U.S. $1,500,000,000 CREDIT AGREEMENT Dated as of July 12, 2007 among COMPUTER SCIENCES CORPORATION as Borrower and THE BANKS NAMED HEREIN as Lenders and CITICORP USA, INC. as Administrative Agent BARCLAYS BANK PLC THE BANK OF NOVA SCOTIA THE ROYAL...
EXHIBIT
10.27
U.S.
$1,500,000,000
Dated
as
of July 12, 2007
among
COMPUTER
SCIENCES CORPORATION
as
Borrower
and
THE
BANKS NAMED HEREIN
as
Lenders
and
CITICORP
USA, INC.
as
Administrative Agent
BARCLAYS
BANK PLC
THE
BANK OF NOVA SCOTIA
THE
ROYAL BANK OF SCOTLAND PLC
WACHOVIA
BANK, NATIONAL ASSOCIATION
as
Co-Syndication Agents
CITIGROUP
GLOBAL MARKETS INC.
as
Arranger
TABLE
OF CONTENTS
Page
|
||||
ARTICLE
I DEFINITIONS AND ACCOUNTING
TERMS
|
1
|
|||
Section
1.01
|
Certain
Defined Terms
|
1
|
||
Section
1.02
|
Computation
of Time Periods
|
12
|
||
Section
1.03
|
Accounting
Terms
|
12
|
||
ARTICLE
II AMOUNTS AND TERMS OF THE
ADVANCES
|
12
|
|||
Section
2.01
|
The
A Advances
|
12
|
||
Section
2.02
|
Making
the A Advances
|
13
|
||
Section
2.03
|
The
B Advances
|
13
|
||
Section
2.04
|
Fees
|
18
|
||
Section
2.05
|
Optional
Reduction of the Commitments
|
19
|
||
Section
2.06
|
Repayment
and Prepayment of A Advances
|
19
|
||
Section
2.07
|
Interest
on A Advances
|
20
|
||
Section
2.08
|
Interest
Rate Determination
|
21
|
||
Section
2.09
|
Voluntary
Conversion or Continuation of A Advances
|
21
|
||
Section
2.10
|
Increased
Costs
|
21
|
||
Section
2.11
|
Payments
and Computations
|
22
|
||
Section
2.12
|
Taxes
|
23
|
||
Section
2.13
|
Sharing
of Payments, Etc.
|
25
|
||
Section
2.14
|
Evidence
of Debt
|
26
|
||
Section
2.15
|
Use
of Proceeds
|
26
|
||
Section
2.16
|
Extension
of the Commitment Termination Date
|
26
|
||
Section
2.17
|
Substitution
of Lenders
|
27
|
||
Section
2.18
|
Increased
Commitments; Additional Lenders
|
28
|
||
Section
2.19
|
Special
Purpose Funding Vehicles
|
29
|
||
ARTICLE
III CONDITIONS OF LENDING
|
29
|
|||
Section
3.01
|
Condition
Precedent to Effective Date
|
29
|
||
Section
3.02
|
Conditions
Precedent to Each A Borrowing
|
30
|
||
Section
3.03
|
Conditions
Precedent to Each B Borrowing
|
31
|
||
ARTICLE
IV REPRESENTATIONS AND
WARRANTIES
|
31
|
|||
Section
4.01
|
Representations
and Warranties of the Borrower
|
31
|
i
TABLE
OF CONTENTS
(continued)
Page
|
||||
ARTICLE
V COVENANTS
|
34
|
|||
Section
5.01
|
Affirmative
Covenants of the Borrower
|
34
|
||
Section
5.02
|
Negative
Covenants of the Borrower
|
37
|
||
ARTICLE
VI EVENTS OF DEFAULT
|
39
|
|||
Section
6.01
|
Events
of Default
|
39
|
||
ARTICLE
VII THE AGENT
|
41
|
|||
Section
7.01
|
Authorization
and Action
|
41
|
||
Section
7.02
|
Agent’s
Reliance, Etc.
|
42
|
||
Section
7.03
|
CUSA
and Affiliates
|
42
|
||
Section
7.04
|
Lender
Credit Decision
|
42
|
||
Section
7.05
|
Indemnification
|
43
|
||
Section
7.06
|
Successor
Agent
|
43
|
||
ARTICLE
VIII MISCELLANEOUS
|
43
|
|||
Section
8.01
|
Amendments,
Etc.
|
43
|
||
Section
8.02
|
Notices,
Etc.
|
44
|
||
Section
8.03
|
No
Waiver; Remedies
|
45
|
||
Section
8.04
|
Costs,
Expenses and Indemnification
|
46
|
||
Section
8.05
|
Right
of Set-off
|
47
|
||
Section
8.06
|
Binding
Effect
|
47
|
||
Section
8.07
|
Assignments
and Participations
|
47
|
||
Section
8.08
|
Governing
Law
|
49
|
||
Section
8.09
|
Execution
in Counterparts
|
50
|
||
Section
8.10
|
Consent
to Jurisdiction; Waiver of Immunities
|
50
|
||
Section
8.11
|
Waiver
of Trial by Jury
|
50
|
||
Section
8.12
|
Survival
of Warranties
|
50
|
||
Section
8.13
|
Severability
|
50
|
||
Section
8.14
|
Headings
|
51
|
||
Section
8.15
|
Website
Communications
|
51
|
||
Section
8.16
|
USA
PATRIOT Act Notice
|
52
|
||
Section
8.17
|
Confidentiality
|
52
|
ii
TABLE
OF CONTENTS
(continued)
Page
|
||
SCHEDULES
|
||
Schedule
I
|
List
of Applicable Lending Offices
|
I-1
|
Schedule
II
|
Lenders’
Commitments
|
II-1
|
EXHIBITS
|
||
Exhibit
A-1
|
Form
of Notice of A Borrowing
|
X-0-0
|
Xxxxxxx
X-0
|
Form
of Notice of B Borrowing
|
A-2-1
|
Exhibit
B
|
Form
of Assignment and Assumption
|
B-1
|
Exhibit
C
|
Form
of Opinion of Xxxxxx X. Xxxx, Esq., Counsel for the
Borrower
|
C-1
|
Exhibit
D
|
Form
of Extension Request
|
D
|
iii
Dated
as
of July 12, 2007
This
CREDIT AGREEMENT is entered into as of July 12, 2007, among Computer Sciences
Corporation, a Nevada corporation (the “Borrower”), the financial
institutions (the “Banks”) listed on Schedule II hereof, and Citicorp
USA, Inc. (“CUSA”), as administrative agent (the “Agent”) for the
Lenders hereunder.
In
consideration of the premises and the agreements, provisions and covenants
herein contained, the Borrower, the Lenders and the Agent agree as
follows:
ARTICLE
I
DEFINITIONS
AND ACCOUNTING TERMS
Section
1.01 Certain
Defined Terms. As used in this Agreement, the following
terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):
“A Advance”
means an advance by a Lender to the Borrower as part of an A Borrowing and
refers to a Base Rate Advance or a Eurodollar Rate Advance, each of which shall
be a “Type” of A Advance.
“A Borrowing”
means a borrowing consisting of A Advances of the same Type made on the
same day to the Borrower pursuant to the same Notice of A Borrowing by each
of the Lenders pursuant to Section 2.01.
“Adjusted
Eurodollar Rate” means, for any Interest Period for each Eurodollar Rate
Advance comprising part of the same A Borrowing, an interest rate per annum
equal to the rate per annum obtained by dividing (i) (A) the rate per
annum equal to the rate determined by the Agent to be the offered rate that
appears on the page of the Telerate screen that displays an average British
Bankers Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period, determined as of approximately 11:00 a.m. (London
time) on the date two Business Days prior to the commencement of such Interest
Period; (B) in the event the rate referenced in the preceding
clause (A) does not appear on such page or service or such page or service
shall cease to be available, the rate per annum equal to the rate determined
by
the Agent to be the offered rate on such other page or other service that
displays an average British Bankers Association Interest Settlement Rate for
deposits in Dollars (for delivery on the first day of such Interest Period)
with
a term equivalent to such Interest Period, determined as of approximately 11:00
a.m. (London time) on the date two Business Days prior to the commencement
of
such Interest Period, or (C) in the event the rates referenced in the
preceding clauses (A) and (B) are not available, the rate per annum
determined by the Agent as the rate of interest (rounded upward to the next
1/100th of 1%) at which deposits in Dollars for delivery on the first day of
such Interest Period in same day funds in the approximate amount of the
Eurodollar Rate Advance being made, continued or converted by Citibank and
with
a term equivalent to such Interest Period would be offered by Citibank to major
banks in the London interbank market at their request at approximately 11:00
a.m. (London time) on the date two Business Days prior to the commencement
of
such Interest Period; by (ii) a percentage equal to 100% minus the
Eurodollar Rate Reserve Percentage.
1
“Advance”
means an A Advance or a B Advance.
“Affiliate”
means, as to any Person, any other Person that, directly or indirectly,
controls, is controlled by or is under common control with such Person or is
a
director or executive officer (as such term is used in Regulation S-K
promulgated under the Securities Act of 1933, as amended) of such
Person.
“Agreement”
means this Credit Agreement, as this Credit Agreement may be amended,
supplemented or otherwise modified from time to time.
“Applicable
Lending Office” means, with respect to each Lender, such Lender’s Domestic
Lending Office in the case of a Base Rate Advance, and such Lender’s Eurodollar
Lending Office in the case of a Eurodollar Rate Advance and, in the case of
a
B Advance, the office of such Lender notified by such Lender to the Agent
as its Applicable Lending Office with respect to such
B Advance.
“Applicable
Margin” means, for any period for which any interest payment is to be made
with respect to any Eurodollar Rate Advance, the interest rate per annum derived
by dividing (i) the sum of the Daily Margins for each of the days included
in such period by (ii) the number of days included in such
period.
“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender
and an Eligible Assignee, and accepted by the Agent, in substantially the form
of Exhibit B hereto.
“Banks”
means the Banks listed on Schedule II hereof.
“B Advance”
means an advance by a Lender to the Borrower as part of a B Borrowing
resulting from the auction bidding procedure described in
Section 2.03.
“B Borrowing”
means a borrowing consisting of B Advances made on the same day to the
Borrower pursuant to the same Notice of B Borrowing by each of the Lenders
whose offer to make one or more B Advances as part of such borrowing has
been accepted by the Borrower under the auction bidding procedure described
in
Section 2.03.
“B Reduction”
has the meaning specified in Section 2.01.
“Base
Rate” means, for any period, a fluctuating interest rate per annum as shall
be in effect from time to time which rate per annum shall at all times be equal
to the highest of:
2
(a) the
rate of interest announced publicly by Citibank in New York, New York, from
time
to time, as Citibank’s base rate;
(b) the
sum of (A) 1/2 of one percent per annum plus (B) the rate obtained by
dividing (x) the latest three-week moving average of secondary market
morning offering rates in the United States for three-month certificates of
deposit of major United States money market banks (such three-week moving
average being determined weekly by Citibank on the basis of such rates reported
by certificate of deposit dealers to and published by the Federal Reserve Bank
of New York or, if such publication shall be suspended or terminated, on the
basis of quotations for such rates received by Citibank, in either case adjusted
to the nearest 1/4 of one percent or, if there is no nearest 1/4 of one percent,
to the next higher 1/4 of one percent), by (y) a percentage equal to 100%
minus the average of the daily percentages specified during such three-week
period by the Board of Governors of the Federal Reserve System for determining
the maximum reserve requirement (including, but not limited to, any marginal
reserve requirements for Citibank in respect of liabilities consisting of or
including (among other liabilities) three-month nonpersonal time deposits of
at
least $100,000), plus (C) the average during such three-week period
of the daily net annual assessment rates estimated by Citibank for determining
the current annual assessment payable by Citibank to the Federal Deposit
Insurance Corporation for insuring three-month deposits in the United States;
or
(c) 1/2
of one percent per annum above the Federal Funds Rate.
“Base
Rate Advance” means an A Advance which bears interest as provided in
Section 2.07(a).
“Borrower”
means Computer Sciences Corporation, a Nevada corporation.
“Borrowing”
means an A Borrowing or a B Borrowing.
“Bridge
Credit Agreement” means that certain Credit Agreement entered into as of
June 25, 2007, among the Borrower, as the borrower, the financial institutions
listed on Schedule II thereof, Bank of America, N.A., as administrative agent
for the lenders thereunder, Barclays Bank PLC, as co-syndication agent for
the
lenders thereunder, and Xxxxxxx Xxxxx, as co-syndication agent for the lenders
thereunder, including any related notes, guarantees, instruments and agreements
executed in connection therewith, and in each case as amended, restated,
modified, renewed, refunded, replaced (whether upon or after termination or
otherwise) or refinanced from time to time (including any increase in principal
amount whether or not with the same lenders or agents).
“Business
Day” means a day of the year on which banks are not required or authorized
to close in New York City and, if the applicable Business Day relates to any
Eurodollar Rate Advances, on which dealings are carried on in the London
interbank market.
3
“Capital
Lease” means, with respect to any Person, any lease of any property by that
Person as lessee which would, in conformity with GAAP, be required to be
accounted for as a capital lease on the balance sheet of that
Person.
“Citibank”
means Citibank, N.A.
“Code”
means the Internal Revenue Code of 1986, as amended.
“Commercial
Paper” means commercial paper issued by the Borrower from time to
time.
“Commitment”
has the meaning specified in Section 2.01.
“Commitment
Termination Date” means, with respect to any Lender, July 12, 2012, or such
later date to which the Commitment Termination Date of such Lender may be
extended from time to time pursuant to Section 2.16 (or if any such date is
not a Business Day, the next preceding Business Day).
“Consolidated
EBITDA” means, for any period the sum of (a) net income, plus
(b) taxes on income, plus (c) Consolidated Interest Expense,
plus (d) depreciation expense, plus (e) amortization
expense of goodwill, financing costs and other intangibles, plus
(f) extraordinary losses, plus (g) other non-cash charges to
the extent deducted from net income, minus extraordinary
gains.
“Consolidated
Interest Expense” means, for any period, total interest expense (including
that portion attributable to Capital Leases in accordance with GAAP and
capitalized interest) of the Borrower and its Subsidiaries on a consolidated
basis with respect to all outstanding Debt of the Borrower and its Subsidiaries,
including all commissions, discounts and other fees and charges owed with
respect to letters of credit and bankers’ acceptance financing, net costs under
Interest Rate Agreements and amounts referred to in Section 2.04 payable to
the Agent and the Lenders that are considered interest expense in accordance
with GAAP, but excluding, however, any such amounts referred to in
Section 2.04 payable on or before the Effective Date.
“Consolidated
Total Debt” means, as of any date of determination, all Debt (excluding
Equity-linked Debt) of the Borrower and its Subsidiaries on a consolidated
basis.
“Convert,”
“Conversion” and “Converted” each refers to a conversion of
A Advances of one Type into A Advances of another Type pursuant to
Section 2.09.
“Daily
Margin” means, for any date of determination, the interest rate per annum
set forth in the table below that corresponds to (i) the Level applicable
to such date of determination and (ii) the Utilization Ratio applicable to
such date of determination:
4
Daily
Margin when
Utilization
Ratio is
equal
to or less than
0.50:1.00
|
Daily
Margin when
Utilization
Ratio
is
greater than
0.50:1.00
|
|
Xxxxx
0
|
0.100%
|
0.150%
|
Xxxxx
0
|
0.140%
|
0.190%
|
Xxxxx
0
|
0.180%
|
0.230%
|
Xxxxx
0
|
0.220%
|
0.320%
|
Xxxxx
0
|
0.300%
|
0.400%
|
Xxxxx
0
|
0.450%
|
0.600%
|
For
purposes of this definition, (a) “Utilization Ratio” means, as of
any date of determination, the ratio of (1) the aggregate outstanding
principal amount of all Advances as of such date to (2) the aggregate
amount of all Commitments in effect as of such date (whether used or unused
and
without giving effect to any B Reduction), (b) if any change in the
Rating established by S&P, Moody’s or Fitch shall result in a change in the
Level, the change in the Daily Margin shall be effective as of the date on
which
such rating change is publicly announced by S&P, Moody’s or Fitch, as the
case may be, (c) if Ratings are available from only one of S&P, Moody’s
or Fitch, then the applicable Level shall be set by reference to this one
Rating, (d) if Ratings are available from only two of S&P, Xxxxx’x and
Fitch and such Ratings fall within two different Levels, then the higher of
such
Ratings shall apply, unless there is a split in such Ratings of more than one
Level, in which case the Level that is one Level higher than the Level of the
lower Rating shall apply, (e) if Ratings are available from each of
S&P, Xxxxx’x and Fitch and such Ratings fall within two different Levels,
the applicable Level shall be set by reference to the Ratings established by
two
of the three rating agencies, (f) if Ratings are available from each of
S&P, Xxxxx’x and Fitch and such Ratings fall within three different Levels,
the applicable Level shall be set by reference to the middle Rating, (g) if
Ratings are unavailable from S&P, Xxxxx’x and Fitch for any reason for any
day, then the applicable Level for such day shall be deemed to be Xxxxx 0,
and
(h) if any of S&P, Moody’s or Fitch change the basis on which their
ratings are established and or described, each reference in this Agreement
to a
Rating announced by S&P, Moody’s or Fitch, as the case may be, shall be
deemed to refer to the then equivalent rating established by S&P, Moody’s or
Fitch.
“Debt”
means, with respect to any Person, (a) indebtedness of such Person for
borrowed money, (b) obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments and (c) obligations of such
Person as lessee under Capital Leases; provided that “Debt” shall not
include borrowings against the cash surrender value of life insurance policies
covering employees of the Borrower or its Affiliates and owned by the Borrower
so long as (i) recourse for such borrowings is limited to such policies and
the proceeds thereof and (ii) any value assigned to such policies on the
consolidated financial statements of the Borrower and its Subsidiaries is net
of
the amount of such borrowings.
5
“Domestic
Lending Office” means, with respect to any Lender, the office of such Lender
specified as its “Domestic Lending Office” opposite its name on Schedule I
hereto or in the Assignment and Acceptance pursuant to which it became a Lender,
or such other office of such Lender as such Lender may from time to time specify
to the Borrower and the Agent.
“Effective
Date” means July 12, 2007, so long as the conditions precedent set forth in
Section 3.01 have been satisfied.
“Eligible
Assignee” means any financial institution or entity engaged in the business
of extending revolving credit approved in writing by the Borrower (so long
as no
Potential Event of Default or Event of Default then exists and is continuing)
and the Agent as an Eligible Assignee for purposes of this Agreement;
provided that the Borrower's and the Agent’s approval shall not be
unreasonably withheld or delayed; providedfurther that no such
approval shall be required in the case of an assignment by a Lender to an
Affiliate of such Lender or to another Lender;
providedfurtherthat notwithstanding the foregoing,
“Eligible Assignee” shall not include the Borrower or any of the Borrower’s
Affiliates or Subsidiaries.
“Employee
Benefit Plan” means any “employee benefit plan” as defined in Section 3(3)
of ERISA which is or was maintained or contributed to by the Borrower, its
Subsidiaries or any of its ERISA Affiliates.
“Environmental
Law” means any and all statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses,
agreements or other governmental restrictions of any federal, state or local
governmental authority within the United States or any State or territory
thereof and which relate to the environment or the release of any materials
into
the environment.
“Equity-linked
Debt” means Debt that is required to be converted at, or prior to, maturity
into equity securities of the Borrower.
“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from
time
to time, and the regulations promulgated and rulings issued
thereunder.
“ERISA
Affiliate” means any Person who for purposes of Title IV of ERISA is a
member of the Borrower’s controlled group, or under common control with the
Borrower, within the meaning of Section 414 of the Code and the regulations
promulgated and rulings issued thereunder. Any former ERISA Affiliate
of the Borrower or its Subsidiaries shall continue to be considered an ERISA
Affiliate within the meaning of this definition with respect to the period
such
entity was an ERISA Affiliate of the Borrower or its Subsidiaries and with
respect to liabilities arising after such period for which the Borrower or
its
Subsidiaries could be liable under the Code or ERISA.
6
“ERISA
Event” means (a) the occurrence of a reportable event, within the
meaning of Section 4043 of ERISA, unless the 30-day notice requirement with
respect thereto has been waived by the PBGC; (b) the provision by the
administrator of any Pension Plan of a notice of intent to terminate such
Pension Plan pursuant to Section 4041(a)(2) of ERISA (including any such
notice with respect to a plan amendment referred to in Section 4041(e) of
ERISA); (c) the cessation of operations at a facility in the circumstances
described in Section 4062(e) of ERISA; (d) the withdrawal by the
Borrower or an ERISA Affiliate from a Multiple Employer Plan during a plan
year
for which it was a substantial employer, as defined in Section 4001(a)(2)
of ERISA; (e) the failure by the Borrower or any ERISA Affiliate to make a
payment to a Pension Plan required under Section 302(f)(1) of ERISA, which
Section imposes a lien for failure to make required payments; (f) the
adoption of an amendment to a Pension Plan requiring the provision of security
to such Pension Plan, pursuant to Section 307 of ERISA; (g) the
institution by the PBGC of proceedings to terminate a Pension Plan, pursuant
to
Section 4042 of ERISA, or the occurrence of any event or condition which,
in the reasonable judgment of the Borrower, might constitute grounds under
Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, a Pension Plan; (h) the withdrawal by the Borrower or
any
ERISA Affiliate from any Multiemployer Plan or the termination of such
Multiemployer Plan resulting in liability pursuant to Sections 4063 or 4064
of
ERISA; (i) the occurrence of an act or omission which could give rise to the
imposition on the Borrower or any ERISA Affiliate of fines, penalties, taxes
or
related charges under Chapter 43 of the Code or under Sections 409, 502(c),
(i)
or (l) or 4071 of ERISA in respect of any Employee Benefit Plan; (j) the
assertion of a material claim (other than a routine claim for benefits) against
any Employee Benefit Plan other than a Multiemployer Plan or the assets thereof,
or against the Borrower or an ERISA Affiliate in connection with any Employee
Benefit Plan; (k) receipt from the Internal Revenue Service of notice of the
failure of any Pension Plan (or any other Employee Benefit Plan intended to
be
qualified under Section 401(a) of the Code) to qualify under Section 401(a)
of
the Code, or the failure of any trust forming part of any such Pension Plan
or
Employee Benefit Plan to qualify for exemption from taxation under Section
501(a) of the Code; or (l) a determination that any Pension Plan is, or is
expected to be, in “at-risk” status (within the meaning of Section 303(i)(4)(A)
of ERISA or Section 430(i)(4)(A) of the Code).
“Eurocurrency
Liabilities” has the meaning assigned to that term in Regulation D of the
Board of Governors of the Federal Reserve System, as in effect from time to
time.
“Eurodollar
Lending Office” means, with respect to any Lender, the office of such Lender
specified as its “Eurodollar Lending Office” opposite its name on Schedule I
hereto or in the Assignment and Acceptance pursuant to which it became a Lender
(or, if no such office is specified, its Domestic Lending Office), or such
other
office of such Lender as such Lender may from time to time specify to the
Borrower and the Agent.
7
“Eurodollar
Rate Advance” means an A Advance which bears interest as provided in
Section 2.07(b).
“Eurodollar
Rate Reserve Percentage” of any Lender for any Interest Period for any
Eurodollar Rate Advance means the reserve percentage applicable during such
Interest Period (or if more than one such percentage shall be so applicable,
the
daily average of such percentages for those days in such Interest Period during
which any such percentage shall be so applicable) under regulations issued
from
time to time by the Board of Governors of the Federal Reserve System (or any
successor) for determining the maximum reserve requirements (including, without
limitation, any emergency, supplemental or other marginal reserve requirement)
for such Lender with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities having a term equal to such Interest
Period.
“Events
of Default” has the meaning specified in Section 6.01.
“Excluded
Taxes” has the meaning specified in Section 2.12.
“Existing
Credit Agreement” means the Credit Agreement, dated as of August 23, 2006,
among the Borrower, the financial institutions party thereto and CUSA, as agent
for such lenders, as amended.
“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum
equal for each day during such period to the weighted average of the rates
on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published for such day (or, if such day
is
not a Business Day, for the next preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day which is
a
Business Day, the average of the quotations for such day on such transactions
received by the Agent from three Federal funds brokers of recognized standing
selected by it.
“Fitch”
means Fitch Ratings.
“GAAP”
means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute
of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity
as
may be approved by a significant segment of the accounting profession, which
are
applicable to the circumstances as of the date of determination.
“Granting
Lender” has the meaning specified in Section 2.19.
“Indemnified
Taxes” has the meaning specified in Section 2.12.
“Insufficiency”
means, with respect to any Pension Plan, the amount, if any, of its unfunded
benefit liabilities, as defined in Section 4001(a)(18) of
ERISA.
8
“Interest
Period” means, for each Eurodollar Rate Advance comprising part of the same
A Borrowing, the period commencing on the date of such Eurodollar Rate
Advance, or on the date of continuation of such Advance as a Eurodollar Rate
Advance upon expiration of successive Interest Periods applicable thereto,
or on
the date of Conversion of a Base Rate Advance into a Eurodollar Rate Advance,
and ending on the last day of the period selected by the Borrower pursuant
to
the provisions below. The duration of each such Interest Period shall
be one, two, three or six months, as the Borrower may select in the Notice
of
Borrowing or the Notice of Conversion/Continuation for such Advance;
provided, however, that:
(a) the
Borrower may not select any Interest Period which ends after the earliest
Commitment Termination Date of any Lender then in effect;
(b) Interest
Periods commencing on the same date for A Advances comprising part of the
same A Borrowing shall be of the same duration; and
(c) whenever
the last day of any Interest Period would otherwise occur on a day other than
a
Business Day, the last day of such Interest Period shall be extended to occur
on
the next succeeding Business Day, provided, that if such extension would
cause the last day of such Interest Period to occur in the next following
calendar month, the last day of such Interest Period shall occur on the next
preceding Business Day.
“Interest
Rate Agreement” means any interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement or other similar agreement or
arrangement to which the Borrower or any of its Subsidiaries is a
party.
“Lenders”
means the Banks listed on Schedule II hereof and each Eligible Assignee that
shall become a party hereto pursuant to Section 8.07.
“Level”
means Xxxxx 0, Xxxxx 0, Xxxxx 0, Xxxxx 0, Xxxxx 5 or Xxxxx 0, as the case may
be.
“Level
1” means that, as of any date of determination, the applicable Rating is
equal to or better than A+ (in the case of a Rating from S&P), A1 (in the
case of a Rating from Moody’s) or A+ (in the case of a Rating from Fitch), as
applicable, as of such date of determination.
“Level
2” means that, as of any date of determination, the applicable Rating is
equal to A (in the case of a Rating from S&P), A2 (in the case of a Rating
from Moody’s) or A (in the case of a Rating from Fitch), as applicable, as of
such date of determination.
“Level
3” means that, as of any date of determination, the applicable Rating is
equal to A- (in the case of a Rating from S&P), A3 (in the case of a Rating
from Moody’s) or A- (in the case of a Rating from Fitch), as applicable, as of
such date of determination.
9
“Level
4” means that, as of any date of determination, the applicable Rating is
equal to BBB+ (in the case of a Rating from S&P), Baa1 (in the case of a
Rating from Moody’s) or BBB+ (in the case of a Rating from Fitch), as
applicable, as of such date of determination.
“Level
5” means that, as of any date of determination, the applicable Rating is
equal to BBB (in the case of a Rating from S&P), Baa2 (in the case of a
Rating from Moody’s) or BBB (in the case of a Rating from Fitch), as applicable,
as of such date of determination.
“Level
6” means that, as of any date of determination, the applicable Rating is
equal to or below BBB- (in the case of a Rating from S&P), Baa3 (in the case
of a Rating from Moody’s) or BBB- (in the case of a Rating from Fitch), as
applicable, as of such date of determination, or the only Rating is a private
rating and the Borrower will not authorize the applicable rating agency to
make
such Rating available to the Agent and the Lenders.
“Lien”
means any lien, mortgage, pledge, security interest, charge or encumbrance
of
any kind (including any conditional sale or other title retention agreement
and
any lease in the nature thereof).
“Long-Term
Debt” means senior, unsecured, non-credit enhanced, long-term debt
securities of the Borrower.
“Majority
Lenders” means at any time Lenders holding greater than 50% of the then
aggregate unpaid principal amount of the A Advances held by Lenders, or, if
no such principal amount is then outstanding, Lenders having greater than 50%
of
the Commitments (provided that, for purposes hereof, neither the
Borrower, nor any of its Affiliates, if a Lender, shall be included in
(a) the Lenders holding such amount of the A Advances or having such
amount of the Commitments or (b) determining the aggregate unpaid principal
amount of the A Advances or the total Commitments).
“Moody’s”
means Xxxxx’x Investors Service, Inc.
“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of
ERISA to which the Borrower or any ERISA Affiliate of the Borrower is making,
or
is obligated to make, contributions or has within any of the preceding six
plan
years been obligated to make or accrue contributions.
“Multiple
Employer Plan” means a single employer plan, as defined in
Section 4001(a)(15) of ERISA, which (a) is maintained for employees of
the Borrower or an ERISA Affiliate and at least one Person other than the
Borrower and its ERISA Affiliates or (b) was so maintained and in respect
of which the Borrower or an ERISA Affiliate could have liability under
Section 4063, 4064 or 4069 of ERISA in the event such plan has been or
were to be terminated.
10
“Non-Hostile
Acquisition” means an acquisition (whether by purchase of capital stock or
assets, merger or otherwise) which has been approved by resolutions of the
Board
of Directors of the Person being acquired or by similar action if the Person
is
not a corporation and as to which such approval has not been
withdrawn.
“Notice
of A Borrowing” has the meaning specified in
Section 2.02(a).
“Notice
of a B Borrowing” has the meaning specified in
Section 2.03(a).
“Notice
of Borrowing” means the Notice of A Borrowing or the Notice of
B Borrowing or both, as the context may require.
“Notice
of Conversion/Continuation” has the meaning specified in
Section 2.09.
“PBGC”
means the U.S. Pension Benefit Guaranty Corporation.
“Pension
Act” means the Pension Protection Act of 2006, as amended.
“Pension
Plan” means a Single Employer Plan or a Multiple Employer Plan or
both.
“Person”
means an individual, partnership, corporation, business trust, joint stock
company, trust, unincorporated association, joint venture or other entity,
or a
government or any political subdivision or agency thereof.
“Potential
Event of Default” means a condition or event which, after notice or lapse of
time or both, would constitute an Event of Default if that condition or event
were not cured or removed within any applicable grace or cure
period.
“Rating”
means as of any date, the public rating that has been most recently announced
by
any of S&P, Xxxxx’x or Fitch, as the case may be, with respect to the
Long-Term Debt, or if any such rating agency shall have issued more than one
such public rating, the lowest such public rating issued by such rating
agency.
“Register”
has the meaning specified in Section 8.07(c).
“S&P”
means Standard & Poor’s Ratings Group.
“SEC”
means the Securities and Exchange Commission and any successor
agency.
“Significant
Subsidiary” means, at any time, any Subsidiary of the Borrower which
accounts for more than 5% of consolidated total assets or 5% of consolidated
revenue of the Borrower and its Subsidiaries determined in accordance with
GAAP.
“Single
Employer Plan” means a single employer plan, as defined in
Section 4001(a)(15) of ERISA, which (a) is maintained for employees of
the Borrower or any ERISA Affiliate and no Person other than the Borrower and
its ERISA Affiliates or (b) was so maintained and in respect of which the
Borrower or an ERISA Affiliate could have liability under Section 4062 or
4069 of ERISA in the event such plan has been or were to be
terminated.
11
“SPC”
has the meaning specified in Section 2.19.
“Subsidiary”
of any Person means any corporation, association, partnership or other business
entity of which at least 50% of the total voting power of shares of stock or
other securities entitled to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly,
by
such Person or one or more of the other Subsidiaries of that Person or a
combination thereof.
“Taxes”
has the meaning specified in Section 2.12.
“Termination
Date” means, with respect to any Lender, the earlier of (a) the
Commitment Termination Date of such Lender and (b) the date of termination
in whole of the Commitments of all Lenders pursuant to Section 2.05 or
6.01.
“Type”
means, with reference to an A Advance, a Base Rate Advance or a Eurodollar
Rate Advance.
“Withdrawal
Liability” has the meaning given such term under Part I of
Subtitle E of Title IV of ERISA.
Section
1.02 Computation
of Time Periods. In this Agreement in the computation of
periods of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each means “to but
excluding”.
Section
1.03 Accounting
Terms. All accounting terms not specifically defined
herein shall be construed in accordance with GAAP consistent with those applied
in the preparation of the financial statements referred to in
Section 4.01(e). All computations determining compliance with
financial covenants or terms, including definitions used therein, shall be
prepared in accordance with generally accepted accounting principles in effect
at the time of the preparation of, and in conformity with those used to prepare,
the historical financial statements delivered to the Lenders pursuant to
Section 4.01(e). If at any time the computations for determining
compliance with financial covenants or provisions relating thereto utilize
generally accepted accounting principles different than those then being
utilized in the financial statements being delivered to the Lenders, such
financial statements shall be accompanied by a reconciliation
statement.
ARTICLE
II
AMOUNTS
AND TERMS OF THE ADVANCES
Section
2.01 The
A Advances. Each Lender severally
agrees, on the terms and conditions hereinafter set forth, to make
A Advances to the Borrower from time to time on any Business Day during the
period from the Effective Date until the Termination Date of such Lender in
an
aggregate amount not to exceed at any time outstanding the amount set opposite
such Lender’s name on Schedule II hereto or, if such Lender has entered into any
Assignment and Acceptance, set forth for such Lender in the Register maintained
by the Agent pursuant to Section 8.07(c), as such amount may be reduced
pursuant to Section 2.05 (such Lender’s “Commitment”),
provided that the aggregate amount of the Commitments of the Lenders
shall be deemed used from time to time to the extent of the aggregate amount
of
the B Advances then outstanding and at any time of determination, such
deemed use of the aggregate amount of the Commitments shall be applied to the
Lenders ratably according to their respective Commitments in effect at such
time
of determination (such deemed use of the aggregate amount of the Commitments
being a “B Reduction”). Each A Borrowing shall be in
an aggregate amount not less than $5,000,000 or an integral multiple of
$1,000,000 in excess thereof and shall consist of A Advances of the same
Type made on the same day to the Borrower by the Lenders ratably according
to
their respective Commitments. Within the limits of each Lender’s
Commitment, the Borrower may from time to time borrow, until the Commitment
Termination Date, prepay pursuant to Section 2.06(c) and reborrow under
this Section 2.01.
12
Section
2.02 Making
the A Advances.
(a) Each
A Borrowing shall be made on notice by the Borrower, given not later than
(x) 10:00 A.M. (New York City time) on the date of a proposed
A Borrowing consisting of Base Rate Advances and (y) 12:00 noon (New
York City time) on the third Business Day prior to the date of a proposed
A Borrowing consisting of Eurodollar Rate Advances, which shall give to
each Lender prompt notice thereof by telecopier, mail or
delivery. Each such notice of an A Borrowing (a “Notice of
A Borrowing”) shall be by telecopier, mail or delivery, confirmed
immediately in writing, in substantially the form of Exhibit A-1 hereto,
specifying therein the requested (i) date of such A Borrowing,
(ii) Type of A Advances comprising such A Borrowing,
(iii) aggregate amount of such A Borrowing, and (iv) in the case
of an A Borrowing comprised of Eurodollar Rate Advances, the initial
Interest Period for each such A Advance. The Borrower may,
subject to the conditions herein provided, borrow more than one A Borrowing
on any Business Day. Each Lender shall, before 1:00 P.M. (New York
City time) in the case of a Borrowing consisting of Base Rate Advances and
before 11:00 A.M. (New York City time) in the case of a Borrowing consisting
of
Eurodollar Rate Advances, in each case on the date of such A Borrowing,
make available for the account of its Applicable Lending Office to the Agent
at
its address referred to in Section 8.02, in same day funds, such Lender’s
ratable portion of such A Borrowing. After the Agent’s receipt
of such funds and upon fulfillment of the applicable conditions set forth in
Article III, the Agent will make such funds available to the Borrower at
the Agent’s aforesaid address.
(b) Anything
in subsection (a) above to the contrary notwithstanding,
(i) the
Borrower may not select Eurodollar Rate Advances for any A Borrowing or
with respect to the Conversion or continuance of any A Borrowing if the
aggregate amount of such A Borrowing or such Conversion or continuance is
less than $5,000,000;
(ii) there
shall be no more than five Interest Periods relating to Eurodollar Rate Advances
outstanding at any time;
13
(iii) if
any
Lender shall notify the Agent that the introduction of or any change in or
in
the interpretation of any law or regulation makes it unlawful, or that any
central bank or other governmental authority asserts that it is unlawful, for
such Lender or its Eurodollar Lending Office to perform its obligations
hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar
Rate Advances hereunder, the Commitment of such Lender to make Eurodollar Rate
Advances or to Convert all or any portion of Base Rate Advances shall forthwith
be suspended until the Agent shall notify the Borrower that such Lender has
determined that the circumstances causing such suspension no longer exist and
such Lender’s then outstanding Eurodollar Rate Advances, if any, shall be Base
Rate Advances; to the extent that such affected Eurodollar Rate Advances become
Base Rate Advances, all payments of principal that would have been otherwise
applied to such Eurodollar Rate Advances shall be applied instead to such
Lender’s Base Rate Advances; provided that if Majority Lenders are
subject to the same illegality or assertion of illegality, then the right of
the
Borrower to select Eurodollar Rate Advances for such A Borrowing or any
subsequent A Borrowing or to Convert all or any portion of Base Rate
Advances shall forthwith be suspended until the Agent shall notify the Borrower
that the circumstances causing such suspension no longer exist, and each
A Advance comprising such A Borrowing shall be a Base Rate
Advance;
(iv) if
the
Majority Lenders shall, at least one Business Day before the date of any
requested A Borrowing, notify the Agent that the Adjusted Eurodollar Rate
for Eurodollar Rate Advances comprising such A Borrowing will not
adequately reflect the cost to such Majority Lenders of making, funding or
maintaining their respective Eurodollar Rate Advances for such A Borrowing,
the right of the Borrower to select Eurodollar Rate Advances for such
A Borrowing or any subsequent A Borrowing shall be suspended until the
Agent shall notify the Borrower and the Lenders that the circumstances causing
such suspension no longer exist, and each A Advance comprising such
A Borrowing shall be made as a Base Rate Advance.
(c) Each
Notice of A Borrowing shall be irrevocable and binding on the Borrower
requesting the proposed A Borrowing. In the case of any
A Borrowing which the related Notice of A Borrowing specifies is to be
comprised of Eurodollar Rate Advances, the Borrower requesting the proposed
A Borrowing shall indemnify each Lender against any loss, cost or expense
incurred by such Lender by reason of the liquidation or reemployment of deposits
or other funds acquired by such Lender to fund the A Advance to be made by
such Lender as part of such A Borrowing or by reason of the termination of
hedging or other similar arrangements, in each case when such A Advance is
not made on such date, including without limitation, as a result of any failure
to fulfill on or before the date specified in such Notice of A Borrowing
for such A Borrowing the applicable conditions set forth in
Article III.
(d) Unless
the Agent shall have received notice from a Lender prior to any A Borrowing
that such Lender will not make available to the Agent such Lender’s ratable
portion of such A Borrowing, the Agent may assume that such Lender has made
such portion available to the Agent on the date of such A Borrowing in
accordance with subsection (a) of this Section 2.02 and the Agent may,
in reliance upon such assumption, make available to the Borrower on such date
a
corresponding amount. If and to the extent that such Lender shall not
have so made such ratable portion available to the Agent, such Lender and the
Borrower severally agrees to repay to the Agent forthwith on demand such
corresponding amount together with interest thereon, for each day from the
date
such amount is made available to the Borrower until the date such amount is
repaid to the Agent, at (i) in the case of the Borrower, the interest rate
applicable at the time to A Advances comprising such A Borrowing and
(ii) in the case of such Lender, the Federal Funds Rate. If such
Lender shall repay to the Agent such corresponding amount, such amount so repaid
shall constitute such Lender’s A Advance as part of such A Borrowing
for purposes of this Agreement.
14
(e) The
failure of any Lender to make the A Advance to be made by it as part of any
A Borrowing shall not relieve any other Lender of its obligation, if any,
hereunder to make its A Advance on the date of such A Borrowing, but
no Lender shall be responsible for the failure of any other Lender to make
the
A Advance to be made by such other Lender on the date of any
A Borrowing.
Section
2.03 The
B Advances. (a) Each Lender
severally agrees that the Borrower may make B Borrowings under this
Section 2.03 from time to time on any Business Day during the period from
the date hereof until the date occurring 30 days prior to the latest Commitment
Termination Date of any Lender then in effect in the manner set forth below;
provided that, (i) following the making of each B Borrowing,
(1) the aggregate amount of the Advances then outstanding to the Borrower
shall not exceed the aggregate amount of the Commitments of the Lenders then
in
effect (computed without regard to any B Reduction), and (2) the
aggregate amount of the B Advances scheduled to be outstanding to the
Borrower at any time through the maturity of such B Advances shall not
exceed the aggregate amount of the Commitments of the Lenders scheduled to
be in
effect at such time (computed without regard to any B Reduction), and
(ii) no Lender may make a B Advance if the maturity date of such
B Advance occurs after the Commitment Termination Date of such
Lender.
(i) The
Borrower may request a B Borrowing under this Section 2.03 by
delivering to the Agent, by telecopier or delivery, confirmed immediately in
writing, a notice of a B Borrowing (a “Notice of B Borrowing”),
in substantially the form of Exhibit A-2 hereto, specifying the date and
aggregate amount of the proposed B Borrowing, the maturity date for
repayment of each B Advance to be made as part of such B Borrowing
(which maturity date (x) in the case of a fixed rate B Borrowing may
not be earlier than the date occurring 14 days after the date of such
B Borrowing or later than the date occurring 180 days after the date of
such B Borrowing, and (y) in the case of any other B Borrowing
may not be earlier than the date occurring 30 days after the date of such
B Borrowing or later than the date occurring 180 days after the date of
such B Borrowing), the interest payment date or dates relating thereto, and
any other terms to be applicable to such B Borrowing, not later than 11:00
A.M. (New York City time) (A) at least one Business Day prior to the date
of the proposed B Borrowing, if the Borrower shall specify in the Notice of
B Borrowing that the rates of interest to be offered by the Lenders shall
be fixed rates per annum and (B) at least four Business Days prior to the
date of the proposed B Borrowing, if the Borrower shall instead specify in
the Notice of B Borrowing the basis to be used by the Lenders in
determining the rates of interest to be offered by them. The Borrower
may not select a maturity date for any B Borrowing which ends after the
latest Commitment Termination Date of any Lender then in effect. The
Agent shall in turn promptly notify each Lender of each request for a
B Borrowing received by it from the Borrower by sending such Lender a copy
of the related Notice of B Borrowing.
15
(ii) Each
Lender may, if, in its sole discretion, it elects to do so, irrevocably offer
to
make one or more B Advances to the Borrower as part of such proposed
B Borrowing at a rate or rates of interest specified by such Lender in its
sole discretion, by notifying the Agent (which shall give prompt notice thereof
to the Borrower), before 11:00 A.M. (New York City time) (A) on the date of
such proposed B Borrowing, in the case of a Notice of B Borrowing
delivered pursuant to clause (A) of paragraph (i) above and
(B) three Business Days before the date of such proposed B Borrowing,
in the case of a Notice of B Borrowing delivered pursuant to
clause (B) of paragraph (i) above, of the minimum amount and maximum
amount of each B Advance which such Lender would be willing to make as part
of such proposed B Borrowing (which amounts may, subject to the proviso to
the first sentence of this Section 2.03(a), exceed such Lender’s
Commitment), the rate or rates of interest therefor and such Lender’s Applicable
Lending Office with respect to such B Advance; provided that if the
Agent in its capacity as a Lender shall, in its sole discretion, elect to make
any such offer, it shall notify the Borrower of such offer before 10:00 A.M.
(New York City time) on the date on which notice of such election is to be
given
to the Agent by the other Lenders. If any Lender shall elect not to
make such an offer, such Lender shall so notify the Agent, before 10:00 A.M.
(New York City time) on the date on which notice of such election is to be
given
to the Agent by the other Lenders, and such Lender shall not be obligated to,
and shall not, make any B Advance as part of such B Borrowing;
provided that the failure by any Lender to give such notice shall not
cause such Lender to be obligated to make any B Advance as part of such
proposed B Borrowing.
(iii) The
Borrower shall, in turn, (A) before 12:00 noon (New York City time) on
the date of such proposed B Borrowing, in the case of a Notice of
B Borrowing delivered pursuant to clause (A) of paragraph (i)
above and (B) before 1:00 P.M. (New York City time) three Business Days
before the date of such proposed B Borrowing, in the case of a Notice of
B Borrowing delivered pursuant to clause (B) of paragraph (i)
above, either
(x) cancel
such B Borrowing by giving the Agent notice to that effect, or
(y) accept
one or more of the offers made by any Lender or Lenders pursuant to
paragraph (ii) above (which acceptance shall be irrevocable) in its sole
discretion, by giving notice to the Agent of the amount of each B Advance
(which amount shall be equal to or greater than the minimum amount, and equal
to
or less than the maximum amount, notified to the Borrower by the Agent on behalf
of such Lender for such B Advance pursuant to paragraph (ii) above) to
be made by each Lender as part of such B Borrowing (provided that the
aggregate amount of such B Borrowing shall not exceed the amount specified
on the Notice of B Borrowing delivered by the Borrower pursuant to
paragraph (i) above), and reject any remaining offers made by Lenders
pursuant to paragraph (ii) above by giving the Agent notice to that effect;
provided that acceptance of offers may only be made on the basis of
ascending rates for B Borrowings of the same type and duration for up to
the maximum amounts offered by Lenders; and providedfurther that
if offers are made by two or more Lenders for the same type of B Borrowing
for the same duration and with the same rate of interest, in an aggregate amount
which is greater than the amount requested, such offers shall be accepted on
a
pro rata basis based on the maximum amounts offered by such Lenders at such
rate
of interest.
16
(iv) If
the
Borrower notifies the Agent that such B Borrowing is cancelled pursuant to
paragraph (iii)(x) above or if the Borrower rejects any offers made by
Lenders pursuant to paragraph (iii)(y) above, the Agent shall give prompt
notice thereof to the Lenders or affected Lenders, as the case may be, and
in
the case of a cancellation, such B Borrowing shall not be
made.
(v) If
the
Borrower accepts one or more of the offers made by any Lender or Lenders
pursuant to paragraph (iii)(y) above, the Agent shall in turn promptly
notify (A) each Lender that has made an offer as described in
paragraph (ii) above, of the date and aggregate amount of such
B Borrowing and whether or not any offer or offers made by such Lender
pursuant to paragraph (ii) above have been accepted by the Borrower,
(B) each Lender that is to make a B Advance as part of such
B Borrowing, of the amount of each B Advance to be made by such Lender
as part of such B Borrowing, and (C) each Lender that is to make a
B Advance as part of such B Borrowing, upon receipt, that the Agent
has received forms of documents appearing to fulfill the applicable conditions
set forth in Article III. Each Lender that is to make a
B Advance as part of such B Borrowing shall, before 1:00 P.M. (New
York City time) on the date of such B Borrowing specified in the notice
received from the Agent pursuant to clause (A) of the preceding sentence or
any later time when such Lender shall have received notice from the Agent
pursuant to clause (C) of the preceding sentence, make available for the
account of its Applicable Lending Office to the Agent at its address referred
to
in Section 8.02 such Lender’s portion of such B Borrowing, in same day
funds. Upon fulfillment of the applicable conditions set forth in
Article III and after receipt by the Agent of such funds, the Agent will
make such funds available to the Borrower at the Agent’s aforesaid
address. Promptly after each B Borrowing, the Agent will notify
each Lender of the amount of the B Borrowing, the consequent
B Reduction and the dates upon which such B Reduction commenced and
will terminate.
(vi) The
Borrower agrees to pay to the Agent for the Agent’s account an auction fee in an
amount agreed to in a separate letter agreement between the Borrower and the
Agent for each Notice of B Borrowing delivered by the Borrower to the Agent
pursuant to this Section 2.03(a), whether or not a B Borrowing is made
pursuant thereto.
(b) Each
B Borrowing shall be in an aggregate amount not less than $5,000,000 or an
integral multiple of $1,000,000 in excess thereof and, following the making
of
each B Borrowing, the Borrower and each Lender shall be in compliance with
the limitations set forth in the proviso to the first sentence of
subsection (a) above.
17
(c) Within
the limits and on the conditions set forth in this Section 2.03, the
Borrower may from time to time borrow under this Section 2.03, repay or
prepay pursuant to subsection (d) below, and reborrow under this
Section 2.03, and more than one B Borrowing may be made on a Business
Day; provided that, except for B Borrowings made on the same
Business Day, a B Borrowing shall not be made within three Business Days of
the date of any other B Borrowing.
(d) The
Borrower shall repay to the Agent for the account of each Lender which has
made
a B Advance to the Borrower, on the maturity date of each B Advance
made to the Borrower (such maturity date being that specified by the Borrower
for repayment of such B Advance in the related Notice of B Borrowing
delivered pursuant to subsection (a)(i) above), the then unpaid principal
amount of such B Advance. The Borrower shall not have any right
to prepay any principal amount of any B Advance unless, and then only on
the terms, specified by the Borrower for such B Advance in the related
Notice of B Borrowing delivered pursuant to subsection (a)(i)
above.
(e) The
Borrower shall pay interest on the unpaid principal amount of each
B Advance made to the Borrower from the date of such B Advance to the
date the principal amount of such B Advance is repaid in full, at the rate
of interest for such B Advance specified by the Lender making such
B Advance in its notice with respect thereto delivered pursuant to
subsection (a)(ii) above, payable on the interest payment date or dates
specified by the Borrower for such B Advance in the related Notice of
B Borrowing delivered pursuant to subsection (a)(i) above;
provided that any principal amount of any B Advance which is not
paid when due (whether at stated maturity, by acceleration or otherwise) shall
bear interest from the date on which such amount is due until such amount is
paid in full, payable on demand, at a rate per annum equal at all times to
(A) until the stated maturity date of such B Advance, the greater of
(x) 2% per annum above the Base Rate in effect from time to time and
(y) 2% above the stated rate per annum of such B Advance, and
(B) after the stated maturity of such B Advance, 2% per annum above
the Base Rate in effect from time to time.
Section
2.04 Fees.
(a) Facility
Fees. The Borrower agrees to pay to the
Agent for the account of each Lender a facility fee on the amount of such
Lender’s Commitment (or if no Commitment is in effect, Advances), whether used
or unused and without giving effect to any B Reduction, from the date
hereof in the case of each Bank and from the effective date specified in the
Assignment and Acceptance pursuant to which it became a Lender in the case
of
each other Lender until the Termination Date of such Lender, payable in arrears
on the last day of each March, June, September and December during the term
of
such Lender’s Commitment, commencing September 30, 2007, and on the Termination
Date of such Lender, in an amount equal to the product of (i) the average
daily amount of such Lender’s Commitment (whether used or unused and without
giving effect to any B Reduction) in effect during the period for which
such payment that is to be made times (ii) the weighted average rate per
annum that is derived from the following rates: (a) a rate of 0.050% per
annum with respect to each day during such period that the higher of the
Ratings was Xxxxx 0, (x) a rate of 0.060% per annum with respect to each
day during such period that the higher of such Ratings was Level 2, (c) a
rate of 0.070% per annum with respect to each day during such period that the
higher of such Ratings was Xxxxx 0, (x) a rate of 0.080% per annum with
respect to each day during such period that the higher of such Ratings was
Level
4, (e) a rate of 0.100% per annum with respect to each day during such
period that the higher of such Ratings was Level 5, or (f) a rate of 0.150%
per annum with respect to each day during such period that the higher of such
Ratings was Level 6. If any change in the Rating established by
S&P, Xxxxx’x or Fitch shall result in a change in the Level, the change in
the facility fee shall be effective as of the date on which such rating change
is publicly announced by S&P, Xxxxx’x or Fitch, as the case may
be. If Ratings are available from only one of S&P, Xxxxx’x or
Fitch, then the applicable Level shall be set by reference to this one
Rating. If Ratings are available from only two of S&P, Xxxxx’x or
Fitch and such Ratings fall within two different Levels, then the higher of
such
Ratings shall apply, unless there is a split in such Ratings of more than one
Level, in which case the Level that is one Level higher than the Level of the
lower Rating shall apply. If Ratings are available from each of
S&P, Xxxxx’x and Fitch and such Ratings fall within two different Levels,
the applicable Level shall be set by reference to the Ratings established by
two
of the three rating agencies. If Ratings are available from each of
S&P, Xxxxx’x and Fitch and such Ratings fall within three different Levels,
the applicable Level shall be set by reference to the middle
Rating. If Ratings are unavailable from S&P, Xxxxx’x and Fitch
for any reason for any day, then the applicable Level for purposes of
calculating the facility fee for such day shall be deemed to be Level
6. If any of S&P, Xxxxx’x or Fitch change the basis on which
their ratings are established and/or described, each reference in this Agreement
to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be
deemed to refer to the then equivalent rating established by S&P, Xxxxx’x or
Fitch.
18
(b) Agents’
Fees. The Borrower agrees to pay to the Agent the fees payable
pursuant to the fee letter dated as of May 25, 2007 between the Borrower
and CUSA, in the amounts and at the times specified in such letter.
Section
2.05 Optional
Reduction of the Commitments.
The
Borrower shall have the right, upon at least three Business Days’ notice to the
Agent by the Borrower, to terminate in whole or permanently reduce ratably
in
part the unused portions of the respective Commitments of the Lenders,
provided that the aggregate amount of the Commitments of the Lenders
shall not be reduced to an amount which is less than the aggregate principal
amount of the Advances then outstanding, and provided, further,
that each partial reduction shall be in the aggregate amount of $5,000,000
or an
integral multiple of $1,000,000 in excess thereof.
Section
2.06 Repayment
and Prepayment of A Advances.
(a) Mandatory
Repayment on Termination Date. The Borrower shall repay the
outstanding principal amount of each A Advance made by each Lender to the
Borrower on the Termination Date of such Lender.
(b) Mandatory
Prepayment Due to Reductions of Commitments. The Borrower shall
from time to time prepay the A Advances made to the Borrower to the extent
necessary so that the sum of the aggregate principal amount of the Advances
then
outstanding does not exceed the aggregate amount of the Commitments of the
Lenders then in effect (computed without regard to any
B Reduction).
19
(c) Voluntary
Prepayments of A Borrowings. The Borrower shall not have any
right to prepay any principal amount of any A Advances other than as
provided in this subsection (c). The Borrower may, upon at least
one Business Day’s notice to the Agent in the case of Base Rate Advances and at
least two Business Days’ notice to the Agent in the case of Eurodollar Rate
Advances stating the proposed date and aggregate principal amount of the
prepayment, and if such notice is given the Borrower shall, prepay the
outstanding principal amounts of the Advances made to the Borrower comprising
part of the same A Borrowing in whole or ratably in part; provided,
however, that (i) each partial prepayment shall be in an aggregate
principal amount not less than $5,000,000 and integral multiples of $1,000,000
in excess thereof and (ii) in the case of any such prepayment of any
Eurodollar Rate Advance, the Borrower shall pay all accrued interest to the
date
of such prepayment on the portion of such Eurodollar Rate Advance being prepaid
and shall be obligated to reimburse the Lenders in respect thereof pursuant
to
Section 8.04(b).
Section
2.07 Interest
on A Advances. The Borrower shall
pay interest accrued on the principal amount of each A Advance that was
made to the Borrower outstanding from time to time from the date of such
A Advance until such principal amount shall be paid in full, at the
following rates per annum:
(a) Base
Rate Advances. If such A Advance is a Base Rate Advance, a
rate per annum equal at all times to the Base Rate in effect from time to time,
payable in arrears on the last day of each March, June, September and December
during the term of this Agreement, commencing September 30, 2007, and on the
Termination Date of the applicable Lender; provided that any amount of
principal, interest, fees and other amounts payable under this Agreement
(including, without limitation, the principal amount of Base Rate Advances,
but
excluding the principal amount of Eurodollar Rate Advances and B Advances)
which is not paid when due (whether at stated maturity, by acceleration or
otherwise) shall bear interest from the date on which such amount is due until
such amount is paid in full, payable on demand, at a rate per annum equal at
all
times to 2% per annum above the Base Rate in effect from time to
time.
(b) Eurodollar
Rate Advances. If such A Advance is a Eurodollar Rate
Advance, a rate per annum equal at all times during the Interest Period for
such
A Advance to the sum of the Adjusted Eurodollar Rate for such Interest
Period plus the Applicable Margin, payable in arrears on the last day of such
Interest Period and, if such Interest Period has a duration of more than three
months, on the day which occurs during such Interest Period three months from
the first day of such Interest Period; provided that any principal amount
of any Eurodollar Rate Advance which is not paid when due (whether at stated
maturity, by acceleration or otherwise) shall bear interest from the date on
which such amount is due until such amount is paid in full, payable on demand,
at a rate per annum equal at all times to (A) during the Interest Period
applicable to such Eurodollar Rate Advance, the greater of (x) 2% per annum
above the Base Rate in effect from time to time and (y) 2% per annum above
the rate per annum required to be paid on such amount immediately prior to
the
date on which such amount became due and (B) after the expiration of such
Interest Period, 2% per annum above the Base Rate in effect from time to
time.
20
Section
2.08 Interest
Rate Determination. The Agent shall give prompt notice
to the Borrower and the Lenders of the applicable interest rate determined
by
the Agent for purposes of Section 2.07(a) or 2.07(b).
Section
2.09 Voluntary
Conversion or Continuation of A Advances.
(a) The
Borrower may on any Business Day, upon notice given to the Agent not later
than
12:00 noon (New York City time) on the third Business Day prior to the date
of
the proposed Conversion or continuance (a “Notice of
Conversion/Continuation”) and subject to the provisions of
Section 2.02(b), (i) Convert all Advances of one Type comprising the
same A Borrowing made to the Borrower into A Advances of another Type
and (ii) upon the expiration of any Interest Period applicable to
A Advances which are Eurodollar Rate Advances made to the Borrower,
continue all (or, subject to Section 2.02(b), any portion of) such
A Advances as Eurodollar Rate Advances and the succeeding Interest
Period(s) of such continued A Advances shall commence on the last day of
the Interest Period of the A Advances to be continued; provided,
however, that any Conversion of any Eurodollar Rate Advances into
A Advances of another Type shall be made on, and only on, the last day of
an Interest Period for such Eurodollar Rate Advances. Each such
Notice of Conversion/Continuation shall, within the restrictions specified
above, specify (A) the date of such continuation or Conversion,
(B) the A Advances (or, subject to Section 2.02(b), any portion
thereof) to be continued or Converted, (C) if such continuation is of, or
such Conversion is into, Eurodollar Rate Advances, the duration of the Interest
Period for each such A Advance and (D) that no Potential Event of
Default or Event of Default has occurred and is continuing.
(b) If
upon
the expiration of the then existing Interest Period applicable to any
A Advance which is a Eurodollar Rate Advance made to the Borrower, the
Borrower shall not have delivered a Notice of Conversion/Continuation in
accordance with this Section 2.09, then such Advance shall upon such
expiration automatically be Converted to a Base Rate Advance.
(c) After
the
occurrence of and during the continuance of a Potential Event of Default or
an
Event of Default, the Borrower may not elect to have an A Advance be made
or continued as, or Converted into, a Eurodollar Rate Advance after the
expiration of any Interest Rate then in effect for that
A Advance.
Section
2.10 Increased
Costs.
(a) If,
due
to either (i) the introduction of or any change (other than any change by
way of imposition or increase of reserve requirements in the case of Eurodollar
Rate Advances included in the Eurodollar Rate Reserve Percentage) in or in
the
interpretation of any law or regulation or (ii) the compliance with any
guideline or request from any central bank or other governmental authority
(whether or not having the force of law), there shall be any increase in the
cost to any Lender of agreeing to make or making, funding or maintaining
Eurodollar Rate Advances made to the Borrower, then the Borrower shall from
time
to time, upon demand by such Lender (with a copy of such demand to the Agent),
pay to the Agent for the account of such Lender additional amounts sufficient
to
compensate such Lender for such increased cost. A reasonably detailed
certificate as to the amount and manner of calculation of such increased cost,
submitted to the Borrower and the Agent by such Lender, shall be conclusive
and
binding for all purposes, absent manifest error.
21
(b) If
any
Lender determines that compliance with any law or regulation or any guideline
or
request from any central bank or other governmental authority (whether or not
having the force of law) affects or would affect the amount of capital required
or expected to be maintained by such Lender or any corporation controlling
such
Lender and that the amount of such capital is increased by or based upon the
existence of such Lender’s commitment to lend hereunder and other commitments of
this type, then, upon demand by such Lender (with a copy of such demand to
the
Agent), the Borrower shall immediately pay to the Agent for the account of
such
Lender, from time to time as specified by such Lender, additional amounts
sufficient to compensate such Lender or such corporation in the light of such
circumstances, to the extent that such Lender reasonably determines such
increase in capital to be allocable to the existence of such Lender’s commitment
to lend hereunder. A reasonably detailed certificate as to such
amounts and the manner of calculation thereof submitted to the Borrower and
the
Agent by such Lender shall be conclusive and binding for all purposes, absent
manifest error.
(c) If
a
Lender shall change its Applicable Lending Office, such Lender shall not be
entitled to receive any greater payment under Sections 2.10 and 2.12 than
the amount such Lender would have been entitled to receive if it had not changed
its Applicable Lending Office, unless such change was made at the request of
the
Borrower or at a time when the circumstances giving rise to such greater payment
did not exist.
Section
2.11 Payments
and Computations.
(a) The
Borrower shall make each payment hereunder not later than 1:00 P.M. (New York
City time) on the day when due in U.S. dollars to the Agent at its address
referred to in Section 8.02 in same day funds, without setoff, deduction or
counterclaim. Subject to the immediately succeeding sentence, the
Agent will promptly thereafter cause to be distributed like funds relating
to
the payment of principal or interest or facility fees ratably (other than
amounts payable pursuant to Section 2.03, 2.10 or 2.12 or, to the extent
the Termination Date is not the same for all Lenders, pursuant to
Section 2.06(a)) to the Lenders for the account of their respective
Applicable Lending Offices, and like funds relating to the payment of any other
amount payable to any Lender to such Lender for the account of its Applicable
Lending Office, in each case to be applied in accordance with the terms of
this
Agreement. Upon receipt of principal or interest paid after an Event
of Default and an acceleration or a deemed acceleration of amounts due
hereunder, the Agent will promptly thereafter cause to be distributed like
funds
relating to the payment of principal or interest ratably in accordance with
each
Lender’s outstanding A Advances and B Advances (other than amounts
payable pursuant to Section 2.10 or 2.12) to the Lenders for the account of
their respective Applicable Lending Offices. Upon its acceptance of
an Assignment and Acceptance and recording of the information contained therein
in the Register pursuant to Section 8.07(d), from and after the effective
date specified in such Assignment and Acceptance, the Agent shall make all
payments hereunder in respect of the interest assigned thereby to the Lender
assignee thereunder, and the parties to such Assignment and Acceptance shall
make all appropriate adjustments in such payments for periods prior to such
effective date directly between themselves.
22
(b) All
computations of interest based on the Base Rate shall be made by the Agent
on
the basis of a year of 365 or 366 days, as the case may be, and all computations
of interest based on the Adjusted Eurodollar Rate or the Federal Funds Rate
and
of facility fees shall be made by the Agent on the basis of a year of 360 days,
in each case for the actual number of days (including the first day but
excluding the last day) occurring in the period for which such interest or
such
fees are payable. Each determination by the Agent of an interest rate
hereunder shall be conclusive and binding for all purposes, absent manifest
error.
(c) Whenever
any payment hereunder shall be stated to be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day, and such
extension of time shall in such case be included in the computation of payment
of interest or facility fee, as the case may be; provided,
however, if such extension would cause payment of interest on or
principal of Eurodollar Rate Advances to be made in the next following calendar
month, such payment shall be made on the next preceding Business
Day.
(d) Unless
the Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Lenders hereunder that the Borrower will not
make such payment in full, the Agent may assume that the Borrower has made
such
payment in full to the Agent on such date and the Agent may, in reliance upon
such assumption, cause to be distributed to each Lender on such due date an
amount equal to the amount then due such Lender. If and to the extent
that the Borrower shall not have so made such payment in full to the Agent,
each
Lender shall repay to the Agent forthwith on demand such amount distributed
to
such Lender together with interest thereon, for each day from the date such
amount is distributed to such Lender until the date such Lender repays such
amount to the Agent, at the Federal Funds Rate.
Section
2.12 Taxes.
(a) Any
and
all payments by the Borrower hereunder shall be made, in accordance with
Section 2.11, free and clear of and without deduction for any and all
present or future taxes, levies, imposts, deductions, charges or withholdings,
and all liabilities with respect thereto (hereinafter referred to as
“Taxes”), excluding, in the case of each Lender and the Agent,
(i) taxes imposed on its income, and franchise taxes imposed on it, by the
jurisdiction under the laws of which such Lender or the Agent (as the case
may
be) is organized or any political subdivision thereof or in which its principal
office is located, (ii) taxes imposed on its income, and franchise taxes
imposed on it, by the jurisdiction of such Lender’s Applicable Lending Office or
any political subdivision thereof, (iii) taxes imposed upon or measured by
the overall net income of such Lender by the United States or any political
subdivision or taxing authority thereof or therein, and (iv) United States
income taxes (including withholding taxes with respect to payments hereunder)
payable with respect to payments hereunder under laws (including without
limitation any statute, treaty, ruling, determination or regulation) in effect
on the date hereof in the case of each Bank and on the effective date of the
Assignment and Acceptance pursuant to which it became a Lender in the case
of
each other Lender (all such non-excluded Taxes being hereafter referred to
as
“Indemnified Taxes”; and all such excluded Taxes being hereinafter
referred to as “Excluded Taxes”). If the Borrower shall be
required by law to deduct any Taxes from or in respect of any sum payable
hereunder to any Lender or the Agent, (i) unless such Taxes are Excluded
Taxes, the sum payable shall be increased as may be necessary so that after
making all required deductions (including deductions applicable to additional
sums payable under this Section 2.12) such Lender or the Agent (as the case
may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions and
(iii) the Borrower shall pay the full amount deducted to the relevant
taxation authority or other authority in accordance with applicable
law.
23
(b) In
addition, the Borrower agrees to pay any present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies which
arise from the execution, delivery or registration of, or otherwise with respect
to, this Agreement (hereinafter referred to as “Other
Taxes”).
(c) The
Borrower will indemnify each Lender and the Agent for the full amount of
Indemnified Taxes or Other Taxes (including, without limitation, any Indemnified
Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this
Section 2.12) and the Borrower will indemnify each Lender and the Agent for
the full amount of Indemnified Taxes or Other Taxes (including, without
limitation, any Indemnified Taxes or Other Taxes imposed by any jurisdiction
on
amounts payable under this Section 2.12), in each case paid by such Lender
or the Agent (as the case may be) and any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto, whether or
not
such Indemnified Taxes or Other Taxes were correctly or legally
asserted. This indemnification shall be made within 30 days from the
date such Lender or the Agent (as the case may be) makes written demand
therefor.
(d) Within
30
days after the date of any payment of Taxes, the Borrower will furnish to the
Agent, at its address referred to in Section 8.02, the original or a
certified copy of a receipt evidencing payment thereof.
(e) (i) Each
Lender organized under the laws of a jurisdiction outside the United States,
on
or prior to the date of its execution and delivery of this Agreement in the
case
of each Bank and on the date of the Assignment and Acceptance pursuant to which
it becomes a Lender in the case of each other Lender, and from time to time
thereafter if requested in writing by the Borrower (but only so long as such
Lender remains lawfully able to do so), shall provide the Borrower with either
(A) Internal Revenue Service form W-8BEN or W-8ECI, as appropriate, or any
successor form prescribed by the Internal Revenue Service, to establish that
such Lender is not subject to, or is subject to a reduced rate of, United States
withholding Tax with respect to any payments to such Lender of interest payable
under this Agreement, or (B) if such Lender claims the benefits of the exemption
for portfolio interest under section 881(c) of the Code, (1) a certificate
to
the effect that such Lender is not (x) a “bank” within the meaning of section
881(c)(3)(A) of the Code, (y) a “10 percent shareholder” of the Borrower within
the meaning of section 881(c)(3)(B) of the Code, or (z) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code and (2) duly
completed copies of Internal Revenue Service Form W-8BEN. If the form
provided by a Lender at the time such Lender first becomes a party to this
Agreement indicates a United States interest withholding tax rate in excess
of
zero, withholding tax at such rate shall be considered an Excluded
Tax.
(ii) In
addition, each Lender organized under the laws of a jurisdiction outside the
United States, to the extent it does not act or ceases to act for its own
account with respect to any portion of any sums paid or payable to such Lender
under this Agreement (for example, in the case of a typical participation by
such Lender), on or prior to the date of its execution and delivery of this
Agreement in the case of each Bank and on the date of the Assignment and
Acceptance pursuant to which it becomes a Lender in the case of each other
Lender, on or prior to such later date when such Lender ceases to act for its
own account with respect to any portion of any such sums paid or payable, and
from time to time thereafter if requested in writing by the Borrower (but only
so long as such Lender remains lawfully able to do so), shall provide the
Borrower with Internal Revenue Service form W-8IMY, or any successor form
prescribed by the Internal Revenue Service, together with any information,
if
any, such Lender chooses to transmit with such form, and any other certificate
or statement of exemption required under the Code or the regulations thereunder,
to establish that such Lender is not acting for its own account with respect
to
a portion of any such sums payable to such Lender.
24
(f) For
any
period during which any Tax is required to be deducted or withheld (i) on the
basis of the information, certificates or statements of exemption a Lender
chooses to transmit with an Internal Revenue Service Form W-8IMY pursuant to
subsection 2.12(e)(ii), or (ii) due solely to a Lender’s failure to
provide the Borrower with the appropriate form described in Section 2.12(e)
(other than if such failure is due to a change in law occurring subsequent
to
the date on which a form originally was required to be provided, or if such
form
otherwise is not required under the first sentence of subsection 2.12(e)(i)
above), such Tax shall be considered an Excluded Tax for purposes of Section
2.12(a); provided, however, that should a Lender become subject to
Taxes because of its failure to deliver a form required hereunder, the Borrower
shall, at the expense of such Lender, take such steps as the Lender shall
reasonably request to assist the Lender to recover such Taxes.
(g) Without
prejudice to the survival of any other agreement of the Borrower hereunder,
the
agreements and obligations of the Borrower contained in this Section 2.12
shall survive the payment in full of principal and interest
hereunder.
Section
2.13 Sharing
of Payments, Etc. If any Lender shall
obtain any payment (whether voluntary, involuntary, through the exercise of
any
right of set-off, or otherwise) on account of the A Advances made by it
(other than pursuant to Section 2.10 or 2.12 or, to the extent the
Termination Date is not the same for all Lenders, pursuant to
Section 2.06(a)) in excess of its ratable share of payments on account of
the A Advances obtained by all the Lenders, such Lender shall forthwith
purchase from the other Lenders such participations in the A Advances made
by them as shall be necessary to cause such purchasing Lender to share the
excess payment ratably with each of them, provided, however, that
if all or any portion of such excess payment is thereafter recovered from such
purchasing Lender, such purchase from each Lender shall be rescinded and such
Lender shall repay to the purchasing Lender the purchase price to the extent
of
such recovery together with an amount equal to such Lender’s ratable share
(according to the proportion of (a) the amount of such Lender’s required
repayment to (b) the total amount so recovered from the purchasing Lender)
of any interest or other amount paid or payable by the purchasing Lender in
respect of the total amount so recovered. The Borrower agrees that
any Lender so purchasing a participation from another Lender pursuant to this
Section 2.13 may, to the fullest extent permitted by law, exercise all its
rights of payment (including the right of set-off) with respect to such
participation as fully as if such Lender were the direct creditor of the
Borrower in the amount of such participation.
25
Section
2.14 Evidence
of Debt.
(a) Each
Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower to such Lender resulting
from each Advance owing to such Lender from time to time, including the amounts
of principal and interest payable and paid to such Lender from time to time
hereunder. The Borrower agrees that upon notice by any Lender to the
Borrower (with a copy of such notice to the Agent) to the effect that a
promissory note or other evidence of indebtedness is required or appropriate
in
order for such Lender to evidence (whether for purposes of pledge, enforcement
or otherwise) the A Advances or the B Advances owing to, or to be made
by, such Lender, the Borrower shall promptly execute and deliver to such Lender
promissory notes or other evidence of such indebtedness, in form and substance
reasonably satisfactory to the Borrower and such Lender, payable to the order
of
such Lender in a principal amount equal, in the case of the A Advances, to
the aggregate principal amount of the Commitment of such Lender and, in the
case
of the B Advances, to the outstanding principal amount of B Advances
of such Lender; provided, however, that the execution and delivery of
such promissory note or other evidence of indebtedness shall not be a condition
precedent to the making of any Advance under this Agreement.
(b) The
Register maintained by the Agent pursuant to Section 8.07(c) shall include
a control account, and a subsidiary account for each Lender, in which accounts
(taken together) shall be recorded (i) the date, amount and tenor, as
applicable, of each Borrowing, the Borrower that received the proceeds of such
Borrowing, the Type of Advances comprising such Borrowing and the Interest
Period applicable thereto, (ii) the terms of each Assignment and Acceptance
delivered to and accepted by it, (iii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to
each
Lender hereunder, and (iv) the amount of any sum received by the Agent from
the Borrower hereunder and each Lender’s share thereof.
(c) The
entries made in the Register shall be conclusive and binding for all purposes,
absent manifest error.
Section
2.15 Use
of Proceeds.
(a) Advances
shall be used by the Borrower for Commercial Paper backup, for Non-Hostile
Acquisitions and for general corporate purposes.
(b) No
portion of the proceeds of any Advances under this Agreement shall be used
by
the Borrower or any of its Subsidiaries in any manner which might cause the
Advances or the application of such proceeds to violate, or require any Lender
to make any filing or take any other action under, Regulation T, Regulation
U or
Regulation X of the Board of Governors of the Federal Reserve System or any
other regulation of such Board or to violate the Securities Exchange Act of
1934, in each case as in effect on the date or dates of such Advances and such
use of proceeds.
26
Section
2.16 Extension
of the Commitment Termination Date. The
Borrower may, not later than 30 days, and not earlier than 60 days, prior to
each applicable anniversary of the Effective Date during the term of this
Agreement (as may be extended from time to time pursuant to this Section 2.16)
(the “Current Anniversary Date”), and not more than once in any calendar
year, commencing not later than 60 days prior to the first anniversary of the
Effective Date, from time to time request that the Commitment Termination Date
for all Eligible Lenders (as defined below) be extended for a period of one
year
by delivering to the Agent a copy of an extension request signed by the Borrower
(an “Extension Request”) in substantially the form of Exhibit D
hereto; provided that at the time of such request and as of the date of
any such extension of the Commitment Termination Date, (i) the
representations and warranties of the Borrower contained in Article IV are
correct on and as of such date, as though made on and as of such date, except
to
the extent that any such representation or warranty expressly relates only
to an
earlier date, in which case they were correct as of such earlier date, and
(ii) no Event of Default or Potential Event of Default exists and is
continuing. The Agent shall promptly notify each Lender of its
receipt of such Extension Request. On or prior to the fifteenth day
(the “Determination Date”) prior to the Current Anniversary Date, each
Eligible Lender shall notify the Agent and the Borrower of its willingness
or
unwillingness to extend its Commitment Termination Date
hereunder. Any Eligible Lender that shall fail to so notify the Agent
and the Borrower on or prior to the Determination Date shall be deemed to have
declined to so extend. In the event that, on or prior to the
Determination Date, Eligible Lenders representing more than 50% of the aggregate
amount of the Commitments of all Eligible Lenders then in effect shall consent
to such extension, the Agent shall so advise the Lenders and the Borrower and,
subject to execution of documentation evidencing such extension and consents,
the Commitment Termination Date of each Eligible Lender (each a “Consenting
Lender”) that has consented on or prior to the Determination Date to so
extend shall be extended to the date indicated in the Extension
Request. Thereafter, (i) for each Consenting Lender, the term
“Commitment Termination Date” as used herein and in any promissory note
executed and delivered by the Borrower pursuant to Section 2.14 hereof,
shall at all times refer to such date, unless it is later extended pursuant
to
this Section 2.16, and (ii) for each Lender that is not an Eligible
Lender and for each Eligible Lender that either has declined on or prior to
the
Determination Date to so extend or is deemed to have so declined, the term
“Commitment Termination Date” shall at all times refer to the date which
was the Commitment Termination Date of such Lender immediately prior to the
delivery to the Agent of such Extension Request. In the event that,
as of the Determination Date, the Consenting Lenders represent 50% or less
of
the aggregate amount of the Commitments of all Eligible Lenders then in effect,
the Agent shall so advise the Lenders and the Borrower, and none of the Lenders’
Commitment Termination Dates shall be extended to the date indicated in the
Extension Request and each Lender’s Commitment Termination Date shall continue
to be the date which was the Commitment Termination Date of such Lender
immediately prior to the delivery to the Agent of such Extension
Request. For purposes of this Section 2.16, the term
“Eligible Lenders” means, with respect to any Extension Request,
(i) all Lenders if no Lender’s Commitment Termination Date had been
extended pursuant to this Section 2.16 prior to the delivery to the Agent
of such Extension Request, and (ii) in all other cases, those Lenders which
had extended their Commitment Termination Date in the most recent extension
of
any Commitment Termination Date effected pursuant to this
Section 2.16.
Section
2.17 Substitution
of Lenders. If any Lender requests
compensation from the Borrower under Section 2.10(a) or (b) or if any
Lender declines to extend its Commitment Termination Date pursuant to
Section 2.16, the Borrower shall have the right, with the assistance of the
Agent, to seek one or more substitute banks or financial institutions (which
may
be one or more of the Lenders) reasonably satisfactory to the Agent and the
Borrower to purchase the Advances and assume the Commitments of such Lender,
and
the Borrower, the Agent, such Lender, and such substitute banks or financial
institutions shall execute and deliver an appropriately completed Assignment
and
Acceptance pursuant to Section 8.07(a) hereof to effect the assignment of
rights to and the assumption of obligations by such substitute banks or
financial institutions; provided that such requesting Lender shall be
entitled to (i) compensation under Section 2.10 for any costs incurred
by it prior to its replacement, (ii) payment of all A Advances of such
Lender then outstanding and all interest and fees accrued to the date of such
payment, and (iii) if any Eurodollar Rate Advances of such Lender are then
outstanding, any reimbursement which would be payable under Section 8.04(b)
in connection with a prepayment of such Eurodollar Rate Advances on such
date.
27
Section
2.18 Increased
Commitments; Additional Lenders.
(a) No
more
than once per year from the Effective Date, the Borrower may, upon at least
thirty (30) days notice to the Agent (which shall promptly provide a copy of
such notice to the Lenders), propose to increase the aggregate amount of the
Commitments in increments of $25,000,000, the total amount of all such increases
not to exceed $500,000,000 (the amount of any such increase, the “Increased
Commitments”); provided that at the time of and after giving effect
to any increase in the Commitments (and the delivery of the applicable
commitment increase notice shall constitute a representation and warranty by
the
Borrower that on the effective date of such increase such statements are true)
(i) the Borrower’s Long-Term Debt ratings from two of (1) Xxxxx’x,
(2) S&P, and (3) Fitch are better than or equal to Baa3, BBB- or
BBB- respectively; (ii) the representations and warranties of the Borrower
contained in Article IV are correct on and as of the date of such increase,
before and after giving effect to such increase, as though made on and as of
such date, except to the extent that any such representation or warranty
expressly relates only to an earlier date, in which case they were correct
as of
such earlier date; (iii) no Event of Default or Potential Event of Default
exists and is continuing; (iv) on the date of such increase, (x) there
shall be no A Advances outstanding or all Interest Periods shall have ended
and (y) and all accrued and unpaid interest on the A Advances and all
accrued and unpaid Facility Fees shall have been paid in full and (v) after
any such increase, no Lender’s Commitment shall exceed 50% of the aggregate
amount of the Commitments. Each Lender party to this Agreement at
such time shall have the right (but no obligation), for a period of fifteen
(15)
days following receipt of such notice, to elect by notice to the Borrower and
the Agent to increase its Commitment by a principal amount which bears the
same
ratio to the Increased Commitments as its then Commitment bears to the aggregate
Commitments then existing.
(b) If
any
Lender party to this Agreement shall not elect to increase its Commitment
pursuant to subsection (a) of this Section, the Borrower may designate
another lender or other lenders (which may be, but need not be, one or more
of
the existing Lenders) which at the time agree to (i) in the case of any
such lender that is an existing Lender, increase its Commitment and (ii) in
the case of any other such lender (an “Additional Lender”), become a
party to this Agreement. The sum of the increases in the Commitments
of the existing Lenders pursuant to this subsection (b) plus the
Commitments of the Additional Lenders shall not in the aggregate exceed the
unsubscribed amount of the Increased Commitments.
28
(c) An
increase in the aggregate amount of the Commitments pursuant to this
Section 2.18 shall become effective upon the receipt by the Agent of an
agreement in form and substance satisfactory to the Agent signed by the
Borrower, by each Additional Lender and by each other Lender whose Commitment
is
to be increased, setting forth the new Commitments of such Lenders and
Additional Lenders on a revised Schedule II to this Agreement and setting forth
the agreement of each Additional Lender to become a party to this Agreement
and
to be bound by all the terms and provisions hereof, together with such evidence
of appropriate corporate authorization on the part of the Borrower with respect
to the Increased Commitments and such opinions of counsel for the Borrower
with
respect to the Increased Commitments as the Agent may reasonably
request.
Section
2.19 Special
Purpose Funding Vehicles.
(a) Notwithstanding
anything to the contrary contained herein, any Lender, (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”)
the option to fund all or any part of any Advance that such Granting Lender
would otherwise be obligated to fund pursuant to this Agreement;
provided, that (i) nothing herein shall constitute a commitment by
an SPC to fund any Advance, and (ii) if an SPC elects not to exercise such
option or otherwise fails to fund all or any part of such Advance, the Granting
Lender shall be obligated to fund such Advance pursuant to the terms
hereof. The funding of an Advance by an SPC hereunder shall utilize
the Commitment of the Granting Lender to the same extent, and as if, such
Advance were funded by such Granting Lender. Each party hereto hereby
agrees that no SPC shall be liable for any indemnity or payment under this
Agreement for which a Lender would otherwise be liable for so long as, and
to
the extent, the Granting Lender provides such indemnity or makes such
payment. Notwithstanding anything to the contrary contained in this
Agreement, any SPC may disclose on a confidential basis any non-public
information relating to its funding of Advances to any rating agency, commercial
paper dealer or provider of any surety or guarantee to such SPC.
(b) Each
Granting Lender, acting solely for this purpose on the Borrower’s behalf, shall
maintain a register comparable to the Register maintained by the Agent pursuant
to Section 8.07(c) for purpose of recording the funding of Advances by
SPCs.
(c) Assignments
of and participations in Advances funded by SPCs shall be subject to the
provisions of Section 8.07.
ARTICLE
III
CONDITIONS
OF LENDING
Section
3.01 Condition
Precedent to Effective Date. The effectiveness of this
Agreement and the obligation of each Lender to make its initial Advance
hereunder on and after the Effective Date are subject to the condition precedent
that the Agent receive on or before the Effective Date the following, each
dated
the Effective Date, and each in form and substance satisfactory to the Agent
and
in sufficient copies for each Lender:
29
(a) This
Agreement, executed by the Borrower and each Lender listed on Schedule II
attached hereto;
(b) Certified
copies of the resolutions of the Board of Directors of the Borrower approving
this Agreement, and of all documents evidencing other necessary corporate action
and governmental approvals, if any, with respect to this Agreement;
(c) 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 Agreement and the other documents to be delivered by
the
Borrower hereunder;
(d) A
certificate of the Secretary or Assistant Secretary of the Borrower, dated
the
Effective Date, certifying the correctness and completeness of the copies of
Borrower’s Certificate of Incorporation and Bylaws previously delivered to the
Agent, together with good standing certificates from the state of its
incorporation and its principal place of business, each to be dated a recent
date prior to the Effective Date;
(e) A
favorable opinion of Xxxxxxx X. Xxxx, Esq., General Counsel of the Borrower,
substantially in the form of Exhibit C hereto;
(f) A
certificate of an authorized officer of the Borrower, stating that the
representations and warranties of the Borrower contained in Article IV are
correct on and as of the Effective Date;
(g) Evidence
satisfactory to the Agent of (i) the absence of any indebtedness of the
Borrower under the Existing Credit Agreement (including borrowings and accrued
interest), (ii) the payment of fees, costs and expenses, if any, payable by
the Borrower under the Existing Credit Agreement and (iii) if required by
Administrative Agent, consent to the termination of the Existing Credit
Agreement and all commitments thereunder on the Effective Date by any party
thereto which is not a party hereto; and
(l) An
executed copy of the Bridge Credit Agreement, which shall be in form and
substance satisfactory to the Agent.
Section
3.02 Conditions
Precedent to Each A Borrowing. The
obligation of each Lender to make an A Advance on the occasion of each
A Borrowing (including the initial A Borrowing) shall be subject to
the further conditions precedent that (i) the Agent shall have received a
Notice of A Borrowing with respect thereto in accordance with
Section 2.02 and (ii) on the date of such A Borrowing the
following statements shall be true (and each of the giving of the applicable
Notice of A Borrowing and the acceptance by the Borrower of the proceeds of
such A Borrowing shall constitute a representation and warranty by the
Borrower that on the date of such A Borrowing such statements are
true):
30
(a) The
representations and warranties of the Borrower contained in Article IV
(other than the representations set forth in the second sentence of Section
4.01(e) to the extent the proceeds of such A Borrowing are used to repay
Commercial Paper) are correct on and as of the date of such A Borrowing,
before and after giving effect to such A Borrowing and to the application
of the proceeds therefrom, as though made on and as of such date, except to
the
extent that any such representation or warranty expressly relates only to an
earlier date, in which case they were correct as of such earlier date;
and
(b) No
event
has occurred and is continuing, or would result from such A Borrowing or
from the application of the proceeds therefrom, which constitutes an Event
of
Default or a Potential Event of Default.
Section
3.03 Conditions
Precedent to Each B Borrowing. The
obligation of each Lender which is to make a B Advance on the occasion of a
B Borrowing (including the initial B Borrowing) to make such
B Advance as part of such B Borrowing is subject to the conditions
precedent that (i) the Agent shall have received the written confirmatory
Notice of B Borrowing with respect thereto in accordance with
Section 2.03 and (ii) on the date of such B Borrowing the
following statements shall be true (and each of the giving of the applicable
Notice of B Borrowing and the acceptance by the Borrower of the proceeds of
such B Borrowing shall constitute a representation and warranty by the
Borrower that on the date of such B Borrowing such statements are
true):
(a) The
representations and warranties of the Borrower contained in Article IV are
correct on and as of the date of such B Borrowing, before and after giving
effect to such B Borrowing and to the application of the proceeds
therefrom, as though made on and as of such date, except to the extent that
any
such representation or warranty expressly relates only to an earlier date,
in
which case they were correct as of such earlier date, and
(b) No
event
has occurred and is continuing, or would result from such B Borrowing or
from the application of the proceeds therefrom, which constitutes an Event
of
Default or a Potential Event of Default.
ARTICLE
IV
REPRESENTATIONS
AND WARRANTIES
Section
4.01 Representations
and Warranties of the Borrower. The Borrower represents
and warrants as follows:
(a) Due
Organization, etc. The Borrower is a corporation duly organized,
validly existing and in good standing under the laws of the State of
Nevada. The Borrower is duly qualified to do business as a foreign
corporation in good standing in all other jurisdictions which require such
qualification except to the extent that failure to so qualify would not have
a
material adverse effect on the Borrower. Each Subsidiary of the
Borrower is duly organized and validly existing under the laws of the
jurisdiction of its incorporation or formation. Each such Subsidiary
is duly qualified to do business in all other jurisdictions which require such
qualification except to the extent that failure to so qualify would not have
a
material adverse effect on such Subsidiary.
31
(b) Due
Authorization, etc. The execution, delivery and performance by
the Borrower of this Agreement are within the Borrower’s corporate powers, have
been duly authorized by all necessary corporate action, and do not contravene
(i) the Borrower’s certificate of incorporation or bylaws or (ii) law
or any material contractual restriction binding on or affecting the
Borrower.
(c) Governmental
Consent. No authorization or approval or other action by, and no
notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by the Borrower of
this
Agreement.
(d) Validity. This
Agreement is the legal, valid and binding obligation of the Borrower enforceable
against the Borrower in accordance with its terms, subject to the effect of
applicable bankruptcy, insolvency, arrangement, moratorium and other similar
laws affecting creditors’ rights generally and to the application of general
principles of equity.
(e) Condition
of the Borrower. The balance sheet of the Borrower and its
Subsidiaries as at March 30, 2007, and the related statements of income and
retained earnings of the Borrower and its Subsidiaries for the fiscal year
then
ended, copies of which have been furnished to each Bank, fairly present the
financial condition of the Borrower and its Subsidiaries as at such date and
the
results of the operations of the Borrower and its Subsidiaries for the fiscal
year ended on such date, all in accordance with GAAP consistently
applied. There has been no material adverse change in the business,
condition (financial or otherwise), operations or properties of the Borrower
and
its Subsidiaries, taken as a whole, since March 30, 2007.
(f) Litigation. There
is no pending or threatened investigation, action or proceeding against the
Borrower or any of its Subsidiaries before any court, governmental agency or
arbitrator that would reasonably be expected to materially adversely affect
the
financial condition or operations of the Borrower and its Subsidiaries, taken
as
a whole, or which purports to affect the legality, validity or enforceability
of
this Agreement.
(g) Margin
Regulations. The Borrower is not engaged in the business of
extending credit for the purpose of purchasing or carrying margin stock (within
the meaning of Regulation U issued by the Board of Governors of the Federal
Reserve System), and no proceeds of any Advance will be used to purchase or
carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock in any manner that violates or would
cause a violation of Regulation T, Regulation U or Regulation X.
(h) Payment
of Taxes. Except as disclosed in the Borrower's Annual Report on
Form 10-K for the year ended March 30, 2007, the Borrower and each of its
Subsidiaries have filed or caused to be filed all material Tax returns (federal,
state, local and foreign) required to be filed and paid all material amounts
of
Taxes shown thereon to be due, including interest and penalties, except for
such
Taxes as are being contested in good faith and by proper proceedings and with
respect to which appropriate reserves are being maintained by the Borrower
or
any such Subsidiary, as the case may be.
(i) Governmental
Regulation. The Borrower is not subject to regulation under the
Federal Power Act, the Interstate Commerce Act or the Investment Company Act
of
1940, each as amended, or to any Federal or state statute or regulation limiting
its ability to incur indebtedness for money borrowed. No Subsidiary
of the Borrower is subject to any regulation that would limit the ability of
the
Borrower to enter into or perform its obligations under this
Agreement.
32
(j) ERISA.
(i) No
ERISA
Event has occurred or is reasonably expected to occur (other than for premiums
payable under Title IV of ERISA), that could reasonably be expected to result
in
a liability to the Borrower or its ERISA Affiliates of more than
$75,000,000.
(ii) Schedule
B (Actuarial Information) to the most recently completed annual report (Form
5500 Series) for each Pension Plan, copies of which have been filed with the
Internal Revenue Service and furnished to the Agent, is complete and, to the
best knowledge of the Borrower, accurate, and since the date of such Schedule
B
there has been no material adverse change in the funding status of any such
Pension Plan.
(iii) As
of the
most recent valuation date for each Multiemployer Plan for which the actuarial
report is available, the potential liability to the Borrower or any of its
ERISA
Affiliates for a complete withdrawal from such Multiemployer Plan, when
aggregated with such potential liability for a complete withdrawal for all
Multiemployer Plans, based on information available pursuant to Section 4221(e)
of ERISA, does not exceed $75,000,000.
(iv) The
Borrower and each of its ERISA Affiliates are in compliance with all applicable
provisions and requirements of ERISA and the regulations and published
interpretations thereunder with respect to each Employee Benefit Plan, and
have
performed all their obligations under each Employee Benefit
Plan. Each Employee Benefit Plan that is intended to qualify under
Section 401(a) of the Code has received a determination letter from the Internal
Revenue Service that the Employee Benefit Plan is so qualified (or a timely
application for such a determination letter is pending), and to the best of
the
Borrower’s knowledge, the Employee Benefit Plan has not been operated in any way
that would result in the Employee Benefit Plan no longer being so
qualified.
(v) Neither
the Borrower nor any ERISA Affiliate has been notified by the sponsor of a
Multiemployer Plan that such Multiemployer Plan is in reorganization or has
been
terminated, within the meaning of Title IV of ERISA, and, to the best knowledge
of the Borrower, no Multiemployer Plan is reasonably expected to be in
reorganization or to be terminated within the meaning of Title IV of
ERISA.
(k) Disclosure. No
representation or warranty of the Borrower contained in this Agreement
(including any Schedule furnished in connection herewith) contains any untrue
statement of a material fact. No other document, certificate or
written statement furnished to the Agent or any Lender by or on behalf of the
Borrower for use in connection with the transactions contemplated in this
Agreement, taken as a whole with other documents, certificates or written
statements furnished contemporaneously therewith, contains any untrue statement
of fact or omits to state a material fact (known to the Borrower in the case
of
any documents not furnished by it) necessary in order to make the statements
contained therein not misleading in light of the circumstances under which
the
same were made.
33
(l) Insurance. The
Borrower and its Subsidiaries (i) have in full force insurance coverage of
their respective properties, assets and business (including casualty, general
liability, products liability and business interruption insurance) that is
(A) no less protective in any material respect than the insurance the
Borrower and its Subsidiaries have carried in accordance with their past
practices or (B) prudent given the nature of the business of the Borrower
and its Subsidiaries and the prevailing practice among companies similarly
situated or (ii) maintain a plan or plans of self-insurance to such extent
and covering such risks as is usual for companies of comparable size engaged
in
the same or similar business which plan or plans provide for, among other
things, adequate reserves for the risks being
self-insured.
(m) Environmental
Matters. (i) The Borrower and each of its Subsidiaries is in
compliance in all material respects with all Environmental Laws the
non-compliance with which could reasonably be expected to have a material
adverse effect on the financial condition or operations of the Borrower and
its
Subsidiaries, taken as a whole, and (ii) there has been no “release or
threatened release of a hazardous substance” (as defined by the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended,
42
U.S.C. § 9601 etseq.) or any other release, emission or
discharge into the environment of any hazardous or toxic substance, pollutant
or
other materials from the Borrower’s or its Subsidiaries’ property other than as
permitted under applicable Environmental Law and other than those which would
not have a material adverse effect on the financial condition or operations
of
the Borrower and its Subsidiaries, taken as a whole. Other than
disposals for which the Borrower has been indemnified in full, all “hazardous
waste” (as defined by the Resource Conservation and Recovery Act, 42 U.S.C.
§ 6901 etseq. (1976) and the regulations thereunder, 40 CFR
Part 261 (“RCRA”)) generated at the Borrower’s or any Subsidiaries’
properties have in the past been and shall continue to be disposed
of at sites
which maintain valid permits under RCRA and any applicable state or local
Environmental Law.
ARTICLE
V
COVENANTS
Section
5.01 Affirmative
Covenants of the Borrower. The Borrower covenants and
agrees that the Borrower will, unless and until all of the Advances shall have
been indefeasibly paid in full and the Commitments of the Lenders shall have
terminated, unless Majority Lenders shall otherwise consent in
writing:
(a) Compliance
with Laws, Etc. Comply, and cause each of its Subsidiaries to
comply, with all applicable laws, rules, regulations and orders, such compliance
to include, without limitation, (i) complying with all Environmental Laws
and (ii) paying before the same become delinquent all Taxes imposed upon it
or upon its property except to the extent contested in good faith, except where
failure to so comply would not have a material adverse effect on the business,
condition (financial or otherwise), operations or properties of the Borrower
and
its Subsidiaries, taken as a whole.
34
(b) Reporting
Requirements. Furnish to the Lenders:
(i) as
soon
as available and in any event within 60 days of the end of each of the first
three fiscal quarters of each fiscal year of the Borrower, a copy of the
quarterly report for such quarter for the Borrower and its Subsidiaries,
containing financial statements (including a consolidated balance sheet,
consolidated statements of income and stockholders’ equity and cash flows of the
Borrower and its Subsidiaries) for such quarter;
(ii) as
soon
as available and in any event within 120 days after the end of each fiscal
year
of the Borrower, a copy of the annual audit report for such year for the
Borrower and its Subsidiaries, containing financial statements (including a
consolidated balance sheet, consolidated statements of income and stockholders’
equity and cash flows of the Borrower and its Subsidiaries) for such year,
accompanied by an opinion of Deloitte & Touche or other nationally
recognized independent public accountants. The opinion shall be
unqualified (as to going concern, scope of audit and disagreements over the
accounting or other treatment of offsets) and shall state that such consolidated
financial statements present fairly the financial position of the Borrower
and
its Subsidiaries as at the dates indicated and the results of their operations
and cash flow for the periods indicated in conformity with GAAP applied on
a
basis consistent with prior years (except as stated therein) and that the
examination by such accountants in connection with such consolidated financial
statements has been made in accordance with generally accepted auditing
standards;
(iii) together
with each delivery of the report of the Borrower and its Subsidiaries pursuant
to clause (i) or clause (ii) above, a compliance certificate for the
quarter or year, as applicable, executed by an authorized financial officer
of
the Borrower (A) stating, in the case of the financial statements delivered
under Section 5.01(b)(i) for such quarter, that such financial statements
fairly present the financial condition of the Borrower and its Subsidiaries
as
at the dates indicated and the results of operations of the Borrower and its
Subsidiaries and cash flow for the periods indicated in conformity with GAAP
applied on a basis consistent with prior years (except as otherwise stated
therein), subject to changes resulting from audit and normal year-end
adjustment, (B) stating that the signer has reviewed the terms of this
Agreement and has made, or caused to be made under his or her supervision,
a
review in reasonable detail of the transactions and condition of the Borrower
and its Subsidiaries during the accounting period covered by such financial
statements and that such review has not disclosed the existence during or at
the
end of such accounting period, and that the signer does not have knowledge
of
the existence as at the date of the compliance certificate, of any condition
or
event that constitutes an Event of Default or a Potential Event of Default
or,
if any such condition or event existed or exists, specifying the nature and
period of existence thereof and what action the Borrower has taken, is taking
and proposes to take with respect thereto and (C) demonstrating in
reasonable detail compliance during (as required thereunder) and at the end
of
such accounting periods with the restrictions contained in
Section 5.02(c).
(iv) as
soon
as possible and in any event within five days after the occurrence of each
Event
of Default and each Potential Event of Default, continuing on the date of such
statement, a statement of an authorized financial officer of the Borrower
setting forth details of such Event of Default or Potential Event of Default
and
the action which the Borrower has taken and proposes to take with respect
thereto;
35
(v) promptly
after any significant change in accounting policies or reporting practices,
notice and a description in reasonable detail of such change;
(vi) promptly
after the sending or filing thereof, copies of all proxy statements, financial
statements and reports that the Borrower or any of its Subsidiaries sends to
its
stockholders generally, and copies of all regular, periodic and special reports,
and all registration statements, that the Borrower or any of its Subsidiaries
files with the SEC or any governmental authority that may be substituted
therefor, or with any national securities exchange;
(vii) promptly
after the furnishing thereof, copies of any statement or report furnished to
any
other holder of the securities of the Borrower or any of its Subsidiaries
pursuant to the terms of any indenture, loan or credit or similar agreement
and
not otherwise required to be furnished to the Lenders pursuant to any other
clause of this Section 5.01.
(viii) promptly
after the commencement thereof, notice of all material actions, suits and
proceedings before any court or government department, commission, board,
bureau, agency or instrumentality, domestic or foreign, affecting the Borrower
or any of its Subsidiaries, of the type described in
Section 4.01(f).
(ix) promptly
after the occurrence thereof, notice of (A) any event which makes any of
the representations contained in Section 4.01(m) inaccurate in any material
respect or (B) the receipt by the Borrower of any notice, order, directive
or other communication from a governmental authority alleging violations of
or
noncompliance with any Environmental Law which could reasonably be expected
to
have a material adverse effect on the financial condition of the Borrower and
its Subsidiaries, taken as a whole;
(x) promptly
after any change in any Rating, a notice of such change, which notice shall
specify the new Rating, the date on which such change was publicly announced
by
S&P, Xxxxx’x or Fitch, as the case may be, and such other information with
respect to such change as any Lender through the Agent may reasonably request;
and
(xi) such
other information respecting the condition or operations, financial or
otherwise, of the Borrower or any of its Subsidiaries as any Lender through
the
Agent may from time to time reasonably request.
In
lieu
of furnishing to the Agent paper copies of the documents required to be
delivered pursuant to Sections 5.01(b)(i), (ii), (v), (vi) and (x), to the
extent such documents are filed with the SEC, the Borrower shall notify the
Agent and Lenders when such documents are so filed and may make such documents
available to the Agent and Lenders at its Internet website located at
xxxx://xxx.xxx.xxx and through the SEC’s XXXXX
system. Notwithstanding the foregoing, the Borrower shall deliver
paper copies of such documents to any Lender that requests the Borrower to
deliver such paper copies. The Borrower hereby notifies the Agent and
Lenders that the Borrower’s Proxy Statement dated as of June 29, 2007 has been
filed through the SEC’s XXXXX system.
36
(c) Corporate
Existence, Etc. The Borrower will, and will cause each of its
material Subsidiaries to, at all times maintain its fundamental business and
preserve and keep in full force and effect its corporate existence (except
as
permitted under Section 5.02(b)) and all rights, franchises and licenses
necessary or desirable in the normal conduct of its business.
(d) Maintenance
of Insurance. The Borrower will and will cause each of its
Subsidiaries to maintain insurance with responsible and reputable insurance
companies or associations in such amounts and covering such risks (i) as
are usually insured by companies engaged in similar businesses and
(ii) with responsible and reputable insurance companies or
associations. Notwithstanding the foregoing, the Borrower and its
Subsidiaries may maintain a plan or plans of self-insurance to such extent
and
covering such risks as is usual for companies of comparable size engaged in
the
same or similar business, which plans shall include, among other things,
adequate reserves for the risks that are self-insured. On request the
Borrower will advise the Agent and the Lenders concerning any such plan or
plans
for self-insurance.
Section
5.02 Negative
Covenants of the Borrower. The Borrower covenants and
agrees that, unless and until all of the Advances shall have been indefeasibly
paid in full and the Commitments of the Lenders shall have terminated, unless
Majority Lenders shall otherwise consent in writing:
(a) Liens,
Etc. The Borrower will not create or suffer to exist, or permit
any of its Subsidiaries to create or suffer to exist, any Lien, upon or with
respect to any of its properties, whether now owned or hereafter acquired,
or
assign, or permit any of its Subsidiaries to assign, any right to receive
income, in each case to secure or provide for the payment of any Debt of any
Person, unless the Borrower’s obligations hereunder shall be secured equally and
ratably with, or prior to, any such Debt; providedhowever that the
foregoing restriction shall not apply to the following Liens which are
permitted:
(i) set-off
rights, arising by operation of law or under any contract entered into in the
ordinary course of business, and bankers’ Liens, Liens of carriers,
warehousemen, mechanics, workmen, employees, materialmen and other Liens imposed
by law;
(ii) Liens
in
favor of the United States to secure amounts paid to the Borrower or any of
its
Subsidiaries as advance or progress payments under government contracts entered
into by it so long as such Liens cover only (x) special bank accounts into
which only such advance or progress payments are deposited and (y) supplies
covered by such government contracts and material and other property acquired
for or allocated to the performance of such government contracts;
(iii) attachment,
judgment and other similar Liens arising in connection with legal proceedings,
provided that the execution or other enforcement of such Liens is
effectively stayed and the claims secured thereby are being contested in good
faith by appropriate proceedings, and provided that any such judgment
does not constitute an Event of Default;
37
(iv) Liens
on
accounts receivable resulting from the sale of such accounts
receivable;
(v) Liens
on
assets of any Subsidiary of the Borrower existing at the time such Person
becomes a Subsidiary (other than any such Lien created in contemplation of
becoming a Subsidiary);
(vi) purchase
money Liens upon or in any property acquired or held by the Borrower or any
Subsidiary in the ordinary course of business to secure the purchase price
of
such property or to secure Debt incurred solely for the purpose of financing
the
acquisition of such property (provided that the amount of Debt secured by such
Lien does not exceed 100% of the purchase price of such property and transaction
costs relating to such acquisition) and Liens existing on such property at
the
time of its acquisition (other than any such Lien created in contemplation
of
such acquisition); and the interest of the lessor thereof in any property that
is subject to a Capital Lease;
(vii) Liens,
other than Liens described in clauses (i) through (vi) and in
clause (ix), to secure Debt not in excess of an aggregate of $100,000,000
principal amount at any time outstanding;
(viii) Liens
resulting from any extension, renewal or replacement (or successive extensions,
renewals or replacements), in whole or in part, of any Debt secured by any
Lien
referred to in clauses (iv), (v) and (vi) so long as (x) the aggregate
principal amount of any such Debt shall not increase as a result of any such
extension, renewal or replacement and (y) Liens resulting from any such
extension, renewal or replacement shall cover only such property which secured
the Debt that is being extended, renewed or replaced; and
(ix) Liens
on
any real property owned by the Borrower or any of its Subsidiaries on the
Effective Date to secure Debt financing the acquisition of or construction
of
improvements on such real property, provided that the amount of such Debt does
not exceed 100% of the fair market value of the real property encumbered by
such
Lien at the time such Debt is incurred.
(b) Restrictions
on Fundamental Changes. The Borrower will not, and will not
permit any of its Subsidiaries to, merge or consolidate with or into, or convey,
transfer, lease or otherwise dispose of (whether in one transaction or in a
series of transactions) all or a substantial portion of its assets (whether
now
owned or hereafter acquired) to any Person (other than the Borrower or any
Subsidiary of the Borrower, so long as the Borrower, directly or indirectly,
owns 80% or more of the voting stock thereof), or enter into any partnership,
joint venture, syndicate, pool or other combination, unless (a) no Event of
Default or Potential Event of Default has occurred and is continuing or would
result therefrom and (b) in the case of any consolidation or merger
involving the Borrower, either (i) the Borrower is the surviving entity or
(ii) the Person surviving or resulting from such consolidation or merger
shall have assumed the obligations of the Borrower hereunder in an agreement
or
instrument reasonably satisfactory in form and substance to the
Agent.
38
(c) Financial
Covenants.
(i) Minimum
Interest Coverage Ratio. The Borrower will not permit at the end
of any quarterly financial reporting period the ratio of Consolidated EBITDA
to
Consolidated Interest Expense for the period of four consecutive fiscal quarters
ending on the last day of such quarterly financial reporting period, to be
less
than 3.00 to 1.00.
(ii) Consolidated
Total Debt to Consolidated EBITDA Ratio. The Borrower will not
permit at the end of any quarterly financial reporting period the ratio of
Consolidated Total Debt as of the last day of such quarterly financial reporting
period to Consolidated EBITDA for the period of four consecutive fiscal quarters
ending on the last day of such quarterly financial reporting period, to exceed
3.00 to 1.00.
ARTICLE
VI
EVENTS
OF DEFAULT
Section
6.01 Events
of Default. If any of the following
events (“Events of Default”) shall occur and be continuing:
(a) The
Borrower shall fail to pay any principal of any Advance when the same becomes
due and payable or the Borrower shall fail to pay any interest on any Advance
or
any fees or other amounts payable hereunder within five days of the date due;
or
(b) Any
representation or warranty made by the Borrower herein or in connection with
this Agreement shall prove to have been incorrect in any material respect when
made; or
(c) The
Borrower shall fail to perform or observe (i) any term, covenant or
agreement contained in Section 5.01(c) or 5.02, or (ii) any other
term, covenant or agreement contained in this Agreement on its part to be
performed or observed if the failure to perform or observe such other term,
covenant or agreement shall remain unremedied for 30 days after the Borrower
obtains knowledge of such breach; or
(d) The
Borrower or any of its Subsidiaries shall fail to pay any principal of or
premium or interest on any Debt and any guaranties of third-party indebtedness
which is outstanding in a principal amount of at least $100,000,000 in the
aggregate (but excluding Debt arising under this Agreement) of the Borrower
or
such Subsidiary (as the case may be), when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise), and such failure shall continue after the applicable grace period,
if any, specified in the agreement or instrument relating to such Debt or
guaranty; or any other event shall occur or condition shall exist under any
agreement or instrument relating to any such Debt and shall continue after
the
applicable grace period, if any, specified in such agreement or instrument,
if
the effect of such event or condition is to accelerate, or to permit the
acceleration of, the maturity of such Debt; or any such Debt shall be declared
to be due and payable, or required to be prepaid (other than by a regularly
scheduled required prepayment or by a required prepayment of insurance proceeds
or by a required prepayment as a result of formulas based on asset sales or
excess cash flow), redeemed, purchased or defeased, or an offer to prepay,
redeem, purchase or defease such Debt shall be required to be made, in each
case
prior to the stated maturity thereof, or there shall have occurred a Default
or
an Event of Default (each as defined in the Bridge Credit Agreement) under
the
Bridge Credit Agreement; or
39
(e) The
Borrower or any of its Significant Subsidiaries shall generally not pay its
debts as such debts become due, or shall admit in writing its inability to
pay
its debts generally, or shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against the Borrower
or
any of its Significant Subsidiaries seeking to adjudicate it a bankrupt or
insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, or composition of it or its debts under any
law
relating to bankruptcy, insolvency or reorganization or relief of debtors,
or
seeking the entry of an order for relief or the appointment of a receiver,
trustee, custodian or other similar official for it or for substantial part
of
its property and, in the case of any such proceeding instituted against it
(but
not instituted by it), either such proceeding shall remain undismissed or
unstayed for a period of 60 days, or any of the actions sought in such
proceeding (including, without limitation, the entry of an order for relief
against, or the appointment of a receiver, trustee, custodian or other similar
official for, it or for any substantial part of its property) shall occur;
or
the Borrower or any of its Significant Subsidiaries shall take any corporate
or
partnership action to authorize any of the actions set forth above in this
subsection (e); or
(f) Any
judgment or order for the payment of money in excess of $100,000,000 shall
be
rendered against the Borrower or any of its Significant Subsidiaries and is
not
promptly paid by the Borrower or any of its Significant Subsidiaries and either
(i) enforcement proceedings shall have been commenced by any creditor upon
such judgment or order or (ii) there shall be any period of 10 consecutive
days during which a stay of enforcement of such judgment or order, by reason
of
a pending appeal or otherwise, shall not be in effect; or
(g)
(i) There
occurs one or more ERISA Events which individually or in the aggregate results
in or might reasonably be expected to result in liability to the Borrower or
any
of its ERISA Affiliates in excess of $100,000,000 during the term of this
Agreement; or there exists an amount of Insufficiency, individually or in the
aggregate for all Pension Plans subject to Section 412 of the Code or Section
302 of ERISA (excluding for purposes of such computation any Pension Plan with
respect to which assets exceed benefit liabilities) which exceeds $600,000,000;
or
(ii) The
Borrower or any ERISA Affiliate shall have been notified by the sponsor of
a
Multiemployer Plan that it has incurred an aggregate Withdrawal Liability for
all years to such Multiemployer Plan in an amount that, when aggregated with
all
other amounts required to be paid to Multiemployer Plans by the Borrower and
its
ERISA Affiliates as Withdrawal Liability (determined as of the date of such
notification), exceeds $100,000,000; or
40
(iii) The
Borrower or any ERISA Affiliate shall have been notified by the sponsor of
a
Multiemployer Plan that such Multiemployer Plan is in reorganization or is
being
terminated, within the meaning of Title IV or ERISA, if as a result of such
reorganization or termination the aggregate annual contributions of the Borrower
and its ERISA Affiliates to all Multiemployer Plans that are then in
reorganization or being terminated have been or will be increased over the
amounts contributed to such Multiemployer Plans for the plan year of such
Multiemployer Plan immediately preceding the plan year in which the
reorganization or termination occurs by an amount exceeding $100,000,000; or
(h) Any
Person or two or more Persons acting in concert shall have acquired beneficial
ownership (within the meaning of Rule 13d-3 of the SEC under the Securities
Exchange Act of 1934, as amended), directly or indirectly, of securities of
the
Borrower (or other securities convertible into such securities) representing
35%
or more of the combined voting power of all securities of the Borrower entitled
to vote in the election of directors, other than securities having such power
only by reason of the happening of a contingency; or
(i) The
Borrower or any of its Subsidiaries shall be suspended or debarred by any
governmental entity from entering into any government contract or government
subcontract from otherwise engaging in any business relating to government
contracts or from participation in government non-procurement programs, and
such
suspension or debarment could reasonably be expected to have a material adverse
effect on the business, condition (financial or otherwise), operations or
properties of the Borrower and its Subsidiaries, taken as a whole;
then,
and
in any such event, the Agent (i) shall at the request, or may with the
consent, of the Majority Lenders, by notice to the Borrower, declare the
obligation of each Lender to make Advances to be terminated, whereupon the
same
shall forthwith terminate, and (ii) shall at the request, or may with the
consent, of the Majority Lenders, by notice to the Borrower, declare the
Advances, all interest thereon and all other amounts payable under this
Agreement to be forthwith due and payable, whereupon the Advances, all such
interest and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of
which
are here expressly waived by the Borrower; provided, however, that
in the event of an actual or deemed entry of an order for relief with respect
to
the Borrower or any of its Significant Subsidiaries under the Federal Bankruptcy
Code, (A) the obligation of each Lender to make Advances shall
automatically be terminated and (B) the Advances, all such interest and all
such amounts shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which are hereby
expressly waived by the Borrower.
ARTICLE
VII
THE
AGENT
Section
7.01 Authorization
and Action. Each Lender hereby appoints
and authorizes the Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement as are delegated to the Agent by
the
terms hereof, together with such powers as are reasonably incidental
thereto. As to any matters not expressly provided for by this
Agreement (including, without limitation, enforcement or collection of the
Advances and other amounts owing hereunder), the Agent shall not be required
to
exercise any discretion or take any action, but shall be required to act or
to
refrain from acting (and shall be fully protected in so acting or refraining
from acting) upon the instructions of the Majority Lenders, and such
instructions shall be binding upon all Lenders; provided, however,
that the Agent shall not be required to take any action which exposes the Agent
to personal liability or which is contrary to this Agreement or applicable
law. The Agent agrees to give to each Lender prompt notice of each
notice given to it by the Borrower pursuant to the terms of this
Agreement. The Lenders identified on the cover page of this Agreement
as co-syndication agents shall not have any powers, duties, responsibilities
or
liabilities under this Agreement other than those applicable to all Lenders
as
such, and none of such Lenders shall have or be deemed to have a fiduciary
relationship with any Lender.
41
Section
7.02 Agent’s
Reliance, Etc. Neither the Agent nor any of its
directors, officers, agents or employees shall be liable for any action taken
or
omitted to be taken by it or them under or in connection with this Agreement,
except for its or their own gross negligence or willful
misconduct. Without limitation of the generality of the foregoing,
the Agent: (i) may treat the payee of any Advance as the holder
thereof until the Agent receives and accepts an Assignment and Acceptance
entered into by the Lender which is the payee of such Advance, as assignor,
and
an Eligible Assignee, as assignee, as provided in Section 8.07;
(ii) may consult with legal counsel (including counsel for the Borrower),
independent public accountants and other experts selected by it and shall not
be
liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts;
(iii) makes no warranty or representation to any Lender and shall not be
responsible to any Lender for any statements, warranties or representations
(whether written or oral) made in or in connection with this Agreement;
(iv) shall not have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this
Agreement on the part of the Borrower or to inspect the property (including
the
books and records) of the Borrower; (v) shall not be responsible to any
Lender for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other instrument or document
furnished pursuant hereto; and (vi) shall incur no liability under or in
respect of this Agreement by acting upon any notice, consent, certificate or
other instrument or writing (which may be by telecopier, telegram, or delivery)
believed by it to be genuine and signed or sent by the proper party or
parties.
Section
7.03 CUSA
and Affiliates. With respect to its
Commitment, the Advances made by it, CUSA shall have the same rights and powers
under this Agreement as any other Lender and may exercise the same as though
it
were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated, include CUSA in its individual capacity. CUSA
and its affiliates may accept deposits from, lend money to, act as trustee
under
indentures of, and generally engage in any kind of business with, the Borrower,
any of its subsidiaries and any Person who may do business with or own
securities of the Borrower or any such subsidiary, all as if CUSA were not
the
Agent and without any duty to account therefor to the Lenders.
Section
7.04 Lender
Credit Decision. Each Lender
acknowledges that it has, independently and without reliance upon the Agent
or
any other Lender and based on the financial statements referred to in
Section 4.01 and such other documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently
and without reliance upon the Agent or any other Lender 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 this
Agreement.
42
Section
7.05 Indemnification. The
Lenders agree to indemnify the Agent (to the extent not reimbursed by the
Borrower), ratably according to the respective principal amounts of the
A Advances then held by each of them (or if no A Advances are at the
time outstanding or if any A Advances are held by Persons which are not
Lenders, ratably according to the respective amounts of their Commitments),
from
and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against
the
Agent in any way relating to or arising out of this Agreement or any action
taken or omitted by the Agent under this Agreement, provided that no
Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Agent’s gross negligence or willful
misconduct. Without limitation of the foregoing, each Lender agrees
to reimburse the Agent promptly upon demand for its ratable share of any
out-of-pocket expenses (including counsel fees) incurred by the Agent in
connection with the preparation, execution, delivery, administration,
syndication, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect
of
rights or responsibilities under, this Agreement, to the extent that the Agent
is not reimbursed for such expenses by the Borrower.
Section
7.06 Successor
Agent. The Agent may resign at any time
by giving written notice thereof to the Lenders and the Borrower and may be
removed at any time with or without cause by the Majority
Lenders. Upon any such resignation or removal, the Majority Lenders
shall have the right to appoint a successor Agent. If no successor
Agent shall have been so appointed by the Majority Lenders, and shall have
accepted such appointment, within 30 days after the retiring Agent’s giving of
notice of resignation or the Majority Lenders’ removal of the retiring Agent,
then the retiring Agent may, on behalf of the Lenders, appoint a successor
Agent
which shall be a commercial bank organized under the laws of the United States
or of any State thereof or any Bank and, in each case having a combined capital
and surplus of at least $50,000,000. Upon the acceptance of any
appointment as Agent hereunder by a successor Agent, such successor Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Agent, and the retiring Agent shall be discharged
from its duties and obligations under this Agreement. After any
retiring Agent’s resignation or removal hereunder as Agent, the provisions of
this Article VII shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Agent under this Agreement.
ARTICLE
VIII
MISCELLANEOUS
Section
8.01 Amendments,
Etc.
43
No
amendment or waiver of any provision of this Agreement, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless
the
same shall be in writing and signed by the Majority Lenders, and then such
waiver or consent shall be effective only in the specific instance and for
the
specific purpose for which given; provided, however, that no
amendment, waiver or consent shall, unless in writing and signed by all the
Lenders, do any of the following: (a) waive any of the
conditions specified in Section 3.01, (b) increase the Commitments of
the Lenders (except pursuant to Section 2.18) or subject the Lenders to any
additional obligations, (c) reduce the principal of, or interest on, the
A Advances or any fees or other amounts payable hereunder,
(d) postpone any date fixed for any payment of principal of, or interest
on, the A Advances or any fees or other amounts payable hereunder (except
pursuant to Section 2.16), (e) change the percentage of the
Commitments or of the aggregate unpaid principal amount of the A Advances,
or the number of Lenders, which shall be required for the Lenders or any of
them
to take any action hereunder, or (f) amend Section 2.16,
Section 2.18 or this Section 8.01; and provided,
further, that no amendment, waiver or consent shall, unless in writing
and signed by the Agent in addition to the Lenders required above to take such
action, affect the rights or duties of the Agent under this Agreement; and
providedfurther, that no amendment, modification, termination or
waiver of the principal amount of any B Advance or payments or prepayments
by the Borrower in respect thereof, the scheduled maturity dates of any
B Advance, the dates on which interest is payable and decreases in interest
rates borne by B Advances shall be effective without the written
concurrence of the Lender which has funded such B Advance and
provided, further that no amendment of Section 2.19 shall be
effective without the written consent of each Granting Lender, all or any part
of whose outstanding Advances is being funded by an SPC at the time of such
amendment.
Section
8.02 Notices,
Etc.
(a) General. Unless
otherwise expressly provided in this Agreement, all notices, requests, demands,
directions and other communications provided for hereunder shall be in writing
(including by facsimile transmission). All such written notices shall
be mailed, faxed or delivered to the applicable address, facsimile number or
(subject to Section 8.15) electronic mail address, and all notices and
other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:
(1) if
to the
Borrower or the Agent, to the address, facsimile number, electronic mail address
or telephone number set forth below, or to such other address, facsimile number,
electronic mail address or telephone number as shall be designated by such
party
in a notice to the other parties:
|
Borrower:
|
Computer
Sciences Corporation
0000
Xxxx Xxxxx Xxxxxx
Xx
Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxx
X. Xxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
Email: xxxxxx@xxx.xxx
|
44
|
Agent:
|
Citicorp
USA, Inc.
c/o
Citibank Agency Services
0
Xxxxx Xxx, Xxxxx 000
Xxx
Xxxxxx, Xxxxxxxx 00000
Attention:
Xxxxx Xxxxxxx-Xxxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
Email: xxxxx.xxxxxxxxxxxxxx@xxxxxxxxx.xxx
|
(2) if
to any
other Lender, to the address, facsimile number, electronic mail address or
telephone number of its Domestic Lending Office as may be specified opposite
its
name on Schedule I hereto (or in the Assignment and Acceptance pursuant to
which
it became a Lender), or to such other address, facsimile number, electronic
mail
address or telephone number as shall be designated by such party in a notice
to
the Borrower and the Agent.
(b) Timing. All
such notices and other communications shall be deemed to be given or made upon
the earlier to occur of (i) actual receipt by the relevant party hereto and
(ii) (A) if delivered by hand or by courier, when signed for by or on
behalf of the relevant party hereto; (B) if delivered by mail, four
Business Days after deposit in the United States mail, postage prepaid;
(C) if delivered by facsimile, when sent and receipt has been confirmed by
telephone; and (D) if delivered by electronic mail (subject to the
provisions of Section 8.15(c)) when received; provided,
however, that notices and other communications to the Agent pursuant
to
Article II or VII shall not be effective until actually received by such
Person. In no event shall a voicemail message be effective as a
notice, communication or confirmation hereunder.
(c) Effectiveness
of Facsimile Documents and Signatures. This Agreement and any
documents delivered pursuant to or in connection with this Agreement may be
transmitted and/or signed by facsimile. The effectiveness of any such
documents and signatures shall, subject to applicable law, have the same force
and effect as manually-signed originals and shall be binding on the Borrower,
the Agent and the Lenders. The Agent may also require that any such
documents and signatures be confirmed by a manually-signed original thereof;
provided, however, that the failure to request or deliver the same
shall not limit the effectiveness of any facsimile document or
signature.
(d) Reliance
by the Agent and Lenders. The Agent and the Lenders shall be
entitled to rely and act upon any notices purportedly given by or on behalf
of
the Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form
of
notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof. The Borrower shall
indemnify each indemnified person from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of the Borrower. All telephonic
notices to and other communications with the Agent may be recorded by the Agent,
and each of the parties hereto hereby consents to such recording.
Section
8.03 No
Waiver; Remedies. No failure on the
part of any Lender or the Agent to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by
law.
45
Section
8.04 Costs,
Expenses and Indemnification.
(a) The
Borrower agrees to pay promptly on demand all reasonable costs and out-of-pocket
expenses of Agent in connection with the preparation, execution, delivery,
administration, syndication, modification and amendment of this Agreement,
and
the other documents to be delivered hereunder or thereunder, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Agent with respect thereto and with respect to advising the Agent as to its
rights and responsibilities hereunder. The Borrower further agrees to
pay promptly on demand all costs and expenses of the Agent and of each Lender,
if any (including, without limitation, reasonable counsel fees and out-of-pocket
expenses), in connection with the enforcement (whether through negotiations,
legal proceedings or otherwise) of this Agreement and the other documents to
be
delivered hereunder, including, without limitation, reasonable counsel fees
and
out-of-pocket expenses in connection with the enforcement of rights under this
Section 8.04(a).
(b) If
any
payment of principal of any Eurodollar Rate Advance or B Advance extended
to the Borrower is made other than on the last day of the interest period for
such Advance, as a result of a payment pursuant to Section 2.06 or
acceleration of the maturity of the Advances pursuant to Section 6.01 or
for any other reason, the Borrower shall, upon demand by any Lender (with a
copy
of such demand to the Agent), pay to the Agent for the account of such Lender
any amounts required to compensate such Lender for any additional losses, costs
or expenses which it may reasonably incur as a result of such payment,
including, without limitation, any loss, cost or expense incurred by reason
of
the liquidation or reemployment of deposits or other funds acquired by any
Lender to fund or maintain such Advance.
(c) The
Borrower agrees to indemnify and hold harmless the Agent, each Lender and each
director, officer, employee, agent, attorney and affiliate of the Agent and
each
Lender (each an “indemnified person”) in connection with any expenses,
losses, claims, damages or liabilities to which the Agent, a Lender or such
indemnified persons may become subject, insofar as such expenses, losses,
claims, damages or liabilities (or actions or other proceedings commenced or
threatened in respect thereof) arise out of the transactions referred to in
this
Agreement or arise from any use or intended use of the proceeds of the Advances,
or in any way arise out of activities of the Borrower that violate Environmental
Laws, and to reimburse the Agent, each Lender and each indemnified person,
upon
their demand, for any reasonable legal or other out-of-pocket expenses incurred
in connection with investigating, defending or participating in any such loss,
claim, damage, liability, or action or other proceeding, whether commenced
or
threatened (whether or not the Agent, such Lender or any such person is a party
to any action or proceeding out of which any such expense
arises). Notwithstanding the foregoing, the Borrower shall have no
obligation hereunder to an indemnified person with respect to indemnified
liabilities which have resulted from the gross negligence, bad faith or willful
misconduct of such indemnified person.
(d) To
the
fullest extent permitted by applicable law, the Borrower shall not assert,
and
the Borrower hereby waives, any claim against any indemnified person, on any
theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with,
or
as a result of this Agreement, or any agreement or instrument contemplated
hereby, the transactions contemplated hereby, any Advance or the use of the
proceeds thereof.
46
Section
8.05 Right
of Set-off. Upon (i) the
occurrence and during the continuance of any Event of Default and (ii) the
making of the request or the granting of the consent specified by
Section 6.01 to authorize the Agent to declare the Advances due and payable
pursuant to the provisions of Section 6.01, each Lender is hereby
authorized at any time and from time to time, to the fullest extent permitted
by
law, to set off and apply any and all deposits (time or demand, provisional
or
final, or general, but not special) at any time held and other indebtedness
at
any time owing by such Lender or any Affiliate thereof to or for the credit
or
the account of the Borrower against any and all of the obligations of the
Borrower now or hereafter existing under this Agreement that are then due and
payable, whether or not such Lender shall have made any demand under this
Agreement, and each such Affiliate is hereby irrevocably authorized to permit
such setoff and application. Each Lender agrees promptly to notify
the Borrower after any such set-off and application made by such Lender,
provided that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of each Lender
under this Section are in addition to other rights and remedies (including,
without limitation, other rights of set-off) which such Lender may
have.
Section
8.06 Binding
Effect. This Agreement shall be deemed
to have been executed and delivered when it shall have been executed by the
Borrower and the Agent and when the Agent shall have been notified by each
Bank
that such Bank has executed it and thereafter shall be binding upon and inure
to
the benefit of the Borrower, the Agent and each Lender and their respective
successors and permitted assigns, except that the Borrower shall not have the
right to assign its rights or obligations hereunder or any interest herein
without the prior written consent of all Lenders. This Agreement and
the fee letter referred to in Section 2.04(b) constitute the entire
contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating
to
the subject matter hereof. At the time of the effectiveness of this
Agreement, (i) this Agreement shall supercede the Existing Credit Agreement
and
(ii) the Existing Credit Agreement (including all commitments thereunder) shall
automatically terminate and be of no further force and
effect.
Section
8.07 Assignments
and Participations.
(a) Each
Lender may assign to one or more Eligible Assignees all or a portion of its
rights and obligations under this Agreement (including, without limitation,
all
or a portion of its Commitment and the A Advances owing to it);
provided, however, that (i) each such assignment shall be of
a constant, and not a varying, percentage of all rights and obligations under
this Agreement (other than any B Advances), (ii) after giving effect
to any such assignment, (1) the assigning Lender shall no longer have any
Commitment or (2) the amount of the Commitment of each of the assigning
Lender and the Eligible Assignee party to such assignment (in each case
determined as of the date of the Assignment and Acceptance with respect to
such
assignment) shall not be less than $5,000,000 and increments of $1,000,000
in
excess thereof (iii) each such assignment shall be to an Eligible Assignee,
and (iv) the parties to each such assignment shall execute and deliver to
the Agent, for its acceptance and recording in the Register, an Assignment
and
Acceptance, and a processing and recordation fee of $3,500 (unless the assignor
is a Lender and the assignee is an Affiliate such Lender, in which case no
fee
shall be required)). Upon such execution, delivery, acceptance and
recording, from and after the effective date specified in each Assignment and
Acceptance, (x) the assignee thereunder shall be a party hereto and, to the
extent that rights and obligations hereunder have been assigned to it pursuant
to such Assignment and Acceptance, have the rights and obligations of a Lender
hereunder and (y) the Lender assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it pursuant to such
Assignment and Acceptance, relinquish its rights and be released from its
obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party
hereto). Any Lender may at any time (i) upon notice to the
Borrower and the Agent, assign all or any portion of its rights hereunder to
an
Affiliate of such Lender or to another Lender or (ii) without notice to or
consent of the Borrower or the Agent, pledge as security all or any portion
of
its rights hereunder to any Federal Reserve Bank; provided, that no such
pledge or assignment shall release such Lender from any of its obligations
hereunder.
47
(b) By
executing and delivering an Assignment and Acceptance, the Lender assignor
thereunder and the assignee thereunder confirm to and agree with each other
and
the other parties hereto as follows: (i) other than as provided
in such Assignment and Acceptance, such assigning Lender makes no representation
or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement
or
the execution, legality, validity, enforceability, genuineness, sufficiency
or
value of this Agreement or any other instrument or document furnished pursuant
hereto; (ii) such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the
Borrower or the performance or observance by the Borrower of any of its
obligations under this Agreement or any other instrument or document furnished
pursuant hereto; (iii) such assignee confirms that it has received a copy
of this Agreement, together with copies of the financial statements referred
to
in Section 4.01, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such
Assignment and Acceptance; (iv) such assignee will, independently and
without reliance upon the Agent, such assigning Lender or any other Lender
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 this Agreement; (v) such assignee confirms that it is an Eligible
Assignee; (vi) such assignee appoints and authorizes the Agent to take such
action as agent on its behalf and to exercise such powers under this Agreement
as are delegated to the Agent by the terms hereof, together with such powers
as
are reasonably incidental thereto; and (vii) such assignee agrees that it
will perform in accordance with their terms all of the obligations which by
the
terms of this Agreement are required to be performed by it as a
Lender.
(c) The
Agent, acting solely for this purpose on the Borrower's behalf, shall maintain
at its address referred to in Section 8.02 a copy of each Assignment and
Acceptance delivered to and accepted by it and a register for the recordation
of
the names and addresses of the Lenders and the Commitment of, the Commitment
Termination Date of, and, with respect to the Borrower, principal amount of
the
Advances owing to, each Lender from time to time (the
“Register”). The entries in the Register shall be conclusive
and binding for all purposes, absent manifest error, and the Borrower, the
Agent
and the Lenders may treat each Person whose name is recorded in the Register
as
a Lender hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrower or any Lender at any
reasonable time and from time to time upon reasonable prior notice.
48
Within
five days of its receipt of an Assignment and Acceptance executed by an
assigning Lender and an assignee representing that it is an Eligible Assignee
(together with a processing and recordation fee of $3,500 with respect thereto
(unless the assignor is a Lender and the assignee is an Affiliate such Lender,
in which case no fee shall be required)) and upon consent of the Agent and,
so
long as no Potential Event of Default or Event of Default then exists and is
continuing (and except for assignments to an Affiliate of the Lender or to
another Lender), the Borrower thereto, which consents shall not be unreasonably
withheld or delayed, the Agent shall, if such Assignment and Acceptance has
been
completed and is in substantially the form of Exhibit B hereto, (1) accept
such Assignment and Acceptance and (2) record the information contained
therein in the Register. All communications with the Borrower with
respect to such consent of the Borrower shall be sent pursuant to
Section 8.02.
(d) Each
Lender may assign to one or more banks or other entities any B Advance or
B Advances made by it, provided, however, that any such assignment shall be
subject to the requirements of Section 8.07.
(e) Each
Lender may sell participations to one or more banks or other entities in or
to
all or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Commitment and the Advances owing
to
it; provided, however, that (i) such Lender’s obligations
under this Agreement (including, without limitation, its Commitment to the
Borrower hereunder) shall remain unchanged, (ii) such Lender shall remain
solely responsible to the other parties hereto for the performance of such
obligations, (iii) such Lender shall remain the holder of any such Advance
for all purposes of this Agreement, (iv) the Borrower, the Agent and the
other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement, and
(v) no Lender shall grant any participation under which the
participant shall have rights to require such Lender to take or omit to take
any
action hereunder or approve any amendment to or waiver of this Agreement, except
to the extent such amendment or waiver would: (A) extend the
Termination Date of such Lender; or (B) reduce the interest rate or the
amount of principal or fees applicable to Advances or the Commitment in which
such participant is participating.
(f) Any
Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 8.07, disclose to the
assignee or participant or proposed assignee or participant, any information
relating to the Borrower furnished to such Lender by or on behalf of the
Borrower; provided that, prior to any such disclosure, the assignee or
Participant or proposed assignee or participant shall agree to preserve the
confidentiality of any confidential information relating to the Borrower
received by it from such Lender.
Section
8.08 Governing
Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New
York.
49
Section
8.09 Execution
in Counterparts. This Agreement 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.
Section
8.10 Consent
to Jurisdiction; Waiver of
Immunities. The Borrower hereby
irrevocably submits to the jurisdiction of any New York state or Federal court
sitting in New York, New York in any action or proceeding arising out of or
relating to this Agreement, and the Borrower hereby irrevocably agrees that
all
claims in respect of such action or proceeding may be heard and determined
in
such New York state or Federal court. The Borrower hereby irrevocably
waives, to the fullest extent they may effectively do so, the defense of an
inconvenient forum to the maintenance of such action or
proceeding. The Borrower agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by
law. Nothing in this Section 8.10 shall affect the right of any
Lender or Agent to serve legal process in any other manner permitted by law
or
affect the right of any Lender or Agent to bring any action or proceeding
against the Borrower or its property in the courts of any other
jurisdiction.
Section
8.11 Waiver
of Trial by Jury. THE BORROWER, THE
BANKS, THE AGENT AND, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF, OTHER LENDERS
EACH HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. The
scope of this waiver is intended to be all-encompassing of any and all disputes
that may be filed in any court and that relate to the subject matter of this
transaction, including without limitation contract claims, tort claims, breach
of duty claims and all other common law and statutory claims. The
Borrower, the Banks, the Agent and, by its acceptance of the benefits hereof,
other Lenders each (i) acknowledges that this waiver is a material
inducement for the Borrower, the Lenders and the Agent to enter into a business
relationship, that the Borrower, the Lenders and the Agent have already relied
on this waiver in entering into this Agreement or accepting the benefits
thereof, as the case may be, and that each will continue to rely on this waiver
in their related future dealings and (ii) further warrants and represents
that each has reviewed this waiver with its legal counsel, and that each
knowingly and voluntarily waives its jury trial rights following consultation
with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT. In the event of litigation, this Agreement may be
filed as a written consent to a trial by the court.
Section
8.12 Survival
of Warranties. All agreements, representations and
warranties made in this Agreement shall survive the execution and delivery
of
this Agreement and any increase in the Commitments under this
Agreement.
Section
8.13 Severability. In
case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or
impaired thereby.
50
Section
8.14 Headings. Section
and subsection headings in this Agreement are included herein for convenience
of
reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.
Section
8.15 Website
Communications.
(a) The
Borrower hereby agrees that it will provide to the Agent all information,
documents and other materials that it is obligated to furnish to the Agent
pursuant to this Agreement, including, without limitation, all notices,
requests, financial statements, financial and other reports, certificates and
other information materials, but excluding any such communication that
(i) relates to a request for a new, or a conversion of an existing,
borrowing or other extension of credit (including any election of an interest
rate or interest period relating thereto), (ii) relates to the payment of
any principal or other amount due under this Agreement prior to the scheduled
date therefor, (iii) provides notice of any default or event of default
under this Agreement or (iv) is required to be delivered to satisfy any
condition precedent to the effectiveness of this Agreement and/or any borrowing
or other extension of credit thereunder (all such non-excluded communications
being referred to herein collectively as “Communications”), by
transmitting the Communications in an electronic/soft medium in a format
acceptable to the Agent to xxxxxxxxxxxxxxx@xxxxxxxxx.xxx or as
otherwise specified in Section 5.01(b). In addition, the
Borrower agrees to continue to provide the Communications to the Agent in the
manner specified in this Agreement but only to the extent requested by the
Agent.
(b) The
Borrower further agrees that the Agent may make the Communications available
to
the Lenders by posting the Communications on Intralinks or a substantially
similar electronic transmission systems (the “Platform”).
THE
PLATFORM IS PROVIDED “AS IS” AND
“AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY
OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN
THE
COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN
CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL
THE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY,
“AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY
OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION,
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR
EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S
OR THE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET,
EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL
NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED
PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT.
51
(c) The
Agent
agrees that the receipt of the Communications by the Agent at its e-mail address
set forth above shall constitute effective delivery of the Communications to
the
Agent for purposes of this Agreement. Each Lender agrees that notice
to it (as provided in the next sentence) specifying that the Communications
have
been posted to the Platform shall constitute effective delivery of the
Communications to such Lender for purposes of this Agreement. Each
Lender agrees to notify the Agent in writing (including by electronic
communication) from time to time of such Lender’s e-mail address to which the
foregoing notice may be sent by electronic transmission and that the foregoing
notice may be sent to such e-mail address.
Nothing
herein shall prejudice the right of the or any Lender to give any notice or
other communication pursuant to this Agreement in any other manner specified
in
this Agreement.
Section
8.16 USA
PATRIOT Act Notice. Each Lender that is subject to the
Act (as hereinafter defined) and the Agent (for itself and not on behalf of
any
Lender) hereby notifies the Borrower that pursuant to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of
the
Borrower and other information that will allow such Lender or the Agent, as
applicable, to identify the Borrower in accordance with the Act.
Section
8.17 Confidentiality. Each
of the Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed
(a) to its Affiliates and to its and its Affiliates’ respective managers,
administrators, trustees, partners, directors, officers, employees, agents,
advisors and other representatives (it being understood that the Persons to
whom
such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction
over it or its Affiliates (including any self-regulatory authority, such as
the
National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or any action or proceeding relating to
this
Agreement or the enforcement of rights hereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section
8.17, to (i) any assignee of or participant in, or any prospective assignee
of or participant in, any of its rights or obligations under this Agreement
or
(ii) any actual or prospective party (or its managers, administrators,
trustees, partners, directors, officers, employees, agents, advisors and other
representatives) to any swap or derivative or similar transaction under which
payments are to be made by reference to the Borrower and its obligations, this
Agreement or payments hereunder, (iii) any rating agency, or (iv) the CUSIP
Service Bureau or any similar organization, (g) with the consent of the
Borrower or (h) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes
available to the Agent or any Lender or any of their respective Affiliates
on a
nonconfidential basis from a source other than the Borrower.
52
For
purposes of this Section, “Information” means all information received
from the Borrower or any of its Subsidiaries relating to the Borrower or any
of
its Subsidiaries or any of their respective businesses, other than any such
information that is available to the Agent or any Lender on a nonconfidential
basis prior to disclosure by the Borrower or any of its Subsidiaries,
provided that, in the case of information received from the Borrower or
any of its Subsidiaries after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this
Section 8.17 shall be considered to have complied with its obligation to do
so
if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own
confidential information.
[Remainder
of page intentionally left blank]
53
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their respective authorized officers as of
the
date first written above.
COMPUTER
SCIENCES CORPORATION,
a
Nevada corporation, as the Borrower
|
||
By
|
/s/
Xxxxxx X. Xxxxx
|
|
Name:
Xxxxxx X. Xxxxx
|
||
Title:
Treasurer
|
CITICORP
USA, INC.,
as
Agent and a Lender
|
||
By
|
/s/
Xxxx X. Xxx
|
|
Name:
Xxxx X. Xxx
|
||
Title:
Vice President
|
Bank
of America, N.A.
as
a Lender
|
||
By
|
/s/
Xxxx X. Xxxxxx
|
|
Name:
Xxxx X. Xxxxxx
|
||
Title:
Managing Director
|
THE
BANK OF NOVA SCOTIA
as
a Lender
|
||
By
|
/s/
Xxx Xxxxxx
|
|
Name:
Xxx Xxxxxx
|
||
Title:
Managing Director
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Seattle
Branch,
as
a Lender
|
||
By
|
/s/
Xxxxxxx Xxxxxxxx
|
|
Name:
Xxxxxxx Xxxxxxxx
|
||
Title:
Deputy General Manager
|
BARCLAYS
BANK PLC,
as
a Lender
|
||
By
|
/s/
Xxxxxxxx Xxxx
|
|
Name:
Xxxxxxxx Xxxx
|
||
Title:
Director
|
The
Royal Bank of Scotland plc,
as
a Lender
|
||
By
|
/s/
Xxxxx Dec
|
|
Name:
Xxxxx Dec
|
||
Title:
Senior Vice President
|
Wachovia
Bank, National Association,
as
a Lender
|
||
By
|
/s/
Xxxx X. Xxxxxx
|
|
Name:
Xxxx X. Xxxxxx
|
||
Title:
Director
|
UBS
LOAN FINANCE LLC,
as
a Lender
|
||
By
|
/s/
Xxxx X. Xxxxx
|
|
Name:
Xxxx X. Xxxxx
|
||
Title:
Associate Director
|
||
By
|
/s/
Xxxxx X. Xxxxx
|
|
Name:
Xxxxx X. Xxxxx
|
||
Title:
Associate Director
|
The
Bank of New York,
as
a Lender
|
||
By
|
/s/
Xxxxxx Xxxxxx
|
|
Name:
Xxxxxx Xxxxxx
|
||
Title:
Vice President
|
XXXXXXX
XXXXX BANK USA,
as
a Lender
|
||
By
|
/s/
Xxxxx Xxxxxxx
|
|
Name:
Xxxxx Xxxxxxx
|
||
Title:
Vice President
|
Xxxxxxx
Street Commitment Corporation
(Recourse
only to the Assets of Xxxxxxx Street Commitment Corporation),
as
a Lender
|
||
By
|
/s/
Xxxx Xxxxxx
|
|
Name:
Xxxx Xxxxxx
|
||
Title:
Assistant Vice-President
|
Sumitomo
Mitsui Banking Corporation,
as
a Lender
|
||
By
|
/s/
Xxx X. Xxxxxxxxx
|
|
Name:
Xxx X. Xxxxxxxxx
|
||
Title:
General Manager
|
XXXXX
FARGO BANK, N.A.,
as
a Lender
|
||
By
|
/s/
Xxxx X. Xxxxxxx
|
|
Name:
Xxxx X. Xxxxxxx
|
||
Title:
Senior Vice President
|
BNP
PARIBAS,
as
a Lender
|
||
By
|
/s/
Xxxxxxx Xxxxxxxx
|
|
Name:
Xxxxxxx Xxxxxxxx
|
||
Title:
Director
|
||
By
|
/s/
Xxxxxx Xxxxx
|
|
Name:
Xxxxxx Xxxxx
|
||
Title:
Director
|
DANSKE
BANK A/S,
as
a Lender
|
||
By
|
/s/
Xxxxxx Xxxxx
|
|
Name:
Xxxxxx Xxxxx
|
||
Title:
Head of Specialised Credits
|
||
First Vice President
|
||
By
|
/s/
Xxxxxx Xxxxxxxxx
|
|
Name:
Xxxxxx Xxxxxxxxx
|
||
Title:
Senior Vice President
|
Intesa
Sanpaolo S.p.A.,
as
a Lender
|
||
By
|
/s/
Xxxxxx Xxxxxxxx
|
|
Name:
Xxxxxx Xxxxxxxx
|
||
Title:
General Manager
|
||
By
|
/s/
Xxxxxx Xxxxxxx
|
|
Name:
Xxxxxx Xxxxxxx
|
||
Title:
SVP
|
Lloyds
TSB Bank plc,
as
a Lender
|
||
By
|
/s/
Mario Del Duca
|
|
Name:
Mario Del Duca
|
||
Title:
Associate Director
|
||
Corporate Banking USA
|
||
By
|
/s/
Xxxxxxx Xxxxxxx
|
|
Name:
Xxxxxxx Xxxxxxx
|
||
Title:
Director
|
||
Corporate Banking USA
|
Standard
Chartered Bank,
as
a Lender
|
||
By
|
/s/
Xxxxxx X. Xx
|
|
Name:
Xxxxxx X. Xx
|
||
Title:
Director
|
||
Standard Chartered Bank NY
|
||
By
|
/s/
Xxxxxx Xxxxx
|
|
Name:
Xxxxxx Xxxxx A2739
|
||
Title:
Director
|
||
Syndications, Americas
|
||
Capital Markets
|
SCHEDULE
I
APPLICABLE
LENDING OFFICES
Bank
|
Domestic
Lending Office
|
Eurodollar
Lending Office
|
Citicorp
USA, Inc.
|
Citicorp
USA, Inc.
Citibank
Agency Services
0
Xxxxx Xxx, Xxxxx 000
Xxx
Xxxxxx, XX 00000
Attention: Xxxxx
Xxxxxxx-Xxxxxxx
Telephone
No: (000) 000-0000
Facsimile
No: (000) 000-0000
Email: xxxxx.wallacehimmler@
xxxxxxxxx.xxx
|
Citicorp
USA, Inc.
Citibank
Agency Services
0
Xxxxx Xxx, Xxxxx 000
Xxx
Xxxxxx, XX 00000
Attention: Xxxxx
Xxxxxxx-Xxxxxxx
Telephone
No: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxx.wallacehimmler@
xxxxxxxxx.xxx
|
Bank
of America, N.A.
|
Bank
of America NA
0000
Xxxxxxx Xxxx.
XX0-000-00-00
Xxxxxxx,
XX 00000
Attention: Xxx
Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxx.xxxxx@
xxxxxxxxxxxxx.xxx
|
Bank
of America NA
0000
Xxxxxxx Xxxx.
XX0-000-00-00
Xxxxxxx,
XX 00000
Attention: Xxx
Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxx.xxxxx@
xxxxxxxxxxxxx.xxx
|
The
Bank of Nova Scotia
|
The
Bank of Nova Scotia
000
Xxxxxxxxxx Xxxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention: Xxx
Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
liz_hanson@
xxxxxxxxxxxxx.xxx
|
The
Bank of Nova Scotia
000
Xxxxxxxxxx Xxxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention: Xxx
Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
liz_hanson@
scotiacapitalcom
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd., Seattle Branch
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
000
Xxxxx Xxxxxxxx Xxxxxx
Xxx
Xxxxxxx, XX 00000
Attention: Xxxxx
Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxx@xxxxx.xxx
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
000
Xxxxx Xxxxxxxx Xxxxxx
Xxx
Xxxxxxx, XX 00000
Attention: Xxxxx
Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxx@xxxxx.xxx
|
Barclays
Bank PLC
|
Barclays
Bank PLC
000
Xxxx Xxxxxx, 0xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxxxx
Xxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxxxx.xxxx@
xxxxxxxxxxxxxxx.xxx
|
Barclays
Bank PLC
000
Xxxx Xxxxxx, 0xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxxxx
Xxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxxxx.xxxx@
xxxxxxxxxxxxxxx.xxx
|
The
Royal Bank of Scotland plc
|
The
Royal Bank of Scotland Plc
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxx
Dec
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.xxx@xxxx.xxx
|
The
Royal Bank of Scotland Plc
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxx
Dec
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxx.xxx@xxxx.xxx
|
UBS
Loan Finance LLC
|
UBS
Loan Finance LLC
000
Xxxxxxxxxx Xxxx.
Xxxxxxxx,
XX 00000
Attention: Xxxxx
Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxx.xxxxxxx@xxx.xxx
|
UBS
Loan Finance LLC
000
Xxxxxxxxxx Xxxx.
Xxxxxxxx,
XX 00000
Attention: Xxxxx
Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxx.xxxxxxx@xxx.xxx
|
Wachovia
Bank, National Association
|
Wachovia
Securities
000
00xx
Xxxxxx, X.X. XX0000
000
Xxxxxxxx, 0xx
Xxxxx
Xxxxxxx,
XX 00000
Attention: Xxxxxx
Xxx
Telephone
No: (000) 000-0000
Facsimile
No: (000) 000-0000
Email: Xxxxx.xxx@xxxxxxxx.xxx
|
Wachovia
Securities
000
00xx
Xxxxxx, X.X. XX0000
000
Xxxxxxxx, 0xx
Xxxxx
Xxxxxxx,
XX 00000
Attention: Xxxxxx
Xxx
Telephone
No: (000) 000-0000
Facsimile
No: (000) 000-0000
Email: Xxxxx.xxx@xxxxxxxx.xxx
|
The
Bank of New York
|
The
Bank of New York
Xxx
Xxxx Xxxxxx, 00xx Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxx
Xxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000 or 6877
Email: xxxxxxxxx@xxxxxxxx.xxx
|
The
Bank of New York
Xxx
Xxxx Xxxxxx, 00xx Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxx
Xxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000 or 6877
Email: xxxxxxxxx@xxxxxxxx.xxx
|
Xxxxxxx
Xxxxx Bank USA
|
Xxxxxxx
Xxxxx Bank USA
00
X. Xxxxx Xxxxxx Xx., Xxx. 000
Xxxx
Xxxx Xxxx, XX 00000
Attention:
Xxxxx Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxx_xxxxx@xx.xxx
|
Xxxxxxx
Xxxxx Bank USA
00
X. Xxxxx Xxxxxx Xx., Xxx. 000
Xxxx
Xxxx Xxxx, XX 00000
Attention:
Xxxxx Xxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxx_xxxxx@xx.xxx
|
Xxxxxxx
Street Commitment Corporation
|
Xxxxxxx
Street Commitment Corporation
00
Xxxxxx Xxxxxx, 00xx
Xxxxx
Xxxxxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxx / XX Xxxxx
Telephone
No.: (000) 000-0000 / (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxxx.X.Xxxxx@xx.xxx / Xxxx-Xxxxxx.Xxxxx@xx.xxx
|
Xxxxxxx
Street Commitment Corporation
00
Xxxxxx Xxxxxx, 00xx
Xxxxx
Xxxxxx
Xxxx, XX 00000
Attention:
Xxxxxx Xxxxx / XX Xxxxx
Telephone
No.: (000) 000-0000 / (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
Xxxxxx.X.Xxxxx@xx.xxx / Xxxx-Xxxxxx.Xxxxx@xx.xxx
|
Sumitomo
Mitsui Banking Corporation
|
Sumitomo
Mitsui Banking Corporation
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxx
Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
|
Sumitomo
Mitsui Banking Corporation
000
Xxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxx
Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
|
Xxxxx
Fargo Bank, X.X.
|
Xxxxx
Fargo Bank, N.A.
333
So. Grand Ave., 00xx
Xxxxx
XXX
X0000-00X
Xxx
Xxxxxxx, XX 00000
Attention:
Xxxx Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxx@xxxxxxxxxx.xxx
|
Xxxxx
Fargo Bank, N.A.
333
So. Grand Ave., 00xx
Xxxxx
XXX
X0000-00X
Xxx
Xxxxxxx, XX 00000
Attention:
Xxxx Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email:
xxxxxxxx@xxxxxxxxxx.xxx
|
BNP
Paribas
|
Xxxxxxxxx
De La Chevrotiere
North
American Loan Servicing, BNP Paribas
0000
Xxxxxx XxXxxx Xxxxxxx
Xxxxxxxx
- Xxxxxx X0X 0X0
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxxxxx.xxxxxxxxxxxxxxx@xxxxxxxx.xxxxxxxxxxx.xxx
|
Xxxxxxxxx
De La Chevrotiere
North
American Loan Servicing, BNP Paribas
0000
Xxxxxx XxXxxx Xxxxxxx
Xxxxxxxx
- Xxxxxx X0X 0X0
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxxxxx.xxxxxxxxxxxxxxx@xxxxxxxx.xxxxxxxxxxx.xxx
|
Danske
Bank A/S
|
Danske
Bank A/S
0-00
Xxxxxxx Xxxxx
XX-0000
Xxxxxxxxxx K
Denmark
Attention: Xxx
Xxxxxx
Telephone
No: x00 00 00 00 00
Facsimile
No: x00 00 00 00 00
Email: xxxxx@xxxxxxxxxx.xx
|
Xxxxxx
Xxxx X/X
0-00
Xxxxxxx Xxxxx
XX-0000
Xxxxxxxxxx K
Denmark
Attention: Xxx
Xxxxxx
Telephone
No: x00 00 00 00 00
Facsimile
No: x00 00 00 00 00
Email: xxxxx@xxxxxxxxxx.xx
|
Intesa
Sanpaolo S.p.A., New York Branch
|
Intesa
Sanpaolo S.p.A., New York Branch
000
Xxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxx
Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxx.xxxxxxx@xxxxxxxxxxxxxx.xxx
|
Intesa
Sanpaolo S.p.A., New York Branch
000
Xxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxx
Xxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxxx.xxxxxxx@xxxxxxxxxxxxxx.xxx
|
Lloyds
TSB Bank plc
|
Lloyds
TSB Bank PLC
1251
Avenue of the Xxxxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxxx
Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
|
Lloyds
TSB Bank PLC
1251
Avenue of the Xxxxxxxx, 00xx
Xxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxxxx
Xxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
|
Standard
Chartered Bank
|
Standard
Chartered Bank
Xxx
Xxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxx
Xxxxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxx.xxxxxxxxxx@
xx.xxxxxxxxxxxxxxxxx.xxx
|
Standard
Chartered Bank
Xxx
Xxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
Attention: Xxxxx
Xxxxxxxxxx
Telephone
No.: (000) 000-0000
Facsimile
No.: (000) 000-0000
Email: xxxxx.xxxxxxxxxx@
xx.xxxxxxxxxxxxxxxxx.xxx
|
SCHEDULE
II
LENDERS’
COMMITMENTS
Lender
|
Commitment
|
Citicorp
USA, Inc.
|
$115,000,000
|
Bank
of America, N.A.
|
$105,000,000
|
The
Bank of Nova Scotia
|
$105,000,000
|
The
Bank of Tokyo-Mitsubishi UFJ, Ltd., Seattle Branch
|
$105,000,000
|
Barclays
Bank PLC
|
$105,000,000
|
The
Royal Bank of Scotland plc
|
$105,000,000
|
Wachovia
Bank, National Association
|
$105,000,000
|
UBS
Loan Finance LLC
|
$105,000,000
|
The
Bank of New York Mellon Corporation
|
$90,000,000
|
Xxxxxxx
Xxxxx Bank USA
|
$90,000,000
|
Xxxxxxx
Street Commitment Corporation
|
$90,000,000
|
Sumitomo
Mitsui Banking Corporation
|
$65,000,000
|
Xxxxx
Fargo Bank, N.A.
|
$65,000,000
|
BNP
Paribas
|
$50,000,000
|
Danske
Bank A/S
|
$50,000,000
|
Intesa
Sanpaolo S.p.A.
|
$50,000,000
|
Lloyds
TSB Bank plc
|
$50,000,000
|
Standard
Chartered Bank
|
$50,000,000
|
Total
Commitments:
|
$1,500,000,000
|