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SENIOR SECURED BRIDGE LOAN CREDIT AGREEMENT

Bridge Loan Agreement

SENIOR SECURED BRIDGE LOAN CREDIT AGREEMENT You are currently viewing:
This Bridge Loan Agreement involves

BANC OF AMERICA SECURITIES LLC | BANK OF AMERICA, N.A. | BERRY PLASTICS CORPORATION | Berry Plastics Group, Inc | Captive Holdings, Inc | Captive Holdings, LLC | Covalence Specialty Materials Corp | Covalence Specialty Materials Holding Corp | LEHMAN BROTHERS COMMERCIAL BANK | LEHMAN BROTHERS INC | Lenders, GOLDMAN SACHS CREDIT PARTNERS LP

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Title: SENIOR SECURED BRIDGE LOAN CREDIT AGREEMENT
Governing Law: New York     Date: 2/11/2008
Law Firm: Venable;Cahill Gordon;Wachtell Lipton;Thompson Hine;Richards Layton;Lowenstein Sandler    

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EXECUTION VERSION
 
 


$520,000,000

SENIOR SECURED BRIDGE LOAN CREDIT AGREEMENT

Dated as of February 5, 2008,


Among


BERRY PLASTICS CORPORATION
(formerly Berry Plastics Holding Corporation),
as Borrower,

THE LENDERS PARTY HERETO,


BANK OF AMERICA, N.A.,
as Collateral Agent and Administrative Agent


GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Syndication Agent,


LEHMAN BROTHERS INC.,
as Documentation Agent,


BANC OF AMERICA SECURITIES LLC
GOLDMAN SACHS CREDIT PARTNERS L.P.
LEHMAN BROTHERS INC.,
as Joint Bookrunners and
Joint Lead Arrangers
_________________
 
 
 

 


 
 
 
 

 

TABLE OF CONTENTS
 

 
ARTICLE I
  Page
     
 
Definitions
 
     
SECTION 1.01.
Defined Terms
1
SECTION 1.02.
Terms Generally
46
SECTION 1.03.
Effectuation of Transactions
47
SECTION 1.04.
Senior Debt
47
     
 
ARTICLE II
 
     
 
The Credits
 
SECTION 2.01.
Commitment
47
SECTION 2.02.
Loans and Borrowings
49
SECTION 2.03.
Requests for Borrowings
49
SECTION 2.04.
[Reserved]
50
SECTION 2.05.
[Reserved].
50
SECTION 2.06.
Funding of Borrowings
50
SECTION 2.07.
Interest Elections
50
SECTION 2.08.
Termination of Commitment
51
SECTION 2.09.
Repayment of Loans; Evidence of Debt
51
SECTION 2.10.
Prepayments, etc.
52
SECTION 2.11.
Change of Control Prepayment Offer
53
SECTION 2.12.
Fees
54
SECTION 2.13.
Interest
54
SECTION 2.14.
Alternate Rate of Interest
55
SECTION 2.15.
Increased Costs
55
SECTION 2.16.
Break Funding Payments
56
SECTION 2.17.
Taxes
57
SECTION 2.18.
Payments Generally; Pro Rata Treatment; Sharing of Set offs
58
SECTION 2.19.
Mitigation Obligations; Replacement of Lenders
60
SECTION 2.20.
Illegality
61
     
 
ARTICLE III
 
     
 
Representations and Warranties
 
SECTION 3.01.
Organization; Powers
61
SECTION 3.02.
Authorization
61
SECTION 3.03.
Enforceability
62
SECTION 3.04.
Governmental Approvals
62
SECTION 3.05.
Financial Statements
62
SECTION 3.06.
No Material Adverse Effect
63
SECTION 3.07.
Title to Properties; Possession Under Leases
63
     
 
 
 
-i-

 
     
SECTION 3.08.
Subsidiaries
64
SECTION 3.09.
Litigation; Compliance with Laws
64
SECTION 3.10.
Federal Reserve Regulations
64
SECTION 3.11.
Investment Company Act
64
SECTION 3.12.
Use of Proceeds
64
SECTION 3.13.
Tax Returns
65
SECTION 3.14.
No Material Misstatements
65
SECTION 3.15.
Employee Benefit Plans
65
SECTION 3.16.
Environmental Matters
66
SECTION 3.17.
Security Documents
66
SECTION 3.18.
Location of Real Property and Leased Premises
67
SECTION 3.19.
Solvency
68
SECTION 3.20.
Labor Matters
68
SECTION 3.21.
Insurance
68
SECTION 3.22.
No Default
68
SECTION 3.23.
Intellectual Property; Licenses, etc.
68
SECTION 3.24.
Senior Debt
69
     
 
ARTICLE IV
 
     
 
Conditions of Lending
 
     
 
ARTICLE V
 
     
 
Affirmative Covenants
 
SECTION 5.01.
Existence; Businesses and Properties
72
SECTION 5.02.
Insurance
72
SECTION 5.03.
Taxes
73
SECTION 5.04.
Financial Statements, Reports, etc.
73
SECTION 5.05.
Litigation and Other Notices
75
SECTION 5.06.
Compliance with Laws
75
SECTION 5.07.
Maintaining Records; Access to Properties and Inspections
76
SECTION 5.08.
Use of Proceeds
76
SECTION 5.09.
Compliance with Environmental Laws
76
SECTION 5.10.
Further Assurances; Additional Security
76
SECTION 5.11.
[Reserved]
78
SECTION 5.12.
Securities Demand
78
SECTION 5.13.
Exchange Notes
79
     
 
ARTICLE VI
 
     
 
Negative Covenants
 
SECTION 6.01.
Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
80
SECTION 6.02.
Liens
85
SECTION 6.03.
Asset Sales
85
SECTION 6.04.
Limitation on Restricted Payments
86
SECTION 6.05.
Mergers, Consolidations, Sales of Assets and Acquisitions
90
 
 
-ii-

 
     
SECTION 6.06.
Dividend and Other Payment Restrictions Affecting Subsidiaries
92
SECTION 6.07.
Transactions with Affiliates
94
SECTION 6.08.
Amendment of Security Documents
96
SECTION 6.09.
Termination and Suspension of Certain Covenants
97
     
 
ARTICLE VII
 
     
 
Events of Default
 
SECTION 7.01.
Events of Default
97
SECTION 7.02.
Exclusion of Immaterial Subsidiaries
100
     
 
ARTICLE VIII
 
     
 
The Agents
 
SECTION 8.01.
Appointment
100
SECTION 8.02.
Delegation of Duties
102
SECTION 8.03.
Exculpatory Provisions
102
SECTION 8.04.
Reliance by Administrative Agent
103
SECTION 8.05.
Notice of Default
103
SECTION 8.06.
Non-Reliance on Agents and Other Lenders
103
SECTION 8.07.
Indemnification
104
SECTION 8.08.
Agent in Its Individual Capacity
104
SECTION 8.09.
Successor Administrative Agent
104
SECTION 8.10.
Agents and Arrangers
105
     
 
ARTICLE IX
 
     
 
Miscellaneous
 
SECTION 9.01.
Notices; Communications