EX-10(C)
CONFORMED COPY
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FIVE-YEAR CREDIT AGREEMENT
dated as of
October 19, 2001
among
XXXXX-XXXXXX CORPORATION
The Lenders Party Hereto
BANK OF AMERICA, N.A.
BANK ONE, NA,
as Co-Syndication Agents
NATIONAL CITY BANK OF KENTUCKY
SUNTRUST BANK,
as Co-Documentation Agents
and
THE CHASE MANHATTAN BANK,
as Administrative Agent
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X.X. XXXXXX SECURITIES INC.,
as Arranger
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TABLE OF CONTENTS
Page
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ARTICLE I
Definitions
SECTION 1.01. Defined Terms............................................ 1
SECTION 1.02. Classification of Loans and Borrowings................... 12
SECTION 1.03. Terms Generally ......................................... 12
SECTION 1.04. Accounting Terms; GAAP................................... 13
ARTICLE II
The Credits
SECTION 2.01. Commitments.............................................. 13
SECTION 2.02. Loans and Borrowings..................................... 13
SECTION 2.03. Requests for Revolving Borrowings........................ 14
SECTION 2.04. Competitive Bid Procedure................................ 14
SECTION 2.05. Funding of Borrowings.................................... 16
SECTION 2.06. Interest Elections....................................... 17
SECTION 2.07. Termination and Reduction of Commitments................. 18
SECTION 2.08. Repayment of Loans; Evidence of Debt..................... 18
SECTION 2.09. Prepayment of Loans...................................... 19
SECTION 2.10. Increase in Commitments.................................. 20
SECTION 2.11. Fees..................................................... 21
SECTION 2.12. Interest................................................. 22
SECTION 2.13. Alternate Rate of Interest............................... 23
SECTION 2.14. Increased Costs.......................................... 23
SECTION 2.15. Break Funding Payments................................... 24
SECTION 2.16. Taxes.................................................... 25
SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs................................................ 26
SECTION 2.18. Mitigation Obligations; Replacement of Lenders........... 27
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ARTICLE III
Representations and Warranties
SECTION 3.01. Organization; Powers..................................... 28
SECTION 3.02. Authorization; Enforceability............................ 28
SECTION 3.03. Governmental Approvals; No Conflicts..................... 28
SECTION 3.04. Financial Condition; No Material Adverse Change.......... 28
SECTION 3.05. Litigation and Environmental Matters..................... 29
SECTION 3.06. Compliance with Laws and Agreements...................... 29
SECTION 3.07. Investment and Holding Company Status.................... 29
SECTION 3.08. Taxes.................................................... 29
SECTION 3.09. ERISA.................................................... 29
SECTION 3.10. Disclosure............................................... 30
ARTICLE IV
Conditions
SECTION 4.01. Effective Date........................................... 30
SECTION 4.02. Each Credit Event........................................ 31
ARTICLE V
Affirmative Covenants
SECTION 5.01. Financial Statements and Other Information............... 31
SECTION 5.02. Notices of Material Events............................... 32
SECTION 5.03. Existence; Conduct of Business........................... 33
SECTION 5.04 Payment of Obligations................................... 33
SECTION 5.05. Maintenance of Properties; Insurance..................... 33
SECTION 5.06. Books and Records; Inspection Rights..................... 33
SECTION 5.07. Compliance with Laws..................................... 33
SECTION 5.08. Use of Proceeds.......................................... 34
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ARTICLE VI
Negative Covenants
SECTION 6.01. Subsidiary Indebtedness.................................. 34
SECTION 6.02. Liens.................................................... 35
SECTION 6.03. Sale and Leaseback Transactions.......................... 36
SECTION 6.04. Fundamental Changes...................................... 37
SECTION 6.05. Transactions with Affiliates............................. 37
SECTION 6.06. Ratio of Consolidated Total Debt to Consolidated
Net Worth............................................... 37
ARTICLE VII
Events of Default........................................ 37
ARTICLE VIII
The Administrative Agent................................. 39
ARTICLE IX
Miscellaneous
SECTION 9.01. Notices.................................................. 41
SECTION 9.02. Waivers; Amendments...................................... 42
SECTION 9.03. Expenses; Indemnity; Damage Waiver....................... 42
SECTION 9.04. Successors and Assigns................................... 43
SECTION 9.05. Survival................................................. 46
SECTION 9.06. Counterparts; Integration;
Effectiveness........................................... 46
SECTION 9.07. Severability............................................. 46
SECTION 9.08. Right of Setoff.......................................... 46
SECTION 9.09. Governing Law; Jurisdiction; Consent
to Service of Process.................................. 47
SECTION 9.10. WAIVER OF JURY TRIAL..................................... 47
SECTION 9.11. Headings................................................. 47
SECTION 9.12. Confidentiality.......................................... 48
SECTION 9.13. Interest Rate Limitation................................. 48
SCHEDULES:
Schedule 2.01 -- Commitments
Schedule 3.05 -- Disclosed Matters
Schedule 6.01 -- Existing Indebtedness
Schedule 6.02 -- Existing Liens
EXHIBITS:
Exhibit A -- Form of Assignment and Acceptance
Exhibit B -- Form of Opinion of Borrower's Counsel
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FIVE-YEAR CREDIT AGREEMENT dated as of
October 19, 2001 among XXXXX-XXXXXX CORPORATION, a
Delaware corporation, the LENDERS party hereto, BANK
OF AMERICA, N.A. and BANK ONE, NA, as Co-Syndication
Agents, NATIONAL CITY BANK OF KENTUCKY and SUNTRUST
BANK, as Co-Documentation Agents, and THE CHASE
MANHATTAN BANK, as Administrative Agent.
The Borrower (such term and each other capitalized term used
but not otherwise defined herein having the meaning assigned to it in Article I)
has requested the Lenders to establish the credit facility provided for herein
under which the Borrower may obtain Revolving Loans and Competitive Loans in an
aggregate principal amount of up to $200,000,000, and to establish the credit
facility provided for in the 364-Day Credit Agreement under which the Borrower
may obtain Revolving Loans and Competitive Loans in an aggregate principal
amount of up to $200,000,000. Such Loans will be used for working capital and
general corporate purposes and to provide liquidity in connection with any
commercial paper program of the Borrower. The Lenders are willing to establish
such credit facilities upon the terms and subject to the conditions set forth
herein. Accordingly, the parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:
"ABR", when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.
"Adjusted LIBO Rate" means, with respect to any Eurodollar
Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such
Interest Period multiplied by (b) the Statutory Reserve Rate.
"Administrative Agent" means The Chase Manhattan Bank, in its
capacity as administrative agent for the Lenders hereunder.
"Administrative Questionnaire" means an Administrative
Questionnaire in a form supplied by the Administrative Agent.
"Affiliate" means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.
"Alternate Base Rate" means, for any day, a rate per annum
equal to the greater of (a) the Prime Rate in effect on such day and (b) the
Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in
the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from
and including the effective date of such change in the Prime Rate or the Federal
Funds Effective Rate, respectively.
"Applicable Percentage" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.
"Applicable Rate" means, for any day, with respect to any
Eurodollar Revolving Loan or with respect to the facility fees payable
hereunder, as the case may be, the applicable rate per annum set forth below
under the caption "Eurodollar Spread" or "Facility Fee Rate", as the case may
be, based upon the ratings by S&P and Xxxxx'x, respectively, applicable on such
date to the Index Debt:
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Index Debt Ratings Eurodollar Facility Fee
(S&P/Xxxxx'x): Spread Rate
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Category 1
>AA-/Aa3 0.090% 0.060%
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Category 2
A+/A1 0.130% 0.070%
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Category 3
A-/A3 0.210% 0.090%
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Category 4
BBB+/Baa1 0.375% 0.125%
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Category 5
