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Exhibit 4.1
CONFORMED COPY
THIRD AMENDMENT dated as of May 31, 2001
(this "Amendment"), to the Credit Agreement, dated as
of June 3, 1999, as amended (the "Credit Agreement"),
among RCN CORPORATION, (the "Company"), RCN TELECOM
SERVICES, INC. (formerly known as RCN Telecom
Services of Pennsylvania, Inc.), RCN FINANCIAL
MANAGEMENT, INC., UNET HOLDING, INC., and RCN
INTERNET SERVICES, INC. (formerly known as ENET
Holding, Inc.) (collectively, the "Borrowers"), the
LENDERS party thereto, and THE CHASE MANHATTAN BANK,
as Administrative Agent and Collateral Agent.
WHEREAS, pursuant to the Credit Agreement, the Lenders have
agreed to make certain loans to the Borrowers; and
WHEREAS the Company and the Borrowers have requested that
certain provisions of the Credit Agreement be modified in the manner provided
for in this Amendment, and the Lenders are willing to agree to such
modifications as provided for in this Amendment.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. Defined Terms. Capitalized terms used and not defined
herein shall have the meanings given to them in the Credit Agreement, as amended
hereby.
2. Amendments to the Credit Agreement. (a) Section 1.01 of the
Credit Agreement is hereby amended by adding the following definition in its
proper alphabetical order:
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"'Non-Cash Pay Preferred Stock' means preferred
Equity Interest of the Company which (i) is not mandatorily
redeemable, in whole or part, or required to be repurchased or
reacquired, in whole or in part (except to the extent that
such mandatory redemption, repurchase or reacquisition is
required pursuant to a customary change of control put
provision), by the Company or any Restricted Subsidiary, and
which does not require any payment of cash dividends, in each
case, prior to the date that is six months after the Tranche B
Maturity Date, (ii) is not secured by any assets of the
Company or any Restricted Subsidiary, (iii) is not Guaranteed
by any Restricted Subsidiary and (iv) is not exchangeable or
convertible into Indebtedness of the Company or any Restricted
Subsidiary or any Equity Interest (other than Non-Cash Pay
Preferred Stock or common stock of the Company) of the Company
or any Subsidiary."
(b) Section 6.08 of the Credit Agreement is amended by (i)
deleting the word "and" at the end of clause (vii), (ii) deleting the period at
the end of clause (viii) and replacing it with "; and", and (iii) inserting the
following new clause at the end of the Section:
"(ix) the purchase by the Company of Indebtedness of the
Company or a Restricted Subsidiary other than any Joint
Venture Subsidiary solely with equity proceeds of, or solely
in exchange for, common stock of the Company or Non-Cash Pay
Preferred Stock of the Company, provided that (a) the
Indebtedness so purchased in each case is promptly cancelled
by the Company, (b) no Default or Event of Default then exists
and none would exist after giving effect to such purchase or
exchange, (c) such purchases and exchanges are in each case
permitted by the relevant documentation governing such
Indebtedness, (d) if such purchases are made with equity
proceeds, they are in each case made within 90 days of the
date of receipt by the Company of such equity proceeds, and
(e) the amount of such purchases made with
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equity proceeds shall not exceed $300,000,000 in the
aggregate."
3. No Other Amendments or Waivers; Confirmation. Except as
expressly amended hereby, the provisions of the Credit Agreement are and shall
remain in full force and effect. Nothing herein shall be deemed to entitle the
Borrowers to a consent to, or a waiver, amendment, modification or other change
of, any of the terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any Loan Document in similar or different
circumstances.
4. Representations and Warranties. The Company and the
Borrowers hereby represent and warrant to the Agent and the Lenders that, as of
the date hereof:
(a) No Default or Event of Default has occurred and is
continuing; and
(b) All representations and warranties of each Loan Party set
forth in the Loan Documents are true and correct in all material
respects.
5. Conditions Precedent to Effectiveness. This Amendment shall
become effective on the date on which each of the following conditions is
satisfied (the "Effective Date"):
(a) The Agent shall have received counterparts hereof duly
executed and delivered by the Company, the Borrowers and the Required
Lenders;
(b) The Agent shall have received a certificate, dated the
Effective Date and signed by the President, a Vice President or a
Financial Officer of the Company, confirming compliance as of such date
with the conditions set forth in paragraphs (a) and (b) of Section 4.02
of the Credit Agreement;
(c) The Agent shall have received all fees and other amounts
due and payable on or prior to the Effective Date, including, to the
extent invoiced, reimbursement or payment of all out-of-pocket expenses
(including reasonable fees, charges and disbursements
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of counsel) required to be reimbursed or paid by any Loan Party
hereunder or under any other Loan Document; and
(d) On the Effective Date, the Borrowers shall pay a fee to
each Lender that executes and delivers this Amendment on or prior to
5:00pm New York City time on June 12, 2001 equal to 0.125% of the
aggregate amount, without duplication, of such Lender's Loans and
utilized and unutilized Commitments as of the Effective Date.
6. Expenses. The Borrowers agree to reimburse the Agent for
its out-of-pocket expenses in connection with this Amendment, including the
reasonable fees, charges and disbursements of Cravath, Swaine & Xxxxx, counsel
for the Agent.
7. Governing Law; Counterparts. (a) This Amendment and the
rights and obligations of the parties hereto shall be governed by, and construed
and interpreted in accordance with, the laws of the State of New York.
(b) This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. This Amendment may be delivered by facsimile transmission of the
relevant signature pages hereof.
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IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their duly authorized officers as
of the day and year first above written.
RCN CORPORATION,
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: VP & Treasurer
RCN TELECOM SERVICES, INC.
by /s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: VP & Treasurer
RCN FINANCIAL MANAGEMENT, INC.,
by /s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: VP & Treasurer
UNET HOLDING, INC.,
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: VP & Treasurer
RCN INTERNET SERVICES, INC.,
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: VP & Treasurer
THE CHASE MANHATTAN BANK
by
/s/ Xxxx X. Xxxxx III
------------------------------------------------
Name: Xxxx X. Xxxxx III
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Title: Managing Director
SEQUILS - CUMBERLAND I, LTD.
by
/s/ Xxxx X. Xxxxxxxxx
------------------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Senior Vice President
XXXXXX XXXXXXX SENIOR FUNDING
by
/s/ Xxxxx Xxxxxx
------------------------------------------------
Name: Xxxxx Xxxxxx
Title: Vice President
BANK OF MONTREAL
by
/s/ X. X. XXXXXX
------------------------------------------------
Name: X. X. Xxxxxx
Title: Managing Director
BAYERESCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH
by
/s/ Xxxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxxx
Title: Managing Director
by
/s/ Xxxxx Xx
------------------------------------------------
Name: Xxxxx Xx
Title: Associate Director
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BLACK DIAMOND INTERNATIONAL FUNDING, LTD.
by
/s/ Xxxxx Xxxx
------------------------------------------------
Name: Xxxxx Xxxx
Title: Director
BLACK DIAMOND CLO 2000-1 LTD.
by
/s/ Xxxx X. Xxxxxxxxx
------------------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Director
BLACK DIAMOND CLO 1999-1 LTD.
by
/s/ Xxxx. X. Xxxxxxxxx
------------------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Director
ALLSTATE LIFE INSURANCE COMPANY
by
/s/ Xxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxx Xxxxxx
Title: Authorized Signatory
by
/s/ Xxxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Authorized Signatory
AIMCO CDO Series 2000-A
by
/s/ Xxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxx Xxxxxx
Title: Authorized Signatory
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by
/s/ Xxxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Authorized Signatory
ARES LEVERAGED INVESTMENT FUND, L.P.
by
/s/ Xxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
ARES LEVERAGED INVESTMENT FUND II, L.P.
by
/s/ Xxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
ARES III CLO LTD.
by
/s/ Xxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
ARES IV CLO LTD
by
/s/ Xxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
BEAR XXXXXX INVESTMENT GROUP
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
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Title: Senior Managing Director
MUIRFIELD TRADING LLC
by
/s/ Xxx X. Xxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxx
Title: Assistant Vice President
ELT LTD.
by
/s/ Xxx X. Xxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxx
Title: Assistant Vice President
SRF 2000 LLC
by
/s/ Xxx X. Xxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxx
Title: Assistant Vice President
PPM SPYGLASS FUNDING TRUST
by
/s/ Xxx X. Xxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxx
Title: Assistant Vice President
WINGED FOOT FUNDING TRUST
by
/s/ Xxx X. Xxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxx
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Title: Authorized Agent
OLYMPIC FUNDING TRUST, SERIES 1999-1
by
/s/ Xxx X. Xxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxx
Title: Authorized Agent
AERIES FINANCE-II LTD.
by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
AMARA-1 FINANCE, LTD.
by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
AVALON CAPITAL LTD.
by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
AVALON CAPITAL LTD. 2
by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
CERES FINANCE LTD.
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by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
STRATA FUNDING LTD.
by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
XXXXXXXXX/RMF TRANSATLANTIC CDO LTD.
by
/s/ Xxxxxx X. X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. X. Xxxxx
Title: Authorized Signatory
WINDSOR LOAN FUNDING, LIMITED
by
/s/ Xxxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Partner
XXXXXXXXX CLO LTD.
by
/s/ Xxxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Partner
FIRST UNION NATIONAL BANK
by
/s/ Brand Xxxxxxx
------------------------------------------------
Name: Brand Xxxxxxx
Title: Vice President
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TORONTO DOMINION (NEW YORK), INC.
by
/s/ Xxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Vice President
PROMETHEUS INVESTMENT FUNDING NO. 1 LTD
by
/s/ Xxxxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Director
by
/s/ Xxxxx Xx
------------------------------------------------
Name: Xxxxx Xx
Title: Associate Director
FUJI BANK, LIMITED
by
/s/ Xxxxxxx Xxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxx
Title: Vice President
KZH CNC LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
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KZH CYPRESS TREE-1 LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH ING-1 LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH ING-2 LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH ING-3 LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH LANGDALE LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
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KZH RIVERSIDE LLC
by
/s/ Xxxxx Xxx
------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
FRANKLIN CLO I, LTD.
by
/s/ Xxxxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Vice President
FRANKLIN FLOATING RATE TRUST
by
/s/ Xxxxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Vice President
BHF (USA) Capital Corporation
by
/s/ Xxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxxxx
Title: Vice President
by
/s/ Xxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Associate Portfolio Management
XXXXXX GUARANTY TRUST (Spl. Sit. Fund)
by
/s/ Xxxx X. Xxxxx III
------------------------------------------------
Name: Xxxx X. Xxxxx III
Title: Managing Director
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XXXXXX GUARANTY CO. (MGT HIGH YIELD)
by
/s/ Xxxx Xxxxx
------------------------------------------------
Name: Xxxx Xxxxx
Title: Managing Director
IBM CREDIT CORPORATION
by
/s/ Xxxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Manager of Credit
FLEET NATIONAL BANK
by
/s/ Xxx X. Xxxxx
------------------------------------------------
Name: Xxx X. Xxxxx
Title: Assistant Vice President
SALOMON BROTHERS HOLDING COMPANY INC.
by
/s/ Xxxxx X. Gabvid
------------------------------------------------
Name: Xxxxx X. Gabvid
Title: Attorney-In-Fact
XXXXX XXX FLOATING RATE LIMITED LIABILITY COMPANY
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President
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LIBERTY - XXXXX XXX ADVISOR FLOATING RATE ADVANTAGE
FUND
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Sr. Vice President & Portfolio Manager
MOUNTAIN CAPITAL CLO I, LTD
by
/s/ Xxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxx Xxxxxxx
Title: Director
ML CLO XIX STERLING (CAYMAN) LTD.
by
/s/ Xxxx Xxxxxxx
------------------------------------------------
Name: Xxxx Xxxxxxx
Title: Senior Portfolio Manager
PAMCO CAYMAN LTD.
by
/s/ Xxxx Xxxxxxx
------------------------------------------------
Name: Xxxx Xxxxxxx
Title: Senior Portfolio Manager
HIGHLAND LEGACY LIMITED
by
/s/ Xxxx Xxxxxxx
------------------------------------------------
Name: Xxxx Xxxxxxx
Title: Senior Portfolio Manager
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METROPOLITAN LIFE INSURANCE COMPANY
by
/s/ Xxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Director
ORIX USA CORPORATION
by
/s/ Xxxxxxxx Xxxxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxxxx
Title: Executive Vice President
FOOTHILL INCOME TRUST II., L.P.
by
/s/ Xxxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Managing Member
NORSE CBO, LTD.
by
/s/ Xxxxxxx Xxxxxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: President
DEUTSHCE BANK AG NEW YORK BRANCH
by
/s/ Xxxxxxx Xxxx
------------------------------------------------
Name: Xxxxxxx Xxxx
Title: Director
by
/s/ Xxxxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxxxx Xxxxxxx
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Title: Vice President
ELC (Cayman) Ltd.
by
/s/ Xxxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxxx
Title: Director
ELC (Cayman) Ltd. CDO Series 1999-1
by
/s/ Xxxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxxx
Title: Director
ELC (Cayman) Ltd. 1999-II
by
/s/ Xxxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxxx
Title: Director
ELC (Cayman) Ltd. 1999-III
by
/s/ Xxxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxxx
Title: Director
XXXXXX FLOATING RATE FUND
by
/s/ Xxx Xxxxx
------------------------------------------------
Name: Xxx Xxxxx
Title: Senior Vice President
ADDISON CDO, LIMITED (Acct 1279)
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by
/s/ Xxxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Executive Vice President
BEDFORD CDO, LIMITED (Acct 1276)
by
/s/ Xxxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Executive Vice President
CAPTIVA III FINANCE LTD. (Acct 275)
by
/s/ Xxxxx Egglishaw
------------------------------------------------
Name: Xxxxx Egglishaw
Title: Director
CAPTIVA IV FINANCE LTD. (Acct 1275)
by
/s/ Xxxxx Egglishaw
------------------------------------------------
Name: Xxxxx Egglishaw
Title: Director
DELANO Company (Acct 274)
by
/s/ Xxxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Executive Vice President
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JISSEKIKUN FUNDING, LTD. (Acct. 1288)
by
/s/ Xxxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Executive Vice President
XXXXXXX XXXXX CAPITAL CORP.
by
/s/ Xxxx X. X. Xxxxxx
------------------------------------------------
Name: Xxxx X. X. Xxxxxx
Title: Vice President
PNC BANK, NATIONAL ASSOCIATION
by
/s/ Xxxxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
