Exhibit 10.28
SECOND AMENDMENT TO
CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of December 18, 2001
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among UNITED STATES CAN COMPANY, a Delaware corporation (the "Borrower"), U.S. Can Corporation, a Delaware
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corporation (the "Parent"), the Domestic Subsidiaries of the Parent (together with the Parent, the "Guarantors"),
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the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (the "Administrative
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Agent"). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the
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Credit Agreement (as defined below).
RECITALS
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WHEREAS, the Borrower, the Guarantors, the Lenders, the Administrative Agent, Citicorp North America,
Inc., as Syndication Agent and Bank One, NA (Main Office Chicago), as Documentation Agent entered into that
certain Credit Agreement, dated as of October 4, 2000 (as amended by that certain First Amendment to Credit
Agreement dated as of April 1, 2001 and as otherwise amended or modified from time to time, the "Credit
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Agreement");
WHEREAS, the Borrower has requested that the Required Lenders amend certain provisions of the Credit
Agreement; and
WHEREAS, the Required Lenders are willing to amend certain provisions of the Credit Agreement, as more
fully set forth herein, subject to the terms and conditions specified below.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:
SECTION 1
AMENDMENTS TO CREDIT AGREEMENT
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SECTION 1.1 Existing Definitions.
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(a) Applicable Percentage. The definition of "Applicable Percentage" set forth in
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Section 1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:
"Applicable Percentage" means:
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(a) for Revolving Loans, Tranche A Term Loans and Letter of Credit Fees, the
appropriate applicable percentages corresponding to the Leverage Ratio in effect as of the most
recent Calculation Date as shown below:
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Applicable Percentage for Revolving Loans and Applicable
Tranche A Term Loans Percentage for
Pricing Leverage Letter of
Level Ratio Credit Fees
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Eurocurrency Loans Base Rate Loans
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I => 4.75 to 1.0 4.00% 3.00% 4.00%
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II < 4.75 to 1.0 but 3.50% 2.50% 3.50%
=> 4.50 to 1.0
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III < 4.50 to 1.0 but 2.75% 1.75% 2.75%
=> 4.0 to 1.0
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IV < 4.0 to 1.0 but 2.50% 1.50% 2.50%
=> 3.50 to 1.0
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V < 3.50 to 1.00 2.25% 1.25% 2.25%
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(b) for Tranche B Term Loans, the appropriate applicable percentages corresponding
to the pricing criteria in effect as of the most recent Calculation Date as shown below:
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Pricing Tranche B Term Loans Applicable Percentage for Tranche B Term Loans
Level Pricing Criteria
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Eurocurrency Loans Base Rate Loans
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I Leverage Ratio > 4.50 to 1.0 4.25% 3.25%
-
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II Leverage Ratio < 4.50 to 1.0 3.50% 2.50%
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III Leverage Ratio < 4.50 to 1.0 3.25% 2.25%
and a Debt Rating of BB or
better from S&P and Ba2 or
better from Xxxxx'x
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(c) for Tranche C Term Loans, the Applicable Percentage is (i) for Eurocurrency
Loans, 1.50% and (ii) for Base Rate Loans, 0.50%.
The Applicable Percentage for Revolving Loans, Tranche A Term Loans, Tranche B Term Loans and
Letter of Credit Fees shall, in each case, be determined and adjusted quarterly on the date
(each a "Calculation Date") (i) five Business Days after the date by which the Borrower is
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required to provide the Officer's Compliance Certificate or (ii) with respect to Tranche B Term
Loans, if applicable, one Business Day following a change in the Debt Rating; provided that if
the Borrower fails to provide the Officer's Compliance Certificate on or before the most recent
Calculation Date, the Applicable Percentage for Revolving Loans, Tranche A Term Loans, Letter
of Credit Fees and Tranche B Term Loans (provided that, with respect to Tranche B Term Loans
only, the applicable Pricing Level immediately prior to such Calculation Date is Pricing
Level I or II) from such Calculation Date shall be based on the applicable Pricing Level I until
such time that an appropriate Officer's Compliance Certificate is provided whereupon such
Applicable Percentage shall be determined by the then current Leverage Ratio and/or Debt
Rating, as applicable. Each such Applicable Percentage shall be effective from one Calculation
Date until the next Calculation Date except as set forth above.
(b) EBITDA. The definition of "EBITDA" in Section 1.1 of the Credit Agreement is amended
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and restated in its entirety to read as follows:
"EBITDA" means, for any period, with respect to the Credit Parties and their Subsidiaries on a
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consolidated basis, an amount equal to:
(a) Net Income for such period (excluding the effect of any extraordinary or other
non-recurring gains (including any gain from the sale of property not in the ordinary course of
business)), except as permitted below) plus
(b) an amount which in the determination of Net Income for such period has been
deducted for
(i) interest expense for such period (whether cash or non-cash),
(ii) total Federal, state, foreign or other income or franchise taxes for
such period,
(iii) Restructuring Charges (whether cash or non-cash),
(iv) Non-Cash Charges, and
(v) non-cash charges related to the write-off of inventory during the
fourth fiscal quarter of 2001 in an amount not to exceed $3,200,000, minus
(c) Cash Restructuring Expenditures in excess of $25,000,000, in the aggregate,
incurred subsequent to December 18, 2001, minus
(d) reserve reversals taken in connection with Restructuring Charges for prior
periods to the extent such Restructuring Charges were previously added back to Net Income in
the calculation of EBITDA, plus
(e) all costs associated with (i) the financial advisor hired pursuant to
Section 3.9 of the Second Amendment to Credit Agreement, dated December 18, 2001 and (ii) the
advisor hired by the Credit Parties in December 2001 to review the Credit Parties' European
operations.
(c) Interest Payment Date. The definition of "Interest Payment Date" set forth in
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Section 1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:
"Interest Payment Date" means (a) as to Base Rate Loans, the last day of each calendar
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quarter and the Revolving Loan Maturity Date, the Tranche B Term Loan Maturity Date or the
Tranche C Term Loan Maturity Date, as applicable, and (b) as to Eurocurrency Loans, the last
day of each applicable Interest Period and the Revolving Loan Maturity Date, the Tranche B Term
Loan Maturity Date or the Tranche C Term Loan Maturity Date, as applicable, and in addition,
where the applicable Interest Period for a Eurocurrency Loan is greater than three months, then
also the date three months from the beginning of the Interest Period and each three months
thereafter.
(d) Interest Period. Clause (b) of the definition of Interest Period in Section 1.1 of
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the Credit Agreement is amended and restated in its entirety to read as follows:
(b) no Interest Period shall extend beyond the Revolving Loan Maturity Date, the
Tranche B Term Loan Maturity Date or the Tranche C Term Loan Maturity Date, as applicable.
(e) Lender. The definition of "Lender" set forth in Section 1.1 of the Credit Agreement
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is amended and restated in its entirety to read as follows:
"Lender" means any of the Persons identified as a "Lender" on the signature pages
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hereto, the Issuing Lender, the Swing Line Lender, each Foreign Currency Lender, any Tranche C
Term Loan Lender and any Person which may become a Lender by way of assignment in accordance
with the terms hereof, together with their successors and permitted assigns.
(f) Loan or Loans. The definition of "Loan" or "Loans" set forth in Section 1.1 of the
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Credit Agreement is amended and restated in its entirety to read as follows:
"Loan" or "Loans" means the Revolving Loans, the Swing Line Loans, the Foreign
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Currency Loans, the Tranche A Term Loans, the Tranche B Term Loans and the Tranche C Term Loans
(or a portion of any Revolving Loans, Swing Line Loans, Foreign Currency Loans, Tranche A Term
Loans, Tranche B Term Loans or Tranche C Term Loans), individually or collectively, as
appropriate.
(g) Non-Cash Charges. The definition of "Non-Cash Charges" set forth in Section 1.1 of
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the Credit Agreement is amended and restated in its entirety to read as follows:
"Non-Cash Charges" means, for any period, with respect to the Credit Parties and their
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Subsidiaries on a consolidated basis, all depreciation and amortization charges, all
extraordinary non-cash losses from the sale of property (except to the extent included in
Restructuring Charges) and all non-cash charges related to the write-off of goodwill.
(h) Notes. The definition of "Note" or "Notes" in Section 1.1 of the Credit Agreement is
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amended and restated in its entirety to read as follows:
"Note" or "Notes" means the Revolving Loan Note, the Term Notes, the Tranche C Term
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Notes, the Swingline Notes and the Foreign Currency Notes, individually or collectively, as
appropriate.
(i) Permitted Acquisition. Clause (i) of the definition of "Permitted Acquisition" set
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forth in Section 1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:
(i) the aggregate consideration (including cash and non-cash consideration and any
assumption of Indebtedness, but excluding consideration consisting of any Capital Stock of the
Parent issued to the seller in such Acquisition (or cash funded with the proceeds of the
issuance of such Capital Stock)) paid by the Credit Parties for all such Acquisitions occurring
after the Closing Date shall not exceed (i) $10,000,000 during any fiscal year and, (ii) in the
aggregate, during the term of this Credit Agreement, $30,000,000; provided, that unless the
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Leverage Ratio requirement set forth in Section 7.11(a) (as set forth in the table in Section
7.11(a) or as adjusted by the Borrower pursuant to the terms of Section 7.11(a)), as of
December 31 of the immediately preceding year, is less than 4.50 to 1.0 (and the Leverage Ratio
is less than 4.50 to 1.0 as of such December 31, as set forth in the Officer's Compliance
Certificate delivered pursuant to Section 7.1(d)), then the aggregate consideration paid in
connection with all Acquisitions made subsequent to December 18, 2001 may not exceed $2,500,000
other than Acquisitions consummated solely by issuing Capital Stock of the Parent to the seller
(or cash funded with the proceeds of the issuance of such Capital Stock).
(j) Permitted Investments. The definition of Permitted Investments in Section 1.1 of the
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Credit Agreement is amended and restated in its entirety as follows:
"Permitted Investments" means Investments which are (a) cash or Cash Equivalents, (b)
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accounts receivable created, acquired or made in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms, (c) inventory, raw materials and
general intangibles (to the extent such general intangibles are not a Capital Expenditure)
acquired in the ordinary course of business, (d) Investments by a Domestic Credit Party in
another Domestic Credit Party, by a Foreign Credit Party in another Foreign Credit Party, by a
Foreign Subsidiary (other than a Foreign Credit Party) in another Foreign Subsidiary, by a
Foreign Subsidiary in a Domestic Credit Party, and by a Foreign Credit Party in a Foreign
Subsidiary that is not a Foreign Credit Party in an amount not to exceed, in the aggregate at
any one time outstanding, $10,000,000, (e) loans and advances to directors, officers and
employees in the ordinary course of business for reasonable business expenses, not to exceed
$1,000,000 to any one Person or $3,000,000, in the aggregate, at any one time outstanding, (f)
the Investments set forth on Schedule 8.6, (g) as long as no Default or Event of Default
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exists, Foreign Investments in an aggregate amount not to exceed $25,000,000 at any one time
outstanding during the term of this Credit Agreement; provided, however, to the extent such
Foreign Investments are made with proceeds of an Equity Issuance to a Permitted Holder, the
amount of such proceeds shall be excluded in determining compliance with this clause (g), (h)
Investments in Permitted Acquisitions, to the extent it does not violate Section 8.6 as it
relates to clause (g) of this definition, (i) Investments made as a result of the receipt of
non-cash consideration from an Asset Disposition permitted by this Credit Agreement,
(j) Investments in Capital Expenditures to the extent permitted by Section 8.14, (k) stock,
obligations or securities received in settlement of debts created in the ordinary course of
business and owing to the Borrower or any of its Subsidiaries or in satisfaction of judgments
and (l) Investments, other than Investments in Formametal S.A. (Argentina), not otherwise
permitted by the other clauses of this definition not to exceed $2,500,000, in the aggregate,
at any one time outstanding; provided that if the Leverage Ratio set forth in Section 7.11(a)
(as set forth in Section 7.11(a) or as adjusted by the Borrower pursuant to the terms of
Section 7.11(a)) as of December 31 of the immediately preceding year, is less than 4.50 to 1.0
(and the Leverage Ratio is less than 4.50 to 1.0 as of such December 31, as set forth in the
Officer's Compliance Certificate delivered pursuant to Section 7.1(d)), (i) the limit pursuant
to this clause (l) shall be increased to $10,000,000 and (ii) Investments may be made pursuant
to this clause (l) in Formametal S.A. (Argentina).
(k) Revolving Loan Maturity Date. The definition of "Revolving Loan Maturity Date" set
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forth in Section 1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:
"Revolving Loan Maturity Date" means January 4, 2006.
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(l) Tranche A Term Loan Maturity Date. The definition of "Tranche A Term Loan Maturity
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Date" set forth in Section 1.1 of the Credit Agreement is amended and restated in its entirety to read
as follows:
"Tranche A Term Loan Maturity Date" means January 4, 2006.
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(m) Tranche B Term Loan Maturity Date. The definition of "Tranche B Term Loan Maturity
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Date" set forth in Section 1.1 of the Credit Agreement is amended and restated in its entirety to read
as follows:
"Tranche B Term Loan Maturity Date" means January 4, 2006.
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SECTION 1.2 New Definitions. The following new definitions are added to Section 1.1 of the
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Credit Agreement in the appropriate alphabetical order:
"Funds" means Berkshire Fund V, Limited Partnership and Berkshire Fund V Co-Investment Fund,
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Limited Partnership.
"Second Funding Date" has the meaning set forth in Section 2.6A(a).
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"Term Loans" means the Tranche A Term Loans and the Tranche B Term Loans.
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"Tranche C Term Loan Lenders" means the Lenders who made the Tranche C Term Loans pursuant to
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Section 2.6A and any permitted successors and assigns.
"Tranche C Term Loans Committed Amount" means TWENTY FIVE MILLION DOLLARS ($25,000,000).
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"Tranche C Term Loans Purchase Agreement" means that certain Purchase Agreement, dated as of
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December 18, 2001, between the Funds and the Tranche C Term Loan Lenders.
"Tranche C Term Loans" means the Tranche C Term Loans made to the Borrower pursuant to
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Section 2.6A.
"Tranche C Term Loans Obligations" means, without duplication, all of the obligations of the
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Credit Parties to the Tranche C Term Loan Lenders (in their capacity as such), whenever arising, under
this Credit Agreement and the other Credit Documents.
"Tranche C Term Loans Maturity Date" means January 4, 2006.
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"Tranche C Term Note" or "Tranche C Term Notes" means the promissory notes of the Borrower in
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favor of each of the Tranche C Term Loan Lenders evidencing the Tranche C Term Loans provided pursuant
to Section 2.6A, individually or collectively, as appropriate, as such promissory notes may be amended,
modified, supplemented, extended, renewed or replaced from time to time and as evidenced in the form of
Exhibit 2.6A(c).
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SECTION 1.3 Deleted Definition. The definition of "Cash Restructuring Proceeds" set forth in
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Section 1.1 of the Credit Agreement is deleted.
SECTION 1.4 Notice of Revolving Loan Borrowings. A new sentence is added to the end of
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Section 2.1(b) of the Credit Agreement to read as follows:
In addition to the other requirements set forth in this Section 2.1(b), the Borrower agrees to
simultaneously notify the Administrative Agent, if as a result of its Notice of Borrowing, the sum of
the aggregate amount of Revolving Loans outstanding plus the aggregate amount of LOC Obligations
outstanding plus the aggregate amount of Swing Line Loans outstanding plus the aggregate amount of
Foreign Currency Loans outstanding exceeds an amount equal to the Revolving Committed Amount less Five
Million Dollars ($5,000,000).
SECTION 1.5 Tranche C Term Loans. A new Section 2.6A is added to the Credit Agreement to read
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as follows:
2.6A Tranche C Term Loans.
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(a) Tranche C Term Loans. Subject to the terms and conditions set forth herein, each
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Tranche C Term Loan Lender severally agrees, (i) on December 18, 2001, to make a term loan to the
Borrower, in Dollars, in an aggregate amount equal to Twenty Million Dollars ($20,000,000) and (ii) on
the date that the sum of the aggregate amount of Revolving Loans outstanding plus the aggregate amount
of LOC Obligations outstanding plus the aggregate amount of Swing Line Loans outstanding plus the
aggregate amount of Foreign Currency Loans outstanding exceeds an amount equal to the Revolving
Committed Amount less Five Million Dollars ($5,000,000), (the "Second Funding Date") each Tranche C Term
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Loan Lender severally agrees to make a term loan to the Borrower, in Dollars, in an aggregate amount
equal to Five Million Dollars ($5,000,000) (collectively, the "Tranche C Term Loans"); provided that (A)
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the aggregate amount of Tranche C Term Loans shall not exceed the Tranche C Term Loan Committed Amount,
(B) each Lender's pro rata share of the Tranche C Term Loans shall not exceed its pro rata share of the
Tranche C Term Loan Committed Amount and (C) no Tranche C Term Loans shall be made (x) during the
existence and continuance of an Event of Default pursuant to Section 9.1(e) or (y) if the Lenders have
exercised remedies pursuant to Section 9.2 . Once repaid, Tranche C Term Loans cannot be reborrowed.
(b) Funding of Tranche C Term Loans. On December 18, 2001 and on the Second Funding Date,
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each applicable Tranche C Term Loan Lender will make its pro rata share of the Tranche C Term Loans made
on such date available to the Administrative Agent by deposit, in Dollars and in immediately available
funds, at the offices of the Administrative Agent at its principal office in Charlotte, North Carolina
or at such other address as the Administrative Agent may designate in writing. The amount of the
Tranche C Term Loans made on such date will then be made available to the Borrower by the Administrative
Agent by crediting the account of the Borrower on the books of such office of the Administrative Agent,
to the extent the amount of such Tranche C Term Loans are made available to the Administrative Agent.
All Tranche C Term Loans made on December 18, 2001 or on the Second Funding Date shall be Base Rate
Loans. Thereafter, all or any portion of such Tranche C Term Loans may be converted into Eurocurrency
Loans in accordance with the terms of Section 2.7 and the definition of "Interest Period" set forth in
Section 1.1. No Lender shall be responsible for the failure or delay by any other Lender in its
obligation to make a Tranche C Term Loan hereunder; provided, however, that the failure of any Lender to
fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder.
(c) Tranche C Term Notes. The portion of the Tranche C Term Loan made by each Lender
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shall be evidenced by a duly executed promissory note of the Borrower to such Lender in an original
principal amount equal to such Lender's pro rata share of the Tranche C Term Loan Committed Amount and
substantially in the form of Exhibit 2.6A(c).
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(d) Pro Rata Treatment. Each payment or prepayment of any Tranche C Term Loan and each
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continuation or conversion of any Tranche C Term Loan shall be allocated among the Tranche C Term Loan
Lenders pro rata in accordance with the respective principal amounts of the outstanding Tranche C Term
Loans of such Tranche C Term Loan Lenders.
(e) Payments Under Tranche C Term Loans Purchase Agreement. Notwithstanding anything in
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the Credit Documents to the contrary, all payments made by or on behalf of the Funds to the Tranche C
Term Loan Lenders pursuant to the Tranche C Term Loans Purchase Agreement shall be for the sole account
of the Tranche C Term Loan Lenders.
(f) Amendments or Waivers to Tranche C Term Loan Provisions. Notwithstanding anything in
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the Credit Documents to the contrary (i) no amendment, change, waiver, discharge or termination of
(A) any provision of Section 2.6A, (B) any of the definitions of "Tranche C Term Loans Committed Amount",
"Tranche C Term Loans Guaranty", "Tranche C Term Loan Lenders", "Tranche C Term Loans", "Tranche C Term
Loans Obligations", "Tranche C Term Loans Maturity Date", "Tranche C Term Note" or "Tranche C Term
Notes" or (C) clause (c) of the definition of Applicable Percentage shall be effective without the
consent of the Tranche C Term Loan Lenders, (ii) if it would have an adverse effect on the Tranche C
Term Loan Lenders, no amendment, change, waiver, discharge or termination of the definitions of "Loan"
or "Loans", "Lenders" or "Note" or "Notes" shall be effective without the consent of all of the Tranche
C Term Loan Lenders and (iii) the Tranche C Term Loan Lenders shall have no right to vote on any matter
set forth in Section 11.6(a)(v) unless (A) Collateral is being released only with respect to Tranche C
Term Loans Obligations and not pro rata among all Credit Party Obligations or (B) all Lenders, other
than Tranche C Term Loan Lenders, have been paid in full and the Commitments have been terminated.
(g) Asset Dispositions. Subsequent to the date that all Loans have been paid in full
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(other than Tranche C Term Loans) and the Commitments have been terminated, 100% of the Net Cash
Proceeds from any Asset Disposition received by a Credit Party or any of its Subsidiaries shall be
immediately forwarded to the Tranche C Term Loan Lenders as a prepayment of the Tranche C Term Loans.
Such prepayments shall be applied first to Base Rate Loans and then to Eurocurrency Loans in direct
order of Interest Period maturities and all such prepayments shall be subject to Section 3.14.
SECTION 1.6 Amortization of Tranche A Term Loans. Section 2.3(c) of the Credit Agreement is
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amended and restated in its entirety to read as follows:
(c) Amortization. The principal amount of the Tranche A Term Loans shall be repaid in
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quarterly payments on the dates set forth below:
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Principal Amortization Tranche A Term Loan
Payment Dates Principal Amortization Payment
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12/31/00 $1,000,000
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3/31/01 $1,000,000
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6/30/01 $1,000,000
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9/30/01 $1,000,000
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12/31/01 $2,000,000
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3/31/02 $2,000,000
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6/30/02 $2,000,000
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9/30/02 $2,000,000
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12/31/02 $2,000,000
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3/31/03 $2,000,000
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6/30/03 $2,000,000
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9/30/03 $2,000,000
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12/31/03 $3,000,000
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3/31/04 $3,000,000
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6/30/04 $3,000,000
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9/30/04 $3,000,000
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12/31/04 $4,000,000
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3/31/05 $4,000,000
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6/30/05 $4,000,000
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9/30/05 $4,000,000
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12/31/05 $8,000,000
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Tranche A Term Loan Maturity Date $24,000,000
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SECTION 1.7 Amortization of Tranche B Term Loans. Section 2.4(c) of the Credit Agreement is
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amended and restated in its entirety to read as follows:
(c) Amortization. The principal amount of the Tranche B Term Loans shall be repaid in
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quarterly payments on the dates set forth below:
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Principal Amortization Tranche B Term Loan
Payment Dates Amortization Payment
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12/31/00 $250,000
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3/31/01 $250,000
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6/30/01 $250,000
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9/30/01 $250,000
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12/31/01 $250,000
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3/31/02 $250,000
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6/30/02 $250,000
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9/30/02 $250,000
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12/31/02 $250,000
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3/31/03 $250,000
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6/30/03 $250,000
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9/30/03 $250,000
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12/31/03 $250,000
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3/31/04 $250,000
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6/30/04 $250,000
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9/30/04 $250,000
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12/31/04 $250,000
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3/31/05 $250,000
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6/30/05 $250,000
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9/30/05 $250,000
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12/31/05 $250,000
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Tranche B Term Loan Maturity Date $174,750,000
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SECTION 1.8 Continuations and Conversions. Clause (A) in Section 2.7 of the Credit Agreement
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is amended and restated in its entirety to read as follows:
(A) whether the Loans to be continued or converted are Revolving Loans, Tranche A Term Loans,
Tranche B Term Loans or Tranche C Term Loans,
SECTION 1.9 Minimum Amounts. Clause (b) in Section 2.8 of the Credit Agreement is amended and
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restated in its entirety to read as follows:
(b) each Base Rate Loan shall be in a minimum amount of the lesser of $500,000 (or with respect
to a Foreign Currency Loan, the U.S. Dollar Equivalent of the applicable Foreign Currency) (and integral
multiples of $500,000 (or with respect to a Foreign Currency Loan, the U.S. Dollar Equivalent of the
applicable Foreign Currency) in excess thereof) or the remaining amount available under the Revolving
Committed Amount, the Tranche A Term Loan Committed Amount, the Tranche B Term Loan Committed Amount or
the Tranche C Term Loan Committed Amount, as applicable.
SECTION 1.10 Tranche C Term Loans Maturity Date. A new clause (d) is added to Section 3.5 of
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the Credit Agreement to read as follows:
(d) On the Tranche C Term Loans Maturity Date, the entire outstanding principal balance of
all Tranche C Term Loans, together with accrued but unpaid interest and all other sums owing with
respect thereto, shall be due and payable in full, unless accelerated sooner pursuant to Section 9.
SECTION 1.11 Voluntary Prepayments. A new sentence is added at the end of Section 3.3(a) of
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the Credit Agreement to read as follows:
Notwithstanding anything in this Section 3.3(a) to the contrary, Tranche C Term Loans may not be prepaid
hereunder unless all Credit Party Obligations (other than Tranche C Term Loans and inchoate
indemnification obligations that survive the termination of the Commitments) have been paid in full and
the Commitments terminated.
SECTION 1.12 Financial Information. A new sentence is added at the end of Section 7.1(d) to
----------------------
read as follows:
Within five (5) Business Days after the delivery of the officer's certificate required under this
Section 7.1(d), the Borrower agrees to participate in a conference call with the Lenders to discuss its
most recent quarterly and/or annual financial statements and to answer any questions with respect
thereto.
SECTION 1.13 Financial Covenants. Section 7.11 of the Credit Agreement is amended and restated
--------------------
in its entirety to read as follows:
7.11 Financial Covenants.
-------------------
(a) Leverage Ratio. The Leverage Ratio, as of the end of each fiscal quarter of the
---------------
Borrower during the periods set forth below, shall be less than or equal to:
---------------------------------------------------------------------------------------- ---------------
Period Ratio
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending December 31, 2001 7.85 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending March 31, 2002 8.40 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending June 30, 2002 9.25 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending September 29, 2002 10.00 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending December 31, 2002 7.30 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending March 28, 2003 7.05 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending June 29, 2003 6.60 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending September 28, 2003 6.20 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending December 31, 2003 5.85 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending April 4, 2004 5.80 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending July 4, 2004 5.60 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending October 3, 2004 5.30 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarters ending December 31, 2004, April 3, 2005, July 3, 2005 and 5.00 to 1.0
October 2, 2005
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending December 31, 2005 4.70 to 1.0
---------------------------------------------------------------------------------------- ---------------
The Borrower shall have the right during the first fiscal quarter of each fiscal year, upon written
notice to the Administrative Agent, to permanently lower (i.e. make the Leverage Ratio more restrictive)
the Leverage Ratio requirement (i) for the period ending December 31 of the immediately preceding fiscal
year (the "Fiscal Year-End Period") and (ii) for any period subsequent to the Fiscal Year-End Period;
------------------------
provided, if the Leverage Ratio requirement is permanently lowered for any period set forth above
--------
pursuant to the foregoing clauses (i) or (ii), the Leverage Ratio requirement for any subsequent period
shall be no less restrictive. Upon such written notice, the Administrative Agent shall notify the
Lenders of such change(s) in the Leverage Ratio requirements, and this Credit Agreement shall be deemed
amended in accordance with such notice.
(b) Interest Coverage Ratio. The Interest Coverage Ratio, as of the end of each fiscal
-------------------------
quarter of the Borrower during the periods set forth below, shall be greater than or equal to:
---------------------------------------------------------------------------------------------- --------------
Period Ratio
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarters ending December 31, 2001, March 31, 2002 and June 30, 2002 1.20 to 1.0
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending September 29, 2002 1.10 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending December 31, 2002 1.50 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending March 30, 2003 1.55 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending June 29, 2003 1.65 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending September 28, 2003 1.75 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending December 31, 2003 1.80 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending April 4, 2004 1.85 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending July 4, 2004 1.95 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending October 3, 2004 2.00 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For the fiscal quarter ending December 31, 2004 2.05 to 1.0
---------------------------------------------------------------------------------------------- --------------
---------------------------------------------------------------------------------------------- --------------
For each fiscal quarter ending in 2005 2.10 to 1.0
---------------------------------------------------------------------------------------------- --------------
(c) Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio, as of the end of each
-----------------------------
fiscal quarter of the Borrower during the periods set forth below, shall be greater than or equal to:
---------------------------------------------------------------------------------------- ---------------
Period Ratio
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending December 31, 2001 .75 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending March 31, 2002 .65 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending June 30, 2002 .55 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending September 29, 2002 .40 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending December 31, 2002 .70 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending March 30, 2003 .80 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending June 29, 2003 .85 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarters ending September 28, 2003 and December 31, 2003 .95 to 1.0
---------------------------------------------------------------------------------------- ---------------
---------------------------------------------------------------------------------------- ---------------
For the fiscal quarter ending April 4, 2004 and for each fiscal quarter thereafter 1.05 to 1.0
---------------------------------------------------------------------------------------- ---------------
(d) Minimum EBITDA. EBITDA, as of the end of each fiscal quarter of the Borrower, for the
--------------
twelve month period ending on such date, during the periods set forth below, shall be greater than or
equal to:
-------------------------------------------------------------------------------------- -----------------
Period Amount
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending December 31, 2001 $ 72,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending March 31, 2002 $ 65,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending June 30, 2002 $ 63,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending September 29, 2002 $ 58,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending December 31, 2002 $ 78,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending March 30, 2003 $ 82,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending June 29, 2003 $ 87,500,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarters ending September 28, 2003 $ 92,500,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarters ending December 31, 2003 and April 4, 2004 $ 94,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending July 4, 2004 $ 97,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending October 3, 2004 $ 99,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For the fiscal quarter ending December 31, 2004 $ 103,000,000
-------------------------------------------------------------------------------------- -----------------
-------------------------------------------------------------------------------------- -----------------
For each fiscal quarter ending in 2005 and thereafter $ 105,000,000
-------------------------------------------------------------------------------------- -----------------
SECTION 1.14 Indebtedness. Section 8.1 of the Credit Agreement is amended and restated in its
------------
entirety to read as follows:
8.1 Indebtedness.
------------
No Credit Party will, nor will it permit any of its Subsidiaries to, contract, create, incur,
assume or permit to exist any Indebtedness, except:
(a) Indebtedness arising under this Credit Agreement and the other Credit
Documents;
(b) Indebtedness existing as of the Closing Date and set forth on Schedule 8.1
-------------
(and renewals, refinancings, replacements or extensions thereof on terms and conditions when
taken as a whole are no more restrictive to such Credit Party and its Subsidiaries and are not
less favorable to the Lenders than such existing Indebtedness and in a principal amount not in
excess of that outstanding as of the date of such renewal, refinancing, replacement or
extension);
(c) Indebtedness in respect of current accounts payable, accrued expenses and
deferred income taxes incurred in the ordinary course of business including, to the extent not
current, accounts payable, accrued expenses and deferred income taxes that are subject to bona
fide dispute;
(d) Indebtedness owing from (i) a Domestic Credit Party to another Domestic Credit
Party, (ii) a Foreign Credit Party to another Foreign Credit Party, (iii) a Foreign Subsidiary
(that is not a Foreign Credit Party) to another Foreign Subsidiary (that is not a Foreign
Credit Party), (iv) from a Foreign Subsidiary that is not a Foreign Credit Party to a Foreign
Credit Party in an amount not to exceed, in the aggregate at any one time, $10,000,000, and
(v) a Foreign Subsidiary to a Domestic Credit Party if it constitutes a Permitted Investment;
(e) purchase money Indebtedness (including Capital Leases and Synthetic Leases)
incurred by the Borrower or any of its Subsidiaries to finance the purchase of fixed assets
within 90 days of the purchase of such fixed assets; provided that (i) the total of all such
--------
Indebtedness for all such Persons taken together shall not exceed (A) an aggregate principal
amount of $10,000,000 at any one time outstanding; provided, that if the Leverage Ratio
--------
requirement set forth in Section 7.11(a) (as set forth in the table in Section 7.11(a) or as
adjusted by the Borrower pursuant to the terms of Section 7.11(a)), as of December 31 of the
immediately preceding year, is less than 4.50 to 1.0 (and the Leverage Ratio is less than 4.5
to 1.0, as of such December 31, as set forth in the Officer's Compliance Certificate delivered
pursuant to Section 7.1(d)), then the limit shall be increased to $20,000,000 and (B) when
added together with the Indebtedness permitted by Sections 8.1(i) and 8.1(n), $40,000,000 in
the aggregate, at any one time outstanding; (ii) such Indebtedness when incurred shall not
exceed the purchase price of the asset(s) financed (including transaction and installation
costs relating to the purchase); and (iii) no such Indebtedness shall be refinanced for a
principal amount in excess of the principal balance outstanding thereon at the time of such
refinancing;
(f) obligations under Hedging Agreements entered into in order to manage existing
or anticipated interest rate or exchange rate risks and not for speculative purposes;
(g) Indebtedness arising from judgments that do not cause an Event of Default;
(h) the Subordinated Debt (and renewals, refinancings, replacements or extensions
thereof on terms and conditions that, when taken as a whole, are no more restrictive to such
Credit Party and its Subsidiaries and are not less favorable to the Lenders than such existing
Indebtedness and in a principal amount not in excess of that outstanding as of the date of such
renewal, refinancing, replacement or extension);
(i) Indebtedness assumed in connection with a Permitted Acquisition; provided that
(i) such Indebtedness was not incurred in anticipation thereof and (ii) such Indebtedness, in
the aggregate, does not exceed (A) $25,000,000 at any one time outstanding and (B) when added
together with the Indebtedness permitted by Sections 8.1(e) and 8.1(n), $40,000,000, in the
aggregate, at any one time outstanding;
(j) Indebtedness arising from agreements of the Borrower or a Subsidiary providing
for indemnification, adjustment of purchase price, or other similar obligations (exclusive of
any Guaranty Obligation of Indebtedness of the purchaser in such transaction), in each case,
incurred or assumed in connection with the disposition of any business, assets or a Subsidiary
of the Borrower; provided the maximum assumable liability in respect of all such Indebtedness
shall at no time exceed the gross proceeds actually received by the Borrower and its
Subsidiaries in connection with such disposition;
(k) obligations in respect of performance and surety bonds and completion
guarantees provided in the ordinary course of business;
(l) Indebtedness of Foreign Subsidiaries (not incurred under this Agreement) in an
amount not to exceed (i) $27,500,000; provided that (A) if the Leverage Ratio requirement set
forth in Section 7.11(a) (as set forth in the table in Section 7.11(a) or as adjusted by the
Borrower pursuant to the terms of Section 7.11(a)), as of December 31 of the immediately
preceding year, is less than 4.50 to 1.0 (and the Leverage Ratio is less than 4.50 to 1.0, as
of such December 31, as set forth in the Officer's Compliance Certificate delivered pursuant to
Section 7.1(d)), then the limit shall be increased to $30,000,000 and (ii) when added together
with Foreign Currency Loans shall not exceed, in the aggregate, $75,000,000 at any one time;
(m) Indebtedness owing to an officer or employee of a Credit Party (or the heirs
of such Persons) whose employment has terminated or who has died or retired or become disabled
in connection with the repurchase or redemption of shares, or options to purchase shares, of
such Credit Party; provided that (i) such Indebtedness must be fully subordinated to the Credit
Party Obligations on terms acceptable to the Administrative Agent and (ii) no payments may be
made to a holder of such Indebtedness unless permitted by Section 8.7(b)(ii); and
(n) other unsecured Indebtedness not to exceed (i) $10,000,000 in the aggregate at
any one time outstanding; provided, that if the Leverage Ratio requirement set forth in
--------
Section 7.11(a) (as set forth in the table in Section 7.11(a) or as adjusted by the Borrower
pursuant to the terms of Section 7.11(a)), as of December 31 of the immediately preceding year,
is less than 4.50 to 1.0 (and the Leverage Ratio is less than 4.5 to 1.0, as of such
December 31, as set forth in the Officer's Compliance Certificate delivered pursuant to
Section 7.1(d)), then the limit shall be increased to $15,000,000 and (ii) when added together
with the Indebtedness permitted by Sections 8.1(e) and 8.1(i), $40,000,000, in the aggregate,
at any one time outstanding.
SECTION 1.15 Sale of Assets. Section 8.5(i) of the Credit Agreement is amended and restated in
--------------
its entirety to read as follows:
(i) other sales of assets, in addition to those permitted above in this Section 8.5; provided
that (i) the transfer is for Fair Market Value, (ii) no Default or Event of Default exists
either prior to or after giving effect thereto, (iii) at least 75% of the consideration
received for such transfer is in cash, (iv) an amount equal to the Net Cash Proceeds of such
transfer are within 270 days of such transfer (A) reinvested in Eligible Assets or (B) applied
as a mandatory prepayment in accordance with Section 3.3(b)(ii) or Section 2.6A(g) and (v) such
transfers do not exceed (A) $10,000,000 during any one fiscal year or (B) $40,000,000, in the
aggregate, during the term of this Credit Agreement; provided that the sale of the Southall
U.K. facility in an amount up to 8.2 million pounds sterling shall be excluded for purposes of
calculating compliance with subclause (A) of this clause (v).
SECTION 1.16 Capital Expenditures. Section 8.14 of the Credit Agreement is amended and
----------------------
restated in its entirety to read as follows:
8.14 Capital Expenditures.
--------------------
The Credit Parties will not permit Capital Expenditures to exceed, in the aggregate, (a) during
fiscal year 2002, $22,500,000 plus an additional $9,000,000 of Capital Expenditures associated solely
with respect to the Borrower's restructuring programs (the "2002 Restructuring Capital Expenditures"),
-----------------------------------------
(b) during fiscal year 2003, $22,500,000 and (c) during each fiscal year thereafter, $25,000,000;
provided that (i) if the Leverage Ratio requirement set forth in Section 7.11(a) (as set forth in the
table in Section 7.11(a) or as adjusted by the Borrower pursuant to the terms of Section 7.11(a)), as of
December 31 of the immediately preceding year, is less than 4.50 to 1.0 (and the Leverage Ratio is less
than 4.50 to 1.0, as of such December 31, as set forth in the Officer's Compliance Certificate delivered
pursuant to Section 7.1(d)), then the limit for such year shall be increased to $35,000,000 and (ii) the
Credit Parties may carry forward, for one year only, up to 33% of any unused portion of the Capital
Expenditures (other than 2002 Restructuring Capital Expenditures) limit from the prior year.
SECTION 1.17 New Exhibits. A new Exhibit 2.6A(c) is added to the Exhibits to the Credit
-------------
Agreement in the form attached hereto as Exhibit 2.6A(c).
---------------
SECTION 1.18 Existing Exhibits. Exhibit 2.7 and Exhibit 11.3(b) to the Credit Agreement are
------------------
amended and restated in their entirety and attached hereto as Exhibit 2.7 and Exhibit 11.3(b).
----------- ---------------
SECTION 2
CONDITIONS PRECEDENT
--------------------
SECTION 2.1 Conditions Precedent. This Amendment shall be deemed effective upon satisfaction
---------------------
of the following conditions (or waiver thereof by the Required Lenders):
(a) Documentation. (i) Receipt by the Administrative Agent of copies of (A) this
-------------
Amendment duly executed by the Credit Parties and the Required Lenders, (B) the Tranche C Term Notes
duly executed by the Borrower and (C) an Intercreditor Agreement, dated as of the date hereof, among the
Administrative Agent, on behalf of the Lenders (other than the Tranche C Term Loan Lenders) and the
Tranche C Term Loan Lenders (the "Intercreditor Agreement") and (ii) receipt by the Tranche C Term Loan
------------------------
Lenders of copies of the Tranche C Term Loans Purchase Agreement duly executed by the Funds and the
Tranche C Term Loan Lenders.
(b) Authority. Receipt by the Administrative Agent of (i) a certificate of the secretary
---------
or assistant secretary of each Credit Party and of each Fund certifying as to resolutions or
authorization of the Board of Directors or general partner of such Credit Party or Fund, as applicable,
approving and adopting each agreement to which they are a party and the transactions contemplated
therein and authorizing the execution, delivery and performance thereof and (ii) an incumbency
certificate of each Credit Party and of each Fund certified by a secretary or assistant secretary of
such Credit Party or Fund, as applicable, to be true and correct as of the date hereof.
(c) Good Standing. Certificates of good standing, existence or their equivalent with
--------------
respect to each Credit Party and each Fund (and their general partner) certified as of a recent date by
the appropriate Governmental Authorities of the jurisdiction of its incorporation and in the
jurisdiction of its chief executive office and principal place of business.
(d) Opinions. Receipt by the Administrative Agent of an opinion or opinions from counsel
--------
to the Credit Parties and the Funds relating to this Amendment and the transactions contemplated herein,
including, without limitation, due authorization, enforceability and no conflict opinions in form and
substance satisfactory to the Administrative Agent, addressed to the Administrative Agent on behalf of
the Lenders and dated as of the date hereof.
(e) Fees. The payment by the Borrower of (i) an amendment fee to each Lender who duly
----
executes and delivers this Amendment on or before Noon, Eastern Standard Time, on Tuesday, December 18,
2001, of 50 basis points (0.50%) on the sum of its aggregate Commitments and (ii) all fees and expenses
of the Administrative Agent and its affiliates in connection with the negotiation, preparation,
execution and delivery of this Amendment and the other transactions contemplated herein, including,
without limitation, reasonable legal fees and expenses.
SECTION 3
MISCELLANEOUS
-------------
SECTION 3.1 Ratification of Credit Agreement. The term "Credit Agreement" and "Agreement" as
----------------------------------
used in each of the Credit Documents shall hereafter mean the Credit Agreement as amended by this Amendment.
Except as herein specifically agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in
full force and effect according to its terms.
SECTION 3.2 Authority/Enforceability. Each of the Credit Parties, the Administrative Agent
------------------------
and the Lenders party hereto represents and warrants as follows:
(a) It has taken all necessary action to authorize the execution, delivery and performance
of this Amendment.
(b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person's legal, valid and binding obligations, enforceable in accordance with its terms, except as
such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance
or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general
principles of equity (regardless of whether such enforceability is considered in a proceeding at law or
in equity).
(c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or Governmental Authority or third party is required in connection with
the execution, delivery or performance by such Person of this Amendment.
SECTION 3.3 Representation and Warranties. The Credit Parties represent and warrant to the
-------------------------------
Lenders that:
(a) The representations and warranties of the Credit Parties set forth in Section 6 of the
Credit Agreement are true and correct in all material respects as of the date hereof except for those
that specifically relate to an earlier date.
(b) No event has occurred and is continuing which constitutes a Default or an Event of
Default.
(c) The Collateral Documents continue to create a valid security interest in, and Lien
upon, the Collateral, in favor of the Collateral Agent, for the benefit of the Lenders, which security
interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to
all Liens other than Permitted Liens.
(d) The Credit Party Obligations are not reduced or modified by this Amendment and are not
subject to any offsets, defenses or counterclaims.
SECTION 3.4 Counterparts/Telecopy. This Amendment may be executed in any number of
---------------------
counterparts, each of which when so executed and delivered shall be an original, but all of which shall
constitute one and the same instrument. Delivery of executed counterparts by telecopy shall be effective as an
original and shall constitute a representation that an original will be delivered if requested.
SECTION 3.5 Further Assurances. The Credit Parties agree to promptly take such action, upon
-------------------
the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.
SECTION 3.6 GENERAL RELEASE. IN CONSIDERATION OF THE REQUIRED LENDERS ENTERING INTO THIS
----------------
AMENDMENT, THE CREDIT PARTIES HEREBY RELEASE THE ADMINISTRATIVE AGENT, THE LENDERS, AND THE ADMINISTRATIVE
AGENT'S AND THE LENDERS' RESPECTIVE OFFICERS, EMPLOYEES, REPRESENTATIVES, AGENTS, COUNSEL AND DIRECTORS FROM ANY
AND ALL ACTIONS, CAUSES OF ACTION, CLAIMS, DEMANDS, DAMAGES AND LIABILITIES OF WHATEVER KIND OR NATURE, IN LAW OR
IN EQUITY, NOW KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED TO THE EXTENT THAT ANY OF THE FOREGOING ARISES FROM ANY
ACTION OR FAILURE TO ACT UNDER THE CREDIT AGREEMENT OR UNDER THE OTHER CREDIT DOCUMENTS ON OR PRIOR TO THE DATE
HEREOF.
SECTION 3.7 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
--------------
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SECTION 3.8 Intercreditor Agreement. The Required Lenders hereby authorize the Administrative
------------------------
Agent to enter into, on behalf of the Lenders, that certain Intercreditor Agreement, dated as of December 18,
2001, among the Administrative Agent and the Tranche C Term Loan Lenders and to take such action as is necessary
to perform its obligations thereunder.
SECTION 3.9 Financial Advisor. The Borrower acknowledges and agrees that (i) it will grant
------------------
access to its officers and its books and records to a financial advisor hired on behalf of the Administrative
Agent and the Lenders, which financial advisor shall be Ernst & Young Corporate Finance LLC, (ii) its officers
will provide such financial advisor, upon request, with all information reasonably deemed necessary to complete
the required analysis and otherwise provide full cooperation to, and assist such financial advisor in its
efforts, including, without limitation, making available officers and advisors of the Borrower and/or its
Subsidiaries from time to time and (iii) it will be responsible for such financial advisor's fees and expenses.
The financial advisor will, among other things, provide monthly reports to the Lenders, in form and substance
reasonably acceptable to the Administrative Agent, including, without limitation, reports regarding the
Borrower's performance in comparison to its financial plan and annual budget, the Borrower's progress on its
restructuring initiatives, a general accounting review of the Credit Parties and their Subsidiaries and an
assessment of the reasonableness of the Borrower's projections and the Borrower's ability to achieve its
restructuring plan. The financial advisor shall begin its work on or before December 31, 2001 and shall be
retained until December 31, 2002.
SIGNATURE PAGE TO
SECOND AMENDMENT TO CREDIT AGREEMENT
UNITED STATES CAN COMPANY
SIGNATURE PAGE TO
SECOND AMENDMENT TO CREDIT AGREEMENT
UNITED STATES CAN COMPANY
The parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly
authorized officers as of the day and year first above written.
BORROWER:
--------
UNITED STATES CAN COMPANY,
a Delaware corporation
By: /s/ Xxxx Xxxxxxx
---------------------------------------
Name: Xxxx Xxxxxxx
Title: Executive Vice President & CFO
DOMESTIC
---------
GUARANTORS:
----------
U.S. CAN CORPORATION,
a Delaware corporation
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxx
Title: Executive Vice President & CFO
USC MAY VERPACKUNGEN HOLDING INC.,
a Delaware corporation
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxx
Title: Vice President and Treasurer
LENDERS:
-------
BANK OF AMERICA, N.A.,
individually in its capacity as Administrative Agent
By: /s/ W. Xxxxxx Xxxxxxx
-------------------------------------------------
Name: W. Xxxxxx Xxxxxxx
Title: Managing Director
BANK OF AMERICA, N.A., in its capacity as
a Lender
By: /s/ W. Xxxxxx Xxxxxxx
-------------------------------------------------
Name: W. Xxxxxx Xxxxxxx
Title: Managing Director
BANK OF TOKYO-MITSUBISHI TRUST
COMPANY
By: /s/ Xxxxx Xxxxxxxxxxx
-------------------------------------------------
Name: Xxxxx Xxxxxxxxxxx
Title: Vice President
BANK ONE, NA (MAIN OFFICE CHICAGO),
individually in its capacity as Lender and in its capacity
as Documentation Agent
By: /s/ Xxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Director, Capital Markets
BEAR XXXXXX INVESTMENT PRODUCTS INC.
By: /s/ Xxxx Xxxxx
-------------------------------------------------
Name: Xxxx Xxxxx
Title: Managing Director
BLACK DIAMOND CLO 2000-1 LTD.
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxx
Title: Director
CITADEL HILL 2000 LTD.
By: /s/ Xxxxxxx Xxxxxxxx
-------------------------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Authorized Signatory
CITIBANK, N.A.
By: /s/ ***
-------------------------------------------------
Name: ***
Title: Vice President
CITICORP NORTH AMERICA, INC.,
individually in its capacity as a Lender and
in its capacity as Syndication Agent
By: /s/ Xxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Vice President
CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ Xxxx Xxxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxxx
Title: Vice President
CYPRESSTREE INVESTMENT PARTNERS I LTD.
By: CypressTree Investment Management Company,
Inc., as Portfolio Manager
By: /s/ P. Xxxxxxx Xxxx
-------------------------------------------------
Name: P. Xxxxxxx Xxxx
Title: Principal
CYPRESSTREE INVESTMENT PARTNERS II, LTD.
By: CypressTree Investment Management Company,
Inc., as Portfolio Manager
By: /s/ P. Xxxxxxx Xxxx
-------------------------------------------------
Name: P. Xxxxxxx Xxxx
Title: Principal
DENALI CAPITAL LLC
Managing Member of DC Funding Partners LLC,
Collateral Manager for Denali Capital CLO I, Ltd.
By: /s/ Xxxx X. Thackes
-------------------------------------------------
Name: Xxxx X. Thackes
Title: Chief Credit Officer
XXXXXX HIGH YIELD CDO 2001-1
By: Prudential Investment Management, Inc.,
as Attorney in Fact
By: /s/ B. Xxxx Xxxxx
----------------------------------------
Name: B. Xxxx Xxxxx
Title: Vice President
ELF FUNDING TRUST I
By: Highland Capital Management, L.P.
As Collateral Manager
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxx
Title: Senior Portfolio Manager
FIDELITY ADVISOR SERIES II: FIDELITY
ADVISOR FLOATING RATE HIGH INCOME FUND
By: /s/ Xxxx X. Xxxxxxxx
-------------------------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Assistant Treasurer
FIRST ALLMERICA FINANCIAL LIFE
INSURANCE COMPANY
By: CypressTree Investment Management Company,
Inc. Attorney-in-Fact and Portfolio Manager
By: /s/ P. Xxxxxxx Xxxx
-------------------------------------------------
Name: P. Xxxxxxx Xxxx
Title: Principal
FLAGSHIP CLO-2000-1
By: Flagship Capital Management, Inc.
By: /s/ Xxxx X. Xxxxxxxxx
-------------------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Director
FRANKLIN CLO I, LIMITED
By: /s/ Xxxxxxxx Xxxxxx
-------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Vice President
FRANKLIN FLOATING RATE MASTER SERIES
By: /s/ Xxxxxxxx Xxxxxx
-------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Vice President
GALAXY CLO-1, LTD.
By: SAI Investment Adviser, Inc.,
as Collateral Manager
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Authorized Agent
XXXXXXX XXXXX CREDIT PARTNERS, L.P.
By: /s/ Xxxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Authorized Signatory
HIGHLAND OFFSHORE PARTNERS, L.P.
By: Highland Capital Management, L.P.,
As General Partner
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxx
Title: Highland Capital Management, L.P.
INNER HARBOR CBO 2001-1 LTD.
By: X. Xxxx Price Associates, Inc. in its
capacity as Collateral Manager
By: /s/ Da*** X. Xxxxxx
-------------------------------------------------
Name: Da*** X. Xxxxxx
Title: Vice President
KZH CNC LLC
By: /s/ Xxxxx Xxx
-------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH PONDVIEW LLC
By: /s/ Xxxxx Xxx
-------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH SOLEIL LLC
By: /s/ Xxxxx Xxx
-------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
KZH SOLEIL-2 LLC
By: /s/ Xxxxx Xxx
-------------------------------------------------
Name: Xxxxx Xxx
Title: Authorized Agent
MADISON AVENUE CDO I, LIMITED
By: Metropolitan Life Insurance Company,
as Collateral Manager
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Director
MAGNETITE ASSET INVESTORS III L.L.C.
By: /s/ ***
-------------------------------------------------
Name: ***
Title: Director
MARINER LDC
By: /s/ X. Xxxx XX
-------------------------------------------------
Name: X. Xxxx XX
Title: Director
METROPOLITAN LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Director
XXXXXX XXXXXXX PRIME INCOME TRUST
By: /s/ Xxxxx Xxxxxxx
----------------------------------------
Name: Xxxxx Xxxxxxx
Title: Vice President
MUIRFIELD TRADING LLC
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Assistant Vice President
OLYMPIC FUNDING TRUST, SERIES 1999-1
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Authorized Agent
PPM SPYGLASS FUNDING TRUST
By: /s/ Xxx X. Xxxxxx
----------------------------------------
Name: Xxx X. Xxxxxx
Title: Authorized Agent
NEMEAN CLO, LTD.
By: /s/ Xxxxxx Xxxx
----------------------------------------
Name: Xxxxxx Xxxx
Title: Senior Vice President &
Portfolio Manager
NORSE CBO, LTD.
By: Regiment Capital Management, LLC
As its Investment Manager
By: Regiment Capital Advisors, LLC
Its Manager and pursuant to delegated authority
By: /s/ Xxxxxxx X. Xxxxxxxx
----------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: President
OAK BROOK BANK
By: /s/ Xxxxx Xxxxxx
----------------------------------------
Name: Xxxxx Xxxxxx
Title: Vice President
PPM AMERICA, INC., AS ATTORNEY-IN-FACT,
ON BEHALF OF XXXXXXX NATIONAL LIFE
INSURANCE COMPANY.
By: /s/ Xxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Managing Director
XXXXXX DIVERSIFIED INCOME TRUST
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
XXXXXX MASTER INCOME TRUST
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
XXXXXX MASTER INTERMEDIATE
INCOME TRUST
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
XXXXXX PREMIER INCOME TRUST
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
XXXXXX STRATEGIC INCOME FUND
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
XXXXXX VARIABLE TRUST - PVT
DIVERSIFIED INCOME FUND
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
REGIMENT CAPITAL, LTD.
By: Regiment Capital Management, LLC
As its Investment Advisor
By: Regiment Capital Advisors, LLC
Its Manager and pursuant to delegated authority
By: /s/ Xxxxxxx X. Xxxxxxxx
----------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: President
SEQUILS - Cumberland I, Ltd.
as a Lender
By: Deerfield Capital Management LLC
as its Collateral Manager
By: /s/ Xxxx Xxxxxx
----------------------------------------
Name: Xxxx Xxxxxx
Title: Senior Vice President
SIERRA CLO I, LTD
By: /s/ Xxxx X. Xxxxxxxxx
-------------------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Chief Operating Officer,
Centre Pacific LLC, Manager
SIMSBURY CLO, LIMITED
By: Xxxxx X. Xxxxxx and Company Incorporated,
under delegated authority from Massachusetts
Mutual Life Insurance Company, its Collateral
Manager
By: /s/ Xxxx X. Xxxxx
----------------------------------------
Name: Xxxx X. Xxxxx
Title: Managing Director with Xxxxx X. Xxxxxx
and Company Incorporated
SRF 2000 LLC
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Assistant Vice President
XXXXX XXX FLOATING RATE LIMITED
LIABILITY COMPANY
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President
Xxxxx Xxx & Farnham Incorporated, as
Advisor to the Xxxxx Xxx Floating Rate
Limited Liability Company
LIBERTY - XXXXX XXX ADVISOR FLOATING
RATE ADVANTAGE FUND
By: Xxxxx Xxx & Xxxxxxx Incorporated, as Advisor
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President & Portfolio Manager
XXXXX XXX & FARNHAM CLO I, LTD.
By: Xxxxx Xxx & Xxxxxxx Incorporated, as
Portfolio Manager
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President & Portfolio Manager
XXXXX XXX & FARNHAM INCORPORATED
AS ADVISOR TO KEYPORT LIFE INSURANCE
COMPANY
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President & Portfolio Manager
SUFFIELD CLO, LIMITED
By: Xxxxx X. Xxxxxx & Company Inc. as
Collateral Manager
By: /s/ Xxxx X. Xxxxx
----------------------------------------
Name: Xxxx X. Xxxxx
Title: Managing Director with Xxxxx X. Xxxxxx
and Company Incorporated
SUNAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Authorized Agent
TEXTRON FINANCIAL CORP.
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Director
THE BANK OF NOVA SCOTIA
By: /s/ X. Xxxx
-------------------------------------------------
Name: X. Xxxx
Title: Assistant Agent
THE SUMITOMO TRUST AND BANKING CO.,
LTD., NEW YORK BRANCH
By: /s/ Xxxxxxxxx X. Xxxxx
-------------------------------------------------
Name: Xxxxxxxxx X. Xxxxx
Title: Vice President
TRAVELERS SERIES FUND INC. - XXXXXX
DIVERSIFIED INCOME PORTFOLIO
By: /s/ Xxxx X. Xxxxxx
----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
XXX XXXXXX CLO I, LIMITED
By: Xxx Xxxxxx Investment Advisory Corp.
As Collateral Manager
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Executive Director
XXX XXXXXX CLO II, LIMITED
By: Xxx Xxxxxx Investment Advisory Corp.
As Collateral Manager
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Executive Director
XXX XXXXXX
PRIME RATE INCOME TRUST
By: Xxx Xxxxxx Investment Advisory Corp.
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Executive Director
XXX XXXXXX
SENIOR INCOME TRUST
By: Xxx Xxxxxx Investment Advisory Corp.
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Executive Director
XXXXXXX BANK
By: /s/ Xxxxx Xxxx
-------------------------------------------------
Name: Xxxxx Xxxx
Title: Vice President
XXXXXXX CAPITAL, LTD.
By: /s/ Xxxxxxxx X. Xxxxx
-------------------------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Managing Director
WINGED FOOT FUNDING TRUST
By: /s/ Xxx X. Xxxxxx
----------------------------------------
Name: Xxx X. Xxxxxx
Title: Authorized Agent
