FIRST AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT
Exhibit 99 (a)
FIRST AMENDMENT TO
REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT
REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT
FIRST AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT (this
“Amendment”) dated as of March 29, 2007 among DELPHI CORPORATION, a Delaware corporation
(the “Borrower”), a debtor and debtor-in-possession in a case pending under Chapter 11 of
the Bankruptcy Code, and the subsidiaries of the Borrower signatory hereto (each a
“Guarantor” and collectively the “Guarantors”), each of which Guarantors is a
debtor and debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code, the
Lenders party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, the Borrower, the Guarantors, the Lenders, the Administrative Agent and Citicorp USA,
Inc., as syndication agent, are parties to that certain Revolving Credit, Term Loan and Guaranty
Agreement, dated as of January 9, 2007 (as the same has been and may be further amended, modified
or supplemented from time to time, the “Credit Agreement”); and
WHEREAS, the Borrower and the Guarantors have requested that from and after the First
Amendment Effective Date (as hereinafter defined), the Credit Agreement be amended subject to and
upon the terms and conditions set forth herein.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. Defined Terms Generally. As used herein, all terms that are defined in the Credit
Agreement shall have the same meanings herein.
2. Amendment to Section 1.01 of Credit Agreement (Deletion of definition of “Attrition
Program Costs”). Section 1.01 of the Credit Agreement is hereby amended by deleting the
defined term “Attrition Program Costs”.
3. Amendment to Section 1.01 of Credit Agreement (Definition of “Global EBITDAR”).
The definition of “Global EBITDAR” in Section 1.01 of the Credit Agreement is hereby amended by
deleting clauses (d) and (e) thereof.
4. Amendment to Section 1.01 of Credit Agreement (Definition of “Interest Period”).
The definition of “Interest Period” in Section 1.01 of the Credit Agreement is hereby amended by
inserting the phrase “two weeks or” immediately prior to the phrase “one, three or six months
thereafter”.
5. Amendment to Section 6.04 of Credit Agreement (EBITDAR). Section 6.04 of the
Credit Agreement is hereby amended by deleting the chart in its entirety and replacing it with the
following chart:
Global Entities | ||||
Period Ending | Global EBITDAR | |||
March 31, 2007 |
$ | 130,000,000.00 | ||
April 30, 2007 |
$ | 170,000,000.00 | ||
May 31, 2007 |
$ | 190,000,000.00 | ||
June 30, 2007 |
$ | 200,000,000.00 | ||
July 31, 2007 |
$ | 260,000,000.00 | ||
August 31, 2007 |
$ | 315,000,000.00 | ||
September 30, 2007 |
$ | 335,000,000.00 | ||
October 31, 2007 |
$ | 350,000,000.00 | ||
November 30, 2007 |
$ | 375,000,000.00 |
6. Conditions to Effectiveness. This Amendment shall become effective on the first
date (the “First Amendment Effective Date”) on which all of the following conditions have
been satisfied: (a) this Amendment shall have been executed by the Borrower, the Guarantors, the
Administrative Agent and the Required Lenders, and the Administrative Agent shall have received
evidence satisfactory to it of such execution, (b) the Administrative Agent shall have received an
amendment fee for the account of each Tranche A Lender and Tranche B Lender that has executed and
delivered a signature page hereto to the Administrative Agent no later than 3:00 p.m. (New York
City time) on March 29, 2007 (or such later deadline as may be indicated by the Administrative
Agent for receipt of signature) in an amount equal to 5 basis points of such Tranche A Lender’s
Commitment, or such Tranche B Lender’s pro rata portion of the Tranche B Loan, as
the case may be, and (c) any fees owing to the Administrative Agent, as separately agreed to in
writing by the Borrower and the Administrative Agent, shall have been paid in full.
7. Miscellaneous.
(a) Except to the extent hereby amended, the Credit Agreement and each of the other Loan
Documents remain in full force and effect and are hereby ratified and affirmed.
(b) The Borrower agrees that its obligations set forth in Section 10.05 of the Credit
Agreement shall extend to the preparation, execution and delivery of this Amendment, including the
reasonable fees and disbursements of special counsel to the Administrative Agent and the Arrangers.
(c) This Amendment shall be limited precisely as written and shall not be deemed (i) to be a
consent granted pursuant to, or a waiver or modification of, any other term or condition of the
Credit Agreement or any of the instruments or agreements referred to therein or (ii) to prejudice
any right or rights which the Agents or the Lenders may now have or have in the future under or in
connection with the Credit Agreement or any of the instruments or agreements referred to therein.
Whenever the “Agreement” or the “Credit Agreement” is referred to in the Credit Agreement or any of
the instruments, agreements or other documents or papers executed or delivered in connection
therewith, such reference shall be deemed to mean the Credit Agreement as modified by this
Amendment.
(d) This Amendment may be executed in any number of counterparts and by the different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the same instrument.
(e) This Amendment shall be governed by, and construed in accordance with, the laws of the
State of New York and (to the extent applicable) the Bankruptcy Code.
[SIGNATURE PAGES TO FOLLOW]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the day and the year first written.
BORROWER: DELPHI CORPORATION |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | Vice President and Chief Restructuring Officer | |||
GUARANTORS: ASEC MANUFACTURING GENERAL PARTNERSHIP, a Delaware general partnership |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
ASEC SALES GENERAL PARTNERSHIP, a Delaware general partnership |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
ASPIRE, INC., a Michigan corporation |
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By: | /s/ XXXXX X. XXXXXXX | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Vice President |
DELCO ELECTRONIC OVERSEAS CORPORATION, a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Assistant Treasurer | |||
DELPHI AUTOMOTIVE SYSTEMS (HOLDING), INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President | |||
DELPHI AUTOMOTIVE SYSTEMS GLOBAL (HOLDING), INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President | |||
DELPHI AUTOMOTIVE SYSTEMS HUMAN RESOURCES LLC, a Delaware limited liability company |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Vice President & Treasurer | |||
DELPHI AUTOMOTIVE SYSTEMS INTERNATIONAL, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer |
DELPHI AUTOMOTIVE SYSTEMS KOREA, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Chief Executive Officer & President | |||
DELPHI AUTOMOTIVE SYSTEMS LLC, a Delaware limited liability company |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | Vice President and Chief Restructuring Officer | |||
DELPHI AUTOMOTIVE SYSTEMS OVERSEAS CORPORATION, a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
DELPHI AUTOMOTIVE SYSTEMS RISK MANAGEMENT CORP., a Delaware corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | Vice President & Treasurer | |||
DELPHI AUTOMOTIVE SYSTEMS SERVICES LLC, a Delaware limited liability company |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer |
DELPHI AUTOMOTIVE SYSTEMS TENNESSEE, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
DELPHI AUTOMOTIVE SYSTEMS THAILAND, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
DELPHI CHINA LLC, a Delaware limited liability company |
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By: | /s/ XXXXX X. XXXXXXX | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Chief Tax Officer | |||
DELPHI CONNECTION SYSTEMS, a California corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
DELPHI DIESEL SYSTEMS CORP., a Delaware corporation |
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By: | /s/ XXXXX X. XXXXXXX | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Chief Tax Officer |
DELPHI ELECTRONICS (HOLDING) LLC, a Delaware limited liability company |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Assistant Treasurer | |||
DELPHI FOREIGN SALES CORPORATION, a Virgin Islands corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | Controller | |||
DELPHI INTEGRATED SERVICE SOLUTIONS, INC., a Michigan corporation |
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By: | /s/ XXXXX X. XXXXXXX | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Vice President | |||
DELPHI INTERNATIONAL HOLDINGS CORP., a Delaware corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President | |||
DELPHI INTERNATIONAL SERVICES, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Chief Financial Officer & Treasurer |
DELPHI LIQUIDATION HOLDING COMPANY, a Delaware corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President | |||
DELPHI LLC, a Delaware limited liability company |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President | |||
DELPHI MECHATRONIC SYSTEMS, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
DELPHI MEDICAL SYSTEMS COLORADO
CORPORATION, a Colorado corporation |
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By: | /s/ XXXXX X. XXXXXX | |||
Name: | Xxxxx X. Xxxxxx | |||
Title: | Treasurer | |||
DELPHI MEDICAL SYSTEMS CORPORATION, a Delaware corporation |
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By: | /s/ XXXXX X. XXXXXX | |||
Name: | Xxxxx X. Xxxxxx | |||
Title: | Treasurer |
DELPHI MEDICAL SYSTEMS TEXAS CORPORATION, a Delaware corporation |
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By: | /s/ XXXXX X. XXXXXX | |||
Name: | Xxxxx X. Xxxxxx | |||
Title: | Treasurer | |||
DELPHI NY HOLDING CORPORATION, a New York corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President | |||
DELPHI SERVICES HOLDING CORPORATION, a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Treasurer | |||
DELPHI TECHNOLOGIES, INC., a Delaware corporation |
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By: | /s/ XXXXXX X. XXXXXX | |||
Name: | Xxxxxx X. Xxxxxx | |||
Title: | Vice President Intellectual Property | |||
DREAL, INC., a Delaware corporation |
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By: | /s/ XXXX X. XXXXXXX | |||
Name: | Xxxx X. Xxxxxxx | |||
Title: | President |
ENVIRONMENTAL CATALYSTS, LLC, a Delaware limited liability company |
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By: | /s/ XXXXXX X. XXXXXX | |||
Name: | Xxxxxx X. Xxxxxx | |||
Title: | Treasurer | |||
EXHAUST SYSTEMS CORPORATION, a Delaware corporation |
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By: | /s/ XXXX X. XXXX | |||
Name: | Xxxx X. Xxxx | |||
Title: | Assistant Treasurer | |||
PACKARD XXXXXX INTERCONNECT COMPANY, a Delaware corporation |
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By: | /s/ XXXXX X. XXXXXXX | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Chief Tax Officer | |||
SPECIALTY ELECTRONICS INTERNATIONAL LTD., a Virgin Islands corporation |
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By: | /s/ XXXXXXX X. XXXXXX | |||
Name: | Xxxxxxx X. Xxxxxx | |||
Title: | Treasurer and Secretary | |||
SPECIALTY ELECTRONICS, INC., a South Carolina corporation |
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By: | /s/ XXXXX X. XXXXXXX | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Chief Tax Officer |
AGENTS AND LENDERS: JPMORGAN CHASE BANK, N.A. Individually and as Administrative Agent |
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By: | /s/ XXXXX XXXXXX | |||
Name: | Xxxxx Xxxxxx | |||
Title: | Managing Director | |||
CITICORP USA, INC. |
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By: | /s/ XXXXXXX XXXX | |||
Name: | Xxxxxxx Xxxx | |||
Title: | Director |
Signature page for the First Amendment to Revolving Credit, Term Loan and
Guaranty Agreement, dated as of March 29, 2007 among Delphi Corporation and the
lenders party thereto
Name of Lender: |
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By: | ||||
Name: | ||||
Title: | ||||