RESIGNATION, WAIVER, CONSENT AND APPOINTMENT AGREEMENT
Exhibit 10.3
Execution Version
This RESIGNATION, WAIVER, CONSENT AND APPOINTMENT AGREEMENT (this “Agreement”) is made as of
September 1, 2009 by and among Fifth Third Bank, N.A. (in its individual capacity, “Fifth Third”),
Xxxxxx Commercial Paper Inc., a debtor and debtor in possession under chapter 11 of the Bankruptcy
Code (defined below) (in its individual capacity, “Xxxxxx”), acting through one or more of its
branches as the Administrative Agent (in such capacity, the “Xxxxxx Agent”), Xxxxxx, acting in its
capacity as Swing Line Lender (in such capacity, the “Xxxxxx Swing Line Lender”), Mapco Express,
Inc., a Delaware corporation (the “Borrower”), each of the other “Loan Parties” (as defined in the
Credit Agreement defined below) party hereto, Xxxxxx, acting in its capacity as a “Lender” (as
defined in the Credit Agreement defined below), and each of the other “Lenders” (as defined in the
Credit Agreement defined below) party hereto. All capitalized terms used in this Agreement and not
otherwise defined herein will have the respective meanings set forth in the Credit Agreement.
RECITALS:
WHEREAS, the Borrower, the Xxxxxx Agent, the Xxxxxx Swing Line Lender, Xxxxxx, acting in its
capacity as a Lender, and the other Lenders are parties to an Amended and Restated Credit Agreement
dated as of April 28, 2005 (as the same has been and may hereafter be amended, restated,
supplemented or modified from time to time, the “Credit Agreement”);
WHEREAS, on October 5, 2008, Xxxxxx commenced a voluntary case under chapter 11 of title 11 of
the United States Code (the “Bankruptcy Code”) and on such date, pursuant to section 362(a) of the
Bankruptcy Code, an automatic stay went into effect that prohibits actions to interfere with, or
obtain possession or control of, Xxxxxx’x property or to collect or recover from Xxxxxx any debts
or claims that arose before such date;
WHEREAS, on October 6, 2008, the United States Bankruptcy Court for the Southern District of
New York (the “Bankruptcy Court”) entered that certain Order Pursuant to Sections 105(a), 363(b),
and 541(d) of the Bankruptcy Code and Bankruptcy Rule 6004 Authorizing Debtor to (A) Continue to
Utilize its Agency Bank Account, (B) Terminate Agency Relationships and (C) Elevate Loan
Participations (the “October Order”), pursuant to which, among other things, the Xxxxxx Agent was
authorized to transfer, assign or resign from any and all administrative agent positions under
certain terms and conditions set forth therein;
WHEREAS, on December 3, 2008, the Borrower and the Lenders entered into that certain Eighth
Amendment to Amended and Restated Credit Agreement pursuant to which, among other things, (a) the
Required Lenders and the Borrower consented to the appointment of Fifth Third as the successor
Administrative Agent for the Lenders and as Swing Line Lender under the Credit Agreement and the
other Loan Documents and (b) Fifth Third accepted such appointment, in each case to be effective
upon (x) the resignation or removal of the Xxxxxx Agent and (y) delivery of written notice of such
acceptance by Fifth Third to the Lenders and the Borrower (the “Eighth Amendment”);
WHEREAS, on June 3, 2009, the Bankruptcy Court entered that certain Order Authorizing the
Establishment of Procedures to Terminate Unfunded Commitments and Restructure Corporate Loan
Agreements (the “June Order”; the October Order and the June Order are referred to herein together
as the “Order”), pursuant to which, among other things, the Xxxxxx Agent was authorized to
terminate unfunded loan commitments;
WHEREAS, the Xxxxxx Agent desires to resign as Administrative Agent and the Xxxxxx Swing Line
Lender desires to resign as Swing Line Lender, in each case under the Credit Agreement and all of
the other Loan Documents; and
WHEREAS, each Person party to this Agreement desires to accept such resignation by Xxxxxx, and
to appoint Fifth Third the successor Administrative Agent and Swing Line Lender under the
Credit Agreement and all of the other Loan Documents.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions, and covenants
herein contained, the parties hereto hereby agree as follows:
1. RESIGNATION, WAIVER, CONSENT AND APPOINTMENT
Pursuant to the Credit Agreement (including, without limitation, Section 9.9 thereof), Xxxxxx
hereby notifies Borrower, each other Credit Party and each Lender that it desires to resign as
Administrative Agent and Swing Line Lender under the Credit Agreement and all of the other Loan
Documents, such resignation to be effective as of the Effective Date (as defined below). By its
signature below, Borrower, each other Loan Party and each Lender party hereto acknowledges receipt
of such notice of resignation and reaffirms the waiver granted pursuant to the Eighth Amendment of
any notice requirements with respect thereto under the Loan Documents (including, without
limitation, the requirement of ten (10) days’ prior notice of such resignation as Administrative
Agent set forth in Section 9.9 of the Credit Agreement). Pursuant to the Credit Agreement
(including, without limitation, Section 9.9 thereof), the parties hereto hereby acknowledge that,
pursuant to the terms of the Eighth Amendment, Fifth Third has been appointed as successor
Administrative Agent and successor Swing Line Lender under the Credit Agreement and all other Loan
Documents executed in connection therewith, which such appointment shall be effective as of the
Effective Date, and Fifth Third hereby accepts such appointment. Borrower and each other Person
party to this Agreement hereby agrees that Fifth Third shall bear no responsibility, and hereby
irrevocably waives any claims it may have against Fifth Third, for any actions taken or omitted to
be taken by Xxxxxx while it served as Administrative Agent and/or Swing Line Lender under the
Credit Agreement and the other Loan Documents. Each of Borrower, each other Loan Party and the
Xxxxxx Agent authorize Fifth Third to file any Uniform Commercial Code assignments or amendments
with respect to the Uniform Commercial Code financing statements (in each case, without signature
and in a form reasonably satisfactory to the Borrower), mortgages, and other filings in respect of
the Collateral as Fifth Third deems necessary or desirable to evidence Fifth Third’s succession as
Administrative Agent under the Credit Agreement and the other Loan Documents and each party hereto
agrees to execute any documentation reasonably necessary to evidence such succession.
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2. ASSIGNMENT AND DELEGATION BY RESIGNING ADMINISTRATIVE AGENT AND RESIGNING SWING LINE
LENDER; ACCEPTANCE AND ASSUMPTION BY SUCCESSOR ADMINISTRATIVE AGENT AND SUCCESSOR SWING LINE
LENDER
2.1 Assignment and Delegation. Effective as of the Effective Date:
(a) The Xxxxxx Agent, acting in its capacity as resigning Administrative Agent under the
Credit Agreement and the other Loan Documents, and the Xxxxxx Swing Line Lender, acting in its
capacity as resigning Swing Line Lender under the Credit Agreement and the other Loan Documents (in
such capacities, the “Resigning Administrative Agent and Swing Line Lender”), hereby assign and,
solely with respect to duties and obligations first arising from and after the Effective Date,
delegate to Fifth Third, acting in its capacities as successor Administrative Agent and successor
Swing Line Lender under the Credit Agreement and the other Loan Documents (in such capacities, the
“Successor Administrative Agent and Swing Line Lender”), all of the Resigning Administrative Agent
and Swing Line Lender’s respective rights, remedies, duties and other obligations under the Credit
Agreement and each of the other Loan Documents executed in connection therewith and each of the
Liens granted to the Resigning Administrative Agent and Swing Line Lender under the Loan Documents,
including, without limitation, in its respective capacities as a secured party, grantee, mortgagee,
beneficiary, assignee and each other similar capacity, if any, in which the Resigning
Administrative Agent and Swing Line Lender was granted Liens on any real or personal property of
Borrower, any other Loan Party or any other Person as security for all or any of the obligations
owing to the Administrative Agent and/or Lenders under the Credit Agreement or any other Loan
Document (other than Liens that have been released prior to the date hereof in accordance with the
terms set forth in the Credit Agreement); provided, however, that the Resigning
Administrative Agent and Swing Line Lender shall retain all of its rights to indemnification
arising under Section 9.7 and Section 10.5(d) of the Credit Agreement with respect to any
liabilities incurred as, or in connection with its capacity as, Administrative Agent;
(b) the Successor Administrative Agent and Swing Line Lender hereby accepts such assignment
and delegation and hereby assumes all of such duties and other obligations (including, without
limitation, the Swing Line Commitment), except that the Successor Administrative Agent and Swing
Line Lender shall have no liability with respect to actions taken or omitted to be taken by the
Resigning Administrative Agent and Swing Line Lender or any of its officers, directors, employees,
agents, attorneys-in-fact or affiliates under or in connection with the Credit Agreement or any
other Loan Document;
(c) Borrower and each other Loan Party, on behalf of itself, and each guarantor or other
surety of or for any of the obligations owing to Administrative Agent and/or Lenders under the
Credit Agreement or any other Loan Document, hereby acknowledges such assignment, delegation and
assumption and agrees, in its or their respective capacities as debtor, obligor, grantor,
mortgagor, pledgor, guarantor, surety, indemnitor, assignor and each other similar capacity, if
any, in which any such entity has previously granted Liens on all or any part of its real or
personal property pursuant to the Credit Agreement or any other Loan Document, that such
assignment, delegation and assumption shall not affect in any way all or any of such Liens, all of
which Liens remain and shall continue to be in full force and effect and each of which is hereby
ratified, confirmed and reaffirmed in all respects; and
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(d) all possessory collateral held by the Resigning Administrative Agent and Swing Line Lender
for the benefit of the Secured Parties shall be held by the Resigning Administrative Agent and
Swing Line Lender as agent and bailee for the Successor Administrative Agent and Swing Line Lender
for the benefit of the Secured Parties until such time as such possessory collateral has been
delivered to the Successor Administrative Agent and Swing Line Lender. Notwithstanding anything
herein to the contrary, each Loan Party agrees that all of such Liens granted by any Loan Party
shall in all respects be continuing and in effect and are hereby ratified, confirmed and reaffirmed
by each Loan Party. Without limiting the generality of the foregoing, any reference to the
Resigning Administrative Agent and Swing Line Lender on any publicly filed document, to the extent
such filing relates to the Liens on the Collateral assigned hereby and until such filing is
modified to reflect the interests of the Successor Administrative Agent and Swing Line Lender,
shall, with respect to such Liens, constitute a reference to the Resigning Administrative Agent and
Swing Line Lender as collateral representative of the Successor Administrative Agent and Swing Line
Lender (provided, that the parties hereto agree that the Resigning Administrative Agent and
Swing Line Lender’s role as such collateral representative shall impose no duties, obligations, or
liabilities on the Resigning Administrative Agent and Swing Line Lender, including, without
limitation, any duty to take any type of direction regarding any action to be taken against such
Collateral, whether such direction comes from the Successor Administrative Agent and Swing Line
Lender, the Required Lenders, or otherwise and the Resigning Administrative Agent and Swing Line
Lender shall have the full benefit of the protective provisions of Section 9 (The Agents) of the
Credit Agreement while serving in such capacity).
From and after the Effective Date, the Successor Administrative Agent and Swing Line Lender shall
have the same rights, remedies, duties and obligations, and the same benefits, in such capacities
under the Credit Agreement and each other Loan Document, as if it were the original
“Administrative Agent” and “Swing Line Lender” thereunder, subject to the limitations contained
herein. From and after the Effective Date, each reference in the Credit Agreement and each of the
other Loan Documents to “Administrative Agent” and “Swing Line Lender” shall in each case mean and
be a reference to Fifth Third, acting in such capacity.
3. REPRESENTATIONS, WARRANTIES AND COVENANTS
3.1 Representations and Warranties of Xxxxxx and Fifth Third.
Each of Xxxxxx and Fifth Third hereby severally represents and warrants that it is legally
authorized to enter into, and has duly executed and delivered, this Agreement. Xxxxxx hereby
represents and warrants on and as of the date hereof and on and as of the Effective Date that the
execution and delivery by Xxxxxx of this Agreement and the performance of its obligations hereunder
have been approved by the October Order, the June Order or do not require approval of the
Bankruptcy Court, as applicable, each of which have been entered by the Bankruptcy Court, and as to
which no stay has been ordered and which has not been reversed, modified, vacated or overturned and
Xxxxxx has complied with the notice requirements set forth in the June Order.
3.2 Representations, Warranties and Covenants of Borrower to Successor Administrative
Agent and Swing Line Lender.
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Borrower represents, warrants and covenants, solely for the benefit of the Successor
Administrative Agent and Swing Line Lender, that, as of the date hereof, Schedule 1
attached hereto sets forth (i) the aggregate amount of the Total Revolving Credit Commitment and
the Swing Line Commitment and the aggregate outstanding principal amount of all Revolving Credit
Loans, Term Loans, Swing Line Loans and Incremental Loans, and (ii) a reasonably detailed schedule
of outstanding Eurodollar Loans and Letters of Credit. Each Lender hereby acknowledges, confirms
and agrees that the amounts described on Schedule 1 attached hereto accurately reflect the
amount of the Total Revolving Credit Commitment and Swing Line Commitment and the aggregate
outstanding principal amount of Revolving Credit Loans, Term Loans, Swing Line Loans and
Incremental Loans as of the date hereof.
3.3 Additional Representations and Warranties of Borrower to Successor Administrative
Agent and Swing Line Lender, Resigning Administrative Agent and Swing Line Lender and the
Lenders.
Borrower further represents, warrants and covenants, for the benefit of the Successor
Administrative Agent and Swing Line Lender, Resigning Administrative Agent and Swing Line Lender
and the Lenders, that:
(a) Schedule 2 attached hereto sets forth a description of the authorized equity
securities of Borrower and each of its Subsidiaries. All issued and outstanding equity securities
of each such Person were duly authorized and are validly issued, fully paid and non-assessable, and
such securities were issued in compliance with all applicable state and federal laws concerning the
issuance of securities. All of the issued and outstanding equity interests of each such Person is
owned by the entities and in the amounts set forth on Schedule 2 attached hereto. Except
as set forth on Schedule 2 attached hereto, there are no pre-emptive or other outstanding
rights, options, warrants, conversion rights or similar agreements or understandings for the
purchase or acquisition of any shares of capital stock or other securities of any such Person; and
(b) Schedule 3 attached hereto contains a complete list of all possessory Collateral
and security filings related to the Collateral heretofore delivered to Xxxxxx, the actions
described in Schedule 4 hereto have been performed prior to the date hereof and all
security interests created in favor of Xxxxxx Agent for the benefit of the Secured Parties under
the Loan Documents are valid security interests in the Collateral, as security for the Obligations.
3.4 Additional Representations, Warranties and Covenants of Borrower; Acknowledgments and
Waivers of Lenders.
Borrower further represents, warrants and covenants, solely for the benefit the Successor
Administrative Agent and Swing Line Lender and the Lenders, that, the representations and
warranties set forth in Section 4 (Representations and Warranties) of the Credit Agreement and in
the Guarantee and Collateral Agreement and other Loan Documents are true and correct in all
material respects on and as of the Effective Date with the same effect as though made on and as of
the Closing Date (as defined in the Credit Agreement), except to the extent such representations
and warranties expressly relate to an earlier date, in which case such representations and
warranties were true and correct in all material respects as of such earlier date.
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4. EFFECTIVENESS
This Agreement shall be effective upon the date (the “Effective Date”) that all of the
following conditions precedent shall have been satisfied:
(a) the execution and delivery of this Agreement by each of the Borrower, the other Loan
Parties, Fifth Third, Xxxxxx and the Required Lenders;
(b) receipt by Fifth Third of fully-completed Schedules to this Agreement;
(c) Xxxxxx and Fifth Third shall have acknowledged receipt from the Borrower of payment of the
fees and expenses referred to in Section 8 of this Agreement by the parties and in the
manner set forth therein;
(d) Fifth Third shall have received, in each case, in form and substance reasonably acceptable
to Fifth Third, each of the fully-executed documents and other deliveries set forth on the Closing
Agenda and Document Checklist attached hereto as Schedule 3 (other than items 4, 6 , 9 and
10 on such Schedule 3, which the Borrower shall deliver promptly following the Effective Date) and
all of the deliveries set forth on Schedule 5;
(e) Fifth Third shall have confirmed in writing that it has received (i) the items set forth
in Section 7 of Schedule 3 attached hereto and (ii) the items set forth on Schedule
5 attached hereto.
(f) Fifth Third shall have received, in form and substance reasonably acceptable to Fifth
Third, verification from each Lender of such Lender’s Revolving Credit Commitment and the
outstanding principal amount of Revolving Credit Loans, Term Loans, Swing Line Loans and
Incremental Loans held by each such Lender;
(g) Xxxxxx shall have acknowledged receipt from the Borrower of payment in immediately
available funds of (i) all costs, expenses, accrued and unpaid fees and other amounts payable to it
in its capacity as the existing Administrative Agent and as a Swing Line Lender pursuant to the
Loan Documents (including fees and expenses of counsel) and (ii) a portion of the administrative
agent fee that was due and payable by the Borrower to Xxxxxx on April 29, 2009, prorated for the
period commencing on April 29, 2009 through and including the date hereof (and Xxxxxx hereby
acknowledges and agrees, that such payment shall constitute payment in full of all obligations of
the Borrower and the other Loan Parties under that certain fee letter agreement dated as of March
25, 2005 by and among Xxxxxx, Xxxxxx Brothers, Inc. and the Borrower;
(h) Xxxxxx shall have confirmed in writing to the Borrower and the Successor Administrative
Agent and Swing Line Lender that it has complied with the requirements set forth in the June Order;
(i) the Borrower and Holdings shall have withdrawn that certain Motion of Mapco Express, Inc.
and Delek US Holdings for Relief from Automatic Stay [Doc. No. 1663] (the “Motion”) previously
filed with the Bankruptcy Court; and
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(j) the Successor Administrative Agent and Swing Line Lender shall have withdrawn its Limited
Joinder to the Motion previously filed with the Bankruptcy Court.
The parties hereto hereby agree that this document shall constitute a “Loan Document” under the
Credit Agreement.
5. RELEASES
(a) Each of the Borrower, the other Loan Parties and the Lenders hereby unconditionally and
irrevocably waive all claims, suits, debts, liens, losses, causes of action, demands, rights,
damages or costs, or expenses of any kind, character or nature whatsoever, known or unknown, fixed
or contingent, which any of them may have or claim to have against Xxxxxx (in its capacity as an
agent, swing line lender and “Lender”) or its agents, employees, officers, affiliates, directors,
representatives, attorneys, successors and assigns (in each case, acting solely on behalf of Xxxxxx
in its capacity as an agent, swing line lender, hedging counterparty and “Lender”) (collectively,
the “Xxxxxx Released Parties”) to the extent arising out of or in connection with the Loan
Documents including, without limitation, any past or future failure by Xxxxxx to fund any Loan
required to be funded by it under the Credit Agreement (such released claims, collectively, the
“Xxxxxx Released Claims”). Each of the Borrower, the other Loan Parties and the Lenders further
agree forever to refrain from commencing, instituting or prosecuting any lawsuit, action or other
proceeding against any Xxxxxx Released Parties with respect to any and all of the foregoing
described waived, released, acquitted and discharged Xxxxxx Released Claims or from exercising any
right or recoupment of setoff that it may have under a master netting agreement or otherwise
against any Xxxxxx Released Party with respect to Obligations under the Loan Documents. Each of
the Xxxxxx Released Parties shall be a third party beneficiary of this Agreement.
(b) Each of the Borrower, the other Loan Parties and the Lenders hereby unconditionally and
irrevocably waive all claims, suits, debts, liens, losses, causes of action, demands, rights,
damages or costs, or expenses of any kind, character or nature whatsoever, known or unknown, fixed
or contingent, which any of them may have or claim to have against Fifth Third (whether in its
capacity as an agent, lender, hedging counterparty or otherwise) or its agents, employees,
officers, affiliates, directors, representatives, attorneys, successors and assigns (collectively,
the “Fifth Third Released Parties”) to the extent directly or indirectly arising out of or in
connection with any information received from, or any action taken or omitted to be taken by, the
Resigning Administrative Agent and Swing Line Lender in its capacity as Administrative Agent and
Swing Line Lender under the Credit Agreement and the other Loan Documents (such released claims,
collectively, the “Fifth Third Released Claims”). Each of the Borrower, the other Loan Parties and
the Lenders further agree forever to refrain from commencing, instituting or prosecuting any
lawsuit, action or other proceeding against any Fifth Third Released Parties with respect to any
and all of the foregoing described waived, released, acquitted and discharged Fifth Third Released
Claims or from exercising any right or recoupment of setoff that it may have under a master netting
agreement or otherwise against any Fifth Third Released Party with respect to Obligations under the
Loan Documents. Each of the Fifth Third Released Parties shall be a third party beneficiary of
this Agreement. In addition to the forgoing, the Borrower and each other Loan Party
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hereby agree to indemnify and hold harmless each Fifth Third Released Party for any and all
claims made by any Lender as a result of a dispute with respect to such Lender’s outstanding Loans
or Commitments resulting from information received from the Resigning Administrative Agent and
Swing Line Lender. Each of the Borrower, the other Loan Parties and the Lenders hereby acknowledge
and agree that the Fifth Third Released Parties shall not be responsible to any Lender, L/C Issuer
or other Person for the validity, enforceability, effectiveness, genuineness, sufficiency or value
of, or the attachment, perfection or priority of any Lien created, required to be created or
purported to be created under or in connection with, any Loan Document including, without
limitation, any Lien or security interest transferred to a Fifth Third Released Party pursuant to
the terms of this Agreement.
6. AMENDMENT TO CREDIT AGREEMENT.
Anything to the contrary contained in the Credit Agreement or the other Loan Documents
notwithstanding, and in consideration for the release granted above, Xxxxxx, acting in its capacity
as a “Lender”, the Loan Parties and each other Lender, hereby acknowledge and agree that, (a) since
September 22, 2008, Xxxxxx, in its capacity as a Revolving Credit Lender, has failed to fund its
Revolving Credit Percentage of the amount of all requested borrowings of Revolving Credit Loans
and, as a result thereof, is currently in default of its obligations under the Credit Agreement,
and (b) from and after the date hereof, for so long as Xxxxxx (or any of Xxxxxx’x Affiliates or
Related Funds) are in default of its obligation to (i) fund any Loan required to be funded by it,
(ii) make any payment required by it, or (iii) fund any purchase of any participation to be made or
funded by it, in each case in accordance with the terms of the Credit Agreement, (x) Xxxxxx, its
Affiliates and its Related Funds shall have no voting or consent rights or constitute a “Lender” or
a “Revolving Credit Lender” (or be included in the numerator or the denominator of the calculation
of “Required Lenders” set forth in the Credit Agreement (with respect to the Total Revolving Credit
Commitments, Total Revolving Extensions of Credit and Term Loans)) with respect to any waiver,
amendment, consent or other modification relating to the Credit Agreement or any other Loan
Document, except to the extent the terms of such amendment, consent or modification would increase
the Revolving Credit Commitment of Xxxxxx (or its Affiliates or Related Funds) or result in Xxxxxx
(or its Affiliates or Related Funds, as the case may be) not being treated ratably with all other
Lenders similarly situated, and (y) commitment fees shall cease to accrue on the unfunded portion
of the Revolving Credit Commitment of Xxxxxx (or its Affiliates or Related Funds) pursuant to
Section 2.7(a) and Xxxxxx, its Affiliates and its Related Funds shall not be entitled to receive
payment of any such commitment fees or any other fees payable to the Lenders. The Borrower and
each other Loan Party hereby acknowledge and agree that neither the Successor Administrative Agent
nor any Lender (other than Xxxxxx) shall be responsible for the failure of Xxxxxx (or its
Affiliates or Related Funds) to make any Loan, fund the purchase of a participation or make any
other payment required hereunder. The failure of Xxxxxx (or its Affiliates or Related Funds) to
make any Loan or any payment required by it hereunder, or to fund any purchase of any participation
to be made or funded by it on the date specified therefor shall not relieve any other Lender of its
obligations to make such loan or fund the purchase of any such participation on such date. This
Section 6 shall be deemed to amend the Credit Agreement for all purposes under the Loan Documents.
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7. NOTICES
Unless otherwise specifically provided herein, any notice or other communication required or
permitted to be given will be in writing and addressed to the respective party in accordance with
its address as currently on record under the Credit Agreement, or to such other address as the
party may designate in writing to the other.
8. EXPENSES
(a) Borrower agrees to reimburse Fifth Third for any and all reasonable costs and expenses
(including the reasonable fees, expenses and disbursements of counsel to Fifth Third) incurred by
Fifth Third in connection with: (i) its due diligence review of the Credit Agreement, the other
Loan Documents and any other agreements or transactions entered into in connection with the
foregoing, as well as any Person party to any of the foregoing, (ii) the consummation of the
transactions contemplated in this Agreement and (iii) the negotiation and preparation of this
Agreement.
(b) Borrower agrees to reimburse Xxxxxx for any and all reasonable costs and expenses
(including the reasonable fees, expenses and disbursements of counsel to Xxxxxx) incurred by Xxxxxx
in connection with: (i) the consummation of the transactions contemplated in this Agreement and
(ii) the negotiation and preparation of this Agreement.
9. AMENDMENTS AND WAIVERS
No amendment, modification, termination, or waiver of any provision of this Agreement will be
effective without the written concurrence of each of the parties hereto.
10. SEVERABILITY
Whenever possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under applicable law. In the event any provision of this Agreement is or is
held to be invalid, illegal, or unenforceable under applicable law, such provision will be
ineffective only to the extent of such invalidity, illegality, or unenforceability, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. In
addition, in the event any provision of or obligation under this Agreement is or is held to be
invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability
or the remaining provisions or obligations in any other jurisdictions will not in any way be
affected or impaired thereby.
11. SECTION TITLES
Section and Subsection titles in this Agreement are included for convenience of reference
only, do not constitute a part of this Agreement for any other purpose, and have no substantive
effect.
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12. SUCCESSORS AND ASSIGNS
This Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.
13. APPLICABLE LAW
THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK).
14. COUNTERPARTS
This Agreement and any amendments, waivers, consents, or supplements may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which,
when so executed and delivered, will be deemed an original and all of which shall together
constitute one and the same instrument. Any such counterpart which may be delivered by facsimile
transmission shall be deemed the equivalent of an originally signed counterpart and shall be fully
admissible in any enforcement proceedings regarding this Agreement.
15. FURTHER ASSURANCES
Each of Xxxxxx and the Borrower will, at the Borrower’s cost and expense, cause to be promptly
and duly taken, executed, acknowledged and delivered all such further acts, documents and
assurances as may from time to time be necessary or as Fifth Third may from time to time reasonably
request in order to carry out the intent and purposes of this Agreement and the transactions
contemplated herein, including, but not limited to: (a) executing any documents necessary to
evidence the appointment of Fifth Third as Successor Administrative Agent and Swing Line Lender, or
to preserve, protect or perfect any Liens granted by any Person under the terms of the Credit
Agreement or any other Loan Document; (b) the prompt payment by Xxxxxx to Fifth Third (in its new
capacity as Administrative Agent) of any and all amounts it may receive as a result of its
designation as additional insured or lenders’ loss payee under certificates of insurance of
Borrower or any Loan Party on or after the Effective Date; and (c) in the event that, after the
Effective Date, Xxxxxx receives any payments in respect of principal, interest or any other amounts
owing to the Borrower, Fifth Third or any Lender under the Credit Agreement or any other Loan
Document, Xxxxxx agrees to that such payment shall be held in trust for Fifth Third (in its new
capacity as Administrative Agent) and Xxxxxx shall promptly deliver such payment to Fifth Third for
payment to the Person entitled thereto.
16. CONFIDENTIALITY
Schedules 1 through 5 to this Agreement are exclusively for the information of the
parties hereto (including, without limitation, each Lender) and the information therein may not be
disclosed to any third party or circulated or referred to publicly without the prior written
consent of Xxxxxx; provided, that nothing herein shall prevent any Loan Party, the Successor
Administrative Agent and Swing Line Lender or any Lender from disclosing any such information (a)
to any Affiliate of a Loan Party, the Successor Administrative Agent and Swing
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Line Lender or any Lender, (b) to any Transferee or prospective Transferee that agrees to
comply with the provisions of this Section 16 or substantially equivalent provisions, (c) to any of
its employees, directors, agents, attorneys, accountants and other professional advisors, (d) upon
the request or demand of any Governmental Authority having jurisdiction over it, (e) in response to
any order of any court or other Governmental Authority or as may otherwise be required pursuant to
any Requirement of Law, (f) in connection with any litigation or similar proceeding, (g) that has
been publicly disclosed other than in breach of this Section 16, (h) to the National Association of
Insurance Commissioners or any similar organization or any nationally recognized rating agency that
requires access to information about a Lender’s investment portfolio in connection with ratings
issued with respect to such Lender or (i) in connection with the exercise of any remedy hereunder
or under any other Loan Document.
17. LIMITATION
Each party hereto agrees that this Agreement (a) does not impose on Xxxxxx affirmative
obligations or indemnities not already existing as of the date of its petition commencing its
proceeding under chapter 11 of the Bankruptcy Code, and which could give rise to administrative
expense claims, and (b) is not being effectuated in a manner inconsistent with the terms of the
Credit Agreement.
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IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first written above.
| SUCCESSOR ADMINISTRATIVE AGENT AND SWING LINE LENDER: FIFTH THIRD BANK, N.A., as Successor Administrative Agent and Swing Line Lender, and as a Lender |
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| By: | /s/ Xxxx X. Xxxxx | |||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Vice President | |||
| RESIGNING ADMINISTRATIVE AGENT AND SWING LINE LENDER: XXXXXX COMMERCIAL PAPER INC., as Resigning Administrative Agent and Swing Line Lender, as Debtor and Debtor in Possession in its chapter 11 case in the United States Bankruptcy Court for the Southern District of New York, Case No. 08-13555 (JMP) |
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| By: | /s/ Xxxxx Xxxxxx | |||
| Name: | Xxxxx Xxxxxx | |||
| Title: | Authorized Signatory | |||
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| IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first written above. |
| XXXXXX COMMERCIAL PAPER INC., as a Lender, as Debtor and Debtor in Possession in its chapter 11 case in the United States Bankruptcy Court for the Southern District of New York, Case No. 08-13555 (JMP) |
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| By: | /s/ Xxxxx Xxxxxx | |||
| Name: | Xxxxx Xxxxxx | |||
| Title: | Authorized Signatory | |||
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