|
Exhibit
10.3b
Execution
Copy
€220,000,000
AMENDED AND RESTATED
CREDIT AGREEMENT
Dated as of February 21,
2008
among
FMC F
INANCE B.V.
as
Borrower
FMC C
ORPORATION
as
Company
FMC C
HEMICALS N ETHERLANDS
B.V.
as European
Parent
and
T HE L
ENDERS P ARTY H
ERETO
and
C ITIBANK I
NTERNATIONAL PLC
as Administrative
Agent
and
ABN A MRO B
ANK N.V.
B ANCO
BILBAO VIZCAYA
AGENTARIA S.A.
N ATIONAL C
ITY B ANK
W ACHOVIA B
ANK , N ATIONAL A
SSOCIATION
as Mandated Lead
Arrangers
and
C ITIGROUP
G LOBAL M ARKETS L
IMITED
B ANC
OF A MERICA S
ECURITIES LLC
as Mandated Lead
Arrangers and Bookrunners
W EIL , G
OTSHAL & M ANGES
LLP
767 F IFTH
A VENUE
N EW Y
ORK , N EW Y ORK
10153-0119
T ABLE O
F C ONTENTS
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| Article I Definitions, Interpretation And Accounting
Terms |
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1 |
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Section 1.1
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Defined
Terms |
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1 |
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Section 1.2
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Computation of Time Periods |
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19 |
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Section 1.3
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Accounting Terms and Principles |
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19 |
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Section 1.4
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Certain
Terms |
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19 |
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| Article II The Facility |
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20 |
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Section 2.1
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The
Commitments |
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20 |
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Section 2.2
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Borrowing
Procedures |
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21 |
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Section 2.3
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Reduction
and Termination of the Commitments |
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22 |
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Section 2.4
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Repayment
of Loans |
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22 |
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Section 2.5
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Evidence
of Debt |
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22 |
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Section 2.6
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Optional
Prepayments |
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22 |
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Section 2.7
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Mandatory
Prepayments |
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23 |
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Section 2.8
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Interest |
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23 |
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Section 2.9
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Continuation Option |
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23 |
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Section 2.10
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Fees |
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24 |
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Section 2.11
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Payments
and Computations |
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24 |
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Section 2.12
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Special
Provisions Governing Eurocurrency Rate Loans |
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26 |
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Section 2.13
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Capital
Adequacy |
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28 |
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Section 2.14
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Taxes |
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29 |
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Section 2.15
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Substitution of Lenders |
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30 |
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| Article III Conditions to Loans |
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31 |
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Section 3.1
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Conditions Precedent to the Effectiveness of this
Agreement |
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31 |
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Section 3.2
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Conditions Precedent to Each Loan |
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33 |
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Section 3.3
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Determinations of Initial Borrowing Conditions |
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34 |
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| Article IV Representations and Warranties |
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34 |
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Section 4.1
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Corporate
Existence; Compliance with Law |
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34 |
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Section 4.2
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Corporate
Power; Authorization; Enforceable Obligations |
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34 |
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Section 4.3
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Financial
Statements |
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35 |
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Section 4.4
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Material
Adverse Change |
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35 |
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Section 4.5
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Litigation |
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35 |
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Section 4.6
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Taxes |
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36 |
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Section 4.7
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Full
Disclosure |
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36 |
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T ABLE
OF C ONTENTS
(C ONTINUED
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Page
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Section 4.8
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Investment Company Act; Public Utility Holding Company
Act |
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36 |
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Section 4.9
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ERISA |
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36 |
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Section 4.10
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Environmental Matters |
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36 |
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Section 4.11
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Ownership
of Properties; Liens |
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37 |
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Section 4.12
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OFAC |
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37 |
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Section 4.13
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Professional Market Party Representation of the
Borrower |
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37 |
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Section 4.14
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Dutch Tax
Acts |
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37 |
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| Article V Financial Covenants |
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38 |
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Section 5.1
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Maximum
Leverage Ratio |
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38 |
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Section 5.2
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Minimum
Interest Coverage Ratio |
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38 |
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Article VI Reporting Covenants
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38 |
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Section 6.1
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Financial
Statements |
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38 |
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Section 6.2
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Default
Notices |
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39 |
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Section 6.3
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Litigation |
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39 |
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Section 6.4
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SEC
Filings; Press Releases |
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39 |
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Section 6.5
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ERISA
Matters |
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40 |
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Section 6.6
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Other
Information |
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40 |
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| Article VII Affirmative Covenants |
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40 |
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Section 7.1
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Preservation of Corporate Existence, Etc |
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40 |
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Section 7.2
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Compliance with Laws, Etc |
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40 |
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Section 7.3
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Conduct
of Business |
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41 |
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Section 7.4
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Payment
of Taxes, Etc |
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41 |
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Section 7.5
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Maintenance of Insurance |
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41 |
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Section 7.6
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Access |
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41 |
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Section 7.7
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Keeping
of Books |
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41 |
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Section 7.8
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Maintenance of Properties, Etc |
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41 |
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Section 7.9
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Application of Proceeds |
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42 |
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Section 7.10
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Environmental |
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42 |
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| Article VIII Negative Covenants |
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42 |
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Section 8.1
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Liens,
Etc |
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42 |
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Section 8.2
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Restriction on Fundamental Changes |
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43 |
ii
T ABLE
OF C ONTENTS
(C ONTINUED
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Page
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Section 8.3
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Change in
Nature of Business |
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43 |
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Section 8.4
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Modification of Constituent Documents |
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44 |
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Section 8.5
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Accounting Changes; Fiscal Year |
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44 |
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Section 8.6
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Margin
Regulations |
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44 |
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Section 8.7
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No
Speculative Transactions |
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44 |
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Section 8.8
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Compliance with ERISA |
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44 |
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| Article IX Events of Default |
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44 |
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Section 9.1
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Events of
Default |
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44 |
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Section 9.2
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Remedies |
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46 |
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Section 9.3
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Rescission |
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46 |
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| Article X Guaranty |
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47 |
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Section 10.1
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Guaranty |
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47 |
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Section 10.2
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Authorization; Other Agreements |
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47 |
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Section 10.3
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Guaranty
Absolute and Unconditional |
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48 |
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Section 10.4
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Waivers |
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49 |
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Section 10.5
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Reliance |
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50 |
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Section 10.6
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Waiver of
Subrogation and Contribution Rights |
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50 |
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Section 10.7
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Subordination |
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50 |
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Section 10.8
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Default;
Remedies |
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51 |
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Section 10.9
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Irrevocability |
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51 |
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Section 10.10
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Setoff |
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51 |
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Section 10.11
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No
Marshaling |
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51 |
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Section 10.12
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Enforcement; Amendments; Waivers |
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51 |
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| Article XI The Administrative Agent |
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52 |
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Section 11.1
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Authorization and Action |
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52 |
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Section 11.2
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Administrative Agent’s Reliance, Etc |
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52 |
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Section 11.3
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Posting
of Approved Electronic Communications |
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53 |
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Section 11.4
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The
Administrative Agent Individually |
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54 |
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Section 11.5
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Lender
Credit Decision |
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54 |
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Section 11.6
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Indemnification |
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54 |
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Section 11.7
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Successor
Administrative Agent |
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55 |
iii
T ABLE
OF C ONTENTS
(C ONTINUED
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Page
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Section 11.8
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Other
Agent Responsibilities |
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55 |
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| Article XII Miscellaneous |
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55 |
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Section 12.1
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Amendments, Waivers, Etc |
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55 |
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Section 12.2
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Assignments and Participations |
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57 |
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Section 12.3
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Costs and
Expenses |
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61 |
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Section 12.4
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Indemnities |
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62 |
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Section 12.5
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Limitation of Liability |
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63 |
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Section 12.6
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Right of
Set-off |
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64 |
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Section 12.7
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Sharing
of Payments, Etc |
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64 |
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Section 12.8
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Notices,
Etc |
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65 |
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Section 12.9
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No
Waiver; Remedies |
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66 |
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Section 12.10
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Binding
Effect |
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67 |
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Section 12.11
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Governing
Law |
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67 |
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Section 12.12
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Submission to Jurisdiction; Service of Process |
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67 |
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Section 12.13
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Waiver of
Jury Trial |
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68 |
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Section 12.14
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Marshaling; Payments Set Aside |
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69 |
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Section 12.15
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Section
Titles |
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69 |
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Section 12.16
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Execution
in Counterparts |
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69 |
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Section 12.17
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Entire
Agreement |
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69 |
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Section 12.18
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Confidentiality |
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69 |
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Section 12.19
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USA
PATRIOT Act |
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70 |
iv
T ABLE O
F C ONTENTS
(C ONTINUED
)
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| S
CHEDULES |
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Schedule I
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— |
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Commitments |
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Schedule II
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— |
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Lending Offices and Addresses for Notices |
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Schedule III
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— |
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Material Subsidiaries |
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Schedule 4.2
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— |
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Consents |
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Schedule 4.5
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— |
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Litigation |
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Schedule 4.10
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— |
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Environmental Matters |
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Schedule 8.1
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— |
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Existing Liens |
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| E
XHIBITS |
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Exhibit A
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— |
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Form of Assignment and Acceptance |
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Exhibit B
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— |
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Form of Note |
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Exhibit C
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— |
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Form of Notice of Borrowing |
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Exhibit D
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— |
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Form of Notice of Continuation |
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Exhibit E
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— |
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Form of Opinion of U.S. Counsel for the Loan
Parties |
v
This A
MENDED AND R ESTATED C
REDIT A GREEMENT dated as of
February 21, 2008, among FMC F INANCE B.V., a
company organized and existing under the laws of The Netherlands
(“ Borrower ”), FMC C ORPORATION
, a Delaware corporation (“ Company ”), FMC C
HEMICALS N ETHERLANDS B.V., a company
organized and existing under the laws of The Netherlands (“
European Parent ”), the Lenders (as defined below), C
ITIBANK I NTERNATIONAL PLC (“
CIP ”), as agent for the Lenders (in such capacity,
the “ Administrative Agent ”), ABN A
MRO B ANK N.V., B ANCO
BILBAO VIZCAYA
AGENTARIA S.A., N ATIONAL C
ITY B ANK , W ACHOVIA
B ANK , N ATIONAL A
SSOCIATION , as mandated lead arrangers, and C
ITIGROUP G LOBAL M
ARKETS L IMITED (“ CGML
”) and B ANC OF A
MERICA S ECURITIES LLC (“
BAS ”), as mandated lead arrangers and bookrunners,
amends and restates in its entirety the Existing Credit Agreement
(as defined below).
W ITNESSETH
:
W HEREAS , the
Borrower, the Company, the European Parent, the Lenders from time
to time party thereto and the Administrative Agent are parties to
the Credit Agreement, dated as of December 16, 2005 (as
amended, modified, or supplemented prior to the date hereof, the
“ Existing Credit Agreement ”);
W HEREAS , the
Borrower, the Lenders and other parties hereto have agreed to amend
and restate the Existing Credit Agreement on the terms set forth
herein; and
W HEREAS , it
is the intent of the parties hereto that (x) this Agreement
not constitute a novation of the obligations and liabilities
existing under the Existing Credit Agreement or evidence payment of
all or any of such obligations and liabilities, (y) this
Agreement amend and restate in its entirety the Existing Credit
Agreement and (z) from and after the Effective Date (as
defined below), the Existing Credit Agreement be of no further
force or effect except as to evidence the existence of the
“Obligations” under and as defined thereunder, the
representations and warranties made, and the actions or omissions
performed or required to be performed thereunder, in each case
prior to the Effective Date.
N OW , T
HEREFORE , in consideration of the premises and the
covenants and agreements contained herein, the parties hereto
hereby agree as follows:
ARTICLE I
D
EFINITIONS , I NTERPRETATION A
ND A CCOUNTING T
ERMS
Section 1.1
Defined Terms
As used in this Agreement,
the following terms have the following meanings (such meanings to
be equally applicable to both the singular and plural forms of the
terms defined):
“ Administrative
Agent ” has the meaning specified in the preamble to this
Agreement.
“ Affected
Lender ” has the meaning specified in
Section 2.15 (Substitution of Lenders) .
“ Affiliate
” means, with respect to any Person, any other Person
directly or indirectly controlling or that is controlled by or is
under common control with such Person, each officer, director,
general partner or joint-venturer of such Person, and each Person
that is the beneficial owner of 5% or more of any class of Voting
Stock of such Person. For the purposes of this definition, “
control ” means the possession of the power to direct
or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by
contract or otherwise.
C REDIT A
GREEMENT
FMC F INANCE
B.V.
“ Agent
Affiliate ” has the meaning specified in
Section 11.3(c) (Posting of Approved Electronic
Communications) .
“ Agreement
” means the Existing Credit Agreement, as amended and
restated by this Amended and Restated Credit Agreement.
“ Applicable
Margin ” means, at any time, a per annum rate
equal to the rate set forth below opposite the then applicable
Rating set forth below:
|
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|
R ATING
|
|
E UROCURRENCY R
ATE
R EVOLVING
L OANS |
|
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BBB+ or Baa1 or higher (Level
1)
|
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0.30 |
% |
|
BBB or Baa2 (Level 2)
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0.35 |
% |
|
BBB- or Baa3 (Level 3)
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0.40 |
% |
|
BB+ and Ba1 (Level 4)
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0.60 |
% |
|
Ratings below Level 4 or no
Rating
|
|
0.90 |
% |
In the event the Facility receives, at
any time, (a) Ratings that are one ratings grade apart, for
purposes of determining a rating level defined by an
“or”, the applicable rating to determine the rates or
margins above shall be the higher of such Ratings, or
(b) Ratings that are greater than two ratings grades apart,
the applicable Rating to determine the rates or margins above shall
be the Rating that is one grade higher than the lowest Rating of
the Ratings obtained for that period of determination. Changes in
the Applicable Margin resulting from a change in the Rating shall
become effective on the date of the publication by S&P and/or
Moody’s of the new Rating from time to time.
“ Applicable Unused
Commitment Fee Rate ” means, at any time, a per
annum rate equal to the rate set forth below opposite the then
applicable Rating set forth below:
|
|
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|
|
R ATING
|
|
A PPLICABLE U
NUSED
C OMMITMENT F EE R
ATE |
|
|
BBB+ or Baa1 (Level 1) or
higher
|
|
0.100 |
% |
|
BBB or Baa2 (Level 2)
|
|
0.115 |
% |
|
BBB- or Baa3 (Level 3)
|
|
0.130 |
% |
|
BB+ and Ba1 (Level 4)
|
|
0.210 |
% |
|
Ratings below Level 4 or no
Rating
|
|
0.315 |
% |
In the event the Facility receives, at
any time, (a) Ratings that are one ratings grade apart, for
purposes of determining a rating level defined by an
“or”, the applicable rating to determine the rates or
margins above shall be the higher of such Ratings, or
(b) Ratings that are greater than two ratings grades apart,
the applicable Rating to determine the rates or margins above shall
be the Rating that is one grade higher than the lowest Rating of
the Ratings obtained for that period of determination. Changes in
the Applicable Unused Commitment Fee Rate resulting from a change
in the Rating shall become effective on the date of the publication
by S&P and/or Moody’s of the new Rating from time to
time.
“Approved Electronic
Communications” means each notice, demand, communication,
information, document and other material that any Loan Party is
obligated to, or otherwise chooses to, provide to the
Administrative Agent pursuant to any Loan Document or the
transactions contemplated therein, including (a) any other
written Contractual Obligation delivered or required to be
delivered in respect of any Loan Document or the transactions
contemplated therein and (b) any Financial Statement,
financial and other report, notice, request, certificate and other
information material; provided, however, that,
“Approved Electronic Communication” shall exclude
(i) any Notice of Borrowing, Notice of
2
C REDIT A
GREEMENT
FMC F INANCE
B.V.
Conversion or Continuation, and any
other notice, demand, communication, information, document and
other material relating to a request for a new, or a conversion of
an existing, Borrowing, (ii) any notice pursuant to
Section 2.6 (Optional Prepayments) and any other notice
relating to the payment of any principal or other amount due under
any Loan Document prior to the scheduled date therefor,
(iii) all notices of any Default or Event of Default and
(iv) any notice, demand, communication, information, document
and other material required to be delivered to satisfy any of the
conditions set forth in Article III (Conditions to Loans) or
any other condition to any Borrowing or other extension of credit
hereunder or any condition precedent to the effectiveness of this
Agreement.
“ Approved
Electronic Platform ” has the meaning specified in
Section 11.3(a) (Posting of Approved Electronic
Communications) .
“ Approved Fund
” means any Fund that is advised or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or
Affiliate of an entity that administers or manages a
Lender.
“ Arrangers
” means CGML and BAS, in their respective capacities as
mandated lead arrangers and bookrunners.
“ Assignment and
Acceptance ” means an assignment and acceptance entered
into by a Lender and an Eligible Assignee, and accepted by the
Administrative Agent, in substantially the form of
Exhibit A (Form of Assignment and Acceptance
).
“ Available
Credit ” means, at any time, (a) the then effective
Commitments minus (b) the aggregate Revolving Credit
Outstandings at such time.
“ Bankruptcy Law
” means any law relating to bankruptcy, insolvency,
reorganization or any similar law for the relief of debtors,
including without limitation, title 11, United States
Code.
“ BAS ”
means Banc of America Securities LLC, a Delaware limited liability
company.
“ BofA ”
means Bank of America, N.A., a national banking
association.
“ Borrower
” has the meaning specified in the preamble to this
Agreement.
“ Borrowing
” means a borrowing consisting of Revolving Loans made on the
same day by the Lenders ratably according to their respective
Commitments.
“ Business Day
” means a day of the year on which banks are not required or
authorized to close in New York City or London and a TARGET Day on
which banks are not required or authorized to close in London and
on which dealings in Dollar and Euro deposits are also carried on
in the London interbank market.
“ Capital Lease
” means, with respect to any Person, any lease of, or other
arrangement conveying the right to use, property by such Person as
lessee that would be accounted for as a capital lease on a balance
sheet of such Person prepared in conformity with GAAP.
“ Capital Lease
Obligations ” means, with respect to any Person, the
capitalized amount of all Consolidated obligations of such Person
or any of its Subsidiaries under Capital Leases.
“ CGML ”
means Citigroup Global Markets Limited.
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“ Change of
Control ” means the occurrence of any of the following:
(a) any Person or group of Persons (within the meaning of the
Securities Exchange Act of 1934, as amended) shall have acquired
beneficial ownership (within the meaning of Rule 13d-3 of the SEC
under the Securities Exchange Act of 1934, as amended) of 30% or
more of the issued and outstanding Voting Stock of the Company or
(b) during any period of twenty-four (24) consecutive
calendar months, individuals who at the beginning of such period
constituted the board of directors of the Company (together with
any new directors whose election by the board of directors of the
Company or whose nomination for election by the stockholders of the
Company was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the
beginning of such period or whose elections or nomination for
election was previously so approved) cease for any reason other
than death or disability to constitute a majority of the directors
then in office.
“ Code ”
means the Internal Revenue Code of 1986, as amended.
“ Commitment
” means, with respect to each Lender, the commitment of such
Lender to make Revolving Loans in the aggregate principal amount
outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule I (Commitments) under
the caption “ Commitment, ” as such amount may
be increased or reduced from time to time to reflect each
Assignment and Acceptance executed by such Lender and as such
amount may be reduced pursuant to this Agreement. The aggregate
amount of the Commitments shall not exceed
€220,000,000.
“ Company
” has the meaning specified in the preamble to this
Agreement.
“ Company’s
Accountants ” means KPMG LLP or other independent
nationally-recognized public accountants acceptable to the
Administrative Agent.
“ Compliance
Certificate ” has the meaning specified in
Section 6.1(c) (Financial Statements) .
“ Consolidated
” means, with respect to any Person, the consolidation of
accounts of such Person and its Subsidiaries in accordance with
GAAP.
“ Constituent
Documents ” means, with respect to any Person,
(a) the articles of incorporation, certificate of
incorporation or certificate of formation (or the equivalent
organizational documents) of such Person, (b) the by-laws,
operating agreement (or the equivalent governing documents) of such
Person and (c) any document setting forth the manner of
election and duties of the directors or managing members of such
Person (if any) and the designation, amount or relative rights,
limitations and preferences of any class or series of such
Person’s Stock.
“ Contaminant
” means any material, substance or waste that is classified,
regulated or otherwise characterized under any Environmental Law as
hazardous, toxic, a contaminant or a pollutant or by other words of
similar meaning or regulatory effect, including any petroleum or
petroleum-derived substance or waste, asbestos and polychlorinated
biphenyls.
“ Contractual
Obligation ” of any Person means any obligation,
agreement, undertaking or similar provision of any Security issued
by such Person or of any agreement, undertaking, contract, lease,
indenture, mortgage, deed of trust or other instrument (excluding a
Loan Document) to which such Person is a party or by which it or
any of its property is bound or to which any of its property is
subject.
“ CIP ”
has the meaning specified in the preamble to this
Agreement.
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“ Customary
Permitted Liens ” means, with respect to any Person, any
of the following Liens:
(a) Liens for taxes,
assessments, governmental charges, claims or levies in each case
that are not yet due or that are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves
(in the good faith judgment of the management of the respective
Person) have been established;
(b) Liens of landlords, liens
in favor of utilities and liens of suppliers, mechanics, carriers,
materialmen, warehousemen or workmen and other liens imposed by law
or contract which were incurred in the ordinary course of business
and (i) which secure amounts not yet due or (ii)(A) which do
not in the aggregate materially detract from the value of such
property (other than immaterial property) or materially impair the
use thereof in the operation of the business of any Person or
(B) which Liens (or the amounts secured thereby) are being
contested in good faith by appropriate proceedings, which
proceedings have the effect of preventing the forfeiture or sale of
the property subject to such Lien and with respect to which
adequate reserves (in the good faith judgment of the management of
the respective Person) have been established;
(c) Liens incurred or
deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance or other types
of social security benefits or to secure the performance of trade
contracts, bids, tenders, statutory and regulatory obligations,
sales, contracts (other than for the repayment of borrowed money),
appeal bonds, leases, government contracts or customs bonds and
other similar obligations incurred in the ordinary course of
business;
(d) encumbrances arising by
reason of zoning restrictions, easements, licenses, reservations,
covenants, rights-of-way, utility easements, building restrictions
and other similar encumbrances on the use of real property not
materially detracting from the value of such real property or not
materially interfering with the ordinary conduct of the business
conducted and proposed to be conducted at such real
property;
(e) encumbrances, easements,
rights-of-way, restrictions, minor defects or irregularities in
title and other similar charges or encumbrances not interfering in
any material respect with the ordinary conduct of the business of
any Person;
(f) encumbrances arising
under leases or subleases of real property that do not, in the
aggregate, materially detract from the value of such real property
or interfere with the ordinary conduct of the business conducted at
such real property;
(g) financing statements with
respect to a lessor’s rights in and to personal property
leased to such Person in the ordinary course of such Person’s
business;
(h) Liens arising from
judgments, decrees or attachments and Liens securing appeal bonds
arising from judgments, in each case in circumstances not
constituting an Event of Default, provided that no cash or property
is deposited or delivered to secure any such judgment or
award;
(i) Liens on tangible
property of a Person or a business that are existing at the time
such Person or business is acquired pursuant to a transaction not
prohibited by Section 8.2, provided that such Liens were not
placed on such property in contemplation of the
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consummation of the
acquisition and do not extend to any property other than those of
the Person or the business so acquired (and proceeds and products
of any of the foregoing);
(j) Liens encumbering goods
under production and arising from progress or partial payments by
the Company or any Subsidiary relating to the underlying
goods;
(k) Liens arising out of
conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Company or
any Subsidiary in the ordinary course of business;
(l) Liens under ERISA to the
extent the creation thereof would not breach the representation
made in Section 4.9 if made immediately after such
creation; and
(m) Liens on any proceeds
(including, without limitation, insurance, condemnation and eminent
domain proceeds) or products of any property, a lien over which is
a Lien permitted by Section 8.1 .
“ Default
” means any event that, with the passing of time or the
giving of notice or both, would become an Event of
Default.
“ Disclosure
Documents ” means, collectively, the Company’s
annual report on Form 10-K for December 31, 2006 and quarterly
report on Form 10-Q for September 30, 2007 and any amendments
thereto filed by the Company with the SEC.
“ Dollar Revolving
Loan ” has the meaning specified in 2.1(a) (The
Commitments) .
“ Dollars
” and the sign “ $ ” each mean the lawful
money of the United States of America.
“ Domestic
Subsidiary ” means any Subsidiary of the Company
organized under the laws of any state of the United States of
America or the District of Columbia.
“ Dutch Banking
Act ” means the Dutch Act on the Supervision of the
Credit System 1992 ( Wet toezicht kredietwezen 1992
).
“ Dutch Banking Act
Exemption Regulation ” means the Dutch Banking Act
Exemption Regulation 1992 ( Vrijstellingsregeling Wtk 1992
), dated 26 June 2002, as amended from time to
time.
“ Dutch Central
Bank ” means the Dutch Central Bank ( De Nederlandsche
Bank N.V. ).
“ EBITDA ”
means, for any period, net income for such period, plus ,
without duplication and to the extent deducted from revenues in
determining net income for such period, the sum of (a) the
aggregate amount of interest expense for such period, (b) the
aggregate amount of income and franchise tax expense for such
period, (c) all amounts attributable to depreciation and
amortization for such period, (d) all other non-cash charges
and non-cash losses for such period and (e) all Non-Recurring
Items for such period and minus , without duplication and to
the extent added to revenues in determining net income for such
period, the sum of (i) all non-recurring non-cash gains during
such period, (ii) the amount of cash used during such period
to the extent charged against net income in a different period and
(iii) the amount of cash used during such period relating to a
Non-Recurring Item, all as determined on a consolidated basis with
respect to the Company and its Subsidiaries in accordance with
GAAP. For the purposes of calculating EBITDA for any period, if
during such period the Company or any Subsidiary shall
have
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made an acquisition, EBITDA for such
period shall be calculated after giving pro forma effect thereto as
if such acquisition occurred on the first day of such
period.
“ Effective Date
” has the meaning set forth in Section 3.1
(Conditions Precedent to the Effectiveness of this Agreement
.
“ Eligible
Assignee ” means (a) a Lender or an Affiliate or
Approved Fund of any Lender, (b) a commercial bank having
total assets in excess of $5,000,000,000, (c) a finance
company, insurance company or any other financial institution or
Fund, in each case reasonably acceptable to the Administrative
Agent and regularly engaged in making, purchasing or investing in
loans and having a net worth, determined in accordance with GAAP,
in excess of $250,000,000 or, to the extent net worth is less than
such amount, a finance company, insurance company, other financial
institution or Fund, reasonably acceptable to the Administrative
Agent and the Borrower or (d) a savings and loan association
or savings bank organized under the laws of the United States or
any State thereof having a net worth, determined in accordance with
GAAP, in excess of $250,000,000; provided, however , that
notwithstanding the foregoing, “Eligible Assignee”
shall not include the Borrower or any Affiliate or Subsidiary of
the Borrower.
“ Environmental
Laws ” means all applicable Requirements of Law now or
hereafter in effect and as amended or supplemented from time to
time, relating to pollution or the regulation and protection of
human health, safety, the environment or natural resources,
including the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended (42 U.S.C. § 9601
et seq. ); the Hazardous Material Transportation Act, as
amended (49 U.S.C. § 1801 et seq. ); the Federal
Insecticide, Fungicide, and Rodenticide Act, as amended
(7 U.S.C. § 136 et seq. ); the Resource
Conservation and Recovery Act, as amended (42 U.S.C.
§ 6901 et seq. ); the Toxic Substance Control Act,
as amended (42 U.S.C. § 7401 et seq. ); the Clean
Air Act, as amended (42 U.S.C. § 740 et seq. );
the Federal Water Pollution Control Act, as amended (33 U.S.C.
§ 1251 et seq. ); the Occupational Safety
and Health Act, as amended
(29 U.S.C. § 651 et seq. ); the Safe
Drinking Water Act, as amended (42 U.S.C. § 300f et
seq. ); and each of their state and local counterparts or
equivalents and any transfer of ownership notification or approval
statute, including the Industrial Site Recovery Act (N.J. Stat.
Ann. § 13:1K-6 et seq .).
“ Environmental
Liabilities and Costs ” means, with respect to any
Person, all liabilities, obligations, responsibilities, Remedial
Actions, losses, damages, punitive damages, consequential damages,
treble damages, costs and expenses (including all fees,
disbursements and expenses of counsel, experts and consultants and
costs of investigation and feasibility studies), fines, penalties,
sanctions and interest incurred as a result of any claim or demand
by any other Person, whether based in contract, tort, implied or
express warranty, strict liability, criminal or civil statute and
whether arising under any Environmental Law, Permit, order or
agreement with any Governmental Authority or other Person, in each
case relating to any environmental, health or safety condition or
to any Release or threatened Release and resulting from the past,
present or future operations of, or ownership of property by, such
Person or any of its Subsidiaries.
“ Environmental
Lien ” means any Lien in favor of any Governmental
Authority for Environmental Liabilities and Costs.
“ ERISA ”
means the Employee Retirement Income Security Act of
1974.
“ ERISA
Affiliate ” means any trade or business (whether or not
incorporated) under common control or treated as a single employer
with the Company or any of its Subsidiaries within the meaning of
Section 414(b), (c), (m) or (o) of the
Code.
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“ ERISA Event
” means (a) a reportable event described in
Section 4043 of ERISA with respect to a Title IV Plan
(other than a reportable event for which 30-day notice is waived by
applicable PBGC regulations), (b) the withdrawal of the
Company, any of its Subsidiaries or any ERISA Affiliate from a
Title IV Plan subject to Section 4063 of ERISA during a
plan year in which it was a substantial employer, as defined in
Section 4001(a)(2) of ERISA, (c) the complete or partial
withdrawal of the Company, any of its Subsidiaries or any ERISA
Affiliate from any Multiemployer Plan, (d) notice of
reorganization or insolvency of a Multiemployer Plan, (e) the
filing of a notice of intent to terminate a Title IV Plan or
the treatment of a plan amendment as a termination under
Section 4041 of ERISA, (f) the institution of proceedings
to terminate a Title IV Plan or Multiemployer Plan by the
PBGC, (g) the failure to make any required contribution to a
Title IV Plan or Multiemployer Plan, (h) the imposition
of a lien under Section 412 of the Code or Section 302 of
ERISA on the Company or any of its Subsidiaries or any ERISA
Affiliate or (i) any other event or condition that might
reasonably be expected to constitute grounds under
Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Title IV Plan or
Multiemployer Plan or the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums due but not
delinquent under Section 4007 of ERISA.
“ Euro ”
and the sign “€” each mean the lawful money of
the member states of the European Union participating in the third
stage of the European monetary union.
“ Euro
Equivalent ” of any amount means, at the time of
determination thereof, (a) if such amount is expressed in
Euros, such amount and (b) if such amount is expressed in
Dollars, the equivalent of such amount in Euros determined by using
the rate of exchange quoted by CIP in London, England at 11:00 a.m.
(London time) on the third Business Day prior to the date of
determination, to prime banks in London for the spot purchase in
the London foreign exchange market of such amount of Euros with
Dollars.
“ Euro Revolving
Loan ” has the meaning specified in 2.1(a) (The
Commitments) .
“ Eurocurrency Base
Rate ” means, with respect to any Interest Period for any
Eurocurrency Rate Loan, denominated in (i) Euros, the rate of
interest determined by the Administrative Agent to be the average
(rounded upward to the nearest whole multiple of 1/1000 of
1% per annum) of the rate per annum which appears on
the Telerate Page 248 which displays the European interbank offered
rate for deposits in Euros for such Interest Period at
11:00 a.m. (Brussels time) on the second full TARGET Day
preceding the first day of such Interest Period and
(ii) Dollars, the rate per annum (rounded upward to the
nearest whole multiple of 1/1000 of 1% per annum) appearing on
Reuters Screen LIBOR01 Page (or on any successor or substitute
page) as the London interbank offered rate for deposits in Dollars
at 11:00 a.m. (London time) two London Business Days before the
first day of such Interest Period.
“ Eurocurrency
Lending Office ” means, with respect to any Lender, the
office of such Lender specified as its “ Eurocurrency
Lending Office ” opposite its name on
Schedule II ( Lending Offices and Addresses for
Notices ) or on the Assignment and Acceptance by which it
became a Lender or such other office of such Lender as such Lender
may from time to time specify to the Borrower and the
Administrative Agent.
“ Eurocurrency
Liabilities ” has the meaning assigned to that term in
Regulation D of the Federal Reserve Board.
“ Eurocurrency
Rate ” means, with respect to any Interest Period for any
Eurocurrency Rate Loan, an interest rate per annum equal to
the rate per annum obtained by dividing (a) the
applicable Eurocurrency Base Rate by (b)(i) a percentage equal
to 100% minus (ii) the reserve percentage applicable
two Business Days before the first day of such Interest Period
under regulations issued from time to time
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by the Federal Reserve Board for
determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) for
a member bank of the Federal Reserve System in New York City with
respect to liabilities or assets consisting of or including
Eurocurrency Liabilities (or with respect to any other category of
liabilities that includes deposits by reference to which the
Eurocurrency Rate is determined) having a term equal to such
Interest Period.
“ Eurocurrency Rate
Loan ” means any Loan that, for an Interest Period, bears
interest based on the Eurocurrency Rate.
“ European
Parent ” has the meaning specified in the preamble to
this Agreement.
“ Event of
Default ” has the meaning specified in
Section 9.1 (Events of Default) .
“ Existing Credit
Agreement ” has the meaning ascribed to such term in the
preamble to this Agreement.
“ Facility
” means the Commitments and the provisions herein related to
the Revolving Loans.
“ Federal Reserve
Board ” means the Board of Governors of the United States
Federal Reserve System, or any successor thereto.
“ Financial Covenant
Debt ” of any Person means Indebtedness of the type
specified in clauses (a) , (b) , (c) ,
(d) , (e) , (f) , (g) and
(h) of the definition of “ Indebtedness
”; provided, however, that (i) in the case of
clause (c) , such obligations shall be included in this
definition of Financial Covenant Debt only to the extent such
obligations are in respect of unreimbursed drawings under letters
of credit, and (ii) that Guaranty Obligations supported by a
letter of credit shall not, to the extent so supported, be included
in this definition of Financial Covenant Debt.
“ Financial
Statements ” means the financial statements of the
Company and its Subsidiaries delivered in accordance with
Sections 4.3 (Financial Statements) and
6.1 (Financial Statements).
“ Fiscal Quarter
” means each of the three month periods ending on
March 31, June 30, September 30 and
December 31.
“ Fiscal Year
” means the twelve month period ending on
December 31.
“ FMC’s
Business ” means the business of developing,
manufacturing and/or selling, and providing research and
development, marketing and/or other services and support for,
chemical-based and formulated products and related organic and
inorganic materials and any business reasonably related,
incidental, complementary or ancillary thereto.
“ Foreign Credit
Line ” means a credit facility or similar credit
arrangement (including any arrangement in connection with vendor
financing) made available by a financial institution to Foreign
Subsidiaries or their customers, as applicable.
“ Foreign
Subsidiary ” means any Subsidiary of the Company that is
not a Domestic Subsidiary.
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“ Fund ”
means any Person (other than a natural Person) that is or will be
engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the ordinary
course of its business.
“ GAAP ”
means generally accepted accounting principles in the United States
of America as in effect from time to time, except that, with
respect to the determination of compliance by the Company with the
covenants set forth in Sections 5.1 and 5.2, “
GAAP ” shall mean such principles in the United States
of America as in effect as of the date of, and used in, the
preparation of the audited financial statements referred to in
Section 4.3.
“ Governmental
Authority ” means any nation, sovereign or government,
any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, including
any central bank.
“ Guarantied
Parties ” has the meaning specified in
Section 10.1(b) ( Guaranty ).
“ Guarantor
” means each of the Company and the European
Parent.
“ Guaranty
” means the guaranty of the Obligations of the Borrower under
this Agreement set forth in Article X hereof.
“ Guaranty
Obligation ” means, as applied to any Person, any direct
or indirect liability, contingent or otherwise, of such Person with
respect to any Indebtedness of another Person, if the purpose or
intent of such Person in incurring the Guaranty Obligation is to
provide assurance to the obligee of such Indebtedness that such
Indebtedness will be paid or discharged, or that any agreement
relating thereto will be complied with, or that any holder of such
Indebtedness will be protected (in whole or in part) against loss
in respect thereof, including (a) the direct or indirect
guaranty, endorsement (other than for collection or deposit in the
ordinary course of business), co-making, discounting with recourse
or sale with recourse by such Person of Indebtedness of another
Person and (b) any liability of such Person for Indebtedness
of another Person through any agreement (contingent or otherwise)
(i) to purchase, repurchase or otherwise acquire such
Indebtedness or any security therefor, or to provide funds for the
payment or discharge of such Indebtedness (whether in the form of a
loan, advance, stock purchase, capital contribution or otherwise),
(ii) to maintain the solvency or any balance sheet item, level
of income or financial condition of another Person, (iii) to
make take-or-pay or similar payments outside of the ordinary course
of business, if required, regardless of non-performance by any
other party or parties to an agreement, (iv) to purchase, sell
or lease (as lessor or lessee) property, or to purchase or sell
services, primarily for the purpose of enabling the debtor to make
payment of such Indebtedness or to assure the holder of such
Indebtedness against loss or (v) to supply funds to, or in any
other manner invest in, such other Person (including to pay for
property or services irrespective of whether such property is
received or such services are rendered), if in the case of any
agreement described under clause (b)(i) , (ii) ,
(iii) , (iv) or (v) above the
primary purpose or intent thereof is to provide assurance that
Indebtedness of another Person will be paid or discharged, that any
agreement relating thereto will be complied with or that any holder
of such Indebtedness will be protected (in whole or in part)
against loss in respect thereof. The amount of any Guaranty
Obligation shall be equal to the amount of the Indebtedness so
guaranteed or otherwise supported.
“ Hedging
Contracts ” means all Interest Rate Contracts, foreign
exchange contracts, currency swap or option agreements, forward
contracts, commodity swap, purchase or option agreements, other
commodity price hedging arrangements, and all other similar
agreements or arrangements designed to alter the risks of any
Person arising from fluctuations in interest rates, currency values
or commodity prices.
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“ Indebtedness
” of any Person means without duplication (a) all
indebtedness of such Person for borrowed money, (b) all
obligations of such Person evidenced by notes, bonds (other than
surety and performance bonds, which are covered in clause
(c) below), debentures or similar instruments or that
bear interest, (c) all reimbursement and other obligations
with respect to letters of credit, bankers’ acceptances,
surety bonds and performance bonds, whether or not matured,
(d) all indebtedness for the deferred purchase price of
property or services, other than trade payables incurred in the
ordinary course of business that are not overdue, (e) all
indebtedness of such Person created or arising under any
conditional sale or other title retention agreement with respect to
property acquired by such Person (even though the rights and
remedies of the seller or lender under such agreement in the event
of default are limited to repossession or sale of such property),
(f) all Capital Lease Obligations of such Person and the
present value of future rental payments under all synthetic leases,
(g) all Guaranty Obligations of such Person, (h) all
obligations of such Person to purchase, redeem, retire, defease or
otherwise acquire for value any Stock or Stock Equivalents of such
Person, valued, in the case of redeemable preferred stock, at the
greater of its voluntary liquidation preference and its involuntary
liquidation preference plus accrued and unpaid dividends,
(i) all payments that such Person would have to make in the
event of an early termination on the date Indebtedness of such
Person is being determined in respect of Hedging Contracts of such
Person and (j) all Indebtedness of the type referred to above
secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien
upon or in property (including accounts and general intangibles)
owned by such Person, even though such Person has not assumed or
become liable for the payment of such Indebtedness.
“ Indemnified
Matter ” has the meaning specified in
Section 12.4 (Indemnities) .
“ Indemnitee
” has the meaning specified in Section 12.4
(Indemnities) .
“ Information
” means all information received from the Borrower or any of
its Subsidiaries relating to the Borrower or any of its
Subsidiaries or any of their respective businesses, other than any
such information that is available to the Administrative Agent or
any Lender on a nonconfidential basis prior to disclosure by the
Borrower or any of its Subsidiaries; provided that, in the
case of information received from the Borrower or any of its
Subsidiaries after the date hereof, such information is clearly
identified at the time of delivery as confidential.
“ Interest Coverage
Ratio ” means, with respect to the Company and its
Subsidiaries on a Consolidated basis for any period, the ratio of
EBITDA for such period to Net Consolidated Interest Expense for
such period.
“ Interest
Income ” means, for the Company and its Subsidiaries on a
Consolidated basis for any period, total interest income for such
period on a Consolidated basis in conformity with GAAP.
“ Interest
Period ” means (a) initially, the period commencing
on the date such Eurocurrency Rate Loan is made and ending one week
(in the case of the initial Borrowing), one, two, three or six
months thereafter (or such other period as the Lenders may agree),
as selected by the Borrower in its Notice of Borrowing or Notice of
Conversion or Continuation given to the Administrative Agent
pursuant to Section 2.2 (Borrowing Procedures) or
2.9 (Continuation Option) and (b) thereafter, if such
Loan is continued, in whole or in part, as a Eurocurrency Rate Loan
pursuant to Section 2.9 (Continuation Option) , a
period commencing on the last day of the immediately preceding
Interest Period therefor and ending one, two, three or six months
thereafter, as selected by the Borrower in its Notice of Conversion
or Continuation given to the Administrative Agent pursuant to
Section 2.9 (Continuation Option) ; provided ,
however , that all of the foregoing provisions relating to
Interest Periods in respect of Eurocurrency Rate Loans are subject
to the following:
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(i) if any Interest Period
would otherwise end on a day that is not a Business Day, such
Interest Period shall be extended to the next succeeding Business
Day, unless the result of such extension would be to extend such
Interest Period into another calendar month, in which event such
Interest Period shall end on the immediately preceding Business
Day; and
(ii) any Interest Period that
begins on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall end on the last
Business Day of a calendar month at the end of such Interest
Period; and
(iii) no Interest Period
shall end after the Scheduled Termination Date.
“ Interest Rate
Contracts ” means all interest rate swap agreements,
interest rate cap agreements, interest rate collar agreements and
interest rate insurance.
“ Investment
” means, with respect to any Person, (a) any purchase or
other acquisition by such Person of (i) any Security issued
by, (ii) a beneficial interest in any Security issued by, or
(iii) any other equity ownership interest in, any other
Person, (b) any purchase by such Person of all or a
significant part of the assets of a business conducted by any other
Person, or all or substantially all of the assets constituting the
business of a division, branch or other unit operation of any other
Person, (c) any loan, advance (other than deposits with
financial institutions available for withdrawal on demand, prepaid
expenses, accounts receivable and similar items made or incurred in
the ordinary course of business as presently conducted) or capital
contribution by such Person to any other Person, including all
Indebtedness of any other Person to such Person arising from a sale
of property by such Person other than in the ordinary course of its
business, and (d) any Guaranty Obligation incurred by such
Person in respect of Indebtedness of any other Person.
“ IRS ”
means the Internal Revenue Service of the United States or any
successor thereto.
“ Lender ”
means each financial institution or other entity that (a) is
listed on the signature pages hereof as a “ Lender
” or (b) from time to time becomes a party hereto by
execution of an Assignment and Acceptance.
“ Leverage Ratio
” means, with respect to the Company and its Subsidiaries on
a Consolidated basis as of any date, the ratio of Financial
Covenant Debt as of such date to EBITDA for the last four Fiscal
Quarters ending on or before such date.
“ Lien ”
means any mortgage, deed of trust, pledge, hypothecation,
assignment, charge, deposit arrangement, encumbrance, lien
(statutory or other), security interest or preference, priority or
other security agreement or preferential arrangement of any kind or
nature whatsoever intended to assure payment of any Indebtedness or
the performance of any other obligation, including any conditional
sale or other title retention agreement, the interest of a lessor
under a Capital Lease and any financing lease having substantially
the same economic effect as any of the foregoing, and the filing of
any financing statement under the UCC or comparable law of any
jurisdiction naming the owner of the asset to which such Lien
relates as debtor.
“ Loan ”
means any loan made by any Lender pursuant to this Agreement
(including any such Loan made prior to the Effective Date pursuant
to the Existing Credit Agreement).
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“ Loan Documents
” means, collectively, (a) this Agreement, (b) the
Notes (if any) and (c) each certificate, agreement or document
executed by a Loan Party and delivered to the Administrative Agent
or any Lender in connection with or pursuant to any of the
foregoing.
“ Loan Party
” means the Borrower and each Guarantor.
“ Material Adverse
Change ” means a material adverse change in any of
(a) the business, condition (financial or otherwise),
operations or properties of the Company and its Subsidiaries or the
Borrower and its Subsidiaries, in each case taken as a whole,
(b) the legality, validity or enforceability of any Loan
Document, (c) the ability of the Borrower to repay the
Obligations or of the other Loan Parties to perform their
respective obligations under the Loan Documents or (d) the
rights and remedies of the Administrative Agent or the Lenders
under the Loan Documents.
“ Material Adverse
Effect ” means an effect that results in or causes, or
could reasonably be expected to result in or cause, a Material
Adverse Change.
“ Material
Subsidiary ” means (i) any Subsidiary of the Company
that is a Borrower or (ii) any Subsidiary of the Company from
time to time in which the Company has an Investment, direct or
indirect, of at least $50,000,000 (excluding Investments by such
Subsidiary in other Subsidiaries in the form of Stock or Stock
Equivalents), which Subsidiaries on the Effective Date are listed
on Schedule III hereto.
“ Moody’s
” means Moody’s Investors Services, Inc.
“ Multiemployer
Plan ” of any Person means a multiemployer plan, as
defined in Section 4001(a)(3) of ERISA, and which is a defined
benefit plan, to which such Person or any of its ERISA Affiliates
is making or accruing an obligation to make contributions, or has
within any of the preceding five plan years made or accrued an
obligation to make contributions.
“ Multiple Employer
Plan ” of any Person means a single employer plan, as
defined in Section 4001(a)(15) of ERISA, that (a) is
maintained for employees of such Person or any of its ERISA
Affiliates and at least one Person other than such Person and its
ERISA Affiliates or (b) was so maintained and in respect of
which such Person or any of its ERISA Affiliates could have
liability under Section 4064 or Section 4069 of ERISA in
the event such plan has been or were to be terminated.
“ Negotiation
Period ” has the meaning specified in
Section 2.12(g) ( Substitute Basis ).
“ Net Consolidated
Interest Expense ” means, for any period, Consolidated
interest expense for such period less the sum of
(x) amortization of debt discount and premium for such period
and (y) Interest Income for such period.
“ Non-Consenting
Lender ” has the meaning specified in
Section 12.1(c) (Amendments, Waivers, Etc.)
.
“ Non-Funding
Lender ” has the meaning specified in
Section 2.2(d) (Borrowing Procedures) .
“ Non-Recurring
Items ” means, to the extent reflected in the
determination of net income for any period, provisions for
restructuring, discontinued operations, special reserves or other
similar charges, including write-downs or write-offs of assets
(other than write-downs resulting from foreign currency
translations).
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“ Non-U.S.
Lender ” means each Lender (or the Administrative Agent)
that is not a United States person as defined in
Section 7701(a)(30) of the Code.
“ Note ”
means a promissory note of the Borrower payable to the order of any
Lender in a principal amount equal to the amount of such
Lender’s Commitment evidencing the aggregate Indebtedness of
the Borrower to such Lender resulting from the Revolving Loans
owing to such Lender.
“ Notice of
Borrowing ” has the meaning specified in
Section 2.2(a) (Borrowing Procedures) .
“ Notice of
Conversion or Continuation ” has the meaning specified in
Section 2.9 (Continuation Option) .
“ Obligations
” means the Loans and all other amounts, obligations,
covenants and duties owing by the Borrower to the Administrative
Agent or any Lender, any Affiliate of any of them or any
Indemnitee, of every type and description (whether by reason of an
extension of credit, opening or amendment of a letter of credit or
payment of any draft drawn thereunder, loan, guaranty,
indemnification, foreign exchange or currency swap transaction,
interest rate or commodity hedging transaction or otherwise),
present or future, arising under this Agreement, any other Loan
Document, whether direct or indirect (including those acquired by
assignment), absolute or contingent, due or to become due, now
existing or hereafter arising and however acquired and whether or
not evidenced by any note, guaranty or other instrument or for the
payment of money, including all letter of credit, cash management
and other fees, interest, charges, expenses, attorneys’ fees
and disbursements and other sums chargeable to the Borrower under
this Agreement, any other Loan Document.
“ OFAC ”
means the United States Department of the Treasury’s Office
of Foreign Assets Control.
“ Participant
” has the meaning specified in Section 12.2(g)(i)
(Assignments and Participations) .
“ Patriot Act
” means the USA PATRIOT Act of 2001 (31 U.S.C. 5318 et
seq. ).
“ PBGC ”
means the Pension Benefit Guaranty Corporation or any successor
thereto.
“ Permit ”
means any permit, approval, authorization, license, variance or
permission required from a Governmental Authority under an
applicable Requirement of Law.
“ Person ”
means an individual, partnership, corporation (including a business
trust), joint stock company, estate, trust, limited liability
company, unincorporated association, joint venture or other entity,
or a Governmental Authority.
“ Plan ”
means a Single Employer Plan or a Multiple Employer
Plan.
“ Policy Rule
” means the 2005 Dutch Central Bank’s policy guidelines
(issued in relation to the Dutch Banking Exemption Regulation)
dated 29 December 2004 ( Beleidsregel 2005 kernbegrippen
markttoetreding en handhaving Wtk 1992 ) as amended from time
to time.
“ Professional
Market Party ” means a professional market party
(professionele marktpartij) within the meaning of the Exemption
Regulation and the Dutch Central Bank’s Policy Guidelines,
which as of the date of this Agreement include, without limitation,
(i) certain credit
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institutions, insurance companies,
pension funds, securities intermediaries, asset managers and
investment institutions that are registered and subject to
government supervision in The Netherlands, any other European
Economic Area member state, Monaco, Puerto Rico, Saudi Arabia,
Turkey, South Korea, the United States, Japan, Australia, Canada,
Mexico, New Zealand or Switzerland and subsidiaries thereof which
are subject to government supervision, (ii) central
governments, international treaty organizations and supranational
public institutions, (iii) companies which have assets with a
book value of €500,000,000 or more, according to their annual
accounts as per the end of their financial year preceding the year
in which they grant or obtain the relevant loan or a portion
thereof, (iv) companies or natural persons with net assets of
€10,000,000 or more as per the end of the preceding calendar
year and which have been active on the financial markets with an
average of at least two transactions per month during the preceding
two consecutive years, (v) persons under supervision of the
regulatory authority as referred to in section 1 subsection f of
the Decree on the Supervision of the Securities Trade 1995 (Besluit
toezicht effectenverkeer 1995), or under supervision of the
regulatory authority of another state to be active on the financial
markets, (vi) legal entities or partnerships which, pursuant
to their latest (consolidated) financial statements meet two of the
following three criteria: (a) an average number of employees
during the financial year of 250 or more, (b) according to
their balance sheet having an asset-value of at least
€43,000,000, and (c) yearly turnover of at least
€50,000,000, (vii) a legal entity or partnership having
the sole corporate purpose of investing in securities and
(viii) collective investment institutions that are exempt from
the Act on the Supervision of Collective Investment Schemes
pursuant to section 1 or 2 of the Regulation of the Minister of
Finance of 9 October 1990 implementing section 14 of that
Act.] 1
“ Purchasing
Lender ” has the meaning specified in
Section 12.7 (Sharing of Payments, Etc.) .
“ Ratable
Portion ” or “ ratably ” means, with
respect to any Lender, (a) with respect to the Facility, the
percentage obtained by dividing (i) the Commitment of such
Lender by (ii) the aggregate Commitments of all Lenders (or,
at any time after the Revolving Credit Termination Date, the
percentage obtained by dividing the aggregate outstanding principal
balance of the Revolving Credit Outstandings owing to such Lender
by the aggregate outstanding principal balance of the Revolving
Credit Outstandings owing to all Lenders) and (b) with respect
to any other specified Obligations, the percentage obtained by
dividing (i) the amount of such Obligations held by such
Lender by (ii) the aggregate outstanding amount of all such
Obligations.
“ Rating ”
shall mean, for any given period of determination, the rating
assigned to the Facility by each of Moody’s and S&P or,
if the Facility is not rated by Moody’s or S&P, the
rating assigned to the senior unsecured debt of the Company, in the
case of Moody’s, and the corporate credit rating of the
Company, in the case of S&P.
“ Receivable
” means a right to receive payment arising from the sale or
lease of goods or services by a Person to another
Person.
“ Receivables
Funding Entity ” means a wholly-owned Subsidiary of the
Company which engages in no activities other than the financing of
Receivables. On the date of this Agreement, FMC Funding
Corporation, a Delaware corporation and a wholly-owned Subsidiary
of the Company, is a Receivables Funding Entity.
“ Receivables
Transaction ” means any transaction or series of
transactions that may be entered into by the Company or any of its
Subsidiaries pursuant to which the Company or any of its
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Subsidiaries may directly or indirectly
sell, convey or otherwise transfer Receivables to another Person,
or may grant a security interest in, any Receivables of the Company
or any of its Subsidiaries, and any assets related thereto
including, without limitation, all collateral securing such
Receivables, proceeds of such Receivables and other assets which
are customarily transferred or in respect of which security
interests are customarily granted in connection with asset
securitization transactions involving Receivables.
“ Reference Bank
” means the Lender or any Affiliate thereof that is then
acting as the Administrative Agent or an Affiliate of the
Administrative Agent, and BofA.
“ Register
” has the meaning specified in Section 12.2(c)
(Assignments and Participations) .
“ Release
” means, with respect to any Person, any release, spill,
emission, leaking, pumping, injection, deposit, disposal,
discharge, dispersal, leaching or migration, in each case, of any
Contaminant into the indoor or outdoor environment or into or out
of any property owned by such Person, including the movement of
Contaminants through or in the air, soil, surface water, ground
water or property.
“ Remedial
Action ” means all actions required to (a) clean up,
remove, treat or in any other way address any Contaminant in the
indoor or outdoor environment, (b) prevent the Release or
threat of Release or minimize the further Release so that a
Contaminant does not migrate or endanger or threaten to endanger
public health or welfare or the indoor or outdoor environment or
(c) perform pre-remedial studies and investigations and
post-remedial monitoring and care.
“ Requirement of
Law ” means, with respect to any Person, the common law
and all federal, state, local and foreign laws, rules and
regulations, orders, judgments, decrees and other determinations of
any Governmental Authority or arbitrator, applicable to or binding
upon such Person or any of its property or to which such Person or
any of its property is subject.
“ Requisite
Lenders ” means Lenders having more than fifty percent
(50%) of the aggregate outstanding amount of the Commitments
or, after the Revolving Credit Termination Date, more than fifty
percent (50%) of the aggregate Revolving Credit Outstandings.
A Non-Funding Lender shall not be included in the calculation of
“ Requisite Lenders. ”
“ Responsible
Officer ” means, with respect to any Person, any of the
principal executive officers, managing members or general partners
of such Person but, in any event, with respect to financial
matters, the chief financial officer or treasurer of such Person.
Notwithstanding the above, with respect to the European Parent and
the Borrower, a managing director is also a Responsible Officer for
purposes of Section 3.1 (Conditions Precedent to the
Effectiveness of this Agreement) .
“ Revolving Credit
Outstandings ” means, at any particular time, the Euro
Equivalent of the principal amount of the Revolving Loans
outstanding at such time.
“ Revolving Credit
Termination Date ” shall mean the earliest of
(a) the Scheduled Termination Date, (b) the date of
termination in whole of the Commitments pursuant to
Section 2.3 (Reduction and Termination of the
Commitments) and (c) the date on which the Obligations
become due and payable pursuant to Section 9.2
(Remedies) .
“ Revolving Loan
” has the meaning specified in 2.1(a) (The
Commitments) .
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“ S&P
” means Standard & Poor’s Rating Services, or
any successor by merger or consolidation to its
business.
“ Sanctioned
Country ” means a country subject to a sanctions program
identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement/ofac/programs/index.shtml
or any successor website thereto, or as otherwise published from
time to time.
“ Sanctioned
Person ” means (i) a person named on the list of
Specially Designated Nationals or Blocked Persons maintained by
OFAC and available at
http://www.treas.gov/offices/enforcement/ofac/sdn/index.shtml
or any successor website thereto, or as otherwise published from
time to time, or (ii) (A) an agency of the government of
a Sanctioned Country, (B) an organization controlled by a
Sanctioned Country, or (C) a person resident in a Sanctioned
Country, to the extent subject to a sanctions program administered
by OFAC.
“ Scheduled
Termination Date ” means December 16,
2010.
“ SEC ”
means the United States Securities and Exchange
Commission.
“ Selling Lender
” has the meaning specified in Section 12.7 (Sharing
of Payments, Etc.) .
“ Single Employer
Plan ” of any Person means a single employer plan, as
defined in Section 4001(a)(15) of ERISA, that (a) is
maintained for employees of such Person or any of its ERISA
Affiliates and no Person other than such Person and its ERISA
Affiliates or (b) was so maintained and in respect of which
such Person or any of its ERISA Affiliates could have liability
under Section 4069 of ERISA in the event such plan has been or
were to be terminated.
“ Solvent
” means, with respect to any Person, that the value of the
assets of such Person (both at fair value and present fair saleable
value) is, on the date of determination, greater than the total
amount of liabilities (including contingent and unliquidated
liabilities) of such Person as of such date and that, as of such
date, such Person is able to pay all liabilities of such Person as
such liabilities mature and does not have unreasonably small
capital. In computing the amount of contingent or unliquidated
liabilities at any time, such liabilities shall be computed at the
amount that, in light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected
to become an actual or matured liability.
“ Special Purpose
Vehicle ” means any special purpose funding vehicle
identified as such in writing by any Lender to the Administrative
Agent.
“ Stock ”
means shares of capital stock (whether denominated as common stock
or preferred stock), beneficial, partnership or membership
interests, participations or other equivalents (regardless of how
designated) of or in a corporation, partnership, limited liability
company or equivalent entity, whether voting or
non-voting.
“ Stock
Equivalents ” means all securities convertible into or
exchangeable for Stock and all warrants, options or other rights to
purchase or subscribe for any Stock, whether or not presently
convertible, exchangeable or exercisable.
“ Subsidiary
” means, with respect to any Person, any corporation,
partnership, limited liability company or other business entity of
which an aggregate of more than 50% of the outstanding
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Voting Stock is, at the time, directly
or indirectly, owned or controlled by such Person or one or more
Subsidiaries of such Person.
“ Substitute
Basis ” has the meaning specified in
Section 2.12(gf) ( Substitute Basis ).
“ Substitute Basis
Loans ” has the meaning specified in Section 2.12(f)
( Substitute Basis ).
“ Substitute Basis
Rate ” has the meaning specified in Section 2.12(f)
( Substitute Basis ).
“ Substitute
Institution ” has the meaning specified in
Section 2.15 (Substitution of Lenders) .
“ Substitution
Notice ” has the meaning specified in
Section 2.15 (Substitution of Lenders) .
“ TARGET ”
means the Trans-European Automated Real-Time Gross Settlement
Express Transfer Payment System, which utilizes interlinked
national real-time gross settlement systems and the European
Central Bank’s payment mechanism and which began operations
on 4th January 1999.
“ TARGET 2
” means the Trans-European Automated Real-Time Gross
Settlement Express Transfer Payment System, which utilizes a single
shared platform and which was launched on 19th November
2007.
“ TARGET Day
” means (a) until such time as TARGET is permanently
discontinued and ceases operations, any day on which both TARGET
and TARGET 2 are, and (b) following such time as TARGET is
permanently discontinued and ceases operations, any day on which
TARGET 2 is, open for settlement of payment in Euro.
“ Tax Affiliate
” means, with respect to any Person, (a) any Subsidiary
of such Person, and (b) any Affiliate of such Person with
which such Person files or is eligible to file consolidated,
combined or unitary tax returns.
“ Taxes ”
has the meaning specified in Section 2.14(a) (Taxes)
.
“ Title IV
Plan ” means a pension plan, other than a Multiemployer
Plan, covered by Title IV of ERISA and to which the Company
any of its Subsidiaries or any ERISA Affiliate has any obligation
or liability (contingent or otherwise).
“ UCC ”
means the Uniform Commercial Code as the same may, from time to
time, be in enacted and in effect in the State of New
York.
“ Unused Commitment
Fee ” has the meaning specified in
Section 2.10(a) (Fees) .
“ Voting Stock
” means Stock of any Person having ordinary power to vote in
the election of members of the board of directors, managers,
trustees or other controlling Persons, of such Person (irrespective
of whether, at the time, Stock of any other class or classes of
such entity shall have or might have voting power by reason of the
happening of any contingency).
“ Wholly-Owned
Subsidiary ” means, in respect of any Person, any
Subsidiary of such Person, all of the Stock of which (other than
director’s qualifying shares, as may be required by law) is
owned by such Person, either directly or indirectly through one or
more Wholly-Owned Subsidiaries of such Person.
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“ Withdrawal
Liability ” means, with respect to the Company or any of
its Subsidiaries at any time, the aggregate liability incurred
(whether or not assessed) with respect to all Multiemployer Plans
pursuant to Section 4201 of ERISA or for increases in
contributions required to be made pursuant to Section 4243 of
ERISA.
Section 1.2
Computation of Time Periods
In this Agreement, in the
computation of periods of time from a specified date to a later
specified date, the word “ from ” means “
from and including ” and the words “ to
” and “ until ” each mean “ to
but excluding ” and the word “ through
” means “ to and including. ”
Section 1.3
Accounting Terms and Principles
(a) Except as set forth
below, all accounting terms not specifically defined herein shall
be construed in conformity with GAAP and all accounting
determinations required to be made pursuant hereto (including for
purpose of measuring compliance with Article V (Financial
Covenants) shall, unless expressly otherwise provided herein,
be made in conformity with GAAP.
(b) If any change in the
accounting principles used in the preparation of the most recent
Financial Statements referred to in
Section 6.1 (Financial Statements) is hereafter
required or permitted by the rules, regulations, pronouncements and
opinions of the Financial Accounting Standards Board or the
American Institute of Certified Public Accountants (or any
successors thereto) and such change is adopted by the Company with
the agreement of the Company’s Accountants and results in a
change in any of the calculations required by the definition of
“ Permitted Acquisition” , Article IV (
Representations and Warranties ) or Article V (Financial
Covenants) had such accounting change not occurred, for
purposes of the calculation of such covenants and the definitions
related thereto, such calculation shall be made using GAAP as used
by the Borrower in its December 31, 2006 financial
statements.
(c) For purposes of
calculating compliance with each of the financial covenants set
forth in Article V in respect of a Permitted Acquisition,
such transaction shall be deemed to have occurred as of the first
day of the four Fiscal-Quarter period ending as of the most recent
Fiscal Quarter end preceding the date of such transaction with
respect to which the Administrative Agent has received the
Financial Statements required to be delivered pursuant to
Section 6.1(a) (each such transaction, a “ Pro
Forma Transaction ”). In respect of each Pro Forma
Transaction, for purposes of any such calculation in respect of any
such Permitted Acquisition, (A) any Indebtedness incurred by
the Company or any of its Subsidiaries on a Consolidated basis in
connection with such transaction (x) shall be deemed to have
been incurred as of the first day of the applicable period and
(y) if such Indebtedness has a floating or formula rate, shall
have an implied rate of interest for the applicable period for
purposes of this clause (c) determined by utilizing
the rate which is or would be in effect with respect to such
Indebtedness as at the relevant date of determination,
(B) income statement items (whether positive or negative)
attributable to the Person or property acquired shall be included
beginning as of the first day of the applicable period and
(C) pro forma adjustments may be included to the
extent that such adjustments meet the requirements of Regulation
S-X under the Securities Act of 1933, as amended, and all other
accounting rules and regulations of the SEC promulgated
thereunder.
Section 1.4
Certain Terms
(a) The terms “
herein, ” “ hereof ” and “
hereunder ” and similar terms refer to this Agreement
as a whole (including, unless the context otherwise provides, the
Existing Credit Agreement), and not to any particular Article,
Section, subsection or clause in, this Agreement.
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(b) Unless otherwise
expressly indicated herein, (i) references in this Agreement
to an Exhibit, Schedule, Article, Section, clause or sub-clause
refer to the appropriate Exhibit or Schedule to, or Article,
Section, clause or sub-clause in this Agreement (including, unless
the context otherwise provides, the Existing Credit Agreement) and
(ii) the words “ above ” and “
below ”, when following a reference to a clause or a
sub-clause of any Loan Document, refer to a clause or sub-clause
within, respectively, the same Section or clause (including, unless
the context otherwise provides, the Existing Credit
Agreement).
(c) Each agreement defined in
this Article I shall include all appendices, exhibits and
schedules thereto. Unless the prior written consent of the
Requisite Lenders is required hereunder for an amendment,
restatement, supplement or other modification to any such agreement
and such consent is not obtained, references in this Agreement to
such agreement shall be to such agreement as so amended, restated,
supplemented or modified.
(d) References in this
Agreement to any statute shall be to such statute as amended or
modified from time to time and to any successor legislation
thereto, in each case as in effect at the time any such reference
is operative.
(e) The term “
including ” when used in any Loan Document means
“ including without limitation ” except when
used in the computation of time periods.
(f) The terms “
Lender ” and “ Administrative Agent
” include, without limitation, their respective
successors.
(g) Upon the appointment of
any successor Administrative Agent pursuant to Section 11.7
(Successor Administrative Agent) , references to CIP in
Section 11.4 (The Administrative Agent Individually)
and in the definition of Euro Equivalent shall be deemed to refer
to the financial institution then acting as the Administrative
Agent or one of its Affiliates if it so designates.
ARTICLE II
T HE F
ACILITY
Section 2.1 The
Commitments
On the terms and subject to
the conditions contained in this Agreement, each Lender severally
agrees to make loans to the Borrower (i) denominated in Euros
(each, together with each “Euro Revolving Loan” as
defined in and made under the Existing Credit Agreement, a “
Euro Revolving Loan ”) and (ii) denominated in
Dollars (each, together with each “Dollar Revolving
Loan” as defined in and made under the Existing Credit
Agreement, a “ Dollar Revolving Loan, ” and
collectively with any Euro Revolving Loans, the “
Revolving Loans ”) from time to time on any Business
Day during the period from the date hereof until the Revolving
Credit Termination Date in an aggregate Euro Equivalent amount at
any time outstanding for all such Revolving Loans not to exceed
such Lender’s Commitment; provided , however ,
that at no time shall (i) any Lender be obligated to make a
Revolving Loan in excess of such Lender’s Ratable Portion of
the Available Credit or (ii) the Euro Equivalent of the
outstanding principal amount of the Revolving Loans made to the
Borrower exceed €220,000,000. Within the limits of the
Commitment of each Lender, amounts of Revolving Loans repaid or
prepaid may be reborrowed under this Section 2.1
.
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Section 2.2
Borrowing Procedures
(a) Each Borrowing shall be
made on notice given by the Borrower to the Administrative Agent
not later than 11:00 a.m. (London time) on the third Business
Day prior to the date of the proposed Borrowing except, that in the
case of the initial Borrowing, notice shall be given by the
Borrower concurrently with or prior to execution of this Agreement
for funding on the next Business Day after the Effective Date. Each
such notice shall be in substantially the form of Exhibit C
(Form of Notice of Borrowing) (a “ Notice of
Borrowing ”), specifying (A) the date of such
proposed Borrowing, (B) whether the Borrowing is to be a Euro
Revolving Loan or a Dollar Revolving Loan, (C) the aggregate
amount of such proposed Borrowing, and (D) the initial
Interest Period or Periods for any Eurocurrency Rate Loans. The
Revolving Loans shall be made as Eurocurrency Rate Loans unless,
subject to Section 2.12 (Special Provisions Governing
Eurocurrency Rate Loans) , the Notice of Borrowing specifies
that all or a portion of the Dollar Revolving Loans shall be
Substitute Basis Loans. Each Borrowing of Euro Revolving Loans
shall be in an aggregate amount of not less than €1,000,000
or an integral multiple of €500,000 in excess thereof. Each
Borrowing of Dollar Revolving Loans shall be in an aggregate amount
of not less than the $1,000,000 or an integral multiple of $500,000
in excess thereof. No more than ten (10) Borrowings may be
outstanding at any time.
(b) The Administrative Agent
shall give to each Lender prompt notice of the Administrative
Agent’s receipt of a Notice of Borrowing and, if Eurocurrency
Rate Loans are properly requested in such Notice of Borrowing, the
applicable interest rate determined pursuant to
Section 2.12(a) (Determination of Interest Rate) . Each
Lender shall notify the Agent of any extra costs involved due to
application of the Eurocurrency Rate. Each Lender shall, before
11:00 a.m (London time) on the date of the proposed Borrowing,
make available to the Administrative Agent at its address referred
to in Section 12.8 (Notices, Etc.) , in immediately
available funds, such Lender’s Ratable Portion of such
proposed Borrowing. Upon fulfillment (or due waiver in accordance
with Section 12.1 (Amendments, Waivers, Etc.) )
(i) on the Effective Date, of the applicable conditions set
forth in Section 3.1 (Conditions Precedent to Effectiveness
of this Agreement) and (ii) at any time (including the
Effective Date), of the applicable conditions set forth in
Section 3.2 (Conditions Precedent to Each Loan) , and
after the Administrative Agent’s receipt of such funds, the
Administrative Agent shall make such funds available to the
Borrower.
(c) Unless the Administrative
Agent shall have received notice from a Lender prior to the date of
any proposed Borrowing that such Lender will not make available to
the Administrative Agent such Lender’s Ratable Portion of
such Borrowing (or any portion thereof), the Administrative Agent
may assume that such Lender has made such Ratable Portion available
to the Administrative Agent on the date of such Borrowing in
accordance with this Section 2.2 and the Administrative
Agent may, in reliance upon such assumption, make available to the
Borrower on such date a corresponding amount. If and to the extent
that such Lender shall not have so made such Ratable Portion
available to the Administrative Agent, such Lender and the Borrower
severally agree to repay to the Administrative Agent forthwith on
demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the
Borrower until the date such amount is repaid to the Administrative
Agent, at the interest rate applicable at the time to the Loans
comprising such Borrowing. If such Lender shall repay to the
Administrative Agent such corresponding amount, such corresponding
amount so repaid shall constitute such Lender’s Loan as part
of such Borrowing for purposes of this Agreement and such repayment
shall relieve the Borrower’s obligation with respect to the
principal portion of such amount. If the Borrower shall repay to
the Administrative Agent such corresponding amount, such payment
shall not relieve such Lender of any obligation it may have
hereunder to the Borrower.
(d) The failure of any Lender
to make the Loan or any payment required by it on the date
specified (each such Lender, until such payment is made, a “
Non-Funding Lender ”) shall not relieve
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any other Lender of its obligations to
make such Loan or payment on such date but no such other Lender
shall be responsible for the failure of any Non-Funding Lender to
make a Loan or payment required under this Agreement.
Section 2.3
Reduction and Termination of the Commitments
The Borrower may, upon at
least three Business Days’ prior notice to the Administrative
Agent, permanently terminate in whole or permanently reduce in part
ratably the unused portions of the respective Commitments of the
Lenders; provided , however , that each partial
reduction shall be in an aggregate amount of not less than
€5,000,000 or an integral multiple of €500,000 in
excess thereof and any mandatory prepayment resulting from such
reduction shall have been made.
Section 2.4
Repayment of Loans
The Borrower promises to
repay the entire unpaid principal amount of the Revolving Loans
owing by it on the Revolving Credit Termination Date.
Section 2.5
Evidence of Debt
(a) Each Lender shall
maintain in accordance with its usual practice an account or
accounts evidencing Indebtedness of the Borrower to such Lender
resulting from each Loan of such Lender from time to time,
including the amounts of principal and interest payable and paid to
such Lender from time to time under this Agreement.
(b) The Administrative Agent
shall maintain accounts in accordance with its usual practice in
which it shall record (i) the amount of each Loan made and, if
a Eurocurrency Rate Loan, the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable
by the Borrower to each Lender hereunder and (iii) the amount
of any sum received by the Administrative Agent hereunder from the
Borrower, whether such sum constitutes principal or interest (and
the type of Loan to which it applies), fees, expenses or other
amounts due under the Loan Documents and each Lender’s share
thereof, if applicable.
(c) The entries made in the
accounts maintained pursuant to clauses (a) and
(b) above shall, to the extent permitted by applicable
law, be prima facie evidence of the existence and amounts of
the obligations recorded therein; provided , however
, that the failure of any Lender or the Administrative Agent to
maintain such accounts or any error therein shall not in any manner
affect the obligations of the Borrower to repay the Loans in
accordance with their terms.
(d) Notwithstanding any other
provision of the Agreement, in the event that any Lender requests
that the Borrower execute and deliver a promissory note or notes
payable to such Lender in order to evidence the Indebtedness owing
to such Lender by the Borrower hereunder, the Borrower shall
promptly execute and deliver a Note or Notes to such Lender
evidencing any Revolving Loans of such Lender, substantially in the
form of Exhibit B ( Form of Note ).
Section 2.6
Optional Prepayments
(a) Revolving Loans .
The Borrower may, upon at least three Business Days’ prior
notice to the Administrative Agent on any Business Day, in each
case stating the proposed date and aggregate principal amount of
the prepayment, prepay the outstanding principal amount of the
Revolving Loans in whole or in part; provided ,
however , that if any prepayment of any Eurocurrency Rate
Loan is made by the Borrower other than on the last day of an
Interest Period for such Loan, the Borrower shall
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also pay any amount owing pursuant to
Section 2.12(e) (Breakage Costs) so long as such Lender
makes written demand for such amount (with a copy of such demand to
the Administrative Agent) within 20 Business Days after any such
prepayment; and, provided , further , that each
partial prepayment shall be in an aggregate principal amount not
less than the Euro Equivalent of €1,000,000 or integral
multiples of €500,000 in excess thereof. Upon the giving of
such notice of prepayment, the principal amount of Revolving Loans
specified to be prepaid shall become due and payable on the date
specified for such prepayment and any mandatory prepayment
resulting from such reduction shall have been made.
(b) The Borrower shall not
have the right to prepay the principal amount of any Revolving Loan
other than as provided in this Section 2.6 .
Section 2.7
Mandatory Prepayments
If, on the date of any
continuation pursuant to Section 2.9 (Continuation
Option) , the aggregate principal amount of Revolving Credit
Outstandings exceeds 103% of the Commitments, the Administrative
Agent shall give prompt written notice thereof to the Borrower
specifying the amount to be prepaid under this Section 2.7 and
the Borrower shall, within two Business Days after receiving such
notice, prepay the Revolving Loans then outstanding in an amount
equal to such excess.
Section 2.8
Interest
(a) Rate of Interest.
All Loans and the outstanding amount of all other Obligations shall
bear interest, in the case of Loans, on the unpaid principal amount
thereof from the date such Loans are made and, in the case of such
other Obligations, from the date such other Obligations are due and
payable until, in all cases, the date such Obligations are paid in
full, except as otherwise provided in clause (c) below,
at a rate per annum equal to the sum of (A) the
Eurocurrency Rate determined for the applicable Interest Period and
(B) the Applicable Margin in effect from time to time during
such Interest Period.
(b) Interest Payments
. (i) Interest accrued on each Eurocurrency Rate Loan shall be
payable in arrears (A) on the last day of each Interest Period
applicable to such Loan and, if such Interest Period has a duration
of more than six months, on each day during such Interest Period
occurring every six months from the first day of such Interest
Period, (B) upon the payment or prepayment thereof in full or
in part and (C) if not previously paid in full, at maturity
(whether by acceleration or otherwise) of such Eurocurrency Rate
Loan and (ii) interest accrued on the amount of all other
Obligations shall be payable on demand from and after the time such
Obligation becomes due and payable (whether by acceleration or
otherwise).
(c) Default Interest .
Notwithstanding the rates of interest specified in
clause (a) above or elsewhere herein, effective
immediately upon the occurrence of an Event of Default and for as
long thereafter as such Event of Default shall be continuing, the
principal balance of all Loans and the amount of all other
Obligations then due and payable shall bear interest at a rate that
is two percent (2.0%) per annum in excess of the rate
of interest applicable to such Loans or other Obligations from time
to time.
Section 2.9
Continuation Option
(a) The Borrower may elect at
the end of any applicable Interest Period to continue any
Eurocurrency Rate Loans or any portion thereof for an additional
Interest Period; provided , however , that the
aggregate amount of the Eurocurrency Loans continued for each
Interest Period must be in the amount of at least the Euro
Equivalent of €1,000,000 or an integral multiple of
€500,000 in excess
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thereof. Each continuation shall be
allocated among the Loans of each Lender in accordance with such
Lender’s Ratable Portion. Subject to clause (b)
below, each such election shall be in substantially the form
of Exhibit D (Form of Notice of Continuation) (a
“ Notice of Continuation ”) and shall be made by
giving the Administrative Agent at least three Business Days’
prior written notice specifying the amount and type of Loan being
continued and (B) the applicable Interest Period.
(b) The Administrative Agent
shall promptly notify each Lender of its receipt of a Notice of
Continuation and of the options selected therein. Notwithstanding
the foregoing, no continuation in whole or in part of Eurocurrency
Rate Loans upon the expiration of any applicable Interest Period,
shall be permitted at any time at which (A) a Default or an
Event of Default shall have occurred and be continuing or
(B) the continuation of a Eurocurrency Rate Loan would violate
any provision of Section 2.12 (Special Provisions Governing
Eurocurrency Rate Loans) . If, within the time period required
under the terms of this Section 2.9 , the
Administrative Agent does not receive a Notice of Continuation from
the Borrower containing a permitted election to continue any
Eurocurrency Rate Loans for an additional Interest Period then,
upon the expiration of the applicable Interest Period, such
Eurocurrency Rate Loans shall be automatically continued as with an
interest period of one month (or if consented by all Lenders, seven
days). Each Notice of Continuation shall be irrevocable.
Section 2.10
Fees
(a) Unused Commitment
Fee . (i) The Borrower agrees to pay to each Lender a
commitment fee on the actual daily amount by which the Commitment
of such Lender exceeds the sum of the outstanding principal amount
of the Euro Equivalent of Revolving Loans held by it through the
Revolving Credit Termination Date at the Applicable Unused
Commitment Fee Rate, payable in arrears (x) on the first
Business Day of each calendar quarter, commencing on the first such
Business Day following the Effective Date and (y) on the
Revolving Credit Termination Date.
(b) Additional Fees .
The Borrower agrees to pay to the Administrative Agent, and the
Arrangers the administrative and other fees from time to time
agreed to by the Borrower and such parties.
Section 2.11
Payments and Computations
(a) The Borrower shall make
each payment required to be made by it hereunder (including fees
and expenses) not later than 2:00 p.m. (London time) on the day
when due, in Dollars or Euros (depending on the denomination of the
Obligation being paid), to the Administrative Agent at its address
referred to in Section 12.8 (Notices, Etc.) in
immediately available funds without set-off or counterclaim. The
Administrative Agent shall promptly thereafter cause to be
distributed immediately available funds relating to the payment of
principal, interest or fees to the Lenders, in accordance with the
application of payments set forth in clauses (e) or
(e) below , as applicable, for the account of their
respective Eurocurrency Lending Offices; provided ,
however , that amounts payable pursuant to
Section 2.13 (Capital Adequacy) , 2.14 (Taxes)
or Section 2.12(c) (Increased Costs) or
(d) (Illegality) shall be paid only to the affected
Lender or Lenders. Payments received by the Administrative Agent
after 2:00 p.m. (London time) shall be deemed to be received
on the next Business Day.
(b) All computations of
interest and of fees shall be made by the Administrative Agent on
the basis of a year of 360 days, in each case for the actual number
of days (including the first day but excluding the last day)
occurring in the period for which such interest and fees are
payable. Each determination by the Administrative Agent, as
applicable, of an interest rate hereunder shall be conclusive and
binding for all purposes, absent manifest error.
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(c) Whenever any payment
hereunder shall be stated to be due on a day other than a Business
Day, the due date for such payment shall be extended to the next
succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest or fees,
as the case may be; provided , however , that if such
extension would cause payment of interest on or principal of any
Eurocurrency Rate Loan to be made in the next calendar month, such
payment shall be made on the immediately preceding Business Day.
All repayments made of any Revolving Loans shall be applied to
repay those Eurocurrency Rate Loans having earlier expiring
Interest Periods prior to those having later expiring Interest
Periods.
(d) Unless the Administrative
Agent shall have received notice from the Borrower to the Lenders
prior to the date on which any payment is due hereunder that the
applicable Borrower will not make such payment in full, the
Administrative Agent may assume that the Borrower has made such
payment in full to the Administrative Agent on such date and the
Administrative Agent may, in reliance upon such assumption, cause
to be distributed to each Lender on such due date an amount equal
to the amount then due such Lender. If and to the extent that the
Borrower shall not have made such payment in full to the
Administrative Agent, each Lender shall repay to the Administrative
Agent forthwith on demand such amount distributed to such Lender
together with interest thereon at the rate specified in
Section 2.8(a) for each day from the date such amount is
distributed to such Lender until the date such Lender repays such
amount to the Administrative Agent.
(e) Except for payments and
other amounts received by the Administrative Agent and applied in
accordance with the provisions of clause (f) below ,
all payments and any other amounts received by the Administrative
Agent from or for the benefit of the Borrower shall be applied as
follows: first , to pay principal of, and interest on, any
portion of the Loans the Administrative Agent may have advanced
pursuant to the express provisions of this Agreement on behalf of
any Lender, for which the Administrative Agent has not then been
reimbursed by such Lender or the Borrower, second , to pay
all other Obligations then due and payable and third , as
the Borrower so designates. Payments in respect of Revolving Loans
received by the Administrative Agent shall be distributed to each
Lender in accordance with such Lender’s Ratable Portion of
the Commitments; and all payments of fees and all other payments in
respect of any other Obligation shall be allocated among such of
the Lenders as are entitled thereto and, for such payments
allocated to the Lenders, in proportion to their respective Ratable
Portions.
(f) The Borrower hereby
irrevocably waives the right to direct the application of any and
all payments in respect of the Obligations after the occurrence and
during the continuance of an Event of Default and agrees that,
notwithstanding the provisions of clause (e) above ,
the Administrative Agent may, and, upon either (A) the written
direction of the Requisite Lenders or (B) the acceleration of
the Obligations pursuant to Section 9.2 (Remedies) ,
shall, apply all payments in respect of any Obligations and all
funds on deposit in any cash collateral account in the following
order:
First , to pay
Obligations in respect of any expense reimbursements or indemnities
then due to the Administrative Agent;
Second , to pay
Obligations in respect of any expense reimbursements or indemnities
then due to the Lenders;
Third , to pay
Obligations in respect of any fees then due to the Administrative
Agent and the Lenders;
Fourth , to pay
interest then due and payable in respect of the Revolving
Loans;
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Fifth , to pay or
prepay principal amounts on the Revolving Loans ratably to the
aggregate principal amount of such Loans; and
Sixth , to the ratable
payment of all other Obligations;
provided , however , that
if sufficient funds are not available to fund all payments to be
made in respect of any of the Obligations described in any of the
foregoing clauses first through sixth , the available
funds being applied with respect to any such Obligation (unless
otherwise specified in such clause) shall be allocated to the
payment of such Obligations ratably, based on the proportion of the
Administrative Agent’s and each Lender’s interest in
the aggregate outstanding Obligations described in such clauses;
provided , further , that the funds allocated to the
Lenders shall be used to pay, first , interest on and then
principal of any portion of the Revolving Loans which the
Administrative Agent may have advanced on behalf of any Lender for
which the Administrative Agent has not then been reimbursed by such
Lender or the Borrower (unless the Administrative Agent shall have
received from such Lender, prior to making such Advance, a notice
of the type described in Section 2.2(d) ), and this
proviso and the order of priority set forth in clauses
first through second of this Section 2.11(f)
may be changed only with the prior written consent of the
Administrative Agent in addition to the Requisite Lenders. The
order of priority set forth in clauses first through
sixth of this Section 2.11(f) may at any time
and from time to time be changed by the agreement of the Requisite
Lenders (and the Administrative Agent, if required pursuant to the
preceding sentence) without necessity of notice to or consent of or
approval by the Borrower or any other Person.
(g) At the option of the
Administrative Agent, interest, fees, expenses and other sums due
and payable in respect of the Loans may be paid from the proceeds
of Revolving Loans. The Borrower hereby authorizes the Lenders to
make Revolving Loans pursuant to Section 2.2(a) (Borrowing
Procedures) from time to time in such Lender’s
discretion, that are in the amounts of any and all interest, fees,
expenses and other sums payable in respect of the Loans, and
further authorizes the Administrative Agent to give the Lenders
notice of any Borrowing with respect to such Revolving Loans and to
distribute the proceeds of such Revolving Loans to pay such
amounts. The Borrower agrees that all such Revolving Loans so made
shall be deemed to have been requested by it (irrespective of the
satisfaction of the conditions in Section 3.2 (Conditions
Precedent to Each Loan) , which conditions the Lenders
irrevocably waive) and directs that all proceeds thereof shall be
used to pay such amounts.
Section 2.12
Special Provisions Governing Eurocurrency Rate
Loans
(a) Determination of
Interest Rate
The Eurocurrency Rate for
each Interest Period for Eurocurrency Rate Loans shall be
determined by the Administrative Agent pursuant to the procedures
set forth in the definition of “ Eurocurrency Rate.
” The Administrative Agent’s determination shall be
presumed to be correct absent manifest error and shall be binding
on the Borrower.
(b) Interest Rate
Unascertainable, Inadequate or Unfair
In the event that
(i) the Administrative Agent determines that adequate and fair
means do not exist for ascertaining the applicable interest rates
by reference to which the Eurocurrency Rate then being determined
is to be fixed or (ii) the Requisite Lenders notify the
Administrative Agent that the Eurocurrency Rate for any Interest
Period will not adequately reflect the cost to such Lenders of
making or maintaining such Loans in Dollars or Euros, as
applicable, for such Interest Period, the Administrative Agent
shall forthwith so notify the Borrower and the Lenders in writing
and Section 2.12(f) shall apply.
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(c) Increased
Costs
If at any time any Lender
determines that the introduction of, or any change in or in the
interpretation of, any law, treaty or governmental rule, regulation
or order (other than any change by way of imposition or increase of
reserve requirements included in determining the Eurocurrency Rate)
or the compliance by such Lender with any guideline, request or
directive from any central bank or other Governmental Authority
(whether or not having the force of law), shall have the effect of
increasing the cost to such Lender of agreeing to make or making,
funding or maintaining any Eurocurrency Rate Loans, then the
Borrower shall from time to time, within 10 Business Days after the
receipt of written demand by such Lender (with a copy of such
demand to the Administrative Agent), pay to the Administrative
Agent for the account of such Lender additional amounts sufficient
to compensate such Lender for such increased cost incurred during
the 90-day period prior to the date of such demand. A certificate
as to the amount of such increased cost, submitted to the Borrower
and the Administrative Agent by such Lender, shall be conclusive
and binding for all purposes, absent manifest error.
(d)
Illegality
Notwithstanding any other
provision of this Agreement, if any Lender determines that the
introduction of, or any change in or in the interpretation of, any
law, treaty or governmental rule, regulation or order after the
date of this Agreement shall make it unlawful, or any central bank
or other Governmental Authority shall assert that it is unlawful,
for any Lender or its Eurocurency Lending Office to make
Eurocurrency Rate Loans or to continue to fund or maintain
Eurocurrency Rate Loans, then, on notice thereof and demand
therefor by such Lender to the Borrower through the Administrative
Agent, each Lender of a Eurocurrency Rate Loan shall convert such
Loans into Substitute Basis Loans in accordance with the procedure
outlined in Section 2.12(f) hereof. In the event such a
determination is made regarding Eurocurrency Rate Loans, the Lender
shall review the circumstances giving rise to such determination at
least weekly and if, at any time after a Lender gives notice under
this Section 2.12(d) , such Lender determines that it
may lawfully make Eurocurrency Rate Loans, such Lender shall
promptly give notice of that determination to the applicable
Borrower and the Administrative Agent, and the Administrative Agent
shall promptly transmit the notice to each other Lender. The
applicable Borrower’s right to request, and such
Lender’s obligation, if any, to make Eurocurrency Rate Loans
shall thereupon be restored.
(e) Breakage
Costs
In addition to all amounts
required to be paid by the Borrower pursuant to Section 2.8
(Interest) , the Borrower shall compensate each Lender, upon
demand, for all losses, expenses and liabilities (including any
loss or expense reasonably incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by such Lender to
fund or maintain such Lender’s Eurocurrency Rate Loans to the
Borrower but excluding any loss of the Applicable Margin on the
relevant Loans) that such Lender may sustain (i) if for any
reason a Borrowing, conversion or continuation of Eurocurrency Rate
Loans does not occur on a date specified therefor in a Notice of
Borrowing or a Notice of Conversion or Continuation given by the
Borrower or in a telephonic request by it for borrowing or
conversion or continuation or a successive Interest Period does not
commence after notice therefor is given pursuant to
Section 2.9 (Continuation Option) , or any conversion
or continuation of a Eurocurrency Rate Loan occurs on a date that
is not the last day of the applicable Interest Period, (ii) if
for any reason any Eurocurrency Rate Loan is prepaid (including, in
the case of Eurocurrency Rate Loans, mandatorily pursuant to
Section 2.7 (Mandatory Prepayments) ) on a date that is
not the last day of the applicable Interest Period or
(iii) pursuant to any Substitution Notice delivered under
Section 2.15 ( Substitution of Lenders ). The Lender
making demand for such compensation shall deliver to the Borrower
concurrently with such demand a written statement as to such
losses, expenses and liabilities,
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and this statement shall be conclusive
as to the amount of compensation due to such Lender, absent
manifest error.
(f) Substitute
Basis
(i) During the 30 day period
following the date of any such notice given pursuant to
Section 2.12 (b) or (d) in relation to Eurocurrency
Rate Loans (the “ Negotiation Period ”), the
Administrative Agent (on behalf of the Lenders) and the Borrower
will negotiate in good faith for the purpose of agreeing upon an
alternative, mutually acceptable basis (the “ Substitute
Basis ”) for determining the rate of interest to be
applicable to such Loan, and any other amounts hereunder not paid
when due, in lieu of the Eurocurrency Rate, and if at the expiry of
the Negotiation Period the Administrative Agent (with the consent
of the Lenders) and the Borrower have agreed upon a Substitute
Basis and any required approvals of any Governmental Authority
therefor have been obtained, the Substitute Basis in lieu of the
applicable Eurocurrency Rate plus the Applicable Margin shall take
effect from such date (including such retroactive date) as the
Administrative Agent (with the consent of the Lenders) and the
Borrower may in such circumstance agree.
(ii) If, at the expiry of the
Negotiation Period, a Substitute Basis shall not have been agreed
upon or any required approvals of any Governmental Authority
therefor shall not have been obtained, the Administrative Agent
(with the consent of the Lenders) shall notify the Borrower of the
cost to the Lenders (as reasonably determined by them) of funding
and maintaining the outstanding affected Loans, and any other
amounts hereunder not paid when due, for the applicable Interest
Period, and the interest payable to the Lenders on Loans, and such
other amounts not paid when due, to which such Interest Period
applies shall be interest at a rate per annum equal to the cost of
funding and maintaining such Loans or such other amounts as so
notified by the Administrative Agent plus the Applicable
Margin.
Loans to which the rate of
interest determined pursuant to clause (i) or (ii) of
this Section 2.12(g) applies are referred to as “
Substitute Basis Loans ” and the rate of interest so
determined is referred to as the “ Substitute Basis
Rate .”
The procedures specified in
clauses (i) and (ii) above shall apply to each relevant
period succeeding the first such period to which they were first
applied unless and until the Administrative Agent (at the request
of the affect Lender) notifies the Borrower that the condition
referred to in Section 2.12(b) or (d) no longer exists,
whereupon interest on Loans shall again be determined in accordance
with the provisions of Section 2.8 hereof, effective
commencing on the third Business Day after the date of such
notice.
With a view to returning to
the normal operation of the Facility, the Administrative Agent
shall, after having consulted with such Lender, examine the
situation at least weekly to determine if the circumstances
described in Section 2.12(b) or (d) still
prevail.
Section 2.13
Capital Adequacy
If at any time any Lender
determines that (a) the adoption of, or any change in or in
the interpretation of, any law, treaty or governmental rule,
regulation or order after the date of this Agreement regarding
capital adequacy, (b) compliance with any such law, treaty,
rule, regulation or order or (c) compliance with any guideline
or request or directive from any central bank or other Governmental
Authority (whether or not having the force of law) shall have the
effect of reducing the rate of return on such Lender’s (or
any corporation controlling such Lender’s) capital as a
consequence of its obligations
28
hereunder to a level below that which
such Lender or such corporation could have achieved but for such
adoption, change, compliance or interpretation, then, within 10
Business Days of Borrower’s receipt of written demand from
such Lender (with a copy of such demand to the Administrative
Agent), the Borrower shall pay to the Administrative Agent for the
account of such Lender, from time to time as specified by such
Lender, additional amounts sufficient to compensate such Lender for
such reduction during the six-month period prior to the date of
such demand. A certificate as to such amounts submitted to the
Borrower and the Administrative Agent by such Lender shall be
conclusive and binding for all purposes absent manifest
error.
Section 2.14
Taxes
(a) Any and all payments by
any Loan Party under each Loan Document shall be made free and
clear of and without deduction for any and all present or future
taxes, levies, imposts, deductions, charges or withholdings, and
all liabilities with respect thereto, excluding in the case of each
Lender and the Administrative Agent taxes measured by its net
income, and franchise taxes imposed on it, by the jurisdiction (or
any political subdivision thereof) under the laws of which such
Lender or the Administrative Agent (as the case may be) is
organized or maintains a lending office (all such non-excluded
taxes, levies, imposts, deductions, charges, withholdings and
liabilities being hereinafter referred to as “ Taxes
”). If any Taxes shall be required by law to be deducted from
or in respect of any sum payable under any Loan Document to any
Lender or the Administrative Agent (w) the sum payable shall
be increased as may be necessary so that after making all required
deductions (including deductions applicable to additional sums
payable under this Section 2.14 ) such Lender or the
Administrative Agent (as the case may be) receives an amount equal
to the sum it would have received had no such deductions been made,
(x) the relevant Loan Party shall make such deductions,
(y) the relevant Loan Party shall pay the full amount deducted
to the relevant taxing authority or other authority in accordance
with applicable law and (z) the relevant Loan Party shall
deliver to the Administrative Agent evidence of such
payment.
(b) In addition, each Loan
Party agrees to pay any present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar
levies of the United States or any political subdivision thereof or
any applicable foreign jurisdiction, and all liabilities with
respect thereto, in each case arising from any payment made under
any Loan Document or from the execution, delivery or registration
of, or otherwise with respect to, any Loan Document (collectively,
“ Other Taxes ”).
(c) Each Loan Party shall
indemnify each Lender and the Administrative Agent for the full
amount of Taxes and Other Taxes (including any Taxes and Other
Taxes imposed by any jurisdiction on amounts payable under this
Section 2.14 ) paid by such Lender or the
Administrative Agent (as the case may be) and any liability
(including for penalties, interest and expenses) arising therefrom
or with respect thereto, whether or not such Taxes or Other Taxes
were correctly or legally asserted. This indemnification shall be
made within 30 days from the date such Lender or the Administrative
Agent (as the case may be) makes written demand therefor. No Loan
Party shall be liable to any Lender or the Administrative Agent, as
the case may be, for any such liability if such Person fails to
make written demand for indemnification therefor within 120 days of
receiving notice of the existence of such liability. In addition,
no Loan Party shall be liable to any Person for any liability
arising from or with respect to Taxes or Other Taxes which results
from the gross negligence of such Lender or the Administrative
Agent, as the case may be. Each Lender and the Administrative Agent
will use its reasonable best efforts to assist any Loan Party in
obtaining any refunds from any Governmental Authority for any Taxes
or Other Taxes improperly imposed on or asserted against a Lender
or the Administrative Agent for which such Loan Party has made an
indemnification payment under this Section 2.14(c) .
Upon receipt of any such refund, such Lender or the Administrative
Agent shall promptly repay the applicable Loan Party the amount of
such refund. This subsection shall not be construed to require the
Administrative Agent or any
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Lender to make available its tax returns
(or any other information relating to its taxes that it deems
confidential) to the Borrower, the Company or any
Person.
(d) Within 30 days after the
date of any payment of Taxes or Other Taxes by any Loan Party, the
Borrower shall furnish to the Administrative Agent, at its address
referred to in Section 12.8 (Notices, Etc.) , the
original or a certified copy of a receipt evidencing payment
thereof.
(e) Without prejudice to the
survival of any other agreement of any Loan Party hereunder, the
agreements and obligations of such Loan Party contained in
clauses (b) and (c) of this
Section 2.14 shall survive the payment in full of the
Obligations.
(f) Prior to the Effective
Date each Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is resident for tax purposes
and that is entitled to an exemption from or reduction of
withholding tax under the laws of the jurisdiction in which the
Borrower is resident for tax purposes with respect to payments
hereunder or under any other Loan Document, on or prior to the date
of its execution and delivery of this Agreement in the case of each
Lender listed on the signature pages hereof and on or prior to the
date on which it becomes a Lender in the case of each other Lender,
and from time to time thereafter if requested in writing by the
Borrower or the Administrative Agent (but only so long as such
Lender remains lawfully able to do so), shall provide the Borrower
and the Administrative Agent with such properly completed and
executed documentation prescribed by applicable laws as will permit
such payments to be made without deduction or withholding or at a
reduced rate of deduction or withholding for income taxes (or
franchise taxes in lieu thereof). Each Lender which so delivers
such documentation further undertakes to deliver to the Borrower
and the Administrative Agent additional or successor documentation
on or before the date such documentation expires or becomes
obsolete or after the occurrence of any event requiring a change in
the most recent documentation so delivered by it, as will permit
such Lender to receive payments from the Borrower hereunder or
under any other Loan Document without deduction or withholding (or
at a reduced rate of deduction or withholding) for income taxes (or
franchise taxes in lieu thereof), unless an event (including
without limitation any change in treaty, law, or regulation) has
occurred prior to the date on which any such delivery would
otherwise be required which renders all such documentation
inapplicable or which would prevent such Lender from duly
completing and delivering any such documentation with respect to it
and such Lender advises the Borrower and the Administrative Agent
that it is not capable of receiving such payments without any
deduction or withholding for income tax (or franchise tax in lieu
thereof).
(g) Any Lender claiming any
additional amounts payable pursuant to this
Section 2.14 shall use its reasonable efforts
(consistent with its internal policy and legal and regulatory
restrictions) to change the jurisdiction of its Eurocurrency
Lending Office if the making of such a change would avoid the need
for, or reduce the amount of, any such additional amounts that
would be payable or may thereafter accrue and would not, in the
sole determination of such Lender, be otherwise disadvantageous to
such Lender.
Section 2.15
Substitution of Lenders
(a) In the event that
(i)(A) any Lender makes a claim under Section 2.12(c)
(Increased Costs) or Section 2.13 (Capital
Adequacy) , (B) it becomes illegal for any Lender to
continue to fund or make any Eurocurrency Rate Loan and such Lender
notifies the Borrower pursuant to Section 2.12(d)
(Illegality) , (C) the Borrower is required to make any
payment pursuant to Section 2.14 (Taxes) that is
attributable to a particular Lender or (D) any Lender becomes
a Non-Funding Lender, (ii) in the case of clause (i)(A)
above, as a consequence of increased costs in respect of which such
claim is made, the effective rate of interest payable to such
Lender under this Agreement with respect to its Loans materially
exceeds the effective average annual rate of interest payable to
the Requisite Lenders under
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this Agreement and (iii) in the
case of clause (i)(A), (B) and (C) above, Lenders
holding at least 75% of the Commitments are not subject to such
increased costs or illegality, payment or proceedings (any such
Lender, an “ Affected Lender ”), the Borrower
may substitute any Lender and, if reasonably acceptable to the
Administrative Agent and, if such Lender is to be a Lender, any
other Eligible Assignee (a “ Substitute Institution
”) for such Affected Lender hereunder, after delivery of a
written notice (a “ Substitution Notice ”)
within a reasonable time (in any case not to exceed 90 days)
following the occurrence of any of the events described in
clauses (i)(A), (B), (C) or (D) above by the
Borrower to the Administrative Agent and the Affected Lender that
the Borrower intends to make such substitution; provided ,
however , that, if more than one Lender claims increased
costs, illegality or right to payment arising from the same act or
condition and such claims are received by the Borrower within 30
days of each other, then the Borrower may substitute all, but not
(except to the extent the Borrower has already substituted one of
such Affected Lenders before the Borrower’s receipt of the
other Affected Lenders’ claim) less than all, Lenders making
such claims.
(b) If the Substitution
Notice was properly issued under this Section 2.15 ,
the Affected Lender shall sell, and the Substitute Institution
shall purchase, all rights and claims of such Affected Lender under
the Loan Documents and the Substitute Institution shall assume, and
the Affected Lender shall be relieved of, the Affected
Lender’s Commitments and all other prior unperformed
obligations of the Affected Lender under the Loan Documents (other
than in respect of any damages (other than exemplary or punitive
damages, to the extent permitted by applicable law) in respect of
any such unperformed obligations). Such purchase and sale (and the
corresponding assignment of all rights and claims hereunder) shall
be effective on (and not earlier than) the latest of (i) the
receipt by the Affected Lender of its Ratable Portion of the
Revolving Credit Outstandings, together with any other Obligations
owing to it, (ii) the receipt by the Administrative Agent of
an agreement in form and substance satisfactory to it and the
Borrower whereby the Substitute Institution shall agree to be bound
by the terms hereof and (iii) the payment in full to the
Affected Lender in cash of all fees, unreimbursed costs and
expenses and indemnities accrued and unpaid through such effective
date. Upon the effectiveness of such sale, purchase and assumption,
the Substitute Institution shall become a “ Lender
” hereunder for all purposes of this Agreement having a
Commitment in the amount of such Affected Lender’s Commitment
assumed by it and such Commitment of the Affected Lender shall be
terminated to the extent so assumed; provided ,
however , that all indemnities under the Loan Documents
shall continue in favor of such Affected Lender.
(c) Each Lender agrees
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