US $275,000,000 CREDIT AGREEMENT dated as of August 23, 2007, among INGRAM MICRO INC., as an Initial Borrower and Guarantor, INGRAM MICRO COORDINATION CENTER B.V.B.A., as an Initial Borrower, INGRAM MICRO EUROPE TREASURY LLC, as an Initial Borrower,...
EXECUTION
COPY
US
$275,000,000
dated
as
of August 23, 2007,
among
XXXXXX
MICRO INC.,
as
an
Initial Borrower and Guarantor,
XXXXXX
MICRO COORDINATION CENTER B.V.B.A.,
as
an
Initial Borrower,
XXXXXX
MICRO EUROPE TREASURY LLC,
as
an
Initial Borrower,
CERTAIN
FINANCIAL INSTITUTIONS,
as
the
Lenders,
BANK
OF AMERICA, N.A.,
as
the
Syndication Agent for the Lenders
and
THE
BANK OF NOVA SCOTIA,
as
the
Administrative Agent for the Lenders
____________________________________________
As
arranged by
THE
BANK OF NOVA SCOTIA and
BANC
OF AMERICA SECURITIES LLC,
as
the
Joint Lead Arrangers and
____________________________________________
KEYBANK
NATIONAL ASSOCIATION, MIZUHO
CORPORATE
BANK, LTD. and
UNION
BANK OF CALIFORNIA
as
Co-Documentation Agents for the Lenders,
TABLE
OF CONTENTS
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Page | ||
DEFINITIONS
AND ACCOUNTING TERMS
|
2
|
|
SECTION
1.1
|
Defined
Terms
|
2
|
SECTION
1.2
|
Use
of Defined Terms
|
28
|
SECTION
1.3
|
Cross-References
|
28
|
SECTION
1.4
|
Accounting
and Financial Determinations
|
28
|
SECTION
1.5
|
Calculations
|
29
|
SECTION
1.6
|
Round
Amounts
|
29
|
ARTICLE
II
|
COMMITMENTS,
ETC
|
29
|
SECTION
2.1
|
Commitments
|
29
|
SECTION
2.2
|
Reductions
of the Commitment Amounts
|
30
|
SECTION
2.3
|
Ineligible
Currencies
|
31
|
SECTION
2.4
|
Designated
Additional Loans
|
31
|
ARTICLE
III
|
PROCEDURES
FOR CREDIT EXTENSIONS
|
32
|
SECTION
3.1
|
Borrowing
Procedures
|
32
|
SECTION
3.2
|
Letter
of Credit Issuance Procedures
|
34
|
ARTICLE
IV
|
PRINCIPAL,
INTEREST, AND FEE PAYMENTS
|
38
|
SECTION
4.1
|
Loan
Accounts, Notes, Payments, and Prepayments
|
38
|
SECTION
4.2
|
Interest
Provisions
|
40
|
SECTION
4.3
|
Fees
|
42
|
SECTION
4.4
|
Rate
and Fee Determinations
|
44
|
ARTICLE
V
|
CERTAIN
PAYMENT PROVISIONS
|
45
|
SECTION
5.1
|
Illegality;
Currency Restrictions
|
45
|
SECTION
5.2
|
Deposits
Unavailable
|
45
|
SECTION
5.3
|
Increased
Credit Extension Costs, etc
|
46
|
SECTION
5.4
|
Funding
Losses
|
47
|
SECTION
5.5
|
Increased
Capital Costs
|
47
|
SECTION
5.6
|
Discretion
of Lenders as to Manner of Funding
|
48
|
SECTION
5.7
|
Taxes
|
48
|
SECTION
5.8
|
Payments
|
50
|
SECTION
5.9
|
Sharing
of Payments
|
51
|
SECTION
5.10
|
Right
of Set-off
|
52
|
-ii-
SECTION
5.11
|
Judgments,
Currencies, etc
|
52
|
SECTION
5.12
|
Replacement
of Lenders
|
53
|
SECTION
5.13
|
Change
of Lending Office
|
53
|
SECTION
5.14
|
European
Monetary Union
|
53
|
ARTICLE
VI
|
CONDITIONS
TO MAKING CREDIT EXTENSIONS AND ACCESSION OF ACCEDING
BORROWERS
|
54
|
SECTION
6.1
|
Initial
Credit Extension
|
54
|
SECTION
6.2
|
All
Credit Extensions
|
56
|
SECTION
6.3
|
Acceding
Borrowers
|
57
|
ARTICLE
VII
|
REPRESENTATIONS
AND WARRANTIES
|
59
|
SECTION
7.1
|
Organization,
etc
|
59
|
SECTION
7.2
|
Due
Authorization, Non-Contravention, etc
|
59
|
SECTION
7.3
|
No
Default
|
59
|
SECTION
7.4
|
Government
Approval, Regulation, etc
|
60
|
SECTION
7.5
|
Validity,
etc
|
60
|
SECTION
7.6
|
Financial
Information
|
60
|
SECTION
7.7
|
No
Material Adverse Effect
|
60
|
SECTION
7.8
|
Litigation,
Labor Controversies, etc
|
60
|
SECTION
7.9
|
Subsidiaries
|
61
|
SECTION
7.10
|
Ownership
of Properties
|
61
|
SECTION
7.11
|
Taxes
|
61
|
SECTION
7.12
|
Pension
and Welfare Plans
|
61
|
SECTION
7.13
|
Environmental
Warranties
|
61
|
SECTION
7.14
|
Accuracy
of Information
|
62
|
SECTION
7.15
|
Patents,
Trademarks, etc
|
62
|
SECTION
7.16
|
Margin
Stock
|
63
|
ARTICLE
VIII
|
COVENANTS
|
63
|
SECTION
8.1
|
Affirmative
Covenants
|
63
|
SECTION
8.2
|
Negative
Covenants
|
68
|
ARTICLE
IX
|
EVENTS
OF DEFAULT
|
74
|
SECTION
9.1
|
Listing
of Events of Default
|
74
|
-iii-
SECTION
9.2
|
Action
if Bankruptcy
|
76
|
SECTION
9.3
|
Action
if Other Event of Default
|
77
|
SECTION
9.4
|
Cash
Collateral
|
77
|
ARTICLE
X
|
AGENTS
|
77
|
SECTION
10.1
|
Authorization
and Actions
|
77
|
SECTION
10.2
|
Funding
Reliance, etc
|
78
|
SECTION
10.3
|
Exculpation
|
78
|
SECTION
10.4
|
Successor
|
78
|
SECTION
10.5
|
Credit
Extensions by an Agent
|
79
|
SECTION
10.6
|
Credit
Decisions
|
79
|
SECTION
10.7
|
Copies,
etc
|
79
|
SECTION
10.8
|
Joint
Lead Arrangers and other Agents
|
80
|
ARTICLE
XI
|
MISCELLANEOUS
PROVISIONS
|
80
|
SECTION
11.1
|
Waivers,
Amendments, etc
|
80
|
SECTION
11.2
|
Notices
|
80
|
SECTION
11.3
|
Payment
of Costs and Expenses
|
81
|
SECTION
11.4
|
Indemnification
|
81
|
SECTION
11.5
|
Survival
|
82
|
SECTION
11.6
|
Severability
|
82
|
SECTION
11.7
|
Headings
|
82
|
SECTION
11.8
|
Execution
in Counterparts, Effectiveness; Entire Agreement
|
83
|
SECTION
11.9
|
Jurisdiction
|
83
|
SECTION
11.10
|
Successors
and Assigns
|
84
|
SECTION
11.11
|
Assignments
and Transfers of Interests
|
85
|
SECTION
11.12
|
Other
Transactions
|
86
|
SECTION
11.13
|
Further
Assurances
|
86
|
SECTION
11.14
|
Waiver
of Jury Trial
|
87
|
SECTION
11.15
|
Confidentiality
|
87
|
SECTION
11.16
|
Release
of Subsidiary Guarantors and Acceding Borrowers
|
88
|
SECTION
11.17
|
Collateral
|
88
|
SECTION
11.18
|
USA
PATRIOT Act Notice
|
89
|
-iv-
SCHEDULES
AND EXHIBITS
Schedule I
|
-
|
Disclosure
Schedule
|
-
|
Item 7.8
|
|
-
|
Item 7.9
|
|
-
|
Item 7.11
|
|
-
|
Item 7.12
|
|
-
|
Item 8.2.1(a)(ii)
|
|
-
|
Item 8.2.2(a)
|
|
Schedule
II
|
-
|
[Omitted]
|
Schedule
III
|
-
|
[Omitted]
|
Exhibit A-1
|
-
|
[Omitted]
|
Exhibit
A-2
|
-
|
[Omitted]
|
Exhibit B
|
-
|
[Omitted]
|
Exhibit C
|
-
|
[Omitted]
|
Exhibit D
|
-
|
[Omitted]
|
Exhibit E
|
-
|
[Omitted]
|
Exhibit F
|
-
|
[Omitted]
|
Exhibit G
|
-
|
[Omitted]
|
Exhibit H
|
-
|
[Omitted]
|
Exhibit I
|
-
|
[Omitted]
|
Exhibit J
|
-
|
[Omitted]
|
Exhibit K
|
-
|
[Omitted]
|
Exhibit L
|
-
|
[Omitted]
|
Exhibit M
|
-
|
[Omitted]
|
Exhibit N
|
-
|
[Omitted]
|
THIS
CREDIT AGREEMENT is entered into as of August 23, 2007, among:
•
|
XXXXXX
MICRO INC., a corporation organized and existing under the laws of
the
State of Delaware, United States of America
(“Micro”);
|
•
|
XXXXXX
MICRO COORDINATION CENTER B.V.B.A., a company organized and existing
under
the laws of The Kingdom of Belgium (“Coordination
Center”);
|
•
|
XXXXXX
MICRO EUROPE TREASURY LLC, a limited liability company organized
and
existing under the laws of the State of Delaware, United States of
America
(“Treasury,” and together with Coordination Center, the
“Subsidiary Borrowers,” and together with Coordination Center and
Micro, the “Initial
Borrowers”);
|
•
|
THE
BANK OF NOVA SCOTIA (“Scotia Capital”), BANK OF AMERICA, N.A.
(“BOA”) and all other financial institutions party hereto (together
with their respective successors and permitted assigns and any branch
or
affiliate of a financial institution funding a Revolving Loan as
permitted
by Section 5.6 as a signatory or otherwise, collectively, the
“Lenders”); and
|
•
|
SCOTIA
CAPITAL, as administrative agent for the Lenders (in such capacity,
the
“Administrative Agent”) and BOA, as syndication agent for the
Lenders (in such capacity, the “Syndication Agent”, and
collectively with the Administrative Agent, the
“Agents”).
|
WHEREAS,
Micro and its Subsidiaries (such capitalized term and all other capitalized
terms used herein having the meanings provided in Section 1.1) are
engaged primarily in the business of the wholesale distribution of microcomputer
software and hardware products, multimedia products, customer financing,
assembly and configuration and other related wholesaling, distribution and
service activities; and
WHEREAS,
Micro wishes to obtain for itself and the Subsidiary Borrowers as Initial
Borrowers, Commitments from all the Lenders for Credit Extensions to be made
prior to the Commitment Termination Date in an aggregate amount in any Available
Currency, not to exceed the Total Commitment Amount at any one time outstanding,
such Credit Extensions being available in accordance with the term of this
Agreement as Revolving Loans, Swing Line Loans and Letters of Credit;
and
WHEREAS,
Micro is willing to guarantee all Obligations of each other Obligor;
and
WHEREAS,
each Initial Additional Guarantor is, as of the date hereof, a Material
Subsidiary and, consistent with Section 8.1.9(b), is required to,
and is willing to, guarantee all Obligations of each other Obligor;
and
WHEREAS,
the Lenders are willing, pursuant to and in accordance with the terms of this
Agreement, to extend severally Commitments to make, from time to time prior
to
the
Commitment
Termination Date, Credit Extensions in an aggregate amount at any time
outstanding not to exceed the excess of the Total Commitment Amount over the
then Outstanding Credit Extensions; and
WHEREAS,
the proceeds of the Credit Extensions will be used for general
corporate purposes (including, working capital and, so long as the relevant
Borrower has complied with Section 8.2.7, Acquisitions) of each
Borrower and its Subsidiaries;
NOW,
THEREFORE, for good and valuable consideration, the receipt and
sufficiency, of which are hereby acknowledged by the parties hereto, the parties
hereto agree as follows:
ARTICLE
I
DEFINITIONS
AND ACCOUNTING TERMS
SECTION
1.1 Defined Terms. The following
terms when used in this Agreement, including its preamble and recitals, shall,
except where the context otherwise requires, have the following meanings (such
meanings to be equally applicable to the singular and plural forms
thereof):
“Acceding
Borrower” is defined in Section 6.3.
“Accession
Request and Acknowledgment” means a request for accession duly completed and
executed by an Authorized Person of the applicable Acceding Borrower and
acknowledged by an Authorized Person of each Guarantor, substantially in the
form of Exhibit N attached hereto.
“Acquired
Existing Debt and Liens” means, for a period of 180 days following the
acquisition or merger of a Person by or into Micro or any of its Subsidiaries
or
the acquisition of a business unit of a Person or the assets of a Person or
business unit of a Person by Micro or any of its Subsidiaries, the Indebtedness
and Liens of that Person or business unit that (a) were not incurred in
connection with that acquisition or merger and do not constitute any refinancing
of Indebtedness so incurred and (b) were in existence at the time of that
acquisition or merger.
“Acquisition”
means any transaction, or any series of related transactions, by which Micro
and/or any of its Subsidiaries directly or indirectly (a) acquires any ongoing
business or all or substantially all of the assets of any Person or division
thereof, whether through purchase of assets, merger or otherwise, (b) acquires
(in one transaction or as the most recent transaction in a series of
transactions) control of at least a majority in ordinary voting power of the
securities of a Person which have ordinary voting power for the election of
directors of such Person or (c) otherwise acquires control of a more than 50%
ownership interest in any Person.
“Act”
is defined in Section 11.18.
“Additional
Commitment Date” is defined in Section 2.4.
“Additional
Commitment Lender” is defined in Section 2.4.
2
“Additional
Guarantor” means each Initial Additional Guarantor and each other Subsidiary
of Micro as shall from time to time become a Guarantor in accordance with
Section 8.1.9.
“Additional
Guaranty” means a guaranty, substantially in the form of the
Exhibit I attached hereto, duly executed and delivered by an
Authorized Person of each Additional Guarantor, as amended, supplemented,
restated, or otherwise modified from time to time.
“Additional
Permitted Liens” means, as of any date (a) Liens securing Indebtedness and
not described in clauses (a) through (m) of Section 8.2.2,
but only to the extent that (i) the sum of the Amount of Additional Liens on
that date plus the amount of cash and cash equivalents or investments subject
to
Liens permitted by clause (c) of this definition on that date does not
exceed 10% of Consolidated Tangible Assets on that date and, (ii) the Borrowers
are otherwise in compliance with Section 8.2.1(b)(i), (b) Liens
constituting Acquired Existing Debt and Liens on that date and (c) Liens on
cash
and cash equivalents or investments (and the deposit or other accounts to which
such cash and cash equivalents and investments are credited) securing
obligations under any interest rate protection agreement, foreign currency
exchange agreement, commodity price protection agreement or other interest
rate,
currency exchange rate or commodity price hedging agreement but only to the
extent that the sum of the Amount of Additional Liens on that date plus the
amount of such cash and cash equivalents or investments on that date does not
exceed 10% of Consolidated Tangible Assets on that date.
“Administrative
Agent” is defined in the preamble and includes each other Person as shall
have subsequently been appointed as the successor Administrative Agent pursuant
to Section 10.4.
“Affiliate”
of any Person means any other Person which, directly or indirectly, controls,
is
controlled by or is under common control with such Person (excluding any trustee
under, or any committee with responsibility for administering, any
Plan). A Person shall be deemed to be controlled by any other Person
if such other Person possesses, directly or indirectly, power (a) to vote,
in
the case of any Lender Party, 10% or more or, in the case of any other Person,
35% or more, of the securities (on a fully diluted basis) having ordinary voting
power for the election of directors or managing general partners, or (b) in
the
case of any Lender Party or any other Person, to direct or cause the direction
of the management and policies of such Person whether by contract or
otherwise.
“Affiliate
Transaction” is defined in Section 8.2.6.
“Agents”
is defined in the preamble.
“Agreement” means
this Credit Agreement, as amended, supplemented, restated or otherwise modified
from time to time in accordance with its terms.
“Alternate
Base Rate” means, on any date, a fluctuating rate of interest per annum
(rounded upward, if necessary, to the next highest 1/16 of 1%) equal to (i)
in
the case of Loans denominated in Dollars, the higher
of: (a) the Base Rate in effect on such day; and
(b) the Federal Funds Rate in effect on such day plus ½ of 1%; (ii)
in the case of Loans denominated in Sterling, the Sterling Base Rate; (iii)
in
the case of Loans denominated in Euro, the Euro Base
3
Rate;
and
(iv) in the case of Loans denominated in a currency other than Dollars, Sterling
or Euro, the comparable rate for such currency, as reasonably determined by
the
Administrative Agent.
Changes
in
the rate of interest on that portion of any Loans maintained as Base Rate Loans
will take effect simultaneously with each change in the Alternate Base
Rate. The Administrative Agent will give notice promptly to the
Borrower and the Lenders of changes in the Alternate Base Rate; provided
that, the failure to give such notice shall not affect the Alternate Base Rate
in effect after such change.
“Amount
of Additional Liens” means, at any date, the aggregate principal amount of
Indebtedness secured by Additional Permitted Liens on such date.
“Applicable
Margin” means, for any Loan or Letter of Credit (a) for any day during the
period from and including the Effective Date, through and including the last
day
of the Fiscal Period ending on the Saturday nearest September 30, 2007,
.60% per annum and (b) for any day thereafter, the rate per annum determined
in
accordance with the following procedure:
(1) If
the Pricing Level set forth opposite the Leverage Ratio is the same as the
Pricing Level set forth opposite the applicable Credit Rating, then the
Applicable Margin for that Pricing Level shall be the Applicable
Margin.
(2) If
the Pricing Level set forth opposite the Leverage Ratio differs by one Pricing
Level from the Pricing Level set forth opposite the applicable Credit Rating,
then the Applicable Margin for the lower numbered Pricing Level of the two
shall
be the Applicable Margin.
(3) If
the Pricing Level set forth opposite the Leverage Ratio differs by more than
one
Pricing Level from the Pricing Level set forth opposite the applicable Credit
Rating, then the Applicable Margin shall be determined by reference to the
Pricing Level that is numerically one Pricing Level below the higher numbered
of
the two applicable Pricing Levels.
Pricing
Level
|
Credit
Rating
|
Leverage
Ratio
|
Applicable
Margin
for
Libo
Rate Loans
|
Applicable
Margin
for
Base
Rate Loans
|
Level
I
|
Higher
than or equal to BBB+ or Baa1
|
Less
than .50
|
.40%
|
.00%
|
Level
II
|
BBB
or Baa2
|
Greater
than or equal to .50, but less than 1.00
|
.50%
|
.00%
|
4
Pricing
Level
|
Credit
Rating
|
Leverage
Ratio
|
Applicable
Margin
for
Libo
Rate Loans
|
Applicable
Margin
for
Base
Rate Loans
|
Level
III
|
BBB-
or Baa3
|
Greater
than or equal to 1.00, but less than 2.00
|
.60%
|
.00%
|
Level
IV
|
BB+
or Ba1
|
Greater
than or equal to 2.00, but less than 3.00
|
.75%
|
.00%
|
Level
V
|
BB
or Ba2
|
Greater
than or equal to 3.00, but less than 3.50
|
1.00%
|
0.00%
|
Level
VI
|
Lower
than or equal to BB- or Ba3
|
Greater
than or equal to 3.50
|
1.25%
|
0.25%
|
Any
change
in the Applicable Margin as a result in a change in the Credit Rating assigned
by either S&P or Xxxxx’x will be effective as of the day subsequent to the
date on which S&P or Xxxxx’x, as the case may be, releases the applicable
change in its Credit Rating.
If
the
Credit Ratings assigned by S&P and Xxxxx’x fall into different Pricing
Levels, then the applicable Pricing Level shall be determined by reference
to
the lower of the two Credit Ratings.
Subject
to
Section 4.4, the applicable Leverage Ratio shall be the Leverage Ratio
for the Fiscal Period most recently ended prior to such day for which financial
statements and reports have been received by the Administrative Agent pursuant
to Section 8.1.1(a) or (b), as set forth in (and effective
upon delivery by Micro to the Administrative Agent of) the related new
Compliance Certificate pursuant to Section 8.1.1(d).
Notwithstanding
the foregoing, (i) for so long as an Event of Default has occurred and is
continuing the applicable Pricing Level shall be Level VI and (ii) if Micro
shall fail to deliver a Compliance Certificate required to be delivered pursuant
to Section 8.1.1(d) within 60 days after the end of any of its
fiscal quarters (or within 90 days, in the case of the last fiscal quarter
of
its Fiscal Year), the applicable Pricing Level from and including the 61st
(or
91st, as the case may be) day after the end of such fiscal quarter (or Fiscal
Year, as the case may be) to but not including the date Micro delivers to the
Administrative Agent a quarterly Compliance Certificate shall be Level
VI.
“Applicable
Time” means, except as provided in clause (ii), (i) New York City
time and (ii) in the case of notices, payments, requests or other actions
relating to any Loan or Letter of Credit denominated in any Available Currency
other than Dollars, the local time in the Principal Financial Center of the
Available Currency in which such Loan or Letter of Credit is
denominated.
5
“Authorized
Person” means those officers or employees of each Obligor whose signatures
and incumbency shall have been certified to the Administrative Agent pursuant
to
Section 6.1.1 or 6.3.1.
“Available
Credit Commitment” means, for any Lender and at any time, the amount (not
less than zero) equal to the remainder of (a) its Credit Commitment Amount
at
that time minus (b) its Outstanding Credit Extensions at that time.
“Available
Currency” means Dollars, Sterling and Euro, and any other currency approved
in writing by all of the Lenders.
“BAS”
means Banc of America Securities LLC.
“Base
Rate” means, at any time, the rate of interest then most recently
established by the Administrative Agent in New York as its base rate for Dollars
loaned in the United States. The Base Rate is not necessarily
intended to be the lowest rate of interest determined by the Administrative
Agent in connection with extensions of credit.
“Base
Rate Loan” means a Loan bearing interest at a fluctuating rate determined by
reference to the Alternate Base Rate.
“BOA”
is defined in the preamble.
“Board
Representation Agreement” means the Board Representation Agreement dated as
of November 6, 1996 and amended as of June 1, 2001, March 12, 2002 and May
30, 2002, among Micro and the “Family Stockholders” (as defined therein)
listed on the signature pages thereof, as it was in effect on May 30, 2002
(it
being understood that such Agreement is no longer in effect and is being
identified solely for purposes of identifying those Persons who constitute
the
“Family Stockholders” for purposes of the definition of “Change in
Control”).
“Borrowers”
means, collectively, the Initial Borrowers and the Acceding Borrowers party
to
this Agreement from time to time, together with their respective successors
and
assigns.
“Borrowing”
means the Loans having the same Interest Period, made by all Lenders on the
same
Business Day, and made pursuant to the same Borrowing Request in accordance
with
Section 3.1.
“Borrowing
Request” means a Loan and certificate duly completed and executed by an
Authorized Person of the relevant Borrower, substantially in the form of
Exhibit B attached hereto.
“Business
Day” means
(a) any
day which (i) is neither a Saturday or Sunday nor a legal holiday on which
banks
are authorized or required to be closed in London or in Brussels and
(ii) relative to the making, continuing, prepaying of Loans denominated in
an Available Currency, is also a day on which dealings in such Available
Currency are carried on in the interbank eurodollar market in London or New
York
City; and
6
(b) relative
to the making of any payment in respect of any Credit Extension denominated
in
an Available Currency other than Sterling, any day on which dealings in such
Available Currency are carried on in the London interbank eurodollar market
and
in the relevant local money market.
“Capitalized
Lease Liabilities” of any Person means, at any time, any obligation of such
Person at such time to pay rent or other amounts under a lease of (or other
agreement conveying the right to use) real and/or personal property, which
obligation is, or in accordance with GAAP (including FASB Statement 13) is
required to be, classified and accounted for as a capital lease on a balance
sheet of such Person at the time incurred; and for purposes of this Agreement
the amount of such obligation shall be the capitalized amount thereof determined
in accordance with such FASB Statement 13.
“Change
in Control” means the occurrence of either (a) any Person or two or
more Persons (excluding the Family Stockholders (as defined in the Board
Representation Agreement)) acting in concert shall have acquired beneficial
ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended (or any
successor regulation)) of capital stock of Micro having more than 30% of the
ordinary voting power of all capital stock of Micro then outstanding; or (b)
at
any time during any period of 25 consecutive calendar months commencing on
or
after the date of this Agreement, a majority of Board of Directors of Micro
shall no longer be composed of individuals (i) who were members of such Board
of
Directors on the first day of such period, (ii) whose election or nomination
to
such Board of Directors was approved by individuals referred to in
clause (b)(i) above constituting at the time of such election or
nomination at least a majority of such Board of Directors or (iii) whose
election or nomination to such Board of Directors was approved by individuals
referred to in clause (b)(i) or (b)(ii) above constituting
at the time of such election or nomination at least a majority of such Board
of
Directors.
“Change
in Control Notice” is defined in Section 4.1.2.
“Code”
means the U.S. Internal Revenue Code of 1986, as amended and as in effect from
time to time, and any rules and regulations promulgated thereunder.
“Commitment”
means, relative to each Lender, its obligation under Section 2.1(a) to
make Revolving Loans, under Section 2.1(b) to make Swing Line Loans and
under Section 3.2 to participate in Letters of Credit and drawings
thereunder.
“Commitment
Termination Date” means the fifth anniversary of the Effective Date, or the
earlier date of termination in whole of the Commitments pursuant to
Section 2.2, 9.2 or 9.3.
“Compliance
Certificate” means a report duly completed, with substantially the same
information as set forth in Exhibit E attached hereto, as such
Exhibit E may be amended, supplemented, restated or otherwise
modified from time to time.
“consolidated”
and any derivative thereof each means, with reference to the accounts or
financial reports of any Person, the consolidated accounts or financial reports
of such Person and each Subsidiary of such Person determined in accordance
with
GAAP, including principles of
7
consolidation
consistent with those applied in the preparation of the consolidated financial
statements of Micro referred to in Section 7.6.
“Consolidated
Assets” means, at any date, the total assets of Micro and its Consolidated
Subsidiaries that would be reflected on a consolidated balance sheet of Micro
and its Consolidated Subsidiaries as at such date in accordance with
GAAP.
“Consolidated
EBITDA” means, for any period, Consolidated Income (or Loss) from Operations
for such period adjusted by adding thereto (a) the amount of all amortization
of
intangibles, depreciation and any other non-cash charges that were deducted
in
arriving at Consolidated Income (or Loss) from Operations for such period and
(b) without duplication, the amount of Non-Recurring Restructuring Charges
recorded in accordance with GAAP during such period; provided that the
amount of Non-Recurring Restructuring Charges added pursuant to clause
(b) may not exceed $50,000,000 in any four consecutive Fiscal
Periods.
“Consolidated
Funded Debt” means, as at any date, the total of all Funded Debt of Micro
and its Consolidated Subsidiaries outstanding on such date, after eliminating
all offsetting debits and credits between Micro and its Consolidated
Subsidiaries and all other items required to be eliminated in the course of
the
preparation of consolidated financial statements of Micro and its Consolidated
Subsidiaries in accordance with GAAP.
“Consolidated
Income (or Loss) from Operations” means, for any period, the amount of
“income or loss from operations” (or any substituted or replacement line item)
reflected on a consolidated statement of income of Micro and its Consolidated
Subsidiaries for such period in accordance with GAAP.
“Consolidated
Interest Charges” means, for any period, the sum (without duplication) of
the following (in each case, eliminating all offsetting debits and credits
between Micro and its Consolidated Subsidiaries and all other items required
to
be eliminated in the course of the preparation of consolidated financial
statements of Micro and its Consolidated Subsidiaries in accordance with
GAAP):
(a) aggregate
Net Interest Expense for such period plus, to the extent not deducted in
determining Consolidated Net Income for such period, the amount of all interest
previously capitalized or deferred that was amortized during such period;
plus
(b) all
debt discount and expense amortized or required to be amortized in the
determination of Consolidated Net Income for such period; plus
(c) all
attributable interest, fees in lieu of interest and “losses on sales of
receivables” (or any substituted or replacement line item) reflected on a
consolidated statement of income of Micro and its Consolidated Subsidiaries
for
such period, in each case associated with any securitization program by Micro
or
any of its Consolidated Subsidiaries.
“Consolidated
Liabilities” means, at any date, the sum of all obligations of Micro and its
Consolidated Subsidiaries that would be reflected on a consolidated balance
sheet of Micro and its Consolidated Subsidiaries as at such date in accordance
with GAAP.
8
“Consolidated
Net Income” means, for any period, the consolidated net income of Micro and
its Consolidated Subsidiaries as reflected on a consolidated statement of income
of Micro and its Consolidated Subsidiaries for such period in accordance with
GAAP.
“Consolidated
Retained Receivables” means, at any date, the face amount (calculated in
Dollars but net of any amount allocated to the relevant Trade Accounts
Receivable with respect to any reserve or similar allowance for doubtful
payment) of all Trade Accounts Receivable of Micro and its Consolidated
Subsidiaries outstanding as at such date (including the amount of “retained
interest in securitized receivables” (or any substituted or replacement line
item) that would be reflected on a consolidated balance sheet of Micro and
its
Consolidated Subsidiaries at such date, it being agreed for the avoidance of
doubt that Consolidated Retained Receivables shall not include any Consolidated
Transferred Receivables).
“Consolidated
Stockholders’ Equity” means, at any date, the remainder of (a) Consolidated
Assets as at such date, minus (b) Consolidated Liabilities as at such
date.
“Consolidated
Subsidiary” means any Subsidiary whose financial statements are required in
accordance with GAAP to be consolidated with the consolidated financial
statements delivered by Micro from time to time in accordance with
Section 8.1.1.
“Consolidated
Tangible Assets” means, at any date, the remainder of (a) the Consolidated
Assets as at the end of the most recently ended Fiscal Period for which
financial statements have been delivered pursuant to Section 8.1.1, minus
(b) the Intangible Assets of Micro and its Consolidated Subsidiaries as of
such
last day.
“Consolidated
Tangible Net Worth” means, at any date, the remainder of (a) Consolidated
Stockholders’ Equity as at the end of the most recently ended Fiscal Period for
which financial statements have been delivered pursuant to Section 8.1.1
plus the accumulated after-tax amount of non-cash charges and adjustments to
income and Consolidated Stockholders’ Equity attributable to employee stock
options and stock purchases through the last day of such Fiscal Period, minus
(b) goodwill and other Intangible Assets of Micro and its Consolidated
Subsidiaries as at such last day.
“Consolidated
Transferred Receivables” means, at any date, the face amount (calculated in
Dollars but net of any amount allocated by Micro or any of its Consolidated
Subsidiaries to the relevant Trade Accounts Receivable with respect to any
reserve or similar allowance for doubtful payment) of all Trade Accounts
Receivable (or an undivided interest in a specified amount thereof) originally
payable to the account of Micro or any of its Consolidated Subsidiaries, which
have not been discharged at such date and in respect of which Micro’s or any
such Consolidated Subsidiary’s rights and interests have, on or prior to such
date, been sold, assigned or otherwise transferred, in whole or in part, to
any
Person other than Micro or any of its Consolidated Subsidiaries (either directly
or by way of such Person holding an undivided interest in a specified amount
of
Trade Accounts Receivable sold, assigned or otherwise transferred to a trust),
it being agreed for avoidance of doubt that (a) the determination of whether
Trade Accounts Receivable (or an undivided interest in a specified amount
thereof) have been sold, assigned or otherwise transferred, in whole or in
part,
shall be made on the basis of the form of such sale, assignment or transfer
and
not on GAAP and (b) the amount of any such
9
Trade
Accounts Receivable that are Consolidated Transferred Receivables shall be
net
of the amount, if any, of Consolidated Retained Receivables determined with
respect thereto.
“Contingent
Liability” means any agreement, undertaking or arrangement (including any
partnership, joint venture or similar arrangement) by which any Person
guarantees, endorses or otherwise becomes or is contingently liable (by direct
or indirect agreement, contingent or otherwise) to provide funds for payment,
to
supply funds to, or otherwise to invest in, a debtor, or obligation or any
other
liability of any other Person (other than by endorsements of instruments in
the
course of collection), or guarantees the payment of dividends or other
distributions upon the shares of any other person, if the primary purpose or
intent thereof by the Person incurring the Contingent Liability is to provide
assurance to the obligee of such obligation of another Person that such
obligation of such other Person will be paid or discharged, or that any
agreements relating thereto will be complied with, or that the holders of such
obligation will be protected (in whole or in part) against loss in respect
thereof. The amount of any Person’s obligation under any Contingent
Liability shall be deemed to be the lower of (a) the outstanding principal
or
face amount of the debt, obligation or other liability guaranteed thereby and
(b) the maximum amount for which such Person may be liable pursuant to the
terms
of the instrument embodying such Contingent Liability, unless such obligation
and the maximum amount for which such Person may be liable are not stated or
determinable, in which case the amount of such Contingent Liability shall be
such Person’s maximum reasonably anticipated liability in respect thereof as
determined by Micro in good faith.
“Continuation
Notice” means a notice of continuation and certificate duly completed and
executed by an Authorized Person of the relevant Borrower, substantially in
the
form of Exhibit D attached hereto.
“Controlled
Group” means all members of a controlled group of corporations and all
members of a controlled group of trades or businesses (whether or not
incorporated) under common control which, together with Micro, are treated
as a
single employer under Section 414(b) or 414(c) of the Code or
Section 4001 of ERISA.
“Coordination
Center” is defined in the preamble.
“Cost
of Funds” means, for the Administrative Agent or any Lender, as the case may
be, its cost, from whatever source it reasonably selects, of funds in respect
of
any expenditure or funding by it or in respect of maintaining any Loan, as
the
case may be.
“Cost
of Funds Rate Loan” means, for any Lender, any Loan bearing interest at an
annual rate equal to the sum of (a) the Applicable Margin for that Loan plus
(b)
such Lender’s Cost of Funds.
“Credit
Commitment Amount” means, relative to any Lender at any time, such Lender’s
Percentage multiplied by the then Total Commitment Amount as in effect at such
time.
“Credit
Extension” means, collectively, (a) the making of Loans by the Lenders and
(b) the issuance by any Issuer of a Letter of Credit.
10
“Credit
Extension Request” means, as the context may require, a Borrowing Request, a
Continuation Notice or an Issuance Request.
“Credit
Rating” means a statistical rating assigned by S&P and Xxxxx’x to
Micro’s long-term senior unsecured debt and either published or otherwise
evidenced in writing by the applicable rating agency and made available to
the
Administrative Agent, including both “express” and “indicative” or “implied” (or
equivalent) ratings.
“Default” means
any Event of Default or any condition, occurrence or event which, after notice
or lapse of time or both, would constitute an Event of Default.
“Designated
Additional Commitments” is defined in Section 2.4.
“Disbursement
Date” is defined in Section 3.2.2.
“Disclosure
Schedule” means the Disclosure Schedule attached hereto as
Schedule I, as the same may be amended, supplemented or otherwise
modified from time to time by Micro with the consent of the Administrative
Agent
and the Required Lenders.
“Dollar”
and the sign “$” each means the lawful currency of the United
States.
“Dollar
Amount” at any date, means (a) with respect to an amount denominated in
Dollars, such amount as at such date, and (b) with respect to an amount
denominated in any other Available Currency, the amount of Dollars into which
such Available Currency is convertible into Dollars as at such date and on
the
terms herein provided.
“Effective
Date” is defined in Section 11.8.
“Effective
Date Certificate” means a certificate duly completed and executed by an
Authorized Person of Micro, substantially in the form of Exhibit F
attached hereto.
“Eligible
Assignee” means any Person that, on the date that it is to become a Lender
under this Agreement, is (i) a Lender or (ii) any one of the following (in
each
case, with the prior written consent of the Administrative Agent, the Issuer
and
(so long as no Event of Default exists at that time) Micro, in each case such
consent not to be unreasonably withheld or delayed (it being understood that
(1)
if an assignment or transfer to a Person described below results in a reduced
rate of return to the Issuer or requires the Issuer to set aside capital in
an
amount greater than that which is required to be set aside for other Lenders
participating in the Letter of Credit or the Issuer has a reasonable concern
about the creditworthiness or reputation of the proposed assignee, then the
failure to consent to such transfer by the Issuer shall be deemed reasonable
and
(2) in the case of an assignment or transfer to a bank or financial institution
pursuant to clause (a) below to which Micro must consent, Micro may take
into account, among other things, the creditworthiness of that bank or financial
institution and the holding company, if any, by which it is owned):
(a) a
bank or financial institution that at that time has (or is owned by a holding
company that on a consolidated basis has) combined capital and surplus
(as
11
established
in its most recent report of condition to its primary regulator) of not less
than $250,000,000 (or its equivalent in foreign currency);
(b) a
commercial bank that at that time (i) is organized under the laws of the United
States or any State thereof, (ii) has outstanding unsecured indebtedness that
is
rated A- or better by S&P or A3 or better by Xxxxx’x (or an equivalent
rating by another nationally recognized statistical rating agency of similar
standing if such corporations are no longer in the business of rating unsecured
indebtedness of entities engaged in such businesses) and (iii) has combined
capital and surplus (as established in its most recent report of condition
to
its primary regulator) of not less than $250,000,000 (or its equivalent in
foreign currency);
(c) a
commercial bank that at that time (i) is organized under the laws of
(A) any other country that is a member of the Organization for Economic
Cooperation and Development or has concluded special lending arrangements with
the International Monetary Fund associated with its General Arrangements to
Borrow or any country that is a member of the European Community, or (B)
political subdivision of any such country, (ii) has (unless Micro otherwise
agrees) outstanding unsecured indebtedness that is rated A- or better by S&P
or A3 or better by Xxxxx’x (or an equivalent rating by another nationally
recognized statistical rating agency of similar standing if such corporations
are no longer in the business of rating unsecured indebtedness of entities
engaged in such businesses) and (iii) has combined capital and surplus (as
established in its most recent report of condition to its primary regulator)
of
not less than $250,000,000 (or its equivalent in foreign currency);
(d) the
central bank of any country that at that time (i) is a member of the
Organization for Economic Cooperation and Development, (ii) has (unless Micro
otherwise agrees) outstanding unsecured indebtedness that is rated A- or better
by S&P or A3 or better by Xxxxx’x (or an equivalent rating by another
nationally recognized statistical rating agency of similar standing if such
corporations are no longer in the business of rating unsecured indebtedness
of
entities engaged in such businesses) and (iii) has combined capital and
surplus (as established in its most recent report of condition to its primary
regulator) of not less than $250,000,000 (or its equivalent in foreign
currency); or
(e) solely
during the occurrence and continuance of an Event of Default, a finance company,
insurance company, or other financial institution or fund (whether a
corporation, partnership, or other entity) that at that time is engaged
generally in making, purchasing, and otherwise investing in commercial loans
in
the ordinary course of its business;
so
long
as, in the case of any Person described in clauses (a) through (e)
above, it must also at that time be (A) in respect of payments by Micro,
entitled to receive payments hereunder free and clear of and without deduction
for or on account of any United States federal income taxes, and (B) in respect
of payments by Coordination Center, (I) credit institutions established in
countries within the European Economic Area or with which Belgium has entered
into a treaty for the avoidance of double taxation and (II) entitled to receive
payments hereunder free and
12
clear
of
and without any deduction for or on account of any income taxes imposed by
The
Kingdom of Belgium.
“EMU”
means economic and monetary union as contemplated in the Treaty on European
Union.
“EMU
Legislation” means legislative
measures of the
European Council for the introduction of, changeover to, or operation of, a
single or unified European currency (whether known as the euro or otherwise),
being in part the implementation of the third stage of EMU.
“Environmental
Laws” means any and all applicable statutes, laws, ordinances, codes, rules,
regulations and binding and enforceable guidelines (including consent decrees
and administrative orders binding on any Obligor or any of their respective
Subsidiaries), in each case as now or hereafter in effect, relating to human
health and safety, or the regulation or protection of the environment, or to
emissions, discharges, releases or threatened releases of pollutants,
contaminants, chemicals or toxic or hazardous substances or wastes into the
indoor or outdoor environment, or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of pollutants, contaminants, chemicals or toxic or hazardous substances
or wastes issued (presently or in the future) by any national, federal, state,
provincial, territorial, or local authority in any jurisdiction in which any
Obligor or any of their respective Subsidiaries is conducting its
business.
“Equity
Issuance” means (a) any issuance or sale by Micro or any of its Consolidated
Subsidiaries after the Effective Date of (i) any of its capital stock, (ii)
any
warrants or options exercisable in respect of its capital stock (other than
any
warrants or options issued to directors, officers or employees of Micro or
any
of its Consolidated Subsidiaries pursuant to employee benefit plans established
in the ordinary course of business and any capital stock of Micro issued upon
the exercise of such warrants or options) or (iii) any other security or
instrument representing an equity interest (or the right to obtain any equity
interest) in Micro or any of its Subsidiaries or (b) the receipt by Micro
any of its Subsidiaries after the Effective Date of any capital contribution;
provided that Equity Issuance shall not include (x) any such issuance or
sale by any Subsidiary of Micro to Micro or any wholly owned Subsidiary of
Micro
or (y) any capital contribution by Micro or any wholly owned Subsidiary of
Micro
to any Subsidiary of Micro.
“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and
any
successor statute of similar import, together with the rules and regulations
promulgated thereunder, in each case as in effect from time to
time. References to sections of ERISA also refer to any successor
sections.
“Eurocurrency
Liabilities” has the meaning assigned to that term in Regulation D of the
F.R.S. Board, as in effect from time to time.
“Euro”
means
the single currency of
Participating Member States of the European Union.
“Euro
Base Rate” means, for any day,
a rate per annum
equal to the main refinancing rate as set by the European Central Bank
plus½
of
1%.
“Euro
Unit” means a currency
unit of the
Euro.
13
“Event
of Default” is defined in Section 9.1.
“Existing
Letters of Credit” means each of the Letters of Credit set forth on
Schedule III hereto and outstanding under the Predecessor Credit
Agreement.
“FASB”
means the Financial Accounting Standards Board.
“Fee
Letters” means the letter agreements dated as of July 17, 2007, between
Scotia Capital, BOA, BAS, Micro and Coordination Center, relating to certain
fees to be paid in connection with this Agreement.
“Fiscal
Period” means a fiscal period of Micro or any of its Subsidiaries, which
shall be either a calendar quarter or an aggregate period comprised of three
consecutive periods of four weeks and five weeks (or, on occasion, six weeks
instead of five), currently commencing on or about each January 1, April 1,
July
1 or October 1.
“Fiscal
Year” means, with respect to any Person, the fiscal year of such
Person. The term Fiscal Year, when used without reference to any
Person, shall mean a Fiscal Year of Micro, which currently ends on the Saturday
nearest December 31.
“Floor
Plan Obligation” means, with respect to any Person, an obligation owed by
such Person arising out of arrangements whereby a third party makes payments
for
the account of such Person directly or indirectly to a trade creditor of such
Person in respect of Trade Payables of such Person.
“Floor
Plan Support Obligation” means any obligation, contingent or otherwise, of
any Person (the “Obligor”) in favor of another Person in respect of Floor Plan
Obligations held by the other Person that arise in connection with sales of
goods or services by the Obligor or its Affiliates.
“Foreign
Borrowers” means, collectively, (a) Coordination Center and (b) any Acceding
Borrower that is not domiciled in the United States.
“Foreign
Subsidiary” means any Subsidiary of Micro that is not domiciled in the
United States.
“F.R.S.
Board” is defined in Section 7.17.
“Funded
Debt” means, with respect to any Person, the sum (without duplication) of
(i) all Indebtedness of such Person, (ii) Consolidated Transferred Receivables
and (iii) the aggregate amount of Total Reimbursement Obligations that are
more
than 3 days past due; provided that, for purposes of determining the
“Applicable Margin” and the amount of the commitment fee pursuant to Section
4.3.2, the definition of Funded Debt used to determine the Leverage Ratio
shall include, in lieu of clause (iii) above, all Letter of Credit
Outstandings.
“GAAP”
is defined in Section 1.4.
14
“Guaranties”
means, collectively, (a) the Micro Guaranty and (b) each Additional
Guaranty.
“Guarantors”
means, collectively, Micro and each Additional Guarantor.
“Hazardous
Material” means (a) any pollutant or contaminant or hazardous, dangerous or
toxic chemical, material or substance that is presently or hereafter becomes
defined as or included in the definition of “hazardous substances,”
“hazardous wastes,” “hazardous materials,” “extremely hazardous
wastes,” “restricted hazardous wastes,” “toxic substances,”
“toxic pollutants,” “contaminants,” “pollutants,” or terms
of similar import within the meaning of any Environmental Law, or (b) any other
chemical or other material or substance, exposure to which is presently or
hereafter prohibited, limited or regulated under any Environmental
Law.
“herein,”
“hereof,” “hereto,” “hereunder” and similar terms contained
in this Agreement or any other Loan Document refer to this Agreement or such
other Loan Document, as the case may be, as a whole and not to any particular
Article, Section, clause, paragraph or provision of this Agreement or such
other
Loan Document.
“Impermissible
Qualifications” means, relative to the opinion of certification of any
independent public accountant engaged by Micro as to any financial statement
of
Micro and its Consolidated Subsidiaries, any qualification or exception to
such
opinion or certification:
(a) which
is of a “going concern” or similar nature;
(b) which
relates to the limited scope of examination of matters relevant to such
financial statement; or
(c) which
relates to the treatment or classification of any item in such financial
statement and which, as a condition to its removal, would require an adjustment
to such item the effect of which would be to cause Micro to be in default of
any
of its obligations under Section 8.2.3 or 8.2.8;
provided
that (i) qualifications relating to pre-acquisition balance sheet accounts
of
Person(s) acquired by Micro or any of its Subsidiaries and (ii) statements
of
reliance in the auditor’s opinion on another accounting firm (so long as such
other accounting firm has a national reputation in the applicable country and
such reliance does not pertain to any Borrower) shall not be deemed an
Impermissible Qualification.
“including”
and “include” mean including without limiting the generality of any
description preceding such term.
“Indebtedness”
of any Person means and includes the sum of the following (without
duplication):
(a) all
obligations of such Person for borrowed money, all obligations evidenced by
bonds, debentures, notes, investment repurchase agreements or other similar
instruments, and all securities issued by such Person providing for mandatory
payments of money, whether or not contingent;
15
(b) all
obligations of such Person pursuant to revolving credit agreements or similar
arrangements to the extent then outstanding;
(c) all
obligations of such Person to pay the deferred purchase price of property or
services, except (i) trade accounts payable arising in the ordinary course
of
business, (ii) other accounts payable arising in the ordinary course of business
in respect of such obligations the payment of which has been deferred for a
period of 270 days or less, (iii) other accounts payable arising in the ordinary
course of business none of which shall be, individually, in excess of $200,000,
and (iv) a lessee’s obligations under leases of real or personal property
not required to be capitalized under FASB Statement 13;
(d) all
obligations of such Person as lessee under Capitalized Lease Liabilities or
Synthetic Leases;
(e) all
obligations of such Person to purchase securities (or other property) which
arise out of or in connection with the sale of the same or substantially similar
securities or property excluding any such sales or exchanges for a period of
less than 45 days;
(f) all
obligations, contingent or otherwise, with respect to the stated amount of
letters of credit, whether or not drawn, issued for the account of such Person
to support the Indebtedness of any Person other than Micro or a Subsidiary
of
Micro, and bankers’ acceptances issued for the account of such
Person;
(g) all
Indebtedness of others secured by a Lien of any kind on any asset of such
Person, whether or not such Indebtedness is assumed by such Person;
provided that the amount of any Indebtedness attributed to any Person
pursuant to this clause (g) shall be limited, in each case, to the
lesser of (i) the fair market value of the assets of such Person subject to
such
Lien and (ii) the amount of the other Person’s Indebtedness secured by such
Lien; and
(h) all
guarantees, endorsements and other Contingent Liabilities of such Person in
respect of any of the foregoing;
provided
that it is understood and agreed that the following are not
“Indebtedness”:
(i) obligations
to pay the deferred purchase price for the acquisition of any business (whether
by way of merger, sale of stock or assets or otherwise), to the extent that
such
obligations are contingent upon attaining performance criteria such as earnings
and such criteria shall not have been achieved;
(ii) obligations
to repurchase securities issued to employees pursuant to any Plan or other
contract or arrangement relating to employment upon the termination of their
employment or other events;
(iii) obligations
to match contributions of employees under any Plan;
16
(iv) guarantees
of any Obligor or any of their respective Subsidiaries that are guarantees
of
performance, reclamation or similar bonds or, in lieu of such bonds, letters
of
credit used for such purposes issued in the ordinary course of business for
the
benefit of any Subsidiary of Micro, which would not be included on the
consolidated financial statements of any Obligor; and
(v) Trade
Payables.
“Indemnified
Liabilities” is defined in Section 11.4.
“Indemnified
Parties” is defined in Section 11.4.
“Ineligible
Currency” means, with respect to any Available Currency (other than
Dollars), a determination by the Administrative Agent that such currency has
ceased to be (a) freely convertible into Dollars or (b) a currency for which
there is an active foreign exchange and deposit market in London or New York
City.
“Initial
Additional Guarantors” means Xxxxxx Micro Management Company, a California
corporation, Xxxxxx Micro Asia Holdings Inc., a California corporation, and
Xxxxxx Micro SB Inc., a California corporation, each of which shall execute
and
deliver an Additional Guaranty on or prior to the Effective Date as required
by
Section 6.1.3.
“Initial
Borrowers” is defined in the preamble.
“Intangible
Assets” means, with respect to any Person, that portion of the book value of
the assets of such Person which would be treated as intangibles under GAAP,
including all items such as goodwill, trademarks, trade names, brands, trade
secrets, customer lists, copyrights, patents, licenses, franchise conversion
rights and rights with respect to any of the foregoing and all unamortized
debt
or equity discount and expenses.
“Intercompany
Transfer” means the purchase or acquisition by Micro or any Subsidiary of
Micro of property or assets of Micro or any Subsidiary of Micro, provided
that (i) such purchase or acquisition satisfies the requirements of Section
8.2.6 and (ii) no Event of Default has occurred and is continuing at the
time of such purchase or acquisition or would occur after giving effect
thereto.
“Interest
Period” means, for any LIBO Rate Loan, the period beginning on (and
including) the date on which such Loan is made, continued or converted and
ending on (but excluding) the last day of the period selected by the relevant
Borrower pursuant to the provisions below. The duration of each such
Interest Period shall be one week (it being understood that such one-week
Interest Period may not be selected by the Borrowers collectively more than
twice in any calendar month) or one, three, or six months from (and including)
the date of such Loan, ending on (but excluding), in the case of a one-week
Interest Period, the corresponding day of the following week and, in each other
case, the day which numerically corresponds to such date (or, if such month
has
no numerically corresponding day on the last Business Day of such month), as
the
relevant Borrower may select in its relevant notice pursuant to
Section 3.1 or 4.2.3; provided that:
17
(a) the
Borrowers shall not be permitted to select Interest Periods for Loans to be
in
effect at any one time which have expiration dates occurring on more than 10
different dates in the aggregate;
(b) Interest
Periods commencing on the same date for Loans comprising part of the same
Borrowing shall be of the same duration;
(c) if
such Interest Period would otherwise end on a day which is not a Business Day,
such Interest Period shall end on the next following Business Day (unless
(except in the case of a one-week Interest Period), if such Interest Period
applies to a Loan, such next following Business Day is the first Business Day
of
a calendar month, in which case such Interest Period shall end on the Business
Day next preceding such numerically corresponding day); and
(d) no
Interest Period for any Loan may end later than the Commitment Termination
Date.
“Intra-Group
Agreement” means, collectively, any Intra-Group Agreement, substantially in
the form of Exhibit G attached hereto (i) duly executed and
delivered on or prior to the Effective Date by Authorized Persons of each
Borrower and each Initial Additional Guarantor and (ii) executed and delivered
if and when required by Section 8.1.10, in each case as amended,
supplemented, restated or otherwise modified from time to time.
“Issuance
Request” means an issuance request for Letters of Credit duly completed and
executed by an Authorized Person of the relevant Borrower, substantially in
the
form of Exhibit C attached hereto.
“Issuer”
means Scotia Capital, in its capacity as issuer of the Letters of
Credit. At the request of the Agents, another Lender or an Affiliate
of Scotia Capital may (but is not otherwise obligated to) issue one or more
Letters of Credit hereunder.
“Joint
Lead Arrangers” means Scotia Capital and BAS.
“Lenders”
is defined in the preamble and also includes Additional Commitment
Lenders pursuant to Section 2.4.
“Lender
Assignment Agreement” means a Lender Assignment Agreement substantially in
the form of Exhibit J attached hereto.
“Lender
Party” means any of the Lenders, the Agents, the Issuers, and (for purposes
only of Section 11.4) the Joint Lead Arrangers.
“Lending
Office” means, for any Lender (a) for Loans to Micro, its Lending Office for
Loans to Micro designated beside its signature below, designated in a Lender
Assignment Agreement to which it is a party, or designated in a notice to the
Administrative Agent and Micro from time to time and at any time and (b) for
other Loans, its Lending Office for "Other Loans" designated beside its
signature below, designated in a Lender Assignment Agreement to which
it
18
is
a
party, or designated in a notice to the Administrative Agent and Micro from
time
to time and at any time.
“Letter
of Credit Commitment” means, with respect to any Issuer of Letters of
Credit, such Issuer’s obligations to issue Letters of Credit pursuant to
Section 3.2 and, with respect to each of the other Lenders, the
obligations of each such Lender to participate in Letters of Credit pursuant
to
such Section 3.2.
“Letter
of Credit Limit” means, on any date, a maximum amount (as such amount may be
reduced from time to time pursuant to Section 2.2) equal to the
Total Commitment Amount.
“Letter
of Credit Outstandings” means, on any date, the sum (without duplication) of
the Dollar Amounts of (a) the then aggregate amount which is undrawn and
available under all Letters of Credit issued and outstanding (assuming that
all
conditions for drawing have been satisfied), plus (b) the then aggregate amount
of all unpaid and outstanding Reimbursement Obligations.
“Letters
of Credit” means all letters of credit issued and outstanding under this
Agreement.
“Leverage
Ratio” means the ratio of (a) Consolidated Funded Debt on the last day of
any Fiscal Period to (b) Consolidated EBITDA for the period of four Fiscal
Periods ending on the last day of such Fiscal Period.
“LIBO
Rate” means, for any Interest Period for a Borrowing, an annual interest
rate (rounded upward to four decimal places) determined by the Administrative
Agent to be either:
(a) the
London interbank offered rate for deposits, in the currency in which that
Borrowing is denominated under this Agreement, at approximately 11:00 a.m.,
London time, two Business Days before the first day (or, solely in the case
of
Borrowings denominated in Sterling, on the first day) of that Interest Period
for a term comparable to that Interest Period, determined by the British Bankers
Association as the London Interbank Offered Rate for deposits in the currency
in
which the Borrowing is denominated under this Agreement and published at Reuters
Screen LIBOR01 Page or any successor publication, agreed upon by the parties
hereto, that reports British Bankers Association rates; or
(b) if
no such display rate is then available, the average of the rates at which
deposits of the currency of the relevant Borrowing in immediately available
funds are offered to each Reference Lender’s principal office in the London
interbank market at or about 11:00 a.m., London time, two Business Days prior
to
(or the Business Day that, for Borrowings denominated in Sterling, is) the
beginning of such Interest Period for delivery on the first day of such Interest
Period, and in an amount approximately equal to the amount of each such
Reference Lender’s Loan that is part of that Borrowing and for a period
approximately equal to such Interest Period.
“LIBO
Rate Loan” means a Loan bearing interest at a rate determined by reference
to the LIBO Rate.
19
“LIBOR
Reserve Percentage” means, for any Lender, relative to any Interest Period
for Loans, the reserve percentage (expressed as a decimal) equal to the maximum
aggregate reserve requirements (including all basic, emergency, supplement,
marginal and other reserves and taking into account any transitional adjustments
or other scheduled changes in reserve requirements) specified under regulations
issued from time to time by the F.R.S. Board and then applicable to assets
or
liabilities consisting of and including Eurocurrency Liabilities having a term
approximately equal or comparable to such Interest Period.
“Lien”
means any security interest, mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or otherwise), charge against,
valid claim on or interest in property to secure payment of a debt or
performance of an obligation or other priority or preferential arrangement
of
any kind or nature whatsoever (including, without limitation, (a) the lien
or
retained security title of a conditional vendor and (b) under any agreement
for
the sale of Trade Accounts Receivable (or an undivided interest in a specified
amount of such Trade Accounts Receivable), the interest of the purchaser (or
any
assignee of such purchaser which has financed the relevant purchase) in a
percentage of receivables of the seller not so sold, held by the purchaser
(or
such assignee) as a reserve for (i) interest rate protection in the event of
a
liquidation of the receivables sold, (ii) expenses that would be incurred upon
a
liquidation of the receivables sold, (iii) losses that might be incurred in
the
event the amount actually collected from the receivables sold is less than
the
amount represented in the relevant receivables purchase agreement as
collectible, or (iv) any similar purpose (but excluding the interest of a trust
in such receivables to the extent that the beneficiary of such trust is Micro
or
a Subsidiary of Micro).
“Loan
Document” means this Agreement, each Note (if any), each Credit Extension
Request, each Letter of Credit, the Intra-Group Agreement, each Guaranty, the
most recently delivered Compliance Certificate (specifically excluding any
other
Compliance Certificate previously delivered), any Accession Request and
Acknowledgment, and any other agreement, document, or instrument (excluding
any
documents delivered solely for the purpose of satisfaction disclosure
requirements or requests for information) required in connection with this
Agreement or the making or maintaining of any Credit Extension and delivered
by
an Authorized Person.
“Loans”
means, as the context may require, (i) either a Revolving Loan or a Swing Line
Loan or (ii) a Base Rate Loan or a LIBO Rate Loan of any type.
“Mandatory
Costs” means the percentage rate per annum calculated by the Administrative
Agent in accordance with Schedule II.
“Margin
Stock” means “margin stock,” as such term is defined and used in
Regulation U.
“Material
Adverse Effect” means a material adverse effect on the ability (whether
financial, legal or otherwise) of the Obligors to comply with their obligations
(future or otherwise) under this Agreement.
“Material
Asset Acquisition” (a) means the purchase or other acquisition (in one
transaction or a series of related transactions) from any Person of property
or
assets, the aggregate purchase price of which (calculated in Dollars) paid
in
cash or property (other than
20
property
consisting of equity shares or interests or other equivalents of corporate
stock
of, or partnership or other ownership interests in, any Obligor), equals or
exceeds 25% of the sum (calculated without giving effect to such purchase or
acquisition) of (i) Consolidated Funded Debt (determined as at the end of the
then most recently ended Fiscal Period), plus (ii) Consolidated Stockholders’
Equity (determined as at the end of the then most recently ended Fiscal Period),
plus (iii) any increase thereof attributable to any equity offerings or
issuances of capital stock occurring subsequent to the end of such Fiscal Period
and before any such purchase or acquisition, but (b) does not mean an
Intercompany Transfer.
“Material
Subsidiary” means:
(a) with
respect to any Subsidiary of Micro as of the date of this Agreement, a
Subsidiary of Micro that, as of any date of determination, either (i) on an
average over the three most recently preceding Fiscal Years contributed at
least
5% to Consolidated Net Income or (ii) on an average at the end of the three
most
recently preceding Fiscal Years owned assets constituting at least 5% of
Consolidated Assets; and
(b) with
respect to any Subsidiary of Micro organized or acquired subsequent to the
date
of this Agreement, a Subsidiary of Micro that as of:
(i) the
date it becomes a Subsidiary of Micro, would have owned (on a pro forma basis
if
such Subsidiary had been a Subsidiary of Micro at the end of the preceding
Fiscal Year) assets constituting at least 5% of Consolidated Assets at the
end
of the Fiscal Year immediately prior to the Fiscal Year in which it is organized
or acquired; or
(ii) any
date of determination thereafter, either (A) on an average over the three most
recently preceding Fiscal Years (or, if less, since the date such Person became
a Subsidiary of Micro) contributed at least 5% to Consolidated Net Income or
(B)
on an average at the end of the three (or, if less, such number of Fiscal
Year-ends as have occurred since such Person became a Subsidiary of Micro)
most
recently preceding Fiscal Years owned assets constituting at least 5% of
Consolidated Assets;
provided
that Xxxxxx Funding Inc. and any other special purpose financing vehicle shall
not be Material Subsidiaries.
“Maturity”
of any of the Obligations means the earliest to occur of:
(a) the
date on which such Obligations expressly become due and payable pursuant hereto
or any other Loan Document but in no event beyond the Commitment Termination
Date; and
(b) the
date on which such Obligations become due and payable pursuant to
Section 9.2, 9.3, or 9.4.
“Micro”
is defined in the preamble.
21
“Micro
Guaranty” means a guaranty, substantially in the form of
Exhibit H attached hereto, duly executed and delivered by an
Authorized Person of Micro, as amended, supplemented, restated or otherwise
modified from time to time.
“Moody’s”
means Xxxxx’x Investors Service, Inc.
“National
Currency
Unit” means a unit of
currency (other than a Euro Unit) of a Participating Member
State.
“Net
Interest Expense” means, for any applicable period, the aggregate interest
expense of Micro and its Consolidated Subsidiaries (including imputed interest
on Capitalized Lease Liabilities) deducted in determining Consolidated Net
Income for such period, net of interest income of Micro and its Consolidated
Subsidiaries included in determining Consolidated Net Income for such applicable
period.
“Non-Compliance
Period” is defined in Section 8.2.4(b).
“Non-Exempt
U.S. Person” means any Lender Party who is a “United States person” within
the meaning of Section 7701(a)(30) of the Code other than a Lender Party who
is
an exempt recipient (including a corporation or a financial institution) as
determined under the provisions of Treas. Reg. § 1.6049-4(c)(1)(ii) unless the
communications with such Lender Party are mailed by Micro or the Administrative
Agent to an address in a foreign country.
“Non-Recurring
Restructuring Charges” means, for any period, the aggregate non-recurring
restructuring charges recorded in accordance with GAAP by Micro and its
Consolidated Subsidiaries during such period with respect to either Acquisitions
or the 2005 North American outsourcing and optimization program described in
the
April 11, 2005 Press Release of Micro.
“Note”
means, as the context may require, a Revolving Note or a Swing Line
Note.
“Obligations”
means, individually and collectively (a) the Revolving Loans, (b) Swing
Line Loans, (c) all Letter of Credit Outstandings, and (d) all other
indebtedness, liabilities, obligations, covenants and duties of any Borrower
owing to the Agents or the Lenders of every kind, nature and description, under
or in respect of this Agreement or any of the other Loan Documents including,
without limitation, any fees, whether direct or indirect, absolute or
contingent, due or not due, contractual or tortious, liquidated or unliquidated,
and whether or not evidenced by any note.
“Obligors”
means, collectively, the Borrowers and the Guarantors.
“Organic
Documents” means, relative to any Obligor, any governmental filing or
proclamation pursuant to which such Person shall have been created and shall
continue in existence (including a charter or certificate or articles of
incorporation or organization, and, with respect to Coordination Center, the
Royal Decree) and its by-laws (or, if applicable, partnership or operating
agreement) and all material shareholder agreements, voting trusts and similar
arrangements to which such Obligor is a party that are applicable to the voting
of any of its authorized shares of capital stock (or, if applicable, other
ownership interests therein).
22
“Outstanding
Credit Extensions” means, relative to any Lender at any date and without
duplication, the sum of the Dollar Amounts of (a) the aggregate principal amount
of all outstanding Loans of such Lender at such date, plus (b) such Lender’s
Percentage of the Letter of Credit Outstandings.
“Participant”
is defined in Section 11.11.2.
“Participating
Member
State” means each such
state so described in any EMU Legislation.
“PBGC”
means the Pension Benefit Guaranty Corporation and any entity succeeding to
any
or all of its functions under ERISA.
“Pension
Plan” means a “pension plan,” as such term is defined in Section 3(2)
of ERISA, which is subject to Title IV of ERISA (other than a multiemployer
plan
as defined in Section 4001(3) of ERISA), and to which any Obligor or any
corporation, trade or business that is, along with Obligor, a member of a
Controlled Group, may have liability, including any liability by reason of
having been a substantial employer within the meaning of Section 4063 of
ERISA at any time during the preceding five years, or by reason of being deemed
to be a contributing sponsor within the meaning of Section 4069 of
ERISA.
“Percentage”
of any Lender means in the case of (a) each Lender which is a signatory to
this
Agreement, the percentage set forth opposite such Lender’s signature hereto
under the caption “Percentage,” subject to any modification necessary to
give effect to (i) any sale, assignment or transfer made pursuant to
Section 11.11.1 or (ii) any Designated Additional Commitments
made pursuant to Section 2.4 or (b) any Transferee Lender, effective upon
the occurrence of the relevant purchase by, or assignment to, such Transferee
Lender, the portion of the Percentage of the selling, assigning or transferring
Lender allocated to such Transferee Lender.
“Person”
means any natural person, company, partnership, firm, limited liability company
or partnership, association, trust, government, government agency or any other
entity, whether acting in an individual, fiduciary or other
capacity.
“Plan”
means any Pension Plan or Welfare Plan.
“Predecessor
Credit Agreement” means the certain Credit Agreement dated as of July 29,
2005 by and between Agents, the Initial Borrowers and the financial institutions
party thereto.
“Principal
Financial Center” means, in the case of any Available Currency, the
principal financial center where such Available Currency is cleared and settled,
as determined by the Administrative Agent.
“Quarterly
Payment Date” means the last day of March, June, September and December of
each calendar year or, if any such day is not a Business Day, the next
succeeding Business Day.
23
“Reference
Lenders” means Scotia Capital and BOA; provided that, in relation to
Mandatory Costs, “Reference Lenders” shall refer to the principal London office
of Scotia Capital and BOA.
“Reference
Rate” means, at any time, an annual interest rate equal to the sum of (a)
the Applicable Margin for Loans at that time (unless already included in the
rate determined under clause (b) following) plus (b) the rate determined
by the Administrative Agent to be the higher of either:
(i) the
rate on the relevant base amount or overdue amount (before the date due, if
principal), as the case may be and to the extent applicable (the “relevant
amount”); or
(ii) the
rate that would have been payable if the relevant amount constituted a Loan
in
the currency of the relevant amount for successive interest periods of such
duration as the Administrative Agent may determine (each a “designated
interest period”).
Such
rate
in clause (b) above shall be determined on each Business Day or the
first day of, or two Business Days before the first day of, the designated
interest period, as appropriate, and otherwise determined in accordance with
the
definition of LIBO Rate or, if not available, determined by reference to the
cost of funds to the Administrative Agent from whatever source it reasonably
selects.
“Refunded
Swing Line Loans” is
defined in clause (b) of Section 3.1.2.
“Regulation
U” is defined in Section 7.17.
“Regulation
X” is defined in Section 7.17.
“Regulatory
Change” means any change after the date hereof in any (or the promulgation
after the date hereof of any new):
(a) law
applicable to any class of banks (of which any Lender Party is a member) issued
by (i) any competent authority in any country or jurisdiction, or (ii) any
competent international or supra-national authority; or
(b) regulation,
interpretation, directive or request (whether or not having the force of law)
applicable to any class of banks (of which any Lender Party is a member) of
any
court, central bank or governmental authority or agency charged with the
interpretation or administration of any law referred to in
clause (a) of this definition or of any fiscal, monetary or other
authority having jurisdiction over any Lender Party.
“Reimbursement
Obligation” is defined in Section 3.2.3.
“Release”
means a “release,” as such term is defined in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended
and
as in effect
24
from
time
to time (00 Xxxxxx Xxxxxx Code § 9601 etseq.), and any rules and
regulations promulgated thereunder.
“Required
Currency” is defined in Section 5.8.1(a).
“Required
Lenders” means (a) at any time when the Commitments of the Lenders have
expired or been terminated, those Lenders holding more than 50% of the total
Outstanding Credit Extensions of all of the Lenders at that time, and (b) at
any
other time, those Lenders whose Percentages total more than 50% at that
time.
“Restricted
Payment” is defined in Section 8.2.4(a).
“Revolving
Loans” is defined in clause (a) of
Section 2.1.
“Revolving
Note” means a promissory note of a Borrower, payable to a Lender that has
requested it under Section 4.1, substantially in the form of
Exhibit A-1 attached hereto (as such promissory note may be amended,
endorsed, or otherwise modified from time to time), evidencing the aggregate
Indebtedness of that Borrower to such Lender resulting from outstanding
Revolving Loans, together with all other promissory notes accepted from time
to
time in substitution therefor or renewal thereof.
“Royal
Decree” means the Royal Decree of The Kingdom of Belgium recognizing
Coordination Center as a coordination center under Belgian law, as the same
may
from time to time be amended, supplemented or otherwise modified by any new
Royal Decree relating to the recognition of the Coordination Center as a
coordination center under Belgium law.
“S&P”
means Standard & Poor’s Rating Services, a division of The XxXxxx-Xxxx
Companies, Inc.
“Scotia
Capital” is defined in the preamble.
“Securitization
Default” is defined in Section 9.1.10.
“Securitization
Financing Amount” means, in respect of any Securitization Default, the
principal equivalent of the outstanding amount of financing being provided
to
Micro and its Consolidated Subsidiaries under the related Trade Accounts
Receivable securitization program, determined in accordance with general
accepted financial practices.
“Settlement
Date” is defined in Section 4.1.2.
“Stated
Amount” for any Letter of Credit on any day means the amount which is
undrawn and available under such Letter of Credit on such day (after giving
effect to any drawings thereon on such day).
“Stated
Expiry Date” is defined in Section 3.2.
“Sterling”
means the lawful currency of the United Kingdom.
25
“Sterling
Base Rate” means, for any day, the rate per annum equal to the base rate as
set by the Monetary Policy Committee of the Bank of England plus½ of
1%.
“Subject
Lender” is defined in Section 5.12.
“Subsidiary” means,
with respect to any Person, any corporation, company, partnership or other
entity of which more than 50% of the outstanding shares or other ownership
interests having by the terms thereof ordinary voting power to elect a majority
of the board of directors of, or other persons performing similar functions
for,
such corporation, company, partnership or other entity (irrespective of whether
at the time shares or other ownership interests of any other class or classes
of
such corporation, company, partnership or other entity shall or might have
voting power upon the occurrence of any contingency) is at the time directly
or
indirectly owned by such Person, by such Person and one or more other
Subsidiaries of such Person, or by one or more other Subsidiaries of such
Person.
“Subsidiary
Borrowers” is defined in the preamble.
“Swing
Line Lender” means, subject to the terms of this Agreement, Scotia
Capital.
“Swing
Line Loan” is defined in clause (b) of Section
2.1.
“Swing
Line Loan Commitment” means the Swing Line Lender’s obligation (if any) to
make Swing Line Loans pursuant to clause (b) of Section
2.1.
“Swing
Line Loan Commitment Amount” means, on any date, the Dollar Amount of
$75,000,000, as such amount may be reduced from time to time pursuant to
Section 2.2.
“Swing
Line Note” means a promissory note of a Borrower payable to the Swing Line
Lender (if requested by the Swing Line Lender under Section 4.1), in the
form of Exhibit A-2 hereto (as such promissory note may be amended,
endorsed or otherwise modified form time to time), evidencing the aggregate
Indebtedness of the Borrower to the Swing Line Lender resulting from outstanding
Swing Line Loans, and also means all other promissory notes accepted from time
to time in substitution therefor or renewal thereof.
“Syndication
Agent” is defined in the preamble and includes each other Person as shall
have subsequently been appointed as the successor Syndication Agent pursuant
to
Section 10.4.
“Synthetic
Lease” means, as applied to any Person, any lease (including leases that may
be terminated by the lessee at any time) of any property (whether real, personal
or mixed) (a) that is not a capital lease in accordance with GAAP and (b) in
respect of which the lessee retains or obtains ownership of the property so
leased for federal income tax purposes, other than any such lease under which
that Person is the lessor.
“Tax
Payment” is defined in Section 5.7.
“Tax
Refund” is defined in Section 5.7.
“Taxes”
is defined in Section 5.7.
26
“Total
Commitment Amount” means, at any time, the Dollar Amount of $275,000,000, as
such amount may be reduced from time to time pursuant to Section 2.2
or increased from time to time pursuant to Section 2.4.
“Total
Indebtedness of Subsidiaries” means, at any date, the aggregate of all
Indebtedness on such date of all the Subsidiaries of Micro, without duplication
and after eliminating all offsetting debits and credits between each of such
Subsidiaries or between such a Subsidiary and Micro and all other items required
to be eliminated in accordance with GAAP, excluding (a) all Indebtedness of
any
Consolidated Subsidiary of Micro outstanding on March 31, 2007, or incurred
pursuant to any commitment or line of credit in its favor in effect on March
31,
2007, and any renewals or replacements thereof, so long as such renewals or
replacements do not increase the amount of such Indebtedness or such commitments
or lines of credit and (b) any Indebtedness of Xxxxxx Funding Inc. or any other
special purpose financing vehicle incurred in connection with their purchase,
directly or indirectly, from Micro or any of Micro’s other Consolidated
Subsidiaries, of Trade Accounts Receivable or interests therein.
“Total
Reimbursement Obligations” means, at any date, the sum of (a) all
Reimbursement Obligations of each Borrower and (b) any other obligations of
Micro or any of its Subsidiaries to reimburse any issuer with respect to a
disbursement under a letter of credit issued on behalf of Micro or any such
Subsidiary, in each case that have ceased to be contingent upon a drawing under
the related letter of credit.
“Trade
Accounts Receivable” means, with respect to any Person, all rights of such
Person to the payment of money arising out of any sale, lease or other
disposition of goods or rendition of services by such Person.
“Trade
Payables” means, with respect to any Person, (a) any accounts payable or any
other indebtedness or monetary obligation to trade creditors created, assumed
or
guaranteed by such Person or any of its Subsidiaries arising in the ordinary
course of business in connection with the acquisition of goods or services
or
(b) such Person's Floor Plan Obligations and Floor Plan Support
Obligations.
“Transferee
Lender” is defined in Section 11.11.1.
“Treasury”
is defined in the preamble.
“United
Kingdom” means The United Kingdom of Great Britain and Northern
Ireland.
“United
States” or “U.S.” means the United States of America, its fifty
States, and the District of Columbia.
“Voting
Stock” means, (a) with respect to a corporation, the stock of such
corporation the holders of which are ordinarily, in the absence of
contingencies, entitled to elect members of the board of directors (or other
governing body) of such corporation, (b) with respect to any partnership, the
partnership interests in such partnership the owners of which are entitled
to
manage the affairs of the partnership or vote in connection with the management
of the affairs of the partnership or the designation of another Person as the
Person entitled to manage the affairs of the partnership, and (c) with respect
to any limited liability company, the membership
27
interests
in such limited liability company the owners of which are entitled to manage
the
affairs of such limited liability company or entitled to elect managers of
such
limited liability company (it being understood that, in the case of any
partnership or limited liability company, “shares” of Voting Stock shall
refer to the partnership interests or membership interests therein, as the
case
may be).
“Welfare
Plan” means a “welfare plan,” as such term is defined in
Section 3(l) of ERISA.
SECTION
1.2 Use of Defined Terms. Unless
otherwise defined or the context otherwise requires, terms for which meanings
are provided in this Agreement shall have such meaning as when used in the
Disclosure Schedule and in each Credit Extension Request, each other Loan
Document, and each notice and other communication delivered from time to time
in
connection with this Agreement or any other Loan Document.
SECTION
1.3 Cross-References. Unless
otherwise specified, references in this Agreement and in each other Loan
Document to any Article, Section, clause or definition are references to
such clause or definition of this Agreement or such other Loan Document, as
the case may be, and, unless otherwise specified, references in any Article,
Section, clause or definition to any section are references to such section
of such Article, Section, clause or definition.
SECTION
1.4 Accounting and Financial
Determinations.
(a) Unless
otherwise specified, all accounting terms used herein or in any other Loan
Document shall be interpreted, and all accounting determinations and
computations hereunder or thereunder (including under Section 8.2.3)
shall be made, in accordance with those U.S. generally accepted accounting
principles (“GAAP”) as applied in the preparation of the financial
statements of Micro and its Consolidated Subsidiaries included in its annual
report on Form 10-K for the Fiscal Year ended December 30, 2006;
provided, that the financial statements required to be delivered pursuant
to clauses (a) and (b) of Section 8.1.1 shall be
prepared in accordance with GAAP as in effect from time to time and the
quarterly financial statements required to be delivered pursuant to
clause (b) of Section 8.1.1 are not required to contain
footnote disclosures required by GAAP and shall be subject to ordinary year-end
adjustments.
(b) If,
after the date hereof, there shall be any change to Micro’s Fiscal Year, or any
modification in GAAP used in the preparation of the 2006 financial statements
(whether such modification is adopted or imposed by FASB, the American Institute
of Certified Public Accountants or any other professional body) which changes
result in a change in the method of calculation of financial covenants,
standards or terms found in this Agreement, the parties hereto agree promptly
to
enter into negotiations in order to amend such financial covenants, standards
or
terms so as to reflect equitably such changes, with the desired result that
the
evaluations of Micro’s financial condition shall be the same after such changes
as if such changes had not been made; provided that until the parties
hereto have reached a definitive agreement on such amendments, Micro’s financial
condition shall continue to be evaluated on the same principles as those used
in
the preparation of the financial statements.
28
SECTION
1.5 Calculations. All
calculations made for purposes of this Agreement, each other Loan Document,
and
the transactions contemplated by them shall be made to two decimal places except
as otherwise specifically stated in this Agreement or any other Loan
Document.
SECTION
1.6 Round Amounts. Unless
otherwise specifically stated in this Agreement or any other Loan Document,
each
requirement that Credit Extensions, repayments, and reductions in Commitments
be
in certain Dollar minimums and integral multiples shall, in respect of dealings
in another Available Currency, be deemed to be rounded amounts in that other
Available Currency that approximate those Dollar minimums and
multiples.
ARTICLE
II
COMMITMENTS,
ETC.
SECTION
2.1 Commitments. On the terms
and subject to the conditions of this Agreement (including Article VI),
each Lender severally (or in the case of Swing Line Loans, the Swing Line
Lender) agrees that it will, from time to time on any Business Day occurring
prior to the Commitment Termination Date:
(a) make
revolving loans (other than Swing Line Loans) in Available Currencies
(“Revolving Loans”) to any Borrower equal to such Lender’s Percentage of
the aggregate amount of the Borrowing to be made on such Business Day, all
in
accordance with Section 3.1; provided that no Lender shall be
required to make any Revolving Loan if, after giving effect
thereto:
(i) such
Lender’s Outstanding Credit Extensions would exceed its Credit Commitment
Amount; or
(ii) the
aggregate Outstanding Credit Extensions of all the Lenders would exceed the
then
Total Commitment Amount;
(b) the
Swing Line Lender agrees that it will make loans in Available Currencies (its
“Swing Line Loans”) to any Borrower equal to the principal amount of the
Swing Line Loan requested by such Borrower; provided that the Swing Line
Lender shall not be required to make any Swing Line Loan if, after giving effect
thereto, the aggregate outstanding Dollar Amount of the principal amount of
all
Swing Line Loans would exceed the then existing Swing Line Loan Commitment
Amount; and
(c) purchase
participation interests in Available Currencies equal to its Percentage in
each
Letter of Credit issued upon the application of any Borrower pursuant to
Section 3.2; provided that no Issuer shall issue a Letter of
Credit if, after giving effect thereto:
(i) the
aggregate Letter of Credit Outstandings would exceed the then Letter of Credit
Limit; or
29
(ii) the
aggregate Outstanding Credit Extensions of all the Lenders would exceed the
then
Total Commitment Amount.
On
and
subject to the conditions hereof, the Borrowers may from time to time borrow,
prepay and reborrow Loans and may apply for, extinguish or reimburse drawings
made under and re-apply for Letters of Credit. For purposes of this
Section 2.1, the Dollar Amount on any date of any Credit Extension
denominated in an Available Currency (other than Dollars) shall be calculated
based upon the spot rate at which Dollars are offered on such day for such
Available Currency which appears on Telerate Page 261 at approximately
11:00 a.m., London time, (and if such spot rate is not available on Telerate
Page 261 as of such time, such spot rate as quoted by Scotia Capital, in
London at approximately 11:00 a.m., London time).
SECTION
2.2 Reductions of the Commitment
Amounts.
(a) Micro
may, from time to time on any Business Day, voluntarily reduce the Total
Commitment Amount; provided that:
(i) All
such reductions shall require at least three and not more than five Business
Days’ prior notice to the Administrative Agent and shall be permanent, and any
partial reduction thereof shall be in a minimum amount of $5,000,000 and in
an
integral multiple of $1,000,000 (or, if less, in an amount equal to the Total
Commitment Amount at such time);
(ii) Micro
shall not voluntarily reduce the Total Commitment Amount pursuant to this
section to an amount which, on the date of proposed reduction, is less than
the
aggregate Outstanding Credit Extensions of all the Lenders; and
(iii) Once
so reduced, the Total Commitment Amount may not be increased.
(b) Micro
may, from time to time on any Business Day, voluntarily reduce the Swing Line
Loan Commitment Amount; provided that:
(i) All
such reductions shall require at least three and not more than five Business
Days’ prior notice to the Administrative Agent and shall be permanent, and any
partial reduction thereof shall be in a minimum amount of $5,000,000 and in
an
integral multiple of $1,000,000 (or, if less, in an amount equal to the Swing
Line Loan Commitment Amount at such time);
(ii) Micro
shall not voluntarily reduce the Swing Line Loan Commitment Amount pursuant
to
this section to an amount which, on the date of proposed reduction, is less
than
the aggregate principal amount of all outstanding Swing Line Loans of the Swing
Line Lender; and
(iii) Once
so reduced, the Swing Line Loan Commitment Amount may not be
increased.
30
SECTION
2.3 Ineligible
Currencies. Notwithstanding any other provision in this
Agreement, if, at any time before the Commitment Termination Date, the
Administrative Agent determines that an Available Currency has become an
Ineligible Currency, then (a) the Administrative Agent may (in its sole
discretion) at any time so notify the relevant Borrower of any Borrowing
denominated in that Ineligible Currency, and (b) the Commitments of the Lenders
to make Loans in that Available Currency shall be suspended unless and until
the
Administrative Agent determines that such Available Currency is no longer an
Ineligible Currency. Promptly after receiving that notice and, in any
event, within five Business Days of receiving the same, that Borrower will
notify the Administrative Agent and the Lenders as to what Available Currency
it
desires that Borrowing to be converted into and promptly thereafter the relevant
Lenders shall so convert that Borrowing on the last day of its Interest
Period. If the relevant Borrower fails to select another Available
Currency as provided in the preceding sentence, then that other Available
Currency shall be selected by the Administrative Agent. The
conversion shall be effected at the relevant spot rate at which the Ineligible
Currency is offered on that last day for the selected Available Currency that
appears on Telerate Page 261 at approximately 11:00 a.m., London time, (and
if such spot rate is not available on Telerate Page 261 as of that time,
the spot rate as quoted by Scotia Capital in London at approximately 11:00
a.m.,
London time) or, if that spot rate shall not exist, such other rate of exchange
as the Administrative Agent shall reasonably determine.
SECTION
2.4 Designated Additional
Loans. From time to time, so long as no Default has occurred
and is continuing, the Borrowers may notify the Administrative Agent that the
Borrowers wish, on the terms and subject to the conditions contained in this
Agreement, to increase the Total Commitment Amount by additional Commitments
from the Lenders and/or other Persons (each of which must be an Eligible
Assignee) not then a party to this Agreement (“Designated Additional
Commitments”), provided that the cumulative amount of the Designated
Additional Commitments may not exceed $175,000,000. Such notice shall
specify (A) the date (each, an “Additional Commitment Date”) on which the
Borrowers propose that the Designated Additional Commitments shall be effective
(it being understood that the Borrowers and the Agents will use commercially
reasonable efforts to avoid the prepayment or assignment of any LIBO Rate Loan
on a day other than the last day of the Interest Period applicable thereto)
and
(B) the identity of each Lender or Eligible Assignee that has agreed to provide
a Designated Additional Commitment and become a party to this Agreement,
together with the amount of its Designated Additional Commitment (each, an
“Additional Commitment Lender”). Nothing contained in this
Section 2.4 or otherwise in this Agreement is intended to commit any
Lender or any Agent to provide any Additional Designated Commitment, but
otherwise no consent from any Lender or Agent shall be required, whether
pursuant to Section 11.1 or otherwise, for any increase in the Total
Commitment Amount pursuant to this Section 2.4. On the
Additional Commitment Date (i) the Total Commitment Amount shall be increased
by
the amount of the additional Commitments agreed to be so provided, (ii) subject
to compliance with the terms of Section 6.2, Loans requested by the
Borrowers will be made in accordance with this Agreement, (iii) the Percentages
of the respective Lenders and Additional Commitment Lenders shall be
appropriately adjusted, (iv) the Lenders and the Additional Commitment Lenders
shall assign and assume outstanding Credit Extensions including participations
in outstanding Letters of Credit so as to cause the amounts of such Loans and
participations in Letters of Credit held by each Lender and each Additional
Commitment Lender to conform to the respective Percentages of the Commitments
of
the Lenders and the Additional Commitment Lenders and (v) the
31
Borrowers
and any Additional Commitment Lender that is not already a Lender shall execute
and deliver any additional Notes or other amendments or modifications to this
Agreement or any other Loan Document as the Administrative Agent may reasonably
request. Any fees payable in respect of any commitment provided for
in this Section 2.4 shall be as agreed to by the Borrowers and the
Administrative Agent. Any Designated Additional Commitment pursuant
to this Section 2.4 (i) shall be irrevocable as of the Additional
Commitment Date, (ii) shall reduce the amount of commitments that may be
requested under this Section 2.4pro tanto and (iii) shall be in a
minimum principal amount of $5,000,000 and integral multiples of
$1,000,000.
ARTICLE
III
PROCEDURES
FOR CREDIT EXTENSIONS
SECTION
3.1 Borrowing Procedures. Loans
(other than Swing Line Loans) shall be made by the Lenders in accordance with
Section 3.1.1, and Swing Line Loans shall be made by the Swing Line
Lender in accordance with Section 3.1.2. Unless otherwise
expressly provided, all Loans (other than Swing Line Loans) shall be LIBO Rate
Loans.
SECTION
3.1.1 Borrowing Procedure for Revolving
Loans.
(a) In
the case of Loans (other than Swing Line Loans), on any Business Day occurring
on or prior to the Commitment Termination Date, any Borrower may from time
to
time irrevocably request, by delivering on or prior to 1:00 p.m., Applicable
Time, on such Business Day a Borrowing Request to the Administrative Agent
not
less than three nor more than five Business Days before the date of the proposed
Borrowing, that a Borrowing be made in a minimum amount of $5,000,000 and an
integral multiple of $1,000,000, or if less, in the unused amount of the Total
Commitment Amount. Upon the receipt of each Borrowing Request, the
Administrative Agent shall give prompt notice thereof to each Lender on the
same
day such Borrowing Request is received. On the terms and subject to
the conditions of this Agreement, each Borrowing shall be made on the Business
Day specified in such Borrowing Request. On or before 2:30 p.m.,
Applicable Time, on such Business Day, each Lender shall deposit with the
Administrative Agent (to an account specified by the Administrative Agent to
each Lender from time to time) same day funds in an amount equal to such
Lender’s Percentage of the requested Borrowing.
(b) To
the extent funds are received from the Lenders (except as otherwise provided
in
Section 10.2), the Administrative Agent shall make such funds
available to the relevant Borrower by wire transfer of same day funds to the
accounts such Borrower shall have specified in its Borrowing
Request. No Lender’s obligation to make any Loan shall be affected by
any other Lender’s failure to make any Loan.
SECTION
3.1.2 Borrowing Procedure for Swing Line
Loans.
(a) In
the case of Swing Line Loans, on any Business Day occurring on or prior to
the
Commitment Termination Date, any Borrower may from time to time irrevocably
request, by delivering on or prior to 1:00 p.m., Applicable Time, on such
32
Business
Day a Borrowing Request to the Administrative Agent not less than one nor more
than five Business Days before the date of the proposed Borrowing that a Swing
Line Loan be made to such Borrower. Alternatively, by telephonic
notice to the Swing Line Lender on or before 12:00 noon, Applicable Time, on
a
Business Day (followed within one Business Day by the delivery of a confirming
Borrowing Request), any Borrower may from time to time irrevocably request
that
Swing Line Loans be made by the Swing Line Lender. In either case,
Swing Line Loans shall be in an aggregate minimum principal amount of $500,000
and an integral multiple of $100,000. All Swing Line Loans shall be
made as Base Rate Loans and shall not be entitled to be converted into LIBO
Rate
Loans. The proceeds of each Swing Line Loan requested by telephonic
notice shall be made available by the Swing Line Lender to the relevant Borrower
by wire transfer to the account such Borrower shall have specified in its notice
therefor (i) for requests in U.S. Dollars, by 2:00 p.m., Applicable Time, on
the
Business Day telephonic notice is received by the Swing Line Lender (so long
as
such request is received at or before 12:00 noon (Applicable Time)), (ii) for
requests of Loans to be made in Euros, by the close of business on the Business
Day telephonic notice is received by the Swing Line Lender (so long as such
request is received at or before 11:00 a.m., London time) and (iii) for requests
of Loans to be made in Sterling, by the close of business on the Business Day
telephonic notice is received by the Swing Line Lender (so long as such request
is received at or before 12:00 noon, London time). Proceeds of Swing
Line Loans in respect of telephonic notices received by the Swing Line Lender
after the time set forth in the preceding sentence shall be made available
to
the applicable Borrower by 10:00 a.m. (Applicable Time) on the next succeeding
Business Day. Swing Line Loans shall be made available to the
applicable Borrower no later than 9:30 a.m. (Applicable Time) on the date
requested, in the case of a Swing Line Loan requested pursuant to a Borrowing
Request. Upon the
making of each Swing Line Loan, and without further action on the part of the
Swing Line Lender or any other Person, each Lender (other than the Swing Line
Lender) shall be deemed to have irrevocably purchased, to the extent of its
Percentage, a participation interest in such Swing Line Loan, and such Lender
shall, to the extent of its Percentage, be responsible for reimbursing the
Swing
Line Lender for Swing Line Loans which have not been repaid by the relevant
Borrower in accordance with the terms of this Agreement. The
Swing Line Lender shall provide to Micro a confirmation of Swing Line Loan
borrowings by facsimile or electronic mail, as requested by Micro.
(b) If
(i) any Swing Line Loan is or will be
outstanding on a date when any Borrower requests that a Revolving Loan be made,
(ii) any Default shall occur and be continuing, or (iii) at any time, and
in the Swing Line Lender’s sole and absolute discretion, then each Lender (other than the
Swing Line
Lender) irrevocably agrees that it will, at the request of the Swing Line
Lender, make a Revolving Loan (which shall initially be funded as a Base Rate
Loan) in an amount equal to such Lender’s Percentage of the aggregate principal
amount of all such Swing Line Loans then outstanding and in the same currency
in
which such Loans were made (such outstanding Swing Line Loans hereinafter
referred to as the “Refunded Swing Line
Loans”). On
or before 11:00
a.m., Applicable Time, on the third Business Day following receipt by each
Revolving Loan Lender of a request to make Revolving Loans as provided in the
preceding sentence, each Lender shall deposit in an account specified by the
Swing Line Lender the amount so
33
requested
in same day funds and such funds shall be applied by the Swing Line Lender
to
repay the Refunded Swing Line Loans. At the time the Lenders make the
above referenced Revolving Loans the Swing Line Lender shall be deemed to have
made, in consideration of the making of the Refunded Swing Line Loans, Revolving
Loans in an amount equal to the Swing Line Lender’s Percentage of the aggregate
principal amount of the Refunded Swing Line Loans. Upon the making
(or deemed making, in the case of the Swing Line Lender) of any Revolving Loans
pursuant to this clause, the amount so funded shall become an outstanding
Revolving Loan and shall no longer be owed as a Swing Line Loan. All
interest payable with respect to any Revolving Loans made (or deemed made,
in
the case of the Swing Line Lender) pursuant to this clause shall be
appropriately adjusted to reflect the period of time during which the Swing
Line
Lender had outstanding Swing Line Loans in respect of which such Revolving
Loans
were made. Each Lender’s obligation to make the Revolving Loans
referred to in this clause shall be absolute and unconditional and shall not
be
affected by any circumstance, including (i) any set-off, counterclaim,
recoupment, defense or other right which such Lender may have against the Swing
Line Lender, any Obligor or any Person for any reason whatsoever; (ii) the
occurrence or continuance of any Default; (iii) any adverse change in the
condition (financial or otherwise) of any Obligor; (iv) the acceleration or
maturity of any Obligations or the termination of any Commitment after the
making of any Swing Line Loan; (v) any breach of any Loan Document by any
Person; or (vi) any other circumstance, happening or event whatsoever, whether
or not similar to any of the foregoing.
SECTION
3.2 Letter of Credit Issuance
Procedures. By delivering to the Administrative Agent an
Issuance Request on or before 1:00 p.m., Applicable Time, on any Business Day
occurring prior to the Commitment Termination Date, any Borrower may from time
to time request that an Issuer issue a Letter of Credit. Each such
request shall be made on not less than two Business Days’ notice (or such
shorter period as may be agreed to by the Administrative Agent), and not less
than 30 days prior to the Commitment Termination Date. Upon receipt
of an Issuance Request, the Administrative Agent shall promptly on the same
day
notify the applicable Issuer (if other than Scotia Capital) and each Lender
thereof. Each Letter of Credit shall by its terms be denominated in
an Available Currency and be stated to expire (whether originally or after
giving effect to any extension) on the earlier of (its “Stated Expiry
Date”) (i) (unless otherwise agreed to by the Issuer) one year from the date
of issuance thereof or (ii) the Commitment Termination Date. The
relevant Borrower and the relevant Issuer may amend or modify any issued Letter
of Credit upon written notice to the Administrative Agent only; provided
that (A) any amendment constituting an extension of such Letter of Credit’s
Stated Expiry Date shall comply with the provisions of the immediately preceding
sentence and may be made only if the Commitment Termination Date has not
occurred and (B) any amendment constituting an increase in the Stated Amount
of
such Letter of Credit shall be deemed a request for the issuance of a new Letter
of Credit and shall comply with the foregoing provisions of this
paragraph. Upon satisfaction of the terms and conditions hereunder,
the relevant Issuer will issue each Letter of Credit to be issued by it and
will
make available to the beneficiary thereof the original of such Letter of
Credit.
SECTION
3.2.1 Other Lenders’
Participation. Automatically, and without further action,
upon the issuance of each Letter of Credit, each Lender (other than the Issuer
of such
34
Letter
of
Credit) shall be deemed to have irrevocably purchased from the relevant Issuer,
to the extent of such Lender’s Percentage, a participation interest in such
Letter of Credit (including any Reimbursement Obligation and any other
Contingent Liability with respect thereto), and such Lender shall, to the extent
of its Percentage, be responsible for reimbursing promptly (and in any event
within one Business Day after receipt of demand for payment from the Issuer,
together with accrued interest from the day of such demand) the relevant Issuer
for any Reimbursement Obligation which has not been reimbursed in accordance
with Section 3.2.3. In addition, such Lender shall, to
the extent of its Percentage, be entitled to receive a ratable portion of the
Letter of Credit participation fee payable pursuant to clause (a) of
Section 4.3.3 with respect to each Letter of Credit and a ratable
portion of any interest payable pursuant to Sections 3.2.2 and
4.2.
SECTION
3.2.2 Disbursements. Subject to the terms
and provisions of each Letter of Credit and this Agreement, upon presentment
under any Letter of Credit to the Issuer thereof for payment, such Issuer shall
make such payment to the beneficiary (or its designee) of such Letter of Credit
on the date designated for such payment (the “Disbursement
Date”). Such Issuer will promptly notify the relevant Borrower
and each of the Lenders of the presentment for payment of any such Letter of
Credit, together with notice of the Disbursement Date thereof. Prior
to 12:00 noon, Applicable Time, on the next Business Day following the
Disbursement Date, the relevant Borrower will reimburse the Administrative
Agent, for the account of such Issuer, for all amounts disbursed under such
Letter of Credit, together with all interest accrued thereon since the
Disbursement Date. To the extent the Administrative Agent does not
receive payment in full, on behalf of the relevant Issuer on the Disbursement
Date, the relevant Borrower’s Reimbursement Obligation shall accrue interest,
payable on demand, at an annual rate equal to the Reference Rate through the
first Business Day following the Disbursement Date and equal to the sum of
the
Reference Rate plus 0.50% thereafter. In the event the relevant
Borrower fails to notify the Administrative Agent and the relevant Issuer prior
to 1:00 p.m., Applicable Time, on the Disbursement Date that the relevant
Borrower intends to pay the Administrative Agent, for the account of such
Issuer, for the amount of such drawing with funds other than proceeds of Loans,
or the Administrative Agent does not receive such reimbursement payment from
the
relevant Borrower prior to 1:00 p.m., Applicable Time, on the Disbursement
Date
(or if the relevant Issuer must for any reason return or disgorge such
reimbursement), the Administrative Agent shall promptly notify the Lenders,
and
the relevant Borrower shall be deemed to have given a timely Borrowing Request
as of the Disbursement Date for Loans in an aggregate principal amount equal
to
such Reimbursement Obligation and the Lenders (other than the relevant Issuer)
shall, on the terms and subject to the conditions of this Agreement (including,
without limitation, Sections 6.1 and 6.2), make Loans in the
amount of such Reimbursement Obligation as provided in Section 3.1;
provided that for the purpose of determining the availability of any
unused Total Commitment Amount immediately prior to giving effect to the
application of the proceeds of such Loans, such Reimbursement Obligation shall
be deemed not to be outstanding at such time. In the event that the
conditions precedent to any Loans deemed requested by the relevant Borrower
as
provided in the preceding sentence shall not be satisfied at the time of such
deemed request, each Lender (including the relevant Issuer) shall pay to the
Administrative Agent, as funding of its participation interest pursuant to
Section 3.2.1 in the related Letter of Credit, its Percentage of the related
Reimbursement Obligation, and the Administrative Agent shall promptly pay to
the
relevant Issuer the amounts so received by it from the Lenders. If a
Lender makes a payment pursuant to this subsection to reimburse an
35
Issuer
in
respect of any Reimbursement Obligation (other than by funding Loans as
contemplated above), (i) such payment will not constitute a Loan and will not
relieve the relevant Borrower of its Reimbursement Obligation and (ii) such
Lender will be subrogated to its pro rata share of the relevant Issuer's claim
against such Borrower for payment of such Reimbursement Obligation.
SECTION
3.2.3 Reimbursement. The obligation (the
“Reimbursement Obligation”) of the relevant Borrower under
Section 3.2.2 to reimburse the relevant Issuer with respect
to each
disbursement under a Letter of Credit (including interest thereon), and, upon
the failure of the relevant Borrower to reimburse such Issuer, the obligation
of
each Lender to reimburse such Issuer, shall be absolute and unconditional under
any and all circumstances and irrespective of any set-off, counterclaim or
defense to payment which the relevant Borrower or such Lender, as the case
may
be, may have or have had against the relevant Issuer or any Lender, including
any defense based upon the failure of any disbursement under a Letter of Credit
to conform to the terms of the applicable Letter of Credit (if, in the relevant
Issuer’s good faith opinion, such disbursement is determined to be appropriate)
or any non-application or misapplication by the beneficiary of the proceeds
of
such Letter of Credit; provided that nothing herein shall require the
relevant Borrower or such Lender, as the case may be, to reimburse an Issuer
for
any wrongful disbursement made by such Issuer under a Letter of Credit as a
result of acts or omissions finally determined by a court of competent
jurisdiction to constitute gross negligence or willful misconduct on the part
of
such Issuer.
SECTION
3.2.4 Deemed Disbursements. Upon the
occurrence and during the continuation of any Event of Default of the type
described in Section 9.1.8 or, with notice from the Administrative
Agent given at the direction of the Required Lenders, upon the occurrence and
during the continuation of any other Event of Default, an amount equal to the
then aggregate amount of all Letters of Credit which are undrawn and available
under all issued and outstanding Letters of Credit shall, without demand upon
or
notice to any Borrower, be deemed to have been paid or disbursed by the Issuer
under such Letters of Credit (notwithstanding that such amount may not in fact
have been so paid or disbursed) and the Borrowers shall be immediately obligated
to pay to the Issuer of each Letter of Credit an amount equal to such
amount. Any amounts so payable by the relevant Borrower pursuant to
Section 3.2.4 shall be deposited in cash with the Administrative
Agent and held in trust (for the sole benefit of the relevant Issuer and the
Lenders) for payment of the Obligations arising in connection with such Letters
of Credit. If such Event of Default shall have been cured or waived
(provided that no other Default has occurred and is continuing and the
Obligations have not been accelerated pursuant to Section 9.2 or
9.3), the Administrative Agent shall promptly return to the relevant
Borrower all amounts deposited by it with the Administrative Agent pursuant
to
this Section 3.2.4 (together with accrued interest thereon at the
Administrative Agent’s Cost of Funds or such other interest rate based upon a
cash equivalent investment (in the form of obligations issued by or guaranteed
by the U.S. government, commercial paper of a domestic corporation rated A-1
by
S&P or a comparable rating from another nationally recognized rating agency
or certificates of deposit of a U.S. or Canadian bank with (x) a credit rating
of Aa or better by S&P or a comparable rating from another nationally
recognized rating agency and (y) a combined capital and surplus greater than
$250,000,000) which is agreed to between the relevant Issuer and the relevant
Borrower), net of any amount (which may include accrued interest) applied to
the
payment of any Obligations with respect to the Letters of Credit.
36
SECTION
3.2.5 Nature of Reimbursement
Obligations. Each Borrower and, to the extent set forth in
Section 3.2.1, each Lender shall assume all risks of the acts,
omission or misuse of any Letter of Credit by the beneficiary
thereof. No Issuer or any Lender (except to the extent of its own
gross negligence or willful misconduct as finally determined by a court of
competent jurisdiction) shall be responsible for:
(a) the
form, validity, sufficiency, accuracy, genuineness or legal effect of any
document submitted by any party in connection with the application for an
issuance of a Letter of Credit, even if it should in fact prove to be in any
or
all respects invalid, insufficient, inaccurate, fraudulent or
forged;
(b) the
form, validity, sufficiency, accuracy, genuineness or legal effect of any
instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or the proceeds thereof
in
whole or in part, which may prove to be invalid or ineffective for any
reason;
(c) failure
of the beneficiary to comply fully with conditions required in order to demand
payment under a Letter of Credit; provided that if a payment is made
pursuant to such Letter of Credit when a beneficiary has failed to comply with
the conditions therefor and such failure to comply is manifest on the face
of
such Letter of Credit or the documents submitted by the beneficiary in
connection therewith, the relevant Borrower shall be required to indemnify
the
Issuer in connection therewith only if, and to the extent, the relevant Borrower
or any of its Subsidiaries has received the benefit of such payment on such
Letter of Credit by one or more of their obligations being satisfied, either
in
whole or in part;
(d) errors,
omissions, interruptions or delays in transmission or delivery of any messages,
by mail, telecopy or otherwise; or
(e) any
loss or delay in the transmission or otherwise of any document or draft required
in order to make a disbursement under a Letter of Credit.
None
of
the foregoing shall affect, impair or prevent the vesting of any of the rights
or powers granted to any Issuer or any Lender hereunder. In
furtherance and extension and not in limitation or derogation of any of the
foregoing (but subject to the limitations set forth in clause (c)
above), any action taken or omitted to be taken by an Issuer in good faith
(and
not constituting gross negligence or willful misconduct as finally determined
by
a court of competent jurisdiction) shall be binding upon the relevant Borrower
and each Lender, and shall not put such Issuer under any resulting liability
to
any Borrower or any Lender.
SECTION
3.2.6 Ineligible
Currencies. Notwithstanding any other provision contained in
this Agreement, if, at any time prior to the Commitment Termination Date, the
Administrative Agent determines that the Available Currency in which a Letter
of
Credit has been issued is an Ineligible Currency, then the Administrative Agent
may (in its sole discretion) at any time notify the relevant Borrower of the
same, and the Administrative Agent shall then promptly notify each other
Lender. Such relevant Borrower shall use reasonable efforts to cause
the beneficiary of
37
such
Letter of Credit to accept a substitution for such Letter of Credit with another
Letter of Credit in an Available Currency acceptable to such Borrower and the
relevant Issuer.
SECTION
3.2.7 Existing Letters of Credit. On the
Effective Date, the Existing Letters of Credit shall automatically and without
any action on the part of any Person, become Letters of Credit hereunder issued,
in each case, for the account of the relevant Borrower identified on Schedule
III.
ARTICLE
IV
PRINCIPAL,
INTEREST, AND FEE PAYMENTS
SECTION
4.1 Loan Accounts, Notes, Payments, and
Prepayments. The Outstanding Credit Extensions shall be
evidenced by one or more loan accounts or records maintained by the
Administrative Agent which loan accounts or records shall be conclusive
evidence, absent manifest error, of the amount of those Outstanding Credit
Extensions and the interest and principal payments thereon. Any
failure to so record or any error in doing so shall not, however, limit or
otherwise affect the Obligations of the relevant Borrower under the Loan
Documents to pay any amount owing with respect to the
Obligations. Upon the request of any Lender made at any time through
the Administrative Agent, the relevant Borrower shall promptly execute and
deliver to that Lender a Note to evidence Loans made by that Lender to the
relevant Borrower.
SECTION
4.1.1 Repayments and Prepayments of
Loans. The relevant Borrower shall make all payments and
prepayments of each Loan made to it in the Available Currency in which it was
originally denominated and shall repay in full the unpaid principal amount
of
each Loan outstanding to it at the Maturity thereof. Before that
Maturity:
(a) the
relevant Borrower may, from time to time on any Business Day, make a voluntary
prepayment, in whole or in part, of the outstanding principal amount of any
Revolving Loan; provided that:
(i) any
such prepayment of any Revolving Loan shall be allocated to each Lender pro
rata
according to such Lender’s Percentage of the Revolving Loans so
prepaid;
(ii) any
such prepayment of any Revolving Loan made on any day other than the last day
of
the Interest Period then applicable to such Revolving Loan shall be subject
to
Section 5.4;
(iii) all
such voluntary prepayments shall require prior notice to the Administrative
Agent of at least three but no more than five Business Days; and
(iv) all
such voluntary prepayments shall, if other than a prepayment in whole, be in
an
aggregate minimum amount of $5,000,000 and an integral multiple of
$1,000,000;
38
(b) the
relevant Borrower may, from time to time on any Business Day, make a voluntary
prepayment, in whole or in part, of the outstanding principal amount of any
Swing Line Loan; provided that:
(i) all
such voluntary prepayments shall require telephonic notice to the Swing Line
Lender on or before 1:00 p.m., Applicable Time, on the day of such prepayment
(such notice to be confirmed in writing on or prior to the next Business Day
thereafter); and
(ii) all
such voluntary partial prepayments shall be in an aggregate minimum amount
of
$500,000 (or the then outstanding principal amount of Swing Line Loans, if
less)
and an integral multiple of $100,000 (or the then outstanding principal amount
of Swing Line Loans, if less).
(c) The
Administrative Agent shall determine if the aggregate Outstanding Credit
Extensions of all the Lenders exceed the Total Commitment Amount (i) at the
end
of each Fiscal Period and (ii) on the date of each request for a Credit
Extension (excluding any request submitted in respect of any continuation of
any
Borrowing previously made hereunder), and promptly thereafter -- and in any
event, in respect of any determination made pursuant to clause (ii)
above, prior to the proposed date of such requested Credit Extension --
Micro shall (or shall cause the other Borrowers to) make a mandatory prepayment
of the outstanding principal amount of such Revolving Loans or Swing Line Loans
(or both) as Micro may select in an amount equal to such excess, such prepayment
to be allocated to the Lenders in the manner set forth in
clause (a)(i) above); and
(d) Micro
shall (and shall cause the other relevant Borrowers to), on each date when
any
reduction or termination in the Total Commitment Amount shall become effective,
including pursuant to Section 2.2, make a mandatory prepayment of
all Revolving Loans equal to the excess, if any, of the then aggregate
Outstanding Credit Extensions of all the Lenders over the Total Commitment
Amount as so reduced, such prepayment to be allocated to the Lenders in the
manner set forth in clause (a)(i) above.
SECTION
4.1.2 Change in Control. Promptly, and in
any event within two Business Days, following a Change in Control or, in the
case of a “Change in Control” of the type described in clause (a) of such
definition, within two Business Days following the date on which Micro or any
other Obligor is provided with the relevant Schedule 13D or Schedule 13G filing,
Micro shall provide notice (a “Change in Control Notice”) thereof to the
Administrative Agent (which the Administrative Agent shall promptly distribute
to the Lenders) which notice shall (i) describe such event in reasonable
detail and (ii) offer to prepay all outstanding Loans of each Lender and
cash collateralize all outstanding Letters of Credit of each Issuer, which
prepayment or cash collateralization shall occur (referred to as the
“Settlement Date”) on or before the 30th
Business Day
following such Change in Control Notice. In such Change in Control
Notice, Micro may request that the Lenders waive such right to prepayment (or,
in the case of any Issuers, such right of cash collateralization) and continue
as a Lender (or Issuer, as the case may be) hereunder. Any Lenders or
Issuers which, in their sole and absolute discretion, determine to continue
in
such capacities hereunder (by notice to Micro no later than the 10th Business
Day
39
before
such Settlement Date) shall continue to provide loans and letters of credit
in
an amount equal to their respective Commitment and Letter of Credit Commitment,
as in effect immediately prior to such Change in Control. Lenders or
Issuers that do not consent to continue as Lenders or Issuers, as the case
may
be, hereunder shall have all their respective commitments cancelled, regardless
of the percentage of consenting Lenders and all such Lenders outstanding Loans
shall be repaid, and all their respective Letter of Credit Obligations shall
be
cash collateralized no later than the Settlement Date. On or promptly
following the Settlement Date, the Administrative Agent shall distribute to
the
Borrowers and the Lenders a schedule of the Percentages after giving effect
to
the foregoing. The resulting Commitments of any Lenders agreeing to
waive its right of prepayment following a Change in Control shall be binding
on
such Lender, notwithstanding that the previously existing Total Commitment
Amount may have been reduced as a result of the foregoing terms.
SECTION
4.2 Interest Provisions. Each
Loan shall bear interest from and including the day when made until (but not
including) the day such Loan shall be paid in full, and such interest shall
accrue and be payable in accordance with this
Section 4.2.
SECTION
4.2.1 Rates. Subject to
Sections 4.2.2 and 5.1, each Loan shall bear an annual rate
of interest, during each Interest Period applicable thereto, equal to
the sum of (i) the LIBO Rate for such Interest Period, (ii) the
Applicable Margin, plus (iii) Mandatory Costs (if any); provided that,
Swing Line Loans shall always accrue interest at the Alternate Base Rate plus
the then effective Applicable Margin.
SECTION
4.2.2 Post-Maturity Rates. After the date
any principal amount of any Loan is due and payable (whether at Maturity, upon
acceleration or otherwise), or after any other monetary Obligation of Micro
or
any other Borrower shall have become due and payable, Micro or each such other
Borrower shall pay, but only to the extent permitted by law, interest (after
as
well as before judgment) on such amounts at an annual rate equal to the
Reference Rate plus 2%.
SECTION
4.2.3 Continuation Elections. The
relevant Borrower may from time to time by delivering a Continuation Notice
to
the Administrative Agent on or before 1:00 p.m., Applicable Time, on a
Business Day, irrevocably elect, on not less than three nor more than five
Business Days’ notice, that all, or any portion in an aggregate minimum amount
of $5,000,000 and an integral multiple of $1,000,000 of the LIBO Rate Loans,
be
continued for one or more new Interest Periods; provided
that:
(a) in
the absence of delivery of a Continuation Notice with respect to any Loan,
at
least three Business Days (but not more than five Business Days) before the
last
day of the then current Interest Period with respect thereto, that Loan shall,
on such last day, automatically continue for a new Interest Period having a
duration equal to the original duration of the then expiring Interest Period;
and
(b) no
portion of the outstanding principal amount of any Loans may be continued with
an Interest Period longer than one month while any Default has occurred and
is
continuing.
40
SECTION
4.2.4 Payment Dates. Interest accrued on
each Loan shall be payable, without duplication, in the Available Currency
in
which it is denominated:
(a) on
the Commitment Termination Date;
(b) (i) on
the date of any payment or prepayment, in whole or in part, of principal
outstanding on such Loan (but only on the principal amount so paid or prepaid)
and (ii) in the case of any Swing Line Loan outstanding for more than 30 days,
on the 31st day
following the making of such Swing Line Loan and each 30 day period
thereafter;
(c) in
the case of LIBO Rate Loans, on the last day of each applicable Interest Period
(and, if such Interest Period shall exceed three months, on each three month
anniversary of the date of the commencement of such Interest Period);
and
(d) on
that portion of any Loans which is accelerated pursuant to
Section 9.2 or 9.3, immediately upon such
acceleration.
Interest
accrued on Loans or other monetary Obligations arising under this Agreement
or
any other Loan Document after the date such Loans or other Obligations are
due
and payable (whether on the Commitment Termination Date, upon acceleration
or
otherwise) shall be payable upon demand.
SECTION
4.2.5 Interest Rate Determination. The
Administrative Agent and, if and when applicable, the Reference Lenders shall,
in accordance with each of their customary practices, attempt to determine
the
relevant interest rates applicable to each Loan requested to be made pursuant
to
each Borrowing Request duly completed and delivered by a Borrower, and, if
and
when applicable, each Reference Lender agrees to furnish the Administrative
Agent timely information for the purpose of determining the LIBO
Rate. If any Reference Lender fails, if and when applicable, to
timely furnish such information to the Administrative Agent for any such
interest rate, the Administrative Agent shall determine such interest rate
on
the basis of the information shared by the other Reference Lender.
SECTION
4.2.6 Additional Interest on Loans. For
so long as the cost to a Lender of making or maintaining its LIBO Rate Loans
is
increased as a result of any imposition or modification after the date of this
Agreement of any reserve required to be maintained by such Lender against
Eurocurrency Liabilities (or any other category of liabilities which includes
deposits by reference to which the interest rate on Loans is determined or
any
category of extensions of credit or other assets which includes loans by a
non-United States office of such Lender to United States residents but not
duplicating any requirement included in the calculation of Mandatory Costs),
then such Lender may require the relevant Borrower to pay, contemporaneously
with each payment of interest on any of its LIBO Rate Loans, additional interest
on such Loan of such Lender at a rate per annum up to but not exceeding the
excess of (i) (A) the applicable LIBO Rate divided by (B) one minus the
LIBOR Reserve Percentage over (ii) the applicable LIBO Rate. Any
Lender wishing to require payment of such additional interest shall so notify
Micro and the Administrative Agent (which notice shall set forth the amount
(as
determined by such Lender) to which such Lender is then entitled under this
Section 4.2.6 (which amount shall be consistent with such Lender’s
good faith estimate of the level at which
41
the
related reserves are maintained by it and which determination shall be
conclusive and binding for all purposes, absent demonstrable error) and shall
be
accompanied by such information as to the computation set forth therein as
Micro
may reasonably request), in which case such additional interest on the LIBO
Rate
Loans of such Lender shall be payable on the last day of each Interest Period
thereafter (commencing with the Interest Period beginning at least three
Business Days after the giving of such notice) to such Lender at the place
indicated in such notice. Each Lender that receives any payment in
respect of increased costs pursuant to this Section 4.2.6 shall promptly
notify Micro of any change with respect to such costs which affects the amount
of additional interest payable pursuant to this section in respect
thereof.
SECTION
4.3 Fees. Each Borrower agrees
to pay the fees applicable to it set forth in this
Section 4.3. All such fees shall be nonrefundable and
shall be paid in Dollars to the Administrative Agent, each Lender or the
relevant Issuer, as the case may be, at its office specified for such purpose
on
the signature pages hereof.
SECTION
4.3.1 Administration Fees. Coordination
Center and Micro, jointly and severally, agree to pay directly to the
Administrative Agent, for its own account, an annual administration fee in
the
amounts and on the dates set forth in the Fee Letters.
SECTION
4.3.2 Commitment Fees. The Initial
Borrowers, jointly and severally, agree to pay to the Administrative Agent
for
the account of each Lender (including, any portion thereof when the Lenders
may
not extend any Credit Extensions by reason of the inability of the Borrowers
to
satisfy any condition of Section 6.1 or 6.2) (a) for each day
during the period commencing on the Effective Date and continuing through and
including the last day of the Fiscal Period ending on the Saturday nearest
September 30, 2007, a commitment fee to each Lender on the unused portion of
its
Credit Commitment Amount on such day at a rate of 0.125% per annum and (b)
for
each day thereafter, until but excluding the Commitment Termination Date, a
commitment fee to each Lender on the unused portion of its Credit Commitment
Amount on each day at the rate per annum determined in accordance with the
following procedure; provided that, the making of Swing Line Loans shall
not constitute usage of the Commitment for purposes of calculating commitment
fees to be paid by the Borrowers to the Lenders:
(1) If
the Pricing Level set forth opposite the Leverage Ratio is the same as the
Pricing Level set forth opposite the applicable Credit Rating, then the
commitment fee for that Pricing Level shall be the commitment fee.
(2) If
the Pricing Level set forth opposite the Leverage Ratio differs by one Pricing
Level from the Pricing Level set forth opposite the applicable Credit Rating,
then the commitment fee for the lower numbered Pricing Level of the two shall
be
the commitment fee.
(3) If
the Pricing Level set forth opposite the Leverage Ratio differs by more than
one
Pricing Level from the Pricing Level set forth opposite the applicable Credit
Rating, then the commitment fee shall be determined by reference to the Pricing
Level that is numerically one Pricing Level below the
higher numbered of the two applicable Pricing Levels.
42
Pricing
Level
|
Credit
Rating
|
Leverage
Ratio
|
Commitment
Fee
|
Level
I
|
Higher
than or equal to BBB+ or Baa1
|
Less
than .50
|
0.080%
|
Level
II
|
BBB
or Baa2
|
Greater
than or equal to .50, but less than 1.00
|
0.100%
|
Level
III
|
BBB-
or Baa3
|
Greater
than or equal to 1.00, but less than 2.00
|
0.125%
|
Level
IV
|
BB+
or Ba1
|
Greater
than or equal to 2.00, but less than 3.00
|
0.150%
|
Level
V
|
BB
or Ba2
|
Greater
than or equal to 3.00, but less than 3.50
|
0.200%
|
Level
VI
|
Lower
than or equal to BB- or Ba3
|
Greater
than or equal to 3.50
|
0.250%
|
Such
commitment fee shall be determined from time to time by the Administrative
Agent
and shall be payable by the Initial Borrowers in arrears on each Quarterly
Payment Date and on the Commitment Termination Date. If the Credit
Ratings assigned by S&P and Xxxxx’x fall into different Pricing Levels, then
the applicable Pricing Level shall be determined by reference to the lower
of
the two Credit Ratings.
Subject
to
Section 4.4, the applicable Leverage Ratio shall be the Leverage Ratio for
the
Fiscal Period most recently ended prior to such day for which financial
statements and reports have been received by the Administrative Agent pursuant
to Section 8.1.1(a) or (b), as set forth in (and effective
upon delivery by Micro to the Administrative Agent of) the related new
Compliance Certificate pursuant to Section 8.1.1(d).
Notwithstanding
the foregoing, (a) for so long as an Event of Default has occurred and is
continuing the applicable Pricing Level shall be Level V and (b) if Micro shall
fail to deliver a Compliance Certificate required to be delivered pursuant
to
Section 8.1.1(d) within 60 days after the end of any of its fiscal
quarters (or within 90 days, in the case of the last fiscal quarter of its
Fiscal Year), the applicable Pricing Level from and including the 61st (or
91st,
as the case may be) day after the end of such fiscal quarter (or Fiscal Year,
as
the case may be) to but not including the date Micro delivers to the
Administrative Agent a quarterly Compliance Certificate shall be Level
V.
SECTION
4.3.3 Letter of Credit Fees.
(a) The
applicable Borrower agrees to pay to the Administrative Agent for the account
of
each Lender (including the relevant Issuer) a Letter of Credit participation
fee
43
equal
to
each Lender’s Percentage of the average daily Stated Amount of each Letter of
Credit during the applicable period multiplied by the Applicable Margin then
in
effect for LIBO Rate Loans. Such participation fee shall accrue from
the date of issuance of any Letter of Credit until the date such Letter of
Credit is drawn in full or terminated, and shall be payable in arrears on each
Quarterly Payment Date and on the date that the Commitments terminate in their
entirety.
(b) The
applicable Borrower agrees to pay to the Administrative Agent for the account
of
the Issuer of each Letter of Credit a Letter of Credit fronting fee at the
rate
set forth in the Fee Letters (or, in the case of an Issuer other than Scotia
Capital, as separately agreed between Micro and such Issuer) during the
applicable period, such fee to be payable for the account of the relevant Issuer
in quarterly installments in arrears on each Quarterly Payment Date and on
the
date that the Commitments terminate in their entirety. Micro agrees
to reimburse each Issuer, on demand, for all usual out-of-pocket costs and
expenses incurred in connection with the issuance or maintenance of any Letter
of Credit issued by such Issuer.
(c) The
Administrative Agent shall pay to each Lender and each Issuer fees paid for
its
account under clause (a) or (b) above promptly after receipt
by the Administrative Agent.
SECTION
4.4 Rate and Fee
Determinations. Interest on each Loan shall be computed on
the basis of a year consisting of 360 days (or 365 or 366, as the case may
be,
for Loans denominated in Sterling) and fees shall be computed on the basis
of a
year consisting of 365 or 366 days, as the case may be, in each case paid for
the actual number of days elapsed, calculated as to each period from and
including the first day thereof to but excluding the last day
thereof. All determinations by the Administrative Agent of the rate
of interest payable with respect to any Loan shall be conclusive and binding
in
the absence of demonstrable error. The Borrowers acknowledge that the
Lenders have agreed to the amount of the Applicable Margin and Commitment and
Letter of Credit fees payable under the Loan Documents based upon, among other
things, the delivery by the Obligors pursuant to Section 8.1.1 of
accurate and actual reporting of results of operation, and that the financial
covenant ratios set forth in a Compliance Certificate shall only be treated
by
the Lenders as presumptive evidence of such actual results. If the
actual Leverage Ratio for any period is higher than that set forth in a
Compliance Certificate for such period, then the amount of interest and
Commitment and Letter of Credit fees owing for such period shall be established
by reference to the actual Leverage Ratio , and not the ratio set forth in
the
Compliance Certificate. Promptly, and in any event within thirty
days, following the earlier of (i) any Borrower’s receipt of a notice from the
Administrative Agent pursuant to this clause or (ii) any Borrower’s knowledge
that the Leverage Ratio for a particular period was higher than that reported
in
the Compliance Certificate for such period, the Borrowers shall pay to the
Administrative Agent all unpaid interest and Commitment and Letter of Credit
fees for such period based upon the actual Leverage Ratio. In no
event shall the Lenders be required to rebate interest or Commitment and Letter
of Credit fees paid by any Borrower, and the payment of incremental interest
and
fees pursuant to this clause shall not impair (and is without limitation of)
the
other rights and remedies of the Lenders under the Loan Documents.
44
ARTICLE
V
CERTAIN
PAYMENT PROVISIONS
SECTION
5.1 Illegality; Currency
Restrictions.
(a) If,
as the result of any Regulatory Change, any Lender shall determine (which
determination shall, in the absence of demonstrable error, be conclusive and
binding on each Borrower), that it is unlawful for such Lender to make any
Loan,
issue any Letter of Credit, or continue any Loan previously made by it hereunder
in respect of the LIBO Rate, as the case may be, the obligations of such Lender
to make any such Loan, issue any such Letter of Credit, or continue any such
Loan in respect of the LIBO Rate, as the case may be, shall, upon the giving
of
notice thereof to the Administrative Agent, Micro, and any other applicable
Borrower, forthwith be suspended and each applicable Borrower shall, if
requested by such Lender and if required by such Regulatory Change, on such
date
as shall be specified in such notice, prepay to such Lender in full all of
such
Loans or convert all of such Loans into a Cost of Funds Rate Loan that is not
unlawful, in each case on the last day of the Interest Period applicable thereto
(unless otherwise required by applicable law) and without any penalty whatsoever
(but subject to Section 5.4); provided that such Lender shall make
as Cost of Funds Loans all Loans that such Lender would otherwise be obligated
to make Loans at the LIBO Rate and convert into or continue as Cost of Funds
Loans all Loans that such Lender would otherwise be required to convert into
or
continue as Loans at the LIBO Rate, in each case during the period any such
suspension is effective. Such suspension shall continue to be
effective until such Lender shall notify the Administrative Agent and Micro
that
the circumstances causing such suspension no longer exist, at which time the
obligations of such Lender to make any such Loan, issue any Letter of Credit,
or
continue any Loan, as the case may be, shall be reinstated.
(b) If
any central bank or other governmental authorization in the country of the
proposed Available Currency of any proposed Loan is required to permit the
use
of such Available Currency by a Lender (through its Lending Office) for such
Loan and such authorization has not been obtained (provided that such
Lender has used reasonable endeavors to obtain such authorization) or is not
in
full force and effect, the obligation of such Lender to provide such Loans
shall
be suspended so long as such authorization is required and has not been obtained
by such Lender.
SECTION
5.2 Deposits Unavailable.
(a) If,
before the date on which all or any portion of any Revolving Loan bearing
interest in respect of the LIBO Rate is to be made, maintained, or continued
the
Administrative Agent shall have determined (which determination shall be
conclusive and binding), with respect to that Loan that:
(i) deposits
in the relevant amount and the relevant Available Currency and for the relevant
Interest Period are available, if and when applicable, to none of the Reference
Lenders in the relevant market, or
45
(ii) by
reason of circumstances affecting the London interbank market adequate means
do
not exist for ascertaining the interest rate applicable under this Agreement
in
respect of the relevant LIBO Rate,
then,
upon
notice from the Administrative Agent to Micro and the Lenders, the obligations
of the Lenders to make or continue any Loan bearing interest in respect of
the
LIBO Rate in such Available Currency under Sections 3.1 and
4.2.3 shall forthwith be suspended until the Administrative Agent
shall
notify Micro and the Lenders that the circumstances causing such suspension
no
longer exist.
(b) If
a notification under this Section 5.2 applies to a Loan which is
outstanding and that is not going to be converted at the end of its Interest
Period to another Available Currency for which the LIBO Rate is available,
then,
notwithstanding any other provision of this Agreement:
(i) within
five Business Days of receipt of the notification, the Borrowers and the
Administrative Agent shall enter into negotiations for a period of not more
than
30 days with a view to agreeing an alternative basis for determining the rate
of
interest and/or funding applicable to that Loan at the end of its applicable
Interest Period;
(ii) any
alternative basis agreed under clause (i) above shall be, with the prior
consent of all the Lenders, binding on all of the Obligors and Lender
Parties;
(iii) if
no alternative basis is agreed, each Lender shall (through the Administrative
Agent) certify on or before the last day of the Interest Period to which the
notification relates an alternative basis for maintaining its participation
in
that Loan;
(iv) any
such alternative basis may include an alternative method of fixing the interest
rate, alternative Interest Periods or alternative currencies but it must reflect
the cost to the Lender of funding its participation in the Loan from whatever
sources it may select plus the Applicable Margin; and
(v) each
alternative basis so certified shall be binding on the Obligors and the
certifying Lender and treated as part of this Agreement.
SECTION
5.3 Increased Credit Extension Costs,
etc. Each Borrower agrees to reimburse each Lender within 30
days after any demand for any increase in the cost to such Lender of, or any
reduction in the amount of any sum receivable by such Lender in respect of,
making, maintaining, participating, issuing or extending (or of its obligation
to make, maintain, participate, issue or extend) any Credit Extension to the
extent such increased cost or reduced amount is due to a Regulatory
Change. Such Lender shall provide to the Administrative Agent and the
relevant Borrower a certificate stating, in reasonable detail, the reasons
for
such increased cost or reduced amount and the additional amount required fully
to compensate such Lender for such increased cost or reduced
amount. Such additional amounts shall be payable by the relevant
Borrower directly to such Lender upon its receipt of such notice, and such
notice
46
shall
be
rebuttable, presumptive evidence of the additional amounts so
owing. In determining such amount, such Lender shall act reasonably
and in good faith and may use any method of averaging and attribution that
it
customarily uses for its other borrowers with a similar credit rating as
Micro. Such Lender may demand reimbursement for such increased cost
or reduced amount only for the 360-day period immediately preceding the date
of
such written notice, and such Borrower shall have liability only for such
period.
SECTION
5.4 Funding Losses. If any
Lender shall incur any loss or expense (including any loss or expense incurred
by reason of the liquidation or reemployment of deposits or other funds acquired
by such Lender to make, continue, or extend any portion of the principal amount
of any LIBO Rate Loan) as a result of:
(a) any
repayment or prepayment of the principal amount of any LIBO Rate Loan on a
date
other than the scheduled last day of the Interest Period whether pursuant to
Section 4.1.1 or otherwise;
(b) any
conversion of the currency of any LIBO Rate Loan on a date other than the
scheduled last day of the Interest Period; or
(c) any
LIBO Rate Loan not being made, continued, or converted in accordance with the
Credit Extension Request therefor in the case of any Credit Extension Request
as
a consequence of any action taken, or failed to be taken, by any
Obligor,
then,
upon
the written notice of such Lender to the relevant Borrower (with a copy to
the
Administrative Agent), such Borrower shall, within five days of its receipt
thereof, pay directly to such Lender such amount as will (in the reasonable
determination of such Lender) reimburse such Lender for such loss or
expense. Such written notice (which shall include calculations in
reasonable detail) shall be rebuttable presumptive evidence of the amount of
any
such loss or expense that has been so incurred.
SECTION
5.5 Increased Capital Costs. If
any Regulatory Change affects or would affect the amount of capital required
or
expected to be maintained by any Lender or any Person controlling such Lender,
and such Lender determines (in its sole and absolute discretion) that the rate
of return on its or such controlling Person’s capital as a consequence of its
participation in this Agreement or the making, continuing, participating in
or
extending of any Credit Extension is reduced to a level below that which such
Lender or such controlling Person could have achieved but for the occurrence
of
any such circumstance, then, in any such case, upon the relevant Borrower’s
receipt of written notice thereof from such Lender (with a copy to the
Administrative Agent), such Borrower shall pay directly to such Lender
additional amounts sufficient to compensate such Lender or such controlling
Person for such reduction in rate of return. A statement of such
Lender as to any such additional amounts (including calculations thereof in
reasonable detail) shall be rebuttable, presumptive evidence of the additional
amounts so owing. In determining such amount, such Lender may use any
method of averaging and attribution that it shall deem
applicable. Such Lender may demand payment for such additional
amounts that have accrued only during the 360-day period immediately preceding
the date of such written notice and such Borrower shall have liability only
for
such period.
47
SECTION
5.6 Discretion of Lenders as to Manner of
Funding. Notwithstanding any provision of this Agreement to
the contrary, the Lenders shall be entitled to fund and maintain their funding
of all or any part of their Loans and other Credit Extensions in any manner
they
elect, it being understood, however, that for the purposes of this Agreement
all
determinations hereunder with respect to a Loan shall be made as if each Lender
had actually funded and maintained each Loan through its Lending Office and
through the purchase of deposits having a maturity corresponding to the maturity
of such Loan. Any Lender may, if it so elects, fulfill any commitment
or obligation to make or maintain Loans or other Credit Extensions by causing
a
branch or affiliate to make or maintain such Loans or other Credit Extensions;
provided that, in such event, such Loans or other Credit Extensions shall
be deemed for the purposes of this Agreement to have been made by such Lender
through its applicable Lending Office, and the obligation of a Borrower to
repay
such Loans shall nevertheless be to such Lender at its Lending Office and shall
be deemed held by such Lender through its applicable Lending Office, to the
extent of such Loan, for the account of such branch or
affiliate. Notwithstanding the foregoing or the fact that different
Affiliates for a Lender under this Agreement may have executed this Agreement
or
the Lender Assignment Agreement by which it has become a Lender under this
Agreement, all of those Lending Offices and signatories shall be treated under
the Loan Documents as but one Lender for purposes of calculations of Percentage,
Commitment, Required Lenders, and modifications, amendments, waivers, consents,
and approvals under Section 11.1 and other provisions of the Loan
Documents.
SECTION
5.7 Taxes.
(a) All
payments by any Obligor of principal of, and interest and fees on, any Credit
Extension and all other amounts payable hereunder or under any other Loan
Document shall be made free and clear of and without deduction for any present
or future income, excise, stamp or franchise taxes, and other taxes, fees,
duties, withholdings, or other charges of any nature whatsoever imposed by
any
taxing authority with respect to such payments, but excluding franchise taxes
and taxes imposed on or measured by any Lender Party’s gross or net income,
profits, or receipts, in each case imposed (i) by any taxing authority under
the
laws of which such Lender Party is organized or in which it maintains its
applicable Lending Office or (ii) by reason of a present or former connection
between the jurisdiction imposing such tax and such Lender Party or one of
its
applicable lending offices other than a connection arising solely from such
Lender Party having executed, delivered or performed its obligations under,
or
received payment under or enforced, this Agreement or any of the other Loan
Documents (such non-excluded items being called “Taxes”) except to the
extent required by law. In the event that any withholding or
deduction from any payment to be made by any Obligor hereunder is required
in
respect of any Taxes pursuant to any applicable law, rule, or regulation, then
such Obligor will:
(i) pay
directly to the relevant authority the full amount required to be so withheld
or
deducted;
(ii) promptly
forward to the relevant Lender Party an official receipt or other documentation
satisfactory to such Lender Party evidencing such payment to such authority;
and
48
(iii) pay
directly to the relevant Lender Party for its own account such additional amount
or amounts as is or are necessary to ensure that the net amount actually
received by such Lender Party will equal the full amount such Lender Party
would
have received had no such withholding or deduction been required.
(b) Moreover,
if any Taxes are directly asserted against any Lender Party with respect to
any
payment received by such Lender Party hereunder, such Lender Party may pay
such
Taxes and the relevant Obligor will promptly pay such additional amounts
(including any penalties, interest or expenses) as is necessary in order that
the net amount received by such Lender Party after the payment of such Taxes
(including any Taxes on such additional amount) shall equal the amount such
Lender Party would have received had not such Taxes been asserted.
(c) If
the relevant Obligor fails to pay any Taxes when due to the appropriate taxing
authority or fails to remit to the relevant Lender Parties entitled thereto
the
required receipt or other required documentary evidence, such Obligor shall
indemnify such Lender Parties for any incremental Taxes, interest or penalties
that may become payable by any Lender Party as a result of any such
failure.
(d) The
following provisions govern exceptions to the tax indemnification provisions
of
this Section 5.7 and related matters.
(i) In
respect of its Credit Extensions to Micro, (A) each Lender Party organized
under
the laws of a jurisdiction outside the United States -- on or before the date
of
its execution and delivery of this Agreement (if an original signatory to this
Agreement) or the date on which it otherwise becomes a Lender Party, on or
before the date of any change in its Lending Office, and from time to time
thereafter if requested in writing by Micro (but only so long as and to the
extent that Lender Party remains lawfully able to do so) -- shall provide Micro
and the Administrative Agent with either (I) two duly completed copies of either
(1) Internal Revenue Service Form W-8BEN claiming eligibility of such Lender
Party for the benefit of an exemption from United States withholding tax under
an income tax treaty to which the United States is a party or (2) Internal
Revenue Service Form W-8ECI, or in either case an applicable successor form,
or
(II) in the case of a Lender Party who is not legally entitled to deliver either
form listed in clause (i)(A), (1) a certificate to the effect that such
Lender Party is not (x) a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, (y) a “10 percent shareholder” of the Obligor within the meaning of
Section 881(c)(3)(B) of the Code or (z) a controlled foreign corporation
receiving interest from a related person within the meaning of Section
881(c)(3)(A) of the Code (such certificate an “Exemption Certificate”)
and (2) two duly completed copies of Internal Revenue Service Form W-8BEN or
applicable successor form and (B) each Lender Party who is a Non-Exempt U.S.
Person, on or before the date of its execution and delivery of this Agreement
(if an original signatory to this Agreement) or the date on which it becomes
a
Lender Party, on or before the date of any change in its Lending Office, and
from time to time thereafter if requested in writing by Micro (but only so
long
as that Lender Party remains lawfully able
49
to
do so),
shall provide Micro and the Administrative Agent with two duly completed copies
of Internal Revenue Service Form W-9.
(ii) A
Lender Party is not entitled to indemnification under this Section 5.7
with respect to the applicable Taxes for any period during which the Lender
Party has failed to provide Micro and the Administrative Agent with the
applicable U.S. Internal Revenue Service form if required under clause
(i) above (unless that failure is due to a change in treaty, law, or
regulation occurring after the date on which the applicable form originally
was
required to be provided or a redesignation of the Lender Party’s Lending Office
at the request of the relevant Obligor) in respect of U.S. withholding
taxes.
(iii) Notwithstanding
clause (ii) above to the contrary, if a Lender Party that is otherwise
exempt from or subject to a reduced rate of withholding tax becomes subject
to
United States withholding tax because of its failure to deliver an Internal
Revenue Service form required hereunder, then Micro shall take such steps as
that Lender Party shall reasonably request to assist that Lender Party to
recover the applicable withholding tax.
(e) If
any Obligor pays any additional amount under this Section 5.7 (a
“Tax Payment”) and any Lender Party or Affiliate thereof effectively
obtains a refund of Tax by reason of the Tax Payment (a “Tax Refund”) and
such Tax Refund is, in the reasonable judgment of such Lender Party or
Affiliate, attributable to the Tax Payment, then such Lender Party, after
receipt of such Tax Refund, shall promptly reimburse such Obligor for such
amount as such Lender Party shall reasonably determine to be the proportion
of
the Tax Refund as will leave such Lender Party (after that reimbursement) in
no
better or worse position than it would have been in if the Tax Payment had
not
been required; provided that no Lender Party shall be required to make
any such reimbursement if it reasonably believes the making of such
reimbursement would cause it to lose the benefit of the Tax Refund or would
adversely affect in any other respect its tax position. Subject to
the other terms hereof, any claim by a Lender Party for a Tax Refund shall
be
made in a manner, order and amount as such Lender Party determines in its sole
and absolute discretion. No Lender Party shall be obligated to
disclose information regarding its tax affairs or computations to any Obligor,
it being understood and agreed that in no event shall any Lender Party be
required to disclose information regarding its tax position that it deems to
be
confidential (other than with respect to the Tax Refund).
SECTION
5.8 Payments. All payments by an
Obligor pursuant to this Agreement or any other Loan Document, whether in
respect of principal, interest, fees or otherwise, shall be made as set forth
in
this Section 5.8.
SECTION
5.8.1 Credit Extensions.
(a) All
payments by an Obligor (whether in respect of principal, interest, fees or
otherwise) pursuant to this Agreement or any other Loan Document with respect
to
Credit Extensions or any other amount payable hereunder shall be made by the
relevant Borrower in the Available Currency in which the Obligation was
denominated (the
50
“Required
Currency”). All such payments (other than fees payable pursuant
to Section 4.3, which fees shall be paid by the relevant Borrower to
the Administrative Agent for the account of the relevant payee, Article
V, Section 11.3 or 11.4) shall be made by the relevant
Borrower to the Administrative Agent for the account of each Lender based upon
its Percentage. All such payments required to be made to the
Administrative Agent shall be made, without set-off, deduction or counterclaim,
not later than 1:00 p.m., Applicable Time, on the date when due, in same day
or
immediately available funds, to such account as the Administrative Agent shall
specify from time to time by notice to the relevant Borrower. Funds
received after that time shall be deemed to have been received by the
Administrative Agent on the next succeeding Business Day. The
Administrative Agent shall promptly remit in same day funds to each Lender
its
share, if any, of such payments received by the Administrative Agent for the
account of such Lender. Whenever any payment hereunder shall be
stated to be due on a day other than a Business Day, such payment shall, except
as otherwise required pursuant to clause (d) of the definition of
Interest Period, be made on the next succeeding Business Day, and such extension
of time shall in such case be included in the computation of payment of interest
or fees, as the case may be.
(b) In
the case of any payment made pursuant to the preceding clause (a) by
a Borrower to the Administrative Agent, unless the Administrative Agent will
have received notice from that Borrower prior to the date on which any such
payment is due hereunder that such Borrower will not make such payment in full,
the Administrative Agent may assume that such Borrower has made such payment
in
full to the Administrative Agent on such date and the Administrative Agent
may,
in reliance upon such assumption, cause to be distributed to each Lender on
such
due date an amount equal to the amount then due to such Lender. If
that Borrower shall not have so made such payment in full to the Administrative
Agent, each Lender shall repay to the Administrative Agent forthwith on demand
any such amount distributed to the Lender to the extent that such amount was
not
paid by that Borrower to the Administrative Agent together with interest
thereon, for each day from the date such amount is distributed to such Lender
until the date such Lender repays such amount to the Administrative Agent,
at an
annual rate equal to the Administrative Agent’s Cost of Funds.
SECTION
5.9 Sharing of Payments.
(a) If
any Lender Party shall obtain any payment or other recovery (whether voluntary,
involuntary, by application of setoff or otherwise) on account of any Credit
Extension or Reimbursement Obligation (other than pursuant to the terms of
Sections 5.3, 5.4, 5.5 or 5.7) in excess of its pro
rata share of payments obtained by all Lender Parties, such Lender Party shall
purchase from the other Lender Parties such participations in Credit Extensions
made by them as shall be necessary to cause such purchasing Lender Party to
share the excess payment or other recovery ratably (to the extent such other
Lender Parties were entitled to receive a portion of such payment or recovery)
with each of them; provided, however, that if all or any portion
of the excess payment or other recovery is thereafter recovered from such
purchasing Lender Party, the purchase shall be rescinded and each Lender Party
which has sold a participation to the purchasing Lender Party shall repay to
the
purchasing Lender Party the purchase price to the ratable extent
51
of
such
recovery together with an amount equal to such selling Lender Party’s ratable
share (according to the proportion of (a) the amount of such selling Lender
Party’s required repayment to the purchasing Lender Party to (b) total
amount so recovered from the purchasing Lender Party) of any interest or other
amount paid or payable by the purchasing Lender Party in respect of the total
amount so recovered.
(b) The
Borrowers agree that any Lender Party purchasing a participation from another
Lender Party pursuant to this Section 5.9 may, to the fullest extent
permitted by law, exercise all its rights of payment (including pursuant to
Section 5.10) with respect to such participation as fully as if such
Lender Party were the direct creditor of the relevant Borrower in the amount
of
such participation. If under any applicable bankruptcy, insolvency or
other similar law any Lender Party receives a secured claim in lieu of a setoff
to which this Section 5.9 applies, such Lender Party shall, to the extent
practicable, exercise its rights in respect of such secured claim in a manner
consistent with the rights of the Lender Parties entitled under this Section
5.9 to share in the benefits of any recovery on such secured
claim.
SECTION
5.10 Right of Set-off. Upon the
occurrence and during the continuance of any Event of Default, each Lender
Party
is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all balances, credits,accounts,
moneys or deposits
(general or special, time or demand, provisional or final but excluding, for
the
avoidance of doubt, any payment received pursuant to this Agreement by the
Administrative Agent in its capacity qua Administrative Agent on behalf of
the
Lenders) at any time held and other indebtedness at any time due and owing
by
such Lender Party (in any currency and at any branch or office) to or for the
credit or the account of any Obligor against any and all of the Obligations
of
such Obligor now or hereafter existing under this Agreement or any other Loan
Document that are at such time due and owing, irrespective of whether or not
such Lender Party shall have made any demand under this Agreement or such other
Loan Document (other than any notice expressly required hereby). The
rights of each Lender Party under this Section 5.10 are in addition
to other rights and remedies (including other rights of set-off) which such
Lender Party may have.
SECTION
5.11 Judgments, Currencies,
etc. The obligation of each Obligor to make payment of all
Obligations in the Required Currency shall not be discharged or satisfied by
any
tender, or any recovery pursuant to any judgment, which is expressed in or
converted into any currency other than the Required Currency, except to the
extent such tender or recovery shall result in the actual receipt by the
recipient at the office required hereunder of the full amount of the Required
Currency expressed to be payable under this Agreement or any other Loan
Document. Without limiting the generality of the foregoing, each
Obligor authorizes the Administrative Agent on any tender or recovery in a
currency other than the Required Currency to purchase in accordance with normal
banking procedures the Required Currency with the amount of such other currency
so tendered or recovered. The obligation of each Obligor to make
payments in the Required Currency shall be enforceable as an alternative or
additional cause of action for the purpose of recovery in the Required Currency
of the amount (if any) by which such actual receipt shall fall short of the
full
amount of the Required Currency expressed to be payable under this Agreement
or
any other Loan Document, and shall not be affected by
52
judgment
being obtained for any other sums due under this Agreement or such other Loan
Document.
SECTION
5.12 Replacement of
Lenders. Each Lender hereby severally agrees that if such
Lender (a “Subject Lender”) makes demand upon any Borrower for (or if any
Borrower is otherwise required to pay) amounts pursuant to
Section 4.2.6, 5.3, 5.5, or 5.7, or if the
obligation of such Lender to make Loans is suspended pursuant to
Section 5.1(a), such Borrower may, so long as no Event of Default
shall have occurred and be continuing, replace such Subject Lender with an
Eligible Assignee pursuant to an assignment in accordance with
Section 11.11.1; provided that (i) such Eligible Assignee
shall be subject to the approval of the Administrative Agent and the Issuer
as
required by the definition of “Eligible Assignee”, and (ii) the purchase price
paid by such designated financial institution shall be in the amount of such
Subject Lender’s Loans and its applicable Percentage of outstanding
Reimbursement Obligations, together with all accrued and unpaid interest and
fees in respect thereof, plus all other amounts (including the amounts demanded
and unreimbursed under Sections 4.2.6, 5.3, 5.5, and
5.7), owing to such Subject Lender hereunder. Upon the
effective date of such assignment, such designated financial institution shall
become a Lender for all purposes under this Agreement and the other Loan
Documents.
SECTION
5.13 Change of Lending
Office. If Micro or any other Obligor is required to pay
additional amounts to or for the account of any Lender Party pursuant to
Section 4.2.6, 5.3, 5.5, or 5.7, or if the
obligation of any Lender to make or continue Loans is suspended pursuant to
Section 5.1(a), then such Lender Party will change the jurisdiction
of its Lending Office if, in the judgment of such Lender Party, such change
(a)
will eliminate or reduce any such additional payment which may thereafter accrue
or will avoid such suspension and (b) is not otherwise disadvantageous to such
Lender Party.
SECTION
5.14 European Monetary Union. If
and to the extent that any provision of this Section 5.14 relates to any state
(or the currency of such state) that is not a Participating Member State on
the
Effective Date, such provision shall become effective in relation to such state
(and the currency of such state) at and from the date on which such state
becomes a Participating Member State.
(a) An
amount denominated in the National
Currency Unit of a Participating Member State shall be redenominated into Euro
in accordance with EMU Legislation and paid by the debtor either in the Euro
Unit or in that National Currency Unit and an amount denominated in the Euro
Unit shall be paid by the debtor in the Euro Unit unless EMU Legislation
provides otherwise; provided,
that if and to the extent that any EMU
Legislation provides that an amount denominated either in the Euro or in the
National Currency Unit of a Participating Member State and payable within the
Participating Member State by crediting an account of the creditor can be paid
by the debtor either in the Euro Unit or in that National Currency Unit, any
party to this Agreement shall be entitled to pay or repay any such amount either
in the Euro Unit or in such National Currency Unit.
(b) If
the basis of accrual of interest or
fees expressed in this Agreement with respect to the currency of any state
that
is or becomes a Participating Member State shall
53
be
inconsistent with any convention or
practice in the London, England interbank market for the basis of accrual of
interest or fees in respect of the Euro, such convention or practice shall
replace such expressed basis effective as of and from the date on which such
state becomes a Participating Member State.
(c) Without
prejudice to the respective liabilities of each Borrower to the Lenders, the
Issuer and the Administrative Agent under or pursuant to this Agreement, except
as expressly provided in this clause (c), each provision of this
Agreement shall be subject to such reasonable changes of construction as the
Administrative Agent in consultation with Micro may from time to time specify
to
be necessary or appropriate to reflect the introduction of or changeover to
the
Euro in Participating Member States.
ARTICLE
VI
CONDITIONS
TO MAKING CREDIT EXTENSIONS
AND
ACCESSION OF ACCEDING BORROWERS
SECTION
6.1 Initial Credit
Extension. The obligation of each Lender and, if applicable,
any Issuer to make the initial Credit Extension shall be subject to the prior
or
concurrent satisfaction of each of the conditions precedent set forth in this
Section 6.1.
SECTION
6.1.1 Resolutions, etc. The
Administrative Agent will have received from each Obligor a certificate, dated
the Effective Date and with counterparts for each Lender, duly executed and
delivered by the Secretary, Assistant Secretary, or other authorized
representative of such Obligor as to:
(a) resolutions
of its Board of Directors or its Executive Committee (or its equivalent), as
the
case may be, then in full force and effect authorizing the execution, delivery
and performance of this Agreement and each other Loan Document to be executed
by
it;
(b) the
incumbency and signatures of those of its officers authorized to act as
Authorized Persons for it with respect to this Agreement and each other Loan
Document to be executed by it; and
(c) the
Organic Documents of such Obligor;
upon
which
certificate each Lender may conclusively rely until the Administrative Agent
shall have received a further certificate of the Secretary of the relevant
Obligor canceling or amending such prior certificate. In addition,
each Obligor shall, where applicable, have delivered to the Administrative
Agent
a good standing certificate from the relevant governmental regulatory
institution of its jurisdiction of incorporation, each such certificate to
be
dated a date reasonably near (but prior to) the Effective Date.
SECTION
6.1.2 Effective Date Certificate. The
Administrative Agent shall have received, with counterparts for each Lender,
the
Effective Date Certificate, dated the Effective
54
Date
and
duly executed and delivered by the chief executive officer, an Authorized Person
or the Treasurer of Micro.
SECTION
6.1.3 Guaranties; Intra-Group
Agreement. The Administrative Agent shall have received,
with counterparts for each Lender, the Micro Guaranty and an Additional Guaranty
from each Initial Additional Guarantor, each in effect as of the Effective
Date,
dated the date hereof, duly executed and delivered by an Authorized Person
of
the relevant Guarantor. The Administrative Agent shall have also
received, with counterparts for each Lender, the Intra-Group Agreement, in
effect on the Effective Date, dated the date hereof, duly executed and delivered
by an Authorized Person of each Borrower and each Initial Additional
Guarantor.
SECTION
6.1.4 Consents, etc. The Administrative
Agent shall have received evidence satisfactory to it as to the receipt by
each
Obligor of any necessary consents or waivers under any agreement applicable
to
such Obligor in order to enable such Obligor to enter into this Agreement and
any other Loan Document, to perform its obligations hereunder and thereunder
and, in the case of each Borrower, to obtain Credit Extensions
hereunder.
SECTION
6.1.5 Closing Fees, Expenses, etc. The
Administrative Agent, its counsel, and each Joint Lead Arranger shall have
received payment in full of all fees, costs, and expenses under
Sections 4.3 and 11.3 to the extent (a) then due and payable
and (b) unless an amount is otherwise provided by the Loan Documents or the
Fee
Letters and without waiving the right for subsequent reimbursement in accordance
with the Loan Documents, to the extent that a reasonably detailed invoice is
presented to Micro no later than two Business Days prior to the Effective
Date.
SECTION
6.1.6 Opinions of Counsel. The
Administrative Agent shall have received opinions of counsel, dated the
Effective Date and addressed to the Administrative Agent and all the Lenders,
from:
(a) Xxxx
Xxxxxxx, Senior Corporate Counsel of Micro, covering the matters set forth
in
Exhibit K attached hereto;
(b) Xxxxx
Xxxx & Xxxxxxxx, special New York counsel to Micro, covering the matters set
forth in Exhibit L attached hereto; and
(c) Xxxxx
& XxXxxxxx, special Belgian counsel to Coordination Center, covering the
matters set forth in Exhibit M attached hereto.
SECTION
6.1.7 Satisfactory Legal Form. All
documents executed or submitted pursuant to this Article VI by or on
behalf of each Obligor shall be satisfactory in form and substance to the
Administrative Agent (who may rely upon the advice of its legal counsel with
respect to legal matters in making such determination), and the Administrative
Agent shall have received such additional information, approvals, opinions,
documents, or instruments as the Administrative Agent or the Required Lenders
may reasonably request.
SECTION
6.1.8 Termination of Predecessor Credit
Agreement. The Administrative Agent shall have received
evidence that the Predecessor Credit Agreement has been, or will be,
concurrently with the Effective Date, terminated in accordance with its
terms.
55
SECTION
6.2 All Credit Extensions. The
obligation of each Lender to make any Credit Extension (including the initial
Credit Extension) shall be subject to the satisfaction of each of the additional
conditions precedent set forth in this Section 6.2.
SECTION
6.2.1 Compliance with Warranties, No Default,
etc. Both before and after giving effect to such Credit
Extension other than any continuation or conversion (except as otherwise set
forth in the initial proviso to this section) of a Borrowing (but, if any
Default of the nature referred to in Section 9.1.5 shall have
occurred with respect to any other Indebtedness, without giving effect to the
application, directly or indirectly, of the proceeds of such Credit Extension
to
such other Indebtedness), the following statements shall be true and
correct:
(a) the
representations and warranties of each Obligor set forth in
Article VII (excluding, however, those contained in
Section 7.8) and in any other Loan Document shall be true and
correct with the same effect as if then made (unless stated to relate solely
to
an earlier date, in which case such representations and warranties shall be
true
and correct as of such earlier date); provided that if any of the
financial statements delivered pursuant to clause (b) of
Section 8.1.1 do not present fairly the consolidated financial
condition of the Persons covered thereby as of the dates thereof and the results
of their operations for the periods then ended and Micro subsequently delivers
one or more financial statements pursuant to clause (a) or
(b) of Section 8.1.1 which, in the opinion of the Required
Lenders, effectively cures any omission or misstatement contained in such prior
delivered financial statement, then the representation and warranty contained
in
Section 7.6 as it relates to such prior delivered financial
statement shall be deemed satisfied for purposes hereof (it being understood
and
agreed that such subsequent delivered financial statements shall be deemed
to
have cured such earlier delivered inaccurate financial statements unless the
Required Lenders raise an objection with respect thereto);
(b) except
as disclosed in Item 7.8 (Litigation) of the Disclosure
Schedule:
(i) no
labor controversy, litigation, arbitration or governmental investigation or
proceeding shall be pending or, to the knowledge of any Obligor, threatened
against any Obligor, or any of their respective Consolidated Subsidiaries in
respect of which there exists a reasonable possibility of an outcome that would
result in a Material Adverse Effect or that would affect the legality, validity
or enforceability of this Agreement or any other Loan Document; and
(ii) no
development shall have occurred in any labor controversy, litigation,
arbitration or governmental investigation or proceeding so disclosed in respect
of which there exists a reasonable possibility of an outcome that would result
in a Material Adverse Effect;
(c) no
Default shall have occurred and be continuing, and no Obligor, nor any of their
respective Subsidiaries, shall be in violation of any law or governmental
regulation or court order or decree which, singly or in the aggregate, results
in, or would reasonably be expected to result in, a Material Adverse
Effect;
56
(d) no
Change in Control shall have occurred; and
(e) the
Outstanding Credit Extensions of all the Lenders do not exceed the Total
Commitment Amount (as such amount may be reduced from time to time pursuant
to
Section 2.2);
provided
that in the case of any continuation or conversion of a Borrowing, no Event
of
Default shall have occurred and be continuing.
SECTION
6.2.2 Credit Extension Request. In the
case of any Credit Extension the Administrative Agent shall have received the
relevant Credit Extension Request in a timely manner as herein provided for
such
Credit Extension. Delivery of a Credit Extension Request and the
acceptance by Micro or any other Borrower of the proceeds of any Credit
Extension shall constitute a representation and warranty by each Obligor that,
on the date of making such Credit Extension (both immediately before and after
giving effect to the making of such Credit Extension and the application of
the
proceeds thereof), the statements made in Section 6.2.1 are true and
correct.
SECTION
6.3 Acceding Borrowers. Subject
to the prior or concurrent satisfaction of the conditions precedent set forth
in
this Section 6.3, any Subsidiary of Micro may become a party hereto
and a Borrower and an Obligor hereunder subsequent to the Effective Date (each
such Subsidiary of Micro, an “Acceding Borrower”), entitled to all the
rights and subject to all the obligations incident thereto.
SECTION
6.3.1 Resolutions, etc. The
Administrative Agent shall have received from such Acceding Borrower a
certificate, dated the date such Acceding Borrower is accepted by the
Administrative Agent as a Borrower hereunder and with counterparts for each
Lender, duly executed and delivered by the Secretary, Assistant Secretary or
other authorized representative of such Acceding Borrower as to:
(a) resolutions
of its Board of Directors or its Executive Committee, as the case may be, then
in full force and effect authorizing the execution, delivery and performance
of
this Agreement and the Additional Guaranty (if any) and each other Loan Document
to be executed by it and, in respect of an Acceding Borrower incorporated under
the laws of Belgium under the form of NV/SA, a resolution of its General
Shareholders Meeting specifically approving, for the purposes of article 556
of
the Belgian Company Code, Section 8.1.11, Sections 9.1.4 and
9.3 (to the extent they apply to Section 8.1.11) and, insofar as
required, the terms of Section 4.1.2, and (ii) evidence of the
filing of such resolution with the clerk office at the commercial court where
its registered office is located;
(b) the
incumbency and signatures of those of its officers authorized to act with
respect to this Agreement and the Additional Guaranty (if any) and each other
Loan Document to be executed by it; and
(c) the
Organic Documents of such Acceding Borrower,
57
upon
which
certificate each Lender may conclusively rely until the Administrative Agent
shall have received a further certificate of the Secretary of such Acceding
Borrower canceling or amending such prior certificate. In addition,
each Acceding Borrower shall have delivered to the Administrative Agent a good
standing certificate from the relevant governmental regulatory institution
of
its jurisdiction of organization, each such certificate to be dated a date
reasonably near (but prior to) the date such Acceding Borrower becomes a
Borrower hereunder.
SECTION
6.3.2 Delivery of Accession Request and
Acknowledgment. The Administrative Agent shall have received
(a) an original Accession Request and Acknowledgment duly completed and executed
and delivered by such Acceding Borrower and (b) originals of any other
instruments evidencing accession of such Acceding Borrower hereunder as the
Administrative Agent may reasonably request, in each case effective as of the
date such Acceding Borrower becomes a Borrower hereunder.
SECTION
6.3.3 Guaranties, etc. If such Acceding
Borrower has not previously delivered an Additional Guaranty, whether pursuant
to Section 8.1.9 or otherwise, and such Acceding Borrower is a Material
Subsidiary, then the Administrative Agent shall have received, with counterparts
for each Lender (a) an Additional Guaranty executed by such Acceding Borrower,
in effect as of the date such Acceding Borrower becomes a Borrower hereunder,
duly executed and delivered by an Authorized Person of such Acceding Borrower;
provided that if such Acceding Borrower is a Foreign Subsidiary, such
Acceding Borrower shall not be required to deliver such Additional Guaranty
if
and to the extent Micro, in consultation with the Administrative Agent,
reasonably determines that adverse tax consequences would result therefrom,
and
(b) such documents as are required by Section 8.1.10, in each case
effective with respect to such Acceding Borrower as of the date such Acceding
Borrower becomes a Borrower hereunder.
SECTION
6.3.4 Compliance Certificate. The
Administrative Agent shall have received with counterparts for each Lender,
a
Compliance Certificate from Micro, dated the date such Acceding Borrower becomes
a Borrower hereunder.
SECTION
6.3.5 Consents, etc. The Administrative
Agent shall have received evidence satisfactory to it as to the receipt by
such
Acceding Borrower of any necessary consents or waivers under any agreement
applicable to such Acceding Borrower in order to enable such Acceding Borrower
to enter into this Agreement and any other Loan Document, to perform its
obligations hereunder and thereunder and to obtain Credit Extensions
hereunder.
SECTION
6.3.6 Opinions of Counsel. The
Administrative Agent shall have received an opinion of counsel, dated the date
such Acceding Borrower becomes a Borrower hereunder and addressed to the Agents
and all the Lenders, from the Senior Corporate Counsel of Micro, or such other
counsel as shall be reasonably satisfactory to the Administrative Agent,
covering the matters set forth in Exhibit K attached hereto as to
such Acceding Borrower.
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ARTICLE
VII
REPRESENTATIONS
AND WARRANTIES
In
order
to induce the Lender Parties to enter into this Agreement and to make Credit
Extensions hereunder, each Borrower represents and warrants unto the
Administrative Agent and each Lender with respect to itself and the other
Obligors as set forth in this Article VII.
SECTION
7.1 Organization, etc. Each of
the Obligors and each of the respective Subsidiaries is a company or
corporation, as the case may be, validly organized and existing and in good
standing under the laws of the jurisdiction of its incorporation or
organization, is duly qualified to do business and is in good standing as a
foreign corporation in each jurisdiction where the nature of its business
requires such qualification and where the failure to so qualify and to maintain
such good standing, singularly or in the aggregate, has resulted in, or would
reasonably be expected to result in, a Material Adverse Effect, and has full
power and authority and holds all requisite governmental licenses, permits,
authorizations and other approvals to enter into and perform its Obligations
under this Agreement and each other Loan Document to which it is a party and
to
own and hold under lease its property and to conduct its business substantially
as currently conducted by it, excluding any such governmental licenses, permits
or other approvals in respect of which the failure to so obtain, hold or
maintain has not caused, and would not reasonably be expected to result in,
a
Material Adverse Effect.
SECTION
7.2 Due Authorization, Non-Contravention,
etc. The execution, delivery and performance by each Obligor
of this Agreement and each other Loan Document executed or to be executed by
it
are within such Obligor’s corporate powers, have been duly authorized by all
necessary corporate action, and do not:
(a) contravene
such Obligor’s Organic Documents;
(b) contravene
any law or governmental regulation or court decree or order binding or affecting
such Obligor; or
(c) result
in, or require the creation or imposition of, any Lien on any of such Obligor’s
properties.
Micro
and
each of its Subsidiaries is, and after giving effect to any Borrowing or
issuance of any Letter of Credit under this Agreement will be, in compliance
with the limits described in the resolutions of Micro's board of directors
delivered pursuant to Section 6.1.1.
SECTION
7.3 No Default. None of the
Obligors, nor any of their respective Subsidiaries, is in default in the
performance of any obligation, agreement or condition contained in any bond,
debenture, note, or in any indenture, loan agreement, or other agreement, in
connection with or as a result of which default there exists a reasonable
possibility that a Material Adverse Effect could arise. The
execution, delivery and performance by each Obligor of this Agreement and each
other Loan Document executed or to be executed by such Obligor will not conflict
with, or constitute a breach of, or a default under, any such bond, debenture,
note, indenture, loan agreement or other agreement to which any Obligor or
any
of their
59
respective
Subsidiaries is a party or by which it is bound, in connection with, or as
a
result of which, conflict, breach or default, there exists a reasonable
possibility that a Material Adverse Effect could arise.
SECTION
7.4 Government Approval, Regulation,
etc. No action by, and no notice to or filing with, any
governmental authority or regulatory body or other Person and no payment of
any
stamp or similar tax, is required for the due execution, delivery, or
performance by any Obligor of this Agreement or any other Loan Document to
which
it is a party. No Obligor (nor any of its Subsidiaries) is an
“investment company” within the meaning of the Investment Company Act of 1940,
as amended.
SECTION
7.5 Validity, etc. This
Agreement constitutes, and each other Loan Document executed by any Obligor
will, on the due execution and delivery thereof, constitute, the legal, valid
and binding obligations of each Obligor party thereto, enforceable against
such
Obligor in accordance with their respective terms, except as such enforcement
may be limited by applicable bankruptcy, insolvency, reorganization or other
similar laws relating to or limiting creditors’ rights generally or by general
principles of equity.
SECTION
7.6 Financial Information. The
financial statements of Micro and its Consolidated Subsidiaries for the Fiscal
Year ended December 31, 2006 and those financial statements filed for Fiscal
Quarters ending March 31, 2007 and June 30, 2007 have been prepared in
accordance with GAAP and present fairly (subject, in the case of such financial
statements for Fiscal Quarters ending March 31, 2007 and June 30, 2007 (which
financial statements, in accordance with Section 1.4(a), are not required to
contain certain footnote disclosures required by GAAP), to ordinary year end
adjustments) the consolidated financial condition of the Persons covered thereby
as at the dates thereof and the results of their operations for the periods
then
ended. All the financial statements delivered pursuant to clauses
(a) and (b) of Section 8.1.1 have been and will be
prepared in accordance with GAAP consistently applied, and do or will present
fairly (subject, in the case of such financial statements delivered pursuant
to
clause (b) thereof (which financial statements, in accordance with
Section 1.4(a), are not required to contain certain footnote
disclosures required by GAAP), to ordinary year-end adjustments) the
consolidated financial condition of the Persons covered thereby as of the dates
thereof and the results of their operations for the periods then
ended.
SECTION
7.7 No Material Adverse
Effect. Since December 30, 2006, there has been no event or
events which, singly or in the aggregate, has or have resulted, or is or are
reasonably likely to result, in a Material Adverse Effect.
SECTION
7.8 Litigation, Labor Controversies,
etc. Except as disclosed in Item 7.8
(Litigation) of the Disclosure Schedule, there is no pending or, to the
knowledge of any Obligor, threatened litigation, action, proceeding or labor
controversy affecting any Obligor, or any of their respective Subsidiaries,
or
any of their respective properties, businesses, assets or revenues, in respect
of which there exists a reasonable possibility of an outcome that would result
in a Material Adverse Effect or that would affect the legality, validity or
enforceability of this Agreement or any other Loan Document.
60
SECTION
7.9 Subsidiaries. As of the date
hereof, Micro has no Subsidiaries, except those Subsidiaries which are
identified in Item 7.9 (Existing Subsidiaries) of the Disclosure
Schedule and certain other Subsidiaries that are shell corporations that do
not conduct any business and do not in the aggregate have a net worth exceeding
$1,000,000. As of the date hereof, Treasury is not a Material
Subsidiary.
SECTION
7.11 Taxes. Each Obligor and
each of their respective Subsidiaries has filed all material tax returns and
reports it reasonably believes are required by law to have been filed by it
and
has paid all taxes and governmental charges thereby shown to be owing, except
as
disclosed in Item 7.11 (Taxes) of the Disclosure Schedule and
except for any such taxes or charges which are being diligently contested in
good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books; provided
that, with respect to any Subsidiary that is not a Material Subsidiary, this
representation and warranty shall be satisfied if the tax returns or reports
not
so filed or the taxes or governmental charges owing by each such Subsidiary
are
not with respect to any income, sales or use tax and the amount so owing (or
which would be so owing if such tax returns or reports were duly filed) with
respect to all such Subsidiaries, does not exceed in the aggregate $1,000,000
at
any time and with respect to which no Material Subsidiary may be liable for
payment of such amount.
SECTION
7.12 Pension and Welfare
Plans. Except to the extent that any such termination,
liability, penalty or fine would not (either individually or in the aggregate)
reasonably be expected to have a Material Adverse Effect (a) during the
twelve-consecutive-month period prior to the date hereof and prior to the date
of any Credit Extension hereunder, except as disclosed in Item 7.12
(Employee Benefit Plans) of the Disclosure Schedule, no steps have been taken
to
terminate any Pension Plan, and no contribution failure has occurred with
respect to any Pension Plan sufficient to give rise to a Lien under
Section 302(f) of ERISA, (b) no condition exists or event or transaction
has occurred with respect to any Pension Plan which might result in the
incurrence by any Obligor or any member of the related Controlled Group of
any
material liability with respect to any contribution thereto, fine or penalty,
and (c) except as disclosed in Item 7.12 (Employee Benefit Plans) of
the Disclosure Schedule, neither any Obligor nor any member of the related
Controlled Group has any material contingent liability with respect to any
post-retirement benefit under a Welfare Plan, other than liability for
continuation coverage described in Part 6 of Title I of ERISA.
SECTION
7.13 Environmental Warranties.
(a) Each
Obligor and each of their respective Subsidiaries has obtained all
environmental, health and safety permits, licenses and other authorizations
required under all Environmental Laws to carry on its business as now being
or
as proposed to be
61
conducted,
except to the extent failure to have any such permit, license or authorization
would not (either individually or in the aggregate) reasonably be expected
to
have a Material Adverse Effect. Each of such permits, licenses and
authorizations is in full force and effect and each Obligor and each of their
respective Subsidiaries is in compliance with the terms and conditions thereof,
and is also in compliance with all other limitations, restrictions, conditions,
standards, prohibitions, requirements, obligations, schedules and timetables
contained in any applicable Environmental Law or in any plan, judgment,
injunction, notice or demand letter issued, entered or approved thereunder,
except to the extent failure to comply therewith would not (either individually
or in the aggregate) reasonably be expected to have a Material Adverse
Effect.
(b) No
notice, notification, demand, request for information, citation, summons or
order has been issued, no complaint has been filed, no penalty has been assessed
and no investigation or review is pending or, to the knowledge of any Obligor,
threatened by any governmental or other entity with respect to any alleged
failure by any Obligor or any of their respective Subsidiaries to have any
environmental, health or safety permit, license or other authorization required
under any Environmental Law in connection with the conduct of the business
of
any Obligor or any of their respective Subsidiaries or with respect to any
generation, treatment, storage, recycling, transportation, discharge or
disposal, or any Release of any Hazardous Materials generated by any Obligor
or
any of their respective Subsidiaries, except to the extent failure to have
any
such permit, license or authorization would not (either individually or in
the
aggregate) reasonably be expected to have a Material Adverse
Effect.
SECTION
7.14 Accuracy of Information.
(a) Except
as provided in clause (b) below, all factual information furnished by or
on behalf of any Obligor to any Lender Party for purposes of or in connection
with this Agreement or any other Loan Document or any transaction contemplated
hereby or thereby is, when taken as a whole, to the best of the knowledge of
each Borrower, and all other factual information hereafter furnished by or
on
behalf of any Obligor to any Lender Party will be, when taken as a whole, to
the
best of the knowledge of each Borrower, true and accurate in all material
respects on the date as of which such information is dated or certified and
(in
the case of any such information furnished prior to the date hereof) as of
the
date hereof (unless such information relates to an earlier date, in which case
such information, when taken as a whole, shall be true and accurate in all
material respects as of such earlier date), and is not, or shall not be, as
the
case may be, when taken as a whole, incomplete by omitting to state any material
fact necessary to make such information not misleading.
(b) The
information (i) in any financial projections furnished under this Agreement
is
and will be based upon assumptions and information believed by Micro to be
reasonable and (ii) furnished with express written disclaimers with regard
to
the accuracy of that information, is and shall be subject to those
disclaimers.
SECTION
7.15 Patents, Trademarks,
etc. Each Obligor and each of their respective Subsidiaries
owns and possesses, or has a valid and existing license of, or other sufficient
interest
62
in,
all
such patents, patent rights, trademarks, trademark rights, trade names, trade
name rights, service marks, service xxxx rights and copyrights as is necessary
for the conduct of the business of each such Obligor or its Subsidiaries as
now
conducted, without, to the best of the knowledge of each such Obligor, any
infringement upon rights of other Persons, which infringement results in or
would reasonably be expected to result in a Material Adverse Effect, and there
is no license or other interest or right, the loss of which results in, or
would
reasonably be expected to result in, a Material Adverse Effect.
SECTION
7.16 Margin Stock. No part of
the proceeds of any Credit Extension shall be used at any time by any Obligor
or
any of their respective Subsidiaries for the purpose, whether immediate,
incidental or ultimate, of buying or carrying Margin Stock (within the meaning
of Regulation U (as amended, modified, supplemented or replaced and in effect
from time to time, “Regulation U”) or Regulation X (as amended, modified,
supplemented or replaced and in effect from time to time, “Regulation X”)
promulgated by the F.R.S. Board of Governors of the Federal Reserve System
(together with any successor thereto, the “F.R.S. Board”) or to extend
credit to others for the purpose of purchasing or carrying any Margin Stock
if
any such use or extension of credit described in this Section 7.17
would cause any of the Lender Parties to violate the provisions of Regulation
U
or Regulation X. Neither any Obligor nor any of their respective
Subsidiaries is engaged principally, or as one of its important activities,
in
the business of extending credit for the purposes of purchasing or carrying
any
such Margin Stock within the meaning of Regulation U or Regulation
X. Not more than 25% of the value of the assets of any Obligor or any
Subsidiary of any Obligor is, as of the date hereof, represented by Margin
Stock. No part of the proceeds of any Credit Extension will be used
by any Obligor or any of their respective Subsidiaries for any purpose which
violates, or which is inconsistent with, any regulations promulgated by the
F.R.S. Board, including Regulation U or Regulation X.
ARTICLE
VIII
COVENANTS
SECTION
8.1 Affirmative Covenants. Each
Borrower agrees with the Agents and each Lender that, until all the Commitments
have terminated and all Obligations have been paid and performed in full, each
Borrower will perform its respective obligations set forth in this
Section 8.1.
SECTION
8.1.1 Financial Information, Reports, Notices,
etc. Micro will furnish, or will cause to be furnished, to
each Lender Party (1) promptly after filing, copies of each Form 10-K, Form
10-Q, and Form 8-K (or any respective successor forms) filed with the Securities
and Exchange Commission (or any successor authority) or any national securities
exchange (including, in each case, any exhibits thereto requested by any Lender
Party), and (2) to the extent not disclosed in such Forms 10-K, Forms 10-Q,
and
Forms 8-K (or respective successor forms) for the applicable period, copies
of
the following financial statements, reports, notices and
information:
(a) as
soon as available and in any event within 90 days after the end of each Fiscal
Year of Micro, a copy of the annual audit report for such Fiscal Year for Micro
and its Consolidated Subsidiaries, including therein consolidated balance sheets
of Micro and
63
its
Consolidated Subsidiaries as of the end of such Fiscal Year and consolidated
statements of income, stockholders’ equity and cash flow of Micro and its
Consolidated Subsidiaries for such Fiscal Year, setting forth in each case,
in
comparative form, the figures for the preceding Fiscal Year, in each case
certified (without any Impermissible Qualification, except that (i)
qualifications relating to pre-acquisition balance sheet accounts of Person(s)
acquired by Micro or any of its Subsidiaries and (ii) statements of reliance
in
the auditor’s opinion on another accounting firm shall not be deemed an
Impermissible Qualification) in a manner satisfactory to the Securities and
Exchange Commission (under applicable United States securities law) by
PricewaterhouseCoopers, LLP or its successors or other independent public
accountants of national reputation;
(b) as
soon as available and in any event within 60 days after the end of each of
the
first three Fiscal Periods occurring during any Fiscal Year of Micro, a copy
of
the unaudited consolidated financial statements of Micro and its Consolidated
Subsidiaries, consisting of (i) a balance sheet as of the close of such Fiscal
Period and (ii) related statements of income and cash flows for such Fiscal
Period and from the beginning of such Fiscal Year to the end of such Fiscal
Period, in each case certified by an officer who is an Authorized Person of
Micro as to (A) being a complete and correct copy of such financial statements
which have been prepared in accordance with GAAP consistently applied as
provided in Section 1.4, and (B) presenting fairly the financial
position of Micro and its Consolidated Subsidiaries;
(c) at
the time of delivery of each financial statement required by
clause (a) or (b) above (or Form 10-Q or 10-K in lieu
thereof), a certificate signed by an Authorized Person of Micro stating that
no
Default has occurred and is continuing (or if a Default has occurred and is
continuing, and without prejudice to any rights or remedies of any Lender Party
hereunder in connection therewith, a statement of the nature thereof and the
action which Micro has taken or proposes to take with respect
thereto);
(d) at
the time of delivery of each financial statement required by
clause (a) or (b) above (or Form 10-Q or 10-K in lieu
thereof), a Compliance Certificate showing compliance with the financial
covenants set forth in Section 8.2.3;
(e) notice
of, as soon as possible after (i) the occurrence of any material adverse
development with respect to any litigation, action, proceeding, or labor
controversy disclosed in Item 7.8 (Litigation) of the Disclosure
Schedule, or (ii) the commencement of any labor controversy, litigation, action,
or proceeding of the type described in Section 7.8;
(f) promptly
after the filing thereof, copies of any registration statements (other than
the
exhibits thereto and excluding any registration statement on Form S-8 and any
other registration statement relating exclusively to stock, bonus, option,
401(k) and other similar plans for officers, directors, and employees of Micro
or any of its Subsidiaries);
(g) immediately
upon becoming aware of the institution of any steps by any Obligor or any other
Person to terminate any Pension Plan other than pursuant to
64
Section 4041(b)
of ERISA, or the failure to make a required contribution to any Pension Plan
if
such failure is sufficient to give rise to a Lien under Section 302(t) of
ERISA, or the taking of any action with respect to a Pension Plan which could
result in the requirement that any Obligor furnish a bond or other security
to
the PBGC or such Pension Plan, or the occurrence of any other event with respect
to any Pension Plan which, in any such case, results in, or would reasonably
be
expected to result in, a Material Adverse Effect, notice thereof and copies
of
all documentation relating thereto;
(h) as
soon as possible, and in any event within three Business Days after becoming
aware of the occurrence of a Default or any inaccuracy in the financial
statements delivered pursuant to clause (a) or (b) above if
the result thereof is not to present fairly the consolidated financial condition
of the Persons covered thereby as of the dates thereof and the results of their
operations for the periods then ended, a statement of an Authorized Person
of
Micro setting forth the details of such Default or inaccuracy and the action
which Micro has taken or proposes to take with respect thereto;
(i) in
the case of each Borrower, promptly following the consummation of any
transaction described in Section 8.2.5, a description in reasonable
detail regarding the same; and
(j) such
other information respecting the condition or operations, financial or
otherwise, of each Borrower, or any of their respective Subsidiaries as any
Lender through the Administrative Agent may from time to time reasonably
request.
SECTION
8.1.2 Compliance with Laws, etc. Each
Borrower will (and each Borrower will cause each of its Subsidiaries to) comply
in all respects with all applicable laws, rules, regulations and orders the
noncompliance with which results in, or would reasonably be expected to result
in, a Material Adverse Effect, such compliance to include (without
limitation):
(a) except
as may be otherwise permitted pursuant to Section 8.2.5, the
maintenance and preservation of its corporate existence (and in the case of
Coordination Center, its status as a coordination center (unless Coordination
Center is required to change its status due to a change in law or regulation)
in
accordance with the laws of the jurisdiction of its incorporation and
qualification as a foreign corporation (subject to the materiality standard
referred to above); and
(b) the
payment, before the same become delinquent, of all taxes, assessments and
governmental charges imposed upon it or upon its property except to the extent
being diligently contested in good faith by appropriate proceedings and for
which adequate reserves in accordance with GAAP shall have been set aside on
its
books; provided that with respect to any Subsidiary that is not a
Material Subsidiary this covenant shall be satisfied if the taxes, assessments
or other governmental charges owing by each such Subsidiary (i) is not with
respect to any income, sales or use tax and (ii) the amount so owing with
respect to all such Subsidiaries does not exceed in the aggregate $1,000,000
at
any time.
65
SECTION
8.1.3 Maintenance of Properties. Each
Borrower will (and each Borrower will cause each of its Subsidiaries to)
maintain, preserve, protect and keep its material properties in good repair,
working order and condition, and make necessary and proper repairs, renewals
and
replacements so that its business carried on in connection therewith may be
properly conducted at all times, unless such Borrower or such Subsidiary
determines in good faith that the continued maintenance of any of its properties
is no longer economically desirable.
SECTION
8.1.4 Insurance. Each Borrower will (and
each Borrower will cause each of its Subsidiaries to) maintain, or cause to
be
maintained with responsible insurance companies or through such Borrower’s own
program of self-insurance, insurance with respect to its properties and business
against such casualties and contingencies and of such types and in such amounts
as is customary in the case of similar businesses and will, upon request of
the
Administrative Agent, furnish to each Lender at reasonable intervals a
certificate of an Authorized Person of such Borrower setting forth the nature
and extent of all insurance maintained by such Borrower and each of its
Subsidiaries in accordance with this Section 8.1.4.
SECTION
8.1.5 Books and Records. Each Borrower
will (and each Borrower will cause each of its Subsidiaries to) keep books
and
records which accurately reflect all of its business affairs and transactions
and permit the Administrative Agent and each Lender, or any of their respective
representatives, at reasonable times and intervals and upon reasonable advance
notice, to visit all of its offices, to discuss its financial matters with
its
officers and independent public accountants (and each Borrower hereby authorizes
such independent public accountants to discuss the financial matters of such
Borrower and its Subsidiaries with the Administrative Agent and each Lender
or
its representatives whether or not any representative of such Borrower is
present; provided that an officer of such Borrower is afforded a
reasonable opportunity to be present at any such discussion) and to examine
any
of its relevant books or other corporate records. Micro will pay all
expenses associated with the exercise of any Lender Party’s rights pursuant to
this Section 8.1.5 at any time during the occurrence and continuance
of any Event of Default.
SECTION
8.1.6 Environmental Covenant. Each
Borrower will (and each Borrower will cause each of its Subsidiaries
to):
(a) use
and operate all of its facilities and properties in compliance with all
Environmental Laws which, by their terms, apply to such use and operation,
keep
all necessary permits, approvals, certificates, licenses and other
authorizations relating to environmental matters in effect and remain in
compliance therewith, and handle all Hazardous Materials in compliance with
all
Environmental Laws which, by their terms, apply to such Hazardous Materials,
in
each case so that the non-compliance with any of the foregoing does not result
in, or would not reasonably be expected to result in, either singly or in the
aggregate, a Material Adverse Effect;
(b) immediately
notify the Administrative Agent and provide copies upon receipt of all written
claims, complaints, notices or inquiries relating to the condition of its
facilities and properties or compliance with Environmental Laws which, singly
or
in the aggregate, result in, or would reasonably be expected to result in,
a
Material Adverse Effect, and shall promptly cure and have dismissed with
prejudice any actions and
66
proceedings
relating to compliance with Environmental Laws where the failure to so cure
or
have dismissed, singularly or in the aggregate, results in, or would reasonably
be expected to result in, a Material Adverse Effect (it being understood that
this clause (b) shall not be construed to restrict any Borrower or
any of its Subsidiaries from challenging or defending any such action or
proceeding which it, in its sole discretion, deems advisable or necessary);
and
(c) provide
such information and certifications which the Administrative Agent may
reasonably request from time to time to evidence compliance with this
Section 8.1.6.
SECTION
8.1.7 [Intentionally Deleted].
SECTION
8.1.8 Pari Passu. Each Borrower shall
ensure that such Borrower’s Obligations rank at least pari passu with all other
senior unsecured Indebtedness of such Borrower.
SECTION
8.1.9 Additional Guaranty.
(a) Micro
may cause any of its Subsidiaries to execute and deliver from time to time
in
favor of the Lender Parties an Additional Guaranty for the repayment of the
Obligations.
(b) Concurrently
when or promptly after any of its Subsidiaries (other than any Foreign
Subsidiary if and to the extent Micro, in consultation with the Administrative
Agent, reasonably determines that adverse tax consequences would result
therefrom) either guarantees any Indebtedness of Micro or any other Obligor
or
satisfies (at any time) the requirements hereunder which describe a Material
Subsidiary, Micro shall cause that Subsidiary (other than Coordination Center
or
Treasury) to (i) execute and deliver in favor of the Lender Parties an
Additional Guaranty for the repayment of the Obligations which Additional
Guaranty (including, without limitation, any Additional Guaranty executed and
delivered by an Acceding Borrower pursuant to Section 6.3.3) shall be in
substantially the form of Exhibit I attached hereto, shall be governed by
the laws of the State of New York, and shall contain such other terms and
provisions as the Administrative Agent determines to be necessary or appropriate
(after consulting with legal counsel) in order that such Additional Guaranty
complies with local laws, rules, and regulations and is fully enforceable (at
least to the extent of the form of Additional Guaranty attached as Exhibit
I) against such Additional Guarantor.
SECTION
8.1.10 Intra-Group Agreement, etc. In the
event any Subsidiary of Micro enters into an Additional Guaranty pursuant to
Section 6.3.3 or 8.1.9, an Authorized Person of such Subsidiary
shall (a) in the event such Subsidiary is the first Subsidiary of Micro to
enter
into an Additional Guaranty, together with an Authorized Person of Micro,
execute and deliver to the Administrative Agent (with counterparts for each
Lender) the Intra-Group Agreement or (b) in the event the Intra-Group Agreement
has previously been so executed and delivered and is then in effect, execute
and
deliver to the Administrative Agent (with counterparts for each Lender) such
instruments and documents evidencing accession of such Subsidiary under the
67
Intra-Group
Agreement then in effect as the Administrative Agent may reasonably
request. Except to add additional Subsidiaries of Micro as parties
thereto, the terms of the Intra-Group Agreement shall not be amended or
otherwise modified without the prior consent of the Administrative Agent on
behalf of and as directed by the Required Lenders, such consent not to be
unreasonably withheld. In addition, no Person a party to the
Intra-Group Agreement shall assign any of its rights or obligations thereunder
without the prior consent of the Administrative Agent, such consent not to
be
unreasonably withheld.
SECTION
8.1.11 Ownership of Borrowers. Micro
shall at all times, directly or indirectly, hold 100% of the equity (or similar)
interests of each Borrower (other than itself).
SECTION
8.2 Negative Covenants. Each
Borrower agrees with the Agents and each Lender that, until all the Commitments
have terminated and all Obligations have been paid and performed in full, each
Borrower will perform its respective obligations set forth in this
Section 8.2.
SECTION
8.2.1 Restriction on Incurrence of
Indebtedness.
(a) No
Borrower will (and no Borrower will permit any of its Subsidiaries to) create,
incur, assume or suffer to exist or otherwise become or be liable in respect
of
any Indebtedness, other than the following:
(i) Any
Indebtedness arising in respect of the Credit Extensions;
(ii) Indebtedness
existing as of March 31, 2007, or incurred pursuant to commitments or lines
of
credit in effect as of March 31, 2007, (or any renewal or replacement thereof,
so long as such renewals or replacements do not increase the amount of such
Indebtedness or such commitments or lines of credit), in any case identified
in
Item 8.2.1(a)(ii) (Ongoing Indebtedness) of the Disclosure Schedule;
and
(iii) additional
Indebtedness if after giving effect to the incurrence thereof the Borrowers
are
in compliance with Section 8.2.3, calculated as of the date of the
incurrence of such additional Indebtedness, on a pro forma basis;
provided
that, notwithstanding the foregoing, Coordination Center shall not, at any
time,
create, incur, assume or suffer to exist or otherwise become liable in respect
of any Indebtedness that is senior in right of payment to its Obligations
hereunder.
(b) Micro
will not at the end of any Fiscal Period permit (i) Total Indebtedness of
Subsidiaries (other than Indebtedness of any Guarantor under any Loan Document
and Indebtedness constituting Acquired Existing Debt and Liens) to exceed 10%
of
Consolidated Tangible Assets, or (ii) Section 8.2.2(m) to be
violated.
SECTION
8.2.2 Restriction on Incurrence of
Liens. No Borrower will (and no Borrower will permit any of
its Subsidiaries to) create, incur, assume or suffer to exist any Lien upon
any
of its property, revenues or assets, whether now owned or hereafter acquired,
except:
68
(a) Liens
existing as of March 31, 2007, and identified in Item 8.2.2(a)
(Existing Liens) of the Disclosure Schedule and Liens resulting from the
extension, renewal or replacement of any such Liens in respect of the same
property theretofore subject to such Lien; provided that (i) no property
shall become subject to such extended, renewed or replacement Lien that was
not
subject to the Lien extended, renewed or replaced, (ii) the aggregate principal
amount of Indebtedness secured by any such extended, renewed or replacement
Lien
shall not be increased by such extension, renewal or replacement, (iii) the
Indebtedness secured by such Lien shall be incurred in compliance with the
applicable terms hereof, including Section 8.2.3, and (iv) both
immediately before and after giving effect thereto, no Default shall
exist;
(b) Liens
for taxes, assessments or other governmental charges or levies not at the time
delinquent or thereafter payable without penalty or being diligently contested
in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books;
(c) Liens
of carriers, warehousemen, mechanics, materialmen and landlords incurred in
the
ordinary course of business for sums not overdue or being diligently contested
in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books;
(d) Liens
incurred in the ordinary course of business in connection with workers’
compensation, unemployment insurance or other forms of governmental insurance
or
benefits, or to secure performance of statutory obligations, leases and
contracts (other than for borrowed money) entered into in the ordinary course
of
business or to secure obligations on surety or appeal bonds;
(e) Judgment
Liens of an amount not exceeding at any time either 7.25% of Consolidated
Tangible Net Worth at the end of the most recently ended Fiscal Period or
$100,000,000, whichever is less, in the aggregate, or with respect to which
execution has been stayed or the payment of which is covered in full (subject
to
a customary deductible) by insurance maintained with responsible insurance
companies and for which, within 30 days of such judgment, the insurance carrier
has acknowledged coverage in writing;
(f) Liens
on property purchased or constructed after the date hereof securing Indebtedness
used to purchase or construct such property; provided that (i) no such
Lien shall be created in or attach to any other asset at the time owned by
Micro
or any of its Subsidiaries if the aggregate principal amount of the Indebtedness
secured by such property would exceed the fair market value of such property
and
assets, taken as a whole, (ii) the aggregate outstanding principal amount of
Indebtedness secured by all such Liens shall not at any time exceed 100% of
the
fair market value of such property at the time of the purchase or construction
thereof, and (iii) each such Lien shall have been incurred within 270 days
of
the purchase or completion of construction of such property;
(g) Liens
resulting from utility easements, building restrictions and such other
encumbrances or charges against real property as are of a nature generally
existing with
69
respect
to
properties of a similar character and which do not in any material may affect
the marketability of the same or interfere with the use thereof in the business
of any Borrower or any of its Subsidiaries;
(h) Liens
incurred in the normal course of business in connection with bankers’ acceptance
financing or used in the ordinary course of trade practices, statutory lessor
and vendor privilege liens and liens in connection with ad valorem taxes not
yet
due, good faith bids, tenders and deposits;
(i) Liens
in favor of any bank on property or assets held in the ordinary course of
business in accounts maintained with such bank in connection with treasury,
depositary and cash management services or automated clearing house transfers
of
funds;
(j) Liens
on all goods held for sale on consignment;
(k) Liens
granted by any Subsidiary of Micro in favor of Micro or in favor of another
Subsidiary of Micro that is the parent of such Subsidiary granting the Lien,
other than Liens granted by a Guarantor to a Subsidiary of Micro that is not
a
Guarantor; provided that no Person that is not a Subsidiary of Micro
shall be secured by or benefit from any such Lien;
(l) Liens
of the nature referred to in clause (b) of the definition of the term
“Lien” and granted to a purchaser or any assignee of such purchaser which
has
financed the relevant purchase of Trade Accounts Receivable of any Borrower
or
any of their respective Subsidiaries and Liens on any related property that
would ordinarily be subject to a Lien in connection therewith such as proceeds
and records;
(m) Liens
on Trade Accounts Receivable or interests therein of Micro or any of its
Subsidiaries with respect to any accounts receivable securitization program
(including any accounts receivable securitization program structured as such
that remains on the consolidated balance sheet of Micro and its Consolidated
Subsidiaries) and on any related property that would ordinarily be subject
to a
Lien in connection therewith such as proceeds and records; and
(n) Additional
Permitted Liens.
SECTION
8.2.3 Financial Condition. Micro will not
permit any of the following:
(a) the
ratio of (i) Consolidated EBITDA for any period of four consecutive Fiscal
Periods to (ii) Consolidated Interest Charges for such period to be less than
2.75 to 1.0;
(b) the
Leverage Ratio to exceed 4.00 to 1.0;
provided
that, for purposes of calculating the preceding ratios the contribution of
any
Subsidiary of Micro acquired (to the extent the acquisition is treated for
accounting purposes as a purchase) during those four Fiscal Periods to
Consolidated EBITDA shall
70
be
calculated on a pro forma basis as if it had been a Subsidiary of Micro during
all of those four Fiscal Periods.
SECTION
8.2.4 Dividends.
(a) Except
as permitted by Section 8.2.4(b), Micro will not declare or pay any
dividends (in cash, property, or obligations) or any other payments or
distributions on account of, or set apart money for a sinking or analogous
fund
for, or purchase, redeem, retire or otherwise acquire for value, any shares
of
its capital stock now or hereafter outstanding or any warrants, options or
other
rights to acquire the same; return any capital to its stockholders as such;
or
make any distribution of assets to its stockholders as such (each a
“Restricted Payment”).
(b) Micro
shall be permitted to (i) redeem, purchase or acquire any of its
Indebtedness that is convertible into its capital stock and (ii) make other
Restricted Payments; provided that (x) no Restricted Payment shall
be permitted to be made under this Section 8.2.4 if any Default shall
have occurred and be continuing or would occur after giving effect thereto
on
the date such Restricted Payment is made and (y) solely in the case of any
Restricted Payments pursuant to clause (ii) above, if the Leverage Ratio for
either of the two Fiscal Periods immediately last ended before the date that
such Restricted Payment is made equals or exceeds 3.00 to 1.00 (the first such
Fiscal Period in which the Leverage Ratio equaled or exceeded 3.00 to 1.00
being
the “Non-Compliance Period”), no Restricted Payment may be made in any
period of four consecutive Fiscal Periods commencing on or following the
Non-Compliance Period if, together with all other Restricted Payments made
or
declared during such period of four consecutive Fiscal Periods, such Restricted
Payment would exceed $200,000,000 until the Leverage Ratio has been less than
3.00 to 1.00 for two consecutive Fiscal Periods and
providedfurther that in the case of any Restricted Payment
constituting a dividend, the applicable date of determination under clauses
(x)
and (y) above shall be the date such dividend is declared rather than the date
it is paid, it being understood that any dividend declared in compliance with
this Section 8.2.4(b) may be paid without contravention of this
Section 8.2.4 even if, as of the date of its payment, it would not be
permitted under clause (x) or (y) above (and, for purposes of calculations
pursuant to clause (y), such dividend shall be included solely in the Fiscal
Period in which it was declared).
SECTION
8.2.5 Mergers, Consolidations, Substantial Asset Sales, and
Dissolutions. No Borrower may merge or consolidate with
another Person, or sell, lease, transfer, or otherwise dispose of assets
constituting all or substantially all of the assets of Micro and its
Consolidated Subsidiaries (taken as a whole) to another Person, or liquidate
or
dissolve, except for the following so long as, in each case, no Event of Default
exists or would exist after giving effect to the following:
(a) An
Acceding Borrower may liquidate or dissolve, or merge or consolidate with
another Person, or sell, lease, transfer, or otherwise dispose of all or
substantially all of its assets to another Obligor, so long as, in each case
(i)
an Obligor is the surviving entity of any such liquidation, dissolution, merger,
or consolidation or the transferee of
71
such
assets, and (ii) Micro is the surviving entity if involved in such a merger
or
consolidation.
(b) Coordination
Center may merge or consolidate with another Person if either (i) Coordination
Center is the surviving entity or (ii) the surviving Person (A) is organized
and
in good standing under the laws of The Kingdom of Belgium and (B) expressly
assumes Coordination Center’s Obligations in a written agreement satisfactory in
form and substance to the Required Lenders.
(c) Micro
may merge or consolidate with another Person if:
(i) either
Micro is the surviving entity or the surviving Person (A) is organized and
in
good standing under the laws of a State of the United States and (B) expressly
assumes Micro’s Obligations in a written agreement satisfactory in form and
substance to the Required Lenders; and
(ii) unless
Micro is the surviving entity in a merger or consolidation that does not
constitute a Material Asset Acquisition, Micro delivers to the Administrative
Agent, before the merger or consolidation becomes effective, a certificate
of
Micro’s chief executive officer, chief financial officer, or Treasurer stating
and demonstrating in reasonable detail that (assuming such proposed transaction
had been consummated on the first day of the most recently ended period of
four
Fiscal Periods for which financial statements have been or are required to
have
been delivered pursuant to Section 8.1.1) Micro (or the other
surviving Person) would have been, on a pro forma basis, in compliance with
each
of the covenants set forth in Section 8.2.3 as of the last day of
such period.
SECTION
8.2.6 Transactions with Affiliates.
Except in the ordinary course of business, no Borrower
will (and
no Borrower will permit any of its Subsidiaries to), directly or indirectly,
pay
any funds to or for the account of, make any investment (whether by acquisition
of stock or Indebtedness, by loan, advance, transfer of property, guarantee
or
other agreement to pay, purchase or service, directly or indirectly, any
Indebtedness, or otherwise) in, lease, sell, transfer, or otherwise dispose
of
any assets, tangible or intangible, to, or participate in, or effect, any
transaction with, any Affiliate (any such payment, investment, lease, sale,
transfer, other disposition or transaction, an “Affiliate Transaction”)
except on an arms-length basis on terms at least as favorable to such Borrower
(or such Subsidiary) as terms that could have been obtained from a third party
who was not an Affiliate; provided that:
(a) the
foregoing provisions of this Section 8.2.6 do not prohibit (i)
agreements with or for the benefit of employees of such Borrower or any
Subsidiaries regarding bridge home loans and other loans necessitated by the
relocation of such Borrower’s or such Subsidiary’s business or employees, or
regarding short-term hardship advances, (ii) loans to officers or employees
of
such Borrower or any of its Subsidiaries in connection with the exercise of
rights under such Borrower’s stock option or stock purchase plan, (iii) any such
Person from declaring or paying any lawful dividend or other payment ratably
in
respect of all of its capital stock of the relevant class so long as, in the
case of Micro, after giving effect thereto, no Default shall have occurred
and
be
72
continuing,
(iv) any Affiliate Transaction between Micro and any of its Subsidiaries or
between any Subsidiaries of Micro, or (v) any Affiliate Transaction (other
than
any Affiliate Transaction described in clauses (i) through (iv)
above) in which the amount involved does not exceed $50,000; and
(b) the
Borrowers shall not, nor shall they permit any of their respective Subsidiaries
to, participate in effect any Affiliate Transactions otherwise permitted
pursuant to this Section 8.2.6 which either individually or in the
aggregate may involve obligations that are reasonably likely to have a Material
Adverse Effect. The approval by the independent directors of the
Board of Directors of the relevant Borrower (or the relevant Subsidiary thereof)
of any Affiliate Transaction to which such Borrower (or the relevant Subsidiary
thereof) is a party shall create a rebuttable presumption that such Affiliate
Transaction is on an arms-length basis on terms at least as favorable to such
Borrower (or the relevant Subsidiary thereof) as terms that could have been
obtained from a third party who was not an Affiliate.
SECTION
8.2.7 Limitations on Acquisitions.
(a) No
Borrower may make any Material Asset Acquisition unless no Event of Default
exists or would exist after giving effect to the proposed Material Asset
Acquisition.
(b) Without
first providing the notice to the Administrative Agent and the Lenders required
by this Section 8.2.7(b), the Borrowers shall not (and shall not
permit their respective Subsidiaries to) acquire any outstanding stock of any
U.S. or non-U.S. corporation, limited company or similar entity of which the
shares constitute Margin Stock if after giving effect to such acquisition,
Micro
and its Affiliates shall hold, in the aggregate, more than 5% of the total
outstanding stock of the issuer of such Margin Stock, which notice shall include
the name and jurisdiction of organization of such relevant issuer, the market
on
which such stock is traded, the total percentage of such relevant issuer’s stock
currently held, and the purpose for which the acquisition is being
made.
(c) Notwithstanding
any contrary provision in this Section 8.2.7, the Borrowers shall
not (and shall not permit their respective Subsidiaries to) (i) directly or
indirectly use the proceeds of any Credit Extension to make any Acquisition
unless, if the board of directors of the Person to be acquired has notified
Micro or any of its Subsidiaries that it opposes the offer by the proposed
purchaser to acquire that Person, then that opposition has been withdrawn,
or
(ii) make any Acquisition unless, if the proposed Acquisition is structured
as a
merger or consolidation, it will be consummated in compliance with
Section 8.2.5.
(d) Execution
and delivery of each Continuation Notice shall constitute the relevant
Borrower’s representation and warranty that the Borrowers are not then in
violation of Section 8.2.7(c)(i).
SECTION
8.2.8 [Intentionally Deleted].
73
SECTION
8.2.9 Limitation on Businesses. Micro and
its Subsidiaries, considered as a whole, will not engage principally in
businesses other than those conducted by Micro and its Subsidiaries on the
date
hereof, as described in the preamble of this Agreement.
ARTICLE
IX
EVENTS
OF DEFAULT
SECTION
9.1 Listing of Events of
Default. Any of the following events or occurrences
described in this Section 9.1 shall constitute an “Event of
Default”.
SECTION
9.1.1 Non-Payment of Obligations. A
default shall occur in the payment or prepayment when due (a) by any Borrower
of
any principal of any Loan, (b) by any Borrower of any interest on any Loan,
(c)
by any Borrower of any Reimbursement Obligation or any deposit of cash for
collateral purposes pursuant to Section 3.2.2 or 3.2.4 or (d)
by any Guarantor of any Guaranteed Obligation (as defined in such Guarantor’s
Guaranty), and, in the case of clauses (b) or (d), such
default shall continue unremedied for a period of five Business
Days.
SECTION
9.1.2 Breach of Warranty. Any
representation or warranty of any Obligor made or deemed to be made hereunder
or
in any other Loan Document executed by it or in any other writing or certificate
furnished by or on behalf of any Obligor to the Administrative Agent or any
Lender for the purposes of or in connection with this Agreement or any such
other Loan Document (including any certificates delivered pursuant to Article
VI) is or shall be incorrect when made in any material respect.
SECTION
9.1.3 Non-Performance of Certain Covenants and
Obligations. Any Obligor shall default in the due
performance and observation of any of its obligations under
Section 8.2.2 (excluding the involuntary incurrence of Liens
involving individually or collectively amounts in controversy or encumbered
assets or both having a value of less than $100,000,000 at any time, which
involuntary incurrences are subject to Section 9.1.4),
Section 8.2.3, Section 8.2.4, or
Section 8.2.5 .
SECTION
9.1.4 Non-Performance of Other Covenants and
Obligations. Any Obligor shall default in the payment when
due of any fee or any other Obligation not subject to Section 9.1.1,
or the due performance and observance of any other covenant, agreement or
obligation contained herein or in any other Loan Document, and such default
shall continue unremedied for a period of 30 days after Micro obtains actual
knowledge thereof or notice thereof shall have been given to Micro by the
Administrative Agent or any Lender.
SECTION
9.1.5 Default on Indebtedness. A default
shall occur in the payment when due (subject to any applicable grace period),
whether by acceleration or otherwise, of any Indebtedness of any Obligor or
any
of its Subsidiaries (other than Indebtedness described in
Section 9.1.1 or Indebtedness which is non-recourse to any Obligor,
or any Subsidiary of any Obligor) having an outstanding aggregate principal
amount, for Micro and its Subsidiaries as a group, in excess of the lesser
of
(a) (i) 5% of Consolidated Tangible Net Worth for the then most recently
ended Fiscal Period, individually, or (ii) 10% of Consolidated Tangible Net
Worth for the then most recently ended Fiscal Period, when taken together with
(A) all other Indebtedness
74
under
which a default (payment or otherwise) has occurred and is then continuing
and
(B) the Securitization Financing Amount of all Securitization Defaults described
in Section 9.1.10 that have occurred and are then continuing and (b) $100,000,000 (or
the equivalent thereof in any other
currency), or a default shall occur in the performance or observance of any
obligation or condition with respect to such Indebtedness if the effect of
such
default is to cause, or (without the giving of further notice or lapse of
additional time) to permit the holder or holders of such Indebtedness, or any
trustee or agent for such holders to cause, the maturity of any such
Indebtedness to be accelerated or such Indebtedness to be prepaid, redeemed,
purchased, defeased or otherwise to become due and payable prior to its
expressed maturity.
SECTION
9.1.6 Judgments. Any judgment or order
for the payment of money in excess of (individually or in the aggregate), for
Micro and its Subsidiaries as a group, an amount equal at any time to either
7.25% of Consolidated Tangible Net Worth at the end of the most recently ended
Fiscal Period or $100,000,000, whichever is less (or, in either case, the
equivalent thereof in any other currency), shall be rendered against any Obligor
or any of their respective Subsidiaries and either:
(a) enforcement
proceedings shall have been commenced and be continuing by any creditor upon
such judgment or order for any period of 30 consecutive days; or
(b) there
shall be any period during which a stay of enforcement of such judgment or
order, by reason of a pending appeal or otherwise, shall not be in
effect.
SECTION
9.1.7 Pension Plans. Any of the following
events shall occur with respect to any Pension Plan:
(a) the
institution of any steps by any Obligor, any member of its Controlled Group or
any other Person to terminate a Pension Plan if, as a result of such
termination, any such Obligor or any such member could be required to make
a
contribution in excess of $100,000,000 (or the equivalent thereof in any other
currency), to such Pension Plan, or could reasonably expect to incur a liability
or obligation in excess of $100,000,000 (or the equivalent thereof in any other
currency), to such Pension Plan; or
(b) a
contribution failure occurs with respect to any Pension Plan sufficient to
give
rise to a Lien under Section 302(f) of ERISA.
SECTION
9.1.8 Bankruptcy, Insolvency, etc. Any
Obligor or any Material Subsidiary shall:
(a) become
insolvent or generally fail to pay, or admit in writing its inability to pay,
debts as they become due;
(b) apply
for, consent to, or acquiesce in, the appointment of a trustee, receiver,
administrative receiver, sequestrator, liquidator or other custodian for it,
its
property, or make a general assignment for the benefit of
creditors;
(c) in
the absence of such application, consent or acquiescence, permit or suffer
to
exist the appointment of a trustee, administrative receiver, receiver,
sequestrator,
75
liquidator
or other custodian for it or for a substantial part of its property, and such
trustee, receiver, sequestrator, liquidator or other custodian shall not be
discharged within 60 days; provided that each Obligor and each Material
Subsidiary hereby expressly authorizes each Lender Party to appear in any court
conducting any relevant proceedings during such 60-day period to preserve,
protect and defend its rights under this Agreement and the other Loan
Documents;
(d) permit
or suffer to exist the commencement of any bankruptcy, reorganization, debt
arrangement or other case or proceeding under any bankruptcy or insolvency
law,
or any dissolution, winding up or liquidation proceeding, in respect of any
Obligor or any Material Subsidiary thereof, as the case may be, and, if any
such
case or proceeding is not commenced by such Person, such case or proceeding
shall be consented to or acquiesced in by such Obligor or Material Subsidiary,
as the case may be, or shall result in the entry of an order for relief or
shall
remain for 60 days unstayed or undismissed; provided that each Obligor
and each Material Subsidiary hereby expressly authorizes each Lender Party
to
appear in any court conducting any such case or proceeding during such 60-day
period to preserve, protect and defend its rights under this Agreement and
the
other Loan Documents; or
(e) take
any action authorizing, or in furtherance of, any of the foregoing.
SECTION
9.1.9 Guaranties. Any of the Guaranties
or any provisions thereof shall be found or held invalid or unenforceable by
a
court of competent jurisdiction or shall have ceased to be effective because
of
the merger, dissolution or liquidation of a Guarantor (other than as may result
from a transaction permitted pursuant to Section 8.2.5 or by reason
of a merger of Guarantor under one Guaranty into the Guarantor under another
Guaranty) or any Guarantor shall have repudiated its obligations under a
Guaranty.
SECTION
9.1.10 Default Under Securitization
Programs. Any early liquidation, termination or similar
event shall have occurred and be continuing under any outstanding Trade Accounts
Receivable securitization program of Micro or any of its Consolidated
Subsidiaries on account of the failure by Micro or any of its Subsidiaries
to
comply with any applicable provision in the agreements governing said program
or
to satisfy any condition required to be met by it thereunder (each a
“Securitization Default”), the Securitization Financing Amount of which
is in excess of the lesser of (a) (i) 5% of Consolidated Tangible Net Worth
for the then most recently ended Fiscal Period, individually, or (ii) 10% of
Consolidated Tangible Net Worth for the then most recently ended Fiscal Period,
when taken together with (A) the Securitization Financing Amount of all other
Securitization Defaults that have occurred and are then continuing and (B)
all
Indebtedness under which a default described in Section 9.1.5 has
occurred and is then continuing and (b) $100,000,000 (or the equivalent thereof in any
other currency).
SECTION
9.2 Action if Bankruptcy. If any
Event of Default described in Section 9.1.8 shall occur, the
Commitments (if not theretofore terminated) shall automatically terminate and
the outstanding principal amount of all outstanding Loans and all other
Obligations shall automatically be and become immediately due and payable,
without notice or demand.
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SECTION
9.3 Action if Other Event of
Default. If any Event of Default (other than any Event of
Default described in Section 9.1.8) shall occur for any reason,
whether voluntary or involuntary, and be continuing, the Administrative Agent,
upon the direction of the Required Lenders, shall by notice to Micro declare
all
or any portion of the outstanding principal amount of the Loans and all other
Obligations to be due and payable and/or the Commitments to be terminated,
whereupon the full unpaid amount of the Loans and all other Obligations which
shall be so declared due and payable shall be and become immediately due and
payable, without further notice, demand or presentment, and/or, as the case
may
be, the Commitments shall terminate. Notwithstanding anything to the
contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents shall
be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with this Section and at the instruction
of
the Required Lenders for the benefit of all the Lenders and the Issuer;
provided, however, that the foregoing shall not prohibit
(i) the Issuer or the Swing Line Lender from exercising the rights and
remedies that inure to its benefit (solely in its capacity as Issuer or Swing
Line Lender, as the case may be) hereunder and under the other Loan Documents,
or (ii) any Lender from exercising setoff rights in accordance with the
terms of this Agreement.
SECTION
9.4 Cash Collateral. If any
Event of Default shall occur for any reason, whether voluntary or involuntary,
and shall not have been cured or waived and shall be continuing and the
Obligations are or have been declared due and payable under
Section 9.2 or 9.3, the Administrative Agent may apply any
cash collateral held by the Administrative Agent pursuant of
Section 3.2.4 to the payment of the Obligations in any order in
which the Required Lenders may elect.
ARTICLE
X
AGENTS
SECTION
10.1 Authorization and
Actions. Each Lender hereby appoints Scotia Capital as the
Administrative Agent and BOA as the Syndication Agent under, and for the
purposes set forth in, this Agreement and each other Loan
Document. Each Lender authorizes each Agent to act on behalf of such
Lender under this Agreement and each other Loan Document and in the absence
of
other written instructions from the Required Lenders received from time to
time
by the Agents (with respect to which each Agent agrees that it will comply,
except as otherwise provided in this Section 10.1 or as otherwise
advised by counsel), to exercise such powers hereunder and thereunder as are
specifically delegated to or required of the Agents by the terms hereof and
thereof, together with such powers as may be reasonably incidental
thereto. Each Lender hereby indemnifies (which indemnity shall
survive any termination of this Agreement) each Agent pro rata according to
such
Lender’s Percentage, from and against any and all liabilities, obligations,
losses, damages, claims, costs or expenses of any kind or nature whatsoever
which at any time may be imposed on, incurred by, or asserted against, each
Agent in any way relating to or arising out of this Agreement or any other
Loan
Document, including reasonable attorneys’ fees, and as to which either Agent is
not reimbursed by Micro or the other Obligors; provided that no Lender
shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, claims, costs or expenses which are determined by
a
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court
of
competent jurisdiction in a final proceeding to have resulted solely from such
Agent’s gross negligence or willful misconduct. No Agent shall be
required to take any action hereunder or under any other Loan Document, or
to
prosecute or defend any suit in respect of this Agreement or any other Loan
Document, unless it is indemnified hereunder to its satisfaction. If
any indemnity in favor of either Agent shall be or become, in such Agent’s
determination, inadequate, the Administrative Agent may call additional
indemnification from the Lenders and cease to do the acts indemnified against
hereunder until such additional indemnity is given.
SECTION
10.2 Funding Reliance,
etc. Unless the Administrative Agent shall have been
notified by telephone, confirmed in writing, by any Lender by 5:00 p.m.,
Applicable Time, on the Business Day prior to the making of a Loan that such
Lender will not make available an amount which would constitute its Percentage
of such requested Loan on the date specified therefor, the Administrative Agent
may assume that such Lender has made such amount available to the Administrative
Agent and, in reliance upon such assumption, make available to the relevant
Borrower a corresponding amount. If and to the extent that such
Lender shall not have made such amount available to the Administrative Agent,
such Lender and the relevant Borrower severally agree, to pay the Administrative
Agent forthwith on demand such corresponding amount together with interest
thereon, for each day from the date the Administrative Agent made such amount
available to the relevant Borrower to the date such amount is repaid to the
Administrative Agent at an annual interest rate equal to the Administrative
Agent’s Cost of Funds for the first day that the Administrative Agent made such
amounts available and thereafter at a rate of interest equal to the interest
rate applicable at the time to the requested Loan.
SECTION
10.3 Exculpation. Neither Agent
nor any of their respective directors, officers, employees or agents shall
be
liable to any Lender for any action taken or omitted to be taken by it under
this Agreement or any other Loan Document, or in connection herewith or
therewith, except for its own willful misconduct or gross negligence, nor be
responsible for any recitals or warranties herein or therein, nor for the
effectiveness, enforceability, validity or due execution of this Agreement
or
any other Loan Document, nor to make any inquiry respecting the performance
by
any Obligor of its obligations hereunder or under any other Loan
Document. Any such inquiry which may be made by either Agent shall
not obligate it to make any further inquiry to take any action. Each
Agent shall be entitled to rely upon advice of counsel concerning legal matters
and upon any notice, consent, certificate, statement or writing which each
such
Agent believes to be genuine and to have been presented by a proper
Person.
SECTION
10.4 Successor. Either Agent may
resign as such at any time upon at least 30 days’ prior notice to Micro and all
the Lenders. If either Agent shall at any time resign, the Required
Lenders, after consultations with Micro, may appoint another Lender as a
successor Administrative Agent or Syndication Agent, as the case may be,
whereupon such Lender shall become the Administrative Agent or the Syndication
Agent hereunder, as the case may be. If no successor Administrative
Agent or Syndication Agent shall have been so appointed by the Required Lenders,
and shall have accepted such appointment, within 30 days after the retiring
Administrative Agent’s or Syndication Agent’s giving notice of resignation, then
the retiring Administrative Agent or Syndication Agent may, on behalf of the
Lenders, after consultations with Micro, appoint a successor Administrative
Agent or Syndication Agent, as the case may be, which shall be one of the
Lenders or a commercial banking institution that is organized under
the
78
laws
of the United States or any State thereof (or a branch or agency of either)
and
that has a combined capital and surplus of at least
$500,000,000. Upon acceptance of any appointment as Administrative
Agent or Syndication Agent hereunder, as the case may be, by a successor
Administrative Agent or Syndication Agent, as the case may be, such successor
Administrative Agent or Syndication Agent shall be entitled to receive from
the
retiring Administrative Agent or Syndication Agent such documents of transfer
and assignment as such successor Administrative Agent or Syndication Agent,
as
the case may be, may reasonably request, and shall thereupon succeed to and
become vested with all rights, powers, privileges and duties of the retiring
Administrative Agent or Syndication Agent, as the case may be, and the retiring
Administrative Agent or Syndication Agent shall be discharged from its duties
and obligations under this Agreement. After any retiring
Administrative Agent’s or Syndication Agent’s resignation hereunder as the
Administrative Agent or Syndication Agent, as the case may be, the provisions
of:
(a) this
Article X shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was the Administrative Agent or Syndication Agent
under this Agreement; and
(b) Sections 11.3
and 11.4 shall continue to inure to its benefit.
SECTION
10.5 Credit Extensions by an
Agent. Each Agent shall have the same rights and powers with
respect to the Credit Extensions made by it or any of its Affiliates in its
capacity as a Lender and may exercise the same as if it were not an Agent
hereunder. Each Agent and its respective Affiliates may accept
deposits from, lend money to, and generally engage in any kind of business
with
any Obligor or Subsidiary of any thereof as if it were not an Agent
hereunder.
SECTION
10.6 Credit Decisions. Each
Lender acknowledges that it has, independently of the Agents and each other
Lender, and based on such Lender’s review of the financial information of each
Obligor, this Agreement, the other Loan Documents (the terms and provisions
which being satisfactory to such Lender) and such other documents, information
and investigations as such Lender has deemed appropriate, made its own credit
decision to make available its Commitment. Each Lender also
acknowledges that it will, independently of the Agents and each other Lender,
and based on such other documents, information and investigations as it shall
deem appropriate at any time, continue to make its own credit decisions as
to
exercising or not exercising from time to time any rights and privileges
available to it under this Agreement or any other Loan Document.
SECTION
10.7 Copies, etc. The
Administrative Agent shall give prompt notice to each Lender of each notice
or
request required or permitted to be given to the Administrative Agent by any
Obligor pursuant to the terms of this Agreement or any other Loan Document
(unless concurrently delivered to the Lenders by such Obligor). The
Administrative Agent will distribute to each Lender each document or instrument
received for its account, and copies of all other communications received by
the
Administrative Agent from any Obligor, for distribution to the Lenders by the
Administrative Agent in accordance with the terms of this Agreement or any
other
Loan Document.
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SECTION
10.8 Joint Lead Arrangers and other
Agents. Anything herein to the contrary notwithstanding, the
Joint Lead Arrangers and Joint Book Runners, the Syndication Agent and the
Co-Documentation Agents listed on the cover page hereof shall not have any
duties or responsibilities under this Agreement, except in their capacity,
if
any, as Administrative Agent or Lender.
ARTICLE
XI
MISCELLANEOUS
PROVISIONS
SECTION
11.1 Waivers, Amendments,
etc. The provisions of this Agreement and of each other Loan
Document may from time to time be amended, modified or waived, if such
amendment, modification or waiver is in writing and consented to by each
Borrower and the Required Lenders; provided that no such amendment,
modification or waiver which would:
(a) modify
any requirement hereunder that any particular action be taken by all the Lenders
or by the Required Lenders shall be effective unless consented to by each
Lender;
(b) modify
this Section 11.1, change the definitions of “Percentage,” or
“Required Lenders,” increase the Total Commitment Amount or the Credit
Commitment Amount or Percentage of any Lender, extend the Commitment Termination
Date, or, subject to Section 8.2.5, release any Guarantor from any
of its payment obligations under the Guaranty entered into by it, shall be
made
without the consent of each Lender;
(c) extend
the due date for, or reduce the amount of, any scheduled repayment or prepayment
of principal of or interest on any Credit Extension or the amount of any fee
payable under Section 4.3 shall be made without the consent of each
Lender; or
(d) affect
adversely the interests, rights or obligations of the Administrative Agent,
the
Swing Line Lender or the Issuer shall be made without the consent of the
Administrative Agent, the Swing Line Lender or the Issuer, as the case may
be.
No
failure
or delay on the part of any Lender Party in exercising any power or right under
this Agreement or any other Loan Document shall operate as a waiver thereof,
nor
shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or
right. No notice to or demand on any Obligor in any case shall
entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by any Lender Party under this
Agreement or any other Loan Document shall, except as may be otherwise stated
in
such waiver or approval, be applicable to subsequent transactions. No
waiver approval hereunder shall require any similar or dissimilar waiver or
approval thereafter to be granted hereunder.
SECTION
11.2 Notices. Unless otherwise
specified to the contrary, all notices and other communications provided to
any
party hereto under this Agreement or any other Loan Document shall be in writing
or by facsimile and addressed, delivered or transmitted to such party at its
address or facsimile number set forth below its signature hereto or at such
other address or facsimile number as may be designated by such party in a notice
to the other parties.
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All
notices, if mailed and properly addressed with postage prepaid or if properly
addressed and sent by paid courier service, shall be deemed given when received;
all notices if transmitted by facsimile shall be deemed given when transmitted
and the appropriate receipt for transmission received by the sender
thereof.
SECTION
11.3 Payment of Costs and
Expenses. The Borrowers, jointly and severally, agree to pay
on demand all reasonable expenses (inclusive of value added tax or any other
similar tax imposed thereon) of the Agents (including the reasonable fees and
out-of-pocket expenses of the single counsel to the Agents and of local counsel,
if any, who may be retained by such counsel to the Agents) in connection with
the negotiation, preparation, execution, and delivery of this Agreement and
of
each other Loan Document (including schedules, exhibits, and forms of any
document or instrument relevant to this Agreement or any other Loan Document),
and any amendments, waivers, consents, supplements, or other modifications
to
this Agreement or any other Loan Document as from time to time may hereafter
be
required, whether or not the transactions contemplated hereby are
consummated.
The
Borrowers, jointly and severally, further agree to pay, and to save the Lender
Parties harmless from all liability for, stamp or other taxes (including,
without limitation, any registration duty imposed by Belgian law) which may
be
payable in connection with the execution, delivery or enforcement of this
Agreement or any other Loan Document, and in connection with the making of
any
Credit Extensions and the issuing of any Letters of Credit
hereunder. The Borrowers, jointly and severally, also agree to
reimburse each Lender Party upon demand for all out-of-pocket expenses
(inclusive of value added tax or other similar tax imposed thereon and including
attorneys’ fees and legal expenses (including actual cost to such Lender Party
of its in-house counsel) on a full indemnity basis) incurred by each such Lender
Party in connection with (x) the negotiation of any restructuring or “work-out,”
whether or not consummated, of any Obligations and (y) the enforcement of any
obligations, provided that the Borrowers, jointly and severally, shall
reimburse each Lender Party for the fees and legal expenses of only one counsel
for such Lender Party.
SECTION
11.4 Indemnification. In
consideration of the execution and delivery of this Agreement and each other
Loan Document by each Lender Party and the extension of the Commitments, the
Obligors hereby jointly and severally indemnify, exonerate and hold each Lender
Party and each of their respective officers, directors, employees and agents
(collectively, the “Indemnified Parties”) free and harmless from and
against any and all actions, claims, causes of action, suits, losses, costs,
liabilities and damages, and expenses incurred in connection therewith
(irrespective of whether any such Indemnified Party is a party to the action
for
which indemnification hereunder is sought), including reasonable attorneys’ fees
and disbursements, which shall include the actual cost to such Indemnified
Party
of its in-house counsel but shall not include the fees and expenses of more
than
one counsel to such Indemnified Party (collectively, the “Indemnified
Liabilities”), incurred by Indemnified Parties or any of them as a result
of, or arising out of, or relating to:
(a) any
transaction financed or to be financed in whole or in part, directly or
indirectly, with the proceeds of any Credit Extension;
81
(b) the
entering into and performance of this Agreement and any other Loan Document
by
any of the Indemnified Parties (excluding, however, any action successfully
brought by or on behalf of Micro or any other Borrower with respect to any
determination by any Lender not to fund any Credit Extension or not to comply
with Section 11.15 or any action by the Required Lenders to
terminate or reduce the Commitments or accelerate the Loans in violation of
the
terms of this Agreement);
(c) any
investigation, litigation or proceeding related to any acquisition or proposed
acquisition by any Obligor, or any of their respective Subsidiaries of all
or
any portion of the stock or assets of any Person, whether or not any Indemnified
Party is party thereto;
(d) any
investigation, litigation, or proceeding related to any environmental cleanup,
audit, compliance, or other matter relating to the protection of the environment
or the Release by any Obligor (or any of their respective Subsidiaries) of
any
Hazardous Material; or
(e) the
presence on or under, or the escape, seepage, leakage, spillage, discharge,
emission, discharging, or releases from, any real property owned or operated
by
any Obligor (or any of their respective Subsidiaries) of any Hazardous Material
(including any losses, liabilities, damages, injuries, costs, expenses, or
claims asserted or arising under any Environmental Law), regardless of whether
caused by, or within the control of, such Person;
except
for
any such Indemnified Liabilities arising for the account of a particular
Indemnified Party by reason of the relevant Indemnified Party’s gross negligence
or willful misconduct as finally determined by a court of competent
jurisdiction. If and to the extent that the foregoing undertaking may
be unenforceable for any reason, the Obligors hereby jointly and severally
agree
to make the maximum contribution to the payment and satisfaction of each of
the
Indemnified Liabilities which is permissible under applicable law.
SECTION
11.5 Survival. The obligations
of Micro and each other Obligor under Sections 5.3, 5.4,
5.5, 5.7, 11.3, and 11.4, and the obligations of the
Lenders under Sections 10.1 and 11.15, shall in each case
survive any termination of this Agreement, the payment in full of Obligations,
and the termination of the Commitments. The representations and
warranties made by Micro and each other Obligor in this Agreement and in each
other Loan Document shall survive the execution and delivery of this Agreement
and each such other Loan Document.
SECTION
11.6 Severability. Any provision
of this Agreement or any other Loan Document which is prohibited or
unenforceable in any jurisdiction shall, as to such provision and such
Jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement
or such Loan Document or affecting the validity or enforceability of such
provision in any other jurisdictions.
SECTION
11.7 Headings. The various
headings of this Agreement and of each other Loan Document are inserted for
convenience only and shall not affect the meaning or
82
interpretation
of this Agreement or such other Loan Document or any provisions hereof or
thereof.
SECTION
11.8 Execution in Counterparts, Effectiveness;
Entire Agreement. This Agreement may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be
an
original and all of which shall constitute together but one and the same
Agreement. This Agreement shall become effective on the date when the
Administrative Agent has (a) received (i) counterparts hereof executed on
behalf of each Initial Borrower, the Agents, and each Lender or (ii) facsimile,
telegraphic, or other written confirmation (in form and substance satisfactory
to the Administrative Agent, who may rely upon the advice of its special counsel
in making that determination) of such execution and (b) so notified the
Borrowers and the Lenders; provided that no Lender shall have any
obligation to make the initial Credit Extension until the date (the
“Effective Date”) that the applicable conditions set forth in
Sections 6.1 and 6.2 have been satisfied as provided
herein. The Effective Date must occur on or before 5:00 p.m., New
York City time, on August 31, 2007. This Agreement and the other
Loan Documents constitute the entire understanding among the parties hereto
with
respect to the subject matter hereof and supersede any prior agreements, written
or oral, with respect thereto. Each Lender that is a party to the
Predecessor Credit Agreement, by its execution hereof, waives any requirement
of
prior notice of termination of the “Commitments” (as defined in the Predecessor
Credit Agreement) pursuant to Section 2.2 thereof and of prepayment of Loans
thereunder to the extent necessary to give effect to Section
6.1.8.
SECTION
11.9 Jurisdiction.
SECTION
11.9.1 Submission; Service of Process; Immunity;
etc. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER AGENT, THE
LENDERS, THE ISSUER OR ANY BORROWER MAY BE BROUGHT AND MAINTAINED IN THE COURTS
OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK. EACH BORROWER HEREBY EXPRESSLY AND
IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF
NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH SUCH LITIGATION. EACH FOREIGN BORROWER HEREBY IRREVOCABLY
APPOINTS MICRO (IN SUCH CAPACITY, THE “PROCESS
AGENT”), WITH AN OFFICE ON THE DATE HEREOF AT 0000 X. XX.
XXXXXX XXXXX, XXXXX XXX, XX 00000 XXXXXX XXXXXX, AS ITS AGENT TO RECEIVE, ON
SUCH FOREIGN BORROWER’S BEHALF AND ON BEHALF OF SUCH FOREIGN BORROWER’S
PROPERTY, SERVICE OF COPIES OF THE SUMMONS AND COMPLAINT AND ANY OTHER PROCESS
WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. SUCH SERVICE
MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO SUCH FOREIGN
BORROWER IN CARE OF THE PROCESS AGENT AT THE PROCESS AGENT’S ABOVE ADDRESS, AND
SUCH
83
FOREIGN
BORROWER IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT SUCH
SERVICE ON ITS BEHALF. AS AN ALTERNATIVE METHOD OF SERVICE, EACH
BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED
MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF
NEW YORK. EACH BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN
ANY
SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY BORROWER HAS
OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OF FROM
ANY
LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
PROPERTY, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH SUCH
BORROWER HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS
UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.
SECTION
11.9.2 Non-exclusivity. Nothing in this
Section 11.9 limits the right of a Lender Party to bring proceedings
against an Obligor in connection with any Loan Document in any other court
of
competent jurisdiction, or concurrently in more than one
jurisdiction.
SECTION
11.9.3 Governing Law. EACH LOAN DOCUMENT (OTHER
THAN THE LETTERS OF CREDIT, TO THE EXTENT SPECIFIED BELOW AND EXCEPT AS
OTHERWISE EXPRESSLY SET FORTH IN A LOAN DOCUMENT) WILL EACH BE DEEMED TO BE
A
CONTRACT MADE UNDER AND GOVERNED BY AND ITS PROVISIONS CONSTRUED UNDER THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK). EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT, OR
IF NO
LAWS OR RULES ARE DESIGNATED, THE INTERNATIONAL STANDBY PRACTICES
(ISP98--INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 590 (THE
“ISP RULES”)) AND, AS TO MATTERS NOT
GOVERNED BY THE ISP RULES, THE INTERNAL LAWS OF THE STATE OF NEW
YORK.
SECTION
11.10 Successors and
Assigns. This Agreement and each other Loan Document shall
be binding upon and shall inure to the benefit of the parties hereto and thereto
and their respective successors and assigns; provided that:
(a) no
Obligor may assign or transfer its rights or obligations hereunder or under
any
other Loan Document without the prior written consent of all the Lender
Parties;
84
(b) the
rights of sale, assignment and transfer of the Lenders are subject to
Section 11.11; and
(c) the
rights of the Administrative Agent with respect to resignation or removal are
subject to Section 10.4.
SECTION
11.11 Assignments and Transfers of
Interests. No Lender may assign or sell participation
interests in its Commitment or any of its Credit Extensions or any portion
thereof to any Persons except in accordance with this
Section 11.11.
SECTION
11.11.1 Assignments. Any attempted
assignment or transfer by a Lender of its Credit Extensions and Commitment
not
made in accordance with this Section 11.11.1 shall be null and
void.
(a) Any
Lender may at any time assign or transfer to (i) one or more Eligible Assignees,
to any of its Affiliates or to any other Lender, in each case (so long as no
Event of Default exists at the time) with the consent of the Administrative
Agent and Micro (such consent not to be unreasonably withheld or delayed;
provided that, it shall not be unreasonable for Micro to withhold consent
if such assignment will result in any Borrower becoming liable to make greater
or additional payments (whether under Section 5.7 or otherwise);
provided that, such consent by Micro need not be attained to effect
an
assignment to (A) from any Lender to its own affiliate, or (B) if any Event
of
Default has occurred and is continuing, to any bank or financial institution
or
trust, fund or other entity which is regularly engaged in or established for
the
purpose of making, purchasing or investing in loans, securities or other
financial assets, or (ii) any Federal Reserve Bank (each Person described in
any
of the foregoing clauses as being the Person to whom such assignment or transfer
is available to be made, being hereinafter referred to as a “Transferee
Lender”) all or any part of such Lender’s total Credit Extensions and
Commitment (which assignment or transfer shall be of a constant, and not a
varying, percentage of all the assigning Lender’s Credit Extensions and
Commitment) in a minimum aggregate amount equal to the lesser of (i) the entire
amount of such Lender’s total Credit Extensions and Commitment or (ii)
$5,000,000.
(b) Notwithstanding
clause (a) above, each Obligor and Agent shall be entitled to continue to
deal solely directly with such Lender in connection with the interests so
assigned or transferred to a Transferee Lender unless and until (i) notice
of
such assignment or transfer, together with payment instructions, addresses,
and
related information with respect to such Transferee Lender, shall have been
given to Micro and each Agent by such Lender and such Transferee Lender, (ii)
such Transferee Lender shall have executed and delivered to Micro and each
Agent, a Lender Assignment Agreement, and (iii) the Lender or the Transferee
Lender shall have paid a $3,500 processing fee to the Administrative
Agent.
(c) From
and after the effective date of such Lender Assignment Agreement (i) the
Transferee Lender thereunder shall be deemed automatically to have become a
party to this Agreement and (to the extent rights and obligations under this
Agreement have been assigned and transferred to such Transferee Lender in
connection with such
85
Lender
Assignment Agreement) shall have the rights and obligations of a Lender under
this Agreement and the other Loan Documents, and (ii) the assignor Lender (to
the extent that rights and obligations under this Agreement have been assigned
and transferred by it in connection with such Lender Assignment Agreement)
shall
be released from its obligations under this Agreement and the other Loan
Documents.
(d) Accrued
interest and accrued fees shall be paid in respect of assigned and retained
Credit Extensions and Commitments at the same time or times provided in this
Agreement, notwithstanding any such assignments or transfers.
SECTION
11.11.2 Participations. Any Lender may at
any time sell to one or more commercial banks or other Persons (each of such
commercial banks and other Persons being herein called a “Participant”)
participating interests in any of its Credit Extensions and Commitments
hereunder; provided that:
(a) no
participation contemplated in this Section 11.11.2 shall relieve
such Lender from its Commitments or its other obligations hereunder or under
any
other Loan Document;
(b) such
Lender shall remain solely responsible for the performance of its Commitments
and such other obligations;
(c) each
Borrower and each other Obligor and the Agents shall continue to deal solely
and
directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and each other Loan Document;
(d) no
Participant, unless such Participant is an Affiliate of such Lender or is itself
a Lender, shall be entitled to require such Lender to take or refrain from
taking any action hereunder or under any other Loan Document, except that such
Lender may agree with any Participant that such Lender will not, without such
Participant’s consent, take any actions of the type described in
clause (a), (b) or clause (c) of
Section 11.1; and
(e) no
Borrower shall be required to pay any amount under this Agreement that is
greater than the amount which it would have been required to pay had no
participating interest been sold.
The
Borrower acknowledges and agrees that each Participant, for purposes of
Sections 5.3, 5.4, 5.5, 5.7, 5.9,
5.10, 11.3, and 11.4, shall be
considered a
Lender.
SECTION
11.12 Other
Transactions. Nothing contained herein shall preclude any
Lender Party from engaging in any transaction, in addition to those contemplated
by this Agreement or any other Loan Document, with any Obligor or any of its
Affiliates in which such Obligor or such Affiliate is not restricted hereby
from
engaging with any other Person.
SECTION
11.13 Further Assurances. Each
Obligor agrees to do such further acts and things and to execute and deliver
to
each Lender Party such additional assignments, agreements, powers, and
instruments, as such Lender Party may reasonably require or deem advisable
to
86
carry
into
effect the purposes of this Agreement or any other Loan Document or to better
assure and confirm unto such Lender Party its rights, powers and remedies
hereunder and thereunder.
SECTION
11.14 Waiver of Jury Trial. THE
AGENTS, THE LENDERS, MICRO, AND EACH OTHER OBLIGOR HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL
OR
WRITTEN) OR ACTIONS OF THE LENDER PARTIES, THE AGENTS OR MICRO OR ANY OTHER
OBLIGOR. MICRO AND EACH OTHER OBLIGOR AGREES THAT IT HAS RECEIVED
FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION
OF THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND
THAT
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER PARTIES ENTERING INTO
THIS AGREEMENT AND EACH SUCH OTHER LOAN DOCUMENT TO WHICH IS A
PARTY.
SECTION
11.15 Confidentiality. Each of
the Lender Parties hereby severally agrees with each Borrower that it will
keep
confidential all information delivered to such Lender Party or on behalf of
each
Borrower or any of their respective Subsidiaries which information is known
by
such Lender Party to be proprietary in nature, concerns the terms and conditions
of this Agreement or any other Loan Document, or is clearly marked or labeled
or
otherwise adequately identified when received by such Lender Party as being
confidential information (all such information, collectively for purposes of
this section, “confidential information”); provided that each
Lender Party shall be permitted to deliver or disclose “confidential
information”: (a) to directors, officers, employees and affiliates; (b) to
authorized agents, attorneys, auditors and other professional advisors retained
by such Lender Party that have been apprised of such Lender Party’s obligation
under this Section 11.15 and have agreed to hold confidential the
foregoing information substantially in accordance with the terms of this
Section 11.15; (c) subject to such Person's written confidentiality
agreement in favor of the Borrowers with provisions substantially the same
as in
this Section 11.15, to (i) any Transferee Lender or Participant or prospective Transferee
Lender or
Participant with respect to such Lender Party's rights or obligations under
this
Agreement or (ii) any actual or prospective counterparty (or its advisors)
to
any swap, derivative or securitization transaction relating to the Borrowers
and
their obligations under this Agreement; (d) to any federal or state
regulatory authority having jurisdiction over such Lender Party; or (e) to
any
other Person to which such delivery or disclosure may be necessary or
appropriate (i) to effect compliance with any law, rule, regulation or order
applicable to such Lender Party, (ii) in response to any subpoena or other
legal
process (provided that the relevant Borrower shall be given notice of any
such subpoena or other legal process as soon as possible in any event prior
to
production (unless provision of any such notice would result in a violation
of
any such subpoena or other legal process), and the Lender Party receiving such
subpoena or other legal process shall cooperate with such Borrower, at such
Borrower’s expense, seeking a protective order to prevent or limit such
disclosure), or (iii) in connection with any litigation to which such Lender
Party is a party.
87
For
purposes hereof, the term “confidential information” does not include any
information that: (A) was publicly known or otherwise known by any Lender Party
on a non-confidential basis from a source other than the relevant Borrower
prior
to the time such information is delivered or disclosed to such Lender Party
by
the relevant Borrower; (B) subsequently becomes publicly known through no act
or
omission by any Lender Party or any Person acting on behalf of any Lender Party;
(C) otherwise becomes known to a Lender Party other than through disclosure
by
the relevant Borrower (or any Subsidiary thereof) or through someone subject,
to
such Lender Party’s knowledge, to a duty of confidentiality to the relevant
Borrower; or (D) constitutes financial statements that are otherwise publicly
available.
SECTION
11.16 Release of Subsidiary Guarantors and Acceding
Borrowers.
(a) If (i)
the Agents receive a certificate from the chief executive officer, the chief
financial officer, or Treasurer of Micro certifying as of the date of that
certificate that, after the consummation of the transaction or series of
transactions described in such certificate (which certification shall also
state
that such transactions, individually and in the aggregate, will be in compliance
with the terms and conditions of this Agreement, including, to the extent
applicable, the covenants contained in Sections 8.2.5 and
8.2.6, and that no Default existed, exists, or will exist, as the
case
may be, immediately before, as a result of, or after giving effect to such
transaction or transactions and the release or termination, as the case may
be,
described below), the Guarantor or Acceding Borrower, as the case may be,
identified in such certificate will no longer be a Subsidiary of Micro, and
(ii)
in the case of a Acceding Borrower, the appropriate Lender Parties have received
payment in full of all principal of, interest on, reimbursement obligation
in
respect of, and fees related to any Outstanding Credit Extensions made by any
of
them in favor of such Acceding Borrower, then such Guarantor’s Guaranty shall
automatically terminate or such Acceding Borrower shall automatically cease
to
be a party to this Agreement and the other Loan Documents.
(b) No
such termination or cessation shall release, reduce, or otherwise adversely
affect the obligations of any other Obligor under this Agreement, any other
Guaranty, or any other Loan Document, all of which obligations continue to
remain in full force and effect.
(c) Each
Lender Party shall, at Micro’s expense, execute such documents as Micro may
reasonably request to evidence such termination or cessation, as the case may
be.
SECTION
11.17 Collateral. Each of the
Lenders represents to the Administrative Agent and each of the other Lenders
that it in good faith is not relying upon any Margin Stock as collateral in
the
extension or maintenance of the credit provided for in this
Agreement.
SECTION
11.18 USA PATRIOT Act
Notice. Each Lender and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrowers that pursuant
to
the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies the Borrowers, which information includes
the name and address of the Borrowers and other
88
information
that will allow such Lender or the Administrative Agent, as applicable, to
identify the Borrowers in accordance with the Act.
REMAINDER
OF PAGE INTENTIONALLY BLANK. THIS PAGE IS
FOLLOWED
BY SIGNATURE PAGES FOR THE BORROWERS AS OF THE
DATE
OF
THIS AGREEMENT, FOLLOWED BY SEPARATE SIGNATURE
PAGES
FOR
THE AGENTS AND THE LENDERS.
89
EXECUTED
as of the date first stated in this Credit Agreement.
XXXXXX
MICRO INC., as an Initial
Borrower
and a Guarantor
|
XXXXXX
MICRO COORDINATION
CENTER
B.V.B.A., as an Initial Borrower
|
|||
By
|
/s/ Xxxxx X. Xxxxxxxx |
By
|
/s/ Xxxx Xxxxxx | |
Name:
Xxxxx X. Xxxxxxxx
Title:
Corporate Vice President and Treasurer
|
Name:
Xxxx Xxxxxx
Title:
Manager
|
|||
Address:
|
0000
X. Xx. Xxxxxx Xxxxx
Xxxxx
Xxx, XX 00000
|
Address:
|
Xxxxxxxxxxxxxx
00X
Xxxxxxxxx,
Xxxxxxx 0000
|
||
Facsimile
No.:
|
[Omitted]
|
Facsimile
No.:
|
[Omitted]
|
||
Attention:
|
Xxxxx X. Xxxxxxxx |
Attention:
|
Karel Everaet | ||
XXXXXX
MICRO EUROPE
TREASURY
LLC, as an Initial Borrower
|
|||
By:
[Insert Name of Managing Member]
|
|||
By
|
/s/ Xxxxx X. Xxxxxxxx | ||
Name:
Xxxxx X. Xxxxxxxx
Title:
Manager and Treasurer
|
|||
Address:
|
0000
X. Xx. Xxxxxx Xxxxx
Xxxxx
Xxx, XX 00000
|
||||
Facsimile
No.:
|
[Omitted]
|
||||
Attention:
|
Xxxxx X. Xxxxxxxx | ||||
One
of Several Signature Pages to
Credit
Agreement
90
EXECUTED
as of the date first stated in this Credit Agreement.
THE
BANK OF NOVA SCOTIA, as the
Administrative
Agent
|
||
By
|
/s/ Xxxxx Xxxxxx | |
Name:
Xxxxx Xxxxxx
|
||
Title:
Managing Director
|
||
Address
for Notices and Payment of Fees:
WBO
Loan Operations
000
Xxxx Xxxxxx Xxxx, 0xx
XX
Xxxxxxx,
Xxxxxxx
X0X
0X0
|
||
Facsimile
No.: [Omitted]
|
||
Attention: Xxxx
Xxxx
|
One
of Several Signature Pages to
Credit
Agreement
91
EXECUTED
as of the date first stated in this Credit Agreement.
BANK
OF AMERICA, N.A., as the Syndication Agent
|
||
By
|
/s/ Xxxx X. Xxxxxx | |
Name:
Xxxx X. Xxxxxx
|
||
Title:
Managing Director
|
||
By
|
||
Name:
|
||
Title:
|
One
of Several Signature Pages to
Credit
Agreement
92
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
15.45%
|
$42,500,000.00
|
BANK
OF NOVA SCOTIA, as a Lender
|
||
|
|
By
|
/s/ Xxxxx Xxxxxx | |
Name:
Xxxxx Xxxxxx
|
||||
Title:
Managing Director
|
Lending
Office for Other Loans:
|
Address
for Payment of Fees and Notices:
|
Scotia
House
|
WBO
Loan Operations
|
00
Xxxxxxxx Xxxxxx
|
720
King Street West, 2nd
FL
|
Xxxxxx
XX0X0XX Xxxxxxx
|
Xxxxxxx,
Xxxxxxx
X0X
0X0
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Attention:
Loan Agency Services, Xxxx Xxxxxx
|
Attention: Xxxx
Xxxx
|
Lending
Office for Loans to Micro:
|
|
000
Xxxxxxxxxx Xxxxxx
|
|
Xxx
Xxxxxxxxx, Xxxxxxxxxx 00000
|
|
Facsimile
No.: [Omitted]
|
|
Attention: Xxxxx
Xxxxxxx
|
|
One
of Several Signature Pages to
Credit
Agreement
93
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
15.45%
|
$42,500,000.00
|
BANK
OF AMERICA, N.A., as a Lender
|
||
|
|
By
|
/s/ Xxxx X. Xxxxxx | |
Name:
Xxxx X. Xxxxxx
|
||||
Title:
Managing Director
|
Lending
Office for Other Loans:
|
Address
for Notices:
|
000
Xxxxxxx Xxxxxx
|
000
Xxxxxxx Xxxxxx
|
Xxxxxx,
XX 00000
|
Xxxxxx,
XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxx
Xx
|
Attention: Xxxxx
Xx
|
Email:
xxxxx.x.xx@XxxxxxXxxxxxx.xxx
|
Email:
xxxxx.x.xx@XxxxxxXxxxxxx.xxx
|
Lending
Office for Loans to Micro:
|
Address
for Payment of Fees:
|
000
Xxxxxxx Xxxxxx
|
000
Xxxxxxx Xxxxxx
|
Xxxxxx,
XX 00000
|
Xxxxxx,
XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxx
Xx
|
Attention: Xxxxx
Xx
|
Email:
xxxxx.x.xx@XxxxxxXxxxxxx.xxx
|
Email:
xxxxx.x.xx@XxxxxxXxxxxxx.xxx
|
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
12.73%
|
$35,000,000
|
UNION
BANK OF CALIFORNIA, N.A., as a Lender
|
||
|
|
By
|
/s/ Xxxxx Xxxx | |
Name:
Xxxxx Xxxx
|
||||
Title:
Vice President
|
Lending
Office for Other Loans:
|
Address
for Notices:
|
Commercial
Loan Operations
0000
Xxxxxx Xxxxxx
|
00000
Xxx Xxxxxx Xxx
|
Xxxxxxxx
Xxxx, XX 00000
|
Xxxxxx,
Xxxxxxxxxx 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxx
Xxxxxxxx
|
Attention: Xxxxx
Xxxx
|
Lending
Office for Loans to Micro:
|
Address
for Payment of Fees:
|
Commercial
Loan Operations
0000
Xxxxxx Xxxxxx
|
Commercial
Loan Operations
0000
Xxxxxx Xxxxxx
|
Xxxxxxxx
Xxxx, XX 00000
|
Xxxxxxxx
Xxxx, XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxx
Xxxxxxxx
|
Attention: Xxxx
Xxxxxxxx
|
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
12.73%
|
$35,000,000
|
KEYBANK
NATIONAL ASSOCIATION, as a Lender
|
||
|
|
By
|
/s/ Xxxxx X. Wild | |
Name:
Xxxxx X. Wild
|
||||
Title:
Vice President
|
Lending
Office for Other Loans:
|
Address
for Notices for Dollar-denominated Revolving
Loans:
|
000
000xx
Xxx.
XX, 0xx
Xxxxx
|
KeyBank
National Association
OH-01-27-0417
|
Xxxxxxxx,
XX 00000
|
000
Xxxxxx Xxxxxx
|
Xxxxxxxxx,
Xxxx 00000
|
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxx
Xxxxxxxxxx
|
Attention: Xxxx
Xxxxxx
|
Email: Xxxx_Xxxxxxxxxx@xxxxxxx.xxx
|
Email: Xxxx_X_Xxxxxx@xxxxxxx.xxx
|
Lending
Office for Loans to Micro:
|
Address
for Payment of Fees:
|
000
000xx
Xxx.
XX, 0xx
Xxxxx
|
KeyBank
National Association
OH-01-27-0417
|
Xxxxxxxx,
XX 00000
|
000
Xxxxxx Xxxxxx
|
Xxxxxxxxx
No.: [Omitted]
|
Xxxxxxxxx,
Xxxx 00000
|
Telephone
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Attention: Xxxx
Xxxxxxxxxx
|
Telephone
No.: [Omitted]
|
Email: Xxxx_Xxxxxxxxxx@xxxxxxx.xxx
|
Attention: Xxxx
Xxxxxx
|
Email: Xxxx_X_Xxxxxx@xxxxxxx.xxx
|
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
12.73%
|
$35,000,000
|
MIZUHO
CORPORATE BANK, LTD.
|
||
|
|
By
|
/s/ Xxxxxx Xxxxxx | |
Name:
Xxxxxx Xxxxxx
|
||||
Title:
Deputy General Manager
|
Lending
Office for Other Loans:
|
Address
for Notices:
|
0000
Xxxxx Xxx
Xxxxxxxxxx
Financial Center
|
1800
Plaza Ten
Harborside
Financial Center
|
Jersey
City, N.J. 07311
|
Xxxxxx
Xxxx, X.X. 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxxxxx
Xxxxxx
|
Attention: Xxxxxxxx
Xxxxxx
|
Email: Xxxxxxxx.xxxxxx@xxxxxxxxxx.xxx
|
Email: Xxxxxxxx.xxxxxx@xxxxxxxxxx.xxx
|
Lending
Office for Loans to Micro:
|
Address
for Payment of Fees:
|
0000
Xxxxx Xxx
Xxxxxxxxxx
Financial Center
|
1800
Plaza Ten
Harborside
Financial Center
|
Jersey
City, N.J. 07311
|
Xxxxxx
Xxxx, X.X. 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxxxxx
Xxxxxx
|
Attention: Xxxxxxxx
Xxxxxx
|
Email: Xxxxxxxx.xxxxxx@xxxxxxxxxx.xxx
|
Email: Xxxxxxxx.xxxxxx@xxxxxxxxxx.xxx
|
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
12.73%
|
$35,000,000
|
BNP
PARIBAS, as a Lender
|
||
|
|
By
|
/s/ Xxxxxxx Xxxxxxxx | |
Name:
Xxxxxxx Xxxxxxxx
|
||||
Title:
Director
|
|
|
By
|
/s/ Xxxxxxx Xxxxxx | |
Name:
Xxxxxxx Xxxxxx
|
||||
Title:
Managing Director
|
Lending
Office for Other Loans:
|
Address
for Notices:
|
000
0xx
Xxxxxx
Xxx
Xxxx, XX 00000
|
000
0xx
Xxxxxx
Xxx
Xxxx, XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxxxxxx
Xxxxxxxxxxxx
|
Attention: Xxxxxxxxx
Xxxxxxxxxxxx
|
Lending
Office for Loans to Micro:
|
Address
for Payment of Fees:
|
000
0xx
Xxxxxx
Xxx
Xxxx, XX 00000
|
000
0xx
Xxxxxx
Xxx
Xxxx, XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxxxxxx
Xxxxxxxxxxxx
|
Attention: Xxxxxxxxx
Xxxxxxxxxxxx
|
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
9.1%
|
$25,000,000.00
|
XXXXXX
XXXXXXX BANK, as a Lender
|
||
|
|
By
|
/s/ Xxxxxx Xxxxxx | |
Name:
Xxxxxx Xxxxxx
|
||||
Title:
Authorized Signatory
|
Lending
Office for Other Loans:
|
Address
for Notices:
|
0000
Xxxx Xxxx Xxxx
Xxxxx
000 C
|
One
Pierrepont Plaza, 7th
FL
000
Xxxxxx Xxxxx Xxxx
|
Xxxx
Xxxxxx Xxxx, Xxxx 00000
|
Xxxxxxxx,
XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxx
Xxxxxxxxxx
|
Attention: Xxxxxxxx
Xxxxxxxxx
|
Email:
Xxxxx.Xxxxxxxxxx@xxxxxxxxxxxxx.xxx
|
Email:
Xxxxxxxx.Xxxxxxxxx@xxxxxxxxxxxxx.xxx
|
Lending
Office for Loans to Micro:
|
Address
for Payment of Fees:
|
0000
Xxxx Xxxx Xxxx
Xxxxx
000 C
|
One
Pierrepont Plaza, 7th
FL
000
Xxxxxx Xxxxx Xxxx
|
Xxxx
Xxxxxx Xxxx, Xxxx 00000
|
Xxxxxxxx,
XX 00000
|
Facsimile
No.: [Omitted]
|
Facsimile
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Telephone
No.: [Omitted]
|
Attention: Xxxxx
Xxxxxxxxxx
|
Attention: Xxxxxxxx
Xxxxxxxxx
|
Email:
Xxxxx.Xxxxxxxxxx@xxxxxxxxxxxxx.xxx
|
Email:
Xxxxxxxx.Xxxxxxxxx@xxxxxxxxxxxxx.xxx
|
EXECUTED
as of the date first stated in this Credit Agreement.
Percentage
|
Initial
Commitment
Amount
|
|||
9.1%
|
$25,000,000.00
|
ABN
AMRO BANK N.V., as a Lender
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By
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/s/ Xxxxx Xxxxxxxxxx | |
Name:
Xxxxx Xxxxxxxxxx
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Title:
Director
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By
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/s/ Xxxx Xxxxxxxx | |
Name:
Xxxx Xxxxxxxx
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Title:
Associate
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Lending
Office for Other Loans:
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Address
for Notices:
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ABN
AMRO Bank
N.V.
000
Xxxx Xxxxxxx Xx. Xxxxx
0000
Xxxxxxx,
XX
00000
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ABN
AMRO Bank
N.V.
000
Xxxx Xxxxxxx Xx. Xxxxx
0000
Xxxxxxx,
XX
00000
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Facsimile
No.: [Omitted]
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Facsimile
No.: [Omitted]
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Telephone
No.: [Omitted]
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Telephone
No.: [Omitted]
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Attention:
Xxxxxxx
Xxxxxx
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Attention:
Xxxxxxx
Xxxxxx
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with
a copy to:
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ABN
AMRO Bank, N.V.
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000
Xxxxxxxxxx Xxxxxx, Xxxxx 0000
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Xxx
Xxxxxxxxx, XX 00000
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Facsimile
No.: [Omitted]
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Telephone
No.: [Omitted]
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Attention: Xxxxxxx
Xxxxxx
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Lending
Office for Loans to Micro:
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Address
for Payment of Fees:
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ABN
AMRO Bank
N.V.
000
Xxxx Xxxxxxx Xx. Xxxxx
0000
Xxxxxxx,
XX
00000
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ABN
AMRO Bank
N.V.
000
Xxxx Xxxxxxx Xx. Xxxxx
0000
Xxxxxxx,
XX
00000
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Facsimile
No.: [Omitted]
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Facsimile
No.: [Omitted]
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Telephone
No.: [Omitted]
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Telephone
No.: [Omitted]
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Attention:
Xxxxxxx
Xxxxxx
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Attention:
Xxxxxxx
Xxxxxx
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