EXHIBIT 10.D AMENDED AND RESTATED INTERCREDITOR AGREEMENTIntercreditor Agreement |
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CROWN HOLDINGS INC | CITIBANK, N.A | CROWN INTERNATIONAL HOLDINGS, INC. | CROWN CORK & SEAL COMPANY, INC. | CROWN CORK & SEAL RECEIVABLES (DE) CORPORATION | RISDON-AMS (USA), INC. | ZELLER PLASTIK, INC. | CITICORP NORTH AMERICA, INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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EXHIBIT 10.d
EXECUTION COPY
AMENDED AND
RESTATED
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Defined Terms |
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References to Terms Defined in the Program Documents and the Bank Loan Documents |
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ARTICLE 2 INTERCREDITOR PROVISIONS
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Priorities with Respect to Purchased Property |
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Respective Interests in Purchased Property and Senior Loan Collateral |
11 |
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Distribution of Proceeds |
11 |
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Lock-Box Accounts |
11 |
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Enforcement Actions |
12 |
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Access to and Use of Collateral |
13 |
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Notice of Defaults |
14 |
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Agency for Perfection |
14 |
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UCC Notices |
14 |
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Independent Credit Investigations |
15 |
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Limitation on Liability of Parties to Each Other |
15 |
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Marshalling of Assets |
15 |
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Relative Rights of Purchasers and Secured Parties as Among Themselves |
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Effect upon Bank Loan Documents and Program Documents |
16 |
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Accountings |
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Further Assurances |
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Notices |
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Agreement Absolute |
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Successors and Assigns |
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Third-Party Beneficiaries |
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Amendments, Etc. |
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Section Titles |
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Severability |
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Execution in Counterparts |
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Governing Law |
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Submission to Jurisdiction |
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Consent to Service of Process |
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Waiver of Jury Trial |
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AMENDED AND RESTATED INTERCREDITOR AGREEMENT
AMENDED AND RESTATED INTERCREDITOR AGREEMENT dated as of December 5, 2003, by and among CITIBANK, N.A., a national banking association, as agent (together with its successors and assigns, the “ Program Agent ”) for the banks and other financial institutions (the “ Purchasers ”) from time to time party to the Receivables Purchase Agreement (as hereinafter defined), CROWN HOLDINGS, INC., a Pennsylvania corporation, (“ Crown Holdings ”), CROWN CORK & SEAL COMPANY, INC., a Pennsylvania corporation (“ CCSC ”) and CROWN INTERNATIONAL HOLDINGS, INC., a Delaware (“ CIH ”, and together with Crown Holdings and CCSC, the “ Parent Undertaking Parties ”, and each, individually, a “ Parent Undertaking Party ”), CROWN CORK & SEAL RECEIVABLES (DE) CORPORATION, a Delaware corporation (the “ Seller ”), CROWN CORK & SEAL COMPANY (USA), INC. (“ Crown (USA) ”), a Delaware corporation, RISDON-AMS (USA), INC., a Delaware corporation (“ Risdon ”), ZELLER PLASTIK, INC., a Delaware corporation (“ Zeller ”) and CITICORP NORTH AMERICA, INC., a New York banking corporation, as administrative and collateral agent (together with its successors and assigns, the “ Bank Agent ”) for the banks and other financial institutions (the “ Lender Parties ”) from time to time party to the Bank Loan Documents (as hereinafter defined).
PRELIMINARY STATEMENTS
1. The Program Agent, CCSC, the Seller, Crown (USA), Risdon, Zeller and the Bank Agent are parties to that certain Intercreditor Agreement dated as of February 26, 2003 (the “ Existing Intercreditor Agreement ”).
2. Crown (USA), Risdon, Zeller (collectively, the “ U.S. Originators ”) have agreed to sell, transfer and assign to the Seller from time to time, and the Seller has agreed to purchase from the U.S. Originators from time to time, all of the right, title and interest of the U.S. Originators in and to the Receivables (as hereinafter defined) pursuant to a Second Amended and Restated Receivables Contribution and Sale Agreement dated as of the date hereof (such agreement, as the same may from time to time be amended, amended and restated, supplemented or otherwise modified, the “ Receivables Contribution and Sale Agreement ”), among the U.S. Originators, CROWN Metal Packaging LP, Crown Canadian Holdings ULC, the Seller and Crown (USA) as the buyer’s initial servicer.
3. The Purchasers have agreed to purchase from the Seller under a Second Amended and Restated Receivables Purchase Agreement dated as of the date hereof (such agreement, as the same may from time to time be amended, amended and restated, supplemented or otherwise modified the “ Receivables Purchase Agreement ”) among the Seller, the Program Agent, the Purchasers and Crown (USA), as Servicer, an undivided percentage ownership interest in the Receivables (as hereinafter defined) together with the Related Security and Collections (each as hereinafter defined).
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4. The Parent Undertaking Parties, certain subsidiaries of the Crown Holdings which are borrowers thereunder, the Lender Parties and the Bank Agent are parties to a Credit Agreement dated as of February 26, 2003 (such agreement, as the same may from time to time be amended, amended and restated, supplemented or otherwise modified, the “ Credit Agreement ”).
5. To secure certain obligations under the Bank Loan Documents (as hereinafter defined), the U.S. Originators and the other U.S. Loan Parties (as hereinafter defined) have each granted to the Bank Agent, for the benefit of the Secured Parties (as hereinafter defined) and pursuant to the Security Agreement (as hereinafter defined), a security interest in certain collateral, including but not limited to certain inventory of the U.S. Originators.
6. It is a condition precedent to the effectiveness of the Receivables Purchase Agreement that the parties hereto enter into this Agreement.
7. The parties hereto have agreed to amend and restate the Existing Intercreditor Agreement in its entirety and to enter into this Agreement to set forth provisions regarding the allocation of priorities in, and the enforcement of remedies with respect to, the Purchased Property (as hereinafter defined) and with respect to the Senior Loan Collateral (as hereinafter defined).
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is hereby agreed as follows:
ARTICLE 1
DEFINITIONS
SECTION 1.01. Defined Terms . As used in this Agreement, the following capitalized terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). The term “ Agreement ” shall mean this Intercreditor Agreement, as the same may be amended, supplemented or otherwise modified from time to time.
“ Bank Claim ” means all of the indebtedness, obligations and other liabilities of the Loan Parties arising under, or in connection with, the Bank Loan Documents including, but not limited to, all sums now or hereafter lent or advanced to or for the benefit of the Loan Parties thereunder, any interest thereon, any reimbursement obligations, fees or expenses due thereunder, and any costs of collection or enforcement.
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“ Bank Collateral ” means all property and interests in property now owned or hereafter acquired by any U.S. Originator or other Loan Party in or upon which a security interest, lien or mortgage is granted by any U.S. Originator or other Loan Party to the Bank Agent under any of the Bank Loan Documents.
“ Bank Loan Documents ” has the meaning ascribed to the term “ Loan Documents ” in the Credit Agreement.
“ Business Day ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Certificate ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Claim ” means the Bank Claim or the Purchaser Claim, as applicable.
“ Collections ” means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable, including, without limitation, (i) all cash proceeds of the Related Security with respect to such Receivable, and (ii) any Collections of such Receivable deemed to have been received, and actually paid, pursuant to the Receivables Purchase Agreement.
“ Company Claim ” means all of the indebtedness, obligations and other liabilities of the Seller to any U.S. Originator arising under, or in connection with, the Receivables Contribution and Sale Agreement, including, but not limited to, obligations evidenced by any Subordinated Note, and any costs of collection or enforcement.
“ Consent and Agreement ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Enforcement ” means, collectively or individually, for (i) the Program Agent on behalf of the Purchasers to declare, following the occurrence of an Event of Termination, the “ Commitment Termination Date ” to have occurred, and to cease the reinvestment of Collections in the purchase of Receivables, under the Receivables Purchase Agreement, or (ii) the Requisite Lenders or the Bank Agent to demand payment in full of or accelerate the indebtedness of any Loan Party under the Bank Loan Documents.
“ Enforcement Notice ” means a written notice delivered in accordance with Section 2.05 hereof, which notice shall (i) if delivered by the Program Agent, state that the “ Commitment Termination Date ” has occurred under the Receivables Purchase Agreement following the occurrence of an Event of Termination, specify the nature of such Event of Termination and announce that an Enforcement Period has commenced and (ii) if delivered by the Bank Agent, state that an Event of Default or Event of Termination (as defined in the Credit Agreement) has occurred, specify the nature of such event and announce that an Enforcement Period has commenced.
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“ Enforcement Period ” means the period of time following the receipt by the Bank Agent or the Program Agent of an Enforcement Notice delivered by the other of them until the earliest of the following: (1) the Purchaser Claim has been paid and satisfied in full in cash, in the case of an Enforcement Notice delivered by the Program Agent; (2) the Bank Claim has been paid and satisfied in full in cash, in the case of an Enforcement Notice delivered by the Bank Agent; and (3) the parties hereto agree in writing to terminate the Enforcement Period.
“ Event of Default ” has the meaning ascribed to such term in the Credit Agreement.
“ Event of Termination ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Fee Letter ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Loan Parties ” has the meaning ascribed to such term in the Credit Agreement.
“ Lock-Box Agreement ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Lock-Box Account ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Lock-Box Bank ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Master Assignment Agreement ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Obligor ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Parent Undertaking ”means an undertaking, substantially in the form of Exhibit I to the Receivables Purchase Agreement, by the Parent Undertaking Parties in favor of the Program Agent and the other Indemnified Parties (as defined in the Receivables Purchase Agreement), as such undertaking may from time to time be amended, amended and restated, supplemented or otherwise modified.
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“ Person ” means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision of agency thereof.
“ Pledged Seller Stock ” means any shares of capital stock or other ownership interests in the Seller that are pledged for the benefit of the Loan Parties under the U.S. Pledge Agreement or any other Bank Loan Document.
“ Program Documents ” means the Receivables Purchase Agreement, the Master Assignment Agreement, the Certificate, the Receivables Contribution and Sale Agreement, the Parent Undertaking, the Subordinated Notes, the Lock-Box Agreements, the Consent and Agreement and the Fee Letter.
“ Purchased Property ” means (i) the Purchased Receivables and (ii) each Lock-Box Account.
“ Purchased Receivables ” means now or hereafter existing Receivables, Related Security and Collections in respect thereof and any other proceeds in respect of Related Security, sold or purported to be sold by the U.S. Originators, or any of them, to the Seller under the Receivables Contribution and Sale Agreement.
“ Purchaser Claim ” means all obligations of the U.S. Originators to the Seller and of the U.S. Originators and the Seller and, so long as Crown (USA) or any of its Affiliates is the Servicer, the Servicer to the Program Agent and the Purchasers arising under, or in connection with, the Program Documents and of the Obligors arising under the Purchased Receivables, including, but not limited to obligations for Collections received, deemed Collections, yield, interest, indemnifications and fees, costs and expenses thereunder, and any costs of collection or enforcement.
“ Receivable ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Records ”means all Contracts (as defined in the Receivables Purchase Agreement) and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to the Receivables and the related Obligors.
“ Related Security ” has the meaning ascribed to such term in the Receivables Purchase Agreement.
“ Requisite Lenders ” has the meaning ascribed to such term in the Credit Agreement.
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“ Responsible Officer ” of any corporation, partnership or other entity means any officer of such corporation, partnership or other entity responsible for the administration of the obligations of such corporation, partnership or other entity in respect of this Agreement.
“ Returned Goods ” means all right, title and interest of any U.S. Originator or the Seller, as applicable, in and to returned, repossessed or foreclosed goods.
“ Returned Goods Lien ” has the meaning ascribed to such term in Section 2.01(a).
“ Secured Parties ” has the meaning ascribed to such term in the Security Agreement.
“ Security Agreement ” means the U.S. Security Agreement dated as of February 26, 2003 among the U.S. Loan Parties and the Bank Agent, as amended, supplemented or otherwise modified from time to time.
“ Senior Loan Collateral ” means the portion of Bank Collateral that does not constitute Purchased Property.
“ Servicer ” means Crown (USA) and such successor servicer as is designated by the Program Agent as a replacement servicer under Section 6.01 of the Receivables Purchase Agreement.
“ Subordinated Note ” has the meaning ascribed to such term in the Receivables Contribution and Sale Agreement.
“ UCC ” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.
“ Unsold Receivables ” means accounts receivable of the Loan Parties other than the Purchased Receivables.
“ U.S. Loan Parties ” has the meaning ascribed to such term in the Credit Agreement.
“ U.S. Pledge Agreement ” has the meaning ascribed to such term in the Credit Agreement.
SECTION 1.02. References to Terms Defined in the Program Documents and the Bank Loan Documents . Whenever in Section 1.01 a term is defined by reference to the meaning ascribed to such term in any of the Program Documents or the Bank Loan Documents, then, unless otherwise specified herein, such term shall have the meaning ascribed to such term in the Program Documents or Bank Loan Document, as the case may be, as in existence on the date hereof, without giving effect to any amendments of such term as may hereafter be agreed to by the parties to such documents, unless such amendments comply with Section 2.16.
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ARTICLE 2
INTERCREDITOR PROVISIONS
SECTION 2.01. Priorities with Respect to Purchased Property
. (a)
Notwithstanding any provision of the UCC or any other applicable
law or any of the Bank Loan Documents or the Program Documents, the
Bank Agent hereby agrees that, upon the sale or other transfer of
an interest in any Receivable by any of the U.S. Originators to the
Seller, any lien, claim, encumbrance, security interest or other
interest or right acquired by the Bank Agent or any Secured Party
in such Receivable and proceeds thereof (other than the proceeds of
such sale or other transfer by the U.S. Originators to the Seller)
shall automatically and without further action cease and be
released and the Bank Agent and the Secured Parties shall have no
lien, claim, encumbrance, security interest or other interest or
right therein; provided, however, that nothing in this Section 2.01
shall be deemed to constitute a release by the Bank Agent of: (i)
its lien on and security interest in the proceeds received by the
U.S. Originators from the Seller or to which the U.S. Originators
are entitled from the Seller for the sale of the Receivables
(including, without limitation, cash payments made by the Seller
and any Subordinated Note issued by the Seller in favor of an U.S.
Originator, each in connection with such sales); (ii) any lien,
claim, encumbrance, security interest or other interest or right
the Bank Agent has in any Unsold Receivables and the proceeds
thereof, including, without limitation, Collections of Unsold
Receivables and Related Security therefor; (iii) any lien, claim,
encumbrance, security interest or other interest or right the Bank
Agent may have in any Subordinated Note; and (iv) any lien, claim,
encumbrance, security interest or other interest or right
(collectively, a “ Returned Goods Lien” ) the
Bank Agent may have in any Returned Goods.
(b) All interests of the Purchasers in Returned Goods under the Program Documents shall in all respects be junior and subordinate to any Returned Goods Lien in such Returned Goods, except that during any period in which an Event of Termination under the Receivables Purchase Agreement shall have occurred and be continuing, such Returned Goods Lien shall be junior and subordinate to all interests of the Purchasers under the Program Documents in any Returned Goods which have not been commingled with Senior Loan Collateral. As among the Purchasers on the one hand and the Bank Agent on the other hand, all proceeds of any Returned Goods shall be distributed first to the party whose position is designated as senior in the preceding sentence and second to the party whose position is designated as junior in the preceding sentence.
(c) The Bank Agent hereby acknowledges that each Subordinated Note is subordinated to the Purchaser Claim pursuant to the terms of the Program Documents.
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SECTION 2.02. Respective Interests in Purchased Property and Senior Loan Collateral . Except for all rights of access to and use of Records granted to the Program Agent and the Purchasers pursuant to the Program Documents, the Program Agent agrees that it does not have and shall not have any security interest in, lien upon or interest in the Senior Loan Collateral. Except as otherwise specified in Section 2.01 above, the Bank Agent agrees that it does not have and shall not have any security interest in, lien upon or interest in the Purchased Property.
SECTION 2.03. Distribution of Proceeds . At all times, all proceeds of Senior Loan Collateral and
AGREEMENTS / CONTRACTS
CLAUSES
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