WAIVER dated as of April 1, 2004 to SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT dated as of June 26, 2001
Exhibit 10.22
WAIVER
dated as of April 1, 2004
to
SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT
dated as of June 26, 2001
CSC HOLDINGS, INC., a Delaware corporation (the “Company”), the Restricted Subsidiaries (as defined in the Credit Agreement referred to below) that are parties to such Credit Agreement, the lenders that are parties to such Credit Agreement (the “Banks”) and TORONTO DOMINION (TEXAS), INC., as Administrative Agent (the “Administrative Agent”), agree as follows:
ARTICLE I
WAIVER
Upon and after the Waiver Effective Date (as defined in Section 3.5 hereof), the Majority Banks hereby waive compliance with Section 9.22 of the Credit Agreement with respect to, but only with respect to, the requirement that the Non-Recurring Charges (as defined below) in a total amount of up to $21,500,000 to be taken by the Company during the calendar quarter ending March 31, 2004 be annualized in the calculation of Annualized Operating Cash Flow for any period ending on or after March 31, 2004. For the avoidance of doubt, the parties hereby confirm that, with respect to Section 3.03 and all other provisions of the Credit Agreement, there is no waiver of compliance with the requirement that the Non-Recurring Charge be annualized in the calculation of Annualized Operating Cash Flow. For purposes of this Waiver, “Non-Recurring Charges” shall mean (i) the one time net charges taken in March of 2004 in connection with the YES Network arbitration award in the amount not in excess of $12,000,000 and (ii) the one time charges taken in the first quarter of 2004 in connection with the retirement of two senior executives in the amount not in excess of $9,500,000.
ARTICLE II
REPRESENTATIONS AND WARRANTIES
Section 2.1. Representations and Warranties. Each of the Company and the Restricted Subsidiaries that are parties to the Credit Agreement represents and warrants as follows:
(a) Credit Agreement Representations and Warranties. Each representation and warranty made by the Company and such Restricted Subsidiaries in the Credit Agreement is true and correct at and as of the date hereof, except to the extent that such representation and warranty expressly relates to an earlier date.
(b) No Default. No Default or Event of Default shall have occurred and be continuing both before and after giving effect to this Waiver.
Section 2.2. Survival. Each of the foregoing representations and warranties shall be made at and as of the Waiver Effective Date and shall constitute a representation and warranty of the Company and the Restricted Subsidiaries made under the Credit Agreement and it shall be an Event of Default if any such representation and warranty shall prove to have been incorrect or misleading in any material respect when made. Each of the representations and warranties made under the Credit Agreement (and including those representations and warranties made herein) shall survive and not be waived by the execution and delivery of this Waiver.
ARTICLE III
MISCELLANEOUS
Section 3.1. Governing Law. This Waiver shall be construed in accordance with and governed by the laws of the State of New York.
Section 3.2. Counterparts. This Waiver may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the same instrument.
Section 3.3. Expenses. The Company hereby agrees to pay or reimburse the Administrative Agent for all reasonable fees and expenses, including attorneys’ fees, incurred in connection with the negotiation, preparation, execution and delivery of this Waiver.
Section 3.4. Continued Effectiveness. The Credit Agreement as modified by this Waiver is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.
Section 3.5. Waiver Effective Date. This Waiver shall become effective as of the date first written above (the “Waiver Effective Date”) on the first date when this Waiver shall have been duly executed and delivered by the Company, each of the Restricted Subsidiaries that are parties to the Credit Agreement, the Administrative Agent and the Majority Banks.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
2
IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed as of the day and year first above written.
|
CSC HOLDINGS, INC. |
||
|
|
||
|
|
||
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
|
|
||
|
CABLEVISION OF CONNECTICUT |
||
|
|
||
|
CABLEVISION AREA 9 CORPORATION |
||
|
|
||
|
CABLEVISION FAIRFIELD CORPORATION |
||
|
|
||
|
COMMUNICATIONS DEVELOPMENT |
||
|
|
||
|
CABLEVISION SYSTEMS DUTCHESS |
||
|
|
||
|
CABLEVISION SYSTEMS EAST HAMPTON |
||
|
|
||
|
CABLEVISION SYSTEMS GREAT NECK |
||
|
|
||
|
CABLEVISION SYSTEMS HUNTINGTON |
||
|
|
||
|
CABLEVISION SYSTEMS ISLIP CORPORATION |
||
|
|
||
|
CABLEVISION SYSTEMS LONG ISLAND |
||
|
|
||
|
CABLEVISION SYSTEMS SUFFOLK |
||
|
|
||
|
CABLEVISION SYSTEMS WESTCHESTER |
|
CABLEVISION OF CLEVELAND G.P., INC. |
|
|
|
CABLEVISION OF CLEVELAND L.P., INC. |
|
|
|
TELERAMA, INC. |
|
|
|
CABLEVISION OF THE MIDWEST HOLDING |
|
|
|
CSC ACQUISITION CORPORATION |
|
|
|
CSC ACQUISITION - NY, INC. |
|
|
|
CSC ACQUISITION - MA, INC. |
|
|
|
A-R CABLE SERVICES - NY, INC. |
|
|
|
CABLEVISION LIGHTPATH, INC. |
|
|
|
CABLEVISION OF BROOKLINE, INC. |
|
|
|
CABLEVISION SYSTEMS BROOKLINE |
|
|
|
ARSENAL MSUB 2, INC. |
|
|
|
PETRA CABLEVISION CORPORATION |
|
|
|
SUFFOLK CABLE CORPORATION |
|
|
|
SAMSON CABLEVISION CORP. |
|
|
|
SUFFOLK CABLE OF SMITHTOWN, INC. |
|
|
|
SUFFOLK CABLE OF SHELTER ISLAND, INC. |
|
|
|
CABLEVISION SYSTEMS NEW YORK CITY |
|
|
|
CABLEVISION OF WAPPINGERS FALLS, INC. |
|
CABLEVISION OF BROOKHAVEN, INC. |
||
|
|
||
|
CABLEVISION OF SOUTHERN WESTCHESTER, |
||
|
|
||
|
CABLEVISION OF OAKLAND, INC. |
||
|
|
||
|
CABLEVISION OF PATERSON, INC. |
||
|
|
||
|
CABLEVISION OF ROCKLAND/RAMAPO, INC. |
||
|
|
||
|
CABLEVISION OF WARWICK, INC. |
||
|
|
||
|
MONTAGUE CABLE COMPANY, INC. |
||
|
|
||
|
CSC TKR, INC. |
||
|
|
||
|
CSC TKR I, INC. |
||
|
|
||
|
CABLEVISION MFR, INC. |
||
|
|
||
|
CABLEVISION OF MONMOUTH, INC. |
||
|
|
||
|
CABLEVISION OF XXXXXX COUNTY, INC. |
||
|
|
||
|
CABLEVISION OF NEW JERSEY, INC. |
||
|
|
||
|
CSC GATEWAY CORPORATION |
||
|
|
||
|
CABLEVISION OF LITCHFIELD, INC. |
||
|
|
||
|
000 X. XXXXXX XXXXXX CORPORATION |
||
|
|
||
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
|
|
||
|
of each of the above-named corporations |
|
CSC GATEWAY
CORPORATION |
||
|
|
||
|
CABLEVISION OF
NEW JERSEY, INC. |
||
|
|
||
|
CABLEVISION
SYSTEMS BROOKLINE |
||
|
|
||
|
CABLEVISION AREA
9 CORPORATION, |
||
|
|
||
|
CABLEVISION OF
CLEVELAND G.P., INC., |
||
|
|
||
|
CABLEVISION
FAIRFIELD CORPORATION, |
||
|
|
||
|
CSC TKR, INC., |
||
|
|
||
|
By: |
|
|
|
|
Name: |
|
|
|
Title: |
|
|
of each of the above corporate general partners |
|
TORONTO DOMINION (TEXAS), INC., as |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
BANK OF AMERICA, N.A. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
THE BANK OF NOVA SCOTIA |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
JPMORGAN CHASE BANK |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
FLEET NATIONAL BANK |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
CITIBANK, N.A. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
CITICORP USA, INC. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
MIZUHO CORPORATE BANK, LTD. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
BANK OF MONTREAL |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
BARCLAYS BANK PLC |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
BNP PARIBAS |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
WACHOVIA BANK, NATIONAL ASSOCIATION |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
ROYAL BANK OF CANADA |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
SOCIETE GENERALE |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
SUNTRUST BANK |
||
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
BANK ONE, NA |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
BEAR XXXXXXX CORPORATE LENDING INC. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
GENERAL ELECTRIC CAPITAL CORPORATION |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
MELLON BANK, N.A. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
XXXXXXX XXXXX CAPITAL CORPORATION |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
UNION BANK OF CALIFORNIA, N.A. |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
SUMITOMO MITSUI BANKING CORPORATION |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
NATEXIS BANQUES POPULAIRES |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |
|
CREDIT INDUSTRIEL ET COMMERCIAL |
||
|
|
|
|
|
|
|
|
|
By |
|
|
|
|
Name: |
|
|
|
Title: |