EXHIBIT 10.1
EXECUTION COPY
AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT
DATED AS OF OCTOBER 7, 2002
MANPOWER INC., a Wisconsin corporation (the "Borrower"), the
banks, financial institutions and other institutional lenders (collectively, the
"Initial Lenders") party hereto, CITIBANK, N.A., as administrative agent
(together with any successor thereto appointed pursuant to Article VII of the
Existing Credit Agreement referred to below, the "Agent") for the Lenders (as
defined in the Existing Credit Agreement referred to below), hereby agree as
follows:
PRELIMINARY STATEMENTS
(1) The Borrower is party to a 364-Day Credit Agreement dated
as of November 29, 2001 (as amended, supplemented or otherwise modified from
time to time to (but not including) the date of this Amendment and Restatement,
the "Existing Credit Agreement") with the banks, financial institutions and
other institutional lenders party thereto and Citibank, N.A., as Agent for the
Lenders and such other lenders. Capitalized terms not otherwise defined in this
Amendment and Restatement shall have the same meanings as specified in the
Existing Credit Agreement.
(2) The parties to this Amendment and Restatement desire to
amend the Existing Credit Agreement as set forth herein and to restate the
Existing Credit Agreement in its entirety to read as set forth in the Existing
Credit Agreement with the following amendments.
(3) The Borrower has requested that the Lenders agree to
extend credit to it from time to time in an aggregate principal amount of up to
$285,000,000 for general corporate purposes of the Borrower and its Subsidiaries
not otherwise prohibited under the terms of this Agreement. The Lenders have
indicated their willingness to agree to extend credit to the Borrower from time
to time in such amount on the terms and conditions of this Amendment and
Restatement.
SECTION 1. Amendments to the Existing Credit Agreement. The
Existing Credit Agreement is, effective as of the date of this Amendment and
Restatement and subject to the satisfaction of the conditions precedent set
forth in Section 2, hereby amended as follows:
(a) Section 1.01 is amended by deleting the definitions of
"Non-Consenting Lender" and "Termination Date" set forth therein and replacing
them respectively, with the following new definitions thereof:
"Non-Consenting Lender" has the meaning specified in Section
2.19(b).
"Termination Date" means the earlier of (a) October 6, 2003,
subject to the extension thereof pursuant to Section 2.19 and (b) the
date of termination in whole of the Commitments pursuant to Section
2.05 or 6.01; provided, however, that the Termination Date of any
Lender that is a Non-Consenting Lender to any requested extension
pursuant to Section 2.19 shall be the Termination Date in effect
immediately prior to the applicable Extension Date for all purposes of
this Agreement.
(b) The definition of "Commitment" in Section 1.01 is amended
by replacing the words "the signature pages hereof" with the words "Schedule I
hereto".
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(c) Section 4.01(e) is amended (i) by deleting the date
"December 31, 2000" and substituting therefor the date "December 31, 2001", (ii)
by deleting the date "September 30, 2001" and substituting therefor the date
"June 30, 2002" and (iii) by deleting the words "nine months" and substituting
therefor the words "six months".
(d) Schedule I is deleted in its entirety and replaced with
Schedule I to this Amendment and Restatement.
SECTION 2. Conditions of Effectiveness of this Amendment and
Restatement. This Amendment and Restatement shall become effective as of the
date first above written (the "Restatement Effective Date") when and only if:
(a) The Agent shall have received counterparts of this
Amendment and Restatement executed by the Borrower and all of the
Initial Lenders or, as to any of the Initial Lenders, advice
satisfactory to the Agent that such Initial Lender has executed this
Amendment and Restatement.
(b) On the Restatement Effective Date, the following
statements shall be true and the Agent shall have received for the
account of each Lender a certificate signed by a duly authorized
officer of the Borrower, dated the Restatement Effective Date, stating
that:
(i) The representations and warranties contained in
Section 4.01 of the Existing Credit Agreement are correct on
and as of the Restatement Effective Date, before and after
giving effect to the Restatement Effective Date, as though
made on and as of such date, and
(ii) No event has occurred and is continuing, or will
occur as a result of the occurrence of the Restatement
Effective Date, that constitutes a Default.
(c) The Agent shall have received on or before the Restatement
Effective Date the following, each dated such date and (unless
otherwise specified below) in form and substance satisfactory to the
Agent and in sufficient copies for each Initial Lender:
(i) The Revolving Credit Notes to the order of the
Lenders to the extent requested by any Lender pursuant to
Section 2.16 of the Existing Credit Agreement.
(ii) Certified copies of the resolutions of the Board
of Directors of the Borrower approving this Amendment and
Restatement and the Notes, and of all documents evidencing
other necessary corporate action and governmental approvals,
if any, with respect to this Amendment and Restatement and the
Notes.
(iii) A certificate of the Secretary or an Assistant
Secretary of the Borrower certifying the names and true
signatures of the officers of the Borrower authorized to sign
this Amendment and Restatement and the Notes and the other
documents to be delivered hereunder.
(iv) A favorable opinion of Xxxxxxx & Xxxx, S.C.,
counsel for the Borrower, in substantially the form of Exhibit
E to the Existing Credit Agreement but with such modifications
as are required to address the Existing Credit Agreement, as
amended by this Amendment and Restatement, in form and
substance reasonably satisfactory to the Initial Lenders.
3
(iv) A favorable opinion of Shearman & Sterling,
counsel for the Agent, in form and substance reasonably
satisfactory to the Agent.
SECTION 3. Reference to and Effect on the Existing Credit
Agreement and the Notes. (a) On and after the effectiveness of this Amendment
and Restatement, each reference in the Existing Credit Agreement to "this
Agreement", "hereunder", "hereof" or words of like import referring to the
Existing Credit Agreement, and each reference in the Notes to "the Credit
Agreement", "thereunder", "thereof" or words of like import referring to the
Existing Credit Agreement, shall mean and be a reference to the Existing Credit
Agreement, as amended by this Amendment and Restatement.
(b) The Existing Credit Agreement and the Notes, as
specifically amended by this Amendment and Restatement, are and shall continue
to be in full force and effect and are hereby in all respects ratified and
confirmed.
(c) Without limiting any of the other provisions of the
Existing Credit Agreement, as amended by this Amendment and Restatement, any
references in the Existing Credit Agreement to the phrases "on the date hereof",
"on the date of this Agreement" or words of similar import shall mean and be a
reference to the date of the Existing Credit Agreement (which is November 29,
2001).
SECTION 4. Costs and Expenses. The Borrower agrees to pay on
demand all reasonable out-of-pocket costs and expenses of the Agent in
connection with the preparation, execution, delivery and administration,
modification and amendment of this Amendment and Restatement, the Notes and the
other documents to be delivered hereunder (including, without limitation, the
reasonable and documented fees and expenses of counsel for the Agent with
respect hereto and thereto) in accordance with the terms of Section 8.04 of the
Existing Credit Agreement.
SECTION 5. Execution in Counterparts. This Amendment and
Restatement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart of a signature page
to this Amendment and Restatement by telecopier shall be effective as delivery
of a manually executed counterpart of this Amendment and Restatement.
SECTION 6. Governing Law. This Amendment and Restatement shall
be governed by, and construed in accordance with, the laws of the State of New
York.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment and Restatement to be executed by their respective officers thereunto
duly authorized, as of the date first above written.
MANPOWER INC.
By /s/ Xxxxxx X. Xxxxxxxx
----------------------------------------------
Title: Vice President, Finance and Treasurer
4
CITIBANK, N.A.,
as Agent
By /s/ Xxxxxx Xxxxxx
----------------------------------------------
Title: Xxxxxx Xxxxxx
Vice President
Citibank, N.A.
Administrative Agent
CITIBANK, N.A.
By /s/ Xxxxxx Xxxxxx
----------------------------------------------
Title: Xxxxxx Xxxxxx
Vice President
Citibank, N.A.
Co-Syndication Agents
BNP PARIBAS
By /s/ Xxxxxxxxx X. Xxxxxx
----------------------------------------------
Name: Xxxxxxxxx X. Xxxxxx
Title: Director
By /s/ Xxxxx Xxxxxx
----------------------------------------------
Name: Xxxxx Xxxxxx
Title: Central Region Manager
WACHOVIA BANK, NATIONAL ASSOCIATION
By /s/ Xxxxx X. Xxxxxx
----------------------------------------------
Title: Vice President
Managing Agents
ABN AMRO BANK N.V.
/s/ Xxxxxxxx X. Xxxx By /s/ Xxxxxx Xxxx Xxxx III
-------------------------------- -------------------------------------
Xxxxxxxx X. Xxxx Xxxxxx Xxxx Xxxx III
Senior Vice President Title: Assistant Vice President
BANK ONE, NA
By /s/ Xxxxx Xxxxxx
-------------------------------------
Xxxxx X. Xxxxxx
Title: Director, Capital Markets
5
CREDIT LYONNAIS [New York Branch]
By /s/ Xxx X. Xxxxx
-------------------------------------
Title: Xxx X. Xxxxxx
First Vice President
FLEET NATIONAL BANK
By /s/ Xxxx X. Xxxxxx
-------------------------------------
Title: Senior Vice President
THE ROYAL BANK OF SCOTLAND PLC
By /s/ Xxxxxx Xxxxx
-------------------------------------
Title: Senior Vice President
Lenders
BANCA NAZIONALE DEL LAVORO S.p.A
/s/ Francesco Di Mario
By Francesco Di Mario
-------------------------------------
Title: Vice President
/s/ Xxxxxxxx Xxxxxxxxx
By Xxxxxxxx Xxxxxxxxx
-------------------------------------
Title: First Vice President
BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH
By /s/ Xxxxxxxxxx Xxxxxxxxx
-------------------------------------
Title: Xxxxxxxxxx Xxxxxxxxx
Deputy General Manager
DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN
BRANCHES
By /s/ Frau Mai
-------------------------------------
Title: Frau Mai
By /s/ Xxxxxxx
-------------------------------------
Title: Xxxxxxx
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U.S. BANK NATIONAL ASSOCIATION
By /s/ Xxxxxxxx X. Xxxxxx
-------------------------------------
Title: Xxxxxxxx X. Xxxxxx
Vice President & Sr. Lender
M&I XXXXXXXX AND XXXXXX BANK
By /s/ Xxxxxx X. Xxxxxxxxxxx
-------------------------------------
Title: VP
By /s/ Xxxxxx X. Xxxxx
-------------------------------------
Title: VP
SOCIETE GENERALE
By /s/ Xxxxxxxxx X. Xxxx
-------------------------------------
Title: Director
UNICREDITO ITALIANO
By /s/ Xxxxxxx Xxxxxxx /s/ Xxxxxx X. Xxxxx
---------------------------------------------
Title: Xxxxxxx Xxxxxxx Xxxxxx X. Xxxxx
Vice President Vice President
SCHEDULE I TO THE AMENDMENT AND RESTATEMENT
SCHEDULE I
APPLICABLE LENDING OFFICES
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Name of Initial Lender Commitment Domestic Lending Office Eurodollar Lending Office
----------------------------------- ------------------ ------------------------------------ ----------------------------------
ABN AMRO Bank N.V. $20,000,000 000 Xxxxx XxXxxxx Xxxxxx, 000 Xxxxx XxXxxxx Xxxxxx
Xxxxx 0000 Xxxxx 0000
Xxxxxxx, XX 00000-0000 Xxxxxxx, XX 00000-0000
Attn: Credit Administration Attn: Credit Administration
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Banca Nazionale del Lavoro S.p.A. $10,000,000 Banca Nazionale Del Lavoro S.p.A. Banca Nazionale Del Lavoro
New York Branch S.p.A. New York Branch
00 Xxxx 00xx Xxxxxx 00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
Attn: Xxxx Xxxxxx, VP Attn: Xxxx Xxxxxx, VP
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Bank of Tokyo-Mitsubishi, LTD., $12,000,000 000 X. Xxxxxx Xxxxxx, 000 X. Xxxxxx Xxxxxx,
Xxxxxxx Branch Suite 2300 Suite 2300
Chicago, IL 60606 Xxxxxxx, XX 00000
Attn: Xxxxxx Xxxxxx Attn: Xxxxxx Xxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Bank One, NA $20,000,000 1 Bank Xxx Xxxxx 0 Xxxx Xxx Xxxxx
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Attn: Xxxxx Xxxxxx Attn: Xxxxx Xxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
BNP Paribas $30,000,000 000 X. XxXxxxx, Xxxxx 000 000 X. XxXxxxx, Xxxxx 000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Attn: Attn:
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Citibank, N.A. $34,000,000 Two Penns Way Xxx Xxxxx Xxx
Xxx Xxxxxx, XX 00000 Xxx Xxxxxx, XX 00000
Attn: Xxxxx Xxxxxx Attn: Xxxxx Xxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Credit Lyonnais $20,000,000 000 X. Xxxxxx Xxxxxx, 000 X. Xxxxxx Xxxxxx,
Xxxxx 0000 Xxxxx 0000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Attn: Xxxxx Xxxxxxxxxx Attn: Xxxxx Xxxxxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
2
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Name of Initial Lender Commitment Domestic Lending Office Eurodollar Lending Office
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Dresdner Bank AG, New York and $12,000,000
Grand Cayman Branches
----------------------------------- ------------------ ------------------------------------ ----------------------------------
U.S. Bank National Association $12,000,000 000 X. Xxxxxxxxx Xxxxxx 000 X. Xxxxxxxxx Xxxxxx
MK-FC-GLCB MK-FC-GLCB
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attn: Xxxx Xxxxxxxx Attn: Xxxx Xxxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Fleet National Bank $15,000,000 000 Xxxxxxx Xxxxxx MADE 000 Xxxxxxx Xxxxxx MADE
10007F 10007G
Xxxxxx, XX 00000 Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx Attn: Xxxxxxx XxXxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
M&I Xxxxxxxx and Xxxxxx Bank $20,000,000 000 Xxxxx Xxxxx Xxxxxx 770 North Water Street
NW18 NW18
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attn: Xxx X. Xxxxxxx or Xxxxxx Attn: Xxx X. Xxxxxxx or Xxxxxx
Xxxxxxxxxxx Xxxxxxxxxxx
T: (000) 000-0000/7944 T: (000) 000-0000/7944
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
The Royal Bank of Scotland plc $20,000,000 000 Xxxx Xxxxxx, 00xx floor 000 Xxxx Xxxxxx, 00xx xxxxx
Xxx Xxxx, XX, 00000 Xxx Xxxx, XX, 00000
Attn: Xxxxxx Xxxx Attn: Xxxxxx Xxxx
T: 000 000 0000 T: 000 000 0000
F: 000 000 0000 F: 000 000 0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Societe Generale $20,000,000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
UniCredito Italiano $8,000,000 UniCredito Italiano New York Branch UniCredito Italiano
000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
Attn: Xxxxxxx Xxxxxxx Attn: Xxxxxxx Xxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
Wachovia Bank, National $32,000,000 Wachovia Securities Wachovia Securities
Association 000 Xxxxx Xxxxxxx Xxxxxx 000 Xxxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000-0000 Xxxxxxxxx, XX 00000-0000
Attn: Xxxxx X. Xxxxxxxx Attn: Xxxxx X. Xxxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
----------------------------------- ------------------ ------------------------------------ ----------------------------------
TOTAL OF $285,000,000
COMMITMENTS
