EX-10(B)
CONFORMED COPY
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AMENDED AND RESTATED
364-DAY CREDIT AGREEMENT
dated as of
October 19, 2001
As Amended and Restated as of October 11, 2002
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
JPMORGAN CHASE BANK,
as Administrative Agent
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X.X. XXXXXX SECURITIES INC.,
as Lead Arranger and Sole Bookrunner
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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............................. 15
SECTION 2.05. Funding of Borrowings................................. 17
SECTION 2.06. Interest Elections.................................... 17
SECTION 2.07. Termination and Reduction of Commitments.............. 18
SECTION 2.08. Repayment of Loans; Evidence of Debt.................. 19
SECTION 2.09. Prepayment of Loans................................... 19
SECTION 2.10. Increase in Commitments............................... 20
SECTION 2.11. Fees.................................................. 22
SECTION 2.12. Interest.............................................. 22
SECTION 2.13. Alternate Rate of Interest............................ 23
SECTION 2.14. Increased Costs....................................... 24
SECTION 2.15. Break Funding Payments................................ 25
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.................. 29
SECTION 3.04. Financial Condition; No Material Adverse Change....... 29
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................. 30
SECTION 3.08. Taxes................................................. 30
SECTION 3.09. ERISA................................................. 30
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............ 32
SECTION 5.02. Notices of Material Events............................ 33
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.................. 34
SECTION 5.07. Compliance with Laws.................................. 34
SECTION 5.08. Use of Proceeds....................................... 34
ARTICLE VI
Negative Covenants
SECTION 6.01. Subsidiary Indebtedness............................... 34
SECTION 6.02. Liens................................................. 35
SECTION 6.03. Sale and Leaseback Transactions....................... 37
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............................................. 38
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ARTICLE VII
Events of Default..................................... 38
ARTICLE VIII
The Administrative Agent.............................. 40
ARTICLE IX
Miscellaneous
SECTION 9.01. Notices............................................... 42
SECTION 9.02. Waivers; Amendments................................... 42
SECTION 9.03. Expenses; Indemnity; Damage Waiver.................... 43
SECTION 9.04. Successors and Assigns................................ 44
SECTION 9.05. Survival.............................................. 46
SECTION 9.06. Counterparts; Integration;
Effectiveness....................................... 46
SECTION 9.07. Severability.......................................... 47
SECTION 9.08. Right of Setoff....................................... 47
SECTION 9.09. Governing Law; Jurisdiction; Consent
to Service of Process............................... 47
SECTION 9.10. WAIVER OF JURY TRIAL.................................. 47
SECTION 9.11. Headings.............................................. 48
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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AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT dated
as of October 19, 2001, as amended and restated as of
October 11, 2002 (as amended, supplemented, extended,
replaced or otherwise modified from time to time, the
"Agreement"), 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 JPMORGAN CHASE 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) and
certain Lenders entered into the 364-Day Credit Agreement dated as of October
19, 2001 (the "Original Agreement"). The Borrower has requested that the Lenders
agree to amend and restate the Original Agreement in the form of this Agreement
in order to enable the Borrower to 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 extend such credit to the Borrower on 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 JPMorgan Chase 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 ABR
Loan or 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 "ABR Spread", "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, plus, with respect to any ABR Loan or
Eurodollar Revolving Loan following the Termination Date, 0.125%:
Index Debt Ratings ABR Eurodollar Facility Fee
(S&P/Xxxxx'x): Spread Spread Rate
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Category 1
>AA-/Aa3 0.000% 0.110% 0.040%
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Category 2
A+/A1 0.000% 0.150% 0.050%
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Category 3
A-/A3 0.000% 0.230% 0.070%
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Category 4
BBB+/Baa1 0.000% 0.400% 0.100%
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Category 5
