE COVENANTS OF THE COMPANY
The Company hereby agrees that, so long as there is any
obligation by any Bank to make Loans hereunder, any Loan remains outstanding and
unpaid or any other amount is owing to any Agent or any Bank hereunder, it shall
not, nor in the case of subsections 6.2 and 6.3 shall it permit any Restricted
Subsidiary to (unless the Majority Banks shall otherwise consent in writing):
6.1 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.
Consolidate with or merge with or into any other corporation or convey or
transfer its properties and assets substantially as an entirety to any Person,
unless:
(a) either the Company shall be the continuing corporation, or
the corporation (if other than the Company) formed by such
consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer the properties and assets of the
Company substantially as an entirety shall expressly assume, by an
assumption agreement, executed and delivered to the Administrative
Agent, in form satisfactory to the Majority Banks, the due and punctual
payment of the principal of and interest on the Loans to the Company
and the performance of every covenant of this Agreement on the part of
the Company to be performed or observed;
(b) immediately after giving effect to such transaction, no
Default or Event of Default, shall have happened and be continuing;
(c) if as a result thereof any property or assets of the
Company or a Restricted Subsidiary would become subject to any Mortgage
not permitted by (i) through (xii) of subsection 6.2(a) or subsection
6.2(b), compliance shall be effected with the first clause of
subsection 6.2(a); and
(d) the Company and the successor Person have delivered to the
Administrative Agent an officers' certificate signed by two Responsible
Officers of the Company stating that such consolidation, merger,
conveyance or transfer and such assumption agreement comply with this
subsection 6.1 and that all conditions precedent herein provided for
relating to such transaction have been complied with.
6.2 LIMITATION ON LIENS. (a) Issue, incur, assume or guarantee
any debt (hereinafter in this subsection referred to as "DEBT") secured by any
mortgage, security interest,
41
pledge, lien or other encumbrance (hereinafter called "MORTGAGE" or "MORTGAGES")
upon any Important Property, or upon any shares of stock or indebtedness issued
or incurred by any Restricted Subsidiary (whether such Important Property,
shares of stock or indebtedness is now owned or hereafter acquired) without in
any such case effectively providing, concurrently with the issuance, incurrence,
assumption or guaranty of any such Debt, that the Loans and all other amounts
hereunder (together with, if the Company shall so determine, any other
indebtedness of or guaranty by the Company or such Restricted Subsidiary ranking
equally with the Loans then existing or thereafter created) shall be secured
equally and ratably with or prior to such Debt; PROVIDED, HOWEVER, that the
foregoing restrictions shall not apply to:
(i) Mortgages on any property acquired, constructed or
improved by the Company or any Restricted Subsidiary after the date of
this Agreement which are created or assumed contemporaneously with, or
within 120 days after, such acquisition, construction or improvement to
secure or provide for the payment of all or any part of the purchase
price of such property or the cost of such construction or improvement
incurred after the date of this Agreement, or (in addition to Mortgages
contemplated by clauses (ii), (iii) and (iv) below) Mortgages on any
property existing at the time of acquisition thereof; PROVIDED that
such Mortgages shall not apply to any Important Property theretofore
owned by the Company or any Restricted Subsidiary other than, in the
case of any such construction or improvement, any theretofore
unimproved real property on which the property so constructed, or the
improvement, is located;
(ii) Mortgages on any property, shares of stock, or
indebtedness existing at the time of acquisition thereof from a
corporation which is consolidated with or merged into, or substantially
all of the assets of which are acquired by, the Company or a Restricted
Subsidiary;
(iii) Mortgages on property of a corporation existing at the
time such corporation becomes a Restricted Subsidiary;
(iv) Mortgages to secure Debt of a Restricted Subsidiary to
the Company or to another Restricted Subsidiary;
(v) Mortgages in favor of the United States of America or
any State thereof, or any department, agency or instrumentality or
political subdivision of the United States of America or any State
thereof, to secure partial, progress, advance or other payments
pursuant to any contract or statute or to secure any indebtedness
incurred for the purpose of financing all or any part of the purchase
price or the cost of constructing or improving the property subject to
such Mortgages and Mortgages given to secure indebtedness incurred in
connection with the financing of construction of pollution control
facilities, the interest on which indebtedness is exempt from income
taxes under the Code;
(vi) any deposit or pledge of assets (1) with any surety
company or clerk of any court, or in escrow, as collateral in
connection with, or in lieu of, any bond
42
on appeal from any judgment or decree against the Company or a
Restricted Subsidiary, or in connection with other proceedings or
actions at law or in equity by or against the Company or a Restricted
Subsidiary, or (2) as security for the performance of any contract or
undertaking not directly related to the borrowing of money or the
securing of indebtedness, if made in the ordinary course of business,
or (3) with any governmental agency, which deposit or pledge is
required or permitted to qualify the Company or a Restricted Subsidiary
to conduct business, to maintain self-insurance, or to obtain the
benefits of any law pertaining to worker's compensation, unemployment
insurance, old age pensions, social security, or similar matters, or
(4) made in the ordinary course of business to obtain the release of
mechanics', workmen's, repairmen's, warehousemen's or similar liens, or
the release of property in the possession of a common carrier;
(vii) Mortgages existing on property acquired by the Company
or a Restricted Subsidiary through the exercise of rights arising out
of defaults on receivables acquired in the ordinary course of business;
(viii) judgment liens, so long as the finality of such
judgment is being contested in good faith and execution thereon is
stayed;
(ix) Mortgages for the sole purpose of extending, renewing
or replacing in whole or in part Debt secured by any Mortgage referred
to in the foregoing clauses (i) to (viii), inclusive, or in this clause
(ix), PROVIDED, HOWEVER, that the principal amount of Debt secured
thereby shall not exceed the principal amount of Debt so secured at the
time of such extension, renewal or replacement, and that such
extension, renewal or replacement shall be limited to all or a part of
the property which secured the Mortgage so extended, renewed or
replaced (plus improvements on such property);
(x) liens for taxes or assessments or governmental charges
or levies not yet due or delinquent, or which can thereafter be paid
without penalty, or which are being contested in good faith by
appropriate proceedings; landlord's liens on property held under lease;
and any other liens of a nature similar to those hereinabove described
in this clause (x) which do not, in the opinion of the Company,
materially impair the use of such property in the operation of the
business of the Company or a Restricted Subsidiary or the value of such
property for the purposes of such business;
(xi) Mortgages on Margin Stock owned by the Company and its
Restricted Subsidiaries to the extent such Margin Stock so Mortgaged
exceeds 25% of the fair market value of the sum of the Important
Property of the Company and the Restricted Subsidiaries plus the shares
of stock (including Margin Stock) and indebtedness issued or incurred
by the Restricted Subsidiaries; and
(xii) Mortgages on any Important Property of, or any shares
of stock or indebtedness issued or incurred by, any Restricted
Subsidiary organized under the laws of Canada.
43
(b) (i) The provisions of subsection 6.2(a) shall not apply to
the issuance, incurrence, assumption or guarantee by the Company or any
Restricted Subsidiary of Debt secured by a Mortgage which would otherwise be
subject to the foregoing restrictions up to an aggregate amount which, together
with the sum of (A) all other Debt issued or incurred by the Company and its
Restricted Subsidiaries secured by Mortgages (other than Mortgages permitted by
subsection 6.2(a)) which would otherwise be subject to the foregoing
restrictions and (B) the Attributable Debt in respect of Sale and Lease-back
Transactions in existence at such time (other than Sale and Lease-back
Transactions which, if the Attributable Debt in respect of such Sale and
Lease-back had been a Mortgage, would have been permitted by clause (i) of
subsection 6.2(a) and other than Sale and Lease-back Transactions the proceeds
of which have been applied in accordance with subsection 6.3(b)) does not at the
time exceed 5% of Consolidated Net Worth, as shown on the audited consolidated
balance sheet contained in the latest annual report to stockholders of the
Company.
(ii) For purposes of subsection 6.2(b)(i), the term
"CONSOLIDATED NET WORTH" shall mean the aggregate of capital and surplus of the
Company and its consolidated Subsidiaries, less minority interests in
Subsidiaries, determined in accordance with GAAP; and the term "ATTRIBUTABLE
DEBT" shall mean, as of any particular time, the present value, discounted at a
rate per annum equal to the interest rate set forth in the Company's 8-1/2%
Debentures Due 2022, compounded semi-annually, of the obligation of a lessee for
rental payments during the remaining term of any lease (including any period for
which such lease has been extended or may, at the option of the lessor, be
extended); the net amount of rent required to be paid for any such period shall
be the total amount of the rent payable by the lessee with respect to such
period, but may exclude amounts required to be paid on account of maintenance
and repairs, insurance, taxes, assessments, water rates and similar charges;
and, in the case of any lease which is terminable by the lessee upon the payment
of a penalty, such net amount shall also include the amount of such penalty, but
no rent shall be considered as required to be paid under such lease subsequent
to the first date upon which it may be so terminated.
(c) If, upon any consolidation or merger of any Restricted
Subsidiary with or into any other corporation, or upon any consolidation or
merger of any other corporation with or into the Company or any Restricted
Subsidiary or upon any sale or conveyance of the property of any Restricted
Subsidiary as an entirety or substantially as an entirety to any other Person,
or upon any acquisition by the Company or any Restricted Subsidiary by purchase
or otherwise of all or any part of the property of any other Person, any
Important Property theretofore owned by the Company or such Restricted
Subsidiary would thereupon become subject to any Mortgage not permitted by the
terms of subsection (a) or (b) of this subsection 6.2, the Company, prior to
such consolidation, merger, sale or conveyance, or acquisition, will, or will
cause such Restricted Subsidiary to, secure payment of the principal of and
interest on the Loans (equally and ratably with or prior to any other
indebtedness of the Company or such Subsidiary then entitled thereto) by a
direct lien on all such property prior to all liens other than any liens
theretofore existing thereon by an assumption agreement or otherwise.
(d) If at any time the Company or any Restricted Subsidiary
shall issue, incur, assume or guarantee any Debt secured by any Mortgage not
permitted by this subsection 6.2, to
44
which the covenant in subsection 6.2(a) is applicable, the Company will promptly
deliver to the Administrative Agent (with counterparts for each Bank):
(i) an officers' certificate signed by two Responsible
Officers of the Company stating that the covenant of the Company
contained in paragraph (a) or (c) of this subsection 6.2 has been
complied with; and
(ii) an opinion of counsel satisfactory to the
Administrative Agent to the effect that such covenant has been complied
with, and that any instruments executed by the Company in the
performance of such covenant comply with the requirements of such
covenant.
6.3 LIMITATIONS ON SALE AND LEASE-BACK TRANSACTIONS. Enter
into any arrangement with any Person providing for the leasing to the Company or
any Restricted Subsidiary of any Important Property owned or hereafter acquired
by the Company or such Restricted Subsidiary (except for temporary leases for a
term, including any renewal thereof, of not more than three years and except for
leases between the Company and a Restricted Subsidiary or between Restricted
Subsidiaries), which Important Property has been or is to be sold or transferred
by the Company or such Restricted Subsidiary to such Person (herein referred to
as a "SALE AND LEASE-BACK TRANSACTION") unless the net proceeds of such sale are
at least equal to the fair value (as determined by the Board of Directors of the
Company or such Restricted Subsidiary, as applicable) of such property and
either (a) the Company or such Restricted Subsidiary would be entitled, pursuant
to the provisions of (1) subsection 6.2(a)(i) or (2) subsection 6.2(b), to incur
Debt secured by a Mortgage on the Important Property to be leased without
equally and ratably securing the Loans, or (b) the Company shall, and in any
such case the Company covenants that it will, within 120 days of the effective
date of any such arrangement, apply an amount equal to the fair value (as so
determined) of such property to the reduction of the Commitments (to be
accompanied by prepayment of the Loans in accordance with subsection 2.6 to the
extent that the principal amount thereof outstanding prior to such prepayment
would exceed the Commitments as so reduced) or to the payment or other
retirement of funded debt for money borrowed, incurred or assumed by the Company
which ranks senior to or PARI PASSU with the Loans or of funded debt for money
borrowed, incurred or assumed by any Restricted Subsidiary (other than, in
either case, funded debt owned by the Company or any Restricted Subsidiary). For
this purpose, funded debt means any Debt which by its terms matures at or is
extendable or renewable at the sole option of the obligor without requiring the
consent of the obligee to a date more than twelve months after the date of the
creation of such Debt.
6.4 CONSOLIDATED TANGIBLE NET WORTH. Permit Consolidated
Tangible Net Worth as at the end of any fiscal quarter of the Company and its
consolidated Subsidiaries (including the last quarter of any fiscal year of the
Company and its consolidated Subsidiaries) to be less than $500,000,000.
45
SECTION 7. NEGATIVE COVENANTS OF THE CAPITAL
CORPORATION
The Capital Corporation hereby agrees that, so long as there
is any obligation by any Bank to make Loans to the Capital Corporation
hereunder, any Loan of the Capital Corporation remains outstanding and unpaid or
any other amount is owing by the Capital Corporation to any Bank or any Agent
hereunder, the Capital Corporation shall not, nor in the case of the agreements
set forth in subsection 7.3 shall it permit any of its Subsidiaries to, directly
or indirectly (unless the Majority Banks shall otherwise consent in writing):
7.1 FIXED CHARGES RATIO. Permit the ratio of Net Earnings
Available for Fixed Charges to Fixed Charges for any fiscal quarter of the
Capital Corporation and its consolidated Subsidiaries (including the last
quarter of any fiscal year of the Capital Corporation and its consolidated
Subsidiaries) to be less than 1.05 to 1.
7.2 CONSOLIDATED SENIOR DEBT TO CONSOLIDATED CAPITAL BASE.
Permit the ratio of Consolidated Senior Debt to Consolidated Capital Base as at
the end of any fiscal quarter of the Capital Corporation and its consolidated
Subsidiaries (including the end of any fiscal year of the Capital Corporation
and its consolidated Subsidiaries) to be more than 8 to 1.
7.3 LIMITATION ON LIENS. Issue, incur, assume or guarantee any
Debt secured by any Mortgage upon any of its property or assets, or any of the
property or assets of any of its Subsidiaries (whether any such property or
assets is now owned or hereafter acquired) without in any such case effectively
providing, concurrently with the issuance, incurrence, assumption or guaranty of
any such Debt, that the Loans and all other amounts hereunder (together with, if
the Capital Corporation shall so determine, any other indebtedness of or
guaranty by such Borrower or such Subsidiary ranking equally with the Loans then
existing or thereafter created) shall be secured equally and ratably with or
prior to such Debt; PROVIDED, HOWEVER, that the foregoing restrictions shall not
apply to:
(a) Mortgages on fixed assets or other physical properties
hereafter acquired to secure all or part of the purchase price thereof or the
acquiring hereafter of such assets or properties subject to any existing lien or
charge securing indebtedness (whether or not assumed);
(b) easements, liens, franchises or other minor encumbrances
on or over any real property which do not materially detract from the value of
such property or its use in the business of the Capital Corporation or a
Subsidiary of the Capital Corporation;
(c) any deposit or pledge of assets (i) with any surety
company or clerk of any court, or in escrow, as collateral in connection with or
in lieu of, any bond on appeal from any judgment or decree against the Capital
Corporation or a Subsidiary of the Capital Corporation, or in connection with
other proceedings or actions at law or in equity by or against the Capital
Corporation or a Subsidiary of the Capital Corporation or (ii) as security for
the performance of any contract or undertaking not directly or indirectly
related to the borrowing of money or the securing of indebtedness, if made in
the ordinary course of business, or (iii) with any
46
governmental agency, which deposit or pledge is required or permitted to qualify
the Capital Corporation or a Subsidiary of the Capital Corporation to conduct
business, to maintain self-insurance, or to obtain the benefits of any law
pertaining to workmen's compensation, unemployment insurance, old age pensions,
social security, or similar matters, or (iv) made in the ordinary course of
business to obtain the release of mechanics', workmen's, repairmen's,
warehousemen's or similar liens, or the release of property in the possession of
a common carrier;
(d) Mortgages by a Subsidiary as security for indebtedness
owed to the Capital Corporation;
(e) liens for taxes and governmental charges not yet due or
contested by appropriate proceedings in good faith;
(f) Mortgages existing on property acquired by the Capital
Corporation or a Subsidiary of the Capital Corporation through the exercise of
rights arising out of defaults on receivables acquired in the ordinary course of
business;
(g) judgment liens, so long as the finality of such judgment
is being contested in good faith and execution thereon is stayed;
(h) any Mortgage (other than directly or indirectly to secure
borrowed money) if, after giving effect thereto, the aggregate principal sums
secured by pledges or liens otherwise within the restrictions in clauses (a)
through (h) of this subsection 7.3 do not exceed $500,000;
(i) any transaction characterized as a sale of receivables
(retail or wholesale) but reflected as secured indebtedness on a balance sheet
in conformity with generally accepted accounting principles in the United States
of America; and
(j) Mortgages on Margin Stock owned by the Capital Corporation
and its Subsidiaries to the extent such Margin Stock exceeds 25% of the fair
market value of property and assets of the Capital Corporation and its
Subsidiaries (including Margin Stock).
7.4 CONSOLIDATION; MERGER. Merge or consolidate with, or sell
or convey (other than a conveyance by way of lease) all or substantially all of
its assets to, any other corporation, unless (a) the Capital Corporation shall
be the surviving corporation in the case of a merger or the surviving, resulting
or transferee corporation (the "SUCCESSOR CORPORATION") shall be a corporation
organized under the laws of the United States or any State thereof or the
District of Columbia and shall expressly assume the due and punctual performance
of all of the agreements, covenants and obligations of the Capital Corporation
under this Agreement by supplemental agreement satisfactory to the
Administrative Agent and executed and delivered to the Administrative Agent by
the successor corporation and (b) the Capital Corporation or such successor
corporation, as the case may be, shall not, immediately after such merger,
consolidation, sale or conveyance, be in default in the performance of any such
agreements, covenants or obligations; PROVIDED, HOWEVER, that the Capital
Corporation may merge or consolidate with, or sell or convey substantially all
of its assets to, the Company, if (i) the Company is the successor corporation
(as defined above) and (ii) subclause (b) above is
47
complied with. Upon any such merger, consolidation, sale or conveyance, the
successor corporation shall succeed to and be substituted for, and may exercise
every right and power of and shall be subject to all the obligations of, the
Capital Corporation under this Agreement, with the same effect as if the
successor corporation had been named as the Capital Corporation herein and
therein.
SECTION 8. EVENTS OF DEFAULT
Upon the occurrence and during the continuance of any of the
following events:
(a) Either Borrower shall fail to pay any principal of any
Loan when due in accordance with the terms hereof or to pay any
interest on any Loan, in each case within two Business Days after any
such amount becomes due in accordance with the terms hereof or shall
fail to pay any other amount payable hereunder within five Business
Days after any such other amount becomes due in accordance with the
terms thereof or hereof; or
(b) Any representation or warranty made or pursuant to
subsection 4.2 deemed made by either Borrower herein or which is
contained in any material certificate, material document or material
financial statement or other material statement furnished at any time
under or in connection with this Agreement shall prove to have been
incorrect in any material respect on or as of the date made or deemed
made; or
(c) The Company shall default in the observance or performance
of any agreement contained in subsection 5.6, 6.1 or 6.4, or the
Capital Corporation shall default in the observance or performance of
any agreement contained in subsections 7.1, 7.2 or 7.4; or
(d) Either Borrower shall default in the observance or
performance of any agreement contained in this Agreement (other than
those agreements referred to above in this Section 8), and such default
shall continue unremedied for a period of 30 days after written notice
thereof shall have been given to such Borrower by the Administrative
Agent or any of the Banks through the Administrative Agent; or
(e) (i) Either Borrower or any of its Significant Subsidiaries
shall default in any payment of principal of or interest on any
indebtedness for borrowed money (other than the Loans) in a principal
amount in excess of $30,000,000 in the aggregate, or any interest or
premium thereon, when due (whether at scheduled maturity or by required
prepayment, acceleration, demand or otherwise) and such failure shall
continue beyond the period of grace, if any, provided in the instrument
or agreement under which such indebtedness was created; or (ii) any
other default (other than any default arising solely out of either
Borrower's, or any of its Significant Subsidiaries', violation of any
arrangement with any Bank, or any affiliate of any Bank, in any way
restricting such Borrower's, or such Significant Subsidiary's, right or
ability to sell, pledge or otherwise
48
dispose of Margin Stock other than Restricted Margin Stock), or any
other event that with notice or the lapse of time, or both, would
constitute such a default, under any agreement or instrument relating
to any such indebtedness for borrowed money (other than the Loans),
shall occur and shall continue after the applicable grace period, if
any, specified in such agreement or instrument, if the effect of such
default or event is to accelerate the maturity of such indebtedness; or
(iii) any such indebtedness shall, by reason of default, be declared to
be due and payable, or required to be prepaid, prior to the stated
maturity thereof (unless such indebtedness is declared due and payable,
or required to be prepaid, solely by reason of either Borrower's, or
any of its Significant Subsidiaries', violation of any arrangement with
any Bank, or any affiliate of any Bank, in any way restricting such
Borrower's, or such Significant Subsidiary's, right or ability to sell,
pledge or otherwise dispose of Margin Stock other than Restricted
Margin Stock); or
(f) (i) Either Borrower or any of its Significant Subsidiaries
shall commence any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization or relief of
debtors, seeking to have an order for relief entered with respect to
it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its
debts, or (B) seeking appointment of a receiver, trustee, custodian or
other similar official for it or for all or any substantial part of its
assets, or such Borrower or any of its Significant Subsidiaries shall
make a general assignment for the benefit of its creditors; or (ii)
there shall be commenced against either Borrower or any of its
Significant Subsidiaries any case, proceeding or other action of a
nature referred to in clause (i) above which (A) results in the entry
of an order for relief or any such adjudication or appointment or (B)
remains undismissed, undischarged or unbonded for a period of 90 days;
or
(g) Any action is undertaken to terminate any Plan as to which
either Borrower, or any Subsidiary of either Borrower, may have
liability, or any such Plan is terminated or such Borrower or
Subsidiary withdraws from such Plan, or any Reportable Event as to any
such Plan shall occur, and there shall exist a deficiency in the assets
available to satisfy the benefits guaranteeable under ERISA with
respect to such Plan, in the aggregate for all such Plans with respect
to which any of the foregoing shall have occurred in the immediately
preceding 12 consecutive months, of more than 25% of the Consolidated
Tangible Net Worth of such Borrower; or
(h) Any Person shall own beneficially, directly or indirectly,
30% or more of the common stock of the Company; or any Person shall
have the power, direct or indirect, to vote securities having 30% or
more of the ordinary voting power for the election of directors of the
Company or shall own beneficially, directly or indirectly, securities
having such power, PROVIDED that there shall not be included among the
securities as to which any such Person has such power to vote or which
such Person so owns securities owned by such Person as nominee for the
direct or indirect beneficial owner thereof or
49
securities as to which such power to vote arises by virtue of proxies
solicited by the management of the Company;
then, and in any such event, (A) if such event is an Event of Default specified
in paragraph (f) above, automatically the Commitments shall immediately
terminate and the Loans hereunder (with accrued interest thereon) and all other
amounts owing under this Agreement and the Loans shall immediately become due
and payable, and (B)(1) if such event is any Event of Default specified in
paragraph (a) or (e), then with the consent of the Majority Banks, the
Administrative Agent may, or upon the request of the Majority Banks, the
Administrative Agent shall, or (2) if such Event is an Event of Default
specified in paragraph (b), (c), (d), (g) or (h), then with the consent of the
Required Banks, the Administrative Agent may, or upon the request of the
Required Banks, the Administrative Agent shall, take either or both of the
following actions: (i) by notice to the Borrowers, declare the Commitments to be
terminated forthwith, whereupon the Commitments shall immediately terminate; and
(ii) by notice of default to the Borrowers, declare the Loans hereunder (with
accrued interest thereon) and all other amounts owing under this Agreement to be
due and payable forthwith, whereupon the same shall immediately become due and
payable. Except as expressly provided above in this Section, presentment,
demand, protest and all other notices of any kind are hereby expressly waived
with respect to this Agreement.
SECTION 9. THE AGENTS
9.1 APPOINTMENT. (a) Each Bank hereby irrevocably designates
and appoints Chase as the Administrative Agent of such Bank under this
Agreement, and each Bank hereby irrevocably authorizes Chase as the
Administrative Agent for such Bank, to take such action on its behalf under the
provisions of this Agreement and to exercise such powers and perform such duties
as are expressly delegated to the Administrative Agent by the terms of this
Agreement, together with such other powers as are reasonably incidental thereto.
(b) Notwithstanding anything to the contrary contained in this
Agreement, the parties hereto hereby agree that neither the Syndication Agent,
the Documentation Agents, any Managing Agent nor any Co-Agent shall have any
rights, duties or responsibilities in such respective capacity nor shall any
such Person have the authority to take any action hereunder in its capacity as
such.
(c) Notwithstanding any provision to the contrary elsewhere in
this Agreement, no Agent shall have any duties or responsibilities, except those
expressly set forth herein, or any fiduciary relationship with any Bank, and no
implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or otherwise exist against any
Agent.
9.2 DELEGATION OF DUTIES. Each Agent may execute any of its
duties under this Agreement by or through agents or attorneys-in-fact and shall
be entitled to advice of counsel concerning all matters pertaining to such
duties. Each Agent shall not be responsible for the negligence or misconduct of
any agents or attorneys-in-fact selected by it with reasonable care.
50
9.3 EXCULPATORY PROVISIONS. Neither any Agent nor any of their
respective officers, directors, employees, agents, attorneys-in-fact or
affiliates shall be (i) liable to any Bank for any action lawfully taken or
omitted to be taken by it or such Person under or in connection with this
Agreement (except for its or such Person's own gross negligence or wilful
misconduct), or (ii) responsible in any manner to any of the Banks for any
recitals, statements, representations or warranties made by the Borrowers or any
officer thereof contained in this Agreement or in any certificate, report,
statement or other document referred to or provided for in, or received by any
Agent under or in connection with, this Agreement or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or
for any failure of the Borrowers to perform their obligations hereunder. No
Agent shall be under any obligation to any Bank to ascertain or to inquire as to
the observance or performance of any of the agreements contained in, or
conditions of, this Agreement, or to inspect the properties, books or records of
the Borrowers.
9.4 RELIANCE BY AGENTS. Each Agent shall be entitled to rely,
and shall be fully protected in relying, upon any Loan, writing, resolution,
notice, consent, certificate, affidavit, letter, cablegram, telegram, facsimile,
telex or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel
(including, without limitation, counsel to the Borrowers), independent
accountants and other experts selected by such Agent. Each Agent may deem and
treat the payee of any Loan as the owner thereof for all purposes except as
provided in subsections 10.5(c) and 10.5(d). Each Agent shall be fully justified
in failing or refusing to take any discretionary action under this Agreement
unless it shall first receive such advice or concurrence of the Majority Banks
as it deems appropriate or it shall first be indemnified to its satisfaction by
the Banks against any and all liability and expense which may be incurred by it
by reason of taking or continuing to take any such action. Each Agent shall in
all cases be fully protected in acting, or in refraining from acting, under this
Agreement in accordance with a request of the Majority Banks, or all of the
Banks (if the consent of all of the Banks is required), and such request and any
action taken or failure to act pursuant thereto shall be binding upon all the
Banks.
9.5 NOTICE OF DEFAULT. The Administrative Agent shall not be
deemed to have knowledge or notice of the occurrence of any Default or Event of
Default unless the Administrative Agent has received notice from a Bank or
either Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a "notice of default". In the event that
the Administrative Agent receives such a notice, the Administrative Agent shall
give notice thereof to the Banks. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably
directed by the Majority Banks, the Required Banks, or all Banks, as applicable;
PROVIDED that, unless and until the Administrative Agent shall have received
such directions, the Administrative Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interests of
the Banks.
9.6 NON-RELIANCE ON AGENTS AND OTHER BANKS. Each Bank
expressly acknowledges that neither any Agent nor any of its respective
officers, directors, employees,
51
agents, attorneys-in-fact or affiliates has made any representations or
warranties to it and that no act by such Agent hereafter taken, including any
review of the affairs of the Borrowers, shall be deemed to constitute any
representation or warranty by such Agent to any Bank. Each Bank represents to
each Agent that it has, independently and without reliance upon such Agent or
any other Bank, and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of each
Borrower and made its own decision to make its Loans hereunder and enter into
this Agreement. Each Bank also represents that it will, independently and
without reliance upon each Agent or any other Bank, and based on such documents
and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement, and to make such investigation as it deems necessary to
inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Borrowers. Except for notices, reports and
other documents expressly required to be furnished to the Banks by any Agent
hereunder, such Agent shall not have any duty or responsibility to provide any
Bank with any credit or other information concerning the business, operations,
property, financial and other condition or creditworthiness of either Borrower
which may come into the possession of such Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates.
9.7 INDEMNIFICATION. The Banks agree to indemnify each Agent
in its capacity as such (to the extent not reimbursed by the Borrowers and
without limiting the obligation of the Borrowers to do so), ratably (as
reasonably determined by the Administrative Agent), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever which may at any time
(including without limitation at any time following the payment of the Loans) be
imposed on, incurred by or asserted against such Agent in any way relating to or
arising out of this Agreement, or any documents contemplated by or referred to
herein or the transactions contemplated hereby or any action taken or omitted by
such Agent under or in connection with any of the foregoing; PROVIDED that no
Bank shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from such Agent's gross negligence or wilful
misconduct. The agreements in this subsection 9.7 shall survive the payment of
the Loans and all other amounts payable hereunder.
9.8 AGENTS IN THEIR INDIVIDUAL CAPACITIES. Each Agent and its
respective affiliates may make loans to, accept deposits from and generally
engage in any kind of business with the Borrowers as though such Agent were not
an Agent hereunder. With respect to its Loans made by it, each Agent shall have
the same rights and powers under this Agreement as any Bank and may exercise the
same as though it were not an Agent, and the terms "Bank" and "Banks" shall
include the Administrative Agent in its individual capacity.
9.9 SUCCESSOR AGENTS. Each Agent may resign as Agent upon 30
days' notice thereof to the Borrowers and the Banks. If any Agent shall resign
as Agent under this Agreement, then the Majority Banks shall appoint from among
the Banks a successor agent for the Banks which successor agent shall be
approved by the Borrowers, whereupon such successor agent shall succeed to the
rights, powers and duties of the Administrative Agent and the term
52
"Administrative Agent" shall mean such successor agent effective upon its
appointment, and the former Agent's rights, powers and duties as Agent shall be
terminated, without any other or further act or deed on the part of such former
Agent or any of the parties to this Agreement. After any retiring Agent's
resignation hereunder as Agent, the provisions of this Section 9 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was
Agent under this Agreement.
53
SECTION 10. MISCELLANEOUS
10.1 AMENDMENTS AND WAIVERS. With the written consent of the
Majority Banks, the Administrative Agent and the Borrowers may, from time to
time, enter into written amendments, supplements or modifications hereto for the
purpose of adding any provisions to this Agreement or changing in any manner the
rights of the Banks or of the Borrowers hereunder, and with the consent of the
Majority Banks the Administrative Agent on behalf of the Banks may execute and
deliver to the Borrowers a written instrument waiving, on such terms and
conditions as the Administrative Agent may specify in such instrument, any of
the requirements of this Agreement or any Default or Event of Default and its
consequences; PROVIDED, HOWEVER, that no such waiver, amendment, supplement or
modification shall (a) extend the maturity of any Loan, or reduce the rate or
extend the time of payment of interest thereon, or reduce the principal amount
thereof, or reduce the rate of any fee payable hereunder or extend the time of
payment thereof, in each case, without the written consent of (i) with respect
to any such change to any Committed Rate Loan, each Bank and (ii) with respect
to any such change to any Bid Loan, the Bank which made such Bid Loan, or (b)
change the amount of any Bank's Commitment or the terms of its obligation to
make Loans hereunder (other than in accordance with subsection 2.20) or amend,
modify or waive any provision of this subsection 10.1 or reduce the percentage
specified in the definition of Majority Banks or Required Banks, or consent to
the assignment or transfer by either Borrower of any of its rights and
obligations under this Agreement, in each case without the written consent of
each Bank, or (c) amend, modify or waive any provision of Section 9 without the
written consent of the then Administrative Agent and, if applicable, any other
Agent affected by such amendment, modification or waiver, or (d) extend the
Termination Date with respect to any Bank without the written consent of such
Bank; and PROVIDED, FURTHER, HOWEVER, that no such waiver, amendment, supplement
or modification shall waive, amend, supplement or otherwise modify subsection
2.16 or Section 8(B)(2) without the written consent of the Required Banks. Any
such waiver and any such amendment, supplement or modification shall apply
equally to each of the Banks and shall be binding upon the Borrowers, the Banks
and the Agents. In the case of any waiver, the Borrowers, the Banks and the
Agents shall be restored to their former position and rights hereunder, and any
Default or Event of Default waived shall be deemed to be cured and not
continuing; but no such waiver shall extend to any subsequent or other Default
or Event of Default, or impair any right consequent thereon. Anything contained
in the foregoing to the contrary notwithstanding, the relevant Borrower and the
relevant Bank with respect to a Negotiated Rate Loan may, from time to time,
enter into amendments, supplements or modifications for the purpose of adding
any provisions to such Negotiated Rate Loans or changing in any manner the
rights of such Bank and such Borrower thereunder and such Bank may waive any of
the requirements of such Negotiated Rate Loan; PROVIDED, HOWEVER, that such
Borrower and such Bank shall notify the Administrative Agent in writing of any
extension of the maturity of such Negotiated Rate Loan or reduction of the
principal amount thereof; PROVIDED, FURTHER, that such Borrower and such Bank
shall not extend the maturity of such Negotiated Rate Loan beyond the last day
of the Commitment Period.
10.2 NOTICES. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing, by facsimile
transmission, by telephone confirmed in writing or by telegraph and, unless
otherwise expressly provided herein, shall be deemed to have
54
been duly given or made when delivered by hand, or when deposited in the mail,
postage prepaid, or, in the case of facsimile transmission, when received, or,
in the case of telegraphic notice, when delivered to the telegraph company or
department, addressed as follows in the case of the Borrowers, the
Administrative Agent and as set forth on Schedule III in the case of the other
parties hereto, or to such address or other address as may be hereafter notified
by the respective parties hereto:
The Borrowers:
The Company: Deere & Company
Attention: Treasurer
Xxx Xxxx Xxxxx Xxxxx
Xxxxxx, Xxxxxxxx 00000
Telephone: 000-000-0000
Facsimile: 000-000-0000
The Capital
Corporation: Xxxx Deere Capital Corporation
Attention: Manager
First Xxxxxxxx Xxxx Xxxxxxxx
0 Xxxx Xxxxx Xxxxxx
Xxxx, Xxxxxx 00000
Telephone: 000-000-0000
Facsimile: 000-000-0000
with a copy to: Deere & Company
Attention: Treasurer
Xxx Xxxx Xxxxx Xxxxx
Xxxxxx, Xxxxxxxx 00000
Facsimile: 000-000-0000
The Administrative Agent: The Chase Manhattan Bank
Attention: Xxxxxxxx Xxxxx
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: 000-000-0000
Facsimile: 212-270-6041
with a copy to: The Chase Manhattan Bank
Attention: Xxxxxx Xxxxxxxx
Xxx Xxxxx Xxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: 000-000-0000
Facsimile: 000-000-0000
55
PROVIDED that any notice, request or demand to or upon the Administrative Agent
or the Banks pursuant to subsections 2.1, 2.2, 2.5, 2.6, 2.9, 2.11, 2.20 and 9.9
shall not be effective until received (including receipt by telephone if
permitted hereby).
10.3 NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of either Borrower, the Administrative
Agent or any Bank, any right, remedy, power or privilege hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.
10.4 PAYMENT OF EXPENSES AND TAXES. (a) The Company agrees (i)
to pay or reimburse the Administrative Agent for all its out-of-pocket costs and
expenses incurred in connection with the preparation and execution of, and any
amendment, supplement or modification to, this Agreement and any other documents
prepared in connection herewith, and the consummation of the transactions
contemplated hereby and thereby in such manner and in such amounts as shall be
agreed to in writing by the Company and the Administrative Agent, (ii) to pay or
reimburse the Administrative Agent for the reasonable fees and disbursements of
counsel to the Administrative Agent incurred in connection with the preparation
and execution of, and any amendment, supplement, modification to, this Agreement
and other documents prepared in connection herewith, and the consummation of the
transaction contemplated hereby and thereby, and (iii) to pay or reimburse each
Bank and each Agent for all its out-of-pocket costs and expenses incurred in
connection with the enforcement or preservation of any rights under this
Agreement and any such other documents, including, without limitation, fees and
disbursements of counsel to each Agent and one counsel representing the Banks.
(b) The Borrowers agree jointly and severally to indemnify and
hold harmless each Agent and each Bank against any and all losses, claims,
damages and liabilities (other than in connection with actions, suits and
proceedings by any of the Banks against any of the other Banks), joint or
several, to which they or any of them may become subject insofar as such losses,
claims, damages and liabilities arise out of, relate to or are based on this
Agreement (including the responsibilities, duties and obligations of the Banks
hereunder and their agreement to make Loans hereunder) in connection with any
acquisition or proposed acquisition of any securities or assets by a Borrower or
any of its Subsidiaries, and shall reimburse each such indemnified party for any
legal or other expenses reasonably incurred by it in connection with
investigating or defending any such loss, claim, damage or liability, subject to
the following paragraph. This indemnity agreement shall be in addition to any
liability which either Borrower may otherwise have.
(c) Promptly after receipt by an indemnified party under
subsection 10.4(b) of written notice of any loss, claim, damage or liability in
respect of which indemnity may be sought by it hereunder, such indemnified party
will, if a claim is to be made against the Borrowers, notify the Borrowers
thereof in writing; but the omission so to notify the Borrowers will not relieve
the Borrowers from any liability (otherwise than under this subsection 10.4)
56
which they may have to any indemnified party except as may be required or
provided otherwise than under this subsection 10.4. Thereafter, the indemnified
party and the Borrowers shall consult, to the extent appropriate, with a view to
minimizing the cost to the Borrowers of their obligations hereunder. In case any
indemnified party receives written notice of any loss, claim, damage or
liability in respect of which indemnity may be sought hereunder by it and it
notifies the Borrowers thereof, the Borrowers will be entitled to participate
therein and, to the extent that they may elect by written notice delivered to
the indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense thereof, with counsel reasonably
satisfactory at all times to such indemnified party; PROVIDED, HOWEVER, that (i)
if the parties against whom any loss, claim, damage or liability arises include
both the indemnified party and a Borrower or any Subsidiary of a Borrower and
the indemnified party shall have reasonably concluded that there may be legal
defenses available to it or other indemnified parties which are different from
or additional to those available to a Borrower or any Subsidiary of a Borrower
and may conflict therewith, the indemnified party or parties shall have the
right to select one separate counsel for such indemnified party or parties to
assume such legal defenses and to otherwise participate in the defense of such
loss, claim, damage or liability on behalf of such indemnified party or parties
and (ii) if any loss, claim, damage or liability arises out of actions brought
by or for the benefit of a Borrower or any Subsidiary of a Borrower, the
indemnified party or parties shall have the right to select their counsel and to
assume and direct the defense thereof and neither Borrower shall be entitled to
participate therein or assume the defense thereof. Upon receipt of notice from
the Borrowers to such indemnified party of their election so to assume the
defense of such loss, claim, damage or liability and approval by the indemnified
party of counsel, the Borrowers shall not be liable to such indemnified party
under this subsection 10.4 for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof unless (i) the
indemnified party shall have employed such counsel in connection with the
assumption of legal defenses in accordance with the proviso to the next
preceding sentence, (ii) the Borrowers shall not have employed and continued to
employ counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of commencement of the
action or (iii) the Borrowers shall have authorized the employment of counsel
for the indemnified party at the expense of the Borrowers.
(d) Notwithstanding any other provision contained in this
subsection 10.4, (i) the Borrowers shall not be liable for any settlement,
compromise or consent to the entry of any order adjudicating or otherwise
disposing of any loss, claim, damage or liability effected without their consent
and (ii) after the Borrowers have assumed the defense of any loss, claim, damage
or liability under the preceding paragraph with respect to any Bank, they will
not settle, compromise or consent to entry of any order adjudicating or
otherwise disposing thereof (1) if such settlement, compromise or order involves
the payment of money damages, except if the Borrowers agree with such Bank to
pay such money damages, and, if not simultaneously paid, to furnish such Bank
with satisfactory evidence of their ability to pay such money damages, and (2)
if such settlement, compromise or order involves any relief against such Bank,
other than the payment of money damages, except with the prior written consent
of such Bank.
(e) The agreements in this subsection 10.4 shall survive
repayment of the Loans and all other amounts payable hereunder.
57
10.5 SUCCESSORS AND ASSIGNS; PARTICIPATIONS; PURCHASING BANKS.
(a) This Agreement shall be binding upon and inure to the benefit of the
Borrowers, the Banks, the Agents and their respective successors and assigns,
EXCEPT THAT the Borrowers may not assign or transfer any of their rights or
obligations under this Agreement without the prior written consent of each Bank.
(b) Any Bank may, in the ordinary course of its commercial
banking business and in accordance with applicable law, at any time sell to one
or more banks or other financial institutions ("PARTICIPANTS") participating
interests in the Loans, Commitments and other interests of such Bank hereunder.
In the event of any such sale by a Bank of participating interests to a
Participant, such Bank's obligations under this Agreement to the other parties
to this Agreement shall remain unchanged, such Bank shall remain solely
responsible for the performance thereof, such Bank shall remain the holder of
any such Loan for all purposes under this Agreement, and the Borrowers and the
Administrative Agent shall continue to deal solely and directly with such Bank
in connection with such Bank's rights and obligations under this Agreement.
(c) Any Bank may, in the ordinary course of its commercial
banking business and in accordance with applicable law, at any time assign to
one or more banks or other financial institutions ("LOAN ASSIGNEES") any Bid
Loan or Negotiated Rate Loan or portion thereof owing to such Bank, pursuant to
a Loan Assignment executed by the assignor Bank and the Loan Assignee. Upon such
execution, from and after the Transfer Effective Date specified in such Loan
Assignment, the Loan Assignee shall, to the extent of the assignment provided
for in such Loan Assignment and to the extent permitted by applicable law, be
deemed to have the same rights and benefits with respect to such Bid Loans and
Negotiated Rate Loans and the same obligation to share pursuant to subsection
10.6 as it would have had if it were a Bank hereunder; PROVIDED, that unless
such Loan Assignment shall otherwise specify and a copy of such Loan Assignment
shall have been delivered to the Administrative Agent for its acceptance and
recording in the Register in accordance with subsection 10.5(f), the assignor
Bank shall act as collection agent for the Loan Assignee, and in the case of Bid
Loans, the Administrative Agent shall pay all amounts received from the relevant
Borrower which are allocable to the assigned Bid Loan directly to the assignor
Bank without any further liability to the relevant Loan Assignee, and, in the
case of Negotiated Rate Loans, the relevant Borrower shall pay all amounts due
under the assigned Negotiated Rate Loan directly to the assignor Bank without
any further liability to the Loan Assignee. At the request of any Loan Assignee,
on or promptly after the Transfer Effective Date specified in such Loan
Assignment, the relevant Borrower, at its own expense, shall execute and deliver
to the Loan Assignee a promissory note with respect to the Bid Loans or
Negotiated Rate Loans to the order of such Loan Assignee in an amount equal to
the Bid Loan or Negotiated Rate Loan assigned. Such note shall be dated the
Borrowing Date in respect of such Bid Loan or Negotiated Rate Loan and shall
otherwise be in the form of Exhibit M; PROVIDED, HOWEVER, that such Borrower
shall not be required to execute and deliver more than an aggregate of two notes
with respect to the Bid Loans of any Bank with the same Interest Period at any
time outstanding. A Loan Assignee shall not, by virtue of such Loan Assignment,
become a party to this Agreement or have any rights to consent to or refrain
from consenting to any amendment, waiver or other modification of any provision
of this Agreement or any related document; PROVIDED, that (i) the assignor Bank
and the Loan Assignee may, in their discretion,
58
agree between themselves upon the manner in which the assignor Bank will
exercise its rights under this Agreement and any related document, and (ii) if a
copy of such Loan Assignment shall have been delivered to the Administrative
Agent for its acceptance and recording in the Register in accordance with
subsection 10.5(f), neither the principal amount of, the interest rate on, nor
the maturity date of, any Bid Loan or Negotiated Rate Loan assigned to a Loan
Assignee will be modified without written consent of such Loan Assignee.
(d) Any Bank may, in the ordinary course of its commercial
banking business and in accordance with applicable law, with the consent of the
Borrowers, sell to any Bank or any affiliate thereof and to one or more
additional banks or other financial institutions ("PURCHASING BANKS"), all or
portions (subject to the last sentence of this subsection 10.5(d)) of its rights
(which rights may include such Bank's rights in respect of Loans it has
disbursed) and obligations under this Agreement, pursuant to a Commitment
Transfer Supplement, executed by such Purchasing Bank and such transferor Bank
(and, in the case of a Purchasing Bank that is not then a Bank or an affiliate
thereof, by the Borrowers and the Administrative Agent), and delivered to the
Administrative Agent for its acceptance and recording in the Register. Upon such
execution, delivery, acceptance and recording, from and after the Transfer
Effective Date specified in such Commitment Transfer Supplement, (i) the
Purchasing Bank thereunder shall be a party hereto and, to the extent provided
in such Commitment Transfer Supplement, have the rights and obligations of a
Bank hereunder with a Commitment as set forth therein, and (ii) the transferor
Bank thereunder shall cease to have those rights and obligations under this
Agreement to which the Purchasing Bank has succeeded (and, in the case of a
Commitment Transfer Supplement covering all or the remaining portion of a
transferor Bank's rights and obligations under this Agreement, such transferor
Bank shall cease to be a party hereto). Such Commitment Transfer Supplement
shall be deemed to amend this Agreement to the extent, and only to the extent,
necessary to reflect the addition of such Purchasing Bank and the resulting
adjustment of Commitments and Commitment Percentages arising from the purchase
by such Purchasing Bank of a portion of the rights and obligations of such
transferor Bank under this Agreement. On or promptly after the Transfer
Effective Date specified in such Commitment Transfer Supplement, the Purchasing
Bank and the Administrative Agent, on behalf of such Purchasing Bank, shall open
and maintain in the name of each Borrower a Loan Account with respect to such
Purchasing Bank's Committed Rate Loans and Bid Loans to such Borrower. Anything
contained in this Agreement to the contrary notwithstanding, no Bank may sell
any portion (less than 100%) of its rights and obligations under this subsection
10.5(d) to any bank or financial institution if after giving effect to such sale
the Commitment of either of the selling and purchasing institutions would be
less than $5,000,000.
(e) The Administrative Agent shall maintain at its address
referred to in subsection 10.2 a copy of each Loan Assignment and each
Commitment Transfer Supplement delivered to it and a register (the "Register")
for the recordation of (i) the names and addresses of the Banks and the
Commitment of, and principal amount of the Loans (other than Negotiated Rate
Loans) owing to, each Bank from time to time, and (ii) with respect to each Loan
Assignment delivered to the Administrative Agent, the name and address of the
Loan Assignee and the principal amount of each Bid Loan owing to such Loan
Assignee. The entries in the Register shall constitute PRIMA FACIE evidence of
the accuracy of the information so recorded, and
59
the Borrowers, the Administrative Agent and the Banks may treat each Person
whose name is recorded in the Register as the owner of the Loan recorded therein
for all purposes of this Agreement. The Register shall be available for
inspection by the Company or any Bank or Loan Assignee at any reasonable time
and from time to time upon reasonable prior notice.
(f) Upon its receipt of a Loan Assignment executed by an
assignor Bank and a Loan Assignee, together with payment to the Administrative
Agent (by the assignor Bank or the Loan Assignee, as agreed between them) of a
registration and processing fee of $3,500, the Administrative Agent shall (i)
accept such Loan Assignment, (ii) record the information contained therein in
the Register and (iii) give prompt notice of such acceptance and recordation to
the assignor Bank, the Loan Assignee and the Borrowers. Upon its receipt of a
Commitment Transfer Supplement executed by a transferor Bank and a Purchasing
Bank (and, in the case of a Purchasing Bank that is not then a Bank or an
affiliate thereof, by the Borrowers and the Administrative Agent) together with
payment to the Administrative Agent (by the transferor Bank or the Purchasing
Bank, as agreed between them) of a registration and processing fee of $3,500 for
each Purchasing Bank listed in such Commitment Transfer Supplement, the
Administrative Agent shall (A) accept such Commitment Transfer Supplement, (B)
record the information contained therein in the Register and (C) give prompt
notice of such acceptance and recordation to the Banks and the Borrowers.
(g) The Company authorizes each Bank to disclose to any
Participant, Loan Assignee or Purchasing Bank (each, a "TRANSFEREE") and any
prospective Transferee any and all financial information in such Bank's
possession concerning the Borrowers and their Subsidiaries which has been
delivered to such Bank by or on behalf of the Borrowers pursuant to this
Agreement or in connection with such Bank's credit evaluation of the Borrowers
and their Subsidiaries prior to becoming a party to this Agreement, PROVIDED
that with respect to confidential data or information described in subsection
10.7, such confidential data may be disclosed only to (i) a Purchasing Bank
and/or (ii) any other Transferee or prospective Transferee with the Borrowers'
prior written consent, which consent shall not be unreasonably withheld with
respect to prospective Participants, Participants, prospective Loan Assignees
and Loan Assignees; PROVIDED, HOWEVER, that such Bank shall not disclose any
such confidential data or information pursuant to this subsection 10.5(g) unless
(i) it has notified the Purchasing Bank or other Transferee or potential
Transferee that such data or information are confidential, such notification to
be in writing if such data or information are disclosed in writing and orally if
such data or information are disclosed orally, and (ii) such Purchasing Bank,
Transferee or potential Transferee has agreed in writing to be bound by the
provisions of subsection 10.7.
(h) If, pursuant to this subsection, any loan participation or
series of loan participations is sold or any interest in this Agreement is
transferred to any Transferee, the transferor Bank shall cause such Transferee,
concurrently with the effectiveness of such transfer or the first transfer to
occur in a series of transfers between such transferor Bank and such Transferee,
(i) to represent to the transferor Bank (for the benefit of the transferor Bank,
the Administrative Agent and the Borrowers) either (A) that it is incorporated
under the laws of the United States or a state thereof or (B) that under
applicable law and treaties no taxes will be required to be withheld by the
Administrative Agent, the Borrowers or the transferor Bank with
60
respect to any payments to be made to such Transferee in respect of the Loans,
(ii) to furnish to the transferor Bank, the Administrative Agent and the
Borrowers (A) either (I) a statement that it is incorporated under the laws of
the United States or a state thereof or (II) if it is not so incorporated, a
letter in duplicate in the form of Exhibit J or Exhibit K, as appropriate, and
two duly completed copies of United States Internal Revenue Service Form 4224 or
1001 or successor applicable form, as the case may be, certifying in each case
that such Transferee is entitled to receive payments under this Agreement
without deduction or withholding of any United States federal income taxes, and
(B) an Internal Revenue Service Form W-8 or W-9, or successor applicable form,
as the case may be, to establish an exemption from United States backup
withholding tax, and (iii) to agree (for the benefit of the transferor Bank, the
Administrative Agent and the Borrowers) to provide the transferor Bank, the
Administrative Agent and the Borrowers a new Form 4224 or 1001 and Form W-8 or
W-9, or successor applicable form or other manner of certification, on or before
the date that any such letter or form expires or becomes obsolete or after the
occurrence of any event requiring a change in the most recent letter and form
previously delivered by it, certifying in the case of a Form 1001 or 4224 that
such Transferee is entitled to receive payments under this Agreement without
deduction or withholding of any United States federal income tax, and in the
case of a Form W-8 or W-9 establishing exemption from United States backup
withholding tax. The Administrative Agent shall not be responsible for obtaining
such documentation except from its own Transferees.
(i) Nothing in this subsection 10.5 shall prohibit any Bank
from pledging or assigning its Loans to any Federal Reserve Bank in accordance
with applicable law.
(j) The Borrowers, upon receipt of written notice from the
relevant Bank, agree to issue Notes to any Bank requiring Notes to facilitate
transactions of the type described in paragraph (i) above.
(k) Notwithstanding anything to the contrary contained herein,
any Bank (a "GRANTING BANK") may grant to a special purpose funding vehicle (an
"SPC"), identified as such in writing from time to time by the Granting Bank to
the Administrative Agent and the Company, the option to provide to the Borrowers
all or any part of any Loan that such Granting Bank would otherwise be obligated
to make to the Borrowers pursuant to this Agreement; PROVIDED that (i) nothing
herein shall constitute a commitment by any SPC to make any Loan, (ii) if an SPC
elects not to exercise such option or otherwise fails to provide all or any part
of such Loan, the Granting Bank shall be obligated to make such Loan pursuant to
the terms hereof. The making of a Loan by an SPC hereunder shall utilize the
Commitment of the Granting Bank to the same extent, and as if, such Loan were
made by such Granting Bank. Each party hereto hereby agrees that no SPC shall be
liable for any indemnity or similar payment obligation under this Agreement (all
liability for which shall remain with the Granting Bank). In furtherance of the
foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other
senior indebtedness of any SPC, it will not institute against, or join any other
person in instituting against, such SPC any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under the laws of the United
States or any State thereof. In addition, notwithstanding anything to the
contrary contained in this subsection
61
10.5(k) any SPC may (i) with notice to, but without the prior written consent
of, the Company and the Administrative Agent and without paying any processing
fee therefor, assign all or a portion of its interests in any Loans to the
Granting Bank or to any financial institutions (consented to by the Company and
Administrative Agent) providing liquidity and/or credit support to or for the
account of such SPC to support the funding or maintenance of Loans and (ii)
disclose on a confidential basis any non-public information relating to its
Loans to any rating agency, commercial paper dealer or provider of any surety,
guarantee or credit or liquidity enhancement to such SPC. This subsection
10.5(k) may not be amended without the written consent of the SPC.
10.6 ADJUSTMENTS. Except as provided in subsection 2.12, if
any Bank (a "BENEFITTED BANK") shall at any time receive any payment of all or
part of its Committed Rate Loans, or interest thereon or facility fee hereunder,
or receive any collateral in respect thereof (whether voluntarily or
involuntarily, by set-off, pursuant to events or proceedings of the nature
referred to in clause (e) of Section 8, or otherwise) in a greater proportion
than any such payment to and collateral received by any other Bank, if any, in
respect of such other Bank's Committed Rate Loans, or interest thereon, or
facility fee hereunder, such benefitted Bank shall purchase for cash from the
other Banks such portion of each such other Bank's Committed Rate Loans, or
shall provide such other Banks with the benefits of any such collateral, or the
proceeds thereof, as shall be necessary to cause such benefitted Bank to share
the excess payment or benefits of such collateral or proceeds ratably with each
of such other Banks; PROVIDED, HOWEVER, that if all or any portion of such
excess payment or benefits is thereafter recovered from such benefitted Bank,
such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest. The Borrowers agree that
each Bank so purchasing a portion of another Bank's Committed Rate Loans may
exercise all rights of payment (including, without limitation, rights of
set-off) with respect to such portion as fully as if such Bank were the direct
holder of such portion.
10.7 CONFIDENTIALITY. (a) Each of the Agents and the Banks
shall, subject as hereinafter provided, keep confidential from any third party
any data or information received by them from the Borrowers pursuant to this
Agreement which, if provided in writing, is designated in writing as such, and
if provided orally, is designated orally as such by the Borrowers except:
(i) any such data or information as is or becomes publicly
available or generally known otherwise than as a result of any breach
of the provisions of this subsection 10.7;
(ii) as required by law, rule, regulation or official
direction;
(iii) as may be necessary to protect as against the
Borrowers or either of them the interests of the Banks or any of them
under this Agreement;
(iv) to the extent permitted under subsection 10.5; and
(v) to the attorneys, accountants and regulators of such
Banks, and to each other Bank.
62
(b) Each of the Agents and the Banks shall use their
reasonable efforts to ensure that any confidential data or information received
by them from the Borrowers pursuant to this Agreement which is disclosed to
employees of such Agent or Bank (as the case may be) is so disclosed only to the
extent necessary for purpose of the administration of this Agreement and, in all
cases, on the condition that such information and data shall be kept
confidential except for such purpose.
(c) The provisions of this subsection 10.7 shall survive the
payment in full of all amounts payable hereunder and the termination of this
Agreement.
10.8 COUNTERPARTS. This Agreement may be executed by one or
more of the parties to this Agreement on any number of separate counterparts and
all of said counterparts taken together shall be deemed to constitute one and
the same instrument. A set of the copies of this Agreement signed by all the
parties shall be lodged with the Borrowers and the Administrative Agent.
10.9 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
10.10 CONSENT TO JURISDICTION AND SERVICE OF PROCESS. All
judicial proceedings brought against the Borrowers with respect to this
Agreement may be brought in any state or federal court of competent jurisdiction
in the State of New York, and, by execution and delivery of this Agreement, the
Borrowers accept, for themselves and in connection with their properties,
generally and unconditionally, the non-exclusive jurisdiction of the aforesaid
courts and irrevocably agree to be bound by any final judgment rendered thereby
in connection with this Agreement from which no appeal has been taken or is
available. The Borrowers irrevocably agree that all process in any such
proceedings in any such court may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to them at their addresses set forth in subsection 10.2 or at
such other address of which the Administrative Agent shall have been notified
pursuant thereto, such service being hereby acknowledged by the Borrowers to be
effective and binding service in every respect. Each of the Borrowers, the
Agents and the Banks irrevocably waives any objection, including without
limitation, any objection to the laying of venue or based on the grounds of
forum non conveniens which it may now or hereafter have to the bringing of any
such action or proceeding in any such jurisdiction. Nothing herein shall affect
the right to serve process in any other manner permitted by law or shall limit
the right of any Agent or any Bank to bring proceedings against the Borrowers in
the courts of any other jurisdiction.
63
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective proper and duly
authorized officers as of the day and year first above written.
DEERE & COMPANY
Attested by:
/s/ Xxxxx Xxxxxxxx By: /s/ Xxxxx X. Jabonoski
-------------------------------- ---------------------------------------
Title: Assistant Secretary Title: Treasurer
XXXX DEERE CAPITAL CORPORATION
Attested by:
/s/ Xxxxx X. Xxxxxx By: /s/ Xxxxx X. Jabonoski
-------------------------------- ---------------------------------------
Title: Assistant Secretary Title: Treasurer
64
THE CHASE MANHATTAN BANK,
as Administrative Agent and as a Bank
By: /s/ Xxxxxxxx X. Xxxxx
---------------------
Title: Vice President
BANK OF AMERICA, N.A., as a
Documentation Agent and as a Bank
By: /s/ Xxxx Xxxxxxx
----------------
Title: Principal
BANK ONE, NA, as a Documentation Agent
and as a Bank
By: /s/ Xxxxxxx Xxxxxx
------------------
Title: Vice President
DEUTSCHE BANK AG, NEW YORK BRANCH
AND/OR CAYMAN ISLANDS BRANCH,
as Syndication Agent and as a Bank
By: /s/ Xxxxxxxx Xxxxxx
-------------------
Title: Managing Director
By: /s/ Xxxxxxxxxxx Xxxx
--------------------
Title: Director
THE BANK OF NEW YORK,
as a Managing Agent and as a Bank
By: /s/ Xxxx X. Xxxxx, Xx.
----------------------
Title: Vice President
65
CITIBANK, N.A.,
as a Managing Agent and as a Bank
By: /s/ Xxxxx X. Xxxxxx
-------------------
Title: Vice President
CREDIT AGRICOLE INDOSUEZ,
as a Managing Agent and as a Bank
By: /s/ Xxxxxxxxx X. Xxxxxx
-----------------------
Title: First Vice President
By: /s/ Xxxxxx X. Xxxxxx
--------------------
Title: Vice President, Manager
CREDIT SUISSE FIRST BOSTON,
as a Managing Agent and as a Bank
By: /s/ Xxxx Xxxxxxxxx
------------------
Title: Managing Director
By: /s/ Xxxxx X. Xxxxx
------------------
Title: Director
66
REVOLVING COMMITMENT VEHICLE CORPORATION
By: XXXXXX GUARANTY TRUST COMPANY
OF NEW YORK,
as Attorney-in-fact for Revolving Commitment
Vehicle Corporation.
By: /s/ Xxxxx Xxxxx
----------------
Title: Vice President
ROYAL BANK OF CANADA,
as a Managing Agent and as a Bank
By: /s/ Xxxxxx X. XxxXxxxxx
------------------------
Title: Vice President
TORONTO DOMINION (TEXAS), INC.,
as a Managing Agent and as a Bank
By: /s/ Xxxx X. Xxxxx
------------------
Title: Vice President
SOCIETE GENERALE,
as a Co-Agent and as a Bank
By: /s/ Xxxx Xxxxxxx
-----------------
Title: Vice President
BANQUE NATIONALE DE PARIS,
as a Co-Agent and as a Bank
By: /s/ Xxxxxx Xxxxxx du Xxxxxx
----------------------------
Title: Executive Vice President & General
Manager
MELLON BANK, N.A.,
as a Co-Agent and as a Bank
By: /s/ Xxxxxxx X. Xxxxx
---------------------
Title: First Vice President
67
SUNTRUST BANK,
as a Co-Agent and as a Bank
By: /s/ Xxx X. Xxxxxx
------------------
Title: Vice President
WACHOVIA BANK, N.A.,
as a Co-Agent and as a Bank
By: /s/ Xxxxx X. Xxxxxx
--------------------
Title: Vice President
BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH, as a Bank
By: /s/ Xxxxxxx Xxxxxxxxx
----------------------
Title: Deputy General Manager
ABN AMRO BANK, N.V.,
as a Bank
By: /s/ Xxxx X. Xxxxxx
-------------------
Title: Group Vice President
By: /s/ Xxxxxx Xxxxx
-----------------
Title: Vice President
68
BANCA DI ROMA-CHICAGO BRANCH,
as a Bank
By: /s/ Xxxxx Xxxxxxxxx
--------------------
Title: Vice President
By: /s/ Xxxx Xxxxxxxx
------------------
Title: Vice President & Deputy Branch Manager
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,
as a Bank
By: /s/ Xxxxxx Xxxxxxx
-------------------
Title: Global Rel. Manager
Corporate Banking
By: /s/ Xxxxxxxxx Xxxxx
--------------------
Title: Vice President
Corporate Banking
BANCA COMMERCIALE ITALIANA, CHICAGO BRANCH,
as a Bank
By: /s/ Xxxxxxx Xxxxxxxxx
----------------------
Title: Vice President
By: /s/ X. Xxxxxxxxxx
------------------
Title: Vice President
THE FUJI BANK, LIMITED,
as a Bank
By: /s/ Xxxxx X. Xxxxxxxx
----------------------
Title: Senior Vice President & Group Head
SCHEDULE I
TERMS OF SUBORDINATION
"SENIOR INDEBTEDNESS" means the principal of (and premium, if
any) and unpaid interest on (a) indebtedness of Xxxx Deere Capital Corporation
(the "Capital Corporation") (including indebtedness of others guaranteed by the
Capital Corporation), other than the indebtedness evidenced by the Securities
[such term to be defined as the debt to be issued under the indenture or
agreement to which this Schedule relates] and the 8-5/8% Subordinated Debentures
due 2019 of the Capital Corporation, whether outstanding on the date hereof or
hereafter created, incurred, assumed or guaranteed, for money borrowed, unless
in the instrument creating or evidencing the same or pursuant to which the same
is outstanding it is provided that such indebtedness is not senior or prior in
right of payment to the Securities, and (b) renewals, extensions, modifications
and refundings of any such indebtedness.
SUBORDINATION
Section 1. AGREEMENT TO SUBORDINATE.
The Capital Corporation, for itself, its successors and
assigns, covenants and agrees, and each holder of Securities, by such holder's
acceptance thereof, likewise covenants and agrees, that the payment of the
principal of (and premium, if any) and interest on each and all of the
Securities is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of all
Senior Indebtedness.
Section 2. DISTRIBUTION ON DISSOLUTION, LIQUIDATION AND
REORGANIZATION; SUBROGATION OF SECURITIES.
Upon any distribution of assets of the Capital Corporation
upon any dissolution, winding up, liquidation or reorganization of the Capital
Corporation, whether in bankruptcy, insolvency, reorganization or receivership
proceedings or upon an assignment for the benefit of creditors or any other
marshalling of the assets and liabilities of the Capital Corporation or
otherwise (subject to the power of a court of competent jurisdiction to make
other equitable provisions reflecting the rights conferred in this Agreement
upon the Senior Indebtedness and the holders thereof with respect to the
Securities by a lawful plan of reorganization under applicable bankruptcy law),
(a) the holders of Senior Indebtedness shall be entitled to
receive payment in full of the principal thereof (and premium if any)
and the interest due on the Senior Indebtedness before the holders of
the Securities are entitled to receive any payment upon
2
the principal of (or premium, if any) or interest on indebtedness
evidenced by the Securities; and
(b) any payment or distribution of assets of the Capital
Corporation of any kind or character, whether in cash, property or
securities, to which the holders of the Securities or any trustee
therefor would be entitled except for the provisions of this Article
shall be paid by the liquidating trustee or agent or other person
making such payment or distribution, whether a trustee in bankruptcy, a
receiver or liquidating trustee or otherwise, directly to the holders
of Senior Indebtedness or their representative or representatives or to
the trustee or trustees under any indenture under which any instruments
evidencing any of such Senior Indebtedness may have been issued,
ratably according to the aggregate amounts remaining unpaid on account
of the principal of (and premium, if any) and interest on the Senior
Indebtedness held or represented by each holder of Senior Indebtedness,
to the extent necessary to make payment in full of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent
payment or distribution to the holders of such Senior Indebtedness; and
(c) in the event that, notwithstanding the foregoing, any
payment or distribution of assets of the Capital Corporation of any
kind or character, whether in cash, property or securities, shall be
received by any trustee for the holders of the Securities or the
holders of the Securities before all Senior Indebtedness is paid in
full, such payment or distribution shall be paid over, upon written
notice to any trustee for the holders of the Securities, to the holders
of Senior Indebtedness or their representative or representatives or to
the trustee or trustees under any indenture under which any instruments
evidencing any of such Senior Indebtedness may have been issued,
ratably as aforesaid, for application to the payment of all Senior
Indebtedness remaining unpaid until all such Senior Indebtedness shall
have been paid in full, after giving effect to any concurrent payment
or distribution to the holders of such Senior Indebtedness.
Subject to the payment in full of all Senior Indebtedness, the holders of the
Securities shall be subrogated to the rights of the holders of Senior
Indebtedness to receive payments or distributions of cash, property or
securities of the Capital Corporation applicable to Senior Indebtedness until
the principal of (and premium, if any) and interest on the Securities shall be
paid in full and no such payments or distributions to the holders of the
Securities of cash, property or securities otherwise distributable to the
holders of Senior Indebtedness shall, as between the Capital Corporation, its
creditors other than the holders of Senior Indebtedness, and the holders of the
Securities, be deemed to be a payment by the Capital Corporation to or on
account of the Securities. It is understood that the provisions of this Article
are, and are intended, solely for the purpose of defining the relative rights of
the holders of the Securities, on the one hand, and the holders of Senior
Indebtedness, on the other hand. Nothing contained in this Article or elsewhere
in this Agreement or in the Securities is intended to or shall impair, as
between the Capital Corporation, its creditors other than the holders of Senior
Indebtedness, and the holders of the Securities, the obligation of the Capital
Corporation, which is unconditional and absolute, to pay to the holders of the
Securities the principal of (and premium, if any) and interest on the Securities
as and when the same shall become due and payable in accordance with
3
their terms, or to affect the relative rights of the holders of the Securities
and creditors of the Capital Corporation other than the holders of Senior
Indebtedness, nor shall anything herein or in the instruments or other evidence
of the Securities prevent any trustee for the holders of the Securities or the
holder of any Securities from exercising all remedies otherwise permitted by
applicable law upon default under this Agreement or such instrument or other
evidence, subject to the rights, if any, under this Article of the holders of
Senior Indebtedness in respect of cash, property or securities of the Capital
Corporation received upon the exercise of any such remedy.
Section 3. NO PAYMENT ON SECURITIES IN EVENT OF NON-PAYMENT
WHEN DUE OF SENIOR INDEBTEDNESS.
No payment by the Capital Corporation on account of principal
(or premium, if any), sinking funds, or interest on the Securities shall be made
unless full payment of amounts then due for principal, premium, if any, sinking
funds and interest on Senior Indebtedness has been made or duly provided for in
money or money's worth.
SCHEDULE II
COMMITMENTS
BANK COMMITMENT
---- -----------
The Chase Manhattan Bank $225,000,000
Bank of America, N.A. 180,000,000
Deutsche Bank AG New York Branch and/or Cayman Islands Branch 180,000,000
Bank One, NA 180,000,000
Credit Suisse First Boston 130,000,000
Revolving Commitment Vehicle Corporation 130,000,000
Royal Bank of Canada 130,000,000
The Bank of New York 130,000,000
Citibank, N.A. 130,000,000
Credit Agricole Indosuez 130,000,000
Toronto Dominion (Texas), Inc. 130,000,000
Mellon Bank, N.A. 70,000,000
Wachovia Bank, N.A. 70,000,000
Banque Nationale de Paris 70,000,000
SunTrust Bank 70,000,000
Societe Generale 70,000,000
ABN AMRO Bank, N.V. 37,500,000
Banco Bilbao Argentaria, S.A. 37,500,000
Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch 37,500,000
The Fuji Bank, Limited 37,500,000
Banca di Roma-Chicago Branch 37,500,000
Banca Commerciale Italiana, Chicago Branch 37,500,000
--------------
Total $2,250,000,000
SCHEDULE III
ADDRESSES FOR NOTICES
THE CHASE MANHATTAN BANK
Attention: Xxxxxxxx Xxxxx
000 Xxxx Xxxxxx - 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
BANK OF AMERICA, N.A.
Attention: Xxxxxxxxx Xxxx
Bank of America, N.A.
000 Xxxx Xxxxxx
Xxxxxx, Xxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
BANK ONE, N.A.
Attention: Xxxxxx XxXxxx
1 Bank Xxx Xxxxx
Xxx-0000
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
DEUTSCHE BANK AG NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH
Attention: Xxxxxxxxxxx Xxxx
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
CITIBANK, N.A.
Attention: Xxxx Xxxxx
000 Xxxx Xxxxxxx Xxxxxx
7th Floor, Zone 1
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
CREDIT AGRICOLE INDOSUEZ
Attention: Xxx Xxxx
Suite 4700
2
00 Xxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000-0000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
CREDIT SUISSE FIRST BOSTON
Attention: Xxx Xxxxx
5 World Trade Xxxxxx
0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
REVOLVING COMMITMENT VEHICLE CORPORATION
Attention: Xxxxxx Xxxxx
Credit Administrator
Xxxxxx Guaranty Trust Company of New York, acting as Administrative Agent
c/o X.X. Xxxxxx Services Inc.
000 Xxxxxxx Xxxxxxxxxx Xxxx
Xxxxxx, Xxxxxxxx 00000-0000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
XXXXX XXXX XX XXXXXX
XXXXX XXXXXX (XXXXX XXXXXXX NO. 1) BRANCH
C/O NEW YORK BRANCH
Attention: Xxxxx Xxxxxxx
Xxx Xxxxxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
with a copy to:
ROYAL BANK OF CANADA
Attention: X. XxxXxxxxx
Xxx Xxxxxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
SOCIETE GENERALE
Attention: Xxxxx Xxxxxxx
000 X. Xxxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
3
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
THE BANK OF NEW YORK
Attention: Xxxxxx Xxxxx, Loan Administration
Xxx Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
THE TORONTO-DOMINION BANK
Attention: Xxxx X. Xxxxx
000 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
BANQUE NATIONALE DE PARIS
Attention: Xxxxxxxxx X. Xxxxx, Xx.
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
MELLON BANK, N.A.
Attention: Xxxxxxx Xxxxxxxx - Loan Administrator
Three Mellon Bank Center
Room 1203
Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
SUNTRUST BANK
Attention: Xxxxxx Xxxxxxxx
000 Xxxxxxxxx Xxxxxx - 3rd Floor MC 1905
Xxxxxxx, Xxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
WACHOVIA BANK, N.A.
Attention: Xxxxx Xxxxxx
000 Xxxxxxxxx Xxxxxx, Xxxxxxxxx
Xxxxxxx, Xxxxxxx 00000
Telephone: (000) 000-0000
4
Facsimile: (000) 000-0000
BANK OF TOKYO-MITSUBISHI, LTD., CHICAGO BRANCH
Attention: Xxxxx Xxxxx
000 X. Xxxxxx Xxxxxx Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
ABN AMRO BANK N.V.
Attention: Xxxxxx Xxxxx
000 X. XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
BANCA DI ROMA-CHICAGO BRANCH
Attention: Xxxxx Xxxxxxxxx
000 Xxxx Xxxxxxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Attention: Xxxxxxxxx Xxxxx
1345 Avenue of the Xxxxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
BANCA COMMERCIALE ITALIANA, CHICAGO BRANCH
Attention: Xxxxxxx Xxxxxxxxx, Vice President
Xxx Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
THE FUJI BANK, LIMITED
Attention: Xxxxx X. Xxxx
000 X. Xxxxxx Xxxxx Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
EXHIBIT A
[FORM OF BORROWING NOTICE]
______, 200_
The Chase Manhattan Bank,
as Administrative Agent under the
Credit Agreement referred to below
Xxx Xxxxx Xxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxxx
Ladies and Gentlemen:
Pursuant to subsection 2.1(c) of the $2,250,000,000 Five Year
Credit Agreement, dated as of February 22, 2000, among DEERE & COMPANY, XXXX
DEERE CAPITAL CORPORATION, the Banks parties thereto, THE CHASE MANHATTAN BANK,
as Administrative Agent, BANK OF AMERICA, N.A. and BANK ONE, NA, as
Documentation Agents, DEUTSCHE BANK AG, NEW YORK BRANCH, as Syndication Agent,
the Managing Agents named therein and the Co-Agents named therein (as the same
may be amended, supplemented or otherwise modified from time to time, the
"CREDIT AGREEMENT"), the undersigned hereby requests that the following
Committed Rate Loans be made on __________, 200_ as follows:
(1). Total Amount of Committed Rate
Loans..............................................................$_____________________
(2). Amount of (1) to be allocated to
Eurodollar Loans....................................................$_____________________
(3). Amount of (1) to be allocated to
ABR Loans..........................................................$_____________________
(4). Interest Periods and amounts to be
allocated thereto in respect of
Eurodollar Loans (amounts must total (2)):
(i) one month....................................................$_____________________
(ii) two months...................................................$_____________________
A-2
(iii) three months.................................................$_____________________
(iv) six months...................................................$_____________________
Total Eurodollar Loans..............................................$_____________________
NOTE: THE AMOUNT APPEARING IN LINE (1) ABOVE MUST BE AT LEAST EQUAL TO
$25,000,000 AND IN A WHOLE MULTIPLE OF $5,000,000 AND THE AMOUNTS APPEARING IN
EACH OTHER LINE ABOVE MUST BE AT LEAST EQUAL TO $10,000,000 AND IN A WHOLE
MULTIPLE OF $1,000,000.
Terms defined in the Credit Agreement shall have the same
meanings when used herein.
Very truly yours,
[DEERE & COMPANY]
[XXXX DEERE CAPITAL CORPORATION]
By:
---------------------------------
Title:
EXHIBIT B
[FORM OF BID LOAN REQUEST]
______, 200_
The Chase Manhattan Bank,
as Administrative Agent under the Credit
Agreement referred to below
Xxx Xxxxx Xxxxxxxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxxxxx
Ladies and Gentlemen:
Reference is made to the $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000, among DEERE & COMPANY, XXXX DEERE
CAPITAL CORPORATION, the Banks parties thereto, THE CHASE MANHATTAN BANK, as
Administrative Agent, BANK OF AMERICA, N.A. and BANK ONE, NA, as Documentation
Agents, DEUTSCHE BANK AG, NEW YORK BRANCH, as Syndication Agent, the Managing
Agents named therein and the Co-Agents named therein (as the same may be
amended, supplemented or otherwise modified from time to time, the "CREDIT
AGREEMENT"). Terms defined in the Credit Agreement are used herein as therein
defined.
This is an [Index Rate] [Absolute Rate] Bid Loan Request
pursuant to subsection 2.2 of the Credit Agreement requesting quotes for the
following Bid Loans:
Aggregate Principal Amount $_______________ $______________ $______________
Borrowing Date _______________ _______________ ______________
Interest Period _______________ ______________ ______________
Maturity Period _______________ ______________ ______________
Interest Payment Dates _______________ ______________ ______________
Interest Rate Basis 360 day year
NOTE: THE AGGREGATE PRINCIPAL AMOUNTS APPEARING ABOVE
MUST BE IN THE AGGREGATE AT LEAST EQUAL TO
$25,000,000 AND IN A WHOLE MULTIPLE OF $5,000,000.
Very truly yours,
[DEERE & COMPANY]
[XXXX DEERE CAPITAL CORPORATION]
By:
---------------------------------
Title:
--------------------
Note: Pursuant to the Credit Agreement, a Bid Loan Request may be transmitted
by facsimile transmission, or by telephone, immediately confirmed by
facsimile transmission. In any case, a Bid Loan Request shall contain
the information specified in the second paragraph of this form.
EXHIBIT C
[FORM OF BID LOAN OFFER]
______, 200_
The Chase Manhattan Bank, as Administrative
Agent under the Credit Agreement
referred to below
Xxx Xxxxx Xxxxxxxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxxxxx
Ladies and Gentlemen:
Reference is made to the $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000, among DEERE & COMPANY, XXXX DEERE
CAPITAL CORPORATION, the Banks parties thereto, THE CHASE MANHATTAN BANK, as
Administrative Agent, BANK OF AMERICA, N.A. and BANK ONE, NA, as Documentation
Agents, DEUTSCHE BANK AG, NEW YORK BRANCH, as Syndication Agent, the Managing
Agents named therein and the Co-Agents named therein (as the same may be
amended, supplemented or otherwise modified from time to time, the "CREDIT
AGREEMENT"). Terms defined in the Credit Agreement are used herein as therein
defined.
In accordance with subsection 2.2 of the Credit Agreement, the
undersigned Bid Loan Bank offers to make Bid Loans thereunder in the following
amounts with the following maturity dates:
Borrowing Date: ____________________________________, 200_
Aggregate Maximum Amount: $______________
C-2
MATURITY DATE 1: MATURITY DATE 2: MATURITY DATE 3:
Maximum Amount $ Maximum Amount $ Maximum Amount $
----------- ------------- ----------
Rate* Amount $ Rate* Amount $ Rate* Amount $
------- ------------ ------- ------------ ------ -------
Rate* Amount $ Rate* Amount $ Rate* Amount $
------- ------------ ------- ------------ ------ -------
Very truly yours,
[NAME OF BID LOAN BANK]
By:
------------------------------------------------
Name:
Title:
Telephone:
Facsimile:
* If Index Rate Bid Loan, insert percentage above or below Eurodollar Rate.
EXHIBIT D
[FORM OF BID LOAN CONFIRMATION]
_____, 200_
The Chase Manhattan Bank, as Administrative Agent
under the Credit Agreement referred
to below
Xxx Xxxxx Xxxxxxxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxxxxx
Ladies and Gentlemen:
Reference is made to the $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000, among DEERE & COMPANY, XXXX DEERE
CAPITAL CORPORATION, the Banks parties thereto, THE CHASE MANHATTAN BANK, as
Administrative Agent, BANK OF AMERICA, N.A. and BANK ONE, NA, as Documentation
Agents, DEUTSCHE BANK AG, NEW YORK BRANCH, as Syndication Agent, the Managing
Agents named therein and the Co-Agents named therein (as the same may be
amended, supplemented or otherwise modified from time to time, the "CREDIT
AGREEMENT"). Terms defined in the Credit Agreement are used herein as therein
defined.
In accordance with subsection 2.2 of the Credit Agreement, the
undersigned accepts and confirms the offers by Bid Loan Bank(s) to make Bid
Loans to the undersigned on , 200_ [Borrowing Date] under said subsection 2.2 in
the (respective) amount(s) set forth on the attached list of Bid Loans offered.
Very truly yours,
[DEERE & COMPANY]
[XXXX DEERE CAPITAL CORPORATION]
By:
---------------------------------
Title:
[Borrower to attach Bid Loan Offer list prepared by Administrative Agent with
accepted amount entered by the Borrower to right of each Bid Loan Offer].
EXHIBIT E
[FORM OF LOAN ASSIGNMENT]
LOAN ASSIGNMENT
LOAN ASSIGNMENT, dated as of the date set forth in Item 1 of
Schedule I hereto, among the Assignor Bank set forth in Item 2 of Schedule I
hereto (the "ASSIGNOR BANK"), the Loan Assignee set forth in Item 3 of Schedule
I hereto (the "LOAN ASSIGNEE"), and THE CHASE MANHATTAN BANK, as administrative
agent for the Banks under the Credit Agreement described below (in such
capacity, the "ADMINISTRATIVE AGENT").
W I T N E S S E T H :
WHEREAS, this Loan Assignment is being executed and delivered
in accordance with subsection 10.5(c) of the $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000 among DEERE & COMPANY (the "COMPANY"),
XXXX DEERE CAPITAL CORPORATION (the "CAPITAL CORPORATION"), the Banks parties
thereto, THE CHASE MANHATTAN BANK, as Administrative Agent, BANK OF AMERICA,
N.A. and BANK ONE, NA, as Documentation Agents, DEUTSCHE BANK AG, NEW YORK
BRANCH, as Syndication Agent, the Managing Agents named therein and the
Co-Agents named therein (as from time to time amended, supplemented or otherwise
modified in accordance with the terms thereof, the "CREDIT AGREEMENT"; terms
defined therein being used herein as therein defined); and
WHEREAS, the Assignor Bank has advanced to [the Company] [the
Capital Corporation] the Bid Loan or Negotiated Rate Loan or portion thereof
described in Item 5 of Schedule I hereto (the "LOAN"), and the Assignor Bank is
assigning the Loan to the Loan Assignee pursuant to this Loan Assignment;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. The Assignor Bank acknowledges receipt from the Loan
Assignee of an amount equal to the purchase price, as agreed between the
Assignor Bank and the Loan Assignee, of the outstanding principal amount of, and
accrued interest on, the Loan. The Assignor Bank hereby irrevocably sells,
assigns and transfers to the Loan Assignee without recourse, representation or
warranty, and the Loan Assignee hereby irrevocably purchases, takes and acquires
from the Assignor Bank, the Loan, together with all instruments, documents and
collateral security pertaining thereto.
E-2
2. (a) From and after the date set forth in Item 4 of Schedule
I hereto (the "TRANSFER EFFECTIVE DATE"), principal and interest that would
otherwise be payable to or for the account of the Assignor Bank pursuant to the
Loan shall, instead, be payable to or for the account of the Loan Assignee.
(b) If Item 6 of Schedule I hereto contains payment
instructions for the Loan Assignee and if the Loan Assignee delivers a copy of
this Loan Assignment to the Administrative Agent in accordance with subsection
10.5(f) of the Credit Agreement at least 5 Business Days prior to the due date
of any payment to the Loan Assignee, the Loan Assignee hereby instructs the
Administrative Agent to pay all such amounts payable to it pursuant to the
provision of subparagraph (a) of this paragraph 2 in accordance with such
payment instructions. If Item 6 of Schedule I hereto does not contain payment
instructions for the Loan Assignee (or a copy hereof is not delivered to the
Administrative Agent as aforesaid), the Assignor Bank and the Loan Assignee
agree that, notwithstanding the provisions of subparagraph (a) of this paragraph
2, the Assignor Bank is hereby appointed by the Loan Assignee as its collection
agent to receive from the Administrative Agent, for and on behalf of and for the
account of the Loan Assignee, all amounts payable to or for the account of the
Loan Assignee under the Loan; the Assignor Bank will immediately pay over to the
Loan Assignee any such amounts received by it, in like funds as received.
3. Each of the parties to this Loan Assignment agrees that at
any time and from time to time upon the written request of any other party, it
will execute and deliver such further documents and do such further acts and
things as such other party may reasonably request in order to effect the
purposes of this Loan Assignment.
4. By executing and delivering this Loan Assignment, the
Assignor Bank and the Loan Assignee confirm to and agree with each other and the
Administrative Agent and the Banks as follows: (i) other than the representation
and warranty that it is the legal and beneficial owner of the interest being
assigned hereby free and clear of any adverse claim, the Assignor Bank makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the
Credit Agreement or any other instrument or document furnished pursuant thereto
or the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Credit Agreement or any other instrument or document furnished
pursuant thereto; (ii) the Assignor Bank makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the Company
or the Capital Corporation or the performance or observance by the Company or
the Capital Corporation of any of its obligations under the Credit Agreement or
any other instrument or document furnished pursuant thereto; (iii) the Loan
Assignee confirms that it has received a copy of the Credit Agreement, together
with copies of the financial statements referred to in subsection 3.1 of the
Credit Agreement (unless financial statements referred to in subsection 5.1(a)
of the Credit Agreement have become available), the financial statements
delivered pursuant to subsection 5.1 of the Credit Agreement, if any, and such
other documents and information as it has deemed appropriate to make its own
credit analysis
E-3
and decision to enter into this Loan Assignment; (iv) the Loan Assignee will,
independently and without reliance upon the Administrative Agent, the Assignor
Bank or any other Bank and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in
respect of the Credit Agreement; and (v) the Loan Assignee appoints and
authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under the Credit Agreement as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto, all in accordance with Section 9 of the Credit
Agreement.
5. If the Loan Assignee is organized under the laws of any
jurisdiction other than the United States or any State thereof, the Loan
Assignee (i) represents to the Assignor Bank (for the benefit of the Assignor
Bank, the Administrative Agent and [the Company] [the Capital Corporation]) that
under applicable law and treaties no taxes will be required to be withheld by
the Administrative Agent, [the Company] [the Capital Corporation] or the
Assignor Bank with respect to any payments to be made to the Loan Assignee in
respect of the Loan, (ii) will furnish to the Assignor Bank, the Administrative
Agent and [the Company] [the Capital Corporation], on or prior to the Transfer
Effective Date, a letter in duplicate in the form of Exhibit J or Exhibit K, as
appropriate, to the Credit Agreement and two duly completed copies of either
U.S. Internal Revenue Service Form 4224 or U.S. Internal Revenue Service Form
1001 (wherein the Loan Assignee claims entitlement to complete exemption from
U.S. federal withholding tax on all interest payments under the Loan), (iii)
will furnish to the Assignor Bank, the Administrative Agent and [the Company]
[the Capital Corporation], on or prior to the Transfer Effective Date either
U.S. Internal Revenue Service Form W-8 or U.S. Internal Revenue Service Form W-9
(wherein the Loan Assignee claims entitlement to complete exemption from U.S.
federal backup withholding tax on all interest payments under the Loan) and (iv)
agrees (for the benefit of the Assignor Bank, the Administrative Agent and [the
Company] [the Capital Corporation]) to provide the Assignor Bank, the
Administrative Agent and [the Company] [the Capital Corporation] a new Form 4224
or Form 1001 and Form W-8 or W-9 or successor applicable form or other manner of
certification on or before the expiration or obsolescence of, or after the
occurrence of any event requiring a change in, any previously delivered letter
or form and comparable statements in accordance with applicable U.S. laws and
regulations and amendments duly executed and completed by the Loan Assignee, and
comply from time to time with all applicable U.S. laws and regulations with
regard to such withholding tax exemption and such backup withholding tax
exemption.
6. The Loan Assignee agrees to be bound by subsection 10.7 of
the Credit Agreement relating to confidentiality.
7. This Loan Assignment shall be governed by, and construed
and interpreted in accordance with, the law of the State of New York.
E-4
IN WITNESS WHEREOF, the parties hereto have caused this Loan
Assignment to be executed by their respective duly authorized officers on
Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto.
SCHEDULE I
TO LOAN
ASSIGNMENT
Item 1 (Date of Loan
Assignment): [Insert date of Loan Assignment]
Item 2 (Assignor Bank): [Insert name of Assignor Bank]
Item 3 (Loan Assignee): [Insert name, address, telephone and telex numbers and name of
contact party of Loan Assignee]
Item 4 (Transfer Effective Date): [Insert Transfer Effective Date] [To be a date not less than five
Business Days after date of Loan Assignment]
Item 5 (Description of Loan):
a. Borrowing Date and Maturity Date of Bid Loan
or Negotiated Rate Loan:
b. Principal Amount of Loan:
Item 6 (Payment Instructions): [Complete only if payments are to be
made by Administrative Agent to Loan
Assignee rather than to Assignor Bank as
collection agent for Loan Assignee; leave
blank if Assignor Bank is to act as such
collection agent]
Item 7 (Signatures):
___________________________________, as
Assignor Bank
By:___________________________________
Title:
___________________________________, as
Loan Assignee
2
By:___________________________________
Title:
ACCEPTED FOR RECORDATION
IN REGISTER:
THE CHASE MANHATTAN BANK, as Administrative
Agent
By:_________________________________
Title:
EXHIBIT F
[FORM OF COMMITMENT TRANSFER SUPPLEMENT]
COMMITMENT TRANSFER SUPPLEMENT
COMMITMENT TRANSFER SUPPLEMENT, dated as of the date set forth
in Item 1 of Schedule I hereto, among the Transferor Bank set forth in Item 2 of
Schedule I hereto (the "TRANSFEROR BANK"), each Purchasing Bank set forth in
Item 3 of Schedule I hereto (each, a "PURCHASING BANK"), DEERE & COMPANY, a
Delaware corporation (the "COMPANY"), XXXX DEERE CAPITAL CORPORATION, a Delaware
corporation (the "CAPITAL CORPORATION"), and THE CHASE MANHATTAN BANK, as
administrative agent for the Banks under the Credit Agreement described below
(in such capacity, the "ADMINISTRATIVE AGENT").
W I T N E S S E T H :
WHEREAS, this Commitment Transfer Supplement is being executed
and delivered in accordance with subsection 10.5(d) of the $2,250,000,000 Five
Year Credit Agreement, dated as of February 22, 2000, among the Company, the
Capital Corporation, the Transferor Bank and the other Banks party thereto, The
Chase Manhattan Bank, as Administrative Agent, Bank of America, N.A. and Bank
One, NA, as Documentation Agents, Deutsche Bank AG, New York Branch, as
Syndication Agent, the Managing Agents named therein and the Co-Agents named
therein (as from time to time amended, supplemented or otherwise modified in
accordance with the terms thereof, the "CREDIT AGREEMENT"; terms defined therein
being used herein as therein defined);
WHEREAS, each Purchasing Bank (if it is not already a Bank
party to the Credit Agreement) wishes to become a Bank party to the Credit
Agreement; and
WHEREAS, the Transferor Bank is selling and assigning to each
Purchasing Bank, rights, obligations and commitments under the Credit Agreement;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. From and after the Transfer Effective Date set forth in
Item 4 of Schedule I hereto (the "TRANSFER EFFECTIVE DATE"), each Purchasing
Bank shall be a Bank party to the Credit Agreement for all purposes thereof.
F-2
2. The Transferor Bank acknowledges receipt from each
Purchasing Bank of an amount equal to the purchase price, as agreed between the
Transferor Bank and such Purchasing Bank (the "PURCHASE PRICE"), of the portion
being purchased by such Purchasing Bank (such Purchasing Bank's "PURCHASED
PERCENTAGE") of the outstanding Commitment of such Transferor Bank and/or
Committed Rate Loans and other amounts owing to the Transferor Bank under the
Credit Agreement (other than any Bid Loans and Negotiated Rate Loans owing to
the Transferor Bank). The Transferor Bank hereby irrevocably sells, assigns and
transfers to each Purchasing Bank, without recourse, representation or warranty,
and each Purchasing Bank hereby irrevocably purchases, takes and assumes from
the Transferor Bank, such Purchasing Bank's Purchased Percentage of the
Commitments and the presently outstanding Committed Rate Loans and other amounts
owing to the Transferor Bank under the Credit Agreement (other than any Bid
Loans and Negotiated Rate Loans owing to the Transferor Bank) together with all
instruments, documents and collateral security pertaining thereto.
3. The Transferor Bank has made arrangements with each
Purchasing Bank with respect to (i) the portion, if any, to be paid, and the
date or dates for payment, by the Transferor Bank to such Purchasing Bank of any
fees heretofore received by the Transferor Bank pursuant to the Credit Agreement
prior to the Transfer Effective Date and (ii) the portion, if any, to be paid,
and the date or dates for payment, by such Purchasing Bank to the Transferor
Bank of fees or interest received by such Purchasing Bank pursuant to the Credit
Agreement from and after the Transfer Effective Date.
4. (a) From and after the Transfer Effective Date, principal,
interest, fees and other amounts that would otherwise be payable to or for the
account of the Transferor Bank pursuant to the Credit Agreement and the
Committed Rate Loans (other than any Bid Loans and Negotiated Rate Loans owing
to the Transferor Bank) shall, instead, be payable to or for the account of the
Transferor Bank and the Purchasing Banks, as the case may be, in accordance with
their respective interests as reflected in this Commitment Transfer Supplement,
whether such amounts have accrued prior to the Transfer Effective Date or accrue
subsequent to the Transfer Effective Date.
(b) The Transferor Bank and each Purchasing Bank hereby agree
and instruct the Administrative Agent that, notwithstanding the provisions of
subparagraph (a) of this paragraph 4, on each date hereafter on which interest
or fees are payable under the Credit Agreement and the Committed Rate Loans in
respect of any period (an "ACCRUAL PERIOD") ending on or prior to the Transfer
Effective Date, any such interest or fees payable to the Purchasing Bank on
account of such Accrual Period in respect of its interests as reflected in this
Commitment Transfer Supplement shall be paid over to the Transferor Bank (and,
if such interest or fees are not paid in full when due, the payment over to the
Transferor Bank shall be ratable), and the Transferor Bank and such Purchasing
Bank will make appropriate arrangements for the payment to such Purchasing Bank
of the portion
F-3
thereof owing to it to reflect the amount, if any, included in the Purchase
Price for interest and fees in respect of any Accrual Period.
5. On or promptly after the Transfer Effective Date specified
in this Commitment Transfer Supplement, the Purchasing Bank and the
Administrative Agent, on behalf of such Purchasing Bank, shall open and maintain
in the name of each Borrower a Loan Account with respect to such Purchasing
Bank's Committed Rate Loans and Bid Loans to such Borrower.
6. Concurrently with the execution and delivery hereof, the
Administrative Agent will, at the expense of the Transferor Bank, provide to
each Purchasing Bank (if it is not already a Bank party to the Credit Agreement)
conformed copies of all documents delivered to the Administrative Agent on the
Closing Date in satisfaction of the conditions precedent set forth in the Credit
Agreement.
7. Each of the parties to this Commitment Transfer Supplement
agrees that at any time and from time to time upon the written request of any
other party, it will execute and deliver such further documents and do such
further acts and things as such other party may reasonably request in order to
effect the purposes of this Commitment Transfer Supplement.
8. By executing and delivering this Commitment Transfer
Supplement, the Transferor Bank and each Purchasing Bank confirm to and agree
with each other and the Administrative Agent and the Banks as follows: (i) other
than the representation and warranty that it is the legal and beneficial owner
of the interest being assigned hereby free and clear of any adverse claim, the
Transferor Bank makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations
made in or in connection with the Credit Agreement or any other instrument or
document furnished pursuant thereto or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement, the
Committed Rate Loans or any other instrument or document furnished pursuant
thereto; (ii) the Transferor Bank makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the Company
or the Capital Corporation or the performance or observance by the Company or
the Capital Corporation of any of its obligations under the Credit Agreement or
any other instrument or document furnished pursuant thereto; (iii) each
Purchasing Bank confirms that it has received a copy of the Credit Agreement,
together with copies of the financial statements referred to in subsection 3.1
of the Credit Agreement, the financial statements delivered pursuant to
subsection 5.1 of the Credit Agreement, if any, and such other documents and
information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Commitment Transfer Supplement; (iv) each Purchasing
Bank will, independently and without reliance upon the Administrative Agent, the
Transferor Bank or any other 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; (v) each
F-4
Purchasing Bank appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers under the Credit
Agreement as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are reasonably incidental thereto, all in
accordance with Section 9 of the Credit Agreement; and (vi) each Purchasing Bank
agrees that it will perform in accordance with their terms all of the
obligations which by the terms of the Credit Agreement are required to be
performed by it as a Bank.
9. If the Purchasing Bank is organized under the laws of any
jurisdiction other than the United States or any State thereof, the Purchasing
Bank (i) represents to the Transferor Bank (for the benefit of the Transferor
Bank, the Administrative Agent and the Borrowers) that under applicable law and
treaties no taxes will be required to be withheld by the Administrative Agent,
the Borrowers or the Transferor Bank with respect to any payments to be made to
the Purchasing Bank in respect of the Loans, (ii) will furnish to the Transferor
Bank, the Administrative Agent and the Borrowers, on or prior to the Transfer
Effective Date, a letter in duplicate in the form of Exhibit J or Exhibit K, as
appropriate, to the Credit Agreement and two duly completed copies of either
U.S. Internal Revenue Service Form 4224 or U.S. Internal Revenue Service Form
1001 (wherein the Purchasing Bank claims entitlement to complete exemption from
U.S. federal withholding tax on all interest payments in respect of the Loans),
(iii) will furnish to the Transferor Bank, the Administrative Agent and the
Borrowers, on or prior to the Transfer Effective Date either U.S. Internal
Revenue Service Form W-8 or U.S. Internal Revenue Service Form W-9 (wherein the
Purchasing Bank claims entitlement to complete exemption from U.S. federal
backup withholding tax on all interest payments under the Loan) and (iv) agrees
(for the benefit of the Transferor Bank, the Administrative Agent and the
Borrowers), to provide the Transferor Bank, the Administrative Agent and the
Borrowers a new Form 4224 or Form 1001 and Form W-8 or W-9 or successor
applicable form or other manner of certification on or before the expiration or
obsolescence of, or after the occurrence of any event requiring a change in, any
previously delivered letter or form and comparable statements in accordance with
applicable U.S. laws and regulations and amendments duly executed and completed
by the Purchasing Bank, and comply from time to time with all applicable U.S.
laws and regulations with regard to such withholding tax exemption and such
backup withholding tax exemption.
10. The Purchasing Bank agrees to be bound by subsection 10.7
of the Credit Agreement relating to confidentiality.
11. Schedule II hereto sets forth the revised Commitments and
Commitment Percentages of the Transferor Bank and each Purchasing Bank as well
as administrative information with respect to each Purchasing Bank.
12. This Commitment Transfer Supplement shall be governed by,
and construed and interpreted in accordance with, the law of the State of New
York.
F-5
IN WITNESS WHEREOF, the parties hereto have caused this
Commitment Transfer Supplement to be executed by their respective duly
authorized officers on Schedule I hereto as of the date set forth in Item 1 of
Schedule I hereto.
SCHEDULE I
TO
COMMITMENT
TRANSFER
SUPPLEMENT
----------
COMPLETION OF INFORMATION AND
SIGNATURES FOR COMMITMENT
TRANSFER SUPPLEMENT
-------------------
Item 1 (Date of Commitment [Insert date of Commitment
Transfer Supplement): Transfer Supplement]
Item 2 (Transferor Bank): [Insert name of Transferor Bank]
Item 3 (Purchasing Bank[s]): [Insert name[s] of Purchasing
Bank[s]]
Item 4 (Transfer Effective Date): [Insert Transfer Effective Date:]
[To be a date not less than five
Business Days after date of
Commitment Transfer Supplement]
Item 5 (Signatures of Parties
to Commitment Transfer
Supplement):
___________________________________,
as Transferor Bank
By:
---------------------------------
Title:
___________________________________,
as a Purchasing Bank
By:
---------------------------------
Title:
___________________________________,
as a Purchasing Bank
2
By:
---------------------------------
Title:
CONSENTED TO AND ACKNOWLEDGED:
DEERE & COMPANY
By:
----------------------------------
Title:
XXXX DEERE CAPITAL CORPORATION
By:
----------------------------------
Title:
ACCEPTED FOR RECORDATION
IN REGISTER:
THE CHASE MANHATTAN BANK, as Administrative
Agent
By:
----------------------------------
Title:
SCHEDULE II
TO COMMITMENT
TRANSFER
SUPPLEMENT
-------------
LIST OF LENDING OFFICES, ADDRESSES
FOR NOTICES AND COMMITMENT AMOUNTS
----------------------------------
[Name of Transferor Bank] REVISED COMMITMENT AMOUNT: $_________________
REVISED COMMITMENT PERCENTAGE: _________________
[Name of Purchasing Bank] NEW COMMITMENT AMOUNT: $_________________
ADDRESS FOR NOTICES:
NEW COMMITMENT PERCENTAGE: _________________
--------------------
--------------------
--------------------
Attn:_______________
Telephone:__________
Facsimile:__________
[Name of Purchasing Bank] NEW COMMITMENT AMOUNT: $_________________
ADDRESS FOR NOTICES:
NEW COMMITMENT PERCENTAGE: _________________
--------------------
--------------------
--------------------
Attn:_______________
Telephone:__________
Facsimile:__________
EXHIBIT G
[FORM OF OPINION OF ASSOCIATE GENERAL COUNSEL
TO THE BORROWERS]
[Closing Date]
To each of the Banks parties to
the Credit Agreement referred to
below and to The Chase Manhattan
Bank, as Administrative Agent
DEERE & COMPANY AND
XXXX DEERE CAPITAL CORPORATION
Ladies and Gentlemen:
This opinion is furnished to you pursuant to subsection 4.1(c)
of the $2,250,000,000 Five Year Credit Agreement dated as of February 22, 2000
(the "Credit Agreement") among Deere & Company (the "Company"), Xxxx Deere
Capital Corporation (the "Capital Corporation", the Company and the Capital
Corporation being referred to herein individually as a "Borrower" and
collectively as the "Borrowers"), the Banks parties thereto, The Chase Manhattan
Bank, as Administrative Agent, Bank of America, N.A. and Bank One, NA, as
Documentation Agents, Deutsche Bank AG, New York Branch, as Syndication Agent,
the Managing Agents named therein and the Co-Agents named therein for said
Banks. Terms defined in the Credit Agreement are used herein as therein defined.
I am Associate General Counsel of the Company and have acted
as counsel for the Capital Corporation in this matter. I am familiar with the
corporate history and organization of each Borrower and of its Subsidiaries and
the proceedings relating to the authorization, execution and delivery by each
Borrower of the Credit Agreement. In that connection I have examined or caused
to have examined:
1. The Credit Agreement;
2. The documents furnished by each of the Borrowers
pursuant to Section 4 of the Credit Agreement;
3. The Certificates of Incorporation of the Borrowers
and all amendments thereto (the "Charters");
G-2
4. The bylaws of the Borrowers and all amendments
thereto (the "Bylaws"); and
5. Certificates of the Secretary of State of Delaware,
each dated a recent date, attesting to the continued
corporate existence and good standing of the
Borrowers in that State.
In addition, I have reviewed or caused to have reviewed such
of the corporate proceedings of the Borrowers, and have examined or caused to
have examined such documents, corporate records, and other instruments relating
to the organization of the Borrowers and their respective Subsidiaries and such
other agreements and instruments to which the Borrowers and their respective
Subsidiaries are parties, as I consider necessary as a basis for the opinions
hereinafter expressed. I have assumed the due execution and delivery, pursuant
to due authorization, of the Credit Agreement by the Banks, the Administrative
Agent, the Syndication Agent, the Documentation Agents, the Managing Agents and
the Co-Agents, and the authenticity of all documents submitted to me as
originals and the conformity to the original documents of all documents
submitted to me as certified, conformed or photostatic copies.
I am qualified to practice law in the State of Illinois and do
not purport to be an expert on, and do not express any opinion herein
concerning, any laws other than the laws of the State of Illinois, the General
Corporation Law of the State of Delaware and the Federal laws of the United
States.
Based upon the foregoing and upon such investigation as I have
deemed necessary, I am of the following opinion:
1. Each Borrower is a corporation duly organized,
validly existing and in good standing under the laws
of the State of Delaware and has the corporate power
and authority to carry on its business as now being
conducted and to own its properties.
2. The execution, delivery and performance by each
Borrower of the Credit Agreement are within such
Borrower's corporate powers, have been duly
authorized by all necessary corporate action, and (i)
do not contravene, or constitute a default under the
Charter or the Bylaws of such Borrower, any judgment,
law, rule or regulation applicable to such Borrower,
or any Contractual Obligation by which such Borrower
is bound or (ii) result in the creation of any lien,
charge or encumbrance upon any of its property or
assets. The Credit Agreement has been duly executed
and delivered on behalf of each Borrower.
3. No authorization, approval, or other action by, and
no notice to or filing with, any governmental
authority or regulatory body is
G-3
required for the due execution, delivery and
performance by each Borrower of the Credit Agreement.
4. There is no pending or, to the best of my knowledge,
threatened action or proceeding against either
Borrower or any of its Subsidiaries before any court,
governmental agency or arbitrator which is likely to
have a materially adverse effect upon the financial
condition or operations of such Borrower and its
Subsidiaries taken as a whole.
I am aware that Shearman & Sterling will rely upon the
opinions set forth in paragraphs 1, 2, and 3 of this opinion in rendering their
opinion furnished pursuant to subsection 4.1(c) of the Credit Agreement and
consent thereto.
Very truly yours,
Xxxxxxx X. Xxxxxxx
EXHIBIT H
[FORM OF OPINION OF SPECIAL NEW YORK COUNSEL
TO THE BORROWERS]
[Closing Date]
To each of the Banks parties to the
Credit Agreement referred to below and
to The Chase Manhattan Bank, as
Administrative Agent
DEERE & COMPANY
XXXX DEERE CAPITAL CORPORATION
Ladies and Gentlemen:
This opinion is furnished to you pursuant to subsection 4.1(c)
of the $2,250,000,000 Five Year Credit Agreement, dated as of February 22, 2000
(the "Credit Agreement"), among Deere & Company (the "Company"), Xxxx Deere
Capital Corporation (the "Capital Corporation", the Company and the Capital
Corporation being referred to herein individually as a "Borrower" and
collectively as the "Borrowers"), the Banks parties thereto, The Chase Manhattan
Bank, as Administrative Agent, Bank of America, N.A. and Bank One, NA, as
Documentation Agents, Deutsche Bank AG, New York Branch, as Syndication Agent,
the Managing Agents named therein and the Co-Agents named therein. Terms defined
in the Credit Agreement are used herein as therein defined.
We have acted as special New York counsel for the Borrowers in
connection with the preparation, execution and delivery of the Credit Agreement.
In that connection we have examined:
(1) the Credit Agreement; and
(2) the documents furnished by each of the Borrowers
pursuant to Section 4.1 of the Credit Agreement.
We have assumed the due execution and delivery, pursuant to
due authorization, of the Credit Agreement by the Banks and the Agents, the
authenticity of all
H-2
documents submitted to us as originals and the conformity to the original
documents of all documents submitted to us as certified, conformed or
photostatic copies. We have also assumed that the Banks and the Agents will
perform the Credit Agreement reasonably and in good faith and will act
reasonably and in good faith in taking action, exercising discretion and making
determinations thereunder. We have also assumed that no Bid Loan or Negotiated
Rate Loan made in an amount of less than $2,250,000 will bear interest at a rate
greater than 25% per annum.
We are qualified to practice law in the State of New York. We
do not express any opinion herein concerning any laws other than the laws of the
State of New York and the Federal laws of the United States. To the extent our
opinions expressed below involve conclusions as to matters set forth in
paragraph 1, 2 or 3 of the opinion of Xxxxxxx X. Xxxxxxx, Associate General
Counsel to the Borrowers, a copy of which is being delivered to you today
pursuant to Section 4.1(c) of the Credit Agreement, we have, with your
permission, relied on such opinion.
Based upon the foregoing and upon such investigation as we
have deemed necessary, we are of the opinion that the Credit Agreement
constitutes the legal, valid and binding obligation of each Borrower enforceable
against such Borrower in accordance with its terms, subject to (a) the effect of
any applicable bankruptcy, insolvency (including, without limitation, all laws
relating to fraudulent transfers, reorganization and moratorium) or similar law
affecting creditors' rights generally and (b) the effect of general principles
of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing (regardless of whether considered in
a proceeding in equity or at law).
Very truly yours,
SHEARMAN & STERLING
EXHIBIT I
[FORM OF EXTENSION REQUEST]
____________________, 200_
The Chase Manhattan Bank,
as Administrative Agent
Xxx Xxxxx Xxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: ________________________
Ladies and Gentlemen:
Reference is made to the $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000 among Deere & Company, Xxxx Deere
Capital Corporation, the Banks parties thereto, The Chase Manhattan Bank, as
Administrative Agent, Bank of America, N.A. and Bank One, NA, as Documentation
Agents, Deutsche Bank AG, New York Branch, as Syndication Agent, the Managing
Agents named therein and the Co-Agents named therein (as the same may be
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"). Terms defined in the Credit Agreement are used herein as therein
defined.
I-2
This is an Extension Request pursuant to subsection 2.16 of
the Credit Agreement requesting an extension of the Termination Date to [INSERT
REQUESTED TERMINATION DATE]. Please transmit a copy of this Extension Request to
each of the Banks.
Very truly yours,
DEERE & COMPANY
By:___________________________________
Title:
XXXX DEERE CAPITAL CORPORATION
By:___________________________________
Title:
EXHIBIT J
[FORM OF TAX LETTER]
[To be sent in DUPLICATE and accompanied
by TWO executed copies of Form 1001 of
the Internal Revenue Service]
[Bank's Letterhead]
______________, 200_
Deere & Company
Xxx Xxxx Xxxxx Xxxxx
Xxxxxx, Xxxxxxxx 00000
Attention: Treasurer
Xxxx Deere Capital Corporation
First Xxxxxxxx Xxxx Xxxxxxxx
0 Xxxx Xxxxx Xxxxxx
Xxxx, Xxxxxx 00000
Attention: Manager
Re: $2,250,000,000 Five Year Credit Agreement
dated as of February 22, 2000 with Deere &
Company and Xxxx Deere Capital Corporation
------------------------------------------
Ladies and Gentlemen:
In connection with the $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000, among Deere & Company, Xxxx Deere
Capital Corporation, the Banks parties thereto, The Chase Manhattan Bank, as
Administrative Agent, Bank of America, N.A. and Bank One, NA, as Documentation
Agents, Deutsche Bank AG, New York Branch, as Syndication Agent, the Managing
Agents named therein and the Co-Agents named therein, we hereby represent and
warrant that [name of Bank, address] is a
J-2
[name of Country] corporation and is currently exempt from any U.S. federal
withholding tax on payments to it from U.S. sources by virtue of compliance with
the provisions of the Income Tax Convention between the United States and [name
of Country] signed [date], [as amended]. Our fiscal year is the twelve months
ending [__________].
The undersigned (a) is a corporation organized under the
laws of [________] whose registered business is managed or controlled in
[________], (b) [does not have a permanent establishment or fixed base in the
United States] [does have a permanent establishment or fixed base in the United
States but the above Agreement is not effectively connected with such permanent
establishment or fixed base], (c) is not exempt from tax on the income in
[________] and (d) is the beneficial owner of the income.
We enclose herewith two copies of Form 1001 of the U.S.
Internal Revenue Service.
Yours faithfully,
[NAME OF BANK]
By:
------------------------
Title:
cc: The Chase Manhattan Bank, as Administrative Agent
EXHIBIT K
[FORM OF TAX LETTER]
[To be sent in DUPLICATE and accompanied
by TWO executed copies of Form 4224 of
the Internal Revenue Service]
[Bank's Letterhead]
_________________________, 2000_
Deere & Company
Xxx Xxxx Xxxxx Xxxxx
Xxxxxx, Xxxxxxxx 00000
Attention: Treasurer
Xxxx Deere Capital Corporation
First Xxxxxxxx Xxxx Xxxxxxxx
0 Xxxx Xxxxx Xxxxxx
Xxxx, Xxxxxx 00000
Attention: Manager
Re: $2,250,000,000 Five Year Credit Agreement
dated as of February 22, 2000 with Deere &
Company and Xxxx Deere Capital Corporation
------------------------------------------
Ladies and Gentlemen:
In connection with the above $2,250,000,000 Five Year Credit
Agreement, dated as of February 22, 2000 among Deere & Company, Xxxx Deere
Capital Corporation, the Banks parties thereto, The Chase Manhattan Bank, as
Administrative Agent, Bank of America, N.A. and Bank One, NA, as Documentation
Agents, Deutsche Bank AG, New York Branch, as Syndication Agent, the Managing
Agents named therein and the Co-Agents named therein, we hereby represent and
warrant that [name of Bank, address] is a
K-2
corporation and is entitled to exemption from U.S. federal withholding tax on
payments to it under the Agreement by virtue of Section 1441(c)(1) of the
Internal Revenue Code of the United States of America and Treasury Regulation
Section 1.1441-4(a) thereunder.
We enclose herewith two copies of Form 4224 of the U.S.
Internal Revenue Service.
Yours faithfully,
[NAME OF BANK]
By
-------------------------
Title:
cc: The Chase Manhattan Bank, as Administrative Agent
EXHIBIT L
[FORM OF AGREEMENT]
THIS AGREEMENT, dated as of ____, 200_ ("AGREEMENT"), among
Deere & Company (the "Company"), Xxxx Deere Capital Corporation (the "CAPITAL
CORPORATION"), ____________ ("NEW BANK") and The Chase Manhattan Bank, as
Administrative Agent for the Existing Banks referred to below.
W I T N E S S E T H :
WHEREAS, the Company, the Capital Corporation, the several
financial institutions parties thereto (the "EXISTING BANKS"), The Chase
Manhattan Bank, as Administrative Agent, Bank of America, N.A. and Bank One, NA,
as Documentation Agents, Deutsche Bank AG, New York Branch, as Syndication
Agent, the Managing Agents named therein and the Co-Agents named therein are
parties to the $2,250,000,000 Five Year Credit Agreement, dated as of February
22, 2000 (as the same may have been or may hereafter be amended, supplemented or
otherwise modified, the "CREDIT AGREEMENT"; terms defined therein being used
herein as therein defined);
WHEREAS, subsection 2.19 of the Credit Agreement provides that
one or more financial institutions (which may be Existing Banks) may be added as
a "Bank" or "Banks" for purposes of the Credit Agreement upon the cancellation
of all or a portion of the Commitments pursuant to subsection 2.13(a), (b) or
(c), 2.16(c) or 2.17(b) of the Credit Agreement or the expiration of all or a
portion of the Commitments pursuant to subsection 2.16(b) of the Credit
Agreement and the execution of an agreement in substantially the form of this
Agreement;
WHEREAS, the Borrowers have cancelled or there have expired an
aggregate principal amount of Commitments equal to $______ which have not
heretofore been replaced (the "CANCELLED COMMITMENTS"; the Banks that are
maintaining or have maintained the Cancelled Commitments being collectively
referred to as "CANCELLED BANKS"); such Cancelled Commitments being on the date
hereof, or on the date of notice of cancellation hereof having been, utilized as
follows:
Last day of
Principal Amount Interest Period
---------------
I UNUSED PORTION N/A
II COMMITTED RATE LOANS
L-2
Eurodollar Loans
1
2
3
ABR Loans N/A
III BID LOANS
1
2
3
IV NEGOTIATED RATE LOANS
1
2
3
WHEREAS, the cancellation of the Cancelled Commitments is
effective in accordance with the Credit Agreement; and
WHEREAS, [the Borrowers desire the New Bank to become, and the
New Bank is agreeable, to becoming, a "Bank" for purposes of the Credit
Agreement] [the New
L-3
Bank is an Existing Bank and the Borrowers desire the New Bank to increase, and
the New Bank is agreeable to increasing, its Commitment]* on the terms contained
herein.
NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein, the parties hereto agree as follows:
1. BENEFITS OF AGREEMENT. The Borrowers, the Administrative
Agent and the New Bank hereby [agree that on and as of the date hereof the New
Bank shall be] [confirm that the New Bank is] a "Bank" for all purposes and
shall [continue to] be bound by and entitled to the benefits of the Credit
Agreement [as if the New Bank had been named on the signature pages thereof],
PROVIDED that the New Bank shall not assume and shall, except as herein
provided, have no obligations in respect of any Loans outstanding on the date
hereof and made by any [Existing Bank.] [Cancelled Bank.]*
2. COMMITMENT OF NEW BANK. The Borrowers, the Administrative
Agent and the New Bank hereby agree that on and as of the dates set forth below
the New Bank shall replace, as specified herein, ___% (such percentage being
referred to as the New Bank's "Percentage") of each utilization of the Cancelled
Commitments [set forth in the third recital hereof] [set forth under the caption
"Committed Rate Loans"] and that the aggregate Commitment of the New Bank shall
on and as of the date hereof be $ ___**. In connection therewith, the Borrowers,
the Administrative Agent and the New Bank hereby agree as follows***:
(i) for purposes of determining such New Bank's pro rata share of
each Committed Rate Loan borrowing advanced on or after the date hereof
such Bank's Commitment shall be equal to $[SAME AS ABOVE];
-----------------------------
* As appropriate for New or Existing Banks.
** Insert amount equal to sum of New Bank's existing Commitment, if any,
plus New Bank's Percentage of Cancelled Commitments.
*** The following clauses (ii)-(iii) may be altered to reflect the
agreements among the Cancelled Bank, the New Bank and the Borrowers
provided such agreements do not adversely affect any Existing Bank or
the Administrative Agent.
L-4
(ii) the unused and available portion of such New Bank's Commitment
shall be deemed utilized by its Percentage of the Committed Rate Loans
made by the Cancelled Banks and listed in the third recital hereof. In
furtherance thereof, the unused and available portion of such New
Bank's Commitment shall, on the earlier of (x) the last day of each
Interest Period specified for each outstanding Committed Rate Loan in
the third recital hereof (and the payment in full to the Cancelled
Banks of the principal thereof and accrued interest thereon) and (y)
the prepayment of the principal of such Loans together with accrued
interest thereon, automatically and without any further action by any
party increase by an amount equal to the New Bank's Percentage of such
Loan; and
(iii) [(A)] [concurrently with the execution hereof the New Bank
shall disburse to each Borrower in immediately available funds such
amount as shall be necessary so that the ratio which each Bank's
outstanding ABR Loans bears to all of the outstanding ABR Loans equals
the ratio which each Bank's Commitment (determined, for the New Bank,
in accordance with clause (i) above) bears to all of the Commitments
(determined, for the New Bank, in accordance with the immediately
foregoing parenthetical);]
[(B)] [on the last day of each Interest Period for each
outstanding Eurodollar Loan, automatically and without any further action by
either Borrower, the New Bank shall disburse to each Borrower in immediately
available funds such amounts as shall be necessary so that the ratio which each
Bank's outstanding Eurodollar Loans, bears to all of the outstanding Eurodollar
Loans, equals the ratio which each Bank's Commitment (determined, for the New
Bank, in accordance with clause (i) hereof) bears to all of the Commitments
(determined, for the New Bank, in accordance with the immediately foregoing
parenthetical);]
[(C)] [Funding of outstanding Bid Loans of Cancelled Banks]*
[(D)] [Funding of outstanding Negotiated Rate Loans of
Cancelled Banks].*
3. REPRESENTATION AND WARRANTY OF BORROWERS. The Borrowers
hereby represent and warrant that after giving effect to the provisions of
paragraph 2 hereof the aggregate principal amount of the Commitments of all
Banks (including, without limitation, the Commitment of the New Bank but
excluding the cancelled or expired portion of the Commitments of the Cancelled
Banks) under the Credit Agreement do not exceed the aggregate principal amount
of the Commitments in effect immediately prior to the cancellation referred to
in the third recital hereof.
-------------------------
* To be completed upon agreement of Borrowers and New Bank.
L-5
4. CONFIDENTIALITY. The New Bank agrees to [continue to] be
bound by the provisions of subsection 10.7 of the Credit Agreement.
[5. TAXES. The New Bank (i) represents to the Administrative
Agent and the Borrowers that [it is incorporated under the laws of the United
States or a state thereof][under applicable law and treaties no taxes will be
required to be withheld by the Administrative Agent or the Borrowers with
respect to any payments to be made to such New Bank in respect of the Loans],
(ii) represents that it has furnished to the Administrative Agent and the
Borrowers (A) [a statement that it is incorporated under the laws of the United
States or a state thereof][a letter in duplicate in the form of Exhibit [J][K]
to the Credit Agreement and two duly completed copies of United States Internal
Revenue Service Form [4224][1001][successor applicable form], certifying that
such New Bank is entitled to receive payments under the Credit Agreement without
deduction or withholding of any United States federal income taxes], and (B) [an
Internal Revenue Service Form [W-8][W-9]] [successor applicable form] to
establish an exemption from United States backup withholding tax, and (iii)
agrees to provide the Administrative Agent and the Borrowers a new Form
[4224][1001] and Form [W-8][W-9], or successor applicable form or other manner
of certification, on or before the date that any such letter or form expires or
becomes obsolete or after the occurrence of any event requiring a change in the
most recent letter and form previously delivered by it, certifying in the case
of a Form [1001][4224] that it is entitled to receive payments under the Credit
Agreement without deduction or withholding of any United States federal income
tax, and in the case of a Form [W-8][W-9] establishing exemption from United
States backup withholding tax.]*
[5][6]. MISCELLANEOUS. (a) This Agreement may be executed by
the parties hereto in separate counterparts and all of the counterparts taken
together shall constitute one and the same instrument and shall be effective
only upon receipt by the Administrative Agent of all of the counterparts.
(b) This Agreement shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.
-----------------------------
* Use for non-Existing Banks.
L-6
IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed and delivered as of the day and year first above written.
DEERE & COMPANY
By:
----------------------------------------------------
Title:
XXXX DEERE CAPITAL CORPORATION
By:
----------------------------------------------------
Title:
[NAME OF NEW BANK]
By:
----------------------------------------------------
Title:
[Address]
Telephone:
Facsimile:
THE CHASE MANHATTAN BANK, as
Administrative Agent
By:
----------------------------------------------------
Title:
EXHIBIT M
[FORM OF BID LOAN OR NEGOTIATED RATE LOAN NOTE]
PROMISSORY NOTE
$__________ New York, New York
___________ __, 200_
FOR VALUE RECEIVED, the undersigned, [DEERE & COMPANY] [XXXX
DEERE CAPITAL CORPORATION], a Delaware corporation (the "BORROWER"), hereby
promises to pay on [insert maturity date or dates] to the order of
________________ (the "BANK") at the office of [The Chase Manhattan Bank located
at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 -- for Bid Loan Note] [Name and
address of Bank -- for Negotiated Rate Loan Note], in lawful money of the United
States of America and in immediately available funds, the principal sum of
______________DOLLARS ($____________). The undersigned further agrees to pay
interest in like money at such office on the unpaid principal amount hereof from
time to time from the date hereof [at the rate of ___% per annum -- for Bid Loan
Note] [specify rate for Negotiated Rate Loan Note] (calculated on the basis of a
year of 360 days and actual days elapsed) until the due date hereof (whether at
the stated maturity, by acceleration, or otherwise) and thereafter at the rates
determined or agreed in accordance with subsection 2.2(e) of the $2,250,000,000
Five Year Credit Agreement, dated as of February 22, 2000 (the "CREDIT
AGREEMENT"), among the Borrower, [Deere & Company] [Xxxx Deere Capital
Corporation], the Bank, the other financial institutions parties thereto, The
Chase Manhattan Bank, as Administrative Agent, Bank of America, N.A. and Bank
One, NA, as Documentation Agents, Deutsche Bank AG, New York Branch, as
Syndication Agent, the Managing Agents named therein and the Co-Agents named
therein. Interest shall be payable on _______________. This Note may be prepaid
pursuant to the provisions of subsection 2.6 of the Credit Agreement.
This Note is one of the [Bid] [Negotiated Rate Loan] Notes
referred to in, is subject to and is entitled to the benefits of, the Credit
Agreement, which Credit Agreement, among other things, contains provisions for
acceleration of the maturity hereof upon the occurrence of any one or more of
the Events of Default specified in the Credit Agreement.
M-2
Terms defined in the Credit Agreement are used herein with
their defined meanings unless otherwise defined herein. This Note shall be
governed by, and construed and interpreted in accordance with, the law of the
State of New York.
[DEERE & COMPANY]
[XXXX DEERE CAPITAL CORPORATION]
By:_________________________________
Title:
EXHIBIT N
FORM OF
NEW BANK SUPPLEMENT
SUPPLEMENT, dated _______ __, to the $2,250,000,000 Five Year Credit
Agreement (as in effect on the date hereof, the "Credit Agreement") dated as of
February 22, 2000, among Deere & Company (the "Company"), Xxxx Deere Capital
Corporation, the banks and other financial institutions from time to time party
thereto (each a "Bank," and together, the "Banks"), The Chase Manhattan Bank, as
Administrative Agent (in such capacity, the "Administrative Agent") for the
Banks, Bank of America, N.A. and Bank One, NA, as Documentation Agents, Deutsche
Bank AG, New York Branch, as Syndication Agent, the Managing Agents named
therein and the Co-Agents named therein. Unless the context otherwise requires,
all capitalized terms used herein without definition shall have the meanings
ascribed to them in the Credit Agreement.
W I T N E S S E T H:
WHEREAS, the Credit Agreement provides in subsection 2.20 thereof that
any bank or financial institution, although not originally a party thereto, may
become a party to the Credit Agreement in accordance with the terms thereof by
executing and delivering to the Borrowers and the Administrative Agent a
supplement to the Credit Agreement in substantially the form of this Supplement;
and
WHEREAS, the undersigned was not an original party to the Credit
Agreement but now desires to become a party thereto;
NOW, THEREFORE, the undersigned hereby agrees as follows:
1. The undersigned agrees to be bound by the provisions of the Credit
Agreement and agrees that it shall, on the date this Supplement is accepted by
the Borrowers and the Administrative Agent, become a Bank for all purposes of
the Credit Agreement to the same extent as if originally a party thereto, with a
Commitment of $_________________.
2. The undersigned (a) represents and warrants that it is legally
authorized to enter into this Supplement; (b) confirms that it has received a
copy of the Credit Agreement, together with copies of the financial statements
delivered pursuant to Section 5.1 thereof and such other documents and
information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Supplement; (c) agrees that it has made and will,
independently and without reliance upon any Agent, Managing Agent or Co-Agent or
any other 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 or any instrument or document
furnished
N-2
pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent
to take such action as administrative agent on its behalf and to exercise such
powers and discretion under the Credit Agreement or any instrument or document
furnished pursuant hereto or thereto as are delegated to the Administrative
Agent by the terms thereof, together with such powers as are incidental thereto;
and (e) agrees that it will be bound by the provisions of the Credit Agreement
and will perform in accordance with its terms all the obligations which by the
terms of the Credit Agreement are required to be performed by it as a Bank
including, without limitation, its obligation pursuant to subsection 2.17(c) of
the Credit Agreement.
3. The undersigned's address for notices for the purposes of the
Credit Agreement is as follows:
_______________________
Attention:_____________
_______________________
_______________________
Fax:___________________
IN WITNESS WHEREOF, the undersigned has caused this Supplement to be
executed and delivered by a duly authorized officer on the date first above
written.
[NAME OF NEW BANK]
By:_________________________
Title:
Accepted this _____ day of
______________, 200_
DEERE & COMPANY
By:_________________________
Title:
N-3
XXXX DEERE CAPITAL CORPORATION
By:_________________________
Title:
Accepted this _____ day of
______________, 200_
THE CHASE MANHATTAN BANK,
as Administrative Agent
By:_________________________
Title:
EXHIBIT O
FORM OF
COMMITMENT INCREASE SUPPLEMENT
SUPPLEMENT, dated _______ 200_, to the $2,250,000,000 Five Year
Credit Agreement (as in effect on the date hereof, the "Credit Agreement") dated
as of February 22, 200_, among Deere & Company (the "Company"), Xxxx Deere
Capital Corporation, the banks and other financial institutions from time to
time party thereto (each a "Bank," and together, the "Banks"), The Chase
Manhattan Bank, as Administrative Agent (in such capacity, the "Administrative
Agent"), Bank of America, N.A. and Bank One, NA, as Documentation Agents,
Deutsche Bank AG, New York Branch, as Syndication Agent, the Managing Agents
named therein and the Co-Agents named therein. Unless the context otherwise
requires, all capitalized terms used herein without definition shall have the
meanings ascribed to them in the Credit Agreement.
W I T N E S S E T H:
WHEREAS, pursuant to the provisions of subsection 2.20 of the
Credit Agreement, the undersigned may increase the amount of its Commitment in
accordance with the terms thereof by executing and delivering to the Borrowers
and the Administrative Agent a supplement to the Credit Agreement in
substantially the form of this Supplement; and
WHEREAS, the undersigned now desires to increase the amount of
its Commitment under the Credit Agreement;
NOW THEREFORE, the undersigned hereby agrees as follows:
1. The undersigned agrees, subject to the terms and conditions of
the Credit Agreement, that on the date this Supplement is accepted by the
Borrowers and the Administrative Agent it shall have its Commitment increased by
$______________, thereby making the amount of its Commitment $______________.
IN WITNESS WHEREOF, the undersigned has caused this Supplement to
be executed and delivered by a duly authorized officer on the date first above
written.
[NAME OF BANK]
By:________________________
Title:
O-2
Accepted this _____ day of
______________, 200_
DEERE & COMPANY
By:_________________________
Title:
XXXX DEERE CAPITAL CORPORATION
By:_________________________
Title:
Accepted this _____ day of
______________, 200_
THE CHASE MANHATTAN BANK,
as Administrative Agent
By:_________________________
Title:
