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BRIDGE CREDIT AGREEMENT

Bridge Loan Agreement

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This Bridge Loan Agreement involves

MGIC INVESTMENT CORP | BNP PARIBAS, | BNP PARIBAS SECURITIES CORP.,

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Title: BRIDGE CREDIT AGREEMENT
Date: 5/10/2005
Industry: INSPPY     Sector: FINANC

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Exhibit 4.1

 

 

BRIDGE
CREDIT AGREEMENT

Dated as of March 31, 2005

Among

MGIC INVESTMENT CORPORATION,

BNP PARIBAS,
as Administrative Agent,

and

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO

Arranged by

BNP PARIBAS SECURITIES CORP.,
as Sole Lead Arranger and Sole Bookrunner

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

 

Section

 

 

 

Page

 

 

 

ARTICLE I

 

 

 

 

 

 

 

 

 

 

 

 

 

DEFINITIONS

 

 

 

 

 

 

 

 

 

 

 

1.1

 

Certain Defined Terms

 

 

1

 

1.2

 

Other Interpretive Provisions

 

 

14

 

1.3

 

Accounting Principles

 

 

15

 

 

 

 

 

 

 

 

 

 

ARTICLE II

 

 

 

 

 

 

 

 

 

 

 

 

 

THE CREDITS

 

 

 

 

 

 

 

 

 

 

 

2.1

 

Amounts and Terms of Commitments

 

 

15

 

2.2

 

Loan Accounts

 

 

16

 

2.3

 

Procedure for Borrowing

 

 

16

 

2.4

 

Conversion and Continuation Elections

 

 

17

 

2.5

 

Termination or Reduction of Commitments

 

 

18

 

2.6

 

Optional Prepayments

 

 

18

 

2.7

 

Mandatory Prepayments

 

 

19

 

2.8

 

Repayment

 

 

19

 

2.9

 

Interest

 

 

19

 

2.10

 

Commitment Fees

 

 

20

 

2.11

 

Computation of Fees and Interest

 

 

20

 

2.12

 

Payments by the Company

 

 

20

 

2.13

 

Payments by the Banks to the Agent

 

 

21

 

2.14

 

Sharing of Payments, Etc

 

 

21

 

 

 

 

 

 

 

 

 

 

ARTICLE III

 

 

 

 

 

 

 

 

 

 

 

 

 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

 

 

 

 

 

 

 

 

 

 

3.1

 

Taxes

 

 

22

 

3.2

 

Illegality

 

 

23

 

3.3

 

Increased Costs and Reduction of Return

 

 

24

 

3.4

 

Funding Losses

 

 

25

 

3.5

 

Inability to Determine Rates

 

 

25

 

3.6

 

Substitution of Banks

 

 

26

 

3.7

 

Survival

 

 

26

 

-i-

 


 

 

 

 

 

 

 

 

Section

 

 

 

Page

 

 

 

ARTICLE IV

 

 

 

 

 

 

 

 

 

 

 

 

 

CONDITIONS PRECEDENT

 

 

 

 

 

 

 

 

 

 

 

4.1

 

Conditions of Initial Loans

 

 

26

 

4.2

 

Conditions to All Borrowings

 

 

27

 

 

 

 

 

 

 

 

 

 

ARTICLE V

 

 

 

 

 

 

 

 

 

 

 

 

 

REPRESENTATIONS AND WARRANTIES

 

 

 

 

 

 

 

 

 

 

 

5.1

 

Corporate Existence and Power

 

 

28

 

5.2

 

Corporate Authorization; No Contravention

 

 

28

 

5.3

 

Governmental Authorization

 

 

29

 

5.4

 

Binding Effect

 

 

29

 

5.5

 

Litigation

 

 

29

 

5.6

 

No Default

 

 

29

 

5.7

 

ERISA Compliance

 

 

29

 

5.8

 

Use of Proceeds; Margin Regulations

 

 

30

 

5.9

 

Title to Properties

 

 

30

 

5.10

 

Taxes

 

 

30

 

5.11

 

Financial Condition

 

 

31

 

5.12

 

Environmental Matters

 

 

31

 

5.13

 

Regulated Entities

 

 

31

 

5.14

 

Full Disclosure

 

 

32

 

 

 

 

 

 

 

 

 

 

ARTICLE VI

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFIRMATIVE COVENANTS

 

 

 

 

 

 

 

 

 

 

 

6.1

 

Financial Statements

 

 

32

 

6.2

 

Certificates; Other Information

 

 

33

 

6.3

 

Notices

 

 

34

 

6.4

 

Preservation of Corporate Existence, Etc

 

 

34

 

6.5

 

Maintenance of Property

 

 

34

 

6.6

 

Insurance

 

 

34

 

6.7

 

Payment of Obligations

 

 

34

 

6.8

 

Compliance with Laws

 

 

35

 

6.9

 

Compliance with ERISA

 

 

35

 

6.10

 

Inspection of Property and Books and Records

 

 

35

 

6.11

 

Environmental Laws

 

 

35

 

6.12

 

Use of Proceeds

 

 

35

 

-ii-

 


 

 

 

 

 

 

 

 

Section

 

 

 

Page

 

 

 

ARTICLE VII

 

 

 

 

 

 

 

 

 

 

 

 

 

NEGATIVE COVENANTS

 

 

 

 

 

 

 

 

 

 

 

7.1

 

Limitation on Liens

 

 

35

 

7.2

 

Disposition of Assets

 

 

37

 

7.3

 

Consolidations and Mergers

 

 

38

 

7.4

 

Limitation on Indebtedness

 

 

38

 

7.5

 

Use of Proceeds

 

 

39

 

7.6

 

ERISA

 

 

39

 

7.7

 

Change in Business

 

 

39

 

7.8

 

Financial Covenants

 

 

39

 

 

 

 

 

 

 

 

 

 

ARTICLE VIII

 

 

 

 

 

 

 

 

 

 

 

 

 

EVENTS OF DEFAULT

 

 

 

 

 

 

 

 

 

 

 

8.1