EXHIBIT 10.1
FIRST
AMENDMENT
FIRST
AMENDMENT, dated as of June 27, 2008 (this “
Amendment ”), to the Amended and Restated Credit and
Guarantee Agreement, dated as of April 25, 2006 (the “
Existing Credit Agreement ”), among LEAR CORPORATION,
a Delaware corporation (the “ U.S. Borrower ”),
certain Subsidiaries of LEAR CORPORATION, the several lenders from
time to time parties hereto (the “ Lenders ”),
the several agents parties thereto and JPMORGAN CHASE BANK, N.A.,
as general administrative agent (the “ General
Administrative Agent ”).
W I T N E S S
E T H :
WHEREAS,
certain lenders (the “ Revolving Lenders ”) have
made revolving credit commitments in an aggregate principal amount
of $1,700,000,000 to the U.S. Borrower pursuant to the Existing
Credit Agreement (the “ U.S. Revolving Credit Facility
”) under which there is (i) a $750,000,000
multi-currency revolving credit subfacility (the “
Multi-Currency Subfacility ”) and (ii) a
$200,000,000 Canadian revolving credit subfacility (the “
Canadian Subfacility ”; together with the U.S.
Revolving Credit Facility and the Multi-Currency Subfacility, the
“ Revolving Credit Facilities ”); and
WHEREAS,
the Borrower has requested, and the Required Refinancing Lenders
(as defined below) and the General Administrative Agent have
agreed, upon the terms and subject to the conditions set forth
herein, that (a) certain Revolving Lenders (each, an “
Extending Lender ”) will extend the final scheduled
termination date of each of their respective Revolving Credit
Commitments to January 31, 2012 and (b) the Existing
Credit Agreement will be amended as set forth herein;
NOW,
THEREFORE, the parties hereto hereby agree as follows:
SECTION
1. Defined Terms . Capitalized terms used but not defined
herein shall have the meanings assigned to such terms in the Credit
Agreement. As used in this Amendment (a) “ Required
Refinancing Lenders ” means (i) the Majority Lenders
(as defined in the Existing Credit Agreement) and (ii) each
Extending Lender and (b) “ Credit Agreement ”
means the Existing Credit Agreement as amended by this
Amendment.
SECTION
2. Extended Revolving Credit Commitments . (a) Subject
to the terms and conditions set forth herein, each Extending Lender
agrees to extend the final scheduled termination date of each of
its Revolving Credit Commitments to January 31, 2012.
(b) On
the First Amendment Conversion Date (as defined below) (i) the
U.S. Revolving Credit Commitments of each Extending Lender (or its
lending affiliate) shall be reduced (the “ Revolving
Credit Commitment Reduction ”) by [ ]% 1 (the “
Relevant Percentage ”) of such Extending
Lender’s U.S. Revolving Credit Commitments immediately prior
to the First Amendment Conversion Date, it being understood that
the U.S. Borrower may separately agree with any Extending Lender to
waive or reduce the Relevant Percentage for such Extending Lender
only, (ii) the aggregate amount of the Multicurrency
Commitments shall be reduced to $400,000,000, with the
Multicurrency Commitment of
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33.33%; provided that if, based on a Revolving Credit
Commitment Reduction of 33.33% the aggregate principal amount of
U.S. Revolving Credit Commitments of Extending Lenders would be in
excess of $1,000,000,000, the percentage shall be increased so that
after giving effect to the Revolving Credit Commitment Reduction
the aggregate principal amount of U.S. Revolving Credit Commitments
of Extending Lenders is $1,000,000,000. |
each
Multicurrency Lender being reduced ratably, it being understood
that the U.S. Borrower may separately agree with any Multicurrency
Lender to waive or reduce such reduction for such Multicurrency
Lender only, and (iii) the aggregate amount of the Canadian
Revolving Credit Commitments shall be reduced to $100,000,000, with
the Canadian Revolving Credit Commitment of each Canadian Lender
being reduced ratably, it being understood that the Canadian
Borrower may separately agree with any Canadian Lender to waive or
reduce such reduction for such Canadian Lender only. The
Multi-Currency Subfacility and the Canadian Subfacility shall as of
the First Amendment Conversion Date each be allocated to the
Tranche A U.S. Revolving Credit Facility. In order to give effect
to the allocation of the Multi-Currency Subfacility and the
Canadian Subfacility to the Tranche A U.S. Revolving Credit
Facility, references in applicable provisions of the Credit
Agreement (including, without limitation, subsection 2.5(a),
(b) and (d) of the Credit Agreement) to U.S. Revolving
Lenders, Non-Canadian Lenders and Non-Multicurrency Lenders shall
be deemed to be references to such Lenders only to the extent they
are Tranche A U.S. Revolving Lenders and references to U.S.
Revolving Credit Loans shall be deemed to be references to Tranche
A U.S. Revolving Credit Loans, in each case if appropriate (as
determined by the General Administrative Agent in its sole
discretion in a manner consistent with this Amendment).
(c) As
of the First Amendment Conversion Date, (i) the portion of the
U.S. Revolving Credit Commitments under the U.S. Revolving Credit
Facility held by the Extending Lenders will constitute the Tranche
A portion of the U.S. Revolving Credit Facility (the “
Tranche A U.S. Revolving Credit Facility ”, and each
U.S. Revolving Credit Loan thereunder a “ Tranche A U.S.
Revolving Credit Loan ”); provided that the
Tranche A U.S. Revolving Credit Facility may include the Tranche A
U.S. Revolving Credit Commitments of an Assuming Lender pursuant to
Section 2.6 of the Credit Agreement (and the term “Extending
Lender” will include any Assuming Lender where applicable)
and (ii) the portion of the U.S. Revolving Credit Commitments
under the U.S. Revolving Credit Facility held by the Revolving
Lenders which are not Extending Lenders (each, a “
Declining Lender ”) shall constitute the Tranche B
portion of the U.S. Revolving Credit Facility (the “
Tranche B U.S. Revolving Credit Facility ”, and each
U.S. Revolving Credit Loan thereunder a “ Tranche B U.S.
Revolving Credit Loan ”). The Tranche A U.S. Revolving
Credit Facility and the Tranche B. U.S. Revolving Credit Facility
together shall constitute the U.S. Revolving Credit Facility, the
Tranche A U.S. Revolving Credit Loans and the Tranche B U.S.
Revolving Credit Loans together shall constitute the U.S. Revolving
Credit Loans and each Lender’s commitment under the Tranche A
U.S. Revolving Credit Facility and the Tranche B U.S. Revolving
Credit Facility shall constitute such Lender’s U.S. Revolving
Credit Commitment. Notwithstanding anything to the contrary
contained in the Credit Agreement, on the First Amendment
Conversion Date outstanding U.S. Revolving Credit Loans and U.S.
Revolving Credit Loans made by Assuming Lenders, if any, shall be
deemed to be reallocated (i) as Tranche A U.S. Revolving
Credit Loans in an amount equal to the aggregate amount of U.S.
Revolving Credit Loans of Tranche A U.S. Revolving Lenders
immediately prior to the First Amendment Conversion Date;
provided that any Assuming Lenders shall make available to
the General Administrative Agent such amounts in immediately
available funds as the General Administrative Agent shall
determine, for the benefit of the other relevant Tranche A U.S.
Revolving Lenders as being required in order to cause, after giving
effect to the application of such amounts to make payments to such
other relevant Tranche A U.S. Revolving Lenders, the Tranche A U.S.
Revolving Credit Loans to be held ratably by all Tranche A U.S.
Revolving Lenders in accordance with their respective Tranche A
U.S. Revolving Credit Commitments and (ii) as Tranche B U.S.
Revolving Credit Loans in an amount equal to the aggregate amount
of U.S. Revolving Credit Loans of Tranche B U.S. Revolving Lenders
immediately prior to the First Amendment Conversion Date. All such
Loans deemed to be reallocated on the First Amendment Conversion
Date (“ U.S. Reallocated Loans ”) will have
initial Interest Periods commencing on the First Amendment
Conversion Date and ending on the same dates as the Interest
Periods applicable to the U.S. Reallocated Loans immediately prior
to the First Amendment Conversion Date and will bear interest
during such Interest Periods based on Eurodollar Rates that were
applicable to the U.S. Reallocated Loans immediately prior to the
First Amendment Conversion Date, which will be deemed to be the
Eurodollar
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Rates
applicable to the U.S. Reallocated Loans hereunder on the First
Amendment Conversion Date (but the Applicable Margins with respect
to the U.S. Reallocated Loans will be as provided for in this
Amendment). On the First Amendment Conversion Date, the General
Administrative Agent shall effect such entries in the Register (and
the U.S. Revolving Lenders will make such payments among themselves
and to the U.S. Borrower and the General Administrative Agent as
directed by the General Administrative Agent) so that, after giving
effect thereto, each Tranche A U.S. Revolving Lender holds a
principal amount of the U.S. Reallocated Loans (i.e., Tranche A
U.S. Revolving Credit Loans) equal to the principal amount of Loans
under the U.S. Revolving Credit Facility held by such Tranche A
U.S. Revolving Lender and each Tranche B U.S. Revolving Credit
Lender holds a principal amount of the U.S. Reallocated Loans
(i.e., Tranche B U.S. Revolving Credit Loans) equal to the
principal amount of Loans under the U.S. Revolving Credit Facility
held by such Tranche B U.S. Revolving Lender. The U.S. Borrower
also agrees to pay to the General Administrative Agent on the First
Amendment Conversion Date in immediately available funds all
accrued interest, fees and any other amounts owing in respect of
the Refinanced Loans as of such date (excluding any amounts payable
pursuant to Section 9.11 of the Existing Credit Agreement
except as a result of prepayments funded from the proceeds of U.S.
Revolving Credit Loans made by Assuming Lenders).
In order to give effect to the
allocation of the U.S. Revolving Credit Facility to the Tranche A
U.S. Revolving Credit Facility and the Tranche B U.S. Revolving
Credit Facility, defined terms and other provisions in the Credit
Agreement relating to calculating availability, funding and
outstandings under the Revolving Credit Commitments (including,
without limitation, the definitions of “Aggregate
Percentage”, “Aggregate U.S. Revolving Credit
Outstandings” and “U.S. Revolving Credit
Commitment”) shall be deemed to be amended as appropriate (as
determined by the General Administrative Agent in its sole
discretion in a manner consistent with this Amendment) to give
effect to the intent of this Amendment.
(d) As
of the First Amendment Conversion Date, the Letter of Credit
subfacility under the U.S. Revolving Credit Facility (reduced as
provided in Section 3(j) below) shall be allocated to the Tranche A
U.S. Revolving Credit Facility and the Tranche B U.S. Revolving
Credit Facility as set forth in subsection 8.1(c) of the Credit
Agreement. The Tranche A Letters of Credit and the Tranche B
Letters of Credit together shall constitute the Letters of Credit.
Any Letters of Credit outstanding on the First Amendment Conversion
Date (“ 2008 Existing Letters of Credit ”) shall
on the First Amendment Conversion Date be deemed to be Tranche A
Letters of Credit. The risk participations in 2008 Existing Letters
of Credit shall be automatically adjusted such that (i) each
Tranche A U.S. Revolving Lender shall have a risk participation in
each such 2008 Existing Letter of Credit equal to its U.S.
Revolving Credit Commitment Percentage and (ii) no Tranche B
U.S. Revolving Lender shall have any risk participation in 2008
Existing Letters of Credit. The U.S. Borrower agrees to pay to the
General Administrative Agent on the First Amendment Conversion Date
in immediately available funds all accrued Letter of Credit fees
and any other amounts owing in respect of the Existing Letters of
Credit as of such date.
(e) As
of the First Amendment Conversion Date, the Swing Line subfacility
under the U.S. Revolving Credit Facility (reduced as provided in
Section 3(a)(viii) below) shall be allocated to the Tranche A
U.S. Revolving Credit Facility. Any Swing Line Loans outstanding on
the First Amendment Conversion Date (“ Existing Swing Line
Loans ”) shall on the First Amendment Conversion Date be
deemed to be outstanding under the Tranche A U.S. Revolving Credit
Facility. The U.S. Borrower agrees to pay to the General
Administrative Agent on the First Amendment Conversion Date in
immediately available funds all accrued interest, fees and any
other amounts owing in respect of Existing Swing Line Loans as of
such date. In order to give effect to the allocation of the Swing
Line subfacility to the Tranche A U.S. Revolving Credit Facility,
references in applicable provisions of the Credit Agreement to U.S.
Revolving Lenders shall be deemed to be references to Tranche A
U.S. Revolving Lenders and references to U.S. Revolving Credit
Loans shall be deemed to be references to Tranche A
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U.S.
Revolving Loans, in each case if appropriate (as determined by the
General Administrative Agent in its sole discretion in a manner
consistent with this Amendment).
(f)
(i) As of the First Amendment Conversion Date, each applicable
Borrower shall repay the Multicurrency Loans (other than Swing Line
Multicurrency Loans) of each Declining Lender (or its Counterpart
Lender). Notwithstanding anything to the contrary contained in the
Credit Agreement, on the First Amendment Conversion Date
outstanding Multicurrency Loans, if any, shall be deemed to be
reallocated (in the applicable currencies) to the extent required
so that the Multicurrency Loans are held ratably by the
Multicurrency Lenders based on their respective Multicurrency
Commitment Percentage on the First Amendment Conversion Date. All
such Loans (“ Multicurrency Reallocated Loans ”)
will have initial Interest Periods commencing on the First
Amendment Conversion Date and ending on the same dates as the
Interest Periods applicable to the Multicurrency Reallocated Loans
immediately prior to the First Amendment Conversion Date and will
bear interest during such Interest Periods based on Eurocurrency
Rates that were applicable to the Multicurrency Reallocated Loans
immediately prior to the First Amendment Conversion Date, which
will be deemed to be the Eurocurrency Rates applicable to the
Multicurrency Reallocated Loans hereunder on the First Amendment
Conversion Date (but the Applicable Margins with respect to the
Multicurrency Reallocated Loans will be as provided for in this
Amendment). On the First Amendment Conversion Date, the General
Administrative Agent shall effect such entries in the Register (and
the Multicurrency Lenders will make such payments among themselves
and to the applicable Borrowers and the General Administrative
Agent as directed by the General Administrative Agent) so that,
after giving effect thereto, each Multicurrency Lender holds a
principal amount of the Multicurrency Reallocated Loans equal to
its ratable share of the Multicurrency Commitments on the First
Amendment Conversion Date. Each applicable Borrower also agrees to
pay to the General Administrative Agent on the First Amendment
Conversion Date in immediately available funds all accrued
interest, fees and any other amounts owing in respect of the
Multicurrency Loans as of such date (including any amounts payable
pursuant to Section 9.11 of the Existing Credit
Agreement).
(ii) As
of the First Amendment Conversion Date, each applicable Borrower
shall repay Loans under the Canadian Subfacility (“
Canadian Loans ”) of each Declining Lender (or its
Counterpart Lender). Notwithstanding anything to the contrary
contained in the Credit Agreement, on the First Amendment
Conversion Date outstanding Canadian Loans, if any, shall be deemed
to be reallocated to the extent required so that the Canadian Loans
are held ratably by the Canadian Lenders based on their respective
Canadian Revolving Credit Commitment Percentage on the First
Amendment Conversion Date. All such Loans (“ Canadian
Reallocated Loans ”) will bear interest based on the
applicable Canadian Base Rate (but the Applicable Margins with
respect to the Canadian Reallocated Loans will be as provided for
in this Amendment). On the First Amendment Conversion Date, the
General Administrative Agent shall effect such entries in the
Register (and the Canadian Lenders will make such payments among
themselves and to the Canadian Borrower and the General
Administrative Agent as directed by the General Administrative
Agent) so that, after giving effect thereto, each Canadian Lender
holds a principal amount of the Canadian Reallocated Loans equal to
its ratable share of the Canadian Revolving Credit Commitments on
the First Amendment Conversion Date. The Canadian Borrower also
agrees to pay to the General Administrative Agent on the First
Amendment Conversion Date in immediately available funds all
accrued interest, fees and any other amounts owing in respect of
the Canadian Loans as of such date (including any amounts payable
pursuant to Section 9.11 of the Existing Credit
Agreement).
(g) On
March 23, 2010, the Borrowers shall repay all Tranche B U.S.
Revolving Credit Loans and all other amounts owed under the Tranche
B U.S. Revolving Credit Facility (including facility fees and
Letter of Credit fees).
(h) The
aggregate principal amount of all Term Loans outstanding under the
Existing Credit Agreement on the First Amendment Effective Date and
the First Amendment Conversion Date, the
5
aggregate amount of all Revolving Credit Commitments (as reduced as
provided in this Amendment) and the aggregate principal amount of
all Revolving Credit Loans (except to the extent repaid pursuant to
this Amendment) shall continue to be outstanding under the Credit
Agreement and the terms of the Credit Agreement will govern the
rights of the Borrowers and the Lenders with respect thereto.
SECTION
3. Amendment of the Existing Credit Agreement .
(a) Subsection 1.1 of the Existing Credit Agreement is hereby
amended as follows:
(i)
by adding the following new definitions, to appear in proper
alphabetical order:
“
Aggregate Available Tranche A U.S. Revolving Credit
Commitments ”: as at any date of determination with
respect to all Tranche A U.S. Revolving Lenders, an amount in U.S.
Dollars equal to the Available U.S. Revolving Credit Commitments of
all Tranche A U.S. Revolving Lenders on such date.
“
Aggregate Available Tranche B U.S. Revolving Credit
Commitments ”: as at any date of determination with
respect to all Tranche B U.S. Revolving Lenders, an amount in U.S.
Dollars equal to the Available U.S. Revolving Credit Commitments of
all Tranche B U.S. Revolving Lenders on such date.
“
Aggregate Tranche A U.S. Revolving Credit Commitments
”: the aggregate amount of the Tranche A U.S. Revolving
Credit Commitments of all Tranche A U.S. Revolving Lenders, as such
amount may be increased pursuant to subsection 2.6.
“
Aggregate Tranche B U.S. Revolving Credit Commitments
”: the aggregate amount of the Tranche B U.S. Revolving
Credit Commitments of all Tranche B U.S. Revolving Lenders.
“
First Amendment ”: the First Amendment dated as of
June 27, 2008 to this Agreement.
“
First Amendment Conversion Date ”: July 11, 2008
or such later date as agreed by the U.S. Borrower and the General
Administrative Agent.
“
First Amendment Effective Date ”: the date on which
the conditions precedent set forth in Section 4 of the First
Amendment shall have been satisfied, which date is July 3,
2008.
“
Requested U.S. Revolving Credit Loans ”: as defined in
subsection 2.5(b).
“
Tranche A Letter of Credit ”: as defined in subsection
8.1(c).
“
Tranche A U.S. Dollar Funding Commitment Percentage ”:
as at any date of determination (after giving effect to the making
and payment of any Loans made on such date pursuant to subsection
2.5), with respect to any Tranche A U.S. Revolving Lender, that
percentage which the Available U.S. Revolving Credit Commitment of
such Tranche A U.S. Revolving Lender then constitutes of the
Aggregate Available Tranche A U.S. Revolving Credit
Commitments.
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“
Tranche A U.S. Revolving Credit Commitment ”: as to
any U.S. Revolving Lender at any time, its obligation to make U.S.
Revolving Credit Loans that are Tranche A Revolving Credit Loans
to, and/or participate in Swing Line Dollar Loans made to and
Tranche A Letters of Credit issued for the account of, the U.S.
Borrower and its Subsidiaries in an aggregate amount not to exceed
at any time outstanding the U.S. Dollar amount set forth opposite
such U.S. Revolving Lender’s name in Schedule I under
the heading “Tranche A U.S. Revolving Credit
Commitment”, as such amount may be reduced from time to time
pursuant to subsection 2.4 and the other applicable provisions
hereof.
“
Tranche A U.S. Revolving Credit Facility ”: as defined
in the First Amendment.
“
Tranche A U.S. Revolving Credit Loan ”: as defined in
the First Amendment.
“
Tranche A U.S. Revolving Lender ”: the Lenders listed
in Part A of Schedule I hereto which shall, in each case,
have Tranche A U.S. Revolving Credit Commitments.
“
Tranche B Letter of Credit ”: as defined in subsection
8.1(c).
“
Tranche B U.S. Dollar Funding Commitment Percentage ”:
as at any date of determination (after giving effect to the making
and payment of any Loans made on such date pursuant to subsection
2.5), with respect to any Tranche B U.S. Revolving Lender, that
percentage which the Available U.S. Revolving Credit Commitment of
such Tranche B U.S. Revolving Lender then constitutes of the
Aggregate Available Tranche B U.S. Revolving Credit
Commitments.
“
Tranche B U.S. Revolving Credit Commitment ”: as to
any U.S. Revolving Lender at any time, its obligation to make U.S.
Revolving Credit Loans that are Tranche B U.S. Revolving Credit
Loans to, and/or participate in Tranche B Letters of Credit issued
for the account of, the U.S. Borrower and its Subsidiaries in an
aggregate amount not to exceed at any time outstanding the U.S.
Dollar amount set forth opposite such U.S. Revolving Lender’s
name in Schedule I under the heading “Tranche B U.S.
Revolving Credit Commitment”, as such amount may be reduced
from time to time pursuant to subsection 2.4 and the other
applicable provisions hereof.
“
Tranche B U.S. Revolving Credit Facility ”: as defined
in the First Amendment.
“
Tranche B U.S. Revolving Credit Loan ”: as defined in
the First Amendment.
“
Tranche B U.S. Revolving Lender ”: the Lenders listed
in Part A of Schedule I hereto which shall, in each case,
have Tranche B U.S. Revolving Credit Commitments.
(ii)
by deleting the definition of “ Applicable Margin
” and substituting therefor the following:
7
“
Applicable Margin ”: (a) for each Extension of
Credit under the Tranche B U.S. Revolving Credit Facility, the
applicable rate per annum determined pursuant to clause (a) of
the Pricing Grid, (b) for each Term Loan, the applicable rate
per annum set forth in clause (b) of the Pricing Grid and
(c) for each Extension of Credit other than an Extension of
Credit under the Tranche B U.S. Revolving Credit Facility and Term
Loans, the applicable rate per annum determined pursuant to clause
(c) of the Pricing Grid.
(iii)
by deleting the definition of “ Conversion Sharing
Percentage ” and substituting therefor the
following:
“
Conversion Sharing Percentage ”: on any date with
respect to any U.S. Revolving Credit Lender and any Loans or
Acceptances, as the case may be, outstanding in any currency other
than U.S. Dollars, the percentage of such Loans or Acceptances, as
the case may be, such that, after giving effect to the conversion
of such Loans or Acceptances, as the case may be, to U.S. Dollars
and the purchase and sale by the U.S. Revolving Credit Lenders of
participating interests as contemplated by subsection 17.8, the
Committed Revolving Outstandings Percentage of such U.S. Revolving
Credit Lender will equal such U.S. Revolving Credit Lender’s
U.S. Revolving Credit Commitment Percentage on such date
(calculated immediately prior to giving effect to any termination
or expiration of the U.S. Revolving Credit Commitments on the
Conversion Date).
(iv)
by amending the definition of “ Indebtedness ”
by adding at the end thereof the following:
Notwithstanding
the foregoing, except for purposes of determining the Applicable
Margin, Indebtedness shall not include at any time the foreign
currency equivalent of up to $50,000,000 of obligations of the U.S.
Borrower and its Subsidiaries in respect of Chinese Acceptance
Notes. As used herein, “ Chinese Acceptance Notes
” means acceptance notes issued by Chinese banks in the
ordinary course of business for the account of any direct or
indirect Chinese Subsidiary of the U.S. Borrower to effect the
current payment of goods and services in accordance with customary
trade terms in China.
(v)
by amending clause (a) to the definition of “ Pricing
Grid ” by (x) deleting the parenthetical and inserting in
lieu thereof “(other than Extensions of Credit under the
Tranche A U.S. Revolving Credit Facility and Term Loans)” and
(y) deleting all references to “Multicurrency
Loans”, “Canadian Base Rate Loans” and
“Prime Rate Loans” in both clause (a), and the grid set
forth in such clause (a).
(vi)
by adding the following clause (c) to the definition of
“ Pricing Grid ”:
(c)
with respect to Extensions of Credit under the Tranche A U.S.
Revolving Credit Facility, the Multicurrency Commitments and the
Canadian Revolving Credit Commitments, as of the First Amendment
Conversion Date, initially (i) 2.000% per annum in the case of
Eurodollar Loans and Multicurrency Loans and (ii) 1.000% per
annum in the case of ABR Loans, Canadian Base Rate Loans and Prime
Rate Loans, in each case until the next Adjustment Date and then
calculated as set forth below:
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Applicable Margin |
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ABR Loans,
Canadian |
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Index Debt |
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Eurodollar/ |
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Base Rate Loans
and |
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| Category |
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Rating Level |
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Multicurrency
Loans |
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Prime Rate Loans |
|
Facility Fee Rate |
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I
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³
BB+ and ³ Ba1 |
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1.000 |
% |
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0 |
% |
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0.350 |
% |
| |
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II
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³
BB or ³ Ba2 |
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1.250 |
% |
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.250 |
% |
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.500 |
% |
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III
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³
BB- or ³ Ba3 |
|
|
1.750 |
% |
|
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.750 |
% |
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.500 |
% |
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IV
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³
B+ or ³ B1 |
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2.000 |
% |
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1.000 |
% |
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.500 |
% |
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V
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<B+ and <B1 |
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2.250 |
% |
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1.250 |
% |
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.500 |
% |
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(vii)
by amending the last paragraph in the definition of “
Pricing Grid ” by (i) adding “or Category V
(in the case of clause (c) above)” at the end of each of
the first and third sentences and (ii) replacing the last
sentence at the end of such paragraph with the following:
In the case of
Categories II through IV of clause (c) above, (a) if the
Index Debt ratings by S&P and Moody’s differ by one
Category, the applicable Category shall be determined based on the
higher of the two ratings, (b) if the Index Debt ratings by
S&P and Moody’s differ by two Categories, the applicable
Category shall be one Category below the higher of the two ratings
and (c) if the Index Debt ratings by S&P and Moody’s
differ by more than two Categories, the applicable Category shall
be two Categories below the higher of the two ratings.
(viii)
by amending the definitions of “ Swing Line Dollar
Commitment ” and “ Swing Line Multicurrency
Commitment ” by replacing in each definition the amount
“$150,000,000” with the amount
“$100,000,000”.
(ix)
by deleting the definition of “ Revolving Credit
Termination Date ” and substituting therefor the
following:
“
Revolving Credit Termination Date ”: (a) with
respect to Revolving Credit Commitments other than Tranche B U.S.
Revolving Credit Commitments, January 31, 2012 and (b) with
respect to Tranche B U.S. Revolving Credit Commitments, March 23,
2010.
(ix)
by adding the following at the end of the definition of “U.S.
Revolving Credit Commitment Percentage”:
The U.S.
Revolving Credit Commitment Percentage for each Tranche A U.S.
Revolving Lender will be calculated as if the Tranche B U.S.
Revolving Credit Commitments were terminated, and the U.S.
Revolving Credit Commitment Percentage for each Tranche B U.S.
Revolving Lender will be calculated as if the Tranche A U.S.
Revolving Credit Commitments were terminated. Notwithstanding the
foregoing sentence, for purposes of Section 17.8 and the
definition of “Conversion Sharing Percentage”, the U.S.
Revolving Credit Commitment Percentage of each U.S. Revolving
Lender shall be calculated on the basis of its share of the
aggregate of the Tranche A U.S. Revolving Credit Commitments and
the Tranche B U.S. Revolving Credit Commitments taken as a single
class (as
9
described in
the first sentence of this definition) rather than on the basis of
its share of the Tranche A U.S. Revolving Credit Commitments or the
Tranche B U.S. Revolving Credit Commitments, as the case may
be.
(b)
Subsection 2.1 of the Existing Credit Agreement is amended by
inserting the following clause (c):
(c)
Notwithstanding the foregoing, on and after the First Amendment
Conversion Date, U.S. Revolving Credit Loans shall either be
Tranche A U.S. Revolving Credit Loans or Tranche B U.S. Revolving
Credit Loans, as determined by the U.S. Borrower or as provided in
Section 2(c) of the First Amendment, provided that
(i) a Tranche A U.S. Revolving Lender shall only be required
to make a Tranche A U.S. Revolving Credit Loan if, after giving
effect thereto, (A) the Available U.S. Revolving Credit
Commitment of each Tranche A U.S. Revolving Lender is greater than
or equal to zero and (B) the Aggregate Total Revolving
Outstandings of all Tranche A U.S. Lenders do not exceed the
Aggregate Tranche A U.S. Revolving Credit Commitments and
(ii) a Tranche B U.S. Revolving Lender shall only be required
to make a Tranche B U.S. Revolving Credit Loan if, after giving
effect thereto, (A) the Available U.S. Revolving Credit
Commitment of each Tranche B U.S. Revolving Lender is greater than
or equal to zero and (B) the Aggregate Total Revolving
Outstandings of all Tranche B Lenders do not exceed the Aggregate
Tranche B U.S. Revolving Credit Commitments. The U.S. Borrower
shall specify in each borrowing notice pursuant to subsection 2.3
whether the requested U.S. Revolving Credit Loan shall be a Tranche
A U.S. Revolving Credit Loan or a Tranche B U.S. Revolving Credit
Loan, and such U.S. Revolving Credit Loan shall be funded on the
basis of the Tranche A U.S. Dollar Funding Commitment Percentages
or the Tranche B U.S. Dollar Funding Commitment Percentages, as
applicable. All references in this Section 2 to U.S. Revolving
Lenders shall on and after the First Amendment Conversion Date be
deemed to be references to Tranche A U.S. Revolving L
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