SECOND AMENDMENT AND CONSENT TO AMENDED AND RESTATED CREDIT AGREEMENT
SECOND AMENDMENT AND CONSENT TO
AMENDED AND RESTATED CREDIT AGREEMENT
AMENDED AND RESTATED CREDIT AGREEMENT
SECOND AMENDMENT AND CONSENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of December 20, 2005, among DHM HOLDING COMPANY, INC., a Delaware
corporation (“Holdings”), XXXX HOLDING COMPANY, LLC, a Delaware limited liability company
(“Intermediate Holdco”), XXXX FOOD COMPANY, INC., a Delaware corporation (the “U.S.
Borrower”), SOLVEST LTD., a company organized under the laws of Bermuda (the “Bermuda
Borrower” and, together with the U.S. Borrower, the “Borrowers” and, the Borrowers,
together with Holdings and Intermediate Holdco, the “Credit Agreement Parties”), the
Lenders party hereto, and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent (in such
capacity, the “Administrative Agent”). All capitalized terms used herein and not otherwise
defined shall have the respective meanings provided such terms in the Credit Agreement referred to
below.
W I T N E S S E T H:
WHEREAS, Holdings, Intermediate Holdco, the Borrowers, the Lenders, the Administrative Agent
and certain other Agents are parties to a Credit Agreement, dated as of March 28, 2003 and amended
and restated as of April 18, 2005 (as so amended and restated and as the same has been further
amended, modified and/or supplemented to, but not including, the date hereof, the “Credit
Agreement”);
WHEREAS, the Credit Agreement Parties have requested certain amendments to the Credit
Agreement, and a consent to certain provisions of the Credit Documents, in each case as more fully
described below; and
WHEREAS, subject to the terms and conditions of this Amendment, the parties hereto wish to
amend the Credit Agreement, and the Lenders wish to grant a consent to certain provisions of the
Credit Agreement, in each case as herein provided;
NOW, THEREFORE, it is agreed:
I. Amendments and Consent to Credit Agreement.
1. Section 3.01(b) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:
“(w) The U.S. Borrower agrees to pay to the Administrative Agent for distribution to each
Multicurrency Facility RL Lender (or, after a Sharing Event has occurred, each RL Lender)
(based on their respective L/C Participation Percentages as from time to time in effect in
the outstanding U.S. Borrower Multicurrency Facility Letters of Credit) in Dollars a fee in
respect of each U.S. Borrower Multicurrency Facility Letter of Credit issued hereunder, (x)
the Bermuda Borrower agrees to pay to the Administrative Agent
for distribution to each Multicurrency Facility RL Lender (or, after a Sharing Event has
occurred, each RL Lender) (based on their respective L/C Participation Percentages as from
time to time in effect in the outstanding Bermuda Borrower Multicurrency Facility Letters
of Credit) in Dollars a fee in respect of each Bermuda Borrower Multicurrency Facility
Letter of Credit issued hereunder, (y) the U.S. Borrower agrees to pay to the
Administrative Agent for distribution to each Dollar Facility RL Lender (or, after a
Sharing Event has occurred, each RL Lender) (based on their respective L/C Participation
Percentages in the outstanding U.S. Borrower Dollar Facility Letters of Credit) in Dollars
a fee in respect of each U.S. Borrower Dollar Facility Letter of Credit issued hereunder
and (z) the Bermuda Borrower agrees to pay to the Administrative Agent for distribution to
each Dollar Facility RL Lender (or, after a Sharing Event has occurred, each RL Lender)
(based on their respective L/C Participation Percentages in the outstanding Bermuda
Borrower Dollar Facility Letters of Credit) in Dollars a fee in respect of each Bermuda
Borrower Dollar Facility Letter of Credit issued hereunder (with all fees payable as
described in this clause (b) being herein referred to as “Letter of Credit Fees”),
in each case, for the period from and including the date of issuance of such Letter of
Credit through the termination of such Letter of Credit, computed at a rate per
annum equal to the Applicable Margin for Multicurrency Facility Revolving Loans (in
the case of determinations pursuant to preceding clauses (w) and (x)) or Dollar Facility
Revolving Loans (in the case of determination pursuant to preceding clauses (y) and (z)),
in either case maintained as Euro Rate Loans, as in effect from time to time, on (i) the
daily Stated Amount of such Letter of Credit (in the case of a Dollar Denominated Letter of
Credit and a Sterling Denominated Letter of Credit and, for periods occurring after a
Sharing Event, for all Letters of Credit) and (ii) the daily Euro L/C Stated Amount of such
Letter of Credit (in the case of a Euro Denominated Letter of Credit for all periods prior
to the occurrence of a Sharing Event), with the amount of any Letter of Credit Fee in
respect of a Euro Denominated Letter of Credit to be paid in Dollars prior to a Sharing
Event as contemplated above to be calculated by taking the Dollar Equivalent of such Letter
of Credit Fee (determined as provided above but as if such Letter of Credit Fee were
payable in Euros).”.
2. Section 3.01(c) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:
“Each Account Party agrees to pay to the respective Issuing Lender, for its own account, in
Dollars, a facing fee in respect of each Letter of Credit issued to it hereunder (the
“Facing Fee”) for the period from and including the date of issuance or renewal of
such Letter of Credit to and including the termination or expiration of such Letter of
Credit, computed at a rate equal to 1/8 of 1% per annum of (x) the daily Stated Amount of
such Letter of Credit (in the case of a Dollar Denominated Letter of Credit and a Sterling
Denominated Letter of Credit, and, for all periods occurring after a Sharing Event, all
Letters of Credit) and (y) the daily Euro L/C Stated Amount of such Letter of Credit (in the
case of a Euro Denominated Letter of Credit at any time prior to a Sharing Event), with the
amount of any Facing Fee payable with respect to a Euro Denominated Letter of Credit to be
paid in Dollars prior to a Sharing Event as contemplated above to be calculated by taking
the Dollar Equivalent of such Facing Fee (determined as provided
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above but as if such Facing Fee were payable in Euros), provided that in no event shall the
annual Facing Fee with respect to any Letter of Credit be less than the Minimum Applicable
Facing Fee; it being agreed that (i) on the date of issuance of any Letter of Credit and on
each anniversary thereof prior to the termination of such Letter of Credit, if the Minimum
Applicable Facing Fee will exceed the amount of Facing Fees that will accrue with respect to
such Letter of Credit for the immediately succeeding 12-month period, the full Minimum
Applicable Facing Fee shall be payable on the date of issuance of such Letter of Credit and
on each such anniversary thereof prior to the termination of such Letter of Credit and (ii)
if on the date of the termination of any Letter of Credit, the Minimum Applicable Facing Fee
actually exceeds the amount of Facing Fees paid or payable with respect to such Letter of
Credit for the period beginning on the date of the issuance thereof (or, if the respective
Letter of Credit has been outstanding for more than one year, the date of the last
anniversary of the issuance thereof occurring prior to the termination of such Letter of
Credit) and ending on the date of the termination thereof, an amount equal to such excess
shall be paid as additional Facing Fees with respect to such Letter of Credit on the next
date upon which Facing Fees are payable in accordance with the immediately succeeding
sentence.”.
3. Section 3.01(e) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:
“(x) The U.S. Borrower agrees to pay to the Administrative Agent for distribution to each
Multicurrency Facility RL Lender (or, after a Sharing Event has occurred, each RL Lender)
(based on their respective B/G Participation Percentages as from time to time in effect in
the outstanding U.S. Borrower Bank Guaranties) in Dollars a fee in respect of each U.S.
Borrower Bank Guaranty issued hereunder and (y) the Bermuda Borrower agrees to pay to the
Administrative Agent for distribution to each Multicurrency Facility RL Lender (or, after a
Sharing Event has occurred, each RL Lender) (based on their respective B/G Participation
Percentages as from time to time in effect in the outstanding Bermuda Borrower Bank
Guaranties) in Dollars a fee in respect of each Bermuda Borrower Bank Guaranty issued
hereunder (with all fees payable as described in this clause (e) being herein referred to as
“Bank Guaranty Fees”), in each case, for the period from and including the date of
issuance of such Bank Guaranty through the termination of such Bank Guaranty, computed at a
rate per annum equal to the Applicable Margin for Multicurrency Facility
Revolving Loans maintained as Euro Rate Loans, as in effect from time to time, on (i) the
daily Face Amount of such Bank Guaranty (in the case of a Dollar Denominated Bank Guaranty
and a Sterling Denominated Bank Guaranty and, for periods occurring after a Sharing Event,
for all Bank Guaranties) and (ii) the daily Euro B/G Face Amount of such Bank Guaranty (in
the case of a Euro Denominated Bank Guaranty for all periods prior to the occurrence of a
Sharing Event), with the amount of any Bank Guaranty Fee in respect of a Euro Denominated
Bank Guaranty to be paid in Dollars prior to a Sharing Event as contemplated above to be
calculated by taking the Dollar Equivalent of such Bank Guaranty Fee (determined as provided
above but as if such Bank Guaranty Fee were payable in Euros).”.
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4. Section 3.01(f) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:
“Each Account Party agrees to pay to the respective Bank Guaranty Issuer, for its own
account, in Dollars (in the case of each Dollar Denominated Bank Guaranty and each Sterling
Denominated Bank Guaranty and, for all periods after the occurrence of a Sharing Event, each
Bank Guaranty) a fronting fee in respect of each Bank Guaranty issued to it hereunder (the
“Fronting Fee”) for the period from and including the date of issuance or renewal of
such Bank Guaranty to and including the termination or expiration of such Bank Guaranty,
computed at a rate equal to 1/8 of 1% per annum of (x) the daily Face Amount of such Bank
Guaranty (in the case of a Dollar Denominated Bank Guaranty and a Sterling Denominated Bank
Guaranty, and, for all periods occurring after a Sharing Event, all Bank Guaranties) and (y)
the daily Euro B/G Face Amount of such Bank Guaranty (in the case of a Euro Denominated Bank
Guaranty at any time prior to a Sharing Event), with the amount of any Fronting Fee payable
with respect to a Euro Denominated Bank Guaranty to be paid in Dollars prior to a Sharing
Event as contemplated above to be calculated by taking the Dollar Equivalent of such
Fronting Fee (determined as provided above but as if such Fronting Fee were payable in
Euros), provided that in no event shall the annual Fronting Fee with respect to any Bank
Guaranty be less than the Minimum Applicable Fronting Fee; it being agreed that (i) on the
date of issuance of any Bank Guaranty and on each anniversary thereof prior to the
termination of such Bank Guaranty, if the Minimum Applicable Fronting Fee will exceed the
amount of Fronting Fees that will accrue with respect to such Bank Guaranty for the
immediately succeeding 12-month period, the full Minimum Applicable Fronting Fee shall be
payable on the date of issuance of such Bank Guaranty and on each such anniversary thereof
prior to the termination of such Bank Guaranty and (ii) if on the date of the termination of
any Bank Guaranty, the Minimum Applicable Fronting Fee actually exceeds the amount of
Fronting Fees paid or payable with respect to such Bank Guaranty for the period beginning on
the date of the issuance thereof (or, if the respective Bank Guaranty has been outstanding
for more than one year, the date of the last anniversary of the issuance thereof occurring
prior to the termination of such Bank Guaranty) and ending on the date of the termination
thereof, an amount equal to such excess shall be paid as additional Fronting Fees with
respect to such Bank Guaranty on the next date upon which Fronting Fees are payable in
accordance with the immediately succeeding sentence.”.
5. Section 4.02(c) of the Credit Agreement is hereby amended by deleting the first proviso
appearing in the first sentence of said Section in its entirety and inserting the following text in
lieu thereof:
“provided that (I) Net Sale Proceeds from any Asset Sale (other than (x) Net Sale
Proceeds from any Contemplated Asset Sale consummated in accordance with the requirements of
Section 9.02(xviii), (y) any Net Sale Proceeds from the sale of any Principal Property
pursuant to Section 9.02(xix) and (z) Net Sale Proceeds from the sale or other disposition
of the Equity Interests of the Unrestricted Wellbeing Joint Venture pledged pursuant to the
U.S. Pledge Agreement) shall not give rise to a mandatory
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repayment and/or commitment reduction on such date as otherwise required above, so long as
no Specified Default and no Event of Default exists at the time such Net Sale Proceeds are
received and an Authorized Officer of Holdings or the U.S. Borrower has delivered a
certificate to the Administrative Agent on or prior to such date stating that such Net Sale
Proceeds shall be used (or contractually committed to be used) to purchase capital assets
used or to be used in a Permitted Business (other than inventory) within 360 days following
the date of receipt of such Net Sale Proceeds from such Asset Sale (which certificate shall
set forth the estimates of the proceeds to be so expended) and (II) Net Sale Proceeds from
one (but not more than one) sale of a Principal Property consummated after the Second
Amendment Effective Date in reliance on Section 9.02(xix) and notified in writing to the
Administrative Agent shall not give rise to a mandatory repayment and/or commitment
reduction on such date as otherwise required above, so long as no Specified Default and no
Event of Default exists at the time such Net Sale Proceeds are received and an Authorized
Officer of Holdings or the U.S. Borrower has delivered a certificate to the Administrative
Agent on or prior to such date stating that such Net Sale Proceeds shall be used (or
contractually committed to be used) to purchase, construct and/or make investments in a new
Principal Property (or assets and properties that upon completion of such purchase,
construction and/or investments will become a Principal Property) within 360 days following
the date of receipt of such Net Sale Proceeds from such sale of such Principal Property
(which certificate shall set forth the estimates of the proceeds to be so expended);”.
6. Section 7.03 of the Credit Agreement is hereby amended by inserting the text “any Wellbeing
Project Financing Document,” immediately preceding the text “any Permitted Senior Notes Indenture”
appearing in said Section.
7. Section 7.25(b) of the Credit Agreement is hereby amended by (i) inserting the text “(v)
cash and Cash Equivalents held by Holdings representing proceeds from the Wellbeing Project
Financing (including cash and Cash Equivalents held in the Wellbeing Project Financing Interest
Reserve Account),” immediately after the text “significant assets (other than” appearing in said
Section and (ii) inserting the text “and the Wellbeing Project Financing Documents” immediately
following the text “the Holdings Senior Notes Documents” appearing in said Section.
8. Section 8.01(e) of the Credit Agreement is hereby amended by inserting the text “any
Wellbeing Project Financing Document,” immediately preceding the text “any Permitted Senior Notes
Document” appearing in said Section.
9. Section 9.01(b) of the Credit Agreement is hereby amended by (i) inserting the text “(w)
cash and Cash Equivalents held by Holdings representing proceeds from the Wellbeing Project
Financing (including cash and Cash Equivalents held in the Wellbeing Project Financing Interest
Reserve Account),” immediately after the text “other than its ownership of” appearing in said
Section and (ii) inserting the text “any Interest Rate Protection Agreement permitted to be entered
into pursuant to Section to Section 9.04(iii)” immediately after the text “any Shareholder
Subordinated Note” appearing in said Section.
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10. Section 9.02(xix) of the Credit Agreement is hereby amended by (i) inserting the text “(i)
Real Property located in Xxxxxx County, North Carolina (the “Xxxxxx Property”), to the
extent same is not a Principal Property and (ii)” immediately preceding the text “Principal
Properties” appearing in said Section and (ii) deleting the text “(z) 100% of the Net Sale Proceeds
therefrom are applied as a mandatory repayment and/or commitment reduction as, and to the extent,
required by Section 4.02(c) (but without giving effect to any reinvestment rights contained
therein)” and inserting the text “(z) the Net Sale Proceeds therefrom are applied as a mandatory
repayment and/or commitment reduction and/or reinvested, in any case, in accordance with the
requirements of Section 4.02(c)” in lieu thereof.
11. Section 9.03(iii) of the Credit Agreement is hereby amended by (i) inserting the text
“(x)” immediately prior to the word “Liens” appearing in said Section and (ii) inserting the text
“and (y) Liens on the Wellbeing Project Financing Interest Reserve Account (and all deposits
therein) securing the obligations of Holdings under the Wellbeing Project Financing Documents”
immediately prior to the semi-colon appearing at the end of said Section.
12. Section 9.04(iii) of the Credit Agreement is hereby amended by deleting said Section in
its entirety and inserting the following new Section 9.04(iii) in lieu thereof:
“(iii) Indebtedness of (x) the Borrowers under Interest Rate Protection Agreements
entered into to protect them against fluctuations in interest rates in respect of
Indebtedness otherwise permitted under this Agreement and (y) Holdings under an Interest
Rate Protection Agreement entered into to protect it against fluctuations in interest rates
in respect of the Wellbeing Project Financing, in each case, so long as the entering into of
such Interest Rate Protection Agreements are bona fide hedging activities
and are not for speculative purposes;”.
13. Section 9.04(xvi) is hereby amended by (i) inserting the text “, provided that,
notwithstanding anything to the contrary contained above in this subclause (VI), on and after the
incurrence of the Wellbeing Project Financing, no Indebtedness may be incurred by Holdings under
the Holdings Senior Notes or the other Holdings Senior Notes Documents pursuant to this subclause
(VI)” immediately preceding the text “, (VII)” appearing in said Section, (ii) deleting the word
“unsecured” appearing immediately following the text “(VII)” appearing in said Section, (iii)
deleting the text “$250,000,000 (as such amount” appearing in subclause (VII) of said Section and
inserting the text “$250,000,000 (or, after the incurrence of the Wellbeing Project Financing,
$150,000,000) (as either such amount” in lieu thereof and (iv) inserting the text “,
provided that, notwithstanding anything to the contrary contained above in this subclause
(VII), after the incurrence of the Wellbeing Project Financing, no additional Indebtedness may be
incurred by Intermediate Holdco or Corporate Holdco under the Intermediate Holdco Senior Notes and
the other Intermediate Holdco Senior Notes Documents pursuant to this subclause (VI)” immediately
preceding the text “and (VIII)” appearing in said Section.
14. Section 9.04(xxii) of the Credit Agreement is hereby amended by deleting the text
“[reserved]” appearing in said Section and inserting the text “Indebtedness of Holdings under the
Wellbeing Project Financing Documents in an aggregate principal amount at any time outstanding not
to exceed the Wellbeing Project Financing Debt Cap Amount at such time, so
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long as (A) such Indebtedness is incurred in accordance with the requirements of the
definition of “Wellbeing Project Financing”, (B) no Default or Event of Default is in existence at
the time of the respective incurrence of such Wellbeing Project Financing and immediately after
giving effect thereto and (C) at the time of any incurrence of such Indebtedness, no Indebtedness
of Holdings under the Holdings Senior Notes or the other Holdings Senior Notes Documents is
outstanding at such time” in lieu thereof.
15. Section 9.04 of the Credit Agreement is hereby further amended by (i) inserting the text
“(w) in no event shall any Subsidiary of Holdings guarantee any Indebtedness of Holdings under any
Wellbeing Project Financing Document or incur any other obligation under, or with respect to, any
Wellbeing Project Financing Document having any element of recourse to such Subsidiary or to such
Subsidiary’s assets or properties,” immediately prior to subclause (x) appearing in the last
sentence of said Section and (ii) deleting the text “Holdings or any of its Subsidiaries or to any
of its or its Subsidiaries’ assets or properties” appearing in subclause (z) of the last sentence
of said Section and inserting the text “any Subsidiary of Holdings or to any assets or properties
of any Subsidiary of Holdings” in lieu thereof.
16. Section 9.05(i) of the Credit Agreement is hereby amended by inserting the text
“(including cash and Cash Equivalents held by Holdings representing proceeds from the Wellbeing
Project Financing),” immediately following the penultimate reference to “this Agreement” appearing
in said Section.
17. Section 9.05 of the Credit Agreement is hereby amended by deleting clause (xxvi) of said
Section in its entirety and inserting the following new clause (xxvi) in lieu thereof:
“(xxvi) (x) Intermediate Holdco may make intercompany loans to the U.S. Borrower with
the proceeds from (I) the incurrence of the Intermediate Holdco Senior Notes or (II) any
Investment made in it by Holdings with the proceeds of Holdings Senior Notes, an Equity
Infusion or Wellbeing Project Financing, so long as each such intercompany loan shall be
evidenced by an Intercompany Note pledged by Intermediate Holdco to the Collateral Agent
pursuant to the U.S. Pledge Agreement and (y) Holdings may make intercompany loans to
Intermediate Holdco with the proceeds from (I) the incurrence of the Holdings Senior Notes,
(II) any Equity Infusion or (III) the incurrence of any Wellbeing Project Financing, so long
as each such intercompany loan shall be evidenced by an Intercompany Note pledged by
Holdings to the Collateral Agent pursuant to the U.S. Pledge Agreement.”
18. Notwithstanding anything to the contrary contained in Section 9.05 of the Credit
Agreement, the Lenders hereby consent to the capitalization by the Bermuda Borrower of (i)
principal under that certain promissory note, dated August 4, 1998 and subsequently modified as of
January 10, 2000, issued by Singletree Corp., a Subsidiary of the U.S. Borrower organized under the
laws of Panama (“Singletree”), to the Bermuda Borrower in an aggregate principal amount
equal to $47,738,700.00, (ii) principal under that certain promissory note, dated August 4, 1998
and subsequently modified as of January 10, 2000, issued by Singletree to the Bermuda Borrower in
an aggregate principal amount equal to $31,000,000.00, (iii) principal under that certain
promissory note, dated September 28, 1998 and subsequently modified as of January 10,
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2000, issued by Singletree to the Bermuda Borrower in an aggregate principal amount equal to
$52,172,928.00, (iv) accrued but unpaid interest owing by Singletree to the Bermuda Borrower under
the promissory notes described in clauses (i), (ii) and (iii) above in an aggregate amount equal to
approximately $38,356.469.41 and (v) an intercompany receivable owing by Singletree to the Bermuda
Borrower in an aggregate amount equal to $367,971.34.
19. Section 9.08 of the Credit Agreement is hereby amended by deleting the table appearing in
said Section in its entirety and inserting the following new table in lieu thereof:
| “Fiscal Quarter | Ratio | |||||
1st Fiscal Quarter of Fiscal Year 2005 |
2.55:1.0 | |||||
2nd Fiscal Quarter of Fiscal Year 2005 |
2.60:1.0 | |||||
3rd Fiscal Quarter of Fiscal Year 2005 |
2.65:1.0 | |||||
4th Fiscal Quarter of Fiscal Year 2005 |
2.70:1.0 | |||||
1st Fiscal Quarter of Fiscal Year 2006 through (and |
||||||
including) 3rd Fiscal Quarter of Fiscal Year 2006 |
2.60:1.0 | |||||
4th Fiscal Quarter of Fiscal Year 2006 |
2.65:1.0 | |||||
1st Fiscal Quarter of Fiscal Year 2007 and each Fiscal
Quarter thereafter |
2.70:1.0”. | |||||
20. Section 9.09 of the Credit Agreement is hereby amended by (i) deleting the table appearing
in said Section in its entirety and inserting the following new table in lieu thereof:
| “Period | Ratio | |||
Last day of the 1st Fiscal Quarter of Fiscal Year 2005
to and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2006 |
4.75:1.0 | |||
Last day of the 1st Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
2nd Fiscal Quarter of Fiscal Year 2006 |
5.50:1.0 | |||
Last day of the 2nd Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
3rd Fiscal Quarter of Fiscal Year 2006 |
5.75:1.0 | |||
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| “Period | Ratio | |||
Last day of the 3rd Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
4th Fiscal Quarter of Fiscal Year 2006 |
5.50:1.0 | |||
Last day of the 4th Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2007 |
5.00:1.0 | |||
Last day of the 1st Fiscal Quarter of Fiscal Year 2007
to and including the day occurring prior to the last day of the
3rd Fiscal Quarter of Fiscal Year 2007 |
4.75:1.0 | |||
Last day of the 3rd Fiscal Quarter of Fiscal Year 2007
to and including the day occurring prior to the last day of the
4th Fiscal Quarter of Fiscal Year 2007 |
4.50:1.0 | |||
Last day of the 4thFiscal Quarter of Fiscal Year 2007 to
and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2008 |
4.00:1.0 | |||
Last day of the 1stFiscal Quarter of Fiscal Year 2008 to
and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2009 |
3.75:1.0 | |||
Last day of the 1st Fiscal Quarter of Fiscal Year 2009
and thereafter |
3.50:1.0” | |||
, (ii) inserting the text “(x)” immediately preceding the text “at any time from November 1”
appearing in the second sentence of said Section and (iii) inserting the text “and (y) on and after
the date of the incurrence of the Wellbeing Project Financing in an aggregate principal amount of
not less than $100,000,000, the Leverage Ratio as otherwise set forth in the table above for each
period occurring on or after such date and after the last day of the 1st Fiscal Quarter of Fiscal
Year 2006, shall be adjusted by decreasing each such ratio by 0.25” immediately preceding the
period at the end of the second sentence of said Section.
21. Section 9.11(a)(i) of the Credit Agreement is hereby amended by inserting the following
new clause (t) immediately prior to clause (u) of the proviso appearing in said Section:
“(t) any Intermediate Holdco Senior Notes may be redeemed, repurchased and/or repaid
in accordance with the terms of the Intermediate Holdco Senior Notes Documents,
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so long as (I) no Default and no Event of Default then exists or would result
therefrom, (II) the sole source of funds used to effect such redemptions, repurchases and/or
repayments is the proceeds of an incurrence of Wellbeing Project Financing and (III) all
such Intermediate Holdco Senior Notes so redeemed, repurchased and/or repaid are promptly
cancelled by the U.S. Borrower.”.
22. Section 9.11(a)(ii) of the Credit Agreement is hereby amended by (i) inserting the text
“any Wellbeing Project Financing Document,” immediately preceding the text “any Permitted Senior
Notes Document” appearing in said Section and (ii) inserting the text “or, in the case of any
Wellbeing Project Financing Document, amendments, modifications or changes which do not result in
the Wellbeing Project Financing ceasing to meet the requirements of “Wellbeing Project Financing”
as set forth in the definition thereof” immediately prior to the semi-colon appearing at the end of
said Section.
23. Section 9.13 of the Credit Agreement is hereby amended by (i) redesignating clauses (xiv)
and (xv) of said Section as clauses (xv) and (xvi), respectively and (ii) inserting the text “(xiv)
on and after the execution and delivery thereof, the Wellbeing Project Financing Documents;”
immediately preceding the text “(xv)” appearing in said Section (after giving effect to the
amendment made pursuant to preceding clause (i)).
24. The definition of “Change of Control” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “any Wellbeing Project Financing Document,”
immediately preceding the text “any Permitted Senior Notes Document” appearing in clause (vi) of
said definition.
25. The definition of “Documents” appearing in Section 11 of the Credit Agreement is
hereby amended by (i) redesignating clauses (viii) and (ix) of said definition as clauses (ix) and
(x), respectively and (ii) inserting the text “(viii) on and after the execution and delivery
thereof, any Wellbeing Project Financing Document,” immediately preceding the text “(ix)” appearing
in said definition (after giving effect to the amendment made pursuant to preceding clause (i)).
26. The definition of “Dollar Equivalent” appearing in Section 11 of the Credit
Agreement is hereby amended by deleting the second proviso appearing in the first sentence of said
definition in its entirety and inserting the following new proviso in lieu thereof:
“provided further, that (I) for purposes of (x) determining compliance with Sections
1.01(c), (e) and (g), 2A.01(c), 2B.01(c), 4.02(a) and 6A.01 and (y) calculating Fees
pursuant to Section 3.01 (except, during all periods prior to the occurrence of a Sharing
Event, (A) Letter of Credit Fees and Facing Fees with respect to Euro Denominated Letters of
Credit and (B) Bank Guaranty Fees and Fronting Fees with respect to Euro Denominated Bank
Guaranties), the Dollar Equivalent of any amounts denominated in a currency other than
Dollars shall be revalued on a monthly basis using the spot exchange rates therefor as
quoted in Reuters ECB Page 37 (or, if same does not provide such exchange rates, on such
other basis as is reasonably satisfactory to the Administrative Agent) on the last Business
Day of each calendar month and (II) during all periods prior to the occurrence of a Sharing
Event, for purposes of calculating the Letter of Credit Fees
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and Facing Fees with respect to Euro Denominated Letters of Credit and the Bank Guaranty
Fees and Fronting Fees with respect to Euro Denominated Bank Guaranties, the Dollar
Equivalent of the amount of such Fees shall be determined on the date on which any such Fee
is payable using the spot exchange rates therefor as quoted in Reuters ECB Page 37 ( or,
if same does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent),”.
27. The definition of “Excluded Collateral” appearing in Section 11 of the Credit
Agreement is hereby amended by (i) deleting the word “and” appearing immediately preceding the text
“(iii)” appearing in said definition and inserting a comma in lieu thereof and (ii) inserting the
text “and (iv) the Wellbeing Project Financing Interest Reserve Account” immediately preceding the
text “; provided that” appearing in said definition.
28. The definition of “Guaranteed Creditors” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “with a Borrower and/or one or more of each
Borrower’s Subsidiaries,” immediately following the text “or Other Hedging Agreement” appearing in
said definition.
29. The definition of “Incremental Loan Commitment Requirements” appearing in Section
11 of the Credit Agreement is hereby amended by inserting the text “each Wellbeing Project
Financing Document,” immediately preceding each instance of the text “each Permitted Senior Notes
Indenture” appearing in clause (u) of said definition.
30. Section 11 of the Credit Agreement is hereby further amended by (i) deleting the
definitions of “Minimum Applicable Facing Fee” and “Minimum Applicable Fronting
Fee” appearing in said Section in their entirety and (ii) inserting the following new
definitions in appropriate alphabetical order:
“Xxxxxx Property” shall have the meaning provided in Section 9.02(xix).
“Minimum Applicable Facing Fee” shall mean $500.
“Minimum Applicable Fronting Fee” shall mean $500.
“Second Amendment” shall mean the Second Amendment to this Agreement, dated as
of December 20, 2005.
“Second Amendment Effective Date” shall have the meaning provided in the Second
Amendment.
“Wellbeing Project Financing” shall mean Indebtedness incurred by Holdings, so
long as (a) the proceeds thereof are used (or, in the case of sub-clause (iv) below, deemed
used) solely to (i) finance the construction, start-up and operational deficits of the
Wellbeing Project (including any “cost overruns” on the construction of the Wellbeing
Project), (ii) make an Investment in, and/or repay an intercompany loan owing to,
Intermediate Holdco, the proceeds of which are, in turn, used by Intermediate Holdco to make
an Investment in, and/or repay an intercompany loan owing to, the U.S. Borrower,
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(iii) make an Investment in, and/or repay an intercompany loan owing to, Intermediate
Holdco, the proceeds of which are (x) promptly (and in any event within 5 Business Days)
used by Intermediate Holdco to redeem, repurchase and/or repay Intermediate Holdco Senior
Notes and pay accrued but unpaid interest and any premium required to be paid in connection
therewith, in any such case in accordance with the requirements of Section 9.11(a)(i)(t),
and/or (y) promptly used by Intermediate Holdco to pay regularly scheduled interest on the
Intermediate Holdco Senior Notes when and as due in accordance with the requirements of the
Intermediate Holdco Senior Notes Documents, (iv) “finance” customary expenses which are (x)
incurred by lenders providing such Indebtedness and treated as “protective advances” under
the documentation governing such Indebtedness (e.g., advances for the payment of
real estate taxes, insurance premiums, ground rent and maintenance and repair costs) and (y)
deemed added as additional Indebtedness of Holdings under such documentation (it being
understood, however, that Indebtedness incurred by Holdings under this clause (iv) may be in
the form of a guarantee by Holdings of additional Indebtedness incurred by the Unrestricted
Wellbeing Joint Venture for the purposes described above in this clause (iv) rather than in
the form of direct incurrence by Holdings), (v) pay accrued but unpaid interest on the
principal of Indebtedness described in this definition, together with reasonable transaction
fees incurred in connection with the incurrence thereof and/or (vi) extend, renew and/or
refinance any Indebtedness theretofore incurred pursuant to this definition, (b) such
Indebtedness does not require any scheduled principal repayments prior to the final stated
maturity thereof, (c) such Indebtedness does not require any mandatory repayments prior to
the final stated maturity thereof other than in connection with (x) a “change of control”
(which “change of control” shall not include triggers any tighter than those contained in
the definition of “Change of Control” in this Agreement) or (y) issuances of equity by, or
capital contributions to, Holdings, (d) such Indebtedness does not provide for guaranties or
security from, or require any representation, warranty, event of default or covenant to be
applicable to, any Subsidiary of Holdings, (e) such Indebtedness provides for an “interest
reserve” covering all interest which will accrue on such Indebtedness over the term thereof,
which interest may be in the form of (i) a “hold-back” from the initial proceeds therefrom
deposited in the Wellbeing Project Financing Interest Reserve Account or (ii) a committed
but initially unfunded portion of such Indebtedness specifically reserved for the payment of
accrued but unpaid interest on such Indebtedness, (f) such Indebtedness expressly permits
the pledge of the Equity Interests of the Unrestricted Wellbeing Joint Ventures pursuant to
the U.S. Pledge Agreement, (g) in the case of any Indebtedness incurred to extend, renew
and/or refinance any Indebtedness theretofore incurred in reliance on this definition, the
requirements of clauses (b) through (f), inclusive, above and clause (h) below are satisfied
at the time of the incurrence thereof and (h) all other terms of such Indebtedness
(including, without limitation, with respect to prepayment provisions, covenants and
defaults) are reasonably acceptable to the Administrative Agent, as such Indebtedness may be
amended, modified, supplemented, extended, renewed and/or refinanced from time to time in
accordance with the terms hereof and thereof. The incurrence of the Wellbeing Project
Financing shall be deemed to be a representation and warranty by Holdings that all
conditions thereto have been satisfied in all material respects and that same is permitted
in accordance with the terms of this Agreement, which representation and warranty shall be
deemed to be a representation and warranty for all purposes hereunder, including, without limitation,
Sections 6B.01 and 10.
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“Wellbeing Project Financing Debt Cap Amount” shall mean, at any time,
$150,000,000 (as such amount may be reduced by any repayments of principal of the Wellbeing
Project Financing, except to the extent such repayment is made in connection with a
refinancing of such Wellbeing Project Financing consummated in accordance with the
definition of “Wellbeing Project Financing”); provided, however, that (i)
the “Wellbeing Project Financing Debt Cap Amount” may exceed the amount otherwise set forth
above at any time, if (but only if) any excess over such amount is (I) used by Holdings to
(x) make an Investment in, and/or repay an intercompany loan owing to, Intermediate Holdco
and, thereupon, applied by Intermediate Holdco for the purposes, and within the time
periods, described in clause (a)(iii) of the definition of “Wellbeing Project Financing”
and/or (y) finance cost overruns and/or operational deficits of the Wellbeing Project and/or
(II) incurred by Holdings for the purposes described in clause (a)(iv) of the definition of
“Wellbeing Project Financing”, and (ii) any such excess permitted by preceding clause (i)
shall also (but without duplication) be reduced by any repayments of principal of the
Wellbeing Project Financing, except to the extent such repayment is made in connection with
a refinancing of such Wellbeing Project Financing consummated in accordance with the
definition of “Wellbeing Project Financing”.
“Wellbeing Project Financing Documents” shall mean any indenture, credit
agreement or similar agreement entered into in connection with the incurrence or issuance of
the Wellbeing Project Financing and each other agreement, document or instrument relating to
the incurrence or issuance of the Wellbeing Project Financing, as the same may be amended,
modified, supplemented, extended, renewed and/or refinanced from time to time in accordance
with the terms hereof and thereof.
“Wellbeing Project Financing Interest Reserve Account” shall mean the deposit
account established in connection with the Wellbeing Project Financing into which cash in
amount equal to the interest reserve requirements for the Wellbeing Project Financing and
other proceeds from the Wellbeing Project Financing will be deposited pending application.
31. Section 13.07(a) of the Credit Agreement is hereby amended by deleting the text “Sections
9.08 and 9.09” appearing in clause (iv) of said Section and inserting the text “Section 9.09” in
lieu thereof.
II. Miscellaneous Provisions.
1. In order to induce the Lenders to enter into this Amendment, each Credit Agreement Party
hereby represents and warrants that:
(a) no Default or Event of Default exists as of the Second Amendment Effective Date (as
defined below), both immediately before and immediately after giving effect thereto; and
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(b) all of the representations and warranties contained in the Credit Agreement and the
other Credit Documents are true and correct in all material respects on the Second Amendment
Effective Date both immediately before and immediately after giving effect thereto, with the
same effect as though such representations and warranties had been made on and as of the
Second Amendment Effective Date both immediately before and immediately after giving effect
thereto (it being understood that any representation or warranty made as of a specific date
shall be true and correct in all material respects as of such specific date).
2. This Amendment is limited as specified and shall not constitute a modification, acceptance
or waiver of any other provision of the Credit Agreement or any other Credit Document.
3. This Amendment may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which counterparts when executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the U.S. Borrower and the Administrative Agent.
4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
5. This Amendment shall become effective on the date (the “Second Amendment Effective
Date”) when each Credit Agreement Party and Lenders constituting the Required Lenders shall
have signed a counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile or other electronic transmission) the same to White & Case
LLP, 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, XX 00000 Attention: May Yip (facsimile number:
000-000-0000 / e-mail address: xxxx@xxxxxxxxx.xxx).
6. So long as the Second Amendment Effective Date occurs, the U.S. Borrower shall pay to each
Lender which has executed a counterpart hereof on or prior to 2:00 P.M. (New York time) on December
20, 2005, a consent fee equal to 0.125% of the sum of (x) its Revolving Loan Commitment as in
effect on the Second Amendment Effective Date and (y) the aggregate principal amount of its Term
Loans outstanding on the Second Amendment Effective Date (immediately prior to giving effect
thereto). All fees payable pursuant to the immediately preceding sentence shall be paid to the
Administrative Agent within one Business Day after the Second Amendment Effective Date, which fees
shall be distributed by the Administrative Agent to the relevant Lenders in the amounts specified
in the immediately preceding sentence.
7. From and after the Second Amendment Effective Date, all references in the Credit Agreement
and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to
the Credit Agreement as modified hereby on the Second Amendment Effective Date.
* * *
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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Amendment as of the date first above written.
| DHM HOLDING COMPANY, INC. |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| XXXX HOLDING COMPANY, LLC |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| XXXX FOOD COMPANY, INC. |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| SOLVEST, LTD. |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| DEUTSCHE BANK AG NEW YORK BRANCH, Individually, and as Administrative Agent |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| By: | ||||
| Name: | ||||
| Title: | ||||
| SIGNATURE PAGE TO THE SECOND AMENDMENT AND CONSENT TO AMENDED
AND RESTATED CREDIT AGREEMENT, DATED AS OF DECEMBER 20, 2005,
AMONG DHM HOLDING COMPANY, INC., XXXX HOLDING COMPANY, LLC,
XXXX FOOD COMPANY, INC., SOLVEST LTD., THE LENDERS PARTY
THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT
NAME OF INSTITUTION: |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
