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Exhibit 10.15
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AMENDED AND RESTATED CREDIT AGREEMENT
BY AND AMONG
BUILDING MATERIALS CORPORATION OF AMERICA,
THE LENDERS PARTY HERETO,
FLEET NATIONAL BANK,
AS DOCUMENTATION AGENT,
BEAR XXXXXXX CORPORATE LENDING INC.,
AS SYNDICATION AGENT,
AND
THE BANK OF NEW YORK, AS
SWING LINE LENDER AND AS ADMINISTRATIVE AGENT
WITH
BNY CAPITAL MARKETS, INC., AS
LEAD ARRANGER AND BOOKRUNNER
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110,000,000
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DATED AS OF DECEMBER 4, 2000
31688.0003
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TABLE OF CONTENTS
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1. DEFINITIONS AND PRINCIPLES OF CONSTRUCTION.....................................................................1
1.1. Definitions.........................................................................................1
1.2. Principles of Construction..........................................................................2
2. AMOUNT AND TERMS OF LOANS AND LETTERS OF CREDIT................................................................2
2.1. Revolving Credit Loans..............................................................................2
2.2. Revolving Credit Notes..............................................................................2
2.3. Swing Line Loans....................................................................................2
2.4. Swing Line Note.....................................................................................2
2.5. Procedure for Borrowing.............................................................................2
2.6. Termination or Reduction of Commitments.............................................................2
2.7. Prepayments.........................................................................................2
2.8. Use of Proceeds.....................................................................................2
2.9. Letter of Credit Sub-Facility.......................................................................2
2.10. Letter of Credit Participation and Funding Commitments.............................................2
2.11. Absolute Obligation With Respect to Letter of Credit Payments......................................2
2.12. Payments...........................................................................................2
3. INTEREST, FEES, YIELD PROTECTIONS, ETC.........................................................................2
3.1. Interest Rate and Payment Dates.....................................................................2
3.2. Fees................................................................................................2
3.3. Conversions.........................................................................................2
3.4. Concerning Interest Periods.........................................................................2
3.5. Indemnification for Loss............................................................................2
3.6. Capital Adequacy....................................................................................2
3.7. Reimbursement for Increased Costs...................................................................2
3.8. Illegality of Funding...............................................................................2
3.9. Substituted Interest Rate...........................................................................2
3.10. Taxes; Net Payments................................................................................2
3.11. Option to Fund.....................................................................................2
3.12. Replacement of Lenders.............................................................................2
4. REPRESENTATIONS AND WARRANTIES.................................................................................2
4.1. Subsidiaries; Capitalization........................................................................2
4.2. Existence and Power.................................................................................2
4.3. Authority and Execution.............................................................................2
4.4. Binding Agreement...................................................................................2
4.5. Litigation..........................................................................................2
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4.6. Required Consents...................................................................................2
4.7. Absence of Defaults; No Conflicting Agreements......................................................2
4.8. Compliance with Applicable Laws.....................................................................2
4.9. Taxes...............................................................................................2
4.10. Governmental Regulations...........................................................................2
4.11. Federal Reserve Regulations; Use of Loan Proceeds..................................................2
4.12. Plans..............................................................................................2
4.13. Financial Statements...............................................................................2
4.14. Property...........................................................................................2
4.15. Authorizations.....................................................................................2
4.16. Environmental Matters..............................................................................2
4.17. Solvency...........................................................................................2
4.18. Absence of Certain Restrictions....................................................................2
4.19. No Misrepresentation...............................................................................2
5. CONDITIONS TO EFFECTIVENESS....................................................................................2
5.1. Evidence of Action..................................................................................2
5.2. This Agreement......................................................................................2
5.3. Notes...............................................................................................2
5.4. Subsidiary Guaranty.................................................................................2
5.5. Security Agreement..................................................................................2
5.6. Collateral Agent Agreement..........................................................................2
5.7. Insurance The Administrative Agent shall have received the items required to be delivered
on the Effective Date under Section 7.5, in each case satisfactory to the Administrative
Agent...........................................................................................2
5.8. Deposits of Cash, Cash Equivalents and Marketable Securities........................................2
5.9. Absence of Litigation...............................................................................2
5.10. Approvals and Consents.............................................................................2
5.11. Senior Note Indenture Consent Solicitations........................................................2
5.12. 2000 Credit Agreement..............................................................................2
5.13. Xxxxxxxx & Xxxxx Report............................................................................2
5.14. Opinion of Counsel to the Borrower and its Subsidiaries............................................2
5.15. Material Agreements................................................................................2
5.16. Asbestos Report....................................................................................2
5.17. Chase Platinum Substitute Note.....................................................................2
5.18. Fees...............................................................................................2
5.19. Effective Date Cutoff..............................................................................2
5.20. Certain Accrued Payments...........................................................................2
5.21. Other Documents....................................................................................2
6. CONDITIONS OF LENDING - ALL LOANS AND LETTERS OF CREDIT........................................................2
6.1. Compliance..........................................................................................2
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6.2. Borrowing Request; Letter of Credit Request.........................................................2
6.3. Loan Closings.......................................................................................2
7. AFFIRMATIVE COVENANTS..........................................................................................2
7.1. Financial Statements and Information................................................................2
7.2. Certificates; Other Information.....................................................................2
7.3. Legal Existence.....................................................................................2
7.4. Taxes...............................................................................................2
7.5. Insurance and Condemnation..........................................................................2
7.6. Performance of Obligations..........................................................................2
7.7. Observance of Legal Requirements....................................................................2
7.8. Inspection of Property; Books and Records; Discussions..............................................2
7.9. Authorizations......................................................................................2
7.10. Financial Covenants................................................................................2
7.11. Additional Subsidiaries............................................................................2
7.12. Further Assurances; Certain Real Estate Matters....................................................2
7.13. Environmental Compliance...........................................................................2
7.14. Invested Cash, Marketable Securities and System Cash...............................................2
8. NEGATIVE COVENANTS.............................................................................................2
8.1. Indebtedness........................................................................................2
8.2. Liens...............................................................................................2
8.3. Merger, Consolidations and Acquisitions.............................................................2
8.4. Dispositions........................................................................................2
8.5. Investments, Loans, Etc.............................................................................2
8.6. Restricted Payments.................................................................................2
8.7. Business and Name Changes...........................................................................2
8.8. ERISA...............................................................................................2
8.9. Prepayments of Indebtedness.........................................................................2
8.10. Amendments, Etc. of Certain Agreements.............................................................2
8.11. Transactions with Affiliates.......................................................................2
8.12. Limitation on Upstream Transfers...................................................................2
8.13. Capital Leases and Sale-Leaseback Transactions.....................................................2
8.14. Capital Expenditures...............................................................................2
8.15. Asbestos Costs.....................................................................................2
8.16. Tax Sharing Payments...............................................................................2
9. DEFAULT........................................................................................................2
9.1. Events of Default...................................................................................2
9.2. Contract Remedies...................................................................................2
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10. THE ADMINISTRATIVE AGENT......................................................................................2
10.1. Appointment........................................................................................2
10.2. Delegation of Duties...............................................................................2
10.3. Exculpatory Provisions.............................................................................2
10.4. Reliance by Administrative Agent...................................................................2
10.5. Notice of Default..................................................................................2
10.6. Non-Reliance on Administrative Agent and Other Lenders.............................................2
10.7. Indemnification....................................................................................2
10.8. Administrative Agent in Its Individual Capacity....................................................2
10.9. Successor Administrative Agent.....................................................................2
10.10. Documentation Agent, Syndication Agent and Lead Arranger..........................................2
10.11. Appointment of Collateral Agent...................................................................2
11. OTHER PROVISIONS..............................................................................................2
11.1. Amendments and Waivers.............................................................................2
11.2. Notices............................................................................................2
11.3. No Waiver; Cumulative Remedies.....................................................................2
11.4. Survival of Representations and Warranties and Certain Obligations.................................2
11.5. Expenses...........................................................................................2
11.6. Lending Offices....................................................................................2
11.7. Successors and Assigns.............................................................................2
11.8. Indemnity..........................................................................................2
11.9. Limitation of Liability............................................................................2
11.10. Counterparts......................................................................................2
11.11. Adjustments; Set-off..............................................................................2
11.12. Construction......................................................................................2
11.13. Governing Law.....................................................................................2
11.14. Headings Descriptive..............................................................................2
11.15. Severability......................................................................................2
11.16. Integration.......................................................................................2
11.17. Consent to Jurisdiction...........................................................................2
11.18. Service of Process................................................................................2
11.19. No Limitation on Service or Suit..................................................................2
11.20. WAIVER OF TRIAL BY JURY...........................................................................2
11.21. Treatment of Confidential Information.............................................................2
11.22. Conversion of DIP.................................................................................2
11.23. Consolidation and Restatement.....................................................................2
11.24. Effectiveness; Marketable Securities..............................................................2
11.25. Existing Credit Agreement Financial Covenants.....................................................2
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