EXHIBIT 10.B FINOVA CAPITAL CORPORATION THIRD AMENDMENT DATED AS OF NOVEMBER 1, 1995 TO SIXTH AMENDMENT AND RESTATEMENT OF CREDIT AGREEMENT This THIRD AMENDMENT TO SIXTH AMENDMENT AND RESTATEMENT OF CREDIT AGREEMENT (this "Amendment") is dated as of...
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EXHIBIT 10.B
FINOVA CAPITAL CORPORATION
THIRD AMENDMENT DATED AS OF NOVEMBER 1, 1995
TO SIXTH AMENDMENT AND RESTATEMENT OF CREDIT AGREEMENT
This THIRD AMENDMENT TO SIXTH AMENDMENT AND RESTATEMENT OF
CREDIT AGREEMENT (this "Amendment") is dated as of November 1, 1995 and entered
into by and among FINOVA CAPITAL CORPORATION, a Delaware corporation (formerly,
Greyhound Financial Corporation, hereinafter the "Company"), the undersigned
lenders (collectively the "Lenders"), the undersigned Agents, BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION, BANK OF MONTREAL, CHEMICAL BANK,
CITIBANK, N.A., and NATIONAL WESTMINSTER BANK USA, individually and as agents
(the "Agents") for the Lenders hereunder, and CITIBANK, N.A., a national
banking association, as administrative agent (the "Administrative Agent") for
the Lenders hereunder, and is made with reference to that certain Sixth
Amendment and Restatement dated as of May 16, 1994 of Credit Agreement dated as
of May 31, 1976, by and among the Company, the Lenders, the Agents and the
Administrative Agent, as amended by a First Amendment to Sixth Amendment and
Restatement of Credit Agreement dated as of September 30, 1994 and a Second
Amendment to Sixth Amendment and Restatement of Credit Agreement dated as of
May 11, 1995 (as so amended, the "Credit Agreement"). Capitalized terms used
herein without definition shall have the same meanings herein as set forth in
the Credit Agreement.
RECITALS
WHEREAS, the Company has requested that the Termination Date
be extended to May 21, 2000, that the interest rate margins and facility fee
rates be amended as set forth herein and that certain conforming changes be
made in the Credit Agreement;
NOW, THEREFORE, in consideration of the premises and the
agreements, provisions and covenants herein contained, the parties hereto agree
as follows:
SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT
A. AMENDMENTS TO SECTION 1.01: DEFINITIONS. The Credit
Agreement is hereby amended by deleting therefrom the definitions of the terms
"Level 1", "Level 2", "Xxxxx 0", "Xxxxx 0", "Xxxxx 0", "Xxxxxx" and
"Termination Date" and substituting the following therefor in the appropriate
alphabetical order:
"'Level 1' shall mean that Long-term Debt carries two or more
of the following ratings:
'A' or higher by S&P
'A2' or higher by Xxxxx'x
'A' or higher by D&P"
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"'Level 2' shall mean that none of the criteria of Level 1 are
satisfied and Long-term Debt carries two or more of the following
ratings:
'A-' or higher by S&P
'A3' or higher by Xxxxx'x
'A-' or higher by D&P"
"'Level 3' shall mean that none of the criteria of Level 1 or
Level 2 are satisfied and Long-term Debt carries two or more of the
following ratings:
'BBB+' or higher by S&P
'Baa1' or higher by Xxxxx'x
'BBB+' or higher by D&P"
"'Level 4' shall mean that none of the criteria of Xxxxx 0,
Xxxxx 0 or Level 3 are satisfied and Long-term Debt carries two or
more of the following ratings:
'BBB' or higher by S&P
'Baa2' or higher by Xxxxx'x
'BBB' or higher by D&P"
"'Level 5' shall mean that none of the criteria of Xxxxx 0,
Xxxxx 0, Xxxxx 0 or Level 4 are satisfied and Long-term Debt carries
two or more of the following ratings:
'BBB-' or higher by S&P
'Baa3' or higher by Xxxxx'x
'BBB-' or higher by D&P"
"'Level 6' shall mean that none of the criteria of Xxxxx 0,
Xxxxx 0, Xxxxx 0, Xxxxx 4 or Level 5 are satisfied."
"`Margin' shall mean with respect to any day in any Interest
Period in relation to any Advance, the percentages set forth in Table
A below, with respect to determinations of the Base Rate, or Table B
below, with respect to determinations of the Eurodollar Rate:
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Table A
Base Rate Margins
(in basis points)
Outstanding Advances as a
Percentage of Commitments
(without giving effect
to any B Reduction)
-------------------------
Greater than
Level Less than 50% or equal to 50%
----- ------------- ---------------
Xxxxx 0 -10.00 -10.00
Xxxxx 0 -11.00 -11.00
Xxxxx 0 -12.50 -12.50
Xxxxx 0 -15.00 -15.00
Xxxxx 0 -25.00 0.00
Xxxxx 0 15.00 65.00
Table B
Eurodollar Margins
(in basis points)
Outstanding Advances as a
Percentage of Commitments
(without giving effect
to any B Reduction)
-------------------------
Greater than
Level Less than 50% or equal to 50%
----- ------------- ---------------
Xxxxx 0 20.00 32.50
Xxxxx 0 24.00 36.50
Xxxxx 0 25.00 37.50
Xxxxx 0 30.00 42.50
Xxxxx 0 50.00 62.50
Xxxxx 0 65.00 77.50
The applicable Margin shall be adjusted daily to reflect changes in the
outstanding principal amount of the Advances (determined for any day as of the
close of business) and the Level applicable to Long-term Debt in accordance with
Section 2.07."
"'Termination Date' shall mean May 21, 2000; provided, however, that, if
any Lender has consented to an Extension Request in accordance with Section
2.17, with regard to the then existing Termination Date, the then existing
Termination Date as to such Lender shall be automatically extended for one year
from the then existing Termination Date; provided, however, that,
notwithstanding any other provisions of this Agreement to the contrary, the
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Termination Date shall occur upon the earlier termination in whole of
the Commitments pursuant to Section 2.11 or 6.01."
B. AMENDMENT TO SECTION 2.10. Section 2.10 of the Credit
Agreement is hereby amended by deleting all of the text appearing after the
colon and before the period in the first sentence of such Section and
substituting the following therefor:
"with respect to each day that (i) Level 1 is
applicable, 0.10% per annum, (ii) Level 2 is applicable, 0.11%
per annum, (iii) Level 3 is applicable, 0.125% per annum, (iv)
Level 4 is applicable, 0.15% per annum, (v) Level 5 is
applicable, 0.25% per annum" or (vi) Level 6 is applicable,
0.35% per annum."
C. AMENDMENT TO SECTION 4.02(A). Section 4.02(a) of the
Credit Agreement is hereby amended by deleting the reference to "Level 4 or
Level 5" and substituting therefor reference to "Level 5 or Level 6" and by
deleting the reference to "Level 1 or Level 2" therefrom and substituting
therefor reference to "Level 1, Level 2 or Level 3".
SECTION 2. COMPANY'S REPRESENTATIONS AND WARRANTIES
To induce the Lenders to enter into this Amendment and to
amend the Credit Agreement in the manner provided herein, the Company
represents and warrants to each Lender that the following statements are true,
correct and complete:
A. CORPORATE POWER AND AUTHORITY. The Company has all
requisite corporate power and authority to enter into this Amendment and to
carry out the transactions contemplated by, and perform its obligations under,
the Credit Agreement, as amended by this Amendment (the "Amended Agreement").
B. AUTHORIZATION OF AGREEMENTS. The execution and
delivery of this Amendment and the consummation of the Amended Agreement have
been duly authorized by all necessary corporate action on the part of the
Company.
C. NO CONFLICT. The execution and delivery by the
Company of this Amendment and the consummation by the Company of the Amended
Agreement do not and will not (i) violate any provision of any law or any
governmental rule or regulation applicable to the Company or its Subsidiaries,
the certificate of incorporation or bylaws of the Company or any order,
judgment or decree of any court or other agency of government binding on the
Company or its Subsidiaries, (ii) conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of the Company or its Subsidiaries, (iii) result in or
require the creation or imposition of any Lien upon any of the properties or
assets of the Company or its Subsidiaries, or (iv) require any approval of
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stockholders or any approval or consent of any Person under any contractual
obligation of the Company or its Subsidiaries (other than the parties hereto).
D. GOVERNMENTAL CONSENTS. The execution and delivery by
the Company of this Amendment and the consummation by the Company of the
Amended Agreement do not and will not require any registration with, consent or
approval of, or notice to, or other action to, with or by, any federal, state
or other governmental authority or regulatory body.
E. BINDING OBLIGATION. This Amendment has been duly
executed and delivered by the Company and this Amendment and the Amended
Agreement are the legally valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors' rights generally or by
principles of equity and commercial reasonableness.
F. INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM
CREDIT AGREEMENT. The representations and warranties contained in Section 3.01
of the Credit Agreement are true, correct and complete in all material respects
to the same extent as though made on and as of the date hereof, except as
provided above or to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.
G. ABSENCE OF DEFAULT. No event has occurred and is
continuing or will result from the consummation of the transactions
contemplated by this Amendment that would, upon the giving of notice, the
passage of time, or otherwise, constitute an Event of Default.
SECTION 3. CONDITIONS TO EFFECTIVENESS
Section 1 of this Amendment shall become effective on the
first date on which all of the following conditions precedent shall have been
satisfied (such date being referred to herein as the "Amendment Effective
Date"):
A. On or before the Amendment Effective Date, the
Company shall deliver to the Lenders (or to the Agents with sufficient
originally executed copies, where appropriate, for each Lender and its counsel)
the following, each, unless otherwise noted, dated the Amendment Effective
Date:
1. Resolutions of its Board of Directors
approving and authorizing the execution, delivery, and performance of
this Amendment, certified as of the Amendment Effective Date by its
corporate secretary or an assistant
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secretary as being in full force and effect without modification or
amendment;
2. Signature and incumbency certificates of its
officers executing this Amendment; and
3. Executed copies of this Amendment.
B. On or before the Amendment Effective Date, all
corporate and other proceedings taken or to be taken in connection with the
transactions contemplated hereby and all documents incidental thereto not
previously found acceptable by the Agents, acting on behalf of the Lenders, and
their counsel shall be satisfactory in form and substance to the Agents and
such counsel, and the Agents and such counsel shall have received all such
counterpart originals or certified copies of such documents as the Agents may
reasonably request.
SECTION 4. MISCELLANEOUS
A. REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND
THE OTHER LOAN DOCUMENTS.
(i) On and after the date this Amendment becomes
effective in accordance with its terms, each reference in the Credit
Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like import referring to the Credit Agreement, and each
reference in the Notes to the "Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Credit Agreement
shall mean and be a reference to the Amended Agreement.
(ii) Except as specifically amended by this Amendment, the
Credit Agreement and the Notes shall remain in full force and effect
and are hereby ratified and confirmed.
(iii) The execution, delivery and performance of this
Amendment shall not, except as expressly provided herein, constitute a
waiver of any provision of, or operate as a waiver of, any right,
power or remedy of the Agent or any Lender under, the Credit Agreement
or the Notes.
B. FEES AND EXPENSES. The Company acknowledges that all
costs, fees and expenses as described in Section 8.05 of the Credit Agreement
incurred by the Administrative Agent and its counsel with respect to this
Amendment and the documents and transactions contemplated hereby shall be for
the account of the Company.
C. HEADINGS. Section and subsection headings in this
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose or be given any
substantive effect.
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D. EFFECT ON ACCRUED BUT UNPAID INTEREST AND FEES. The
parties hereto agree that this Amendment, and the amendments to the Credit
Agreement effected hereby, shall not affect the amounts of accrued and unpaid
interest and facility fees outstanding under the Credit Agreement immediately
prior to the effectiveness of this Amendment, which amounts shall be payable at
the times provided for in the Credit Agreement, it being understood that the
changes in the margins and facility fee rates effected hereby shall only affect
the rates at which interest and facility fees accrue on and after the Amendment
Effective Date.
E. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.
F. COUNTERPARTS; EFFECTIVENESS. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. This Amendment shall become
effective as of the date hereof upon the execution and delivery of a
counterpart hereof by the Company and the Lenders.
[Remainder of page intentionally left blank]
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IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.
The Company:
FINOVA CAPITAL CORPORATION
By /s/ Xxxxxx X. Xxxxxxxxxxx
---------------------------------------
Title Senior Vice President Treasurer
------------------------------------
By /s/ Xxxxxx Xxxxxx
---------------------------------------
Title Vice President--Assistant Treasurer
------------------------------------
The Lenders:
CITIBANK, N.A. (Individually
and as an Agent and
Administrative Agent)
By /s/ Xxxxxxx X. Xxxxx
---------------------------------
Title Vice President
-------------------------------
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By /s/
---------------------------------
Title Managing Director
------------------------------
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION (as an
Agent)
By /s/
---------------------------------
Title Managing Director
------------------------------
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BANK OF MONTREAL (Individually
and as an Agent)
By /s/
---------------------------------
Title
------------------------------
CHEMICAL BANK (Individually
and as an Agent)
By /s/ P. A. Xxxxxx
---------------------------------
Title Vice President
------------------------------
NATWEST BANK, N.A.
(Individually and as an Agent)
By /s/ Xxxxxx X. Xxx
---------------------------------
Title Vice President
------------------------------
BANK OF AMERICA ILLINOIS
By /s/
---------------------------------
Title Managing Director
-------------------------------
THE CHASE MANHATTAN BANK
(NATIONAL ASSOCIATION)
By /s/
---------------------------------
Title Vice President
-------------------------------
CREDIT SUISSE
By /s/ Xxxxxxx Xxxxxxxxxx
---------------------------------
Title Member Senior Management
-------------------------------
By /s/ Xxxx X. Xxxxxx
---------------------------------
Title Associate
-------------------------------
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THE INDUSTRIAL BANK OF JAPAN,
LIMITED, LOS ANGELES AGENCY
By /s/
---------------------------------
Title Senior Vice President
-------------------------------
& Senior Manager
-------------------------------
NATIONSBANK OF GEORGIA, N.A.
By /s/
---------------------------------
Title Vice President
-------------------------------
UNION BANK OF SWITZERLAND
LOS ANGELES BRANCH
By /s/ Xxxxxx X. XxXxxxxxx, Xx.
----------------------------------
Title Assistant Vice President
-------------------------------
By /s/ Xxxxxx X. Xxxxxxxx
----------------------------------
Title Assistant Vice President
-------------------------------
WESTDEUTSCHE LANDESBANK
GIROZENTRALE ------- NEW YORK AND
CAYMAN ISLANDS BRANCHES
By /s/
----------------------------------
Title Managing Director
-------------------------------
By /s/ Xxxxx Xxxxxxxxx
----------------------------------
Title Associate
-------------------------------
CREDIT LYONNAIS
SAN XXXXXXXXX XXXXXX
By /s/ Xxxxxxx X. Xxxxxxx
---------------------------------
Title Vice President & Manager
-------------------------------
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FIRST INTERSTATE BANK OF
ARIZONA, N.A.
By /s/
---------------------------------
Title Vice President
-------------------------------
NATIONAL WESTMINSTER BANK PLC
By /s/
---------------------------------
Title Vice President
-------------------------------
ROYAL BANK OF CANADA
By /s/ Xxx X. Xxxxxxxxxx
---------------------------------
Title Manager
-------------------------------
SOCIETE GENERALE
By /s/ X. Xxxxxx Xxxxxxx
---------------------------------
Title Vice President
-------------------------------
BANK ONE, ARIZONA, N.A.
By /s/
---------------------------------
Title Vice President
-------------------------------
DRESDNER BANK AG LOS ANGELES
AGENCY
By /s/ Xxxxxx X. Xxxxx
---------------------------------
Title Vice President
-------------------------------
By /s/ Xxxxxx X. Xxxxxx
---------------------------------
Title Vice President
-------------------------------
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XXXXX XXXX
By /s/
---------------------------------
Title Vice President
-------------------------------
THE LONG-TERM CREDIT BANK OF
JAPAN, LTD., LOS ANGELES
AGENCY
By /s/ Y. Kamisawa
----------------------------------
Title
-------------------------------
By /s/
----------------------------------
Title
-------------------------------
THE MITSUBISHI TRUST AND
BANKING CORPORATION, ACTING
THROUGH ITS LOS ANGELES AGENCY
By /s/
---------------------------------
Title Senior Vice President
-------------------------------
& Chief Manager
-------------------------------
ARAB BANKING CORPORATION
By /s/
---------------------------------
Title Vice President & Manager
-------------------------------
THE BANK OF NOVA SCOTIA
By /s/
---------------------------------
Title Officer
-------------------------------
FIRST FIDELITY BANK, NATIONAL
ASSOCIATION
By /s/ Xxxxxxx Xxxxxx
---------------------------------
Title Vice President
------------------------------
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BANK HAPOALIM, B.M.,
LOS ANGELES BRANCH
By /s/
----------------------------------
Title Vice President
-------------------------------
By /s/
----------------------------------
Title Vice President
-------------------------------
BANK OF AMERICA ARIZONA
By /s/
---------------------------------
Title Vice President
-------------------------------
BANK OF HAWAII
By /s/ Xxxxxx X. Xxxxxxxxx
---------------------------------
Title Vice President
-------------------------------
BANQUE NATIONALE DE PARIS
By /s/ X. Xxxxx
----------------------------------
Title Senior Vice President
-------------------------------
& Manager
-------------------------------
By /s/
----------------------------------
Title Vice President
-------------------------------
COMERICA BANK
By /s/
---------------------------------
Title Assistant Vice President
-------------------------------
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CREDIT AGRICOLE
By /s/ Xxxxx Xxxxx
--------------------------------
Title Executive Vice President
------------------------------
DG BANK DEUTSCHE
GENOSSENSCHAFTSBANK
By /s/ Xxxxx X. Xxxxxxxx
--------------------------------
Title Vice President
------------------------------
By /s/ Xxxxxx X. Xxxxxx
--------------------------------
Title Vice President
------------------------------
KREDIETBANK N.V.
By /s/
--------------------------------
Title Vice President
------------------------------
By /s/ Xxxxxx Xxxxxxxx
--------------------------------
Title Vice President
------------------------------
NBD BANK, N.A.
By /s/ Xxxxxx X. Xxxxxx, Xx.
--------------------------------
Title Vice President
------------------------------
ISTITUTO BANCARIO SAN PAOLO DI
TORINO S.P.A.
By /s/
---------------------------------
Title Branch Manager
------------------------------
By /s/
---------------------------------
Title Assistant Vice President
------------------------------
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THE SANWA BANK, LIMITED,
LOS ANGELES BRANCH
By /s/
---------------------------------
Title Vice President
------------------------------
UNITED STATES NATIONAL BANK
OF OREGON
By /s/ Xxxxxxx X. Xxxxxx
---------------------------------
Title Credit Officer
------------------------------
ABN AMRO BANK N.V., LOS
ANGELES INTERNATIONAL BRANCH
By /s/ Xxxxx X. Xxxxxxx
---------------------------------
Title Assistant Vice President
------------------------------
By /s/ Xxxx X. Xxxxxx
---------------------------------
Title Vice President
------------------------------
BANK OF IRELAND
By /s/
---------------------------------
Title Assistant Treasurer
------------------------------
THE BANK OF CALIFORNIA, N.A.
By /s/
---------------------------------
Title
------------------------------
FUJI BANK, LTD.
By /s/ Xxxxxxxx Xxxxxxx
---------------------------------
Title Joint General Manager
------------------------------
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THE SAKURA BANK, LTD.
By /s/ Xxxxx Xxxx
----------------------------------
Title Assistant General Manager
-------------------------------
& Senior Vice President
-------------------------------
BANQUE PARIBAS
By /s/
----------------------------------
Title Senior Vice President
-------------------------------
By /s/
----------------------------------
Title Vice President
-------------------------------
COMPAGNIE FINANCIERE DE
CIC ET DE L'UNION EUROPEENNE
By /s/ Xxxxxx X. Xxxx
----------------------------------
Title Vice President
-------------------------------
By /s/ Xxxx Xxxxxxx
----------------------------------
Title Vice President
-------------------------------
THE SUMITOMO BANK, LIMITED,
LOS ANGELES BRANCH
By /s/
----------------------------------
Title General Manager
-------------------------------
DEUTSCHE BANK AG NEW YORK
AND/OR CAYMAN ISLANDS BRANCHES
By /s/ Xxxxxxxxxxx xx Xxxxxxx
----------------------------------
Title Assistant Vice President
-------------------------------
By /s/ Gayma Z. Shiorarain
----------------------------------
Title Vice President
-------------------------------
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XXXXXXXXXXX XX,
XXX XXXXXXX BRANCH
By /s/ Xxxxxx X. Xxxxxx
----------------------------------
Title Vice President
-------------------------------
By /s/ Christian Jagenberg
----------------------------------
Title Senior Vice President
-------------------------------
& General Manager
-------------------------------
THE DAI-ICHI KANGYO BANK, LTD.
LOS ANGELES AGENCY
By /s/ Xxxxxxxx Xxxxxx
----------------------------------
Title Senior Vice President
-------------------------------
& Joint General Manager
-------------------------------
MONTE DEI PASCHI DI SIENA
By /s/ X. X. Xxxxxx
----------------------------------
Title First Vice President
-------------------------------
& Deputy General Manager
-------------------------------
By /s/ Xxxxx X. Xxxxx
----------------------------------
Title Vice President
-------------------------------
THE SUMITOMO TRUST AND BANKING
CO., LTD., LOS ANGELES AGENCY
By /s/ Magayuki Imanaka
----------------------------------
Title Senior Manager
-------------------------------
LLOYDS BANK PLC
By /s/ Windsor X. Xxxxxx
----------------------------------
Title Vice President & Manager
-------------------------------
By /s/
----------------------------------
Title Senior Vice President
-------------------------------
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CHIBA BANK, LTD.
By /s/ Xxxxxxx Xxxxx
----------------------------------
Title General Manager
-------------------------------
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