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EXHIBIT 10.2
FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered
into as of June 30, 2000 among SUIZA DAIRY GROUP, L.P., f/k/a Suiza Fluid Dairy
Group, L.P., a Delaware limited partnership (the "Parent Borrower"), SOUTHERN
FOODS GROUP, L.P., a Delaware limited partnership (the "Subsidiary Borrower"),
certain of the Domestic Subsidiaries of the Parent Borrower (individually a
"Guarantor" and collectively the "Guarantors"; the Guarantors, together with the
Parent Borrower and the Subsidiary Borrower, individually a "Credit Party" and
collectively the "Credit Parties"), FIRST UNION NATIONAL BANK, as Administrative
Agent (the "Administrative Agent") for the lenders party to the Credit Agreement
defined below (the "Lenders"), BANK ONE, NA, as Syndication Agent for the
Lenders (the "Syndication Agent"), BANK OF AMERICA, N.A. and FLEET NATIONAL
BANK, as Co-Documentation Agents (the "Documentation Agents"), and the Lenders.
RECITALS
WHEREAS, the Parent Borrower, the Subsidiary Borrower, the Guarantors,
the Administrative Agent, the Syndication Agent, the Documentation Agents and
the Lenders are parties to that certain Credit Agreement dated as of January 4,
2000 (the "Credit Agreement"), which provides for the making of revolving loans,
term loans and other financial accommodations to the Borrower and the Subsidiary
Borrower;
WHEREAS, the Parent Borrower has requested that the Subsidiary Borrower
no longer be treated as a separate borrower under the Credit Agreement, that the
Parent Borrower assume all obligations of the Subsidiary Borrower under the
Credit Agreement, that the Subsidiary Borrower guarantee all Credit Party
Obligations and that the Lenders make certain other changes to the Credit
Agreement; and
WHEREAS, the parties hereto have agreed to amend the Credit Agreement
on the terms and subject to the conditions set forth in this Amendment.
NOW, THEREFORE, the parties hereto hereby agree as follows:
Section 1. Definitions. Except as otherwise defined in this Amendment,
terms defined in the Credit Agreement are used herein as defined therein.
Section 2. Amendments to Credit Agreement and Schedules Thereto.
Subject to the satisfaction of the conditions precedent set forth in Section 5
hereof, the Lenders hereby agree that the Credit Agreement shall be amended as
follows:
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A. From and after the Effective Date (as defined below), the
Credit Agreement is amended in its entirety to read in the form of such Credit
Agreement attached hereto as Exhibit A to this Amendment.
B. From and after the Effective Date, the Subsidiary Borrower
shall no longer be a Borrower, but shall be a Guarantor under the Credit
Documents.
C. As of the Effective Date, Schedules 2.1(a), 2.1(d), 2.3(c),
2.4(c), 2.5(d), 3.6, 3.12, 3.19 and 6.1(b) to the Credit Agreement are replaced
by the revised Schedules 2.1(a), 2.1(d), 2.3(c), 2.4(c), 2.5(d), 3.6, 3.12, 3.19
and 6.1(b) attached to this Amendment.
D. As of the Effective Date, Schedule 2.2(d) to the Credit
Agreement is deleted in its entirety.
E. References in the Credit Agreement (including references to
such Credit Agreement as amended hereby) to "this Agreement" (and indirect
references such as "hereunder", "hereby", "herein", and "hereof") shall be
deemed to be references to the Credit Agreement as amended hereby.
Section 3. Representations and Warranties. The Credit Parties hereby
represent and warrant to the Administrative Agent and the Lenders that (i) the
representations and warranties in Article 3 of the Credit Agreement (as amended
hereby) are true and correct on the date hereof as if made on and as of the date
hereof as if each reference (whether direct or indirect) therein to "this
Agreement" included reference to this Amendment and the Credit Agreement as
amended hereby and (ii) no Default or Event of Default has occurred and is
continuing as of the date hereof.
Section 4. Guarantors. Each of the Guarantors (including the Subsidiary
Borrower) (i) acknowledges and consents to all of the terms and conditions of
this Amendment, (ii) affirms all of its obligations under the Credit Documents
and (iii) agrees that this Amendment and all documents executed in connection
herewith do not operate to reduce or discharge such Guarantor's obligations
under the Credit Agreement or the other Credit Documents.
Section 5. Conditions Precedent. The amendments to the Credit Agreement
set forth in Section 2 shall become effective as of June 30, 2000 upon the
satisfaction of each of the following conditions (the "Effective Date"):
A. The Administrative Agent shall have received an executed
counterpart to this Amendment from the Borrower, the Guarantors and the
Required Lenders.
B. The Administrative Agent shall have received, for each
applicable Lender, an executed Revolving Note, Term A Note, Term A2
Note and Swingline Note.
C. The Administrative Agent shall have received a Joinder
Agreement duly executed by the Subsidiary Borrower.
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Section 6. Miscellaneous. Except as expressly provided herein, the
Credit Agreement shall remain unmodified and in full force and effect. This
Amendment may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties
hereto may execute this Amendment by signing any such counterpart. This
Amendment shall be governed by, and construed in accordance with, the law of the
State of North Carolina.
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IN WITNESS WHEREOF, each of the parties hereto have caused this
Amendment to be duly executed and delivered by its proper and duly authorized
officers as of the day and year first above written.
PARENT BORROWER: SUIZA DAIRY GROUP, L.P.,
a Delaware limited partnership
By: Suiza Dairy Group GP, LLC
By:
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Name:
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Title:
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SUBSIDIARY BORROWER: SOUTHERN FOODS GROUP, L.P.,
a Delaware limited partnership
By: SFG MANAGEMENT LIMITED LIABILITY COMPANY
By:
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Name:
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Title:
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GUARANTORS: SFG MANAGEMENT LIMITED LIABILITY
COMPANY
SUIZA SOUTHEAST, LLC
XXXXXXXXX FOODS, LLC
LAND-O-SUN DAIRIES, LLC
COUNTRY DELITE FARMS, LLC
DAIRY FRESH, LLC
XXXXX XXXXXX DAIRY, LLC
XXXXX FARMS, LLC
SUIZA GTL, LLC
NEW ENGLAND DAIRIES, LLC
TUSCAN/LEHIGH MANAGEMENT, L.L.C.
SUIZA SOUTHWEST, LLC (fka Suiza West, LLC)
XXXXXXXX DAIRY, LLC
MODEL DAIRY, LLC
SUIZA SOCAL, LLC
COUNTRY FRESH, LLC
OBERLIN FARMS DAIRY, LLC
LONDON'S FARM DAIRY, LLC
XX XXXXXX DAIRY, LLC
By:
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Name:
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Title: of each of the foregoing
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limited liability companies
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SOUTHERN FOODS GROUP, L.P.,
a Delaware limited partnership
By: SFG MANAGEMENT LIMITED LIABILITY COMPANY
By:
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Name:
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Title:
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TUSCAN/LEHIGH DAIRIES, L.P.
By: TUSCAN/LEHIGH MANAGEMENT, L.L.C.
its general partner
By:
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Name:
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Title:
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SFG CAPITAL CORPORATION
By:
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Name:
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Title:
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FIRST UNION NATIONAL BANK, in
its capacity as Administrative Agent and
individually in its capacity as a Lender
By:
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Name:
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Title:
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BANK ONE, NA, in its capacity as Syndication
Agent and individually in its capacity as a
Lender
By:
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Name:
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Title:
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BANK OF AMERICA, N.A., in its capacity as
Documentation Agent and individually in its
capacity as a Lender
By:
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Name:
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Title:
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FLEET NATIONAL BANK, in its capacity as
Documentation Agent and individually in its
capacity as a Lender
By:
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Name:
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Title:
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COBANK, ACB, in its capacity as Managing Agent
and individually in its capacity as a Lender
By:
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Name:
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Title:
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CREDIT AGRICOLE INDOSUEZ, in its capacity as
Managing Agent and individually in its capacity
as a Lender
By:
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Name:
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Title:
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COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
B.A. "RABOBANK NEDERLAND", NEW YORK BRANCH, in
its capacity as Managing Agent and individually
in its capacity as a Lender
By:
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Name:
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Title:
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By:
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Name:
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Title:
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THE INDUSTRIAL BANK OF JAPAN, LIMITED, in its
capacity as Managing Agent and individually in
its capacity as a Lender
By:
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Name:
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Title:
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XXXXX FARGO BANK (TEXAS), N.A., in its capacity
as Managing Agent and individually in its
capacity as a Lender
By:
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Name:
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Title:
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BANCO POPULAR DE PUERTO RICO, in its capacity as
Co-Agent and individually in its capacity as a
Lender
By:
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Name:
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Title:
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By:
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Name:
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Title:
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BANCO POPULAR NORTH AMERICA, in its capacity as
Co-Agent and individually in its capacity as a
Lender
By:
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Name:
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Title:
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THE BANK OF TOKYO-MITSUBISHI, LTD., in its
capacity as Co-Agent and individually in its
capacity as a Lender
By:
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Name:
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Title:
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XXX XXXX XX XXXX XXXXXX, in its capacity as
Co-Agent and individually in its capacity as a
Lender
By:
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Name:
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Title:
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GUARANTY FEDERAL BANK, F.S.B. in its capacity as
Co-Agent and individually in its capacity as a
Lender
By:
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Name:
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Title:
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SUNTRUST BANK, ATLANTA, in its capacity as
Co-Agent and individually in its capacity as a
Lender
By:
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Name:
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Title:
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XXXXXX TRUST AND SAVINGS BANK
By:
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Name:
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Title:
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BANK AUSTRIA CREDITANSTALT CORPORATE FINANCE,
INC.
By:
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Name:
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Title:
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By:
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Name:
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Title:
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CREDIT INDUSTRIEL ET COMMERCIAL
By:
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Name:
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Title:
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By:
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Name:
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Title:
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U.S. BANCORP AG CREDIT, INC.
By:
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Name:
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Title:
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BANK HAPOALIM B.M.
By:
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Name:
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Title:
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00
XXX XXXX XX XXX XXXX
By:
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Name:
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Title:
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BANQUE NATIONALE DE PARIS
By:
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Name:
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Title:
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By:
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Name:
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Title:
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THE CHASE MANHATTAN BANK
By:
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Name:
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Title:
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CREDIT LYONNAIS NEW YORK BRANCH
By:
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Name:
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Title:
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THE DAI-ICHI KANGYO BANK, LTD., CHICAGO BRANCH
By:
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Name:
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Title:
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THE MITSUBISHI TRUST & BANKING CORPORATION
By:
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Name:
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Title:
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00
XXXXXXXX XXXX XXXX XX XXXXXXXX
By:
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Name:
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Title:
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00
XXX XXXXX XXXX, XXXXXXX, XXX XXXX BRANCH
By:
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Name:
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Title:
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THE FUJI BANK, LIMITED
By:
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Name:
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Title:
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THE SAKURA BANK, LIMITED
By:
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Name:
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Title:
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MERCANTILE BANK NATIONAL ASSOCIATION
By:
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Name:
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Title:
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BANK OF HAWAII
By:
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Name:
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Title:
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ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
By:
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Name:
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Title:
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MICHIGAN NATIONAL BANK
By:
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Name:
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Title:
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RZB FINANCE LLC
By:
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Name:
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Title:
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NATEXIS BANQUES POPULAIRES
By:
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Name:
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Title:
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By:
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Name:
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Title:
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