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Exhibit
10.1
CREDIT AGREEMENT
Dated as of January 26, 2007
Among
THE FINANCIAL INSTITUTIONS PARTY HERETO
as the Lenders
and
CITIBANK, N.A.
as Administrative Agent and Collateral Agent,
and
RMK ACQUISITION CORPORATION
(to be merged with and into ARAMARK
CORPORATION),
ARAMARK CANADA LTD.,
ARAMARK INVESTMENTS LIMITED,
ARAMARK IRELAND HOLDINGS LIMITED,
ARAMARK HOLDINGS GMBH & CO. KG
and
ARAMARK GMBH,
as Borrowers,
and
THE GUARANTORS FROM TIME TO TIME PARTY
HERETO,
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
and
J.P. MORGAN SECURITIES INC.
as Joint Lead Arrangers, Joint Bookrunners and
Co-Syndication Agents,
and
BARCLAYS BANK PLC
and
WACHOVIA BANK, NATIONAL ASSOCIATION,
as Co-Documentation Agents
TABLE OF
CONTENTS
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Page
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ARTICLE I
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DEFINITIONS
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SECTION 1.01
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Defined Terms
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1
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SECTION 1.02
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Classification of Loans and Borrowings
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60
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SECTION 1.03
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Conversion of Currencies
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61
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SECTION 1.04
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Terms Generally
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61
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SECTION 1.05
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Effectuation of Transactions
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61
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SECTION 1.06
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Change of Currency
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61
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SECTION 1.07
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Funding through Applicable Lending
Offices
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62
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ARTICLE II
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THE CREDITS
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SECTION 2.01
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Commitments
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62
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SECTION 2.02
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Loans and Borrowings
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64
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SECTION 2.03
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Swingline Loans
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66
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SECTION 2.04
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Letters of Credit
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69
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SECTION 2.05
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Termination and Reduction of Commitments and LC
Facility Deposits
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76
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SECTION 2.06
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Repayment of Loans
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76
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SECTION 2.07
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Evidence of Debt
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82
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SECTION 2.08
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Optional Prepayment of Loans
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83
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SECTION 2.09
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Mandatory Prepayment of Loans
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83
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SECTION 2.10
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Fees
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85
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SECTION 2.11
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Interest
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86
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SECTION 2.12
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Conversion/Continuation Options
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88
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SECTION 2.13
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Payments and Computations
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89
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SECTION 2.14
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Increased Costs; Change of Law, Etc.
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90
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SECTION 2.15
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Taxes
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94
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SECTION 2.16
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Allocation of Proceeds; Sharing of
Setoffs
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99
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SECTION 2.17
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Mitigation Obligations; Replacement of
Lenders
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100
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SECTION 2.18
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Credit Linked Deposit Account
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101
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SECTION 2.19
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Incremental Facilities
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102
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ARTICLE III
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REPRESENTATIONS AND
WARRANTIES
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SECTION 3.01
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Organization; Powers
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104
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SECTION 3.02
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Authorization; Enforceability
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105
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SECTION 3.03
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Governmental Approvals; No Conflicts
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105
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SECTION 3.04
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Financial Condition; No Material Adverse
Change
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105
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SECTION 3.05
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Properties
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106
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SECTION 3.06
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Litigation and Environmental Matters
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106
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-i-
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Page
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SECTION 3.07
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Compliance with Laws and Agreements; Licenses and
Permits
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107
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SECTION 3.08
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Investment Company Status
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107
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SECTION 3.09
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Taxes
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107
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SECTION 3.10
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Deduction of Tax
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107
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SECTION 3.11
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No Filing or Stamp Taxes
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108
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SECTION 3.12
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ERISA
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108
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SECTION 3.13
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Disclosure
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108
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SECTION 3.14
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Material Agreements
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108
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SECTION 3.15
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Solvency
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108
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SECTION 3.16
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Insurance
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109
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SECTION 3.17
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Capitalization and Subsidiaries
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109
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SECTION 3.18
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Security Interest in Collateral
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109
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SECTION 3.19
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Labor Disputes
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109
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SECTION 3.20
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Federal Reserve Regulations
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110
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SECTION 3.21
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Transaction Documents
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110
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ARTICLE IV
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CONDITIONS
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SECTION 4.01
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Conditions Precedent to Initial Credit
Extensions
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110
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SECTION 4.02
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Conditions Precedent to Each Loan and Letter of
Credit
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116
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ARTICLE V
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AFFIRMATIVE COVENANTS
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SECTION 5.01
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Financial Statements and Other
Information
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116
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SECTION 5.02
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Notices of Material Events
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119
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SECTION 5.03
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Existence; Conduct of Business
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119
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SECTION 5.04
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Payment of Obligations
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119
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SECTION 5.05
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Maintenance of Properties
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120
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SECTION 5.06
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Books and Records; Inspection Rights
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120
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SECTION 5.07
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Maintenance of Ratings
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120
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SECTION 5.08
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Compliance with Laws
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120
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SECTION 5.09
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Use of Proceeds
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120
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SECTION 5.10
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Insurance
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120
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SECTION 5.11
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Additional Collateral; Further
Assurances
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121
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SECTION 5.12
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Post-Closing Requirements.
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122
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ARTICLE VI
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NEGATIVE COVENANTS
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SECTION 6.01
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Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock
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123
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SECTION 6.02
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Limitation on Liens
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130
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SECTION 6.03
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Merger, Consolidation or Sale of All or
Substantially All Assets
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130
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SECTION 6.04
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Limitation on Restricted Payments
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134
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-ii-
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Page
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SECTION 6.05
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Limitations on Transactions with
Affiliates
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137
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SECTION 6.06
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Dispositions
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139
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SECTION 6.07
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Limitation on Investments and Designation of
Unrestricted Subsidiaries
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141
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SECTION 6.08
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Dividends and Other Payment Restrictions
Affecting Restricted Subsidiaries
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141
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SECTION 6.09
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Amendments to Specified Indebtedness
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143
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SECTION 6.10
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Maximum Consolidated Secured Debt
Ratio
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144
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SECTION 6.11
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Capital Expenditures
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144
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SECTION 6.12
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Impairment of Security Interest
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145
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SECTION 6.13
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Business of U.S. Borrower and Restricted
Subsidiaries
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145
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ARTICLE VII
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EVENTS OF DEFAULT
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SECTION 7.01
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Events of Default
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145
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SECTION 7.02
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Remedies upon Event of Default
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148
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SECTION 7.03
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Specified Equity Contributions
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149
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ARTICLE VIII
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THE AGENT
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ARTICLE IX
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MISCELLANEOUS
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SECTION 9.01
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Notices
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153
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SECTION 9.02
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Waivers; Amendments
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155
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SECTION 9.03
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Expenses; Indemnity; Damage Waiver
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158
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SECTION 9.04
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Successors and Assigns
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159
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SECTION 9.05
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Survival
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163
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SECTION 9.06
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Counterparts; Integration;
Effectiveness
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164
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SECTION 9.07
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Severability
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164
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SECTION 9.08
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Right of Setoff
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164
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SECTION 9.09
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Governing Law; Jurisdiction; Consent to Service
of Process
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165
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SECTION 9.10
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Waiver of Jury Trial
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166
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SECTION 9.11
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Headings
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166
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SECTION 9.12
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Confidentiality
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166
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SECTION 9.13
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Several Obligations; Nonreliance; Violation of
Law
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167
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SECTION 9.14
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USA PATRIOT Act
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167
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SECTION 9.15
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Disclosure
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167
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SECTION 9.16
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Interest Rate Limitation
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167
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ARTICLE X
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LOAN GUARANTY
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SECTION 10.01
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Guaranty
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167
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-iii-
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Page
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SECTION 10.02
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Guaranty of Payment
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168
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SECTION 10.03
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No Discharge or Diminishment of Loan
Guaranty
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168
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SECTION 10.04
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Defenses Waived
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169
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SECTION 10.05
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Rights of Subrogation
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169
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SECTION 10.06
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Reinstatement; Stay of Acceleration
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169
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SECTION 10.07
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Information
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169
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SECTION 10.08
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Taxes
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169
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SECTION 10.09
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Maximum Liability
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170
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SECTION 10.10
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Contribution
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170
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SECTION 10.11
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Liability Cumulative
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171
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SECTION 10.12
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Release of Loan Guarantors
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171
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-iv-
SCHEDULES:
Commitment Schedule
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Schedule 1.01(a)
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—
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Immaterial Subsidiaries
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Schedule 1.01(b)
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—
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Mortgaged Properties
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Schedule 1.01(c)
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—
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Existing Debt to be Refinanced
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Schedule 1.01(f)
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—
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Mandatory Costs
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Schedule 1.01(g)
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—
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Existing Letters of Credit
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Schedule 1.01(h)
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—
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Historical EBITDA
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Schedule 2.15(p)(i)
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—
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Form of German Tax Certificate
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Schedule 3.05(a)
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—
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Principal Place of Business and Chief Executive
Office
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Schedule 3.05(f)
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—
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Intellectual Property
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Schedule 3.06
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—
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Disclosed Matters
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Schedule 3.16
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—
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Insurance
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Schedule 3.17
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—
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Capitalization and Subsidiaries
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Schedule 3.19
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—
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Labor Disputes
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Schedule 4.01(b)
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—
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Local Counsel
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Schedule 4.01(l)
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—
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Certain Mortgaged Properties
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Schedule 5.12(c)
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—
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Certain Subsidiaries
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Schedule 6.01
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—
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Existing Indebtedness
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Schedule 6.02
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—
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Existing Liens
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Schedule 6.04
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—
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Restricted Payments
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Schedule 6.05
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—
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Existing Affiliate Transactions
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Schedule 6.07
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—
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Existing Investments
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Schedule 9.01
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—
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Borrowers’ Website for Electronic
Delivery
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EXHIBITS:
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Exhibit A
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—
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Form of Administrative Questionnaire
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Exhibit B
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—
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Form of Assignment and Assumption
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Exhibit C
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—
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Form of Compliance Certificate
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Exhibit D
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—
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Joinder Agreement
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Exhibit E
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—
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Form of Borrowing Request
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Exhibit F-1
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—
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Form of Revolving Credit Note
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Exhibit F-2
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—
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Form of Term Loan Note
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Exhibit G
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—
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Form of Conversion or Continuation
Notice
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Exhibit H
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—
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Form of Foreign Borrower
Cross-Guarantee
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-v-
CREDIT AGREEMENT dated as of January 26,
2007 (this " Agreement "), among RMK ACQUISITION CORPORATION
(" Merger Sub " and, prior to the Merger (as defined below),
the " U.S. Borrower "), a Delaware corporation to be merged
with and into ARAMARK CORPORATION, a Delaware corporation ("
ARAMARK " and, after the Merger, the " U.S. Borrower
"), ARAMARK, ARAMARK CANADA LTD., a company organized under the
laws of Canada (the " Canadian Borrower "), ARAMARK
INVESTMENTS LIMITED, a limited company incorporated under the laws
of England and Wales (the " U.K. Borrower "), ARAMARK
IRELAND HOLDINGS LIMITED, a company incorporated under the laws of
Ireland (the " Irish Borrower "), ARAMARK HOLDINGS
GMBH & CO. KG, a company organized under the laws of
Germany (the " German-1 Borrower "), ARAMARK GMBH, a company
organized under the laws of Germany (the " German-2 Borrower
" and, together with the U.S. Borrower, the Canadian Borrower, the
U.K. Borrower, the Irish Borrower and the German-1 Borrower, the "
Borrowers "), ARAMARK INTERMEDIATE HOLDCO CORPORATION, a
Delaware corporation (" Holdings "), each Subsidiary of
ARAMARK that, from time to time, becomes a party hereto, the
Lenders (as defined in Article I), JPMORGAN CHASE BANK, N.A.,
as LC Facility Issuing Bank (in such capacity, the " LC Facility
Issuing Bank "), the Issuing Banks named herein, CITIBANK,
N.A., as administrative agent and collateral agent for the Lenders
hereunder (in such capacities, the " Agent ") and the other
parties hereto from time to time.
Pursuant to or in connection with the Merger Agreement (such
term and each other capitalized term used but not defined in this
introductory statement having the meaning given it in
Article I), (a) Merger Sub will merge (the "
Merger ") with and into ARAMARK, with (i) the
outstanding capital stock of ARAMARK being converted into the right
to receive an aggregate amount of approximately $33.80 per share in
cash (and certain outstanding options to purchase, and outstanding
stock unit awards representing the right to receive, shares of
capital stock of ARAMARK being canceled in exchange for the cash
consideration set forth in the Merger Agreement) (the " Merger
Consideration "), subject to dissenters’ rights,
(ii) ARAMARK surviving as a Wholly-Owned Subsidiary of
Holdings and (iii) ARAMARK assuming by operation of law all of
the Obligations of Merger Sub under this Agreement and the other
Loan Documents, (b) the U.S. Borrower will issue, in a public
offering or in a Rule 144A or other private placement, $1,780.0
million aggregate principal amount of its Senior Notes,
(c) the Equity Contribution will be made, (d) the
Existing Debt Refinancing will be effected, and (e) the
Transaction Costs will be paid.
In connection with the foregoing, the Borrowers have requested
the Lenders to extend credit in the form of Loans and Letters of
Credit. The proceeds of the Loans on the Closing Date are to be
used solely to finance, in part, the Merger Consideration, the
Existing Debt Refinancing, and the Transaction Costs and the
proceeds of any Revolving Loans on the Closing Date will also be
used for general corporate purposes. Loans and Letters of Credit
after the Closing Date will be used for general corporate
purposes.
The Lenders are willing to extend such credit to the Borrowers
on the terms and subject to the conditions set forth herein.
Accordingly, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.01 Defined Terms . As used in this Agreement,
the following terms have the meanings specified below:
" Acquired Entity or Business " means any
Person, property, business or asset acquired by the U.S. Borrower
or any Restricted Subsidiary, to the extent not subsequently sold,
transferred or otherwise disposed by the U.S. Borrower or such
Restricted Subsidiary.
" Acquired Indebtedness " means, with respect to any
specified Person, (a) Indebtedness of any other Person
existing at the time such other Person is merged with or into or
became a Restricted Subsidiary of such specified Person, including
Indebtedness incurred in connection with, or in contemplation of,
such other Person merging with or into, or becoming a Restricted
Subsidiary of such specified Person, and (b) Indebtedness
secured by a Lien encumbering any asset acquired by such specified
Person.
" Additional Foreign Borrower " means any Restricted
Subsidiary of the U.S. Borrower formed under the laws of Canada,
Germany, Ireland, the United Kingdom or any other jurisdiction
satisfactory to the Joint Lead Arrangers and the Agent that is
designated as an Additional Foreign Borrower hereunder pursuant to
an Officer’s Certificate delivered to the Agent and which has
become a Foreign Borrower hereunder pursuant to a supplement to
this Agreement and other documentation reasonably satisfactory to
the Agent.
" Additional Interest " means all liquidated damages then
owing pursuant to the Registration Rights Agreement.
" Administrative Questionnaire " means an Administrative
Questionnaire in the form of Exhibit A.
" Affiliate " of any specified Person means any other
Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For
purposes of this Agreement, " control " (including, with
correlative meanings, the terms " controlling ", "
controlled by " and " under common control with "),
as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or
otherwise. For the avoidance of doubt, none of the Joint Lead
Arrangers, their respective lending affiliates or any entity acting
as Issuing Bank or LC Facility Issuing Bank hereunder shall be
deemed to be an Affiliate of the U.S. Borrower or its
Subsidiaries.
" Affiliate Transaction " has the meaning assigned to
such term in Section 6.05(a).
" Agent " has the meaning assigned to such term in the
preamble to this Agreement.
" Agent’s Office " means, with respect to any
currency, the Agent’s address and, as appropriate, account
with respect to such currency as the Agent may from time to time
notify the U.S. Borrower and the Lenders.
" Agreement Currency " has the meaning specified in
Section 9.09(f).
" AIM " means AIM Services Co., Ltd., a limited company
organized under the laws of Japan, and its successors.
" Alternative Currency " means any lawful currency other
than Dollars that is freely transferable into Dollars.
-2-
" Applicable Amount " shall mean, at any
time (the " Reference Time "), an amount equal to
(a) the sum, without duplication, of:
-
(i) an amount equal to 50% of the Consolidated Net Income
(excluding from Consolidated Net Income, for this purpose only, any
amount that otherwise increased the Applicable Amount pursuant to
clause (iv) or (v) below) of the U.S. Borrower for the
period (taken as one accounting period) from the first date of the
fiscal quarter during which the Closing Date occurs to the end of
the U.S. Borrower’s most recently ended fiscal quarter for
which financial statements have been delivered pursuant to
Section 5.01 at the Reference Time, or, in case such
Consolidated Net Income for such period is a deficit, minus
100% of such deficit, plus
(ii) the amount of any capital contributions in cash, marketable
securities or Qualified Proceeds made to, or any proceeds in cash,
marketable securities or Qualified Proceeds of an issuance of
Equity Interests (or debt securities that have been converted or
exchanged into Equity Interests (other than Disqualified Equity
Interests)) (in each case, other than (v) Excluded
Contributions, (w) proceeds from Equity Interests of any
direct or indirect parent company of the U.S. Borrower constituting
the consideration for an Investment made in reliance on clause
(j) of the definition of "Permitted Investments", (x) any
equity contribution or proceeds of Junior Capital received by the
U.S. Borrower pursuant to Section 7.03, (y) the
Designated Equity Amount and (z) the proceeds of Disqualified
Stock of the U.S. Borrower and Designated Preferred Stock) received
by, the U.S. Borrower from and including the Business Day
immediately following the Closing Date through and including the
Reference Time, including any such proceeds from the issuance of
Equity Interests of any direct or indirect parent of the U.S.
Borrower to the extent the cash proceeds thereof are contributed to
the U.S. Borrower, plus
(iii) to the extent not already reflected as an increase to
Consolidated Net Income or reflected as a return of capital or
deemed reduction in the amount of such Investment pursuant to
clause (b)(ii) below, the amount of any distribution in cash,
marketable securities or Qualified Proceeds received in respect of
any Investment made in reliance on clause (q) of the
definition of "Permitted Investments" and any dividend in cash,
marketable securities or Qualified Proceeds received from an
Unrestricted Subsidiary, in each case by the U.S. Borrower or any
Restricted Subsidiary, plus
(iv) to the extent not already reflected as a return of capital
or deemed reduction in the amount of such Investment pursuant to
clause (b)(ii) below, the aggregate amount received in cash or
marketable securities and the fair market value, as determined in
good faith by the U.S. Borrower, of Qualified Proceeds received
after the Closing Date by the U.S. Borrower and its Restricted
Subsidiaries by means of (1) the sale or other disposition
(other than to the U.S. Borrower or a Restricted Subsidiary) of
Investments made in reliance on clause (q) of the definition
of "Permitted Investments", repurchases and redemptions of such
Investments (other than by the U.S. Borrower or any Restricted
Subsidiary) and repayments of loans or advances that constitute
such Investments or (2) the sale (other than to the U.S.
Borrower or a Restricted Subsidiary) of Equity Interests in an
Unrestricted Subsidiary (solely to the extent that such Investments
in Unrestricted Subsidiaries were outstanding in reliance on clause
(q) of the definition of Permitted Investments),
plus
(v) to the extent not already reflected as a return of capital
or deemed reduction in the amount of such Investment pursuant to
clause (b)(ii) below, the excess, if any, of (x) the fair
market value of any Unrestricted Subsidiary redesignated after the
Closing Date as a Restricted Subsidiary (as determined by the U.S.
Borrower in good faith or, if such fair market value exceeded
$150.0 million in writing by an Independent Financial Advisor) at
the time of such redesignation
-3-
minus (b) the sum, without duplication, of:
-
(i) the aggregate actual amount of Restricted Payments made
pursuant to Section 6.04(i) since the Closing Date and prior
to the Reference Time; and
(ii) the aggregate actual amount of Investments made in reliance
on clause (q) of the definition of "Permitted Investments"
(net of any return of capital in respect of such Investment or
deemed reduction in the amount of such Investment including,
without limitation, upon the redesignation of any Unrestricted
Subsidiary as a Restricted Subsidiary or the sale of any such
Investment for cash or Qualified Proceeds).
" Applicable Lending Office " means, with respect to each
Lender, (a) its U.S. Lending Office in the case of a Loan to
the U.S. Borrower, (b) its U.K. Lending Office in the case of
a Loan to the U.K. Borrower, (c) its Canadian Lending Office
in the case of a Loan to the Canadian Borrower, (d) its Irish
Lending Office in the case of a Loan to the Irish Borrower and
(e) its German Lending Office in the case of a Loan to any
German Borrower.
" Applicable Rate " means a percentage per annum
equal to:
-
(a) with respect to Term Loans and LC Facility LC Fees,
(i) until delivery of financial statements for the first full
fiscal quarter commencing on or after the Closing Date pursuant to
Section 5.01(b), (A) for Eurocurrency Rate Term Loans and
LC Facility LC Fees, 2.125%, and (B) for Base Rate Term Loans,
1.125%, and (ii) thereafter, the following percentages per
annum , based upon the Consolidated Secured Debt Ratio as set
forth in the most recent Compliance Certificate received by the
Agent pursuant to Section 5.01(c):
| |
|
|
|
|
|
|
|
Applicable Rate
|
|
Pricing Level
|
|
Consolidated
Secured Debt Ratio
|
|
Eurocurrency Rate
Term Loans and
LC Facility LC Fees
|
|
Base Rate Term Loans
|
|
1
|
|
<3.50:1
|
|
2.00%
|
|
1.00%
|
|
2
|
|
>
3.50:1
|
|
2.125%
|
|
1.125%
|
-
(b) with respect to Revolving Loans, Swingline
Loans, Revolving Commitment Fees and Revolving LC Fees,
(i) until delivery of financial statements for the first full
fiscal quarter commencing on or after the Closing Date pursuant to
Section 5.01(b), (A) for Eurocurrency Rate Revolving
Loans, BA Rate Revolving Loans and Revolving LC Fees, 2.00%,
(B) for Base Rate Revolving Loans, Canadian Base Rate
Revolving Loans and Swingline Loans, 1.00%, and (C) for
Revolving Commitment Fees, 0.50% and (ii) thereafter, the
following percentages per annum , based upon the
Consolidated Secured Debt Ratio as set forth in the most recent
Compliance Certificate received by the Agent pursuant to
Section 5.01(c):
-4-
| |
|
|
|
|
|
|
|
|
|
Applicable Rate
|
|
Pricing
Level
|
|
Consolidated
Secured Debt Ratio
|
|
Eurocurrency Rate
Revolving Loans, BA Rate
Revolving Loans and
Revolving LC Fees
|
|
Base Rate Revolving
Loans, Canadian Base
Rate Revolving Loans
and Swingline Loans
|
|
Revolving
Commitment
Fee Rate
|
|
1
|
|
<2.5:1
|
|
1.25%
|
|
0.25%
|
|
0.375%
|
|
2
|
|
>
2.5:1 but <3.0:1
|
|
1.50%
|
|
0.50%
|
|
0.50%
|
|
3
|
|
>
3.0:1 but <3.5:1
|
|
1.75%
|
|
0.75%
|
|
0.50%
|
|
4
|
|
> 3.5:1
|
|
2.00%
|
|
1.00%
|
|
0.50%
|
Any increase or decrease in the Applicable Rate
resulting from a change in the Consolidated Secured Debt Ratio
shall become effective as of the first Business Day immediately
following the date a Compliance Certificate is delivered pursuant
to Section 5.01(c).
" 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 Agent pursuant to any Loan Document or the
transactions contemplated therein, including (a) any
supplement, joinder or amendment to the Collateral Documents and
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 that "Approved Electronic
Communications" shall exclude (i) any notice pursuant to
Section 2.08 and Section 2.09 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 and
(ii) all notices of any Default.
" Approved Fund " means any Person (other than a natural
person) that is engaged in making, purchasing, holding or investing
in bank loans and similar extensions of credit in the ordinary
course and that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers, advises or manages a
Lender.
" ARAMARK " has the meaning assigned to such term in the
preamble to this Agreement.
" Asset Sale Prepayment Event " shall mean any
Disposition of any business units, assets or other property of the
U.S. Borrower or any of the Restricted Subsidiaries not in the
ordinary course of business (including any Disposition of any
Equity Interests of any Subsidiary of the U.S. Borrower owned by
the U.S. Borrower or a Restricted Subsidiary). Notwithstanding the
foregoing, the term "Asset Sale Prepayment Event" shall not include
any transaction permitted (or not expressly prohibited) by
Section 6.06, other than transactions consummated in reliance
on Section 6.06(j) or (n).
" Assignment and Assumption " means an assignment and
assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by
Section 9.04), and accepted by the Agent, in the form of
Exhibit B or any other form approved by the Agent and
the U.S. Borrower.
" Attributable Debt " in respect of a Sale and Lease-Back
Transaction means, as at the time of determination, the present
value (discounted at the interest rate then borne by the U.S. Term
Loans, compounded annually) of the total obligations of the lessee
for rental payments during the remaining term of the lease included
in such Sale and Lease-Back Transaction (including any period for
which such lease has been extended); provided ,
however , that if such Sale and Lease-Back Transaction
results in a Capitalized Lease Obligation, the amount of
Indebtedness represented thereby will be determined in accordance
with the definition of "Capitalized Lease Obligation".
-5-
" BA Interest Period " means, relative to
any BA Rate Loan, the period beginning on (and including) the date
on which such BA Rate Loan is made or continued to (but excluding)
the date which is one, two or three months thereafter, as selected
by the Canadian Borrower or the U.S. Borrower, as applicable;
provided , that (i) if any BA Interest Period would end
on a day other than a Business Day, such BA Interest Period shall
be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in
which case such BA Interest Period shall end on the next preceding
Business Day, (ii) any BA Interest Period that commences on
the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar
month of such BA Interest Period) shall end on the last Business
Day of the last calendar month of such BA Interest Period and
(iii) no BA Interest Period shall end after the Scheduled
Termination Date.
" BA Rate " means, with respect to any BA Interest Period
for any BA Rate Loan, (a) in the case of any Canadian
Revolving Lender named in Schedule I of the Bank Act (Canada), the
rate determined by the Agent to be the average offered rate for
bankers’ acceptances for the applicable BA Interest Period
appearing on Reuters Screen CDOR (Certificate of Deposit Offered
Rate) page as of 10:00 a.m. (New York City time) on the second full
Business Day next preceding the first day of each BA Interest
Period and (b) in the case of any other Canadian Revolving
Lender, (i) the rate per annum set forth in
clause (a) above plus (ii) 0.10%. In the event
that such rate does not appear on the Reuters Screen CDOR
(Certificate of Deposit Offered Rate) page (or otherwise on the
Reuters screen), the BA Rate for the purposes of this definition
shall be determined by reference to such other comparable publicly
available service for displaying bankers’ acceptance rates as
may be selected by the Agent and, in the event that the CDOR rate
is not available for any Business Day, the CDOR rate for the
immediately previous Business Day for which a CDOR rate is
available shall be used.
" Base Rate " means, for any day, a rate per
annum equal to the greater of (a) the Prime Rate in
effect on such day and (b) the Federal Funds Effective Rate in
effect on such day plus 1 / 2 of 1%. Any change in the Base Rate due
to a change in the Prime Rate or the Federal Funds Effective Rate
shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate,
respectively.
" Benchmark LIBOR Rate " has the meaning assigned to such
term in Section 2.18(b).
" Board " means the Board of Governors of the Federal
Reserve System of the United States of America.
" Board of Directors " means (a) with respect to a
corporation, the board of directors of the corporation,
(b) with respect to a partnership, the board of directors of
the general partner of the partnership and (c) with respect to
any other Person, the board or committee of such Person serving a
similar function.
" Board Resolution " means, with respect to the U.S.
Borrower, a duly adopted resolution of the Board of Directors of
the U.S. Borrower or any committee thereof.
" Borrowers " has the meaning assigned to such term in
the preamble to this Agreement and shall also include any
Additional Foreign Borrower; provided , that upon the
repayment in full of all Loans made to any Foreign Borrower or the
assumption of such Foreign Borrower’s Foreign Obligations by
another Person as contemplated by the definition of Change of
Control or as permitted by Section 6.03, such Foreign Borrower
shall cease to constitute a "Borrower" or "Foreign Borrower" (or
any equivalent term) hereunder.
-6-
" Borrowing " means any Loans of the same
Type and currency to the same Borrower made, converted or continued
on the same date and, in the case of Eurocurrency Rate Loans or BA
Rate Loans, as to which a single Interest Period is in
effect.
" Borrowing Date " means a date on which any Borrowing is
made pursuant to Section 2.02 or 2.03.
" Borrowing Request " means a request by a Borrower for a
Borrowing in accordance with Section 2.02 or 2.03 and
substantially in the form attached hereto as Exhibit E
, or such other form as shall be approved by the Agent.
" Budget " shall have the meaning assigned to such term
in Section 5.01(e).
" Business Day " means any day that is not a Saturday,
Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed and (a) if the
applicable Business Day relates to notices, determinations,
fundings and payments in connection with the Eurocurrency Rate for
any Eurocurrency Rate Loan denominated in Dollars, Sterling or Yen
or the LIBOR Rate in connection with the LC Facility, a day on
which banks are open for general business in London; (b) if
the applicable Business Day relates to notices, determinations,
fundings and payments in connection with EURIBOR or any
Eurocurrency Rate Loan denominated in Euro, any day (i) on
which banks are open for general business in London and
(ii) which is a TARGET Day, and (c) if the applicable
Business Day relates to notices, determinations, fundings and
payments in connection with the Canadian Base Rate, the BA Rate,
Canadian Base Rate Loans or BA Rate Loans, a day of the year on
which banks are not required or authorized to close in Toronto or
Montreal, Canada.
" Business Securitization Facility " means any
transaction or series of transactions that may be entered into by
the U.S. Borrower or any of its Restricted Subsidiaries pursuant to
which the U.S. Borrower or any of its Restricted Subsidiaries may
sell, convey or otherwise transfer to (a) a Business
Securitization Subsidiary (in the case of a transfer by the U.S.
Borrower or any of its Subsidiaries) and (b) any other Person
(in the case of a transfer by a Business Securitization
Subsidiary), or may grant a Lien in, any assets (whether now
existing or arising in the future) of the U.S. Borrower or any of
its Subsidiaries that are customarily granted in connection with
asset securitization transactions similar to the Business
Securitization Facility entered into; provided that such
transaction or series of transactions meets the following
conditions: (i) the Board of Directors of the U.S. Borrower
shall have determined in good faith that such Business
Securitization Facility (including the terms, covenants,
termination events and other provisions) is in the aggregate
economically fair and reasonable to the U.S. Borrower and the
Business Securitization Subsidiary, (ii) all sales of assets
to the Business Securitization Subsidiary are made at fair market
value (as determined in good faith by the U.S. Borrower),
(iii) the financing terms, covenants, termination events and
other provisions thereof shall be market terms (as determined in
good faith by the U.S. Borrower) and may include Standard
Securitization Undertakings, (iv) no portion of the
obligations under the Business Securitization Facility (contingent
or otherwise) will (x) be incurred or guaranteed by the U.S.
Borrower or any Restricted Subsidiary other than a Business
Securitization Subsidiary (except for service performance
guarantees pursuant to Standard Securitization Undertakings),
(y) be recourse to the U.S. Borrower or any Restricted
Subsidiary other than a Business Securitization Subsidiary, other
than pursuant to Standard Securitization Undertakings or
(z) subject any property or asset of the U.S. Borrower or any
Restricted Subsidiary of the U.S. Borrower other than a Business
Securitization Subsidiary, directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to
Standard Securitization Undertakings and (v) the aggregate
obligations under any Business Securitization Facilities will not
exceed $2,000.0 million at any one time outstanding.
-7-
" Business Securitization Fees " means
distributions or payments made directly or by means of discounts
with respect to any participation interest issued or sold in
connection with, and other fees paid to a Person that is not the
U.S. Borrower or a Restricted Subsidiary in connection with any
Business Securitization Facility.
" Business Securitization Repurchase Obligation " means
any obligation of the U.S. Borrower or a Restricted Subsidiary that
is a seller of assets in a Business Securitization Facility to
repurchase the assets it sold thereunder as a result of a breach of
a representation, warranty or covenant or otherwise, including as a
result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, offset or counterclaim of any kind as a
result of any action taken by, any failure to take action by or any
other event relating to the seller.
" Business Securitization Subsidiary " means a
Wholly-Owned Subsidiary of the U.S. Borrower which engages in no
activities other than in connection with the financing of certain
assets of the U.S. Borrower and its Subsidiaries, all proceeds
thereof and all rights (continued and other), collateral and other
assets relating thereto, and any business or activities incidental
or related to such business, and which is designated by the Board
of Directors of the U.S. Borrower as a Business Securitization
Subsidiary and (a) with which none of the U.S. Borrower or any
other Restricted Subsidiary of the U.S. Borrower has any material
contract, agreement, arrangement or understanding other than on
terms that the U.S. Borrower reasonably believes to be no less
favorable to the U.S. Borrower or such Restricted Subsidiary than
those that might be obtained at the time from Persons that are not
Affiliates of the U.S. Borrower and (b) to which neither the
U.S. Borrower nor any other Restricted Subsidiary of the U.S.
Borrower has any obligation to maintain or preserve such
entity’s financial condition or cause such entity to achieve
certain levels of operating results. Any such designation by the
Board of Directors of the U.S. Borrower shall be evidenced to the
Agent by filing with the Agent a certified copy of the resolution
of the Board of Directors of the U.S. Borrower giving effect to
such designation and an Officers’ Certificate certifying that
such designation complied with the foregoing conditions.
" Canadian Base Rate " means the rate determined by the
Agent as the rate displayed at or about 10:30 a.m. (New York City
time) on display page CAPRIME of the Reuters Screen as the prime
rate for loans denominated in Canadian Dollars by Canadian banks to
borrowers in Canada; provided , however , that, in
the event that such rate does not appear on the Reuters Screen on
such day or if the basis of calculation of such rate is changed
after the date hereof and, in the reasonable judgment of the Agent,
such rate ceases to reflect each Canadian Revolving Lender’s
or Canadian Term Lender’s cost of funding to the same extent
as on the date hereof, then the "Canadian Base Rate" shall be the
average of the floating rate of interest per annum
established (or commercially known) as "prime rate" for loans
denominated in Canadian Dollars on such day by three major Canadian
banks selected by the Agent.
" Canadian Borrower " has the meaning specified in the
preamble to this Agreement.
" Canadian Dollar " and " C$ " each mean the
lawful currency of Canada.
" Canadian Lending Office " means, with respect to any
Lender, the office of such Lender specified as its "Canadian
Lending Office" in its Administrative Questionnaire or such other
office of such Lender as such Lender may from time to time specify
to the U.S. Borrower and the Agent.
" Canadian Revolving Available Credit " means, at any
time, (a) the then effective aggregate Canadian Revolving
Commitments minus (b) the aggregate Canadian Revolving
Outstandings at such time.
-8-
" Canadian Revolving Commitment " means,
with respect to each Canadian Revolving Lender, the commitment of
such Lender to make Canadian Revolving Loans in the aggregate
principal amount outstanding not to exceed the amount set forth
opposite such Lender’s name on the Commitment Schedule
under the caption "Canadian Revolving Commitment", as amended to
reflect each Assignment and Assumption executed by such Lender and
as such amount may be reduced pursuant to this Agreement, and "
Canadian Revolving Commitments " shall mean the aggregate
Canadian Revolving Commitments of all Canadian Revolving Lenders,
which amount, initially as of the Closing Date, shall be $75.0
million.
" Canadian Revolving Facility " means the Canadian
Revolving Commitments and the provisions herein related to the
Canadian Revolving Loans, the Canadian Swingline Loans and, to the
extent issued pursuant to the Canadian Revolving Commitments,
Revolving Letters of Credit.
" Canadian Revolving Lender " means each Lender having a
Canadian Revolving Commitment.
" Canadian Revolving Loan " has the meaning specified in
Section 2.01(a)(iv).
" Canadian Revolving Outstandings " means, at any
particular time, the sum of (a) the Dollar Equivalent of the
aggregate principal amount of the Canadian Revolving Loans
outstanding at such time, (b) the Revolving LC Exposure under
the Canadian Revolving Facility at such time and (c) the
Dollar Equivalent of the aggregate principal amount of Canadian
Swingline Loans outstanding at such time.
" Canadian Swingline Lender " means Citibank, N.A.,
Toronto Branch, in its capacity as Lender of Canadian Swingline
Loans and its successors hereunder.
" Canadian Swingline Loan " has the meaning assigned to
such term in Section 2.03(a).
" Canadian Swingline Sublimit " has the meaning assigned
to such term as Section 2.03(a).
" Canadian Term Commitment " means, with respect to each
Canadian Term Lender, the commitment of such Lender to make
Canadian Term Loans to the Canadian Borrower in the aggregate
principal amount outstanding not to exceed the amount set forth
opposite such Lender’s name on the Commitments Schedule under
the caption "Canadian Term Commitment", as amended to reflect each
Assignment and Assumption executed by such Lender and as such
amount may be reduced pursuant to this Agreement, and " Canadian
Term Commitments " shall mean the aggregate Canadian Term
Commitments of all Canadian Term Lenders, which amount, initially
as of the Closing Date, shall be $170.0 million.
" Canadian Term Lender " means each Lender that has a
Canadian Term Commitment or that holds a Canadian Term Loan.
" Canadian Term Loan " has the meaning specified in
Section 2.01(b)(v).
" Canadian Term Loan Facility " means the Canadian Term
Commitments and the provisions herein related to the Canadian Term
Loans.
" Capital Expenditures " means, for any period, the
aggregate, without duplication, of (a) all expenditures
(whether paid in cash or accrued as liabilities) by the U.S.
Borrower and the Restricted Subsidiaries during such period that,
in conformity with GAAP, are or are required to be included as
additions during such period to property, plant or equipment
reflected in the consolidated balance sheet
-9-
of the U.S. Borrower and the Restricted
Subsidiaries; (b) the capitalized amount of any Capitalized
Lease Obligations incurred by the U.S. Borrower and its Restricted
Subsidiaries during such period; and (c) expenditures made for
client contract investments and included as additions during the
period to other assets reflected in the consolidated balance sheet
of the U.S. Borrower and the Restricted Subsidiaries;
provided that the term "Capital Expenditures" shall not
include:
-
(i) expenditures made in connection with the replacement,
substitution, restoration or repair of assets to the extent
financed with (x) insurance proceeds paid on account of the
loss of or damage to the assets being replaced, restored or
repaired or (y) awards of compensation arising from the taking
by eminent domain or condemnation of the assets being replaced,
(ii) the purchase price of equipment that is purchased
simultaneously with the trade-in of existing equipment to the
extent that the gross amount of such purchase price is reduced by
the credit granted by the seller of such equipment for the
equipment being traded in at such time,
(iii) the purchase of plant, property or equipment to the extent
financed with the proceeds of Dispositions that are not applied to
prepay Loans pursuant to Section 2.09,
(iv) expenditures that constitute consolidated lease
expense,
(v) expenditures that are accounted for as capital expenditures
by the U.S. Borrower or any Restricted Subsidiary and that actually
are paid for by a Person other than the U.S. Borrower or any
Restricted Subsidiary and for which neither the U.S. Borrower nor
any Restricted Subsidiary has provided or is required to provide or
incur, directly or indirectly, any consideration or obligation to
such Person or any other Person (whether before, during or after
such period),
(vi) the book value of any asset owned by the U.S. Borrower or
any Restricted Subsidiary prior to or during such period to the
extent that such book value is included as a capital expenditure
during such period as a result of such Person reusing or beginning
to reuse such asset during such period without a corresponding
expenditure actually having been made in such period;
provided that any expenditure necessary in order to permit
such asset to be reused shall be included in Capital Expenditures
during the period in which such expenditure actually is made,
or
(vii) expenditures that constitute acquisitions of Persons or
business units permitted hereunder.
" Capital Stock " means (a) in the case of a
corporation, corporate stock, (b) in the case of an
association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of
corporate stock, (c) in the case of a partnership or limited
liability company, partnership or membership interests (whether
general or limited) and (d) any other interest or
participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the
issuing Person.
" Capitalized Lease Obligation " means, at the time any
determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to
be capitalized and reflected as a liability on a balance sheet
(excluding the footnotes thereto) in accordance with GAAP.
" carry-back amount " has the meaning provided in
Section 6.11(b).
-10-
" Cash Equivalents " means:
-
(a) Dollars;
(b) Canadian Dollars, Yen, Sterling, Euro or, in the case of any
Foreign Subsidiary, such local currencies held by it from time to
time in the ordinary course of business;
(c) securities issued or directly and fully and unconditionally
guaranteed or insured by the government of the United States of
America or any agency or instrumentality thereof the securities of
which are unconditionally guaranteed as a full faith and credit
obligation of such government with maturities of 24 months or less
from the date of acquisition;
(d) certificates of deposit, time deposits and eurodollar time
deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with
any commercial bank having capital and surplus in excess of $250.0
million;
(e) repurchase obligations for underlying securities of the
types described in clauses (c) and (d) above entered into
with any financial institution meeting the qualifications specified
in clause (d) above;
(f) commercial paper rated at least "P-1" by Moody’s or at
least "A-1" by S&P and in each case maturing within 12 months
after the date of issuance thereof;
(g) investment funds investing at least 95% of their assets in
securities of the types described in clauses (a) through
(f) above;
(h) readily marketable direct obligations issued by any state of
the United States of America or any political subdivision thereof
having one of the two highest rating categories obtainable from
either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition;
(i) Indebtedness or Preferred Stock issued by Persons with a
rating of "A" or higher from S&P or "A2" or higher from
Moody’s with maturities of 12 months or less from the date of
acquisition; and
(j) in the case of any Foreign Subsidiary, investments of
comparable tenure and credit quality to those described in the
foregoing clauses (a) through (i) or other high quality
short term investments, in each case, customarily utilized in
countries in which such Foreign Subsidiary operates for short term
cash management purposes.
Notwithstanding the foregoing, Cash Equivalents shall include
amounts denominated in currencies other than those set forth in
clauses (a) and (b) above; provided that such
amounts are converted into one or more of the currencies set forth
in clauses (a) and (b) above as promptly as practicable
and in any event within ten (10) Business Days following the
receipt of such amounts.
" Cash Management Agreement " means any agreement or
arrangement to provide cash management services, including
treasury, depository, overdraft, credit or debit card, electronic
funds transfer and other cash management arrangements.
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" Casualty Event " shall mean, with
respect to any equipment, fixed assets or real property (including
any improvements thereon) of the U.S. Borrower or any Restricted
Subsidiary, any loss of or damage to, or any condemnation or other
taking by a Governmental Authority of, such property, the date on
which the U.S. Borrower or any of the Restricted Subsidiaries
receives insurance proceeds, or proceeds of a condemnation award or
other compensation to replace or repair such property, in each
case, in excess of $10.0 million with respect to any such
event.
" Certificate " shall mean the certificate as defined in
Section 2.15(p)(i).
" Change in Law " means (a) the adoption of any law,
treaty, order, policy, rule or regulation after the date of this
Agreement, (b) any change in any law, treaty, order, policy,
rule or regulation or in the interpretation, administration or
application thereof by any Governmental Authority after the date of
this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.14(c), by any lending office of such
Lender or by such Lender’s holding company, if any) with any
request, guideline, directive or order (whether or not having the
force of law) of any Governmental Authority made or issued after
the date of this Agreement (other than any such request, guideline
or directive to comply with any law, rule or regulation that was in
effect on the date of this Agreement).
" Change of Control " means the earliest to occur of
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(a) the Permitted Holders ceasing to have the power, directly or
indirectly, to vote or direct the voting of securities having a
majority of the ordinary voting power for the election of directors
of Holdings; provided that the occurrence of the foregoing
event shall not be deemed a Change of Control if,
-
-
(i) any time prior to the consummation of a Qualifying IPO, and
for any reason whatsoever, (A) the Permitted Holders otherwise
have the right, directly or indirectly, to designate (and do so
designate) a majority of the board of directors of Holdings or
(B) the Permitted Holders own, directly or indirectly, of
record and beneficially an amount of common stock of Holdings equal
to an amount more than fifty percent (50%) of the amount of
common stock of Holdings owned, directly or indirectly, by the
Permitted Holders of record and beneficially as of the Closing Date
and such ownership by the Permitted Holders represents the largest
single block of voting securities of Holdings held by any Person or
related group for purposes of Section 13(d) of the Exchange
Act, or
(ii) at any time after the consummation of a Qualifying IPO, and
for any reason whatsoever, no "person" or "group" (as such terms
are used in Sections 13(d) and 14(d) of the Exchange Act, but
excluding any employee benefit plan of such person and its
Subsidiaries, and any person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such
plan), excluding the Permitted Holders, shall become the
"beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under
the Exchange Act), directly or indirectly, of more than the greater
of (x) thirty-five percent (35%) of the then outstanding
voting stock of Holdings and (y) the percentage of the then
outstanding voting stock of Holdings owned, directly or indirectly,
beneficially by the Permitted Holders; or
(b) any "Change of Control" (or any comparable term) in any
document pertaining to any Specified Indebtedness; or
(c) the U.S. Borrower ceasing to be a direct Wholly-Owned
Subsidiary of Holdings; or
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-
(d) at any time when any Foreign Obligations
(other than contingent obligations for unasserted claims) of a
Foreign Borrower remain outstanding, such Foreign Borrower ceasing
to be a direct or indirect Restricted Subsidiary of the U.S.
Borrower (unless a Borrower or a Subsidiary Guarantor shall
expressly have assumed all the Foreign Obligations of such Foreign
Borrower under this Agreement and the other Loan Documents to which
such Foreign Borrower is a party).
" Citibank " means Citibank, N.A., a national banking
association.
" Class " when used (i) in reference to any LC
Facility Deposit, Loan or Borrowing, refers to whether such LC
Facility Deposit, Loan, or the Loans comprising such Borrowing, are
LC Facility Deposits, New LC Facility Deposits (of any Series),
U.S. Revolving Loans, U.K. Revolving Loans, German Revolving Loans,
Canadian Revolving Loans, Irish Revolving Loans, U.S. Term Loans,
German Term-1 Loans, German Term-2 Loans, Canadian Term Loans,
Irish Term Loans, U.K. Term Loans, Yen Term Loans, New Term Loans
(of any Series), U.S. Swingline Loans or Canadian Swingline Loans,
(ii) in reference to any Commitment refers to whether such
Commitment is a U.S. Revolving Commitment, U.K. Revolving
Commitment, German Revolving Commitment, Canadian Revolving
Commitment, Irish Revolving Commitment, U.S. Term Commitment,
German Term-1 Commitment, German Term-2 Commitment, Irish Term
Commitment, Canadian Term Commitment, U.K. Term Commitment, Yen
Term Commitment, New Term Commitment (of any Series), LC Facility
Commitment or New LC Facility Commitment (of any Series) and
(iii) in reference to any Lender, refers to whether such
Lender is a U.S. Revolving Lender, U.K. Revolving Lender, German
Revolving Lender, Canadian Revolving Lender, Irish Revolving
Lender, New Revolving Lender, U.S. Term Lender, German Term Lender,
Irish Term Lender, Canadian Term Lender, U.K. Term Lender, Yen Term
Lender, New Term Lender (for any Series of New Term Loans), LC
Facility Lender or New LC Facility Lender (for any Series of New LC
Facility Deposits).
" Closing Date " means the date on which the conditions
specified in Section 4.01 are satisfied (or waived in
accordance with Section 9.02).
" Code " means the Internal Revenue Code of 1986, as
amended from time to time.
" Co-Investors " means Joseph Neubauer and his Controlled
Investment Affiliates.
" Collateral " means any and all property owned, leased
or operated by a Person from time to time subject to a security
interest or Lien under the Collateral Documents.
" Collateral Documents " means, collectively, the
Security Agreement, the Mortgages, the Foreign Pledge Agreements
and any other documents granting a Lien upon the Collateral as
security for payment of the Secured Obligations.
" Commitment " means, with respect to any Lender, such
Lender’s Revolving Commitments, if any, such Lender’s
Term Commitment, if any and such Lender’s LC Facility
Commitment.
" Commitment Schedule " means the Schedule attached
hereto identified as such.
" Commitments " means the aggregate Revolving
Commitments, Term Commitments, LC Facility Commitments, the New
Revolving Commitments, New Term Commitments and New LC Facility
Commitments of all Lenders, if any.
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" Compliance Certificate " means a
certificate of the U.S. Borrower substantially in the form of
Exhibit C .
" Consolidated Depreciation and Amortization Expense "
means with respect to any Person for any period, the total amount
of depreciation and amortization expense of such Person and its
Restricted Subsidiaries for such period on a consolidated basis and
otherwise determined in accordance with GAAP.
" Consolidated Interest Expense " means, with respect to
any Person for any period, the sum, without duplication, of
(a) consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, to the extent such expense
was deducted in computing Consolidated Net Income (including
(i) amortization of original issue discount resulting from the
issuance of Indebtedness at less than par, (ii) all
commissions, discounts and other fees and charges owed with respect
to letters of credit or bankers’ acceptances,
(iii) noncash interest payments (but excluding any noncash
interest expense attributable to the movement in the mark-to-market
valuation of Hedging Obligations or other derivative instruments
pursuant to GAAP), (iv) the interest component of Capitalized
Lease Obligations, (v) net payments, if any, pursuant to
interest rate Hedging Obligations with respect to Indebtedness and
(vi) all commissions, discounts, yield and other fees and
charges in the nature of interest expense related to any
Receivables Facility or Business Securitization Facility, and
excluding (A) Additional Interest, (B) amortization of
deferred financing fees, debt issuance costs, commissions, fees and
expenses, (C) any expensing of bridge, commitment and other
financing fees and (D) any redemption premiums paid in
connection with the redemption of the Existing Debt, plus
(b) consolidated capitalized interest of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued,
less (c) interest income for such period, plus
(d) to the extent that EBITDA attributable to SMG or AIM that
is accounted for by the equity method of accounting is included in
EBITDA of the U.S. Borrower by operation of clause (i) of the
last paragraph of the definition thereof, a proportionate amount of
the consolidated interest expense of such Persons. For purposes of
this definition, interest on a Capitalized Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by
such Person to be the rate of interest implicit in such Capitalized
Lease Obligation in accordance with GAAP.
" Consolidated Leverage Ratio ", with respect to any
Person as of any date of determination, means the ratio of
(a) the excess of (i) Consolidated Total Indebtedness of
such Person as of the end of the most recent fiscal quarter for
which financial statements have been delivered pursuant to
Section 5.01 over (ii) an amount equal to the
lesser of (x) the amount of cash and Cash Equivalents of the
U.S. Borrower and its Restricted Subsidiaries on such date that are
free and clear of any Lien (other than non-consensual Permitted
Liens and Permitted Liens of the type set forth in clauses
(u) through (x) of the definition of Permitted Liens) and
(y) $75.0 million to (b) the aggregate amount of EBITDA
of such Person for the period of the most recently ended four full
consecutive fiscal quarters for which financial statements have
been delivered pursuant to Section 5.01, in each case with
such pro forma adjustments to Consolidated Total Indebtedness and
EBITDA as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of "Interest
Coverage Ratio".
" Consolidated Net Income " means, with respect to any
Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a
consolidated basis, and otherwise determined in accordance with
GAAP; provided that, without duplication:
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(a) any net after tax extraordinary gains or losses (less all
fees and expenses relating thereto) or expenses shall be
excluded,
(b) the Net Income for such period shall not include the
cumulative effect of a change in accounting principles during such
period in accordance with GAAP,
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-
(c) any net after-tax income (loss) from disposed
or discontinued operations and any net after-tax gains or losses on
disposal of disposed or discontinued operations shall be
excluded,
(d) any net after-tax gains or losses (less all fees and
expenses relating thereto) attributable to asset dispositions or
the sale or other disposition of any Capital Stock of any Person
other than in the ordinary course of business, as determined in
good faith by the U.S. Borrower, shall be excluded,
(e) the Net Income for such period of any Person that is not a
Restricted Subsidiary, or that is accounted for by the equity
method of accounting, shall be excluded; provided that
Consolidated Net Income of the U.S. Borrower shall be increased by
the amount of dividends or distributions or other payments that are
actually paid in cash (or to the extent converted into cash) to the
U.S. Borrower or a Restricted Subsidiary thereof in respect of such
period (subject in the case of dividends, distributions or other
payments made to a Restricted Subsidiary to the limitations
contained in clause (f) below),
(f) solely for the purpose of determining the Applicable Amount
and Excess Cash Flow, the Net Income for such period of any
Restricted Subsidiary (other than any Subsidiary Guarantor) shall
be excluded if the declaration or payment of dividends or similar
distributions by that Restricted Subsidiary of its Net Income is
not at the date of determination wholly permitted without any prior
governmental approval (which has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule, or
governmental regulation applicable to that Restricted Subsidiary or
its stockholders, unless such restriction with respect to the
payment of dividends or similar distributions has been legally
waived; provided that Consolidated Net Income of the U.S.
Borrower will be increased by the amount of dividends or other
distributions or other payments actually paid in cash (or to the
extent converted into cash) to the U.S. Borrower or a Restricted
Subsidiary thereof in respect of such period, to the extent not
already included therein,
(g) any increase in amortization or depreciation or other
noncash charges resulting from the application of purchase
accounting in relation to the Transactions or any acquisition that
is consummated after the Closing Date, net of taxes, shall be
excluded,
(h) any net after-tax income (loss) from the early
extinguishment of Indebtedness or Hedging Obligations or other
derivative instruments shall be excluded,
(i) any impairment charge or asset write-off, in each case
pursuant to GAAP, and the amortization of intangibles arising
pursuant to GAAP shall be excluded, and
(j) any noncash compensation expense resulting from the
application of Financial Accounting Standards No. 123R or any
deferred compensation charges net of any cash payments made under
such deferred compensation plans during such period to officers,
directors, managers, consultants or employees (or their estates,
Controlled Investment Affiliates or Immediate Family Members) shall
be excluded.
" Consolidated Secured Debt Ratio " as of any date of
determination means the ratio of (a) the excess of
(i) Consolidated Total Indebtedness that is secured by any
Lien as of the end of the most recent fiscal quarter for which
financial statements have been delivered pursuant to
Section 5.01 over (ii) an amount equal to the
lesser of (x) the amount of cash and Cash Equivalents of the
U.S. Borrower and its Restricted Subsidiaries on such date that are
free and clear of any Lien (other than non-consensual Permitted
Liens and Permitted Liens of the type set forth in clauses
(u) through (x) of the definition of "Permitted
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Liens") and (y) $75.0 million to
(b) EBITDA of the U.S. Borrower for the period of the most
recently ended consecutive four full fiscal quarters for which
financial statements have been delivered pursuant to
Section 5.01, in each case with such pro forma adjustments to
Consolidated Total Indebtedness and EBITDA, mutatis
mutandis , as are set forth in the definition of "Interest
Coverage Ratio".
" Consolidated Total Indebtedness " means, as at any date
of determination, an amount equal to the sum of (a) the
aggregate amount of all outstanding Indebtedness of the U.S.
Borrower and the Restricted Subsidiaries on a consolidated basis
consisting of Indebtedness for borrowed money, obligations in
respect of Capitalized Lease Obligations, Attributable Debt in
respect of Sale and Lease-Back Transactions and debt obligations
evidenced by bonds, notes, debentures or similar instruments or
letters of credit or bankers’ acceptances (and excluding any
undrawn letters of credit), (b) the aggregate amount of all
outstanding Disqualified Stock of the U.S. Borrower and all
Disqualified Stock and Preferred Stock of the Restricted
Subsidiaries on a consolidated basis, with the amount of such
Disqualified Stock and Preferred Stock equal to the greater of
their respective voluntary or involuntary liquidation preferences
and Maximum Fixed Repurchase Prices and (c) the aggregate
outstanding amount of advances under any Receivables Facility or
Business Securitization Facility of the U.S. Borrower or any of its
Restricted Subsidiaries, in each case determined on a consolidated
basis in accordance with GAAP. For purposes of this definition, the
" Maximum Fixed Repurchase Price " of any Disqualified Stock
or Preferred Stock that does not have a fixed repurchase price
shall be calculated in accordance with the terms of such
Disqualified Stock or Preferred Stock as if such Disqualified Stock
or Preferred Stock were purchased on any date on which Consolidated
Total Indebtedness shall be required to be determined pursuant to
this Agreement, and if such price is based upon, or measured by,
the fair market value of such Disqualified Stock or Preferred
Stock, such fair market value shall be determined reasonably and in
good faith by the U.S. Borrower.
" Consolidated Working Capital " means, at any date, the
excess of (a) the sum of all amounts (other than cash and Cash
Equivalents) that would, in conformity with GAAP, be set forth
opposite the caption "total current assets" (or any like caption)
on a consolidated balance sheet of the U.S. Borrower and its
Restricted Subsidiaries at such date over (b) the sum of all
amounts that would, in conformity with GAAP, be set forth opposite
the caption "total current liabilities" (or any like caption) on a
consolidated balance sheet of the U.S. Borrower and its Restricted
Subsidiaries on such date, including deferred revenue but
excluding, without duplication, (i) the current portion of any
Funded Debt, (ii) the current portion of accrued interest and
(iii) the current portion of current and deferred income
taxes.
" Contingent Obligations " means, with respect to any
Person, any obligation of such Person guaranteeing any leases,
dividends or other obligations that do not constitute Indebtedness
(the " primary obligations ") of any other Person (the "
primary obligor ") in any manner, whether directly or
indirectly, including any obligation of such Person, whether or not
contingent, (a) to purchase any such primary obligation or any
property constituting direct or indirect security therefor,
(b) to advance or supply funds (i) for the purchase or
payment of any such primary obligation or (ii) to maintain
working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary
obligor, or (c) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of
such primary obligation against loss in respect thereof.
" Controlled Investment Affiliate " means, as to any
Person, any other Person which directly or indirectly is in control
of, is controlled by, or is under common control with such Person
and is organized by such Person (or any Person controlling such
Person) primarily for making direct or indirect equity or debt
investments in the U.S. Borrower and/or other companies.
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" Credit-Linked Deposit Account " means
the account established by the Agent under its sole and exclusive
control maintained at the principal New York City office of
JPMorgan Chase Bank, N.A. or another branch of JPMorgan Chase Bank,
N.A. designated as the "ARAMARK Credit-Linked Deposit Account",
which shall be used solely to hold LC Facility Deposits.
" Debt Incurrence Prepayment Event " shall mean any
issuance or incurrence by the U.S. Borrower or any of the
Restricted Subsidiaries of any Indebtedness (excluding any
Indebtedness permitted to be issued or incurred under
Section 6.01 other than pursuant to
Section 6.01(b)(iv)).
" Debtor Relief Laws " means the Bankruptcy Code of the
United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization,
examinership or similar debtor relief laws of the United States or
other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally (including, in the case
of the U.K. Borrower, administration, administrative receivership,
voluntary arrangement and schemes of arrangement).
" Default " means any event that is, or with the passage
of time or the giving of notice or both would be, an Event of
Default.
" Deferred Net Cash Proceeds " shall have the meaning
provided such term in the definition of "Net Cash Proceeds".
" Derivative Transaction " means (a) an
interest-rate transaction, including an interest-rate swap, basis
swap, forward rate agreement, interest rate option (including a
cap, collar, and floor), and any other instrument linked to
interest rates that gives rise to similar credit risks (including
when-issued securities and forward deposits accepted), (b) an
exchange-rate transaction, including a cross-currency interest-rate
swap, a forward foreign-exchange contract, a currency option, and
any other instrument linked to exchange rates that gives rise to
similar credit risks and (c) a commodity (including precious
metal) derivative transaction, including a commodity-linked swap, a
commodity-linked option, a forward commodity-linked contract, and
any other instrument linked to commodities that gives rise to
similar credit risks.
" Designated Equity Amount " shall have the meaning
provided such term in Section 6.01(b)(xx).
" Designated Noncash Consideration " means the fair
market value of noncash consideration received by the U.S. Borrower
or a Restricted Subsidiary in connection with a Disposition
pursuant to Section 6.06(j) that is designated as Designated
Noncash Consideration pursuant to a certificate of a Responsible
Officer delivered to the Agent, setting forth the basis of such
valuation (which amount will be reduced by the fair market value of
the portion of the noncash consideration converted to cash within
180 days following the consummation of the applicable
Disposition).
" Designated Obligations " shall mean all obligations of
the Borrowers with respect to (a) principal of and interest on
the Loans, (b) LC Disbursements and interest thereon and
(c) accrued and unpaid fees under the Loan Documents.
" Designated Preferred Stock " means Preferred Stock of
the U.S. Borrower or any direct or indirect parent company thereof
(in each case other than Disqualified Stock) that is issued for
cash (other than to a Restricted Subsidiary) and is so designated
as Designated Preferred Stock pursuant to an Officers’
Certificate delivered to the Agent that is executed by a
Responsible Officer of the U.S. Borrower on the issuance date
thereof, the cash proceeds of which are excluded from the
calculation set forth in the definition of "Applicable Amount".
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" Determination Date " shall mean
(i) with respect to any Eurocurrency Rate Loan or BA Rate Loan
denominated in any currency other than Dollars, each date of
determination of the Eurocurrency Rate or BA Rate applicable to
such Loan (and, if any Eurocurrency Interest Period has a duration
of more than three months, on each date during such Interest Period
occurring every three months from the first day of such
Eurocurrency Interest Period), (ii) with respect to any
Canadian Base Rate Loan, the date such Loan is made and each date
on which interest is invoiced on such Loan, and (iii) with
respect to each Revolving Letter of Credit denominated in any
currency other than Dollars, the first Business Day of each
calendar month.
" Discharge of Obligations " shall be deemed to have
occurred on the first date that (i) all Commitments shall have
been terminated, (ii) all Obligations arising under the Loan
Documents (other than contingent obligations for unasserted claims)
shall have been repaid, (iii) all LC Facility Deposits shall
have been returned to the LC Facility Lenders and (iv) no
Letters of Credit shall be outstanding (except to the extent
consented to by issuer thereof pursuant to arrangements acceptable
to such issuer in its sole discretion).
" Disclosed Matters " means the actions, suits and
proceedings and the environmental matters disclosed in
Schedule 3.06 .
" Disposition " or " Dispose " means the sale,
transfer, license, lease or other disposition (including any Sale
and Lease-Back Transaction and any issuance or sale of Equity
Interests of any Subsidiary) of any property of the U.S. Borrower
or any of the Restricted Subsidiaries.
" Disqualified Stock " means, with respect to any Person,
any Capital Stock of such Person which, by its terms, or by the
terms of any security into which it is convertible or for which it
is convertible or exchangeable, or upon the happening of any event,
matures or is mandatorily redeemable (other than solely for Capital
Stock that is not Disqualified Stock), other than as a result of a
change of control or asset sale, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the
holder thereof (other than as a result of a change of control or
asset sale to the extent the terms of such Capital Stock provide
that such Capital Stock shall not be required to be repurchased or
redeemed until the Discharge of Obligations has occurred or such
repurchase or redemption is otherwise permitted by this Agreement
(including as a result of a waiver hereunder)), in whole or in
part, in each case prior to the date that is ninety-one
(91) days after the earlier of the Term Loan Maturity Date and
the Discharge of Obligations; provided that if such Capital
Stock is issued to any plan for the benefit of employees of the
U.S. Borrower or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the
U.S. Borrower or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations; provided ,
further , that any Capital Stock held by any future, present
or former employee, director, manager or consultant (or their
respective estates, Controlled Investment Affiliates or Immediate
Family Members), of the U.S. Borrower, any of its Subsidiaries or
any of its direct or indirect parent companies’ or any other
entity in which the U.S. Borrower or a Restricted Subsidiary has an
Investment and is designated in good faith as an "affiliate" by the
Board of Directors of the U.S. Borrower (or the Compensation
Committee thereof), in each case pursuant to any
stockholders’ agreement, management equity plan or stock
incentive plan or any other management or employee benefit plan or
agreement shall not constitute Disqualified Stock solely because it
may be required to be repurchased by the U.S. Borrower or its
Subsidiaries following the termination of employment of any such
employee, director, manager or consultant with the U.S. Borrower or
its Subsidiaries.
" Dollar Equivalent " of any amount means, at the time of
determination thereof, (a) if such amount is expressed in
Dollars, such amount, (b) if such amount is expressed in an
Alternative Currency, the equivalent of such amount in Dollars
determined by using the rate of exchange quoted by Citibank
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in New York, New York at 11:00 a.m. (New York
City time) on the date of determination (or, if such date is not a
Business Day, the last Business Day prior thereto) to prime banks
in New York for the spot purchase in the New York currency exchange
market of such amount of Dollars with such Alternative Currency and
(c) if such amount is denominated in any other currency, the
equivalent of such amount in Dollars as determined by the Agent
using any method of determination it deems appropriate acting
reasonably.
" Dollars " and the sign " $ " each mean the
lawful money of the United States of America.
" Domestic Obligations " means all unpaid principal of
and accrued and unpaid interest on the Loans made to the U.S.
Borrower or LC Disbursements made pursuant to Letters of Credit
issued for the account of the U.S. Borrower, including on behalf of
any of its subsidiaries (other than any Foreign Borrower or its
subsidiaries), all accrued and unpaid fees (including pursuant to
Section 2.10 of this Agreement) and all expenses,
reimbursements, indemnities and other obligations of the Loan
Parties to the Lenders or to any Lender, the Agent, the Issuing
Bank, the LC Facility Issuing Bank or any indemnified party arising
under the Loan Documents (including interest and fees accruing
after commencement of any bankruptcy or insolvency proceeding
against any Loan Party, whether or not allowed in such
proceeding).
" Domestic Subsidiary " means, with respect to any
Person, any Restricted Subsidiary of such Person other than
(a) a Foreign Subsidiary or (b) any Subsidiary of a
Foreign Subsidiary.
" EBITDA " means, with respect to any Person for any
period, the Consolidated Net Income of such Person for such
period,
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(a) increased by (without duplication): (i) provision for
taxes based on income or profits, plus franchise or similar taxes,
for such period deducted in computing Consolidated Net Income for
such period, plus (ii) consolidated Interest Charges
for such period to the extent the same was deducted in calculating
Consolidated Net Income for such period, plus
(iii) Consolidated Depreciation and Amortization Expense for
such period to the extent such depreciation and amortization were
deducted in computing Consolidated Net Income for such period,
plus (iv) any expenses or charges related to any Equity
Offering, Permitted Investment, acquisition, disposition,
recapitalization or the incurrence of Indebtedness permitted to be
incurred hereunder including a refinancing thereof (whether or not
successful) and any amendment or modification to the terms of any
such transactions, including all fees, expenses or charges related
to the Transactions deducted in computing Consolidated Net Income
for such period, plus (v) the amount of any
restructuring charge or reserve deducted in such period in
computing Consolidated Net Income for such period, including any
one-time costs incurred in connection with (A) acquisitions
after the Closing Date or (B) the closing or consolidation of
facilities after the Closing Date, plus (vi) any write
offs, write downs or other noncash charges reducing Consolidated
Net Income for such period, in each case, in excess of $2.0 million
individually, excluding any such charge that represents an accrual
or reserve for a cash expenditure for a future period, plus
(vii) the amount of any minority interest expense deducted in
calculating Consolidated Net Income for such period, plus
(viii) the amount of management, monitoring, consulting and
advisory fees and related expenses paid (or any accruals related to
such fees or related expenses) during such period to the Sponsors
to the extent permitted under Section 6.05, plus
(ix) the amount of net cost savings projected by the U.S.
Borrower in good faith to be realized during such period
(calculated on a pro forma basis as though such cost savings had
been realized on the first day of such period) as a result of
actions taken or to be taken in connection with the Transactions or
any acquisition or disposition by the U.S. Borrower or any
Restricted Subsidiary, net of the amount of actual benefits
realized during such period from such actions; provided that
(A) such cost savings
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are reasonably identifiable and factually
supportable, (B) such actions are taken within 18 months after
the Closing Date or the date of such acquisition or disposition and
(C) the aggregate amount of cost savings added pursuant to
this clause (ix) shall not exceed the greater of (x) an
amount equal to 5% of EBITDA of the U.S. Borrower for the period of
four consecutive fiscal quarters most recently ended prior to the
determination date (without giving effect to any adjustments
pursuant to this clause (ix)) and (y) $50.0 million for any
four consecutive quarter period (which adjustments may be
incremental to pro forma adjustments made pursuant to the second
paragraph of the definition of "Interest Coverage Ratio"),
plus (x) any costs or expenses incurred by the U.S.
Borrower or a Restricted Subsidiary pursuant to any management
equity plan or stock option plan or any other management or
employee benefit plan or agreement or any stock subscription or
stockholders agreement, to the extent that such costs or expenses
are funded with cash proceeds contributed to the capital of the
U.S. Borrower or net cash proceeds of issuance of Equity Interests
of the U.S. Borrower (other than Disqualified Stock) in each case,
solely to the extent that such cash proceeds are excluded from the
calculation of the Applicable Amount, plus (xi) any net
after-tax non-recurring or unusual gains or losses (less all fees
and expenses relating thereto) or expenses (including relating to
severance, relocation, unusual contract terminations, one-time
compensation charges, warrants or options to purchase Capital Stock
of Holdings and the Transactions), plus (xii) to the
extent covered by insurance and actually reimbursed, or, so long as
the U.S. Borrower has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by
the insurer and only to the extent that such amount is (A) not
denied by the applicable carrier in writing within 180 days and
(B) in fact reimbursed within 365 days of the date of such
evidence (with a deduction for any amount so added back to the
extent not so reimbursed within such 365 days), expenses with
respect to liability or casualty events or business
interruption;
(b) decreased by (without duplication) noncash gains included in
Consolidated Net Income of such Person for such period in excess of
$2.0 million individually, excluding any noncash gains that
represent the reversal of any accrual of, or cash reserve for,
anticipated cash charges in any prior period (other than such cash
charges that have been added back to Consolidated Net Income in
calculating EBITDA in accordance with this definition); and
(c) increased (by losses) or decreased (by gains), as
applicable, by (without duplication) (i) any net noncash gain
or loss resulting in such period from Hedging Obligations and the
application of Statement of Financial Accounting Standards
No. 133 and (ii) any net noncash gain or loss resulting
in such period from currency translation gains or losses related to
currency remeasurements of Indebtedness.
Notwithstanding the foregoing (i) with respect to the U.S.
Borrower’s investments in SMG or AIM which are accounted for
by the equity method of accounting, EBITDA will include, without
duplication, the U.S. Borrower’s proportionate share of
EBITDA of SMG and AIM (as calculated in accordance with the
foregoing definition without reference to this sentence and
including a deduction for any unusual gain on any sales of real
estate by such entities consummated prior to the Closing Date) and
(ii) subject to further adjustment in connection with
acquisitions or dispositions as contemplated by the definition of
"Interest Coverage Ratio", EBITDA of the U.S. Borrower for the
fiscal quarters ended March 31, 2006, June 30, 2006
and September 29, 2006 shall be deemed to be $220.4 million,
$239.6 million and $270.1 million, respectively (for informational
purposes, such amounts being determined as set forth on Schedule
1.01(h) ).
" Eligible Assignee " means (i) a Lender,
(ii) a commercial bank, insurance company, Fund or company
engaged in the business of making commercial loans or a commercial
finance company, which Person, together with its Affiliates, has a
combined capital and surplus in excess of $100.0 million,
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(iii) any Affiliate of a Lender under common
control with such Lender or (iv) an Approved Fund of a Lender;
provided that in any event "Eligible Assignee" shall not
include (w) any natural person, (x) Holdings or the U.S.
Borrower or any Affiliate (which for this purpose shall not include
any Agent or Lender or any of their respective branches or
Affiliates engaged in the business of making commercial loans)
thereof, (y) any Sponsor or any of their respective Affiliates
(which for this purpose shall not include any Affiliate of the
Sponsor engaged in the business of making commercial loans) or
(z) any "creditor", as defined in Regulation T, or
"foreign branch of a broker-dealer", within the meaning of
Regulation X; provided , however , that upon the
occurrence of an Event of Default, no Person (other than a Lender)
shall be an "Eligible Assignee" if the assignment of any
Commitment, LC Facility Participation or Loan to such Person would
cause such Person to have Commitments, LC Facility Participations
or Loans in excess of twenty-five percent (25%) of the then
outstanding total aggregate Commitments, LC Facility Participations
or Loans, as the case may be.
" EMU " means the economic and monetary union
contemplated by the Treaty of the European Union.
" Environmental Laws " means all laws, rules,
regulations, codes, ordinances, orders, decrees, judgments,
injunctions or legally binding agreements issued, promulgated or
entered into by any Governmental Authority, relating in any way to
the protection of the environment, preservation or reclamation of
natural resources, the management, release or threatened release
of, or exposure to, any Hazardous Material or, to the extent
relating to human exposure to Hazardous Materials, health and
safety matters.
" Environmental Liability " means any liability,
contingent or otherwise (including, without limitation, any
liability for damages, costs of environmental investigation,
remediation, restoration or monitoring, fines, penalties or
indemnities), of the U.S. Borrower or any Restricted Subsidiary
directly or indirectly resulting from or based upon
(a) violation of or liability under any Environmental Law,
(b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) human or
animal exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment
or (e) any contract, agreement or other legally binding
consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing.
" Equity Contribution " means the contribution by the
Sponsors, the Co-Investors and the Management Stockholders in an
aggregate amount of not less than 20% of the total consolidated
capitalization of ARAMARK on the Closing Date, after giving pro
forma effect to the consummation of the Transactions (of which not
less than 17.5% of such aggregate amount shall be in cash) to
Holdings (or any direct or indirect parent thereof) as common
equity and/or preferred equity having terms reasonably satisfactory
to the Joint Lead Arrangers, and the contribution by Holdings (or
any direct or indirect parent thereof) of the amount so received to
Merger Sub (or if by a direct or indirect parent of Holdings, by
such parent to Holdings and by Holdings to Merger Sub) in respect
of Holdings’ common equity and/or preferred equity in Merger
Sub having terms reasonably satisfactory to the Joint Lead
Arrangers or in exchange for the issuance to Holdings of Equity
Interests of Merger Sub.
" Equity Interests " means Capital Stock and all
warrants, options or other rights to acquire Capital Stock, but
excluding any debt security that is convertible into, or
exchangeable for, Capital Stock.
" Equity Offering " means any public or private sale of
common stock or Preferred Stock of the U.S. Borrower or any of its
direct or indirect parent companies (excluding Disqualified Stock),
other than (a) public offerings with respect to the U.S.
Borrower’s or any direct or indirect parent company’s
common stock registered on Form S-4 or Form S-8, (b) any such
public or private sale that constitutes
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an Excluded Contribution and (c) an issuance
to any direct or indirect parent company of the U.S. Borrower, the
U.S. Borrower or any Subsidiary of the U.S. Borrower.
" ERISA " means the Employee Retirement Income Security
Act of 1974, as amended from time to time.
" ERISA Affiliate " means any trade or business (whether
or not incorporated) that, together with the U.S. Borrower, is
treated as a single employer under Section 414(b) or
(c) of the Code or, solely for purposes of Section 302 of
ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.
" ERISA Event " means (a) any "reportable event", as
defined in Section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which
the 30-day notice period is waived); (b) the existence with
respect to any Plan of an "accumulated funding deficiency" (as
defined in Section 412 of the Code or Section 302 of
ERISA), whether or not waived; (c) the filing pursuant to
Section 412(d) of the Code or Section 303(d) of ERISA of
an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the U.S. Borrower
or any of its ERISA Affiliates of any liability under Title IV
of ERISA with respect to the termination of any Plan; (e) the
receipt by the U.S. Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice of an intent to terminate any
Plan or Plans or to appoint a trustee to administer any Plan;
(f) the incurrence by the U.S. Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or
partial withdrawal from any Plan or Multiemployer Plan; or
(g) the receipt by the U.S. Borrower or any ERISA Affiliate of
any notice, or the receipt by any Multiemployer Plan from the U.S.
Borrower or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is insolvent or in reorganization, within the
meaning of Title IV of ERISA.
" EURIBOR " means, in relation to any Loan in Euro
(a) the applicable Screen Rate or (b) if no Screen Rate
is available for the Eurocurrency Interest Period of that Loan, the
arithmetic mean of the rates (rounded upwards to four decimal
places) as supplied to the Agent at its request quoted by three
major banks selected by the Agent to leading banks in the European
interbank market, at or about 11 a.m. Brussels time on the second
full Business Day next preceding the first day of the relevant
Eurocurrency Interest Period in relation to which such rate is
calculated.
" Euro " and the sign " € " each mean the
single currency of participating member states of the EMU.
" Eurocurrency Interest Period " means with respect to
any Eurocurrency Rate Borrowing, the period commencing on the date
of such Borrowing and ending on the numerically corresponding day
in the calendar month that is one, two, three or six months
(or, to the extent available to each Lender making such
Eurocurrency Rate Borrowing, nine or twelve months) thereafter, as
a Borrower may elect; provided , that (i) if any
Eurocurrency Interest Period would end on a day other than a
Business Day, such Eurocurrency Interest Period shall be extended
to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case
such Eurocurrency Interest Period shall end on the next preceding
Business Day, (ii) any Eurocurrency Interest Period that
commences on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the last
calendar month of such Eurocurrency Interest Period) shall end on
the last Business Day of the last calendar month of such
Eurocurrency Interest Period and (iii) no Eurocurrency
Interest Period for any (x) Eurocurrency Rate Revolving Loan
shall end after the Scheduled Termination Date or
(y) Eurocurrency Rate Term Loans shall end after the Term Loan
Maturity Date.
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" Eurocurrency Liabilities " has the
meaning specified in Regulation D of the Federal Reserve
Board.
" Eurocurrency Rate " means, (a) in relation to any
Loan denominated in Dollars, Sterling or Yen for any Eurocurrency
Interest Period, the rate obtained by dividing (i) the
applicable LIBOR Rate for such Eurocurrency Interest Period by
(ii) a percentage equal to 1 minus the stated maximum
rate (stated as a decimal) of all reserves, if any, required to be
maintained against Eurocurrency Liabilities (including any
marginal, emergency, special or supplemental reserves), and
(b) in relation to any Loan denominated in Euro, the rate
obtained by dividing (i) the applicable EURIBOR for such
Eurocurrency Interest Period by (ii) a percentage equal to 1
minus the stated maximum rate (stated as a decimal) of all
reserves, if any, required to be maintained against Eurocurrency
Liabilities.
" European Borrowers " means, collectively, the Irish
Borrower, the German Borrowers and the U.K. Borrower.
" Event of Default " has the meaning assigned to such
term in Section 7.01.
" Excess Amount " has the meaning assigned to such term
in Section 2.06(h).
" Excess Cash Flow " means, for any fiscal year of the
U.S. Borrower, an amount equal to the excess of:
-
(a) the sum, without duplication, of:
-
-
(i) Consolidated Net Income of the U.S. Borrower for such
period,
(ii) an amount equal to the amount of all material (as
determined in accordance with GAAP) noncash charges to the extent
deducted in arriving at such Consolidated Net Income,
(iii) decreases in Consolidated Working Capital and long-term
account receivables for such period (other than any such decreases
arising from acquisitions by the U.S. Borrower and its Restricted
Subsidiaries completed during such period), and
(iv) an amount equal to the aggregate net noncash loss on the
sale, lease, transfer or other disposition of assets by the U.S.
Borrower and its Restricted Subsidiaries during such period (other
than sales in the ordinary course of business) to the extent
deducted in arriving at such Consolidated Net Income;
over
(b) the sum, without duplication, of:
-
-
(i) an amount equal to the amount of all material (as determined
in accordance with GAAP) noncash credits included in arriving at
such Consolidated Net Income and cash charges described in clauses
(a) through (j) of the definition of Consolidated Net
Income and included in arriving at such Consolidated Net
Income,
(ii) without duplication of amounts deducted in arriving at such
Consolidated Net Income or pursuant to clause (xi) below in
prior periods, the amount of Capital Expenditures made in cash
during such period (without giving effect to the proviso in the
definition thereof), except to the extent that such Capital
Expenditures were not financed with Internally Generated Funds,
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-
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(iii) the aggregate amount of all principal
payments of Indebtedness of the U.S. Borrower and its Restricted
Subsidiaries (including (x) the principal component of
payments in respect of Capitalized Lease Obligations and
(y) the amount of any prepayment of Loans pursuant to
Section 2.06 or, to the extent made with the proceeds of a
Disposition that resulted in an increase to Consolidated Net Income
and not in excess of the amount of such increase,
Section 2.09(b) but excluding all other prepayments of the
Loans) made during such period (other than in respect of any
revolving credit facility to the extent there is not an equivalent
permanent reduction in commitments thereunder), except to the
extent financed with the proceeds of other Indebtedness of the U.S.
Borrower or its Restricted Subsidiaries (other than under any
revolving credit facility),
(iv) an amount equal to the aggregate net noncash gain on the
sale, lease, transfer or other disposition of assets by the U.S.
Borrower and its Restricted Subsidiaries during such period (other
than sales in the ordinary course of business) to the extent
included in arriving at such Consolidated Net Income,
(v) increases in Consolidated Working Capital and long-term
account receivables for such period (other than any such increases
arising from acquisitions of a Person or business unit by the U.S.
Borrower and its Restricted Subsidiaries during such period),
(vi) cash payments by the U.S. Borrower and its Restricted
Subsidiaries during such period in respect of long-term liabilities
of the U.S. Borrower and its Restricted Subsidiaries other than
Indebtedness,
(vii) without duplication of amounts deducted pursuant to clause
(xi) below in prior periods, the amount of Investments and
acquisitions made during such period to the extent permitted under
Section 6.07 (excluding Investments in (x) Cash
Equivalents, (y) Investment Grade Securities and (z) the
U.S. Borrower or any of its Restricted Subsidiaries), to the extent
that such Investments and acquisitions were financed with
Internally Generated Funds,
(viii) the amount of Restricted Payments made in cash during
such period to the extent permitted under Section 6.04(xii),
to the extent that such Restricted Payments were financed with
Internally Generated Funds,
(ix) the aggregate amount of expenditures actually made by the
U.S. Borrower and the Restricted Subsidiaries in cash during such
period (including expenditures for the payment of financing fees)
to the extent that such expenditures are not expensed during such
period,
(x) the aggregate amount of any premium, make-whole or penalty
payments actually paid in cash by the U.S. Borrower and the
Restricted Subsidiaries during such period that are required to be
made in connection with any prepayment of Indebtedness,
(xi) without duplication of amounts deducted in arriving at such
Consolidated Net Income or deducted from Excess Cash Flow in prior
periods, the aggregate consideration required to be paid in cash by
the U.S. Borrower or any of its Restricted Subsidiaries pursuant to
binding contracts (the " Contract Consideration ") entered
into prior to or during such period relating to acquisitions or
Capital Expenditures (without giving effect to the proviso in the
definition thereof) to be consummated or made during the period
of
-24-
-
-
-
four consecutive fiscal quarters of the U.S.
Borrower following the end of such period; provided that to
the extent the aggregate amount of Internally Generated Funds
actually utilized to finance such acquisitions or Capital
Expenditures during such period of four consecutive fiscal quarters
is less than the Contract Consideration, the amount of such
shortfall shall be added to the calculation of Excess Cash Flow at
the end of such period of four consecutive fiscal
quarters,
(xii) the amount of cash taxes paid in such period to the extent
they exceed the amount of tax expense deducted in determining
Consolidated Net Income for such period, and
(xiii) an amount equal to the aggregate net cash losses on the
sale, lease, transfer or other disposition of assets by the U.S.
Borrower and its Restricted Subsidiaries during such period (other
than sales in the ordinary course of business) to the extent
deducted in determining Consolidated Net Income.
" Exchange Act " means the Securities Exchange Act of
1934, as amended, and the rules and regulations of the SEC
promulgated thereunder.
" Excluded Contribution " means net cash proceeds,
marketable securities or Qualified Proceeds received by the U.S.
Borrower from (a) contributions to its common equity capital
(other than from the proceeds of Designated Preferred Stock), and
(b) the sale (other than to a Subsidiary of the U.S. Borrower
or to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement of the U.S.
Borrower) of Capital Stock (other than Disqualified Stock or
Designated Preferred Stock) of the U.S. Borrower, in each case
designated as Excluded Contributions pursuant to an Officers’
Certificate executed by an executive vice president and the
principal financial officer of the U.S. Borrower on the date such
capital contributions are made or the date such Equity Interests
are sold, as the case may be, which are excluded from the
calculation of the Applicable Amount and which are not received by
the U.S. Borrower in connection with an equity contribution or an
issuance of Junior Capital pursuant to Section 7.03.
" Excluded Taxes " means, with respect to any Agent, LC
Facility Issuing Bank, Issuing Bank, Lender or any other recipient
of any payment to be made by or on account of any obligation of any
Borrower or any other Loan Party hereunder, (a) income or
franchise taxes (or capital in the case of any Canadian capital
Taxes) imposed on (or measured by) its net income received or
receivable (but not any such sum deemed to be received or
receivable) by a jurisdiction as a result of the recipient being
organized or having its principal office or, in the case of any
Lender, having its Applicable Lending Office in such jurisdiction,
(b) any branch profits taxes under Section 884 of the
Code or any similar tax imposed by a jurisdiction as a result of
the recipient being located in such jurisdiction, (c) in the
case of a Lender (other than an assignee pursuant to a request by a
Borrower under Section 2.17(b)) or a Lender purchasing a
participation pursuant to Section 2.16(b) with respect to that
participation), (i) with respect to the U.S. Revolving Loans,
U.S. Term Loan or any portion of any Canadian Revolving Loans,
German Revolving Loans, Irish Revolving Loans or U.K. Revolving
Loans made to the U.S. Borrower, any United States federal
withholding tax that is imposed on amounts payable to such Lender
at the time such Lender becomes a party to this Agreement (or
designates a new lending office), except to the extent, in the case
of a Non-U.S. Lender, such Non-U.S. Lender (or its assignor, if
any) was entitled, at the time of designation of a new lending
office (or assignment), to receive additional amounts from the U.S.
Borrower or any other Loan Party with respect to such withholding
tax pursuant to Section 2.15(a) or (f) and (ii) with
respect to any portion of the Canadian Revolving Loan made to the
Canadian Borrower or a Revolving Letter of Credit issued to the
Canadian Borrower pursuant to the Canadian Revolving Commitments,
any Canadian federal withholding tax that is imposed on amounts
payable to such Canadian Revolving Lender
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or the applicable Issuing Bank, as the case may
be, at the time such Canadian Revolving Lender or Issuing Bank
becomes a party to this Agreement (or designates a new lending
office), except to the extent that such Canadian Revolving Lender
or Issuing Bank (or its assignor, if any) was entitled, at the time
of designation of a new lending office (or assignment), to receive
additional amounts from the Canadian Borrower or any other Loan
Party with respect to such withholding tax pursuant to
Section 2.15(a) or (f), and (d) any withholding tax that
is attributable to a Lender’s failure to comply with
Section 2.15(h) or (i); provided that, for the avoidance of
doubt, any deduction or withholding under section 349 of the Taxes
Act (or any successor provision) for or on account of any Taxes,
shall not be an Excluded Tax.
" Existing Debt " means the Funded Debt listed on
Schedule 1.01(c) .
" Existing Debt Refinancing " means (a) with respect
to Existing Debt listed on Part I of Schedule 1.01(c) , the
redemption, repurchase or other satisfaction and discharge of such
Existing Debt or the deposit or placement in escrow of amounts with
respect to such redemption with the relevant trustee or holders and
(b) with respect to other Existing Debt, the payment in full
of all amounts, if any, due or owing under the Existing Debt, the
termination of all commitments thereunder and the release and
discharge of all guarantees thereof (if any) and all security
therefor (if any).
" Existing Letters of Credit " means the letters of
credit listed on Schedule 1.01(g) .
" Facility " means the LC Facility, a Revolving Facility
or a Term Loan Facility, as applicable.
" Federal Funds Effective Rate " means, for any day, the
weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate
is not so published for any day that is a Business Day, the average
of the quotations for such day for such transactions received by
the Agent from three Federal funds brokers of recognized standing
selected by it.
" Financial Officer " means the chief financial officer,
treasurer or controller of the U.S. Borrower.
" First-Tier Foreign Subsidiary " means any Foreign
Subsidiary directly owned by any Loan Party.
" Foreign Borrower " means any Borrower other than the
U.S. Borrower.
" Foreign Borrower Cross-Guarantee " means, the Foreign
Borrower Cross-Guarantee, substantially in the form of Exhibit
H as the same may be amended or supplemented from time to
time.
" Foreign Obligations " means all unpaid principal of and
accrued and unpaid interest on the Loans made to Foreign Borrowers
or LC Disbursements made pursuant to Letters of Credit issued for
the account of any Foreign Borrower or on behalf of any of its
Subsidiaries, all accrued and unpaid fees (including pursuant to
Section 2.10(b) of this Agreement) and all expenses,
reimbursements, indemnities and other obligations of the Foreign
Borrowers to the Lenders or to any Lender, the Agent, the Issuing
Bank or any indemnified party arising under the Loan Documents to
which such Foreign Borrower is a party.
-26-
" Foreign Pledge Agreement " means each
pledge agreement or mortgage executed by any Loan Party in order to
grant a security interest to the Agent to secure the Obligations
and/or the Foreign Obligations, as applicable.
" Foreign Subsidiary " means, with respect to any Person,
any Restricted Subsidiary of such Person that is not organized or
existing under the laws of the United States of America, any state
thereof or the District of Columbia.
" Foreign Subsidiary Total Assets " means the total
amount of all assets of Foreign Subsidiaries of the U.S. Borrower,
determined on a consolidated basis in accordance with GAAP.
" 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.
" Funded Debt " means all Indebtedness of the U.S.
Borrower and its Restricted Subsidiaries for borrowed money that
matures more than one year from the date of its creation or matures
within one year from such date that is renewable or extendable, at
the option of such Person, to a date more than one year from such
date or arises under a revolving credit or similar agreement that
obligates the lender or lenders to extend credit during a period of
more than one year from such date, including Indebtedness in
respect of the Loans.
" GAAP " means generally accepted accounting principles
in the United States of America that are in effect on the Closing
Date.
" German Borrowers " shall mean the German-1 Borrower and
the German-2 Borrower and " German Borrower " shall mean
either one of them.
" German-1 Borrower " has the meaning specified in the
preamble to this Agreement.
" German-2 Borrower " has the meaning specified in the
preamble to this Agreement.
" German Lending Office " means, with respect to any
Lender, the office of such Lender specified as its "German Lending
Office" in its Administrative Questionnaire or such other office of
such Lender as such Lender may from time to time specify to the
U.S. Borrower and the Agent.
" German Qualifying Lender " means (i) a Lender
which is (otherwise than by reason of being a Treaty Lender) able
to receive interest from that Borrower without any deduction or
withholding for or on account of any Indemnified Taxes or Other
Taxes imposed by Germany or any of its political subdivisions or
(ii) a Treaty Lender.
" German Revolving Available Credit " means, at any time,
(a) the then effective German Revolving Commitments
minus (b) the aggregate German Revolving Outstandings
at such time.
" German Revolving Borrowing " means German Revolving
Loans made on the same day by the German Revolving Lenders ratably
according to their respective German Revolving Commitments.
" German Revolving Commitment " means, with respect to
each German Revolving Lender, the commitment of such German
Revolving Lender to make German Revolving Loans in the aggregate
principal amount equal to the Dollar Equivalent of the amount set
forth opposite such German Revolving Lender’s name on the
Commitment Schedule under the caption "German Revolving
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Commitment", as amended to reflect each
Assignment and Assumption executed by such German Revolving Lender
and as such amount may be reduced pursuant to this Agreement, and "
German Revolving Commitments " shall mean the aggregate
German Revolving Commitments of all German Revolving Lenders, which
amount, initially as of the Closing Date, shall be $30.0
million.
" German Revolving Facility " means the German Revolving
Commitments and the provisions herein related to the German
Revolving Loans and, to the extent issued pursuant to the German
Revolving Commitments, Revolving Letters of Credit.
" German Revolving Lender " means a Lender with a German
Revolving Commitment, in its capacity as such.
" German Revolving Loan " has the meaning specified in
Section 2.01(a)(iii).
" German Revolving Outstandings " means, at any
particular time, the sum of (a) the Dollar Equivalent of the
principal amount of the German Revolving Loans outstanding at such
time and (b) the Revolving LC Exposure under the German
Revolving Facility at such time.
" German Term Commitment " means with respect to any
German Term Lender, the German Term-1 Commitment of such Lender and
the German Term-2 Commitment of such German Term Lender.
" German Term-1 Commitment " means, with respect to any
German Term Lender, the commitment of such German Term Lender to
make German Term-1 Loans to the German-1 Borrower in an aggregate
principal amount set forth opposite such Lender’s name on the
Commitments Schedule under the caption "German Term-1 Commitment",
and " German Term-1 Commitments " shall mean the aggregate
German Term-1 Commitments of all German Term Lenders, which amount,
initially as of the Closing Date, shall be €30.0 million.
" German Term-2 Commitment " means, with respect to any
German Term Lender, the commitment of such German Term Lender to
make German Term-2 Loans to the German-2 Borrower in an aggregate
principal amount set forth opposite such Lender’s name on the
Commitments Schedule under the caption "German Term-2 Commitment",
and " German Term-2 Commitments " shall mean the aggregate
German Term-2 Commitments of all German Term Lenders, which amount,
initially as of the Closing Date, shall be €40.0 million.
" German Term Lender " means each Lender that has a
German Term Commitment or that holds a German Term Loan.
" German Term Loan " has the meaning specified in
Section 2.01(b)(iii).
" German Term-1 Loans " has the meaning specified in
Section 2.01(b)(iii).
" German Term-2 Loans " has the meaning specified in
Section 2.01(b)(iii).
" German Term Loan Facility " means the German Term
Commitments and the provisions herein related to the German Term
Loans.
" Governmental Authority " means the government of the
United States of America, any other nation, sovereign or
government, any state, province or territory or any political
subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank
or
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other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions
of or pertaining to government.
" guarantee " means a guarantee (other than by
endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner
(including letters of credit and reimbursement agreements in
respect thereof), of all or any part of any Indebtedness or other
obligations, and, when used as a verb, shall have a corresponding
meaning.
" Guaranteed Obligations " has the meaning assigned to
such term in Section 10.01(a).
" Guarantor Percentage " has the meaning assigned to such
term in Section 10.10.
" Hazardous Materials " means all explosive or
radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated as
hazardous or deleterious pursuant to any Environmental Law.
" Hedge Agreement " means any agreement with respect to
any Derivative Transaction between the U.S. Borrower or any
Restricted Subsidiary and any other Person.
" Hedging Obligations " means, with respect to any
Person, the obligations of such Person under currency exchange,
interest rate or commodity swap agreements, currency exchange,
interest rate or commodity cap agreements and currency exchange,
interest rate or commodity collar agreements and other agreements
or arrangements.
" Holdings " has the meaning assigned to such term in the
preamble to this Agreement.
" Immaterial Subsidiary " means, at any date of
determination, any Restricted Subsidiary designated as such in
writing by the U.S. Borrower that (i) contributed 2.5% or less
of EBITDA of the U.S. Borrower for the most recently ended period
of four fiscal quarters for which financial statements have been
delivered pursuant to Section 5.01 and (ii) had
consolidated assets representing 2.5% or less of Total Assets on
the last day of the most recent fiscal quarter for which financial
statements have been delivered pursuant to Section 5.01. The
Immaterial Subsidiaries as of the Closing Date are listed on
Schedule 1.01(a) .
" Immediate Family Members " means with respect to any
individual, such individual’s child, stepchild, grandchild or
more remote descendant, parent, stepparent, grandparent, spouse,
former spouse, qualified domestic partner, sibling, mother-in-law,
father-in-law, son-in-law and daughter-in-law (including adoptive
relationships) and any trust, partnership or other bona fide
estate-planning vehicle the only beneficiaries of which are any of
the foregoing individuals or any private foundation or fund that is
controlled by any of the foregoing individuals or any donor-advised
fund of which any such individual is the donor.
" Increased Amount Date " has the meaning assigned to
such term in Section 2.19(a).
" incur " has the meaning set forth in
Section 6.01(a).
" incurrence " has the meaning set forth in
Section 6.01(a).
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" Indebtedness " means, with respect to
any Person, (a) any indebtedness (including principal and
premium) of such Person, whether or not contingent (i) in
respect of borrowed money, (ii) evidenced by bonds, notes,
debentures or similar instruments or letters of credit or
bankers’ acceptances (or, without duplication, reimbursement
agreements in respect thereof), (iii) representing the balance
deferred and unpaid of the purchase price of any property
(including Capitalized Lease Obligations), except any such balance
that constitutes a trade payable or similar obligation to a trade
creditor, in each case accrued in the ordinary course of business,
(iv) advances under, or in respect of Receivables Facilities
or Business Securitization Facility or (v) representing any
Hedging Obligations, if and to the extent that any of the foregoing
Indebtedness (other than letters of credit and Hedging Obligations)
would appear as a liability upon a balance sheet (excluding the
footnotes thereto) of such Person prepared in accordance with GAAP;
(b) to the extent not otherwise included, any obligation by
such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, on the obligations of the type referred to in
clause (a) of another Person (whether or not such items would
appear upon the balance sheet of such obligor or guarantor), other
than by endorsement of negotiable instruments for collection in the
ordinary course of business; (c) to the extent not otherwise
included, the obligations of the type referred to in
clause (a) of another Person secured by a Lien on any asset
owned by such Person, whether or not such obligations are assumed
by such Person and whether or not such obligations would appear
upon the balance sheet of such Person; provided that the
amount of such Indebtedness will be the lesser of the fair market
value of such asset at the date of determination and the amount of
Indebtedness so secured; and (d) Attributable Debt in respect
of Sale and Lease-Back Transactions; provided ,
however , that notwithstanding the foregoing, Indebtedness
will be deemed not to include Contingent Obligations incurred in
the ordinary course of business with respect to obligations not
constituting Indebtedness.
" Indemnified Taxes " means Taxes other than Excluded
Taxes.
" Independent Financial Advisor " means an accounting,
appraisal, investment banking firm or consultant of nationally
recognized standing that is, in the good faith judgment of the U.S.
Borrower, qualified to perform the task for which it has been
engaged and that is independent of the U.S. Borrower and its
Affiliates.
" Information " has the meaning set forth in
Section 3.13(a).
" Information Memorandum " means the Confidential
Information Memorandum dated January 2007, relating to the U.S.
Borrower and the Transactions.
" Interbank Rate " means, for any period, (i) in
respect of Loans denominated in Dollars, the Federal Funds Rate and
(ii) in respect of Loans denominated in any other currency,
the Agent’s cost of funds (as reasonably determined by the
Agent) for such period.
" Interest Charges " means, with respect to any Person
for any period, the sum of (a) Consolidated Interest Expense
of such Person for such period, (b) the consolidated amount of
all cash dividend payments (excluding items eliminated in
consolidation) on any series of Preferred Stock (including any
dividends paid to any direct or indirect parent company of the U.S.
Borrower in order to permit the payment of dividends by such parent
company on its Designated Preferred Stock) paid by such Person and
its Restricted Subsidiaries during such period, and (c) the
consolidated amount of all cash dividend payments (excluding items
eliminated in consolidation) by such Person and its Restricted
Subsidiaries on any series of Disqualified Stock made during such
period.
" Interest Coverage Ratio " means, with respect to any
Person for any period, the ratio of EBITDA of such Person for such
period to the Interest Charges of such Person for such period. In
the event that the U.S. Borrower or any Restricted Subsidiary
incurs, assumes, guarantees, redeems, retires or
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extinguishes any Indebtedness (other than
Indebtedness incurred under any revolving credit facility that has
been permanently repaid and has not been replaced) or issues or
redeems Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Interest Coverage Ratio is
being calculated but prior to or simultaneously with the event for
which the calculation of the Interest Coverage Ratio is made (the "
Calculation Date "), then the Interest Coverage Ratio shall
be calculated giving pro forma effect to such incurrence,
assumption, guarantee, redemption, retirement or extinguishing of
Indebtedness, or such issuance or redemption of Disqualified Stock
or Preferred Stock, as if the same had occurred at the beginning of
the applicable four-quarter period (the " reference period
").
For purposes of making the computation referred to above,
Investments, acquisitions, Dispositions, mergers, consolidations
and disposed operations (as determined in accordance with GAAP)
that have been made by the U.S. Borrower or any Restricted
Subsidiary during the four-quarter reference period or subsequent
to such reference period and on or prior to or simultaneously with
the Calculation Date shall be calculated on a pro forma basis
assuming that all such Investments, acquisitions, Dispositions,
mergers, consolidations and disposed operations (and the change in
any associated Interest Charges and the change in EBITDA resulting
therefrom) had occurred on the first day of the reference period;
provided that no such pro forma adjustment to EBITDA shall
be made in respect of any such transaction to the extent the
aggregate consideration in connection therewith was less than $10.0
million for the reference period. If since the beginning of such
period any Person (that subsequently became a Restricted Subsidiary
or was merged with or into the U.S. Borrower or any Restricted
Subsidiary since the beginning of such period) shall have made any
Investment, acquisition, Disposition, merger, consolidation or
disposed operation that would have required adjustment pursuant to
this definition, then the Interest Coverage Ratio shall be
calculated giving pro forma effect thereto for such period as if
such Investment, acquisition, Disposition, merger, consolidation or
disposed operation had occurred at the beginning of the reference
period (subject to the threshold specified in the previous
sentence).
For purposes of this definition, whenever pro forma effect is to
be given to a transaction, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of
the U.S. Borrower. If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such
Indebtedness shall be calculated as if the rate in effect on the
Calculation Date had been the applicable rate for the entire period
(taking into account any Hedging Obligations applicable to such
Indebtedness). Interest on a Capitalized Lease Obligation shall be
deemed to accrue at an interest rate reasonably determined by a
Financial Officer of the U.S. Borrower in accordance with GAAP. For
purposes of making the computation referred to above, interest on
any Indebtedness under a revolving credit facility computed on a
pro forma basis shall be computed based upon the average daily
balance of such Indebtedness during the applicable period. Interest
on Indebtedness that may optionally be determined at an interest
rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be deemed to have been
based upon the rate actually chosen, or, if none, then based upon
such optional rate chosen as the U.S. Borrower may designate.
" Interest Election Request " means a request by a
Borrower to convert or continue a Borrowing in accordance with
Section 2.12.
" Interest Period " means (a) in the case of any
Eurocurrency Rate Loan or LC Facility Deposit, the applicable
Eurocurrency Interest Period and (b) in the case of any BA
Rate Loan, the applicable BA Interest Period.
" Internally Generated Funds " shall mean any amount
expended by the U.S. Borrower and its Restricted Subsidiaries and
not representing (i) a reinvestment by the U.S. Borrower or
any Restricted Subsidiaries of the Net Cash Proceeds of any
Disposition outside the ordinary course of business or Casualty
Event, (ii) the proceeds of any issuance of Indebtedness of
the U.S. Borrower or any Restricted
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Subsidiary (other than Indebtedness under any
revolving credit facility) or (iii) any credit received by the
U.S. Borrower or any Restricted Subsidiary with respect to any
trade in of property for substantially similar property or any
"like kind exchange" of assets.
" Investment Grade Securities " means (a) securities
issued or directly and fully guaranteed or insured by the
government of the United States of America or any agency or
instrumentality thereof (other than Cash Equivalents),
(b) debt securities or debt instruments with a rating of BBB-
or higher by S&P or Baa3 or higher by Moody’s or the
equivalent of such rating by such rating organization, or, if no
rating of S&P or Moody’s then exists, the equivalent of
such rating by any other nationally recognized securities rating
agency, but excluding any debt securities or instruments
constituting loans or advances among the U.S. Borrower and its
subsidiaries, (c) investments in any fund that invests
exclusively in investments of the type described in
clauses (a) and (b), which fund may also hold immaterial
amounts of cash pending investment or distribution and
(d) corresponding instruments in countries other than the
United States of America customarily utilized for high quality
investments, in each case, consistent with the U.S.
Borrower’s cash management and investment practices.
" Investments " means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates)
in the form of guarantees, loans or advances of money or capital
contributions to such Person (but excluding any such loan, advance
or capital contribution arising in the ordinary course of business
and having a term not exceeding 364 days and furthermore excluding,
for the avoidance of doubt, any extensions of trade credit in the
ordinary course of business) or purchases or other acquisitions of
stocks, bonds, debentures, notes or similar securities issued by
such Person. For purposes of the definition of "Unrestricted
Subsidiary" and Section 6.07, (a) "Investments" shall
include the portion (proportionate to the U.S. Borrower’s
equity interest in such Subsidiary) of the fair market value of the
net assets of a Subsidiary of the U.S. Borrower at the time that
such Subsidiary is designated an Unrestricted Subsidiary;
provided that upon a redesignation of such Unrestricted
Subsidiary as a Restricted Subsidiary, the U.S. Borrower shall be
deemed to continue to have a permanent "Investment" in an
Unrestricted Subsidiary in an amount (if positive) equal to
(i) the U.S. Borrower’s "Investment" in such Subsidiary
at the time of such redesignation, less (ii) the
portion (proportionate to the U.S. Borrower’s equity interest
in such Subsidiary) of the fair market value of the net assets of
such Subsidiary at the time of such redesignation, and (b) any
property transferred to or from an Unrestricted Subsidiary shall be
valued at its fair market value at the time of such transfer, in
each case as determined in good faith by the U.S. Borrower. For the
avoidance of doubt, a guarantee by a specified Person of the
obligations of another Person (the " primary obligor ")
shall be deemed to be an Investment by such specified Person in the
primary obligor to the extent of such guarantee except that any
guarantee by any Loan Party of the obligations of a primary obligor
in favor of a Loan Party shall be deemed to be an Investment by a
Loan Party in another Loan Party.
" Irish Borrower " has the meaning specified in the
preamble to this Agreement.
" Irish Lending Office " means, with respect to any
Lender, the office of such Lender specified as its "Irish Lending
Office" in its Administrative Questionnaire or such other office of
such Lender as such Lender may from time to time specify to the
U.S. Borrower and the Agent.
" Irish Qualifying Lender " means a Lender which is
beneficially entitled to interest payable to that Lender in respect
of an advance under this Agreement and is:
-
(a) a bank which is licensed, pursuant to Section 9 of the
Central Bank Act 1971 of Ireland, to carry on banking business in
Ireland and whose Applicable Lending Office is located in Ireland
and which is carrying on a bona fide banking business in Ireland
for the purposes of Section 246(3) of TCA; or
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-
(b) a building society within the meaning of
Section 256(1) of TCA whose Applicable Lending Office is
located in Ireland and which is carrying on a bona fide banking
business in Ireland for the purposes of Section 246(3) of TCA;
or
(c) an authorised credit institution under the terms of the
European Union Consolidation Directive (formerly the First European
Union Banking Co-Ordination Directive and the Second European Union
Banking Co-Ordination Directive) and has duly established a branch
in Ireland or has made all necessary notifications to its home
state competent authorities required thereunder in relation to its
intention to carry on banking business in Ireland and such
financial institution is recognised by the Revenue Commissioners in
Ireland as carrying on a bona fide banking business in Ireland for
the purposes of Section 246(3) of TCA and has its Applicable
Lending Office located in Ireland; or
(d) a company resident for tax purposes in a country with which
Ireland has entered into a Treaty or resident in a member state of
the European Communities (other than Ireland) provided if such
person is a company, such company does not provide its commitment
through a branch or agency in Ireland; or
(e) a body corporate which advances money in the ordinary course
of a trade which includes the lending of money, and whose
Applicable Lending Office is located in Ireland, the interest is
taken into account in computing the trading income of such a
person; and which has complied with the notification requirements
under Section 246(5) of TCA; or
(f) a person in respect of which an authorisation granted and
not revoked by the Revenue Commissioners of Ireland is subsisting
on each interest payment date entitling any Borrower to pay such
person interest without deduction of income tax, by virtue of an
applicable Treaty between Ireland and the country in which such
person is resident for the purposes of such treaty, where such
double taxation treaty specifies that no withholding tax is to be
made on interest provided such person does not provide its
commitment through a branch or agency in Ireland; or
(g) a qualifying company within the meaning of Section 110
of TCA.
" Irish Revolving Available Credit " means, at any time,
(a) the then effective aggregate Irish Revolving Commitments
minus (b) the aggregate Irish Revolving Outstandings at
such time.
" Irish Revolving Borrowing " means Irish Revolving Loans
made on the same day by the Irish Revolving Lenders ratably
according to their respective Irish Revolving Commitments.
" Irish Revolving Commitment " means, with respect to
each Irish Revolving Lender, the commitment of such Lender to make
Irish Revolving Loans in the aggregate principal amount outstanding
not to exceed the amount set forth opposite such Lender’s
name on the Commitment Schedule under the caption "Irish
Revolving Commitment," as amended to reflect each Assignment and
Assumption executed by such Lender and as such amount may be
reduced pursuant to this Agreement, and " Irish Revolving
Commitments " shall mean the aggregate Irish Revolving
Commitments of all Irish Revolving Lenders, which amount, initially
as of the Closing Date, shall be $20.0 million.
" Irish Revolving Facility " means the Irish Revolving
Commitments and the provisions herein related to the Irish
Revolving Loans and, to the extent issued pursuant to the Irish
Revolving Commitments, Revolving Letters of Credit.
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" Irish Revolving Lender " means each
Lender having an Irish Revolving Commitment.
" Irish Revolving Loan " has the meaning specified in
Section 2.01(a)(v).
" Irish Revolving Outstandings " means, at any particular
time, the sum of (a) the Dollar Equivalent of the aggregate
principal amount of the Irish Revolving Loans outstanding at such
time and (b) the Revolving LC Exposure under the Irish
Revolving Facility at such time.
" Irish Tax Confirmation " means a confirmation by a
Lender that the person beneficially entitled to interest payable to
that Lender in respect of an advance under this Agreement is
either:
-
(a) a bank which is licensed, pursuant to Section 9 of the
Central Bank Act 1971 of Ireland, to carry on banking business in
Ireland and whose Applicable Lending Office is located in Ireland
and which is carrying on a bona fide banking business in Ireland
for the purposes of Section 246(3) of TCA; or
(b) a building society within the meaning of Section 256(1)
of TCA whose Applicable Lending Office is located in Ireland and
which is carrying on a bona fide banking business in Ireland for
the purposes of Section 246(3) of TCA; or
(c) an authorised credit institution under the terms of the
European Union Consolidation Directive (formerly the First European
Union Banking Co-Ordination Directive and the Second European Union
Banking Co-Ordination Directive) and has duly established a branch
in Ireland or has made all necessary notifications to its home
state competent authorities required thereunder in relation to its
intention to carry on banking business in Ireland and such
financial institution is recognised by the Revenue Commissioners in
Ireland as carrying on a bona fide banking business in Ireland for
the purposes of Section 246(3) of TCA and has its Applicable
Lending Office located in Ireland; or
(d) a company resident for tax purposes in a country with which
Ireland has entered into a Treaty or resident in a member state of
the European Communities (other than Ireland) provided if such
person is a company, such company does not provide its commitment
through a branch or agency in Ireland; or
(e) a body corporate which advances money in the ordinary course
of a trade which includes the lending of money, and whose
Applicable Lending Office is located in Ireland, the interest is
taken into account in computing the trading income of such a
person; and which has complied with the notification requirements
under Section 246(5) of TCA; or
(f) a person in respect of which an authorisation granted and
not revoked by the Revenue Commissioners of Ireland is subsisting
on each interest payment date entitling any Borrower to pay such
person interest without deduction of income tax, by virtue of an
applicable Treaty between Ireland and the country in which such
person is resident for the purposes of such treaty, where such
double taxation treaty specifies that no withholding tax is to be
made on interest provided such person does not provide its
commitment through a branch or agency in Ireland; or
(g) a qualifying company within the meaning of Section 110
of TCA.
" Irish Term Commitment " means, with respect to any
Irish Term Lender, the commitment of such Irish Term Lender to make
Irish Term Loans to the Irish Borrower in the aggregate
principal
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amount for all such Loans set forth opposite such
Lender’s name on the Commitment Schedule under the
caption "Irish Term Commitment", and " Irish Term
Commitments " shall mean the aggregate Irish Term Commitments
of all Irish Term Lenders, which amount, initially as of the
Closing Date, shall be €44.0 million.
" Irish Term Lender " means each Lender that has an Irish
Term Commitment or that holds an Irish Term Loan.
" Irish Term Loan " has the meaning specified in
Section 2.01(b)(iv).
" Irish Term Loan Facility " means the Irish Term
Commitments and the provisions herein related to the Irish Term
Loans.
" ISP " means, with respect to any Letter of Credit, the
"International Standby Practices 1998" published by the Institute
of International Banking Law & Practice (or such later
version thereof as may be in effect at the time of issuance).
" Issuing Bank " means (i) with respect to standby
Revolving Letters of Credit, Citibank, N.A., (ii) with respect
to commercial Revolving Letters of Credit denominated in Dollars
(but not in any other currency), Wachovia Bank, N.A.,
(iii) solely with respect to Existing Letters of Credit that
are Revolving Letters of Credit, JPMorgan Chase Bank, N.A., in each
case, in its capacity as an issuer of Revolving Letters of Credit
hereunder, and its successors in such capacity as provided in
Section 2.04(i)(i), and any other Revolving Lender approved by
the Agent and the U.S. Borrower (such approvals not to be
unreasonably withheld) which has agreed to act as an Issuing Bank
hereunder. Each Issuing Bank may, in its discretion, arrange for
one or more Revolving Letters of Credit to be issued by Affiliates
of such Issuing Bank, in which case the term "Issuing Bank" shall
include any such Affiliate with respect to Revolving Letters of
Credit issued by such Affiliate and, except as otherwise agreed to
by such Issuing Bank, all payments required to be made to such
Issuing Bank hereunder with respect to Revolving Letters of Credit
issued by such Issuing Bank shall instead be made to the Affiliate
that issued such Letter of Credit.
" Joinder Agreement " has the meaning assigned to such
term in Section 5.11.
" Joint Lead Arrangers " means Goldman Sachs Credit
Partners L.P. and J.P. Morgan Securities Inc.
" Judgment Currency " has the meaning specified in
Section 9.09(f).
" Junior Capital " shall mean (i) any common or
preferred Capital Stock of Holdings or the U.S. Borrower that does
not (a) provide for scheduled payments of dividends in cash
prior to the date that is 91 days after the Term Loan Maturity
Date, or (b) become mandatorily redeemable pursuant to a
sinking fund obligation or otherwise prior to the date that is 91
days after the Term Loan Maturity Date and (ii) Indebtedness
of Holdings or the U.S. Borrower that (a) is unsecured,
(b) is expressly subordinated to the prior payment in full in
cash of the obligations of Holdings or the U.S. Borrower, as the
case may be, hereunder on terms reasonably satisfactory to the
Joint Lead Arrangers and the Agent, (c) has a final maturity
date that is not earlier than, and provides for no scheduled
payments of principal or mandatory redemption obligations prior to,
the date that is 91 days after the Term Loan Maturity Date,
(d) in the case of Indebtedness, provides for payments of
interest solely in-kind until the date that is 91 days after the
Term Loan Maturity Date, and (e) in the case of Indebtedness
of the U.S. Borrower, such Indebtedness is issued exclusively to,
and held exclusively by, Holdings.
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" LC Disbursement " means a Revolving LC
Disbursement or an LC Facility LC Disbursement.
" LC Facility " means the LC Facility Commitments, the LC
Facility Deposits and the provisions hereof relating to LC Facility
Letters of Credit.
" LC Facility Agent " means JPMorgan Chase Bank, N.A., in
its capacity as the holder of the LC Facility Deposits and its
successors.
" LC Facility Availability Period " means the period from
and including the Closing Date to but excluding the earliest of
(i) five Business Days prior to the LC Facility Maturity Date
and (ii) the date on which all of the LC Facility Deposits are
returned to the LC Facility Lenders.
" LC Facility Commitment " means, with respect to any LC
Facility Lender, the commitment of such LC Facility Lender to make
an LC Facility Deposit in an aggregate amount set forth opposite
such Lender’s name on the Commitments Schedule under
the caption "LC Facility Commitment", and " LC Facility
Commitments " shall mean the aggregate LC Facility Commitments
of all LC Facility Lenders, which amount, initially as of the
Closing Date, shall be $250.0 million.
" LC Facility Deposits " means the cash deposits made by
the LC Facility Lenders with the LC Facility Agent pursuant to
Section 2.01(c), as such deposits may be reduced from time to
time pursuant to the terms of this Agreement.
" LC Facility Issuing Bank " has the meaning assigned to
such term in the preamble to this Agreement and its successors in
such capacity as provided in Section 2.04(i)(ii), and any
other Revolving Lender approved by the Agent and the U.S. Borrower
(such approvals not to be unreasonably withheld). Each LC Facility
Issuing Bank may, in its discretion, arrange for one or more LC
Facility Letters of Credit to be issued by Affiliates of such LC
Facility Issuing Bank, in which case the term "LC Facility Issuing
Bank" shall include any such Affiliate with respect to LC Facility
Letters of Credit issued by such Affiliate.
" LC Facility LC Disbursement " means any payment made by
the LC Facility Issuing Bank pursuant to an LC Facility Letter of
Credit.
" LC Facility LC Exposure " means, at any time, the sum
of (a) the aggregate undrawn amount of the outstanding LC
Facility Letters of Credit at such time plus (b) the aggregate
amount of all LC Facility LC Disbursements that have not yet been
reimbursed by or on behalf of the U.S. Borrower at such time. The
LC Facility LC Exposure of any LC Facility Lender at any time shall
be its Ratable Portion of the total LC Facility LC Exposure at such
time.
" LC Facility LC Fees " has the meaning assigned to such
term in Section 2.10(c).
" LC Facility Lender " means a Lender having an LC
Facility Participation.
" LC Facility Letter of Credit " means, at any time, a
Letter of Credit issued by the LC Facility Issuing Bank pursuant to
Section 2.04(a)(i) and shall include the Existing Letters of
Credit that are denominated in Dollars. All LC Facility Letters of
Credit shall be standby letters of credit.
" LC Facility Maturity Date " means January 26,
2014.
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" LC Facility Participations " means the
obligations and agreements of the LC Facility Lenders under
Section 2.04(d)(ii). The amount of the LC Facility
Participation of each LC Facility Lender shall initially be its LC
Facility Commitment, as such amount may be (a) reduced from
time to time pursuant to Section 2.11 and (b) reduced or
increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04.
" Lenders " means the Swingline Lenders and the Persons
listed on the Commitment Schedule and any other Person that
shall have become a party hereto pursuant to Section 2.19 or
an Assignment and Assumption, other than any such Person that
ceases to be a party hereto pursuant to an Assignment and
Assumption.
" Letter of Credit " means any Revolving Letter of Credit
or any LC Facility Letter of Credit.
" LIBOR Rate " means, with respect to any Eurocurrency
Interest Period, (a) the rate per annum determined by
the Agent at approximately 11:00 a.m. (London time) on the date
that is two Business Days prior to the commencement of such
Eurocurrency Interest Period (or, if different, the date on which
quotations would customarily be provided by leading banks in the
London Interbank Market for deposits of amounts in the relevant
currency for delivery on the first day of such Eurocurrency
Interest Period) by reference to the applicable Screen Rate for
deposits in Dollars, Sterling or Yen, as applicable (as set forth
by any service selected by the Agent that has been nominated by the
British Bankers’ Association as an authorized information
vendor for the purpose of displaying such rates), for a period
equal to such Interest Period; provided that, to the extent
that an interest rate is not ascertainable pursuant to the
foregoing provisions of this definition, the "LIBOR Rate" shall be
the interest rate per annum determined by the Agent to be
the average of the rates per annum at which deposits in
Dollars, Sterling or Yen, as applicable, are offered for such
relevant Eurocurrency Interest Period to major banks in the London
interbank market in London, England by the Agent at approximately
11:00 a.m. (London time) on the date that is two Business Days
prior to the beginning of such Eurocurrency Interest Period.
" Lien " means, with respect to any asset, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind
in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law, including any conditional
sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing
statement under the UCC (or equivalent statutes) of any
jurisdiction; provided that in no event shall an operating
lease be deemed to constitute a Lien.
" Loan Documents " means this Agreement, any promissory
notes issued pursuant to this Agreement, the Collateral Documents
and the Foreign Borrower Cross-Guarantee. Any reference in this
Agreement or any other Loan Document to a Loan Document shall
include all appendices, exhibits or schedules thereto, and all
amendments, restatements, supplements or other modifications
thereto.
" Loan Guarantor " means each Loan Party (other than the
U.S. Borrower).
" Loan Guaranty " means Article X of this
Agreement.
" Loan Parties " means Holdings, the U.S. Borrower, each
of the Domestic Subsidiaries of the U.S. Borrower (other than
subject to compliance with Section 5.11, (i) any Domestic
Subsidiary that is an Immaterial Subsidiary, (ii) any
Receivables Subsidiary or (iii) any Business Securitization
Subsidiary), and any other Person who becomes a party to this
Agreement as a Loan Party pursuant to a Joinder Agreement, and
their respective successors and assigns. For the avoidance of
doubt, the term "Loan Parties" shall not include any Foreign
Borrower or any of its Subsidiaries.
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" Loans " means, collectively, the
Revolving Loans, Swingline Loans and Term Loans made pursuant to
this Agreement.
" Long Term Interest Bearing Receivables " means any
interest bearing receivable that is considered long-term debt (
Dauerschuld ) in accordance with the principles set forth in
§ 8 no. 1 of the German Trade Tax Act (
Gewerbesteuergesetz ) and sections 45 and 46 of the German
Trade Tax Regulations ( Gewerbesteuerrichtlinien ) to be
applied mutatis mutandis in accordance with marginal notes (
Textziffern ) 20 and 37 of the decree issued by the German
Federal Ministry of Finance on 15 July 2004 (IV – A2
– S2742a – 20/04, BStBl. I 2004, 593).
" Loss Sharing Agreement " means the Loss Sharing
Agreement, dated as of the Closing Date among the Lenders (it being
understood that no Loan Party and no Borrower is a party to such
agreement), as the same may be amended or supplemented from time to
time.
" Management Stockholders " means the members of
management and their Controlled Investment Affiliates of the U.S.
Borrower or its direct or indirect parent (but excluding the
Co-Investors) who are holders of Equity Interests of any direct or
indirect parent company of the U.S. Borrower on the Closing Date or
will become holders of such Equity Interests in connection with the
Transactions.
" Mandatory Costs " means, with respect to a Loan or
other unpaid sum under the German Term Loan Facility, the Irish
Term Loan Facility, the U.K. Term Loan Facility, the German
Revolving Facility, the Irish Revolving Facility or the U.K.
Revolving Facility, the rate per annum notified by
any Lender to the Agent to be the cost to that Lender of compliance
with all reserve asset, liquidity or cash margin or other like
requirements of the Bank of England, the Financial Services
Authority, the Irish Financial Services Regulatory Authority or the
European Central Bank and which shall be determined in accordance
with Schedule 1.01(f) .
" Margin Stock " shall have the meaning assigned to such
term in Regulation U.
" Material Adverse Effect " means a material adverse
effect on (a) the business, assets, operations or financial
condition of the U.S. Borrower and the Restricted Subsidiaries
taken as a whole, (b) the ability of the Borrowers and the
other Loan Parties (taken as a whole) to perform their obligations
under the Loan Documents or (c) the rights of, or remedies
available to the Agent or the Lenders under, the Loan
Documents.
" Material Indebtedness " means Indebtedness (other than
the Loans), or obligations in respect of one or more Hedge
Agreements, of any one or more of the U.S. Borrower and the
Restricted Subsidiaries in an aggregate principal amount exceeding
$100.0 million. For purposes of determining Material Indebtedness,
the "obligations" of the U.S. Borrower or any Restricted Subsidiary
in respect of any Hedge Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that the
U.S. Borrower or such Restricted Subsidiary would be required to
pay if such Hedge Agreement were terminated at such time.
" Maximum Liability " has the meaning assigned to such
term in Section 10.09.
" Merger " has the meaning assigned to such term in the
introductory statement to this Agreement.
" Merger Agreement " means the Agreement and Plan of
Merger dated as of August 8, 2006, among Holdings, Merger Sub
and ARAMARK, as amended from time to time.
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" Merger Consideration " has the meaning
assigned to such term in the introductory statement to this
Agreement.
" Merger Sub " has the meaning assigned to such term in
the preamble to this Agreement.
" Minimum Currency Threshold " means (i) in the case
of Base Rate Loans, $2.0 million or an integral multiple of $1.0
million in excess thereof, (ii) in the case of Eurocurrency
Rate Loans denominated in Dollars, $5.0 million or an integral
multiple of $1.0 million in excess thereof, (iii) in the case
of Loans denominated in Euro, €2.0 million or an
integral multiple of €1.0 million in excess thereof,
(iv) in the case of Loans denominated in Sterling,
£1.0 million or an integral multiple of £500,000 in
excess thereof, (v) in the case of Loans denominated in
Canadian Dollars, C$1.0 million or an integral multiple of C$1.0
million in excess thereof and (vi) in the case of Loans
denominated in Yen, ¥100.0 million or an integral
multiple of ¥100.0 million in excess thereof.
" Moody’s " means Moody’s Investors Service,
Inc. and any successor to its rating agency business.
" Mortgaged Properties " means, initially, the owned real
properties of the Loan Parties specified on
Schedule 1.01(b) , and shall include each other parcel
of real property and improvements thereto with respect to which a
Mortgage is granted pursuant to Section 5.11.
" Mortgages " means any mortgage, deed of trust or other
agreement which conveys or evidences a Lien in favor of the Agent,
for the benefit of the Agent and the other Secured Parties, on
fee-owned real property of a Loan Party, including any amendment,
modification or supplement thereto.
" Multiemployer Plan " means a multiemployer plan as
defined in Section 3(37) or 4001(a)(3) of ERISA.
" Net Cash Proceeds " shall mean, with respect to any
Prepayment Event, (a) the gross cash proceeds (including
payments from time to time in respect of installment obligations,
if applicable) as and when actually received by or freely
transferable for the account of the U.S. Borrower or any of the
Restricted Subsidiaries in respect of such Prepayment Event, less
(b) the sum of:
-
(i) the amount, if any, of all taxes paid or estimated to be
payable by the U.S. Borrower or any of the Restricted Subsidiaries
in connection with such Prepayment Event,
(ii) the amount of any reasonable reserve established in
accordance with GAAP in respect of (A) the sale price of the
assets that are the subject of an Asset Sale Prepayment Event
(including in respect of working capital adjustments or an
evaluation of such assets) or (B) any liabilities (other than
any taxes deducted pursuant to clause (i) above)
(x) associated with the assets that are the subject of such
Prepayment Event and (y) retained by the U.S. Borrower or any
of the Restricted Subsidiaries, including pension and other
post-employment benefit liabilities and liabilities related to
environmental matters or against any indemnification obligations
associated with such transaction; provided that the amount
of any subsequent reduction of such reserve (other than in
connection with a payment in respect of any purchase price
adjustments or such liability) shall be deemed to be Net Cash
Proceeds of such a Prepayment Event occurring on the date of such
reduction,
(iii) the principal amount, premium or penalty, if any, interest
and other amounts payable on or in respect of any Indebtedness
secured by a Lien on the assets that are the subject of such
Prepayment Event (other than Indebtedness under this Agreement) to
the extent that such
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-
Indebtedness is or, under the instrument creating
or evidencing such Indebtedness, is required to be repaid upon
consummation of such Prepayment Event,
(iv) in the case of any Asset Sale Prepayment Event or Casualty
Event, the amount of any proceeds of such Prepayment Event that the
U.S. Borrower or any Restricted Subsidiary has reinvested (or
intends to reinvest within the Reinvestment Period) in the business
of the U.S. Borrower or any of the Restricted Subsidiaries;
provided that any portion of such proceeds that has not been
so reinvested within such Reinvestment Period (with respect to such
Prepayment Event, the " Deferred Net Cash Proceeds ") shall
(x) be deemed to be Net Cash Proceeds of an Asset Sale
Prepayment Event or Casualty Event occurring on the last day of
such Reinvestment Period, and (y) be applied to the repayment
of Term Loans in accordance with Section 2.09(b); and
(v) the reasonable out-of-pocket fees and expenses actually
incurred in connection with such Prepayment Event.
" Net Daily Amount " has the meaning specified in
Section 2.04(b).
" Net Income " means, with respect to any Person, the net
income (loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of Preferred Stock
dividends.
" New Commitments " has the meaning assigned thereto in
Section 2.19(a).
" New LC Facility Commitments " has the meaning assigned
thereto in Section 2.19(a).
" New LC Facility Deposit " has the meaning assigned
thereto in Section 2.19(d).
" New LC Facility Lender " has the meaning assigned
thereto in Section 2.19(d).
" New Lender " means each Lender providing a New
Commitment.
" New Revolving Commitments " has the meaning assigned
thereto in Section 2.19(a).
" New Revolving Facility " has the meaning assigned
thereto in Section 2.19(a).
" New Revolving Lender " has the meaning assigned thereto
in Section 2.19(b).
" New Revolving Loan " has the meaning assigned thereto
in Section 2.19(b).
" New Term Commitments " has the meaning assigned thereto
in Section 2.19(a).
" New Term Loan " has the meaning assigned thereto in
Section 2.19(c).
" New Term Loan Lender " has the meaning assigned thereto
in Section 2.19(c).
" Non-Consenting Lender " has the meaning assigned to
such term in Section 9.02(e).
" Non-Funding Lender " has the meaning provided in
Section 2.02(e).
" Non-Paying Guarantor " has the meaning assigned to such
term in Section 10.10.
" Non-U.S. Lender " means a Person that is not a "United
States person" within the meaning of Section 7701(a)(30) of
the Code.
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" Notice of Intent to Cure " has the
meaning assigned to such term in Section 5.01(c).
" Obligated Party " has the meaning assigned to such term
in Section 10.02.
" Obligations " means the Domestic Obligations and the
Foreign Obligations.
" Officer " means the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer, the President, any
Executive Vice President, Senior Vice President or Vice President,
the Treasurer or the Secretary of the U.S. Borrower.
" Officers’ Certificate " means a certificate
signed on behalf of the U.S. Borrower by two Officers of the U.S.
Borrower, one of whom must be the principal executive officer, the
principal financial officer, the treasurer or the principal
accounting officer of the U.S. Borrower.
" Other Information " has the meaning assigned to such
term in Section 3.13(b).
" Other Taxes " means any and all present or future
stamp, registration or documentary taxes or any other excise or
property taxes, charges or similar levies or Taxes arising from any
payment made or required to be made hereunder or from the
execution, delivery or enforcement of, or otherwise with respect
to, this Agreement and any interest, penalties or additions to tax
related thereto.
" Participant " has the meaning assigned to such term in
Section 9.04(c).
" Participant Register " has the meaning assigned to such
term in Section 9.04(c).
" Paying Guarantor " has the meaning assigned to such
term in Section 10.10.
" PBGC " means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA and any successor entity
performing similar functions.
" Perfection Certificate " means a certificate in the
form of Exhibit I to the Security Agreement or any
other form approved by the Agent.
" Permitted Business " means any business conducted by
the U.S. Borrower or any of its Restricted Subsidiaries that is not
in contravention of Section 6.13.
" Permitted Capital Expenditure Amount " has the meaning
provided in Section 6.11(b).
" Permitted Holders " means each of the Sponsors, the
Co-Investors and Management Stockholders and any group (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act, or any successor provision) of which any of the
foregoing are members; provided that, in the case of such
group and without giving effect to the existence of such group or
any other group, the Sponsors, the Co-Investors and Management
Stockholders, collectively, have beneficial ownership of more than
50% of the total voting power of the Voting Stock of the U.S.
Borrower or any of its direct or indirect parent companies.
" Permitted Investments " means:
-
(a) any Investment (i) by the U.S. Borrower or any
Subsidiary Guarantor in the U.S. Borrower or any Subsidiary
Guarantor, (ii) by any Restricted Subsidiary that is not a
Subsidiary Guarantor in any other Restricted Subsidiary that is not
a Subsidiary Guarantor, (iii) arising as a result of any
transfers of cash or marketable securities among the U.S. Borrower
and the Restricted
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-
Subsidiaries and (iv) by any Restricted
Subsidiary that is not a Subsidiary Guarantor in the U.S. Borrower
or any Subsidiary Guarantor (so long as no Capital Stock of any
Subsidiary Guarantor is transferred to a Restricted Subsidiary that
is not a Subsidiary Guarantor in connection with such
Investment);
(b) any Investment in cash and Cash Equivalents or Investment
Grade Securities;
(c)(i) any Investment of cash and marketable securities by
the U.S. Borrower or any Restricted Subsidiary in any Person (or in
exchange for the Equity Interests of such Person) if as a result of
such Investment (A) such Person becomes a Restricted
Subsidiary or, (B) such Person, in one transaction or a series
of related transactions, is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, the U.S. Borrower or a Restricted
Subsidiary; (ii) any Investment held by such Person and not
acquired by such Person in contemplation of such acquisition,
merger consolidation or transfer; and (iii) any Investment of
cash and marketable securities by the U.S. Borrower or any
Restricted Subsidiary in exchange for all or any portion of a
business if, as a result of such Investment, the assets acquired
thereby become owned by the U.S. Borrower or any Restricted
Subsidiary; provided that the requirement that such
Investment be in the form of cash and marketable securities under
this clause (c) shall not apply to (i) Investments in
Persons that become Subsidiary Guarantors or are merged,
consolidated or amalgamated with or liquidated into, or transfer or
convey substantially all of their assets to, the U.S. Borrower or a
Subsidiary Guarantor, and (ii) Investments by Restricted
Subsidiaries that are not Subsidiary Guarantors in Persons that
become Restricted Subsidiaries that are not Subsidiary Guarantors
or are merged, consolidated with or liquidated into, or transfer or
convey all or substantially all of their assets to, a Restricted
Subsidiary that is not a Subsidiary Guarantor.
(d) any Investment in securities or other assets not
constituting cash, Cash Equivalents or Investment Grade Securities
and received in connection with a Disposition made pursuant to
Section 6.06;
(e) any Investment existing on the Closing Date or made pursuant
to legally binding written commitments in existence on the Closing
Date;
(f) loans and advances to, and guarantees of Indebtedness of,
employees not in excess of $15.0 million outstanding at any one
time, in the aggregate;
(g) any Investment acquired by the U.S. Borrower or any
Restricted Subsidiary (i) in exchange for any other Investment
or accounts receivable held by the U.S. Borrower or any such
Restricted Subsidiary in connection with or as a result of a
bankruptcy, workout, reorganization or recapitalization of the
Person in which such other Investment is made or which is the
obligor with respect to such accounts receivable, (ii) in
satisfaction of judgments against other Persons or (iii) as a
result of a foreclosure by the U.S. Borrower or any Restricted
Subsidiary with respect to any secured Investment or other transfer
of title with respect to any Investment in default;
(h) Hedging Obligations permitted under
Section 6.01(b)(xii);
(i) loans and advances to officers, directors and employees
(i) for business-related travel expenses, moving expenses and
other similar expenses, in each case incurred in the ordinary
course of business or consistent with past practice or (ii) to
fund such Person’s purchase of Equity Interests of the U.S.
Borrower or any direct or indirect parent company thereof under
compensation plans approved by the Board of Directors of the U.S.
Borrower or the compensation
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-
committee thereof in good faith; provided
that to the extent that the net proceeds of any such purchase is
made to any direct or indirect parent of the U.S. Borrower, such
net proceeds are contributed to the U.S. Borrower;
(j) Investments the payment for which consists of Equity
Interests of Holdings, or any of its direct or indirect parent
companies;
(k)(i) performance guarantees in the ordinary course of
business, (ii) guarantees expressly permitted under
Section 6.01(b)(xiv) and (iii) guarantees of obligations
of the U.S. Borrower or any Restricted Subsidiary to any employee
benefit plan of the U.S. Borrower and its Restricted Subsidiaries
and any Person acting in its capacity as trustee, agent or other
fiduciary of any such plan;
(l) Investments consisting of purchases and acquisitions of
inventory, supplies, material or equipment or the licensing or
contribution of intellectual property pursuant to joint marketing
arrangements with other Persons in the ordinary course of
business;
(m) Investments consisting of purchases and acquisitions of
assets or services in the ordinary course of business;
(n) Investments made in the ordinary course of business in
connection with obtaining, maintaining or renewing client
contracts;
(o) Investments in, and solely to the extent contemplated by the
organizational documents (as in existence on the Closing Date) of,
joint ventures to which the U.S. Borrower or its Restricted
Subsidiaries are a party on the Closing Date;
(p) customary Investments relating to a Receivables Facility or
Business Securitization Facility;
(q) Investments out of the Applicable Amount; provided
that no Investment in any Unrestricted Subsidiary shall be
permitted pursuant to this clause (q) unless at the time of
the making of such Investment, the U.S. Borrower would have been
permitted to make a Restricted Payment in the amount of such
Investment in reliance on Section 6.04(i);
(r) Investments out of Excluded Contributions;
(s) any transaction to the extent it constitutes an Investment
that is permitted under Section 6.04 or is made in accordance
with the provisions of Section 6.05(b) (other than any
transaction set forth in clauses (i), (v) and (xiv) of
Section 6.05(b);
(t) additional Investments having an aggregate fair market
value, taken together with all other Investments made pursuant to
this clause (t) that are at that time outstanding, not to
exceed an amount equal to the greater of (x) $500.0 million
and (y) 5.0% of Total Assets (with the fair market value of
each Investment being measured at the time made and without giving
effect to subsequent changes in value); provided that the
fair market value of Investments (with the fair market value of
each Investment being measured at the time made and without giving
effect to subsequent changes in value) in Unrestricted Subsidiaries
under this clause (t) shall not exceed the greater of
(x) $250.0 million and (y) 2.5% of Total Assets; and
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" Permitted Liens " means, with respect to any
Person:
-
(a)(i) Liens on accounts, payment intangibles and related
assets to secure any Receivables Facility, (ii) Liens on the
assets of a Business Securitization Subsidiary securing its
obligations under any Business Securitization Facility and
(iii) Liens arising under the Loan Documents;
(b) pledges or deposits by such Person under workmen’s
compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits to secure bids, tenders,
contracts (other than for the payment of Indebtedness) or leases to
which such Person is a party, or deposits to secure public or
statutory obligations of such Person or deposits of cash or U.S.
government bonds to secure surety or appeal bonds to which such
Person is a party, or deposits as security for contested taxes or
import duties or for the payment of rent, in each case incurred in
the ordinary course of business;
(c) Liens imposed by law, such as carriers’,
warehousemen’s and mechanics’ Liens and other similar
Liens, in each case, for sums not yet overdue for a period of more
than thirty (30) days or being contested in good faith by
appropriate proceedings or other Liens arising out of judgments or
awards against such Person with respect to which such Person shall
then be proceeding with an appeal or other proceedings for review,
if adequate reserves with respect thereto are maintained on the
books of such Person in accordance with GAAP;
(d) Liens for taxes, assessments or other governmental charges
or claims not yet overdue for a period of more than thirty
(30) days or payable or subject to penalties for nonpayment or
which are being contested in good faith by appropriate proceedings
diligently conducted, if adequate reserves with respect thereto are
maintained on the books of such Person in accordance with GAAP;
(e) Liens in favor of issuers of performance and surety bonds or
bid bonds or with respect to other regulatory requirements or
letters of credit issued pursuant to the request of and for the
account of such Person in the ordinary course of its business;
(f) minor survey exceptions, minor encumbrances, easements or
reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, telegraph and telephone lines and other
similar purposes, or zoning or other restrictions as to the use of
real properties or Liens incidental to the conduct of the business
of such Person or to the ownership of its properties, in each case,
which were not incurred in connection with Indebtedness and which
do not in the aggregate materially adversely affect the value of
said properties or materially impair their use in the operation of
the business of such Person;
(g) Liens existing on the Closing Date; provided that any
Lien securing Funded Indebtedness in excess of (x) $75.0
million individually or (y) $100.0 million in the aggregate
(when taken together with all other Liens securing obligations
outstanding in reliance on this clause (g) that are not listed
on Schedule 6.02 ) shall only be permitted to the extent
such Lien is listed on Schedule 6.02 ;
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(h) Liens on property of a Person at the time
such Person becomes a Restricted Subsidiary; provided that
such Liens are not created or incurred in connection with, or in
contemplation of, such other Person becoming such a Restricted
Subsidiary; provided , further , that such Liens may
not extend to any other property owned by the U.S. Borrower or any
Restricted Subsidiary;
(i) Liens on property at the time the U.S. Borrower or a
Restricted Subsidiary acquired the property, including any
acquisition by means of a merger or consolidation with or into the
U.S. Borrower or any Restricted Subsidiary; provided that
such Liens are not created or incurred in connection with, or in
contemplation of, such acquisition; provided ,
further , that the Liens may not extend to any other
property owned by the U.S. Borrower or any Restricted
Subsidiary;
(j) Liens securing Indebtedness or other obligations of the U.S.
Borrower or a Restricted Subsidiary owing to the U.S. Borrower or
another Restricted Subsidiary permitted to be incurred in
accordance with clause (ix) or (x) of
Section 6.01(b);
(k) Liens on specific items of inventory or other goods and
proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the
account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods;
(l) leases, subleases, licenses and sublicenses granted to
others in the ordinary course of business which do not materially
interfere with the ordinary conduct of the business of the U.S.
Borrower or any of the Restricted Subsidiaries and do not secure
any Indebtedness;
(m) Liens arising from financing statement filings under the UCC
or similar state or provincial laws regarding operating leases
entered into by the U.S. Borrower and its Restricted Subsidiaries
in the ordinary course of business;
(n) Liens in favor of the U.S. Borrower or any Subsidiary
Guarantor;
(o) Liens on inventory or equipment of the U.S. Borrower or any
Restricted Subsidiary granted in the ordinary course of business to
the U.S. Borrower’s or such Restricted Subsidiary’s
client at which such inventory or equipment is located;
(p) Liens to secure any refinancing, refunding, extension,
renewal or replacement (or successive refinancing, refunding,
extensions, renewals or replacements) as a whole, or in part, of
any Indebtedness secured by any Lien referred to in clauses (g),
(h), (i) and (q) of this definition; provided that
(x) such new Lien shall be limited to all or part of the same
property that secured the original Lien (plus improvements on such
property), and (y) the Indebtedness secured by such Lien at
such time is not increased to any amount greater than the sum of
(A) the outstanding principal amount or, if greater, committed
amount of the Indebtedness described under clauses (g), (h),
(i) and (q) of this definition at the time the original
Lien became a Permitted Lien pursuant this Agreement, and
(B) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding,
extension, renewal or replacement;
(q) Liens securing Indebtedness permitted to be incurred
pursuant to Section 6.01(b)(vi), (b)(xix), (b)(xxi) and
(b)(xxii); provided that (A) Liens securing
Indebtedness permitted to be incurred pursuant to
Section 6.01(b)(vi) do not at any time encumber any property
other than the property financed by such Indebtedness and the
proceeds and the products thereof,
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-
(B) Liens securing Indebtedness permitted to
be incurred pursuant to Section 6.01(b)(xix) extend only to
the assets of Foreign Subsidiaries, (C) Liens securing
Indebtedness permitted to be incurred pursuant to
Section 6.01(b)(xxi) only extend to the property Disposed of
in the applicable Sale and Lease-Back Transaction and
(D) Liens securing Indebtedness permitted to be incurred
pursuant to Section 6.01(b)(xxii) are solely on acquired
property or the assets (including any acquired Equity Interests) of
the Acquired Entity or Business, as the case may be;
(r) deposits in the ordinary course of business to secure
liability to insurance carriers;
(s) Liens securing judgments for the payment of money not
constituting an Event of Default under clause (h) of
Section 7.01, so long as such Liens are adequately bonded and
any appropriate legal proceedings that may have been duly initiated
for the review of such judgment and have not been finally
terminated or the period within which such proceedings may be
initiated has not expired;
(t) Liens in favor of customs and revenue authorities arising as
a matter of law to secure payment of customs duties in connection
with the importation of goods in the ordinary course of
business;
(u) Liens (i) of a collection bank arising under
Section 4-210 of the UCC on items in the course of collection,
(ii) attaching to commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of
business and (iii) in favor of banking institutions arising as
a matter of law encumbering deposits (including the right of
setoff) and which are within the general parameters customary in
the banking industry;
(v) Liens that are contractual rights of setoff
(i) relating to the establishment of depository relations with
banks not given in connection with the issuance of Indebtedness,
(ii) relating to pooled deposit or sweep accounts of the U.S.
Borrower or any of its Restricted Subsidiaries to permit
satisfaction of overdraft or similar obligations incurred in the
ordinary course of business of the U.S. Borrower and its Restricted
Subsidiaries or (iii) relating to purchase orders and other
agreements entered into with customers of the U.S. Borrower or any
of its Restricted Subsidiaries in the ordinary course of
business;
(w) Liens encumbering reasonable customary initial deposits and
margin deposits and similar Liens attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary
course of business and not for speculative purposes;
(x) Liens deemed to exist in connection with Investments in
repurchase agreements permitted under Section 6.01;
provided that such Liens do not extend to any assets other
than those assets that are the subject of such repurchase
agreement;
(y) Liens on the assets of any Foreign Subsidiary of ARAMARK BVI
Limited (or any successor thereto) related to the U.S.
Borrower’s Chilean operations, including, without limitation,
Central de Restaurantes ARAMARK Ltda. securing Indebtedness
permitted to be incurred pursuant to
Section 6.01(b)(xxiv);
(z) other Liens securing obligations in an aggregate amount not
to exceed the greater of (x) $100.0 million and (y) 1% of
Total Assets at any one time outstanding; and
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" Person " means any individual, corporation, limited
liability company, partnership, joint venture, association, joint
stock company, trust, unincorporated organization, government or
any agency or political subdivision thereof or any other
entity.
" Plan " means any employee pension benefit plan (other
than a Multiemployer Plan) subject to the provisions of
Title IV of ERISA or Section 412 of the Code or
Section 302 of ERISA, and in respect of which the U.S.
Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be)
an "employer" as defined in Section 3(5) of ERISA.
" Preferred Stock " means any Equity Interest with
preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up.
" Prepayment Event " shall mean any Asset Sale Prepayment
Event, Debt Incurrence Prepayment Event or Casualty Event.
" Prime Rate " means the rate of interest per
annum determined from time to time by the Agent as its prime
rate in effect at its principal office in New York City and
notified to the U.S. Borrower.
" Principal Properties " shall have the meaning given
such term by the Security Agreement.
" Projections " means the projections of the U.S.
Borrower and the Restricted Subsidiaries included in the
Information Memorandum and any other projections and any
forward-looking statements of such entities furnished to the
Lenders or the Agent by or on behalf of Holdings, the U.S. Borrower
or any of the Subsidiaries prior to the Closing Date.
" Qualified Proceeds " means assets that are used or
useful in a Permitted Business; provided that the fair
market value of any such assets shall be determined by the U.S.
Borrower in good faith.
" Qualifying IPO " means the issuance by Holdings, any
direct or indirect parent of Holdings of its common Equity
Interests in an underwritten primary public offering (other than a
public offering pursuant to a registration statement on Form S-8)
pursuant to an effective registration statement filed with the SEC
in accordance with the Securities Act (whether alone or in
connection with a secondary public offering).
" Qualifying Lender " means an Irish Qualifying Lender, a
German Qualifying Lender or a U.K. Qualifying Lender.
" Ratable Portion " means, (i) with respect to any
Revolving Lender under any Revolving Facility, the percentage
obtained by dividing the amount of Revolving Commitments of such
Revolving Lender under such Revolving Facility by the aggregate
amount of Revolving Commitments of all Revolving Lenders under such
Revolving Facility (or if the Revolving Commitments under such
Revolving Facility have been terminated, the percentage obtained by
dividing the Revolving Loans outstanding of such Revolving Lender
under such Revolving Facility by the Revolving Loans outstanding of
all Revolving Lenders under such Revolving Facility),
(ii) with respect to any Term Loan Lender under any Term Loan
Facility, the percentage obtained by dividing the amount of Term
Loans held by such Term Loan Lender under such Term Loan Facility
by the aggregate amount of Term Loans of all Term Loan Lenders
under
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such Term Loan Facility and (iii) with
respect to any LC Facility Lender, the percentage obtained by
dividing the amount of such LC Facility Lender’s LC Facility
Participation by the aggregate amount of LC Facility Participations
of all LC Facility Lenders.
" Receivables Facility " means the receivables facility
established for ARAMARK Receivables, LLC pursuant to the amended
and restated Receivables Purchase Agreement, dated as of the
Closing Date, among ARAMARK Receivables, LLC and the other parties
thereto and one or more additional receivables financing
facilities, in each case, as amended, supplemented, modified,
extended, renewed, restated, refunded, replaced or refinanced from
time to time, the Indebtedness of which is non-recourse (except for
Standard Receivables Facility Undertakings) to the U.S. Borrower
and its Restricted Subsidiaries, other than any Receivables
Subsidiary, pursuant to which the U.S. Borrower or any of its
Restricted Subsidiaries sells its accounts, payment intangibles and
related assets to either (a) a Person that is not a Restricted
Subsidiary or (b) a Receivables Subsidiary that in turn sells
its accounts, payment intangibles and related assets to a Person
that is not a Restricted Subsidiary.
" Receivables Facility Repurchase Obligation " means any
obligation of the U.S. Borrower or a Restricted Subsidiary that is
a seller of assets in a Receivables Facility to repurchase the
assets it sold thereunder as a result of a breach of a
representation, warranty or covenant or otherwise, including as a
result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, offset or counterclaim of any kind as a
result of any action taken by, any failure to take action by or any
other event relating to the seller.
" Receivables Fees " means distributions or payments made
directly or by means of discounts with respect to any participation
interest issued or sold in connection with, and other fees paid to
a Person that is not a Restricted Subsidiary in connection with,
any Receivables Facility.
" Receivables Subsidiary " means any Subsidiary formed
solely for the purpose of engaging, and that engages only, in one
or more Receivables Facilities.
" Refinancing Indebtedness " has the meaning assigned to
such term in Section 6.01(b)(xv).
" Register " has the meaning assigned to such term in
Section 9.04(b)(iv).
" Registration Rights Agreement " means the Registration
Rights Agreement relating to the Senior Notes, dated as of the
Closing Date, among the U.S. Borrower, each Subsidiary Guarantor,
Goldman Sachs & Co., J.P. Morgan Securities Inc. and the
other initial purchasers named therein.
" Regulation T " means Regulation T of the Board as
from time to time in effect and all official rulings and
interpretations thereunder or thereof, and any successor provision
thereto.
" Regulation U " means Regulation U of the Board as
from time to time in effect and all official rulings and
interpretations thereunder or thereof, and any successor provision
thereto.
" Regulation X " means Regulation X of the
Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof, and any successor provision
thereto.
" Reinvestment Period " shall mean 15 months following
the date of an Asset Sale Prepayment Event or Casualty Event (or,
if later, 180 days after the date the U.S. Borrower or a Restricted
Subsidiary has entered into a binding commitment to reinvest the
proceeds of any such Asset Sale Prepayment Event or Casualty Event
prior to the expiration of such 15 months).
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" Related Parties " means, with respect to
any specified Person, such Person’s Affiliates and the
respective directors, officers, trustees, employees, agents and
advisors of such Person and such Person’s
Affiliates.
" Related Person " means any person which is a
substantial shareholder ( wesentlich beteiligter
Anteilseigner ) within the meaning of §8a para. 3 German
Corporate Income Tax Act ( Körperschaftsteuergesetz )
of a German Borrower or any person related within the meaning of
§1 para. 2 German Foreign Tax Act (
Außensteuergesetz ) to such substantial
shareholder.
" Relevant Borrower’s Tax Jurisdiction " means the
jurisdiction in which a Borrower is resident for Tax purposes.
" Required Class Lenders " means (i) with respect to
any Term Loan Facility, Lenders holding more than 50% of the Term
Commitments and Term Loans under such Term Loan Facility,
(ii) with respect to any Revolving Facility, Lenders holding
more than 50% of the Revolving Commitments under such Revolving
Facility or, if the Revolving Credit Termination Date has occurred
with respect to such Revolving Facility, more than 50% of the
Revolving Credit Outstandings under such Revolving Facility,
(iii) with respect to the Revolving Facilities, the Required
Revolving Lenders, and (iv) with respect to LC Facility
Lenders, LC Facility Lenders having more than 50% of the aggregate
LC Facility Participations. A Non-Funding Lender shall not be
included in the calculation of "Required Class Lenders".
" Required Lenders " means, collectively, Lenders having
more than 50% of the sum of the Dollar Equivalent of (a) the
aggregate outstanding amount of the Revolving Commitments or, with
respect to any Revolving Facility after the Revolving Credit
Termination Date with respect to such Revolving Facility, the
Revolving Credit Outstandings under such Revolving Facility),
(b) the aggregate outstanding amount of the Term Commitments
or, after the Closing Date, the aggregate principal amount of all
Term Loans then outstanding and (c) the aggregate LC Facility
Participations then outstanding. A Non-Funding Lender shall not be
included in the calculation of "Required Lenders".
" Required Revolving Lenders " means, collectively,
Lenders having more than 50% of the sum of the Dollar Equivalent of
the aggregate outstanding amount of the Revolving Commitments or,
with respect to any Revolving Facility after the Revolving Credit
Termination Date with respect to such Revolving Facility, the
Revolving Outstandings under such Revolving Facility. A Non-Funding
Lender shall not be included in the calculation of "Required
Revolving Lenders".
" Requirement of Law " means, as to any Person, the
Certificate of Incorporation and By-Laws or other organizational or
governing documents of such Person, and any law, treaty, rule,
executive order or regulation or determination of an arbitrator or
a court or other Governmental Authority, in each case applicable to
or binding upon such Person or any of its property or to which such
Person or any of its property is subject.
" Responsible Officer " of any Person means the chief
executive officer, the president, any vice president, any director,
the chief operating officer or any financial officer of such Person
and any other officer or similar official thereof responsible for
the administration of the obligations of such Person in respect of
this Agreement, and, as to any document delivered on the Closing
Date (but subject to the express requirements set forth in
Section 4.01), shall include any secretary or assistant
secretary of a Loan Party. Any document delivered hereunder that is
signed by a Responsible Officer of a Loan Party shall be
conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Loan
Party and such Responsible Officer shall be conclusively presumed
to have acted on behalf of such Loan Party.
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" Restricted Payments " has the meaning
assigned to such term in Section 6.04.
" Restricted Subsidiary " means, at any time, any direct
or indirect Subsidiary of the U.S. Borrower (including any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary;
provided that upon the occurrence of an Unrestricted
Subsidiary ceasing to be an Unrestricted Subsidiary, such
Subsidiary shall be included in the definition of "Restricted
Subsidiary".
" Revolving Available Credit " means (i) in the case
of the U.S. Revolving Facility, the U.S. Revolving Available
Credit, (ii) in the case of the Canadian Revolving Facility,
the Canadian Revolving Available Credit, (iii) in the case of
the U.K. Revolving Facility, the U.K. Revolving Available Credit,
(iv) in the case of the German Revolving Facility, the German
Revolving Available Credit and (v) in the case of the Irish
Revolving Facility, the Irish Revolving Available Credit.
" Revolving Commitment Fee " has the meaning assigned to
such term in Section 2.10(a).
" Revolving Commitments " means the U.S. Revolving
Commitments, the U.K. Revolving Commitments, the German Revolving
Commitments, the Canadian Revolving Commitments and the Irish
Revolving Commitments.
" Revolving Credit Borrowing " means any U.S. Revolving
Borrowing, any U.K. Revolving Borrowing, any German Revolving
Borrowing, any Canadian Revolving Borrowing or any Irish Revolving
Borrowing.
" Revolving Credit Note " means a promissory note of the
U.S. Borrower, the U.K. Borrower, the German-1 Borrower, the
German-2 Borrower, the Canadian Borrower or the Irish Borrower, as
applicable, substantially in the form of Exhibit F-1
.
" Revolving Credit Outstandings " means, at any
particular time, the sum of (a) the U.S. Revolving
Outstandings, (b) the U.K. Revolving Outstandings,
(c) the German Revolving Outstandings, (d) the Canadian
Revolving Outstandings and (e) the Irish Revolving
Outstandings.
" Revolving Credit Termination Date " shall mean, with
respect to any Revolving Facility, the earliest of (a) the
Scheduled Termination Date, (b) the date of termination of all
of the Revolving Commitments under such Revolving Facility pursuant
to Section 2.05(a) and (c) the date on which the Loans
under such Revolving Facility become due and payable pursuant to
Section 7.02(a) or the Revolving Commitments under such
Revolving Facility are terminated.
" Revolving Facilities " means the U.S. Revolving
Facility, the U.K. Revolving Facility, the German Revolving
Facility, the Canadian Revolving Facility and the Irish Revolving
Facility and " Revolving Facility " refers to any such
facility individually.
" Revolving LC Disbursement " means a payment made by an
Issuing Bank pursuant to a Revolving Letter of Credit.
" Revolving LC Exposure " means, at any time, with
respect to any Revolving Facility, the Dollar Equivalent of the sum
of (a) the aggregate undrawn amount of all outstanding
Revolving Letters of Credit under such Revolving Facility at such
time plus (b) the aggregate amount of all Revolving LC
Disbursements in respect of Revolving Letters of Credit outstanding
under such Revolving Facility that have not yet been reimbursed by
or on behalf of the Borrowers at such time. The Revolving LC
Exposure of any Revolving Lender under any Revolving Facility at
any time shall be its Ratable Portion of the total Revolving LC
Exposure under such Revolving Facility at such time.
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" Revolving LC Fees " has the meaning
assigned to such term in Section 2.10(b)(ii).
" Revolving Lender " means each U.S. Revolving Lender,
U.K. Revolving Lender, German Revolving Lender, Canadian Revolving
Lender, Irish Revolving Lender or New Revolving Lender.
" Revolving Letter of Credit " means each Letter of
Credit issued pursuant to Section 2.04(a)(ii) and shall
include the Existing Letters of Credit that are denominated in
Canadian Dollars. A Revolving Letter of Credit may be issued as a
standby letter of credit or a commercial letter of credit.
Revolving Letters of Credit shall not be issued in a form that
would permit the face amount to be reinstated upon the occurrence
of a draw under such letter of credit.
" Revolving Loan " means the U.S. Revolving Loans, the
U.K. Revolving Loans, the German Revolving Loans, the Canadian
Revolving Loans, the Irish Revolving Loans and any New Revolving
Loans.
" Rollover Amount " has the meaning provided in
Section 6.11(b).
" Sale and Lease-Back Transaction " means any arrangement
with any Person providing for the leasing by the U.S. Borrower or
any Restricted Subsidiary of any real or tangible personal
property, which property has been or is to be sold or transferred
by the U.S. Borrower or such Restricted Subsidiary to such Person
in contemplation of such leasing.
" S&P " means Standard & Poor’s
Ratings Service, a division of the McGraw-Hill Companies, Inc., and
any successor to its rating agency business.
" Scheduled Termination Date " means January 26,
2013.
" Screen Rate " means (i) in relation to EURIBOR,
the percentage rate per annum determined by the
Banking Federation of the European Union for the relevant period,
in each case displayed on the appropriate page of the Telerate
screen and (ii) in relation to the LIBOR Rate for any
Eurocurrency Rate Loan in Sterling, the British Bankers’
Association Settlement Rate for the relevant currency and period.
If the agreed page is replaced or service ceases to be available,
the Agent may specify another page or service as determined in the
reasonable exercise of its judgment displaying the appropriate rate
after consultation with the U.S. Borrower.
" SEC " means the Securities and Exchange Commission, or
any Governmental Authority succeeding to any or all of its
functions.
" Secured Cash Management Obligations " means all
obligations owing by the U.S. Borrower or any Restricted Subsidiary
to Bank of America, N.A., the Agent, a Joint Lead Arranger or a
co-arranger, any Affiliate of any of the foregoing or a Person that
was a Lender or an Affiliate of a Lender on the Closing Date or at
the time the Cash Management Agreement giving rise to such
obligations was entered into.
" Secured Hedging Obligations " means all Hedging
Obligations owing by the U.S. Borrower or any Restricted Subsidiary
to the Agent, a Joint Lead Arranger or a co-arranger or any
Affiliate of any of the foregoing or a Person that was a Lender or
an Affiliate of a Lender on the Closing Date or at the time the
Hedge Agreement giving rise to such Hedging Obligations was entered
into.
" Secured Indebtedness " means any Indebtedness secured
by a Lien.
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" Secured Obligations " means all
Obligations, together with all Secured Hedging Obligations and
Secured Cash Management Obligations.
" Secured Parties " has the meaning assigned to such term
in the Security Agreement.
" Securities Act " means the Securities Act of 1933, as
amended, and the rules and regulations of the SEC promulgated
thereunder.
" Security Agreement " means that certain Pledge and
Security Agreement, dated as of the date hereof, between the Loan
Parties and the Agent, for the benefit of the Agent and the other
Secured Parties.
" Security Right " means (i) any security in rem (
dingliche Sicherheit ) including any pledge (
Pfandrecht ), lien based on general business conditions (
AGB-Pfandrecht ) or assignment for security purposes (
Sicherungsabtretung ) created or expressed to be created in
favor of a Lender or the Agent; and (ii) any right under a
submission to immediate execution ( Unterwerfung unter die
sofortige Zwangsvollstreckung ), any right to be agreed upon
disposal restrictions ( vereinbarte
Verfügungsbeschränkungen ), any right of set-off (
Aufrechnungsrecht ) and any retention right (
Zurückbehaltungsrecht ) granted in favor of a Lender or
the Agent.
" Senior Note Documents " means the Senior Notes
Indenture and all other instruments, agreements and other documents
evidencing the Senior Notes or providing for any guarantee or other
right in respect thereof.
" Senior Notes " means, collectively, (x) the U.S.
Borrower’s 8.50% Senior Notes due 2015, in an initial
aggregate principal amount of $1,280.0 million and (y) the
U.S. Borrower’s Senior Floating Rate Notes due 2015 in an
initial aggregate principal amount of $500.0 million.
" Senior Notes Indenture " means the Indenture dated as
of the date hereof, among the U.S. Borrower, as issuer, certain of
its subsidiaries, as guarantors, and The Bank of New York, as
trustee, pursuant to which the Senior Notes are issued.
" Series " shall have the meaning as provided in
Section 2.19(a).
" Significant Subsidiary " means any Subsidiary (or group
of Subsidiaries as to which any condition specified in clause
(f) or (g) of Section 7.01 applies) of the U.S.
Borrower that would be a "significant subsidiary" as defined in
Article I, Rule 2-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such regulation is in effect on the date
hereof.
" SMG " means SMG, a general partnership, organized under
the laws of the Commonwealth of Pennsylvania., and its
successors.
" Specified Indebtedness " means (a) the Senior
Notes and (b) any Refinancing Indebtedness in respect of any
of the foregoing (including pursuant to successive
refinancings).
" Sponsors " means GS Capital Partners V Fund, L.P., CCMP
Capital Advisors, LLC, J.P. Morgan Partners, LLC, Thomas H. Lee
Partners, L.P. and Warburg Pincus Private Equity IX, L.P. and their
respective Affiliates.
" Standard Receivables Facility Undertakings " means
representations, warranties, covenants and indemnities entered into
by the U.S. Borrower or any Restricted Subsidiary of the U.S.
-52-
Borrower that the U.S. Borrower has determined in
good faith to be customary in financings similar to a Receivables
Facility, including, without limitation, those relating to the
servicing of the assets of a Receivables Facility Subsidiary, it
being understood that any Receivables Facility Repurchase
Obligation shall be deemed to be a Standard Receivables Facility
Undertaking.
" Standard Securitization Undertakings " means
representations, warranties, covenants and indemnities entered into
by the U.S. Borrower or any Restricted Subsidiary of the U.S.
Borrower that the U.S. Borrower has determined in good faith to be
customary in financings similar to a Business Securitization
Facility, including, without limitation, those relating to the
servicing of the assets of a Business Securitization Subsidiary, it
being understood that any Business Securitization Repurchase
Obligation shall be deemed to be a Standard Securitization
Undertaking.
" Sterling " and the sign " £ "each mean the
lawful money of United Kingdom.
" Subsidiary " means, with respect to any Person,
(a) any corporation, association, or other business entity
(other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by such
Person or one or more of the other subsidiaries of that Person or a
combination thereof and (b) any partnership, joint venture,
limited liability company or similar entity of which (i) more
than 50% of the capital accounts, distribution rights, total equity
and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by
such Person or one or more of the other subsidiaries of that Person
or a combination thereof whether in the form of membership,
general, special or limited partnership or otherwise, and
(ii) such Person or any subsidiary of such Person is a
controlling general partner or otherwise controls such entity.
" Subsidiary Guarantor " means each Restricted Subsidiary
of the U.S. Borrower that is a Loan Party and that executes this
Agreement as a Loan Guarantor on the Closing Date and each other
Restricted Subsidiary of the U.S. Borrower that thereafter becomes
a Subsidiary Guarantor pursuant to the terms of this Agreement.
" Successor Foreign Borrower " has the meaning assigned
to such term in Section 6.03(d)(i).
" Successor Holdings Guarantor " has the meaning assigned
to such term in Section 6.03(c).
" Successor Person " has the meaning assigned to such
term in Section 6.03(b)(i).
" Successor U.S. Borrower " has the meaning assigned to
such term in Section 6.03(a)(i).
" Swingline Lender " means the Canadian Swingline Lender
and/or the U.S. Swingline Lender as the context requires.
" Swingline Loan " means any Canadian Swingline Loan or
any U.S. Swingline Loan.
" TARGET " means Trans-European Automated Real-time Gross
Settlement Express Transfer payment system.
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" TARGET Day " means any day on which
TARGET is open for the settlement of payments in Euro.
" Taxes " means any and all present or future taxes,
levies, imposts, duties, deductions, or charges or withholdings of
a similar nature imposed by any Governmental Authority and any
interest, penalties or additions to tax related thereto.
" Taxes Act " means the U.K. Income and Corporation Taxes
Act of 1988.
" TCA " means the Irish Taxes Consolidation Act 1997.
" Term Commitment " means each of the U.S. Term
Commitments, Canadian Term Commitments, the U.K. Term Commitments,
the German Term Commitments, the Irish Term Commitments, the Yen
Term Commitments and, if applicable, New Term Commitments with
respect to any Series.
" Term Loan " means each of the U.S. Term Loans, the
Canadian Term Loans, the U.K. Term Loans, the German Term Loans,
the Irish Term Loans, the Yen Term Loans and, if applicable, New
Term Loans with respect to any Series.
" Term Loan Borrowing " means a Borrowing consisting of
Term Loans under a particular Term Loan Facility.
" Term Loan Facility " means, as the context requires,
the U.S. Term Loan Facility, the Canadian Term Loan Facility, the
U.K. Term Loan Facility, the German Term Loan Facility, the Irish
Term Loan Facility and the Yen Term Loan Facility.
" Term Loan Lender " means each Lender that has a Term
Commitment or that holds a Term Loan.
" Term Loan Maturity Date " means January 26,
2014.
" Term Loan Note " means a promissory note of the
applicable Borrower substantially in the form of
Exhibit F-2 .
" Total Assets " means the total amount of all assets of
the U.S. Borrower and the Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP as shown on the most
recent balance sheet of the U.S. Borrower.
" Total LC Facility Deposit " means, at any time, the sum
of all LC Facility Deposits at such time, as the same may be
reduced from time to time pursuant to Section 2.05(b) or
increased pursuant to Section 2.19.
" Transaction Costs " means fees and expenses payable or
otherwise borne by Holdings, the U.S. Borrower and its subsidiaries
in connection with the Transactions and the transactions
contemplated thereby (including redemption or other premiums
payable in connection with the repayment of the Existing Debt).
" Transactions " means, collectively, (a) the
execution, delivery and performance by Holdings and Merger Sub of
the Merger Agreement and the consummation of the transactions
contemplated thereby, (b) the execution, delivery and
performance by the Loan Parties of the Loan Documents to which
-54-
they are a party, the making of the credit
extensions hereunder to be made on the Closing Date, (c) the
execution, delivery and performance by Holdings, the Borrowers and
the Subsidiaries of the U.S. Borrower party thereto of the Senior
Note Documents and the issuance of the Senior Notes, (d) the
Existing Debt Refinancing, (e) the making of the Equity
Contribution and (f) the payment of the Transaction
Costs.
" Treaty " means a double taxation agreement.
" Treaty Lender " means a Lender which:
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(i) is treated as a resident of a Treaty State for the purposes
of the relevant Treaty and which is entitled to relief under the
interest Article of such Treaty; and
(ii) does not carry on a business in the Relevant
Borrower’s Tax Jurisdiction through a permanent establishment
with which that Lender’s participation in a Loan is
effectively connected.
" Treaty State " means a jurisdiction having a Treaty
with the Relevant Borrower’s Tax Jurisdiction which makes
provision for full exemption from Tax imposed by the Relevant
Borrower’s Tax Jurisdiction on interest.
" 2012 Notes " means the 5.00% Senior Secured Notes due
2012 of ARAMARK outstanding on the Closing Date issued pursuant to
the 2012 Notes Indenture.
" 2012 Notes Indenture " means the indenture, dated as of
April 8, 2002 among ARAMARK Services, Inc., as issuer,
ARAMARK, as guarantor, and J.P. Morgan Trust Company, N. A., as
trustee, as supplemented by a supplemental indenture, dated as of
May 31, 2005.
" Type ", when used in reference to any Loan or
Borrowing, refers to whether the rate of interest on such Loan, or
on the Loans comprising such Borrowing, is determined by reference
to the Eurocurrency Rate, the Base Rate, the Canadian Base Rate or
the BA Rate.
" UCC " means the Uniform Commercial Code as in effect
from time to time in the state of New York or any other state the
laws of which are required to be applied in connection with the
issue of perfection of security interests.
" U.K. Borrower " has the meaning specified in the
preamble to this Agreement.
" U.K. Lending Office " means, with respect to any
Lender, the office of such Lender specified as its "U.K. Lending
Office" in its Administrative Questionnaire (or, if no such office
is specified, its U.S. Lending Office) or such other office of such
Lender as such Lender may from time to time specify to the U.S.
Borrower and the Agent.
" U.K. Qualifying Lender " means:
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-
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(A) a Lender
-
(1) which is a bank (as defined for the purpose of section 349
of the Taxes Act) making an advance under this Agreement; or
(2) in respect of an advance made under this Agreement by a
person that was a bank (as defined for the purpose of section 349
of the Taxes Act) at the time that that advance was made,
and which is within the charge to United Kingdom corporation tax
as respects any payments of interest made in respect of the
advance; or
-
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(B) a Lender which is:
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(1) a company resident in the United Kingdom for United Kingdom
tax purposes; or
(2) a partnership each member of which is:
-
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(a) a company resident in the United Kingdom for United Kingdom
tax purposes; or
(b) a company not so resident in the United Kingdom which
carries on a trade in the United Kingdom through a permanent
establishment and which brings into account in computing its
chargeable profits (for the purposes of section 11(2) of the Taxes
Act) the whole of any share of interest payable in respect of that
advance that falls to it by reason of sections 114 and 115 of the
Taxes Act; or
(3) a company not so resident in the United Kingdom which
carries on a trade in the United Kingdom through a permanent
establishment and which brings into account interest payable in
respect of that advance in computing the chargeable profits (for
the purposes of section 11(2) of the Taxes Act) of that company;
or
(C) a Treaty Lender; or
(ii) a building society (as defined for the purpose of
Section 477A of the Taxes Act).
" U.K. Revolving Available Credit " means, at any time,
(a) the then effective aggregate U.K. Revolving Commitments
minus (b) the aggregate U.K. Revolving Outstandings at
such time.
" U.K. Revolving Borrowing " means the U.K. Revolving
Loans made on the same day by the U.K. Revolving Lenders ratably
according to their respective U.K. Revolving Commitments.
" U.K. Revolving Commitment " means, with respect to each
U.K. Revolving Lender, the commitment of such Lender to make U.K.
Revolving Loans in the aggregate principal amount outstanding not
to exceed the amount set forth opposite such Lender’s name on
the Commitment Schedule under the caption "U.K. Revolving
Commitment", as amended to reflect each Assignment and Assumption
executed by such Lender and as such amount may be reduced pursuant
to this Agreement, and " U.K.
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Revolving Commitments " shall mean the
aggregate U.K. Revolving Commitments of all U.K. Revolving Lenders,
which amount, initially as of the Closing Date, shall be $40.0
million.
" U.K. Revolving Facility " means the U.K. Revolving
Commitments and the provisions herein related to the U.K. Revolving
Loans and, to the extent issued pursuant to the U.K. Revolving
Commitments, Revolving Letters of Credit.
" U.K. Revolving Lender " means each Lender having a U.K.
Revolving Commitment.
" U.K. Revolving Loan " has the meaning specified in
Section 2.01(a)(ii).
" U.K. Revolving Outstandings " means, at any particular
time, the sum of (a) Dollar Equivalent of the aggregate
principal amount of the U.K. Revolving Loans outstanding at such
time and (b) the Revolving LC Exposure under the U.K.
Revolving Facility at such time.
" U.K. Tax Confirmation " means a confirmation by a
Lender that the person beneficially entitled to interest payable to
that Lender in respect of an advance under this Agreement is
either:
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(i) a company resident in the United Kingdom for United Kingdom
Tax purposes; or
(ii) a partnership each member of which is:
-
-
(A) a company so resident in the United Kingdom; or
(B) a company not so resident in the United Kingdom which
carries on a trade in the United Kingdom through a permanent
establishment and which brings into account in computing its
chargeable profits (for the purposes of section 11(2) of the Taxes
Act) the whole of any share of interest payable in respect of that
advance that falls to it by reason of sections 114 and 115 of the
Taxes Act; or
(iii) a company not so resident in the United Kingdom which
carries on a trade in the United Kingdom through a permanent
establishment and which brings into account interest payable in
respect of that advance in computing the chargeable profits (for
the purposes of section 11(2) of the Taxes Act) of that
company.
" U.K. Term Commitment " means, with respect to each U.K.
Term Lender, the commitment of such U.K. Term Lender to make U.K.
Term Loans to the U.K. Borrower in the aggregate principal amount
set forth opposite such Lender’s name on the Commitment
Schedule under the caption "U.K. Term Commitment" as amended to
reflect each Assignment and Assumption executed by such Lender and
as such amount may be reduced pursuant to this Agreement, and "
U.K. Term Commitments " shall mean the aggregate U.K. Term
Commitments of all U.K. Term Lenders, which amount, initially as of
the Closing Date, shall be £122.0 million.
" U.K. Term Lender " means each Lender that has a U.K.
Term Commitment or that holds a U.K. Term Loan.
" U.K. Term Loan " has the meaning specified in
Section 2.01(b)(ii).
" U.K. Term Loan Facility " means the U.K. Term
Commitments and the provisions herein related to the U.K. Term
Loans.
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" Unrefunded Canadian Swingline Loan " has
the meaning specified in Section 2.03(c).
" Unrefunded U.S. Swingline Loan " has the meaning
specified in Section 2.03(c).
" Unrestricted Subsidiary " means (a) any Subsidiary
of the U.S. Borrower that at the time of determination is an
Unrestricted Subsidiary (as designated by the U.S. Borrower, as
provided below) and (b) any Subsidiary of an Unrestricted
Subsidiary.
So long as no Default has occurred and is continuing, the U.S.
Borrower may designate any Restricted Subsidiary of the U.S.
Borrower (other than any Foreign Borrower) (including any existing
Restricted Subsidiary and any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary
or any of its Subsidiaries owns any Equity Interests or
Indebtedness of, or owns or holds any Lien on, any property of, the
U.S. Borrower or any Subsidiary of the U.S. Borrower (other than
any Subsidiary of the Subsidiary to be so designated);
provided that (i) any Unrestricted Subsidiary must be
an entity of which shares of the capital stock or other equity
interests (including partnership interests) entitled to cast at
least a majority of the votes that may be cast by all shares or
equity interests having ordinary voting power for the election of
directors or other governing body are owned, directly or
indirectly, by the U.S. Borrower, (ii) such designation
complies with Section 6.07 and (iii) each of (A) the
Subsidiary to be so designated and (B) its subsidiaries has
not at the time of designation, and does not thereafter, create,
incur, issue, assume, guarantee or otherwise become directly or
indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of the U.S.
Borrower or any Restricted Subsidiary.
The U.S. Borrower may designate any Unrestricted Subsidiary to
be a Restricted Subsidiary; provided that, immediately after
giving effect to such designation no Default shall have occurred
and be continuing and either (x) the U.S. Borrower could incur
at least $1.00 of additional Indebtedness pursuant to the Interest
Coverage Ratio test described in Section 6.01(a) or
(y) the Interest Coverage Ratio for the U.S. Borrower and its
Restricted Subsidiaries would be greater than such ratio for the
U.S. Borrower and its Restricted Subsidiaries immediately prior to
such designation, in each case on a pro forma basis taking into
account such designation.
Any such designation by the U.S. Borrower shall be notified by
the U.S. Borrower to the Agent by promptly delivering to the Agent
a copy of any applicable Board Resolution giving effect to such
designation and an Officers’ Certificate certifying that such
designation complied with the foregoing provisions. Notwithstanding
the foregoing, as of the Closing Date, all of the Subsidiaries of
the U.S. Borrower will be Restricted Subsidiaries.
" U.S. Borrower " has the meaning assigned to such term
in the preamble to this Agreement; provided that when used
in the context of determining the fair market value of an asset or
liability under this Agreement, "U.S. Borrower" shall, unless
otherwise expressly stated, be deemed to mean the Board of
Directors of the U.S. Borrower when the fair market value of such
asset or liability is equal to or in excess of $100.0 million.
" U.S. Borrower Guaranteed Obligations " has the meaning
specified in Section 10.01(b).
" U.S. Lending Office " means, with respect to any
Lender, the office of such Lender specified as its "U.S. Lending
Office" in its Administrative Questionnaire or such other office of
such Lender as such Lender may from time to time specify to the
U.S. Borrower and the Agent.
" U.S. Revolving Available Credit " means, at any time,
(a) the then effective aggregate U.S. Revolving Commitments
minus (b) the aggregate U.S. Revolving Outstandings at
such time (it being
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understood that for purposes of this definition
only, commercial Letters of Credit having a Revolving LC Exposure
of $15.0 million shall always be deemed to be
outstanding).
" U.S. Revolving Borrowing " means U.S. Revolving Loans
made on the same day by the U.S. Revolving Lenders ratably
according to their respective U.S. Revolving Commitments.
" U.S. Revolving Commitment " means, with respect to each
U.S. Revolving Lender, the commitment of such U.S. Revolving Lender
to make U.S. Revolving Loans in the aggregate principal amount set
forth opposite such U.S. Revolving Lender’s name on the
Commitment Schedule under the caption "U.S. Revolving Commitment",
as amended to reflect each Assignment and Assumption executed by
such U.S. Revolving Lender and as such amount may be reduced
pursuant to this Agreement, and " U.S. Revolving Commitments
" shall mean the aggregate U.S. Revolving Commitments of all U.S.
Revolving Lenders, which amount, initially as of the Closing Date,
shall be $435.0 million.
" U.S. Revolving Facility " means the U.S. Revolving
Commitments and the provisions herein related to the U.S. Revolving
Loans, the U.S. Swingline Loans and, to the extent issued under the
U.S. Revolving Commitments, the Revolving Letters of Credit.
" U.S. Revolving Lender " means a Lender with a U.S.
Revolving Commitment, in its capacity as such.
" U.S. Revolving Loan " has the meaning specified in
Section 2.01(a)(i).
" U.S. Revolving Outstandings " means, at any particular
time, the sum of (a) the principal amount of the U.S.
Revolving Loans outstanding at such time, (b) the Revolving LC
Exposure under the U.S. Revolving Facility at such time and
(c) the principal amount of the Swingline Loans outstanding at
such time.
" U.S. Swingline Lender " means Citibank, N.A., in its
capacity as Lender of U.S. Swingline Loans, and its successors.
" U.S. Swingline Loan " has the meaning assigned to such
term in Section 2.03(a).
" U.S. Swingline Sublimit " has the meaning assigned to
such term as Section 2.03(a).
" U.S. Term Commitment " means, with respect to each U.S.
Term Lender, the commitment of such Lender to make U.S. Term Loans
to the U.S. Borrower in the aggregate principal amount set forth
opposite such Lender’s name on the Commitment Schedule
under the caption "U.S. Term Commitment" as amended to reflect each
Assignment and Assumption executed by such Lender and as such
amount may be reduced pursuant to this Agreement, and " U.S.
Term Commitments " shall mean the aggregate U.S. Term
Commitments of all U.S. Term Lenders, which amount, initially as of
the Closing Date, shall be $3,547.0 million.
" U.S. Term Lender " means each Lender that has a U.S.
Term Commitment or that holds a U.S. Term Loan.
" U.S. Term Loan " has the meaning specified in
Section 2.01(b)(i).
" U.S. Term Loan Facility " means the U.S. Term
Commitments and the provisions herein related to the U.S. Term
Loans.
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" USA PATRIOT Act " means The Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (Title III of
Pub. L. No. 107-56 (signed into law October 26, 2001)),
as amended from time to time.
" Voting Stock " of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person.
" Weighted Average Life to Maturity " means, when applied
to any Indebtedness, Disqualified Stock or Preferred Stock, as the
case may be, at any date, the quotient obtained by dividing
(1) the sum of the products of the number of years from the
date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar
payment with respect to such Disqualified Stock or Preferred Stock
multiplied by the amount of such payment, by (2) the sum of
all such payments.
" Wholly-Owned Subsidiary " of any Person means a
Restricted Subsidiary of such Person, 100% of the outstanding
Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) shall at the time be owned by
such Person or by one or more Wholly-Owned Subsidiaries of such
Person.
" Withdrawal Liability " means liability to a
Multiemployer Plan as a result of a complete or partial withdrawal
from such Multiemployer Plan, as such terms are defined in
Part I of Subtitle E of Title IV of ERISA.
" Yen " or "¥" means lawful currency of Japan.
" Yen Term Commitment " means, with respect to each Yen
Term Lender, the commitment of such Lender to make Yen Term Loans
to the U.S. Borrower in the aggregate principal amount outstanding
not to exceed the amount set forth opposite such Lender’s
name on the Commitments Schedule under the caption "Yen Term
Commitment", as amended to reflect each Assignment and Assumption
executed by such Lender and as such amount may be reduced pursuant
to this Agreement, and "Yen Term Commitments" shall mean the
aggregate Yen Term Commitments of all Yen Term Lenders, which
amount, initially as of the Closing Date, shall be ¥5,422.0
million.
" Yen Term Lender " means each Lender that has a Yen Term
Commitment or that holds a Yen Term Loan.
" Yen Term Loan " has the meaning specified in
Section 2.01(b)(vi).
" Yen Term Loan Facility " means the Yen Term Commitments
and the provisions herein related to the Yen Term Loans.
SECTION 1.02 Classification of Loans and Borrowings . For
purposes of this Agreement, Loans may be classified and referred to
by Class ( e.g ., a " U.S. Revolving Loan ") or by
Type ( e.g ., a " Eurocurrency Rate Loan ") or by
Class and Type ( e.g ., a " Eurocurrency Rate U.S.
Revolving Loan "). Borrowings also may be classified and
referred to by Class ( e.g ., a " U.S. Revolving
Borrowing ") or by Type ( e.g ., a " Eurocurrency
Rate Borrowing ") or by Class and Type ( e.g ., a "
Eurocurrency Rate U.S. Revolving Borrowing ").
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SECTION 1.03 Conversion of Currencies
.
(a) Dollar Equivalents . The Agent shall determine the
Dollar Equivalent of any amount as required hereby, and a
determination thereof by the Agent shall be presumed correct absent
manifest error. The Agent may, but shall not be obligated to, rely
on any determination made by any Loan Party in any document
delivered to the Agent. The Agent shall determine or redetermine
the Dollar Equivalent of each Loan and each Letter of Credit on
each Determination Date and, unless otherwise specified herein, the
Agent may determine or redetermine the Dollar Equivalent of any
amount hereunder on any other date in its reasonable
discretion.
(b) Rounding-Off . The Agent may set up appropriate
rounding off mechanisms or otherwise round off amounts hereunder to
the nearest higher or lower amount in whole Dollar or cent to
ensure amounts owing by any party hereunder or that otherwise need
to be calculated or converted hereunder are expressed in whole
Dollars or in whole cents, as may be necessary or appropriate.
(c) Negative Covenants, Etc . The Borrowers shall not be
deemed to have violated any of the covenants set forth in Article
VI (other than Section 6.10) solely as a result of currency
fluctuations following the date any action is taken if such action
was permitted on the date on which it was taken.
SECTION 1.04 Terms Generally . The definitions of terms
herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The
words "include", "includes" and "including" shall be deemed to be
followed by the phrase "without limitation". Unless otherwise
specifically indicated, the term "consolidated" with respect to any
Person refers to such Person consolidated with its Restricted
Subsidiaries, and excludes from such consolidation any Unrestricted
Subsidiary as if such Unrestricted Subsidiary were not an Affiliate
of such Person. The word "will" shall be construed to have the same
meaning and effect as the word "shall". Unless the context requires
otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set
forth herein), (b) any reference herein to any Person shall be
construed to include such Person’s successors and assigns,
(c) the words "herein", "hereof" and "hereunder", and words of
similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof,
(d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the
words "asset" and "property" shall be construed to have the same
meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities,
accounts and contract rights.
SECTION 1.05 Effectuation of Transactions . Each of the
representations and warranties of the Loan Parties contained in
this Agreement (and all corresponding definitions) are made after
giving effect to the Transactions, unless the context otherwise
requires. References to the Transactions in Sections 3.02 and 3.03
shall be deemed not to include the making of credit extensions
described in clause (b) of the definition of the term
"Transactions" set forth in Section 1.01 and shall instead
include obtaining such credit extensions.
SECTION 1.06 Change of Currency . Each provision of this
Agreement shall be subject to such reasonable changes of
construction as the Agent may from time to time specify with the
U.S. Borrower’s consent to appropriately reflect a change in
currency of any country and any relevant market conventions or
practices relating to such change in currency.
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SECTION 1.07 Funding through Applicable
Lending Offices . Any Lender may, by notice to the Agent and
the U.S. Borrower, designate an Affiliate of such Lender as its
Applicable Lending Office with respect to any Loans to be made by
such Lender to any Borrower (and, for the avoidance of doubt, a
Lender may designate different Applicable Lending Offices to make
Loans to the U.S. Borrower, on the one hand, and any Foreign
Borrower, on the other hand, under the same Revolving Facility) or
make any Loan available to any Borrower by causing any foreign or
domestic branch or Affiliate of such Lender to make such Loans. In
the event that a Lender designates an Affiliate of such Lender as
its Applicable Lending Office for Loans to any Borrower under any
Facility or makes any Loan available to any Borrower by causing any
foreign or domestic branch or Affiliate of such Lender to make such
Loans, then all Loans and reimbursement obligations to be funded by
such Lender under such Facility to such Borrower shall be funded by
such Applicable Lending Office or foreign or domestic branch or
Affiliate, as applicable, and all payments of interest, fees,
principal and other amounts payable to such Lender under such
Facility shall be payable to such Applicable Lending Office or
foreign or domestic branch or Affiliate, as applicable. Except as
provided in the immediately preceding sentence, no designation by
any Lender of an Affiliate as its Applicable Lending Office or
making any Loan available to any Borrower by causing any foreign or
domestic branch or Affiliate of such Lender to make such Loans
shall alter the obligation of the applicable Borrower to pay any
principal, interest, fees or other amounts hereunder.
ARTICLE II
THE CREDITS
SECTION 2.01 Commitments .
(a) Revolving Commitments .
(i) U.S. Revolving Commitments . On the terms and subject
to the conditions contained in this Agreement, each U.S. Revolving
Lender severally agrees to make loans in Dollars to the U.S.
Borrower (each a " U.S. Revolving Loan ") from time to time
on any Business Day during the period from the Closing Date until
the Revolving Credit Termination Date with respect to the U.S.
Revolving Facility in an aggregate principal amount at any time
outstanding for all such Loans by such U.S. Revolving Lender not to
exceed such U.S. Revolving Lender’s U.S. Revolving
Commitment; provided , however , that at no time
shall any U.S. Revolving Lender be obligated to make a U.S.
Revolving Loan in excess of such Revolving Lender’s Ratable
Portion of the U.S. Revolving Available Credit. Within the limits
of the U.S. Revolving Commitment of each U.S. Revolving Lender and
the U.S. Revolving Available Credit, amounts of U.S. Revolving
Loans repaid may be reborrowed by the U.S. Borrower under this
Section 2.01(a)(i).
(ii) U.K. Revolving Commitments . On the terms and
subject to the conditions contained in this Agreement, each U.K.
Revolving Lender severally agrees to make loans in Sterling or
Dollars (each a " U.K. Revolving Loan ") to the U.K.
Borrower or the U.S. Borrower from time to time on any Business Day
during the period from the Closing Date until the Revolving Credit
Termination Date with respect to the U.K. Revolving Facility in an
aggregate principal amount at any time outstanding for all such
loans by such U.K. Revolving Lender not to exceed such U.K.
Revolving Lender’s U.K. Revolving Commitment; provided
, however , that at no time shall any U.K. Revolving Lender
be obligated to make a U.K. Revolving Loan in excess of such U.K.
Revolving Lender’s Ratable Portion of the U.K. Revolving
Available Credit. Within the limits of the U.K. Revolving
Commitment of each U.K. Revolving Lender and the U.K. Revolving
Available Credit, amounts of U.K. Revolving Loans repaid may be
reborrowed by the U.K. Borrower or the U.S. Borrower under this
Section 2.01(a)(ii).
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(iii) German Revolving Commitments . On
the terms and subject to the conditions contained in this
Agreement, each German Revolving Lender severally agrees to make
loans in Euro or Dollars (each a " German Revolving Loan ")
to any German Borrower or the U.S. Borrower from time to time on
any Business Day during the period from the Closing Date until the
Revolving Credit Termination Date with respect to the German
Revolving Facility in an aggregate principal amount at any time
outstanding for all such loans by such German Revolving Lender not
to exceed such German Revolving Lender’s German Revolving
Commitment; provided , however , that at no time
shall any German Revolving Lender be obligated to make a German
Revolving Loan in excess of such German Revolving Lender’s
Ratable Portion of the German Revolving Available Credit. Within
the limits of the German Revolving Commitment of each German
Revolving Lender and the German Revolving Available Credit, amounts
of German Revolving Loans repaid may be reborrowed by any German
Borrower or the U.S. Borrower under this
Section 2.01(a)(iii).
(iv) Canadian Revolving Commitments . On the terms and
subject to the conditions contained in this Agreement, each
Canadian Revolving Lender severally agrees to make loans in
Canadian Dollars or Dollars (each a " Canadian Revolving
Loan ") to the Canadian Borrower or the U.S. Borrower from time
to time on any Business Day during the period from the Closing Date
until the Revolving Credit Termination Date with respect to the
Canadian Revolving Facility in an aggregate principal amount at any
time outstanding for all such loans by such Canadian Revolving
Lender not to exceed such Canadian Revolving Lender’s
Canadian Revolving Commitment; provided , however ,
that at no time shall any Canadian Revolving Lender be obligated to
make a Canadian Revolving Loan in excess of such Canadian Revolving
Lender’s Ratable Portion of the Canadian Revolving Available
Credit. Within the limits of the Canadian Revolving Commitment of
each Canadian Revolving Lender and the Canadian Revolving Available
Credit, amounts of Canadian Revolving Loans repaid may be
reborrowed by the Canadian Borrower or the U.S. Borrower under this
Section 2.01(a)(iv).
(v) Irish Revolving Commitments . On the terms and
subject to the conditions contained in this Agreement, each Irish
Revolving Lender severally agrees to make loans in Euro or Dollars
(each an " Irish Revolving Loan ") to the Irish Borrower or
the U.S. Borrower from time to time on any Business Day during the
period from the Closing Date until the Revolving Credit Termination
Date with respect to the Irish Revolving Facility in an aggregate
principal amount at any time outstanding for all such loans by such
Irish Revolving Lender not to exceed such Irish Revolving
Lender’s Irish Revolving Commitment; provided ,
however , that at no time shall any Irish Revolving Lender
be obligated to make an Irish Revolving Loan in excess of such
Irish Revolving Lender’s Ratable Portion of the Irish
Revolving Available Credit. Within the limits of the Irish
Revolving Commitment of each Irish Revolving Lender and the Irish
Revolving Available Credit, amounts of Irish Revolving Loans repaid
may be reborrowed by the Irish Borrower or the U.S. Borrower under
this Section 2.01(a)(v).
(b) Term Commitments .
(i) U.S. Term Commitments . On the terms and subject to
the conditions contained in this Agreement, each U.S. Term Lender
severally agrees to make a loan (each a " U.S. Term Loan ")
in Dollars to the U.S. Borrower on the Closing Date, in an amount
equal to such Lender’s U.S. Term Commitment. Amounts of U.S.
Term Loans repaid or prepaid may not be reborrowed.
(ii) U.K. Term Commitments . On the terms and subject to
the conditions contained in this Agreement, each U.K. Term Lender
severally agrees to make a loan (each a " U.K. Term Loan ")
in Sterling to the U.K. Borrower on the Closing Date, in an amount
equal to such U.K. Term Lender’s U.K. Term Commitment.
Amounts of U.K. Term Loans repaid or prepaid may not be
reborrowed.
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(iii) German Term Commitments . On the
terms and subject to the conditions contained in this Agreement,
each German Term Lender severally agrees to (x) make a loan to
the German-1 Borrower on the Closing Date (each a " German
Term-1 Loan ") in Euro in an amount equal to such German Term
Lender’s German Term-1 Commitment and (y) make a loan to
the German-2 Borrower on the Closing Date (each a " German
Term-2 Loan " and, collectively, together with the German
Term-1 Loans, the " German Term Loans ") in Euro in an
amount equal to such Lender’s German Term-2 Commitment. For
the avoidance of doubt, for so long as neither the German Term-1
Loans nor the German Term-2 Loans have been repaid in full, the
German Term-1 Loans, on the one hand, and the German Term-2 Loans,
on the other hand, may not be separately assigned by any German
Term Lender and each German Term Lender shall at all times hold
German Term-1 Loans and German Term-2 Loans in the same proportion
as each other German Term Lender. Amounts of German Term Loans
repaid or prepaid may not be reborrowed.
(iv) Irish Term Commitments . On the terms and subject to
the conditions contained in this Agreement, each Irish Term Lender
severally agrees to make a loan (each an " Irish Term Loan
") in Euro to the Irish Borrower on the Closing Date, in an amount
equal to such Irish Term Lender’s Irish Term Commitment.
Amounts of Irish Term Loans repaid or prepaid may not be
reborrowed.
(v) Canadian Term Commitments . On the terms and subject
to the conditions contained in this Agreement, each Canadian Term
Lender severally agrees to make a loan (each a " Canadian Term
Loan ") in Dollars to the Canadian Borrower on the Closing
Date, in an amount equal to such Canadian Term Lender’s
Canadian Term Commitment. Amounts of Canadian Term Loans repaid or
prepaid may not be reborrowed.
(vi) Yen Term Commitments . On the terms and subject to
the conditions contained in this Agreement, each Yen Term Lender
severally agrees to make a loan (each a " Yen Term Loan ")
in Yen to the U.S. Borrower on the Closing Date or, at the option
of the U.S. Borrower, on January 29, 2007, in an amount equal
to such Yen Term Lender’s Yen Term Commitment. Amounts of Yen
Term Loans repaid or prepaid may not be reborrowed.
(c) On the terms and subject to the conditions contained in this
Agreement, each LC Facility Lender severally agrees to make an LC
Facility Deposit in Dollars on the Closing Date in an amount equal
to such LC Facility Lender’s LC Facility Commitment.
SECTION 2.02 Loans and Borrowings .
(a) Revolving Credit Borrowings . Each Borrowing under
any Revolving Facility shall be made on notice, in the form of a
Borrowing Request, given by the applicable Borrower to the Agent
not later than 12:00 noon (New York City time) in the case of the
U.S. Revolving Facility or the Canadian Revolving Facility and not
later than 10:00 a.m. (New York City time) in the case of the
German Revolving Facility, Irish Revolving Facility or the U.K.
Revolving Facility (i) one Business Day, in the case of a
Borrowing of Base Rate Loans or Canadian Base Rate Loans and
(ii) three Business Days, in the case of a Borrowing of
Eurocurrency Rate Loans or BA Rate Loans, prior to the date of the
proposed Borrowing. Each such notice shall be in substantially the
form of Exhibit E and shall specify (A) the date
of such proposed Borrowing, (B) the aggregate amount of such
proposed Borrowing, (C) the Revolving Facility pursuant to
which such Loan is to be made, (D) the currency in which such
Loan is to be denominated, (E) in the case of any Borrowing in
Dollars, whether any portion of the proposed Borrowing will be of
Eurocurrency Rate Loans, (F) in the case of Loans denominated
in Canadian Dollars, whether any portion of the proposed Borrowing
will be BA Rate Loans, (G) in the case of any Eurocurrency
Rate Loan, the initial Eurocurrency Interest Period or Eurocurrency
Interest Periods thereof and in the case of any BA Rate Loan, the
initial BA Interest Period or BA Interest Periods thereof,
(H) the Revolving Available
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Credit (after giving effect to the proposed
Borrowing) under the applicable Revolving Facility and (I) the
account or accounts into which the proceeds of such Borrowing are
to be deposited. Loans denominated in Dollars shall be made as Base
Rate Loans unless, subject to Section 2.14, the Borrowing
Request specifies that all or a portion thereof shall be
Eurocurrency Rate Loans. Loans denominated in Canadian Dollars
shall be made as Canadian Base Rate Loans unless the Borrowing
Request specifies that all or a portion thereof shall be BA Rate
Loans. If no Eurocurrency Interest Period is specified with respect
to any requested Eurocurrency Rate Loan, then the applicable
Borrower shall be deemed to have selected a Eurocurrency Interest
Period of one month’s duration. If no BA Interest Period is
specified with respect to any requested BA Rate Loan, then the
applicable Borrower shall be deemed to have selected BA Interest
Period of 30 days’ duration. Each Borrowing shall be in an
aggregate amount of not less than the Minimum Currency
Threshold.
(b) Term Loan Borrowings . All Term Loan Borrowings shall
be made on the Closing Date upon receipt of a Borrowing Request
given by the U.S. Borrower (which each Foreign Borrower hereby
authorizes the U.S. Borrower to provide) to the Agent not later
than 12:00 noon (New York City time) (i) one Business Day
prior to the Closing Date, in the case of Base Rate Loans and
(ii) three Business Days prior to the Closing Date, in the
case of Eurocurrency Rate Loans; provided that, at the
request of the U.S. Borrower, the Yen Term Loan may be borrowed on
January 29, 2007. The Borrowing Request shall specify
(A) the Closing Date or, if the U.S. Borrower so elects,
January 29, 2007 in the case of the Yen Term Loan only,
(B) the aggregate amount of each proposed Borrowing and the
Term Loan Facility under which such Borrowing is to be made,
(C) in the case of Loans denominated in Dollars, whether any
portion of the proposed Borrowing will be Eurocurrency Rate Loans,
(D) the initial Eurocurrency Interest Period or Eurocurrency
Interest Periods for any Eurocurrency Rate Loans, and (E) the
account or accounts into which the proceeds of such Term Loans are
to be deposited. U.S. Term Loans and Canadian Term Loans shall be
made as Base Rate Loans unless, subject to Section 2.14, the
Borrowing Request specifies that all or a portion thereof shall be
Eurocurrency Rate Loans. If no Eurocurrency Interest Period is
specified with respect to any requested Eurocurrency Rate Loan,
then the applicable Borrower shall be deemed to have selected a
Eurocurrency Interest Period of one month’s duration. Each
such Term Loan Borrowing shall be in an aggregate amount of not
less than the Minimum Currency Threshold.
(c) The Agent shall give to each applicable Lender prompt notice
of the Agent’s receipt of a Borrowing Request and, if
Eurocurrency Rate Loans or BA Rate Loans are properly requested in
such Borrowing Request, the applicable interest rate determined
pursuant to Section 2.11(a). Each applicable Lender shall,
before 11:00 a.m. (New York City time) on the date of the proposed
Borrowing, either (i) make available to the Agent at the
Agent’s Office, in immediately available funds, such
Lender’s Ratable Portion of such proposed Borrowing or
(ii) in the case of Loans made on the Closing Date only,
subject to the fulfillment (or due waiver in accordance with
Section 9.02) of the conditions set forth in
Section 4.01, make available such Borrowing directly to the
applicable Borrower. If a Lender funds such Borrowing to the Agent,
upon fulfillment (or due waiver in accordance with
Section 9.02) (i) on the Closing Date, of the conditions
set forth in Section 4.01 and (ii) at any time after the
Closing Date, of the conditions set forth in Section 4.02, and
after the Agent’s receipt of such funds, the Agent shall make
such funds available to the applicable Borrower.
(d) Unless the Agent and, in the case of any proposed Borrowing
to be made on the Closing Date, the Agent and the Joint Lead
Arrangers, shall have received notice from a Lender prior to the
date of any proposed Borrowing that such Lender will not make
available to the Agent such Lender’s Ratable Portion of such
Borrowing (or any portion thereof), the Agent and, with respect to
any proposed Borrowing to be made on the Closing Date, the Agent
and the Joint Lead Arrangers, may assume that such Lender has made
such Ratable Portion available to the Agent on the date of such
Borrowing in accordance with this Section 2.02 and the Agent
or any Joint Lead Arranger, as the case may be, may, in
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reliance upon such assumption, make available to
the applicable 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 Agent or such Joint Lead Arranger, as the
case may be, such Lender and the applicable Borrower severally
agree to repay to the Agent or such Joint Lead Arranger forthwith
on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the
applicable Borrower until the date such amount is repaid to the
Agent or such Joint Lead Arranger, at (i) in the case of a
Borrower, the interest rate applicable at the time to the Loans
comprising such Borrowing and (ii) in the case of such Lender,
the Interbank Rate for the first Business Day and thereafter at the
interest rate applicable at the time to the Loans comprising such
Borrowing. If such Lender shall repay to the Agent or the
applicable Joint Lead Arranger such corresponding amount, such
amount so repaid shall constitute such Lender’s Loan as part
of such Borrowing for purposes of this Agreement. If the applicable
Borrower shall repay to the Agent or the applicable Joint Lead
Arranger such corresponding amount, such payment shall not relieve
such Lender of any obligation it may have hereunder to such
Borrower.
(e) The failure of any Lender to make on the date specified any
Loan or any payment required by it (such Lender, during the period
of such failure, being a " Non-Funding Lender "), including
any payment in respect of its participation in Swingline Loans and
Revolving Letters of Credit, shall not relieve 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 2.03 Swingline Loans .
(a) Subject to the terms and conditions hereof, the U.S.
Swingline Lender agrees to make U.S. Swingline loans in Dollars
(individually, a " U.S. Swingline Loan " and collectively,
the " U.S. Swingline Loans ") to the U.S. Borrower from time
to time following the Closing Date and prior to the Revolving
Credit Termination Date for the U.S. Revolving Facility in
accordance with the procedures set forth in this Section 2.03;
provided that (i) the aggregate principal amount of all
U.S. Swingline Loans shall not exceed $150.0 million (the " U.S.
Swingline Sublimit ") at any one time outstanding,
(ii) the principal amount of any borrowing of U.S. Swingline
Loans may not exceed the aggregate amount of the U.S. Available
Revolving Credit of all U.S. Revolving Lenders immediately prior to
such borrowing or result in the Revolving Credit Exposure under all
Revolving Facilities then outstanding exceeding the Revolving
Commitments then in effect under all Revolving Facilities, and
(iii) in no event may U.S. Swingline Loans be borrowed
hereunder if a Default shall have occurred and be continuing.
Amounts borrowed under this Section 2.03 may be repaid and, up
to but excluding the Revolving Credit Termination Date for the U.S.
Revolving Facility, reborrowed. All U.S. Swingline Loans shall at
all times be Base Rate Loans. The U.S. Borrower shall give the U.S.
Swingline Lender and the Agent notice of any U.S. Swingline Loan
requested hereunder (which notice must be received by the U.S.
Swingline Lender and the Agent prior to 1:00 p.m., New York
City time, on the requested Borrowing Date) specifying (A) the
amount to be borrowed, (B) the requested Borrowing Date and
(C) the account or accounts in to which the proceeds of such
U.S. Swingline Loans are to be deposited. Not later than
3:00 p.m., New York City time, on the Borrowing Date
specified in such notice, the U.S. Swingline Lender shall make such
U.S. Swingline Loan available to the Agent for the account of the
U.S. Borrower at the Agent’s Office in funds immediately
available to the Agent. Amounts so received by the Agent will
promptly be made available to the U.S. Borrower by the Agent
crediting the account of the U.S. Borrower on the books of such
office with the amount made available to the Agent by the U.S.
Swingline Lender (or, in the case of a U.S. Swingline Loan made to
finance the reimbursement of a Revolving LC Disbursement as
provided in Section 2.04(e), by remittance to the Issuing
Bank) and in like funds as received by the Agent. Each Borrowing of
U.S. Swingline Loans pursuant to this Section 2.03 shall be in
a minimum principal amount of $500,000 or an integral multiple of
$100,000 in excess thereof. Subject to the terms and conditions
hereof, the Canadian Swingline Lender agrees to make swingline
loans in Canadian Dollars (individually, a " Canadian
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Swingline Loan " and collectively, the
" Canadian Swingline Loans ") to the Canadian Borrower from
time to time following the Closing Date and prior to the Revolving
Credit Termination Date for the Canadian Revolving Facility in
accordance with the procedures set forth in this Section 2.03;
provided that (i) the aggregate principal amount of all
Canadian Swingline Loans shall not exceed the Dollar Equivalent of
$10.0 million (the " Canadian Swingline Sublimit ") at any
one time outstanding, (ii) the principal amount of any
borrowing of Canadian Swingline Loans may not exceed the aggregate
amount of the Canadian Revolving Available Credit of all Canadian
Revolving Lenders immediately prior to such borrowing or result in
the Revolving Credit Exposure under all Revolving Facilities then
outstanding exceeding the Revolving Commitments then in effect
under all Revolving Facilities, and (iii) in no event may
Canadian Swingline Loans be borrowed hereunder if a Default shall
have occurred and be continuing. Amounts borrowed under this
Section 2.03 may be repaid and, up to but excluding the
Revolving Credit Termination Date for the Canadian Revolving
Facility, reborrowed. All Canadian Swingline Loans shall at all
times be Canadian Base Rate Loans. The Canadian Borrower shall give
the Canadian Swingline Lender and the Agent notice of any Canadian
Swingline Loan requested hereunder (which notice must be received
by the Canadian Swingline Lender and the Agent prior to 1:00 p.m.,
New York City time, on the requested Borrowing Date)
specifying (A) the amount to be borrowed, (B) the
requested Borrowing Date and (C) the account or accounts in to
which the proceeds of such Swingline Loans are to be deposited. Not
later than 3:00 p.m., New York City time, on the
Borrowing Date specified in such notice, the Canadian Swingline
Lender shall make such Canadian Swingline Loan available to the
Agent for the account of the Canadian Borrower at the Agent’s
Office in funds immediately available to the Agent. Amounts so
received by the Agent will promptly be made available to the
Canadian Borrower by the Agent crediting the account of the
Canadian Borrower on the books of such office with the amount made
available to the Agent by the Canadian Swingline Lender (or, in the
case of a Canadian Swingline Loan made to finance the reimbursement
of a Revolving LC Disbursement as provided in Section 2.04(e),
by remittance to the Issuing Bank) and in like funds as received by
the Agent. Each Borrowing pursuant to this Section 2.03 shall
be in a minimum principal amount of C$500,000 or an integral
multiple of C$100,000 in excess thereof.
(b) Notwithstanding the occurrence of any Default or
noncompliance with the conditions precedent set forth in
Section 4.02 or the minimum borrowing amounts specified in
Section 2.02, if any U.S. Swingline Loan shall remain
outstanding at 10:00 a.m., New York City time, on the
tenth Business Day following the Borrowing Date thereof and if by
such time on such tenth Business Day the Agent shall have received
neither (i) a Borrowing Request delivered by the U.S. Borrower
pursuant to Section 2.02 requesting that Revolving Loans in
Dollars be made pursuant to Section 2.01 on the immediately
succeeding Business Day in an amount at least equal to the
aggregate principal amount of such U.S. Swingline Loan, nor
(ii) any other notice satisfactory to the Agent indicating the
U.S. Borrower’s intent to repay such U.S. Swingline Loan on
the immediately succeeding Business Day with funds obtained from
other sources, the Agent shall be deemed to have received a notice
from the U.S. Borrower pursuant to Section 2.02 requesting
that Base Rate U.S. Revolving Loans be made pursuant to
Section 2.01(a) on such immediately succeeding Business Day in
an amount equal to the amount of such U.S. Swingline Loan, and the
procedures set forth in Section 2.02 shall be followed in
making such Base Rate U.S. Revolving Loans; provided that
for the purposes of determining each U.S. Revolving Lender’s
Commitment with respect to such Borrowing, the U.S. Swingline Loan
to be repaid with the proceeds of such Borrowing shall be deemed to
not be outstanding. The proceeds of such Base Rate U.S. Revolving
Loans shall be applied to repay such U.S. Swingline Loan.
Notwithstanding the occurrence of any Default or noncompliance with
the conditions precedent set forth in Section 4.02 or the
minimum borrowing amounts specified in Section 2.02, if any
Canadian Swingline Loan shall remain outstanding at
10:00 a.m., New York City time, on the tenth Business Day
following the Borrowing Date thereof and if by such time on such
tenth Business Day the Agent shall have received neither (i) a
Borrowing Request delivered by the Canadian Borrower pursuant to
Section 2.02 requesting that Revolving Loans in Canadian
Dollars be made pursuant to Section 2.01 on the immediately
succeeding Business Day in an amount at least equal to
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the aggregate principal amount of such Canadian
Swingline Loan, nor (ii) any other notice satisfactory to the
Agent indicating the Canadian Borrower’s intent to repay such
Canadian Swingline Loan on the immediately succeeding Business Day
with funds obtained from other sources, the Agent shall be deemed
to have received a notice from the Canadian Borrower pursuant to
Section 2.02 requesting that Canadian Base Rate Canadian
Revolving Loans be made pursuant to Section 2.01(a) on such
immediately succeeding Business Day in an amount equal to the
amount of such Canadian Swingline Loan, and the procedures set
forth in Section 2.02 shall be followed in making such
Canadian Revolving Loans; provided that for the purposes of
determining each Canadian Revolving Lender’s Commitment with
respect to such Borrowing, the Canadian Swingline Loan to be repaid
with the proceeds of such Borrowing shall be deemed to not be
outstanding. The proceeds of such Canadian Revolving Loans shall be
applied to repay such Canadian Swingline Loan.
(c) If, for any reason, Base Rate U.S. Revolving Loans may not
be, or are not, made pursuant to Section 2.03(b) to repay any
U.S. Swingline Loan as required by such paragraph, effective on the
date such Base Rate U.S. Revolving Loans would otherwise have been
made, each U.S. Revolving Lender severally, unconditionally and
irrevocably agrees that it shall, without regard to the occurrence
of any Default, purchase a participating interest in such U.S.
Swingline Loan (an " Unrefunded U.S. Swingline Loan ") in an
amount equal to such U.S. Revolving Lender’s Ratable Portion
of the aggregate amount of the Base Rate U.S. Revolving Loan which
would otherwise have been made pursuant to Section 2.03(b).
Each U.S. Revolving Lender will immediately transfer to the Agent,
in immediately available funds, the amount of its participation,
and the proceeds of such participations shall be distributed by the
Agent to the U.S. Swingline Lender. All payments by the U.S.
Revolving Lenders in respect of Unrefunded U.S. Swingline Loans and
participations therein shall be made in accordance with
Section 2.13. If, for any reason, Canadian Revolving Loans may
not be, or are not, made pursuant to Section 2.03(b) to repay
any Canadian Swingline Loan as required by such paragraph,
effective on the date such Canadian Revolving Loans would otherwise
have been made, each Canadian Revolving Lender severally,
unconditionally and irrevocably agrees that it shall, without
regard to the occurrence of any Default, purchase a participating
interest in such Canadian Swingline Loan (an " Unrefunded
Canadian Swingline Loan ") in an amount equal to such Canadian
Revolving Lender’s Ratable Portion of the aggregate amount of
the Canadian Revolving Loan which would otherwise have been made
pursuant to Section 2.03(b). Each Canadian Revolving Lender
will immediately transfer to the Agent, in immediately available
funds, the amount of its participation, and the proceeds of such
participations shall be distributed by the Agent to the Canadian
Swingline Lender. All payments by the Canadian Revolving Lenders in
respect of Unrefunded Canadian Swingline Loans and participations
therein shall be made in accordance with Section 2.13.
(d) Notwithstanding the foregoing, a U.S. Revolving Lender shall
not have any obligation to acquire a participation in a U.S.
Swingline Loan pursuant to the foregoing paragraphs if a Default
shall have occurred and be continuing at the time such U.S.
Swingline Loan was made and such Lender shall have notified the
U.S. Swingline Lender in writing, prior to the time such U.S.
Swingline Loan was made, that such Default has occurred and that
such Lender will not acquire participations in U.S. Swingline Loans
made while such Default is continuing. Notwithstanding the
foregoing, a Canadian Revolving Lender shall not have any
obligation to acquire a participation in a Canadian Swingline Loan
pursuant to the foregoing paragraphs if a Default shall have
occurred and be continuing at the time such Canadian Swingline Loan
was made and such Lender shall have notified the Canadian Swingline
Lender in writing, prior to the time such Canadian Swingline Loan
was made, that such Default has occurred and that such Lender will
not acquire participations in Canadian Swingline Loans made while
such Default is continuing.
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SECTION 2.04 Letters of Credit
.
(a) General . Subject to the terms and conditions set
forth herein, (i) the U.S. Borrower may request, including on
behalf of any Restricted Subsidiary, the issuance of (and the LC
Facility Issuing Bank shall issue) LC Facility Letters of Credit,
at any time and from time to time during the LC Facility
Availability Period, (ii) any Borrower may request (and the
applicable Issuing Bank shall issue) the issuance of standby
Revolving Letters of Credit under any Revolving Facility with
respect to which it is a Borrower at any time and from time to time
from and after the Closing Date to but excluding the applicable
Revolving Credit Termination Date and (iii) the U.S. Borrower
may request (and the applicable Issuing Bank shall issue) the
issuance of commercial Revolving Letters of Credit under the U.S.
Revolving Facility at any time and from time to time from and after
the Closing Date to but excluding the applicable Revolving Credit
Termination Date, in each case for the account of such Borrower or
any Restricted Subsidiary, in a form reasonably acceptable to the
Agent (in the case of standby Revolving Letters of Credit and LC
Facility Letters of Credit) and the relevant Issuing Bank or the LC
Facility Issuing Bank, as the case may be. Any Revolving Letter of
Credit issued under any Revolving Facility may be denominated in
any currency selected by the applicable Borrower in which Revolving
Loans may be made under such Revolving Facility. For purposes
hereof, a standby Letter of Credit issued on behalf of the U.S.
Borrower or a Restricted Subsidiary that is denominated in Dollars
shall at all times and from time to time be deemed to be an LC
Facility Letter of Credit unless after giving effect to the
issuance of such LC Facility Letter of Credit, the LC Facility LC
Exposure would exceed the Total LC Facility Deposit. In the event
of any inconsistency between the terms and conditions of this
Agreement and the terms and conditions of any form of letter of
credit application or other agreement submitted by such Borrower
to, or entered into by such Borrower with, an Issuing Bank or the
LC Facility Issuing Bank, as applicable, relating to any Letter of
Credit, the terms and conditions of this Agreement shall control.
The Existing Letters of Credit that are denominated in Dollars
shall be deemed to be "LC Facility Letters of Credit" for all
purposes hereof. The Existing Letters of Credit that are
denominated in Canadian Dollars shall be deemed to be "Revolving
Letters of Credit" issued under the Canadian Revolving Facility for
all purposes hereof.
(b) Notice of Issuance, Amendment, Renewal, Extension;
Certain Conditions . To request the issuance of a Letter of
Credit (or the amendment, renewal or extension of an outstanding
Letter of Credit), the requesting Borrower shall hand deliver or
telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by the applicable Issuing Bank or
the LC Facility Issuing Bank, as applicable) to the applicable
Issuing Bank or the LC Facility Issuing Bank, as applicable, and,
in the case of standby Revolving Letters of Credit and LC Facility
Letters of Credit, the Agent (reasonably in advance of the
requested date of issuance, amendment, renewal or extension) a
notice requesting the issuance of a Letter of Credit, or
identifying the Letter of Credit to be amended, renewed or
extended, and specifying (A) the date of issuance, amendment,
renewal or extension (which shall be a Business Day), (B) the
date on which such Letter of Credit is to expire (which shall
comply with Section 2.04(c), (C) the amount of such
Letter of Credit, (D) the currency in which such Letter of
Credit is to be denominated (which shall comply with
Section 2.04(a)), (E) if such Letter of Credit is a
Revolving Letter of Credit, the Revolving Facility under which such
Letter of Credit is to be issued and whether such Revolving Letter
of Credit is a commercial or standby Revolving Letter of Credit,
(F) the name and address of the beneficiary thereof and
(G) such other information as shall be necessary to issue,
amend, renew or extend such Letter of Credit. If requested by the
applicable Issuing Bank or the LC Facility Issuing Bank, as
applicable, the requesting Borrower shall also submit a letter of
credit application on such Issuing Bank’s or the LC Facility
Issuing Bank’s standard form in connection with any request
for a Letter of Credit. A Letter of Credit shall not be issued,
amended, renewed or extended if (and upon issuance, amendment,
renewal or extension of each Letter of Credit the requesting
Borrower shall be deemed to represent and warrant that), after
giving effect to such issuance, amendment, renewal or extension,
(x) with respect to Revolving Letters of Credit, (I) the
Revolving Credit Outstandings (it being understood that with
respect to the issuance, amendment, renewal or extension of any
Letters of Credit under
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the U.S. Revolving Facility, commercial Revolving
Letters of Credit having a Revolving LC Exposure of $15.0 million
shall at all times be deemed to be outstanding) under all Revolving
Facilities would exceed the Revolving Commitments under all
Revolving Facilities, (II) the Revolving Available Credit under the
applicable Revolving Facility would be less than zero and (III)
with respect to any commercial Revolving Letters of Credit, the
aggregate Revolving LC Exposure in respect of commercial Revolving
Letters of Credit would exceed $15.0 million and (y) with
respect to LC Facility Letters of Credit, the LC Facility LC
Exposure would exceed the Total LC Facility Deposit. Upon the
issuance of any standby Letter of Credit or increase in the amount
of a standby Letter of Credit, the U.S. Borrower shall promptly
notify the Agent thereof. Each Issuing Bank and the LC Facility
Issuing Bank will also furnish to the Agent an activity report
(which shall consist of, with respect to commercial Letters of
Credit, the net aggregate daily amount available to be drawn plus
bankers’ acceptances or deferred undertakings (in each case,
not constituting reimbursement obligations under clause (e) of
this Section 2.04) that were created upon presentation under
such Letters of Credit (the " Net Daily Amount ") at the end
of each day) with respect to the Letters of Credit issued by it no
later than five Business Days following the end of each calendar
quarter and on any other date reasonably requested by the
Agent.
(c) Expiration Date . Each Letter of Credit shall expire
at or prior to the close of business on the earlier of (i) the
date one year after the date of the issuance of such Letter of
Credit or, in the case of any renewal or extension thereof, one
year after such renewal or extension; provided that, if the
requesting Borrower and the Issuing Bank or LC Facility Issuing
Bank, as applicable, so agree, any Letter of Credit may provide for
the automatic renewal of such Letter of Credit for successive one
year terms (subject to clause (ii)) and (ii) (x) with
respect to any Revolving Letter of Credit, the date that is five
Business Days prior to the Scheduled Termination Date and
(y) with respect to any LC Facility Letter of Credit, the date
that is five Business Days prior to the LC Facility Maturity
Date.
(d) Participations .
(i) By the issuance of a Revolving Letter of Credit (or an
amendment to a Revolving Letter of Credit increasing the amount
thereof) pursuant to any Revolving Facility and without any further
action on the part of the Issuing Bank issuing such Revolving
Letter of Credit or the Revolving Lenders under such Revolving
Facility, each Issuing Bank hereby grants to each Revolving Lender
under such Revolving Facility, and each such Revolving Lender
hereby acquires from each Issuing Bank, a participation in each
such Letter of Credit equal to such Lender’s Ratable Portion
of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each
Revolving Lender hereby absolutely and unconditionally agrees to
pay to the Agent, for the account of the applicable Issuing Bank,
such Revolving Lender’s Ratable Portion of each Revolving LC
Disbursement made by such Issuing Bank with respect to any
Revolving Letter of Credit issued pursuant to any Revolving
Facility under which such Lender holds a Revolving Commitment and
not reimbursed by a Borrower on the date due as provided in
Section 2.04(e) or of any reimbursement payment required to be
refunded to such Borrower. Each Revolving Lender acknowledges and
agrees that its obligation to acquire participations pursuant to
this Section 2.04(d) in respect of Revolving Letters of Credit
issued pursuant to the Revolving Facility under which such Lender
holds Revolving Commitments is absolute and unconditional and shall
not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Revolving Letter of Credit
or the occurrence and continuance of a Default or reduction or
termination of the Revolving Commitments, and that each such
payment shall be made without any offset, abatement, withholding or
reduction whatsoever.
(ii) By the issuance of an LC Facility Letter of Credit (or an
amendment to an LC Facility Letter of Credit increasing the amount
thereof), without any further action on the part of the LC Facility
Issuing Bank or the LC Facility Lenders, the LC Facility Issuing
Bank hereby grants to each LC Facility Lender, and each LC Facility
Lender hereby acquires from the LC Facility Issuing Bank, a
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participation in each LC Facility Letter of
Credit equal to such LC Facility Lender’s Ratable Portion of
the aggregate amount available to be drawn under such LC Facility
Letter of Credit. The aggregate purchase price for the
participations of each LC Facility Lender in LC Facility Letters of
Credit shall equal the amount of the LC Facility Deposit of such LC
Facility Lender. Each LC Facility Lender hereby absolutely and
unconditionally agrees that if the LC Facility Issuing Bank makes
an LC Facility LC Disbursement which is not reimbursed by the U.S.
Borrower on the date due as provided in Section 2.04(e), or is
required to refund any reimbursement payment in respect of an LC
Facility LC Disbursement to the U.S. Borrower for any reason, the
LC Facility Agent shall reimburse the LC Facility Issuing Bank for
the amount of such LC Facility LC Disbursement from the
Credit-Linked Deposit Account in accordance with
Section 2.04(e)(iii). Each LC Facility Lender acknowledges and
agrees that its authorization granted hereby and obligations
hereunder are unconditional and irrevocable and shall not be
affected by any circumstance whatsoever, including any amendment,
renewal or extension of any LC Facility Letter of Credit or the
occurrence and continuance of a Default or the return of the LC
Facility Deposits. Without limiting the foregoing, the LC Facility
Lenders irrevocably authorize the LC Facility Agent to apply the LC
Facility Deposits as provided in this
Section 2.04(d)(ii).
(e) Reimbursement .
(i) If an Issuing Bank or the LC Facility Issuing Bank shall
make any LC Disbursement in respect of a Letter of Credit issued by
it, the applicable Borrower shall reimburse such LC Disbursement by
paying to the Agent (in respect of LC Disbursements under any
standby Revolving Letter of Credit or any LC Facility Letter of
Credit) or the Issuing Bank (in respect of commercial Revolving
Letters of Credit) an amount equal to such LC Disbursement in the
currency in which such LC Disbursement is denominated not later
than the Business Day immediately following the day that such
Borrower receives notice that an LC Disbursement has been made;
provided that, so long as no Default is continuing of which
the Agent has been notified and subject to the availability of
unused Revolving Commitments under the applicable Revolving
Facility, the U.S. Borrower, the Canadian Borrower, each Issuing
Bank, the Agent and the Lenders hereby agree that in the event an
Issuing Bank makes any LC Disbursement under a Revolving Letter of
Credit issued pursuant to the U.S. Revolving Facility or the
Canadian Revolving Facility and the applicable Borrower shall not
have reimbursed such amount when due pursuant to this
Section 2.04(e)(i) (of which circumstance, in respect of LC
Disbursements under commercial Revolving Letters of Credit, the
Issuing Bank for such commercial Revolving Letter of Credit shall
have given notice to the Agent), such unreimbursed LC Disbursement
and all obligations of such Borrower relating thereto shall be
satisfied when due and payable by the borrowing of one or more
Revolving Loans denominated in Dollars or Canadian Dollars, as
applicable, that are Base Rate Loans or Canadian Base Rate Loans,
as applicable, in an amount equal to such unreimbursed LC
Disbursement which the U.S. Borrower and the Canadian Borrower
hereby acknowledge are requested and the U.S. Revolving Lenders and
the Canadian Revolving Lenders hereby agree to fund;
provided , further , that prior to any such Revolving
Loans being made, the Agent may, but shall not be required to,
confirm with the U.S. Borrower that the conditions set forth in
Section 4.02 are met, and if the U.S. Borrower does not
confirm that such condition shall be met then the Agent shall be
under no obligation to cause such U.S. Revolving Loans or Canadian
Revolving Loans to be made.
(ii) If a Borrower fails to make any payment due under
Section 2.04(e)(i) with respect to a Revolving Letter of
Credit when due, the Agent shall notify (in respect of LC
Disbursements under commercial Revolving Letters of Credit, to the
extent the Issuing Bank notifies the Agent of such failure) each
Revolving Lender the applicable Revolving Facility of the
applicable Revolving LC Disbursement, the payment then due from
such Borrower in respect thereof and such Lender’s Ratable
Portion thereof. Promptly following receipt of such notice, each
Revolving Lender shall pay to the Agent its Ratable Portion of the
payment then due from such Borrower in the currency in which such
payment is due, in the same manner as provided in Section 2.02
with respect to Loans made by such Lender (and
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Section 2.02 shall apply, mutatis
mutandis , to the payment obligations of the Revolving
Lenders), and the Agent shall promptly pay to the Issuing Bank that
has made the Revolving LC Disbursement the amounts so received by
it from the Revolving Lenders. Promptly following receipt by the
Agent of any payment from Borrower pursuant to this paragraph, the
Agent shall distribute such payment to the applicable Issuing Bank
or, to the extent that Revolving Lenders have made payments
pursuant to this paragraph to reimburse such Issuing Bank, then to
such Revolving Lenders and the applicable Issuing Bank as their
interests may appear. Any payment made by a Revolving Lender
pursuant to this paragraph to reimburse an Issuing Bank for any
Revolving LC Disbursement (other than the funding of Base Rate
Revolving Loans or Canadian Base Rate Revolving Loans as
contemplated above) shall not constitute a Loan and shall not
relieve the applicable Borrower of its obligation to reimburse such
LC Disbursement.
(iii) If the U.S. Borrower fails to make any payment due under
Section 2.04(d)(i) with respect to an LC Facility Letter of
Credit (or if the LC Facility Issuing Bank would be required to
make an LC Facility LC Disbursement and so requests), the Agent
shall notify each LC Facility Lender of the applicable LC Facility
LC Disbursement, the payment then due from the U.S. Borrower in
respect thereof and such Lender’s Ratable Portion thereof,
and the LC Facility Agent shall promptly pay to the LC Facility
Issuing Bank each LC Facility Lender’s Ratable Portion of
such LC Facility LC Disbursement from the LC Facility Deposits.
Promptly following receipt by the Agent of any payment by or on
behalf of the U.S. Borrower in respect of any LC Facility LC
Disbursement, the Agent shall distribute such payment to the LC
Facility Issuing Bank or, to the extent payments have been made
from the LC Facility Deposits, to the LC Facility Agent to be added
to the LC Facility Deposits of the LC Facility Lenders in the
Credit-Linked Deposit Account in accordance with their respective
Ratable Portions. The U.S. Borrower acknowledges that each payment
made pursuant to this Section 2.04(e)(iii) in respect of any
LC Facility LC Disbursement is required to be made for the benefit
of the distributees indicated in the immediately preceding
sentence. Any payment made from the Credit-Linked Deposit Account,
or from funds of the LC Facility Agent, pursuant to this paragraph
or Section 2.18(c) to pay the LC Facility Issuing Bank for any
LC Facility LC Disbursement shall not constitute a Loan and shall
not relieve the U.S. Borrower of its obligation to reimburse such
LC Disbursement.
(f) Obligations Absolute . The Borrowers’
obligations to reimburse LC Disbursements as provided in
Section 2.04(e) shall be absolute, unconditional and
irrevocable, and shall be performed strictly in accordance with the
terms of this Agreement under any and all circumstances whatsoever
and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision
therein, (ii) any draft or other document presented under a
Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by an Issuing Bank or the LC Facility
Issuing Bank under a Letter of Credit against presentation of a
draft or other document that does not comply with the terms of such
Letter of Credit (except as otherwise provided below), or
(iv) any other event or circumstance whatsoever, whether or
not similar to any of the foregoing, that might, but for the
provisions of this Section 2.04, constitute a legal or
equitable discharge of, or provide a right of setoff against, the
Borrowers’ obligations hereunder; provided that the
foregoing shall not be construed to excuse the Issuing Bank or the
LC Facility Issuing Bank, as applicable, from liability to any
Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived
by each Borrower to the extent permitted by applicable law)
suffered by any Borrower that are caused by such Issuing
Bank’s or such LC Facility Issuing Bank’s gross
negligence or willful misconduct (as finally determined by a court
of competent jurisdiction). Neither the Agent, the LC Facility
Agent, the Lenders, the Issuing Banks nor the LC Facility Issuing
Bank, nor any of their Related Parties, shall have any liability or
responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make
any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission,
interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a
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drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond
the control of the applicable Issuing Bank or the LC Facility
Issuing Bank, as applicable; provided that the foregoing
shall not be construed to excuse the Issuing Bank or the LC
Facility Issuing Bank, as applicable from liability to any Borrower
to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by each
Borrower to the extent permitted by applicable law) suffered by any
Borrower that are caused by such Issuing Bank’s or such LC
Facility Issuing Bank’s failure to exercise care when
determining whether drafts and other documents presented under a
Letter of Credit comply with the terms thereof. In the absence of
gross negligence or willful misconduct on the part of an Issuing
Bank or the LC Facility Issuing Bank, such Issuing Bank or LC
Facility Issuing Bank shall be deemed to have exercised care in
each such determination. In furtherance of the foregoing and
without limiting the generality thereof, the parties agree that,
with respect to documents presented which appear on their face to
be in substantial compliance with the terms of a Letter of Credit,
the applicable Issuing Bank or the LC Facility Issuing Bank may, in
its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents
are not in strict compliance with the terms of such Letter of
Credit.
(g) Disbursement Procedures . An Issuing Bank or the LC
Facility Issuing Bank, as applicable, shall, promptly following its
receipt thereof, subject to the terms of the applicable Letter of
Credit, examine all documents purporting to represent a demand for
payment under a Letter of Credit. An Issuing Bank (other than in
respect of commercial Letters of Credit) or the LC Facility Issuing
Bank as applicable, shall promptly notify the Agent and the Agent
shall notify the U.S. Borrower by telephone of such demand for
payment and whether such Issuing Bank or such LC Facility Issuing
Bank has made or will make an LC Disbursement thereunder;
provided that any failure to give or delay in giving such
notice shall not relieve any Borrower of its obligation to
reimburse the applicable Issuing Bank or LC Facility Issuing Bank
and the Revolving Lenders or LC Facility Lenders with respect to
any such LC Disbursement.
(h) Interim Interest . If an Issuing Bank or the LC
Facility Issuing Bank, as applicable, shall make any LC
Disbursement, then, unless the applicable Borrower shall reimburse
such LC Disbursement in full on the date such LC Disbursement is
made, the unpaid amount thereof shall bear interest, for each day
from and including the date such LC Disbursement is made to but
excluding the date Borrower (or any other account party) reimburses
such LC Disbursement, at (1) in the case of a Revolving LC
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