Contract
Exhibit
4.15.14
CONSENT
UNDER
DEBTOR-IN-POSSESSION CREDIT AGREEMENT
CONSENT
UNDER DEBTOR-IN-POSSESSION CREDIT AGREEMENT (“this Consent”), dated as of May
12, 2006, among FOAMEX L.P., as a debtor and debtor-in-possession under Chapter
11 of the Bankruptcy Code (the “Borrower”), the affiliates of the Borrower party
hereto, the lending institutions party hereto and BANK OF AMERICA, N.A.,
as
Administrative Agent (the “Administrative Agent”).
WHEREAS,
the Borrower, certain of its affiliates as guarantors, each as a debtor and
debtor-in-possession under Chapter 11 of the Bankruptcy Code, Foamex Canada
Inc.
as a debtor company and applicant under the Companies’ Creditors Arrangement Act
(Canada) as a guarantor, the lenders party thereto, the Administrative Agent,
Banc of America Securities LLC, as sole lead arranger and sole book manager,
General Electric Capital Corporation, as syndication agent, and Wachovia
Bank,
National Association and Xxxxx Fargo Foothill, LLC, as co-documentation agents,
are parties to a certain Debtor-in-Possession Credit Agreement, dated as
of
September 22, 2005, as amended (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”);
WHEREAS,
the Borrower desires to amend the Term Loan B Agreement to reduce the interest
rate payable on the term loans made thereunder, add a leverage ratio financial
covenant and modify certain test amounts in the minimum EBITDA financial
covenant;
NOW,
THEREFORE, subject to the condition precedent set forth in Section 3
hereof, the Borrower, the Guarantors, the Majority Lenders and the
Administrative Agent hereby agree as follows:
SECTION
1. CAPITALIZED
TERMS. Capitalized terms used but not defined herein shall have the respective
meanings set forth in the Credit Agreement.
SECTION
2. CONSENT.
The Majority Lenders and the Administrative Agent hereby consent to the
amendment to the Term Loan B Agreement in the form attached hereto as
Exhibit
A;
provided,
that
such consent shall be in effect only until 12:01 a.m. (New York time) on
July 1,
2006 (or such later date as the Administrative Agent shall agree to in writing)
unless prior to such time (i) the Borrower, the Guarantors, the requisite
Lenders and the Administrative Agent shall have entered into an amendment
to the
Credit Agreement, in form and substance reasonably satisfactory to the
Administrative Agent, providing for (1) the inclusion into the Credit Agreement
of (x) the leverage ratio financial covenant (and related definitions) set
forth
in Exhibit
A
on the
same terms as therein set forth and (y) an immediate Event of Default (without
any grace period or notice requirements) if such leverage ratio financial
covenant shall be breached and (2) the amendment and restatement of the minimum
EBITDA financial covenant in the Credit Agreement (Section 7.25) to be
consistent with the amendment and restatement of the minimum EBITDA financial
covenant in the Term Loan B Agreement set forth in Exhibit
A
and (ii)
the requisite lenders under the Term Loan B Agreement shall have consented
in
writing to such amendment to the Credit Agreement pursuant to a consent in
form
and substance acceptable to the Administrative Agent. The Borrower and the
Guarantors hereby agree to the terms of the above consent.
SECTION
3. EFFECTIVENESS.
This Consent shall become effective on such date as counterparts of this
Consent
executed by the Borrower, the Guarantors, the Majority Lenders and the
Administrative Agent shall have been delivered to the Administrative
Agent.
SECTION
4. COUNTERPARTS.
This Consent may be executed in counterparts, each of which shall be an
original, and all of which, taken together, shall constitute a single
instrument. This Consent shall be governed by, and construed in accordance
with,
the internal laws of the State of New York.
SECTION
5. REFERENCES
TO CREDIT AGREEMENT. From and after the effectiveness of this Consent, all
references in the Credit Agreement to “this Agreement”, “hereof”, “herein”, and
similar terms shall mean and refer to the Credit Agreement, as modified by
this
Consent, and all references in other documents to the Credit Agreement shall
mean such agreement as modified by this Consent.
SECTION
6. RATIFICATION
AND CONFIRMATION. The Credit Agreement is hereby ratified and confirmed and,
except as herein agreed, remains in full force and effect. Each of the Borrower
and the Guarantors represents and warrants that (i) all representations and
warranties contained in the Loan Documents are correct in all material respects
with the same effect as though such representations and warranties had been
made
on and as of the date hereof (except to the extent that such representations
or
warranties expressly related to a specified prior date, in which case such
representations and warranties shall be correct in all material respects
as of
such specified prior date) and (ii) there exists no Default or Event of
Default. Each of the Guarantors hereby ratifies its Guarantee of the Obligations
and its grant of a security interest in the Collateral in which it has an
interest to secure the payment of the Obligations.
[Remainder
of page intentionally left blank]
IN
WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed
by their respective authorized officers as of the day and year first above
written.
“BORROWER” | ||
FOAMEX
L.P., a Debtor and Debtor-in-Possession
|
||
By:
|
FMXI,
Inc., its Managing General Partner,
|
|
a
Debtor and Debtor-in-Possession
|
||
|
By:
/s/ Xxxxxx X. Xxxxxxxxx
|
|
|
Title:
Vice President
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|
“GUARANTORS” | ||
FOAMEX L.P., a Debtor and Debtor-in-Possession | ||
By:
|
FMXI,
Inc., its Managing General Partner,
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|
a
Debtor and Debtor-in-Possession
|
||
|
By:
/s/ Xxxxxx X. Xxxxxxxxx
|
|
|
Title:
Vice President
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|
FMXI, INC., a Debtor and Debtor-in-Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
|
FOAMEX INTERNATIONAL INC., a Debtor and | ||
Debtor-in-Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Senior
Vice President
|
FOAMEX CANADA INC., a Debtor Company and | ||
Applicant | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Treasurer
|
|
FOAMEX CAPITAL CORPORATION, a Debtor | ||
and Debtor-in-Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
|
FOAMEX LATIN AMERICA, INC., a Debtor and | ||
Debtor-in-Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
|
FOAMEX MEXICO, INC., a Debtor and Debtor- | ||
in-Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
|
FOAMEX MEXICO II, INC., a Debtor and Debtor- | ||
in Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
FOAMEX ASIA, INC., a Debtor and Debtor-in- | ||
Possession | ||
By:
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/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
|
FOAMEX CARPET CUSHION LLC, a Debtor and | ||
Debtor-in-Possession | ||
By:
|
/s/
Xxxxxx X. Xxxxxxxxx
|
|
Title:
|
Vice
President
|
|
“ADMINISTRATIVE AGENT” | ||
BANK OF AMERICA, N.A., as the Administrative Agent | ||
By:
|
/s/
Xxxxxxx X. Xxxxxx
|
|
Title:
|
Vice
President
|
|
“LENDERS” | ||
BANK OF AMERICA, N.A. | ||
By:
|
/s/
Xxxxxxx X. Xxxxxx
|
|
Title:
|
Vice
President
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|
GENERAL ELECTRIC CAPITAL CORPORATION | ||
By:
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||
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Title:
|
WACHOVIA BANK, NATIONAL | ||
ASSOCIATION | ||
By:
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||
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Title:
|
|
XXXXX FARGO FOOTHILL, LLC | ||
By:
|
/s/
Xxxx Xxxxxxx
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|
Title:
|
Vice
President
|
|
XXXXXXX XXXXX CAPITAL, a division of Xxxxxxx Xxxxx Business Financial Services Inc. | ||
By:
|
/s/
Xxxxx Xxxx
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|
Title:
|
Vice
President
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|
THE CIT GROUP/BUSINESS CREDIT, INC. | ||
By:
|
/s/
Xxxxxxx X. XxXxxxxx
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|
Title:
|
Assistant
Vice President
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EXHIBIT
A
[TERM
LOAN B AMENDMENT]