$2,500,000,000
CREDIT
AGREEMENT
Dated
as of December 27, 2007
among
COMMSCOPE,
INC.,
as
the Borrower,
BANK
OF AMERICA, N.A.,
as
Administrative Agent, Swing Line Lender and
L/C
Issuer,
and
The
Other Lenders Party Hereto
____________________
BANC
OF AMERICA SECURITIES LLC,
and
WACHOVIA
CAPITAL MARKETS, LLC,
as
Joint Lead Arrangers and Joint Bookrunners
WACHOVIA
BANK, NATIONAL ASSOCIATION,
as
Syndication Agent
and
JPMORGAN
CHASE BANK, N.A.,
MIZUHO
CORPORATE BANK, LTD.
and
CALYON
NEW YORK BRANCH,
as
Co-Documentation Agents
Cahill
Gordon & Reindel llp
80
Pine Street
New
York, New York 10005
(212)
701-3000
TABLE OF CONTENTS
Section
Page
ARTICLE
I
DEFINITIONS
AND ACCOUNTING TERMS
|
1.01
|
Defined
Terms.
|
1
|
|
1.02
|
Other
Interpretive Provisions.
|
39
|
|
1.03
|
Accounting
Terms.
|
40
|
|
1.04
|
Rounding.
|
41
|
|
1.05
|
Times
of Day.
|
41
|
|
1.06
|
Letter
of Credit Amounts.
|
41
|
|
1.07
|
Currency
Equivalents Generally.
|
41
|
|
1.08
|
Additional
Alternative Currencies.
|
42
|
ARTICLE
II
THE
COMMITMENTS AND CREDIT EXTENSIONS
|
2.01
|
The
Loans.
|
42
|
|
2.02
|
Borrowings,
Conversions and Continuations of Loans.
|
43
|
|
2.03
|
Letters
of Credit.
|
45
|
|
2.04
|
Swing
Line Loans.
|
55
|
|
2.05
|
Prepayments.
|
58
|
|
2.06
|
Termination
or Reduction of Commitments.
|
62
|
|
2.07
|
Repayment
of Loans.
|
63
|
|
2.08
|
Interest.
|
65
|
|
2.09
|
Fees.
|
66
|
|
2.10
|
Computation
of Interest and Fees; Retroactive Adjustments of Applicable
Rate.
|
66
|
|
2.11
|
Evidence
of Debt.
|
67
|
|
2.12
|
Payments
Generally; Administrative Agent’s Clawback.
|
68
|
|
2.13
|
Sharing
of Payments by Lenders.
|
70
|
|
2.14
|
Increase
in Commitments.
|
71
|
ARTICLE
III
TAXES,
YIELD PROTECTION AND ILLEGALITY
|
3.01
|
Taxes.
|
73
|
|
3.02
|
Illegality.
|
75
|
|
3.03
|
Inability
to Determine Rates.
|
76
|
|
3.04
|
Increased
Costs; Reserves on Eurodollar Rate Loans.
|
76
|
|
3.05
|
Compensation
for Losses.
|
78
|
|
3.06
|
Mitigation
Obligations; Replacement of Lenders.
|
78
|
|
3.07
|
Survival.
|
79
|
ARTICLE
IV
CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS
|
4.01
|
Conditions
of Initial Credit Extension.
|
79
|
|
4.02
|
Conditions
to All Other Credit Extensions.
|
86
|
ARTICLE
V
REPRESENTATIONS
AND WARRANTIES
|
5.01
|
Existence,
Qualification and Power.
|
87
|
|
5.02
|
Authorization;
No Contravention.
|
88
|
|
5.03
|
Governmental
Authorization; Other Consents.
|
88
|
|
5.04
|
Binding
Effect.
|
89
|
|
5.05
|
Financial
Statements; No Material Adverse Effect.
|
89
|
|
5.06
|
Litigation.
|
90
|
|
5.07
|
No
Default.
|
90
|
|
5.08
|
Ownership
of Property; Liens; Investments.
|
91
|
|
5.09
|
Environmental
Matters.
|
92
|
|
5.10
|
Insurance.
|
93
|
|
5.11
|
Taxes.
|
93
|
|
5.12
|
ERISA
Compliance.
|
93
|
|
5.13
|
Subsidiaries;
Equity Interests; Loan Parties.
|
94
|
|
5.14
|
Margin
Regulations; Investment Company Act.
|
95
|
|
5.15
|
Disclosure.
|
95
|
|
5.16
|
Compliance
with Laws.
|
95
|
|
5.17
|
Intellectual
Property; Licenses, Etc.
|
96
|
|
5.18
|
Solvency.
|
96
|
|
5.19
|
Labor
Matters.
|
96
|
|
5.20
|
Collateral
Documents.
|
96
|
|
5.21
|
Anti-Terrorism
Law.
|
98
|
ARTICLE
VI
AFFIRMATIVE
COVENANTS
|
6.01
|
Financial
Statements.
|
99
|
|
6.02
|
Certificates;
Other Information.
|
100
|
|
6.03
|
Notices.
|
103
|
|
6.04
|
Payment
of Obligations.
|
104
|
|
6.05
|
Preservation
of Existence, Etc.
|
104
|
|
6.06
|
Maintenance
of Properties, Etc.
|
104
|
|
6.07
|
Maintenance
of Insurance.
|
106
|
|
6.08
|
Compliance
with Laws.
|
107
|
|
6.09
|
Books
and Records.
|
107
|
|
6.10
|
Inspection
Rights.
|
107
|
|
6.11
|
Use
of Proceeds.
|
107
|
|
6.12
|
Covenant
to Guarantee Obligations and Give Security.
|
107
|
|
6.13
|
Further
Assurances.
|
109
|
|
6.14
|
Employee
Benefits.
|
110
|
|
6.15
|
Compliance
with Environmental Laws.
|
111
|
|
6.16
|
Information
Regarding Collateral and Loan Documents.
|
111
|
|
6.17
|
Compliance
with Terms of Leaseholds.
|
112
|
|
6.18
|
Interest
Rate Protection.
|
112
|
|
6.19
|
Material
Contracts.
|
112
|
|
6.20
|
Properties
Designated for Sale.
|
112
|
ARTICLE
VII
NEGATIVE
COVENANTS
|
7.01
|
Liens.
|
114
|
|
7.02
|
Indebtedness.
|
116
|
|
7.03
|
Investments.
|
118
|
|
7.04
|
Fundamental
Changes.
|
121
|
|
7.05
|
Dispositions.
|
121
|
|
7.06
|
Restricted
Payments.
|
123
|
|
7.07
|
Change
in Nature of Business.
|
124
|
|
7.08
|
Transactions
with Affiliates.
|
124
|
|
7.09
|
Burdensome
Agreements.
|
125
|
|
7.10
|
Use
of Proceeds.
|
125
|
|
7.11
|
Financial
Covenants.
|
125
|
|
7.12
|
Capital
Expenditures.
|
126
|
|
7.13
|
Prepayments
of Other Indebtedness; Modifications of Organization Documents
and Other Documents, Etc.
|
126
|
|
7.14
|
Accounting
Changes.
|
127
|
|
7.15
|
Inactive
Subsidiaries.
|
127
|
|
7.16
|
No
Further Negative Pledge.
|
127
|
ARTICLE
VIII
EVENTS
OF DEFAULT AND REMEDIES
|
8.01
|
Events
of Default.
|
128
|
|
8.02
|
Remedies
upon Event of Default.
|
130
|
|
8.03
|
Application
of Funds.
|
131
|
ARTICLE
IX
ADMINISTRATIVE
AGENT
|
9.01
|
Appointment
and Authority.
|
132
|
|
9.02
|
Rights
as a Lender.
|
133
|
|
9.03
|
Exculpatory
Provisions.
|
133
|
|
9.04
|
Reliance
by Administrative Agent.
|
134
|
|
9.05
|
Delegation
of Duties.
|
134
|
|
9.06
|
Resignation
of Administrative Agent.
|
135
|
|
9.07
|
Non-Reliance
on Administrative Agent and Other Lenders.
|
136
|
|
9.08
|
No
Other Duties, Etc.
|
136
|
|
9.09
|
Administrative
Agent May File Proofs of Claim.
|
136
|
|
9.10
|
Collateral
and Guaranty Matters.
|
137
|
|
9.11
|
Withholding
Tax.
|
138
|
ARTICLE
X
MISCELLANEOUS
|
10.01
|
Amendments,
Etc.
|
138
|
|
10.02
|
Notices;
Effectiveness; Electronic Communications.
|
140
|
|
10.03
|
No
Waiver; Cumulative Remedies.
|
142
|
|
10.04
|
Expenses;
Indemnity; Damage Waiver.
|
143
|
|
10.05
|
Payments
Set Aside.
|
145
|
|
10.06
|
Successors
and Assigns.
|
145
|
|
10.07
|
Treatment
of Certain Information; Confidentiality.
|
150
|
|
10.08
|
Right
of Setoff.
|
151
|
|
10.09
|
Interest
Rate Limitation.
|
151
|
|
10.10
|
Counterparts;
Integration; Effectiveness.
|
152
|
|
10.11
|
Survival
of Representations and Warranties.
|
152
|
|
10.12
|
Severability.
|
152
|
|
10.13
|
Replacement
of Lenders.
|
152
|
|
10.14
|
Governing
Law; Jurisdiction; Etc.
|
153
|
|
10.15
|
Waiver
of Jury Trial.
|
154
|
|
10.16
|
No
Advisory or Fiduciary Responsibility.
|
155
|
|
10.17
|
USA
PATRIOT Act Notice.
|
155
|
|
10.18
|
ENTIRE
AGREEMENT.
|
155
|
|
10.19
|
Lender
Addendum.
|
156
|
SIGNATURES
S-1
SCHEDULES
| |
2.03
|
Existing
Acquired Business Letters of Credit and Existing Borrower
Letters of Credit
|
| |
4.01(a)(v)
|
Local
Counsels
|
| |
4.01(a)(xii)(C)
|
Mortgage
Policy Amounts
|
| |
4.01(a)(xiii)
|
Leased
Property
|
| |
5.06
|
Litigation
|
| |
5.10
|
Insurance
|
| |
5.17
|
Intellectual
Property Matters
|
| |
7.01(b)
|
Existing
Liens
|
| |
7.02(d)
|
Existing
Indebtedness
|
| |
7.03(e)
|
Existing
Investments
|
| |
7.05
(j)
|
Specified
Permitted Dispositions
|
| |
7.05
(l)
|
Additional
Specified Permitted Dispositions
|
| |
7.08
|
Existing
Transactions with Affiliates
|
| |
7.09
|
Existing
Burdensome Agreements
|
| |
7.13(a)
|
Specified
Prepayments
|
| |
10.02
|
Administrative
Agent’s Office; Certain Addresses for
Notices
|
EXHIBITS
| |
Form of
|
|
| |
|
|
| |
A
|
Loan
Notice
|
| |
B
|
Swing
Line Loan Notice
|
| |
C-1
|
Term
A Note
|
| |
C-2
|
Term
B Note
|
| |
C-3
|
Revolving
Credit Note
|
| |
D
|
Compliance
Certificate
|
| |
E
|
Assignment
and Assumption
|
| |
F
|
Guaranty
|
| |
G
|
Security
Agreement
|
| |
H
|
Mortgage
|
| |
I-1
|
Perfection
Certificate
|
| |
I-2
|
Perfection
Certificate Supplement
|
| |
J-1
|
Opinion
Matters- Counsel to Loan Parties
|
| |
J-2
|
Opinion
Matters- Special New York Counsel to Loan Parties
|
| |
J-3
|
Opinion
Matters- General Counsel to Borrower and its
Subsidiaries
|
| |
J-4
|
Opinion
Matters- Assistant General Counsel to Acquired Business and
its Subsidiaries
|
| |
J-5
|
Opinion
Matters - California and Illinois Counsel to Certain
Subsidiaries of the Acquired Business
|
| |
J-6
|
Opinion
Matters - Local Real Estate Counsel to Loan
Parties
|
| |
K
|
Intercompany
Note
|
| |
L
|
Landlord
Access Agreement
|
| |
M
|
Lender
Addendum
|
CREDIT
AGREEMENT
This
CREDIT AGREEMENT (“ Agreement ”) is entered
into as of December 27, 2007 among COMMSCOPE, INC., a
Delaware corporation (the “ Borrower ”),
each lender from time to time party hereto (collectively, the
“ Lenders ” and individually, a “
Lender ”), and BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line Lender and L/C
Issuer.
PRELIMINARY STATEMENTS :
Pursuant
to the Agreement and Plan of Merger dated June 26, 2007
(including all schedules and exhibits thereto, the “
Acquisition Agreement ”) among the Borrower,
DJRoss, Inc., a Delaware corporation and an indirect
Wholly-Owned Subsidiary of the Borrower (“ Merger
Sub ”), and Andrew Corporation, a Delaware
corporation (the “ Acquired Business ”),
Merger Sub will merge with and into the Acquired Business (the
“ Acquisition ”), with the Acquired
Business surviving such merger as an indirect Wholly-Owned
Subsidiary of the Borrower.
The
proceeds of the borrowings hereunder will be used to fund the
Transaction and provide ongoing working capital and for other
general corporate purposes of the Borrower and its
Subsidiaries.
The
Borrower has requested that (i) the Revolving Credit Lenders
provide Revolving Credit Commitments of $400,000,000 in the
aggregate to be available for Revolving Credit Loans; (ii) the
Term A Lenders make Term A Loans in the amount of $750,000,000
on the Closing Date; (iii) the Term B Lenders make Term B
Loans in the amount of $1,350,000,000 on the Closing Date; and
(iv) the L/C Issuer issue letters of credit for the account of
the Borrower.
The
Lenders have indicated their willingness to lend and the L/C
Issuer has indicated its willingness to issue letters of
credit, in each case, on the terms and subject to the
conditions set forth herein.
In
consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as
follows:
ARTICLE
I
DEFINITIONS
AND ACCOUNTING TERMS
1.01. Defined
Terms .
As
used in this Agreement, the following terms shall have the
meanings set forth below:
“
Acquired Business ” has the meaning specified in
the Preliminary Statements.
“
Acquired Business Convertible Subordinated Notes
” means the 3-1/4% convertible subordinated notes of the
Acquired Business due 2013 outstanding on the date
hereof.
“
Acquired EBITDA ” means, with respect to any
Person or business acquired in a Permitted Acquisition for any
period, (i) the Consolidated EBITDA for such Person or
business (determined using such definition as if references to
the Borrower and its Subsidiaries therein were to such Person
or business acquired) prior to the date of acquisition and
during such period plus or minus (ii) without duplication of
any cost savings or additional costs already reflected in
clause (i) or Consolidated EBITDA of the Borrower, the Pro
Forma Adjustments.
“
Acquired Indebtedness ” means (1) with respect to
any Person that becomes a Subsidiary after the Closing Date,
Indebtedness of such Person and its Subsidiaries existing at
the time such Person becomes a Subsidiary that was not
incurred in connection with, or in contemplation of, such
Person becoming a Subsidiary and (2) with respect to the
Borrower or any Subsidiary, any Indebtedness of a Person
(other than the Borrower or a Subsidiary) existing at the time
such Person is merged with or into the Borrower or a
Subsidiary, or Indebtedness expressly assumed by the Borrower
or any Subsidiary in connection with the acquisition of an
asset or assets from another Person, which Indebtedness was
not, in any case, incurred by such other Person in connection
with, or in contemplation of, such merger or
acquisition.
“
Acquisition ” has the meaning specified in the
Preliminary Statements.
“
Acquisition Agreement ” has the meaning specified
in the Preliminary Statements.
“
Acquisition Consideration ” means the total cash
and noncash consideration (including the fair market value of
all Equity Interests issued or transferred to the sellers
thereof, all indemnities, earnouts and other contingent
payment obligations to, and the aggregate amounts paid or to
be paid under noncompete, consulting and other affiliated
agreements with, the sellers thereof, and all assumptions of
debt, liabilities and other obligations in connection
therewith) paid by the Borrower or any of its Subsidiaries in
connection with a purchase or other acquisition subject to
Section 7.03(g) .
“
Administrative Agent ” means Bank of America in
its capacity as administrative agent under any of the Loan
Documents, or any successor administrative agent.
“
Administrative Agent’s Office ” means the
Administrative Agent’s address and, as appropriate,
account as set forth on Schedule 10.02 , or such other
address or account as the Administrative Agent may from time
to time notify to the Borrower and the Lenders.
“
Administrative Questionnaire ” means an
Administrative Questionnaire in a form supplied by the
Administrative Agent.
“
Affiliate ” means, with respect to any Person,
another Person that directly, or indirectly through one or
more intermediaries, Controls or is Controlled by or is under
common Control with the Person specified.
“
Aggregate Commitments ” means the Commitments of
all the Lenders.
“
Agreement ” means this Credit
Agreement.
“
Alternative Currency ” means each currency (other
than Dollars) that is approved in accordance with
Section 1.08 .
“
Alternative Currency Equivalent ” means, as to
any amount denominated in Dollars as of any date of
determination, the amount of the applicable Alternative
Currency that could be purchased with such amount of Dollars
based upon the Spot Rate.
“
Anti-Terrorism Laws ” has the meaning specified
in Section 5.21(a) .
“
Applicable ECF Sweep Percentage ” means, for any
fiscal year, (a) 50% if the Consolidated Leverage Ratio as of
the last day of such fiscal year is greater than or equal to
2.50:1.00 and (b) 25% if the Consolidated Leverage Ratio as of
the last day of such fiscal year is less than
2.50:1.00.
“
Applicable Equity Sweep Percentage ” means, with
respect to any issuance or sale of Equity Interests (other
than an Excluded Issuance), (a) 50% if the Consolidated
Leverage Ratio as of the last day of the Measurement Period is
greater than or equal to 2.50:1.00 and (b) 25% if the
Consolidated Leverage Ratio as of the last day of the
Measurement Period is less than 2.50:1.00.
“
Applicable Fee Rate ” means (i) from the Closing
Date to the date on which the Administrative Agent receives a
Compliance Certificate pursuant to Section 6.02(b) for
the first fiscal quarter commencing after the Closing Date,
0.50% per annum and (ii) thereafter, the applicable percentage
per annum set forth below determined by reference to the
Consolidated Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Administrative Agent
pursuant to Section 6.02(b) :
|
Pricing
Level
|
Consolidated
Leverage
Ratio
|
Applicable
Fee Rate
|
|
1
|
<2.75:1.00
|
0.375%
|
|
2
|
≥2.75:1.00
|
0.500%
|
Any
increase or decrease in the Applicable Fee Rate resulting from
a change in the Consolidated Leverage Ratio shall become
effective as of the first Business Day immediately following
the date a Compliance Certificate is delivered pursuant to
Section 6.02(b) ; provided , however ,
that if a Compliance Certificate is not delivered when due in
accordance with such Section, then Pricing Level 2 shall apply
in respect of the Applicable Fee Rate as of the first Business
Day after the date on which such Compliance Certificate was
required to have been delivered until the Business Day after
the date on which it is actually delivered.
“
Applicable Percentage ” means (a) in respect of
the Term A Facility, with respect to any Term A Lender at any
time, the percentage (carried out to the ninth decimal place)
of the Term A Facility represented by (i) on or prior to the
Closing Date, such Term A Lender’s Term A Commitment at
such time and (ii) thereafter, the principal amount of such
Term A Lender’s Term A Loans at such time, (b) in
respect of the Term B Facility, with respect to any Term B
Lender at any time, the percentage (carried out to the ninth
decimal place) of the Term B Facility represented by (i) on or
prior to the Closing Date, such Term B Lender’s Term B
Commitment at such time and (ii) thereafter, the principal
amount of such Term B Lender’s Term B Loans at such time
and (c) in respect of the Revolving Credit Facility, with
respect to any Revolving Credit Lender at any time, the
percentage (carried out to the ninth decimal place) of the
Revolving Credit Facility represented by such Revolving Credit
Lender’s Revolving Credit Commitment at such
time. If the commitment of each Revolving Credit
Lender to make Revolving Credit Loans and the obligation of
the L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to Section 8.02 , or if the
Revolving Credit Commitments have expired, then the Applicable
Percentage of each Revolving Credit Lender in respect of the
Revolving Credit Facility shall be determined based on the
Applicable Percentage of such Revolving
Credit Lender in respect of the Revolving Credit
Facility most recently in effect, giving effect to any
subsequent assignments. The initial Applicable
Percentage of each Lender in respect of each Facility is set
forth opposite the name of such Lender on Schedule I to
the Lender Addendum executed and delivered by such Lender or
in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable.
“
Applicable Rate ” means (a) in respect of
the Term A Loans and the Revolving Credit Loans, (i) from the
Closing Date to the date on which the Administrative Agent
receives a Compliance Certificate pursuant to Section
6.02(b) for the first fiscal quarter commencing after the
Closing Date, 1.25%
per annum for Base Rate Loans and 2.25% per annum for
Eurodollar Rate Loans and (ii) thereafter, the applicable
percentage per annum set forth below determined by reference
to the Consolidated Leverage Ratio as set forth in the most
recent Compliance Certificate received by the Administrative
Agent pursuant to Section 6.02(b) :
|
Applicable
Rate for Term A Loans and Revolving Loans
|
|
Pricing
Level
|
Consolidated
Leverage
Ratio
|
Eurodollar
Rate
Loans
|
Base
Rate
Loans
|
|
1
|
<
1.75:1.00
|
1.75%
|
0.75%
|
|
2
|
≥
1.75:1:00 and
<
2.75:1.00
|
2.00%
|
1.00%
|
|
3
|
≥
2.75:1.00
|
2.25%
|
1.25%
|
and
(b) in respect of the Term B Loans, 1.50% per annum for Base
Rate Loans and 2.50% per annum for Eurodollar Rate
Loans.
Any
increase or decrease in the Applicable Rate for Term A Loans
and Revolving Credit Loans resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the
first Business Day immediately following the date a Compliance
Certificate is delivered pursuant to Section 6.02(b) ;
provided , however , that if a Compliance
Certificate is not delivered when due in accordance with such
Section, then Pricing Level 3 shall apply in respect of the
Term A Loans and the Revolving Credit Loans as of the first
Business Day after the date on which such Compliance
Certificate was required to have been delivered until the
Business Day after the date on which it is actually
delivered. Notwithstanding anything to the contrary
contained in this definition, the determination of the
Applicable Rate for any period shall be subject to the
provisions of Section 2.10(b) .
“
Applicable Revolving Credit Percentage ” means,
with respect to any Revolving Credit Lender at any time, such
Revolving Credit Lender’s Applicable Percentage in
respect of the Revolving Credit Facility at such
time.
“
Applicable Time ” means, with respect to any
borrowings and payments in any Alternative Currency, the local
time in the place of settlement for such Alternative Currency
as may be determined by the Administrative Agent or the L/C
Issuer, as the case may be, to be necessary for timely
settlement on the relevant date in accordance with normal
banking procedures in the place of payment.
“
Appropriate Lender ” means, at any time, (a) with
respect to either the Term A Facility, the Term B Facility or
the Revolving Credit Facility, a Lender that has a Commitment
with respect to such Facility or holds a Term A Loan, a Term B
Loan or a Revolving Credit Loan, respectively, at such time,
(b) with respect to the Letter of Credit Sublimit, (i) the L/C
Issuer and (ii) if any Letters of Credit have been issued
pursuant to Section 2.03(a) , the Revolving Credit
Lenders and (c) with respect to the Swing Line Sublimit, (i)
the Swing Line Lender and (ii) if any Swing Line Loans are
outstanding pursuant to Section 2.04(a) , the Revolving
Credit Lenders.
“
Approved Fund ” means any Fund 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 or manages a Lender.
“
Arrangers ” means Banc of America Securities LLC
and Wachovia Capital Markets, LLC, in their capacity as joint
lead arrangers and joint bookrunners.
“
Assignee Group ” means two or more Eligible
Assignees that are Affiliates of one another or two or more
Approved Funds managed by the same investment
advisor.
“
Assignment and Assumption ” means an assignment
and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is
required by Section 10.06(b) ), and accepted by the
Administrative Agent, in substantially the form of Exhibit
E or any other form approved by the Administrative
Agent.
“
Attributable Indebtedness ” means, on any date,
(a) in respect of any Capitalized Lease of any Person, the
capitalized amount thereof that would appear on a balance
sheet of such Person prepared as of such date in accordance
with GAAP, (b) in respect of any Synthetic Lease Obligation,
the capitalized amount of the remaining lease or similar
payments under the relevant lease or other applicable
agreement or instrument that would appear on a balance sheet
of such Person prepared as of such date in accordance with
GAAP if such lease or other agreement or instrument were
accounted for as a Capitalized Lease and (c) all Synthetic
Debt of such Person.
“
Audited Financial Statements ” means (i) the
audited consolidated balance sheets of the Borrower and its
Subsidiaries as of December 31, 2006 and 2005, and the related
consolidated statements of income or operations,
shareholders’ equity and cash flows for the fiscal years
then ended, including the notes thereto and (ii) the audited
consolidated balance sheets of the Acquired Business and its
Subsidiaries as of September 30, 2007 and 2006, and the
related consolidated statements of income or operations,
shareholders’ equity and cash flows for the fiscal years
then ended, including the notes thereto.
“
Availability Period ” means the period from and
including the Closing Date to the earliest of (i) the Maturity
Date for the Revolving Credit Facility, (ii) the date of
termination of the Revolving Credit Commitments pursuant to
Section 2.06 , and (iii) the date of termination of the
commitment of each Revolving Credit Lender to make Revolving
Credit Loans and of the obligation of the L/C Issuer to make
L/C Credit Extensions pursuant to Section 8.02
.
“
Available Basket Amount ” means (i) the sum of
the aggregate Net Cash Proceeds received by the Borrower after
the Closing Date from the sale or issuance of its Equity
Interests (other than Excluded Issuances and other than
Disqualified Equity Interests) minus (ii) the aggregate
amount of Loans required to be prepaid pursuant to Section
2.05(b)(iii) minus (iii) the aggregate amount of
Investments made pursuant to Section 7.03(c) ,
(g) , (h) or (i) (without duplication) in
reliance, in whole or in part, on the Available Basket
Amount.
“
Bailee Letter ” has the meaning assigned thereto
in the Security Agreement.
“
Bank of America ” means Bank of America, N.A. and
its successors.
“
Base Rate ”
means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Rate plus 1/2 of 1% and
(b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its
“prime rate.” The “prime
rate” is a rate set by Bank of America based upon
various factors including Bank of America’s costs and
desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which
may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of
America shall take effect at the opening of business on the
day specified in the public announcement of such
change.
“
Base Rate Loan ” means a Revolving Credit Loan, a
Term A Loan or a Term B Loan that bears interest based on the
Base Rate.
“
Board of Directors ” means, with respect to any
Person, (i) in the case of any corporation, the board of
directors of such Person, (ii) in the case of any limited
liability company, the board of managers or managing member of
such Person, (iii) in the case of any partnership, the
Board of Directors of the general partner of such Person and
(iv) in any other case, the functional equivalent of the
foregoing.
“
Borrower ” has the meaning specified in the
introductory paragraph hereto.
“
Borrower Convertible Subordinated Debentures ”
means the 1% convertible subordinated debentures of the
Borrower due 2024 outstanding on the date hereof.
“
Borrower Materials ” has the meaning specified in
Section 6.02 .
“
Borrowing ” means a Revolving Credit Borrowing, a
Swing Line Borrowing, a Term A Borrowing or a Term B
Borrowing, as the context may require.
“
Business Day ” means any day other than a
Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, or are in fact closed
in, the state where the Administrative Agent’s Office is
located and, if such day relates to any Eurodollar Rate Loan,
means any such day on which dealings in Dollar deposits are
conducted by and between banks in the London interbank
eurodollar market.
“
Capital Expenditures ” means, with respect to any
Person for any period, any expenditure in respect of the
purchase or other acquisition of any fixed or capital asset
that is required to be included as an addition to property,
plant or equipment as reflected on a consolidated balance
sheet of such Person prepared in accordance with GAAP;
provided that Capital Expenditures shall exclude
(i) normal replacements and maintenance which are
properly charged to current operations, (ii) the purchase
price of equipment that is purchased simultaneously with the
trade-in of existing equipment or the cost of purchase, repair
or restoration financed with insurance or condemnation
proceeds, except to the extent of the gross amount by which
such purchase price or purchase, repair or restoration cost
exceeds the credit granted by the seller of such equipment for
the equipment being traded in at such time or the amount of
such insurance or condemnation proceeds, as the case may be,
(iii) expenditures that constitute a reinvestment of the
Net Cash Proceeds of any event described in Section
2.05(b)(ii) or 2.05(b)(v) , or
(iv) expenditures that constitute a portion of the
consideration in a Permitted Acquisition.
“
Capitalized Leases ” means all leases that have
been or should be, in accordance with GAAP, recorded as
capitalized leases, and the amount of such obligations shall
be the capitalized amount thereof determined in accordance
with GAAP.
“
Cash Collateralize ” has the meaning specified in
Section 2.03(g) .
“
Cash Equivalents ” means any of the
following:
(a) readily
marketable obligations issued or directly and fully guaranteed
or insured by the United States of America or any agency or
instrumentality thereof having maturities of not more than one
year from the date of acquisition thereof; provided
that the full faith and credit of the United States of America
is pledged in support thereof;
(b) direct
obligations of any State of the United States of America or
any political subdivision of any such State or public
instrumentality thereof maturing within one year after the
date of acquisition thereof and having, at the time of
acquisition, one of the two highest ratings obtainable from
S&P or Moody’s;
(c) time
deposits with, or insured certificates of deposit or
bankers’ acceptances of, any commercial bank that (i)
(A) is a Lender or (B) is organized under the laws of the
United States of America, any state thereof or the District of
Columbia or is the principal banking subsidiary of a bank
holding company organized under the laws of the United States
of America, any state thereof or the District of Columbia, and
is a member of the Federal Reserve System, (ii) issues (or the
parent of which issues) commercial paper rated at least
“Prime-l” (or the then equivalent grade) by
Moody’s or at least “A-1” (or the then
equivalent grade) by S&P, and (iii) has combined capital
and surplus of at least $1,000,000,000, in each case with
maturities of not more than 90 days from the date of
acquisition thereof;
(d) commercial
paper issued by any Person organized under the laws of the
United States of America, maturing within six months from the
date of acquisition and, at the time of acquisition, having a
rating of at least “A-1” (or the then equivalent
grade) by S&P or at least “Prime-1” (or the
then equivalent grade) by Moody’s;
(e) repurchase
obligations with a term not exceeding 30 days with respect to
underlying securities of the types described in clause (a)
above entered into with any bank or trust company meeting the
qualifications specified in clause (c) above;
(f) auction
rate bonds, auction rate preferred stock and other similar
corporate securities of a type and with terms consistent with
the Borrower’s short-term investment policies and that,
at the time of acquisition, either (i) bear one of the
two highest ratings obtainable from either S&P or
Moody’s or (ii) are fully supported by a letter of
credit issued by a bank satisfying the criteria set forth in
clause (c) above;
(g) Investments,
classified in accordance with GAAP as current assets of the
Borrower or any of its Subsidiaries, in money market
investment programs registered under the Investment Company
Act of 1940, which are administered by financial institutions
that have the highest rating obtainable from either
Moody’s or S&P, and the portfolios of which are
limited solely to Investments of the character, quality and
maturity described in clauses (a) and (b) of this definition;
and
(h) in
the case of any Foreign Subsidiary, investments denominated in
the currency of the jurisdiction in which such Subsidiary is
organized or has its principal place of business which are
similar to the items specified in subsections (a) through (g)
of this definition and are used in the ordinary course of
business by similar companies for cash management purposes in
the relevant jurisdiction.
“
Cash Management Agreement ” means any agreement
to provide cash management services, including treasury,
depository, overdraft, credit or debit card, electronic funds
transfer and other cash management arrangements.
“
Cash Management Bank ” means any Person that, at
the time it enters into a Cash Management Agreement, is a
Lender or an Affiliate of a Lender, in its capacity as a party
to such Cash Management Agreement.
“
CERCLA ” means the Comprehensive Environmental
Response, Compensation and Liability Act of 1980.
“
CERCLIS ” means the Comprehensive Environmental
Response, Compensation and Liability Information System
maintained by the U.S. Environmental Protection
Agency.
“
CFC ” means a Person that is a controlled foreign
corporation under Section 957 of the Code.
“
Change in Law ” means the occurrence, after the
date of this Agreement, of any of the
following: (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law,
rule, regulation or treaty or in the administration,
interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request,
guideline or directive (whether or not having the force of
law) by any Governmental Authority.
“
Change of Control ” means an event or series of
events by which:
(a) any
“person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Exchange Act) becomes
the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a person or
group shall be deemed to have “beneficial
ownership” of all securities that such person or group
has the right to acquire, whether such right is exercisable
immediately or only after the passage of time (such right, an
“ option right ”)), directly or indirectly,
of 25% or more of the equity securities of the Borrower
entitled to vote for members of the Board of Directors of the
Borrower on a fully-diluted basis (and taking into account all
such securities that such “person” or
“group” has the right to acquire pursuant to any
option right); or
(b) during
any period of 12 consecutive months, a majority of the members
of the Board of Directors of the Borrower
cease to be composed of individuals
(i) who were members of that Board of Directors on the first
day of such period, (ii) whose election or nomination to that
Board of Directors was approved by individuals referred to in
clause (i) above constituting at the time of such election or
nomination at least a majority of that Board of Directors or
(iii) whose election or nomination to that Board of Directors
was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or
nomination at least a majority of that Board of Directors
(excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of
office as, a member of that Board of Directors occurs as a
result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors
by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the Board
of Directors); or
(c) any
Person or two or more Persons acting in concert shall have
acquired by contract or otherwise, or shall have entered into
a contract or arrangement that, upon consummation thereof,
will result in its or their acquisition of the power to
exercise, directly or indirectly, a controlling influence over
the management or policies of the Borrower, or control over
the equity securities of the Borrower entitled to vote for
members of the Board of Directors of the Borrower on a
fully-diluted basis (and taking into account all such
securities that such Person or Persons have the right to
acquire pursuant to any option right) representing 25% or more
of the combined voting power of such securities;
or
(d) a
“change of control” or any comparable term under,
and as defined in, the indenture governing the Borrower
Convertible Subordinated Debentures shall have
occurred.
“
Chattel Paper ” has the meaning assigned to such
term in the Security Agreement.
“
Closing Date ” means the first date all the
conditions precedent in Section 4.01 are satisfied or
waived in accordance with Section 10.01 .
“
Code ” means the Internal Revenue Code of 1986,
as amended.
“
Collateral ” means all of the
“Collateral,” “Mortgaged Property” and
“Trust Property” referred to in the Collateral
Documents and all of the other property that is or is intended
under the terms of the Collateral Documents to be subject to
Liens in favor of the Administrative Agent for the benefit of
the Secured Parties.
“
Collateral Documents ” means, collectively, the
Security Agreement, the Mortgages, each of the other
mortgages, collateral assignments, security agreements, pledge
agreements or other similar agreements delivered to the
Administrative Agent in accordance with applicable local or
foreign law to grant a valid, perfected security interest in
any property as collateral for the Secured Obligations, all
UCC or other financing statements or instruments of perfection
required by this Agreement, the Security Agreement, any
Mortgage or any other such security document or pledge
agreement to be filed with respect to the security interests
in property and fixtures created pursuant to the Security
Agreement or any Mortgage and each of the other agreements,
instruments or documents that creates or purports to create a
security interest or Lien in favor of the Administrative Agent
for the benefit of the Secured Parties.
“
Commitment ” means a Term A Commitment, a Term B
Commitment, an Incremental Term Loan Commitment or a Revolving
Credit Commitment, as the context may require.
“
Commitment Fee ” has the meaning specified in
Section 2.09 .
“
Compliance Certificate ” means a certificate
substantially in the form of Exhibit D
.
“
Consolidated Cash Interest Charges ” means, for
any Measurement Period, Consolidated Interest Charges for such
period less the sum of (a) interest on any debt
paid by the increase in the principal amount of such debt,
including by issuance of additional debt of such kind, and
(b) amortization for such period of debt issuance costs,
debt amount or premium and other financing fees and
expenses.
“
Consolidated Current Assets ” means, at any date
of determination, the total assets of the Borrower and its
Subsidiaries which may properly be classified as current
assets on a consolidated balance sheet of the Borrower and its
Subsidiaries in accordance with GAAP, excluding cash and Cash
Equivalents.
“
Consolidated Current Liabilities ” means, at any
date of determination, the total liabilities of the Borrower
and its Subsidiaries which may properly be classified as
current liabilities (other than the current portion of any
Loans) on a consolidated balance sheet of the Borrower and its
Subsidiaries in accordance with GAAP.
“
Consolidated EBITDA ” means, at any date of
determination, an amount equal to Consolidated Net Income of
the Borrower and its Subsidiaries on a consolidated basis for
the most recently completed Measurement Period plus (a)
the following to the extent deducted in calculating such
Consolidated Net Income: (i) Consolidated Interest
Charges, (ii) the provision for Federal, state, local and
foreign income taxes payable (including franchise taxes
accounted for as income taxes on the Borrower’s
consolidated statement of operations), (iii) depreciation and
amortization expense, (iv) nonrecurring fees, costs and
expenses incurred in connection with the Transaction
(including fees and expenses paid pursuant to this Agreement)
not to exceed $65,000,000, (v) nonrecurring cash charges
and expenses in respect of integration, consolidation,
facility closure, severance and related cost-saving measures
associated with the Acquisition, not to exceed $79,000,000,
(vi) nonrecurring costs, fees and expenses incurred in
connection with the conversion of the Borrower Convertible
Subordinated Notes not to exceed $10,000,000 and
(vii) other nonrecurring charges or expenses (including
deferred financing fees associated with the conversion of the
Borrower Convertible Subordinated Notes, any non-cash
charges associated with the dispositions listed on Schedule
7.05(j) and non-cash inventory write-up and other purchase
accounting adjustments in connection with the Acquisition)
reducing such Consolidated Net Income to the extent the same
do not represent a cash item in such period or any future
period (in each case of or by the Borrower and its
Subsidiaries for such Measurement Period), plus (b)
(vi) net cost savings and acquisition synergies relating to
the Transaction expected to be realized within twelve months
of the Closing Date not to exceed (A) $57,000,000 for the
Measurement Period ending December 31, 2007, (B) $42,750,000
for the Measurement Period ending March 31, 2008, (C)
$28,500,000 for the Measurement Period ending June 30, 2008
and (D) $14,250,000 for the Measurement Period ending
September 30, 2008, minus (c) the following to the
extent included in calculating such Consolidated Net Income:
(i) Federal, state, local and foreign income tax credits
(including franchise tax credits included in the income tax
line item on the Borrower’s consolidated statement of
operations) and (ii) all non-cash items increasing
Consolidated Net Income (in each case of or by the Borrower
and its Subsidiaries for such Measurement
Period).
Other
than for purposes of calculating Excess Cash Flow,
Consolidated EBITDA shall include the Acquired EBITDA of any
Person or business acquired in a Permitted Acquisition (other
than any Permitted Acquisition involving the payment of
consideration of less than $1,000,000), and exclude the
Disposed EBITDA of any Person or business disposed of in a
Disposition (other than any Disposition yielding gross
proceeds of less than $1,000,000), consummated at any time
during the relevant Measurement Period as if each Permitted
Acquisition had been effected on the first day of such period
and as if each such Disposition had been consummated on the
day prior to the first day of such period.
Notwithstanding
anything to the contrary, Consolidated EBITDA for the fiscal
quarter ended March 31, 2007 shall be deemed to be
$123,900,000, for the fiscal quarter ended June 30, 2007 shall
be deemed to be $152,100,000, for the fiscal quarter ended
September 30, 2007 shall be deemed to be $162,200,000, in each
case, before giving effect pursuant to the preceding paragraph
to any Permitted Acquisition or Disposition consummated after
the Closing Date.
“
Consolidated Indebtedness ” means, as of any date
of determination, the aggregate amount of all Indebtedness of
the Borrower and its Subsidiaries required to be shown as a
liability on a consolidated balance sheet of the Borrower and
its Subsidiaries on such date, determined on a consolidated
basis in accordance with GAAP, but excluding Indebtedness
under Swap Contracts (unless terminated).
“
Consolidated Interest Charges ” means, for any
Measurement Period, the sum of (a) all interest, premium
payments, debt discount, fees, charges and related expenses in
connection with borrowed money (including capitalized
interest) or in connection with the deferred purchase price of
assets, in each case to the extent treated as interest in
accordance with GAAP, (b) all interest paid or payable
with respect to discontinued operations and (c) the portion of
rent expense under Capitalized Leases that is treated as
interest in accordance with GAAP, in each case, of or by the
Borrower and its Subsidiaries on a consolidated basis for the
most recently completed Measurement Period.
Other
than for purposes of calculating Excess Cash Flow, (A) for the
first Measurement Period ending after the Closing Date,
Consolidated Interest Charges shall be calculated on a Pro
Forma Basis giving effect to the Transaction as if it had been
consummated on the first day of the Measurement Period; and
(B) for each of the three Measurement Periods thereafter,
Consolidated Interest Charges shall be equal to (i) for the
second Measurement Period ending after the Closing Date,
Consolidated Interest Charges for the second fiscal quarter
ending after the Closing Date times four (4); (iii) for the
third Measurement Period ending after the Closing Date,
Consolidated Interest Charges for the two full fiscal quarters
ending after the Closing Date times two (2); and (iv) for the
fourth Measurement Period ending after the Closing Date,
Consolidated Interest Charges for the three full fiscal
quarters ending after the Closing Date times four-thirds
(4/3).
“
Consolidated Interest Coverage Ratio ” means, as
of any date of determination, the ratio of (a) Consolidated
EBITDA to (b) Consolidated Cash Interest Charges, in each
case, of or by the Borrower and its Subsidiaries on a
consolidated basis for the most recently completed Measurement
Period.
“
Consolidated Leverage Ratio ” means, as of any
date of determination, the ratio of (a) Consolidated
Indebtedness as of such date to (b) Consolidated EBITDA of the
Borrower and its Subsidiaries on a consolidated basis for the
most recently completed Measurement Period; provided
that the Borrower Convertible Subordinated Debentures and the
Acquired Business Convertible Subordinated Notes shall be
excluded from Consolidated Indebtedness for purposes of
calculating the Consolidated Leverage Ratio for any date of
determination prior to March 31, 2008.
“
Consolidated Net Income ” means, at any date of
determination, the net income (or loss) of the Borrower and
its Subsidiaries on a consolidated basis for the most recently
completed Measurement Period; provided that
Consolidated Net Income shall exclude (a) extraordinary gains
and extraordinary losses for such Measurement Period, (b) the
net income of any Subsidiary during such Measurement Period to
the extent that the declaration or payment of dividends or
similar distributions by such Subsidiary of such income is not
permitted by operation of the terms of its Organization
Documents or any agreement, instrument or Law applicable to
such Subsidiary during such Measurement Period (unless such
restriction has been legally irrevocably waived until payment
in full of the Obligations), except that the Borrower’s
equity in any net loss of any such Subsidiary for such
Measurement Period shall be included in determining
Consolidated Net Income, and (c) any income (or loss) for such
Period of any Person if such Person is not a Subsidiary,
except that the Borrower’s equity in the net income of
any such Person for such Measurement Period shall be included
in Consolidated Net Income up to the aggregate amount of cash
actually distributed by such Person during such Period to the
Borrower or a Subsidiary as a dividend or other distribution
(and in the case of a dividend or other distribution to a
Subsidiary, such Subsidiary is not precluded from further
distributing such amount to the Borrower as described in
clause (b) of this proviso).
“
Contractual Obligation ” means, as to any Person,
any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such
Person is a party or by which it or any of its property is
bound.
“
Control ” means the possession, directly or
indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the
ability to exercise voting power, by contract or
otherwise. “ Controlling ” and
“ Controlled ” have meanings correlative
thereto.
“
Control Agreement ” has the meaning assigned to
such term in the Security Agreement.
“
Copyright ” has the meaning assigned thereto in
the Security Agreement.
“
Credit Extension ” means each of the
following: (a) a Borrowing and (b) an L/C Credit
Extension.
“
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, 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.
“
Default ” means any event or condition that
constitutes an Event of Default or that, with the giving of
any notice, the passage of time, or both, would be an Event of
Default.
“
Default Rate ” means (a) when used with respect
to Obligations other than Letter of Credit Fees, an interest
rate equal to (i) the Base Rate plus (ii) the
Applicable Rate, if any, applicable to Base Rate Loans under
the Term B Facility plus (iii) 2% per annum;
provided , however , that with respect to a
Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable
Rate) otherwise applicable to such Loan plus 2% per
annum and (b) when used with respect to Letter of Credit Fees,
a rate equal to the Applicable Rate plus 2% per
annum.
“
Defaulting Lender ” means any Lender that (a) has
failed to fund any portion of the Term Loans, the Revolving
Credit Loans, participations in L/C Obligations or
participations in Swing Line Loans required to be funded by it
hereunder within one Business Day of the date required to be
funded by it hereunder, (b) has otherwise failed to pay over
to the Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within one Business
Day of the date when due, unless the subject of a good faith
dispute, or (c) has been deemed insolvent or become the
subject of a bankruptcy or insolvency proceeding.
“
Disposed EBITDA ” means, with respect to any
Person or business disposed of in a Disposition for any
period, (i) the Consolidated EBITDA for such Person or
business (determined using such definition as if references to
the Borrower and its Subsidiaries therein were to such Person
or business disposed of) prior to the date of disposition and
during such period plus or minus (ii) the Pro Forma
Adjustments.
“
Disposition ” or “ Dispose ”
means (a) the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of
any property by any Person (or the granting of any option or
other right to do any of the foregoing), including any sale,
assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights
and claims associated therewith and (b) any issuance or sale
of any Equity Interests of any Subsidiary, in each case, to
any Person other than (i) the Borrower, (ii) any Guarantor or
(iii) other than for purposes of Section 7.05 , any
other Subsidiary.
“
Disqualified Equity Interest ” means, with
respect to any Person, any Equity Interest in such Person
that, by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable), or upon
the happening of any event or otherwise, (i) matures or
is mandatorily redeemable or subject to any mandatory
repurchase requirement, pursuant to a sinking fund obligation
or otherwise, (ii) is redeemable or subject to any
mandatory repurchase requirement at the sole option of the
holder thereof, or (iii) is convertible into or
exchangeable for (whether at the option of the issuer or the
holder thereof) (x) debt securities or (y) any
Equity Interest referred to in (i) or (ii) above, in each case
under (i), (ii) or (iii) above at any time on or prior to the
date which is 91 days following the Maturity Date for the Term
B Loans; provided , however , that only the
portion of such Equity Interest that so matures or is
mandatorily redeemable, is so redeemable at the option of the
holder thereof, or is so convertible or exchangeable on or
prior to such date shall be deemed to be a Disqualified Equity
Interest.
“
Dollar ” and “ $ ” mean lawful
money of the United States.
“
Dollar Equivalent ” means, at any time,
(a) with respect to any amount denominated in Dollars,
such amount, and (b) with respect to any amount
denominated in any Alternative Currency, the equivalent amount
thereof in Dollars as determined by the Administrative Agent
or the L/C Issuer, as the case may be, at such time on the
basis of the Spot Rate (determined in respect of the most
recent Revaluation Date) for the purchase of Dollars with such
Alternative Currency.
“
Eligible Assignee ” means any Person that meets
the requirements to be an assignee under Section
10.06(b)(v) and (vi) and for which consents, if
any, as may be required under Section 10.06(b)(iii)
have been obtained.
“
Environmental Laws ” means any and all Federal,
state, local, and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders, decrees, common law,
permits, franchises and licenses relating to pollution and the
protection of the environment or human health (to the extent
related to exposure to Hazardous Materials) or the generation,
storage, treatment, handling, transport, use or Release of any
Hazardous Materials.
“
Environmental Liability ” means any liability,
contingent or otherwise (including any liability for damages,
costs of remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective
Subsidiaries directly or indirectly resulting from or based
upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) exposure to any
Hazardous Materials, (d) the Release or threatened Release of
any Hazardous Materials or (e) any contract, agreement or
other consensual arrangement pursuant to which liability is
assumed or imposed with respect to any of the
foregoing.
“
Environmental Permit ” means any permit,
approval, identification number, license or other
authorization required under any Environmental
Law.
“
Equity Interests ” means, with respect to any
Person, all of the shares of capital stock of (or other
ownership or profit interests in) such Person, all of the
warrants, options or other rights for the purchase or
acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of
the securities convertible into or exchangeable for shares of
capital stock of (or other ownership or profit interests in)
such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other
interests), and all of the other ownership or profit interests
in such Person (including partnership, member or trust
interests therein), whether voting or nonvoting, and whether
or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination, but
excluding debt securities convertible or exchangeable into or
exercisable for such equity.
“
ERISA ” means the Employee Retirement Income
Security Act of 1974, as amended.
“
ERISA Affiliate ” means any trade or business
(whether or not incorporated) under common control with the
Borrower or any Subsidiary within the meaning of Section
414(b) or (c) of the Code (and Sections 414(m) and (o) of the
Code for purposes of provisions relating to Section 412 of the
Code).
“
ERISA Event ” means (a) a Reportable Event with
respect to a Pension Plan; (b) a withdrawal by the Borrower,
any Subsidiary or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which
it was a substantial employer (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA;
(c) a complete or partial withdrawal by the Borrower, any
Subsidiary or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, or the
commencement of proceedings by the PBGC to terminate a Pension
Plan or Multiemployer Plan; (e) an event or condition which
constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer,
any Pension Plan or Multiemployer Plan; (f) with respect to a
Pension Plan, the failure to satisfy the minimum funding
standard of Section 412 of the Code and Section 302 of ERISA,
whether or not waived, (g) the failure to make by its due date
a required contribution under Section 412(m) of the Code (or
Section 430(j) of the Code, as amended by the Pension
Protection Act of 2006) with respect to any Pension Plan or
the failure to make any required contribution to a
Multiemployer Plan; (h) the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums, upon the
Borrower, any Subsidiary or any ERISA Affiliate or (i) the
occurrence of a nonexempt prohibited transaction (within the
meaning of Section 4975 of the Code or Section 406 of
ERISA) which could result in liability to the Borrower or any
Subsidiary.
“
Eurodollar Rate ” means, for any Interest Period
with respect to a Eurodollar Rate Loan, the rate per annum
equal to the British Bankers Association LIBOR Rate (“
BBA LIBOR ”), as published by Reuters (or other
commercially available source providing quotations of BBA
LIBOR as designated by the Administrative Agent from time to
time) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, for
Dollar deposits (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest
Period. If such rate is not available at such time
for any reason, then the “Eurodollar Rate” for
such Interest Period shall be the rate per annum determined by
the Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first day of such Interest Period
in same day funds in the approximate amount of the Eurodollar
Rate Loan being made, continued or converted by Bank of
America and with a term equivalent to such Interest Period
would be offered by Bank of America’s London Branch to
major banks in the London interbank eurodollar market at their
request at approximately 11:00 a.m. (London time) two Business
Days prior to the commencement of such Interest
Period.
“
Eurodollar Rate Loan ” means a Revolving Credit
Loan, a Term A Loan or a Term B Loan that bears interest at a
rate based on the Eurodollar Rate.
“
Event of Default ” has the meaning specified in
Section 8.01 .
“
Excess Amount ” has the meaning specified in
Section 2.05(b)(x) .
“
Excess Cash Flow ” means, for any fiscal year of
the Borrower, Consolidated EBITDA for such fiscal year
plus (a) the sum (for such fiscal year) of (i) the
difference, if positive, of Net Working Capital at the end of
the prior fiscal year (or the beginning of such fiscal year in
case of the fiscal year ending December 31, 2008) over the
amount of Net Working Capital at the end of such fiscal year
and (ii) income or gain excluded from the calculation of
Consolidated Net Income resulting from extraordinary gains
realized in cash during such fiscal year minus
(b) the sum (for such fiscal year) of (i) Consolidated
Cash Interest Charges, (ii) scheduled principal repayments, to
the extent actually made, of Term Loans pursuant to Section
2.07 , and optional prepayments of Term Loans
made pursuant to Section 2.05(a)(i) , (iii) all income
taxes actually paid in cash by the Borrower and its
Subsidiaries, (iv) Capital Expenditures actually made by the
Borrower and its Subsidiaries in such fiscal year (other than
to the extent funded by proceeds of Indebtedness or issuance
of Equity Interests), (v) nonrecurring cash fees, costs and
expenses incurred in connection with the Transaction to the
extent added back to Consolidated Net Income in the
determination of Consolidated EBITDA for such fiscal year,
(vi) cash payments made by the Borrower and its Subsidiaries
in respect of non-cash charges that increased Excess Cash Flow
in any prior fiscal year, (vii) the absolute value of the
difference, if negative, of the amount of Net Working Capital
at the end of the prior fiscal year (or the beginning of such
fiscal year in the case of the fiscal year ending December 31,
2008) over the amount of Net Working Capital at the end of
such fiscal year and (viii) extraordinary losses paid in cash
during such fiscal year excluded from the calculation of
Consolidated Net Income.
“
Exchange Act ” means the Securities Exchange Act
of 1934, as amended.
“
Excluded Issuance ” means any issuance or sale of
Equity Interests in the Borrower (i) in the ordinary
course of business pursuant to equity compensation plans,
employment agreements or other benefit arrangements approved
by the Board of Directors of the Borrower, including any
issuance or sale of Equity Interests upon exercise, exchange
or conversion of such Equity Interests, (ii) to any other
Loan Party, (iii) to the stockholders of the Acquired
Business in connection with the Acquisition pursuant to the
Acquisition Agreement or (iv) in connection with any
Permitted Acquisition and constituting all or a portion of the
applicable consideration.
“
Excluded Taxes ” means, with respect to the
Administrative Agent, any Lender, the L/C Issuer or any other
recipient of any payment to be made by or on account of any
obligation of the Borrower hereunder, (a) taxes imposed on or
measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes),
by the jurisdiction (or any political subdivision thereof)
under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any
Lender, in which its applicable Lending Office is located, (b)
any branch profits taxes imposed by the United States or any
similar tax imposed by any other jurisdiction in which the
Borrower is located and (c) in the case of a Foreign Lender
(other than an assignee pursuant to a request by the Borrower
under Section 10.13 ), any United States Federal
withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or is attributable
to such Foreign Lender’s failure (other than as a result
of a Change in Law) to comply with Section 3.01(e) ,
except to the extent that such Foreign 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 Borrower with respect to such withholding tax
pursuant to Section 3.01(a) .
“
Executive Order ” has the meaning specified in
Section 5.21(a) .
“
Existing Acquired Business Credit Agreement ”
means that certain Credit Agreement dated as of
September 29, 2005, as amended from time to time prior to
the Closing Date, among the Acquired Business, Bank of
America, N.A., as administrative agent, and a syndicate of
lenders.
“
Existing Acquired Business Letters of Credit ”
means letters of credit listed on Schedule 2.03 , which
were issued under the Existing Acquired Business Credit
Agreement and are outstanding on the Closing
Date.
“
Existing Borrower Credit Agreement ” means that
certain Amended and Restated Credit Agreement dated as of
January 31, 2004, as amended from time to time prior to
the Closing Date, among the Borrower, Wachovia Bank, N.A., as
agent, and a syndicate of lenders.
“
Existing Borrower Letters of Credit ” means
letters of credit listed on Schedule 2.03 , which were
issued under the Existing Borrower Credit Agreement and are
outstanding on the Closing Date.
“
Existing Credit Agreements ” means the Existing
Acquired Business Credit Agreement and the Existing Borrower
Credit Agreement.
“
Existing Letters of Credit ” means the Existing
Acquired Business Letters of Credit and the Existing Borrower
Letters of Credit.
“
Extraordinary Receipt ” means any proceeds of
insurance (other than proceeds of business interruption
insurance to the extent such proceeds constitute compensation
for lost earnings) and condemnation awards (and payments in
lieu thereof); provided , however , that an
Extraordinary Receipt shall not include cash receipts from
proceeds of insurance or condemnation awards (or payments in
lieu thereof) to the extent that such proceeds or awards (a)
in respect of loss or damage to equipment, fixed assets or
real property are applied (or in respect of which expenditures
were previously incurred) to replace or repair the equipment,
fixed assets or real property in respect of which such
proceeds were received in accordance with the terms of
Section 2.05(b)(v) or (b) are received by any Person in
respect of any third party claim against such Person and
applied to pay (or to reimburse such Person for its prior
payment of) such claim and the costs and expenses of such
Person with respect thereto.
“
Facility ” means the Term A Facility, the Term B
Facility or the Revolving Credit Facility, as the context may
require.
“
Federal Funds Rates ”
means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal
funds brokers on such day, as published by the Federal Reserve
Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no
such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average
rate (rounded upward, if necessary, to a whole multiple of
1/100 of 1%) charged to Bank of America on such day on such
transactions as determined by the Administrative
Agent.
“
Fee Letters ” means (i) the fee letter agreement,
dated June 25, 2007, among the Borrower, the Administrative
Agent and the Arrangers, and (ii) the amended and restated
administrative fee letter agreement, dated December 27, 2007,
among the Borrower, the Administrative Agent and Banc of
America Securities LLC.
“
Foreign Government Scheme or Arrangement ” has
the meaning specified in Section 5.12(d) .
“
Foreign Lender ” means any Lender that is
organized under the laws of a jurisdiction other than that in
which the Borrower is resident for tax
purposes. For purposes of this definition, the
United States, each State thereof and the District of Columbia
shall be deemed to constitute a single
jurisdiction.
“
Foreign Plan ” has the meaning specified in
Section 5.12(d) .
“
Foreign Subsidiary ” means a Subsidiary organized
under the laws of a jurisdiction outside the United States of
America.
“
FRB ” means the Board of Governors of the Federal
Reserve System of the United States.
“
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
activities.
“
GAAP ” means generally accepted accounting
principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board and the
American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by
a significant segment of the accounting profession in the
United States, that are applicable to the circumstances as of
the date of determination, consistently applied.
“
Governmental Authority ” means the government of
the United States or any other nation, or of any political
subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central
bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any
supra-national bodies such as the European Union or the
European Central Bank).
“
Governmental Real Property Disclosure Requirements
” means any Requirement of Law of any Governmental
Authority requiring notification of the buyer, lessee,
mortgagee, assignee or other transferee of any real property,
facility, establishment or business, or notification,
registration or filing to or with any Governmental Authority,
in connection with the sale, lease, mortgage, assignment or
other transfer (including any transfer of control) of any real
property, facility, establishment or business, of the actual
or threatened presence or release in or into the environment,
or the use, disposal or handling of Hazardous Material on, at,
under or near the real property, facility, establishment or
business to be sold, leased, mortgaged, assigned or
transferred.
“
Guarantee ” means, as to any Person, any (a) any
obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation payable or performable by
another Person (the “ primary obligor ”) in
any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment
of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other
obligation of the payment or performance of such Indebtedness
or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary
obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, or (iv) entered into for the
purpose of assuring in any other manner the obligee in respect
of such Indebtedness or other obligation of the payment or
performance thereof or to protect such obligee against loss in
respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such
Indebtedness or other obligation is assumed by such Person (or
any right, contingent or otherwise, of any holder of such
Indebtedness to obtain any such Lien); provided that
the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course
of business. The amount of any Guarantee shall be
deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof,
in respect of which such Guarantee is made or, if not stated
or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by the guaranteeing Person in
good faith. The term “ Guarantee
” as a verb has a corresponding meaning.
“
Guarantors ” means, collectively, the
Subsidiaries of the Borrower listed on Schedule 1(a) of
the Perfection Certificate as “Guarantors” and
each other Subsidiary of the Borrower that shall be required
to execute and deliver a guaranty or guaranty supplement
pursuant to Section 6.12 .
“
Guaranty ” means, collectively, the Guaranty made
by the Guarantors in favor of the Secured Parties,
substantially in the form of Exhibit F , together with
each other guaranty and guaranty supplement delivered pursuant
to Section 6.12 .
“
Hazardous Materials ” means all explosive or
radioactive substances or wastes and all other materials,
chemicals, substances, wastes, pollutants, contaminants,
compounds and constituents in any form and of any nature
including petroleum or petroleum distillates, asbestos or
asbestos-containing materials, polychlorinated biphenyls,
mold, radon gas, infectious or medical wastes, in each case
which are regulated or which can give rise to liability
pursuant to any Environmental Law.
“
Hedge Bank ” means any Person that, at the time
it enters into a Secured Hedge Agreement, is a Lender or an
Affiliate of a Lender, in its capacity as a party to such
Secured Hedge Agreement.
“
Honor Date ” has the meaning specified in
Section 2.03(c)(i) .
“
Inactive Intellectual Property ” means all of the
trademarks, service marks, trade names, copyrights, patents,
patent rights, franchises, licenses and other intellectual
property rights owned or possessed by the Acquired Business or
any of its Subsidiaries, or with respect to which the Acquired
Business or any of its Subsidiaries has rights of use, in each
case, which are not being used on the Closing Date and will
not be used after the Closing Date, have no value and generate
no revenues.
“
Inactive Subsidiaries ” means (i) Subsidiaries
existing as of the Closing Date and indicated as
“Inactive Subsidiaries” on Schedule 1(a) of
the Perfection Certificate and (ii) Subsidiaries formed or
acquired after the Closing Date (which shall be indicated as
“Inactive Subsidiaries” on a Perfection
Certificate Supplement, when required to be delivered), in all
cases meeting the requirements of Section 7.15
.
“
Increase Effective Date ” has the meaning
specified in Section 2.14(a) .
“
Increase Joinder ” has the meaning specified in
Section 2.14(c) .
“
Incremental Term Loan Commitment ” has the
meaning specified in Section 2.14(a) .
“
Incremental Term Loans ” has the meaning
specified in Section 2.14(c)(i) .
“
Indebtedness ” means, as to any Person at a
particular time, without duplication, all of the following,
whether or not included as indebtedness or liabilities in
accordance with GAAP:
(a) all
obligations of such Person for borrowed money and all
obligations of such Person evidenced by bonds, debentures,
notes, loan agreements or other similar
instruments;
(b) the
maximum amount of all direct or contingent obligations of such
Person arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments;
(c) net
obligations of such Person under any Swap
Contract;
(d) all
obligations of such Person to pay the deferred purchase price
of property or services (other than trade accounts payable in
the ordinary course of business and not past due for more than
120 days after the date on which such trade account was
created);
(e) indebtedness
(excluding prepaid interest thereon) secured by a Lien on
property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title
retention agreements), whether or not such indebtedness shall
have been assumed by such Person or is limited in
recourse;
(f) all
Attributable Indebtedness in respect of Capitalized Leases and
Synthetic Lease Obligations of such Person and all Synthetic
Debt of such Person;
(g) all
Disqualified Equity Interests of such Person (valued, in the
case of a redeemable preferred interest, at the greater of its
voluntary or involuntary liquidation preference plus
accrued and unpaid dividends); and
(h) all
Guarantees of such Person in respect of any of the
foregoing.
For
all purposes hereof, the Indebtedness of any Person shall
include the Indebtedness of any partnership or joint venture
(other than a joint venture that is itself a corporation or
limited liability company) in which such Person is a general
partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person. The
amount of any net obligation under any Swap Contract on any
date shall be deemed to be the Swap Termination Value thereof
as of such date.
“
Indemnified Taxes ” means Taxes other than
Excluded Taxes.
“
Indemnitee ” has the meaning specified in
Section 10.04(b) .
“
Information ” has the meaning specified in
Section 10.07 .
“
Information Memorandum ” means the information
memorandum dated October 2007 used by the Arrangers in
connection with the syndication of the
Commitments.
“
Instrument ” has the meaning assigned to such
term in the Security Agreement.
“
Insurance Policies ” means the insurance policies
and coverages required to be maintained by each Loan Party
which is an owner of Mortgaged Property with respect to the
applicable Mortgaged Property pursuant to
Section 6.07 and all renewals and extensions
thereof.
“
Insurance Requirements ” means, collectively, all
provisions of the Insurance Policies, all requirements of the
issuer of any of the Insurance Policies and all orders, rules,
regulations and any other requirements of the National Board
of Fire Underwriters (or any other body exercising similar
functions) binding upon each Loan Party which is an owner of
Mortgaged Property and applicable to the Mortgaged Property or
any use or condition thereof.
“
Intellectual Property ” means trademarks, service
marks, trade names, copyrights, patents, patent rights,
franchises, licenses and other intellectual property rights;
provided , however , that Intellectual Property
shall not include any Inactive Intellectual
Property.
“
Intercompany Note ” means a promissory note
substantially in the form of Exhibit K .
“
Interest Payment Date ” means, (a) as to any
Eurodollar Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date of the Facility
under which such Loan was made; provided ,
however , that if any Interest Period for a Eurodollar
Rate Loan exceeds three months, the respective dates that fall
every three months after the beginning of such Interest Period
shall also be Interest Payment Dates; and (b) as to any Base
Rate Loan or Swing Line Loan, the last Business Day of each
March, June, September and December and the Maturity Date of
the Facility under which such Loan was made (with Swing Line
Loans being deemed made under the Revolving Credit Facility
for purposes of this definition).
“
Interest Period ” means, as to each Eurodollar
Rate Loan, the period commencing on the date such Eurodollar
Rate Loan is disbursed or converted to or continued as a
Eurodollar Rate Loan and ending on the date one, two, three or
six months thereafter, as selected by the Borrower in its Loan
Notice, or such other period that is twelve months or less
requested by the Borrower and consented to by all the
Appropriate Lenders; provided
that:
(a) any
Interest Period that would otherwise end on a day that is not
a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another
calendar month, in which case such Interest Period shall end
on the next preceding Business Day;
(b) any
Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such
interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period;
and
(c) no
Interest Period shall extend beyond the Maturity Date of the
Facility under which such Loan was made.
“
Investment ” means, as to any Person, any direct
or indirect acquisition or investment by such Person, whether
by means of (a) the purchase or other acquisition of Equity
Interests of another Person, (b) a loan, advance or capital
contribution to, Guarantee or assumption of debt or other
obligations of, or purchase or other acquisition of any other
debt or interest in, another Person, or (c) the purchase or
other acquisition (in one transaction or a series of
transactions) of assets of another Person that constitute a
business unit or all or a substantial part of the business of,
such Person. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or
decreases in the value of such Investment.
“
IRS ” means the United States Internal Revenue
Service.
“
ISP ” means, with respect to any Letter of
Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law &
Practice, Inc. (or such later version thereof as may be in
effect at the time of issuance).
“
Issuer Documents ” means with respect to any
Letter of Credit, the Letter of Credit Application, and any
other document, agreement and instrument entered into by the
L/C Issuer and the Borrower (or any Subsidiary) or in favor of
the L/C Issuer and relating to such Letter of
Credit.
“
Landlord Access Agreement ” means a Landlord
Access Agreement, substantially in the form of
Exhibit L , or such other form as may reasonably
be acceptable to the Administrative Agent.
“
Laws ” means, collectively, all international,
foreign, Federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes and administrative
or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations
and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of
law.
“
L/C Advance ” means, with respect to each
Revolving Credit Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its
Applicable Revolving Credit Percentage.
“
L/C Borrowing ” means an extension of credit
resulting from a drawing under any Letter of Credit which has
not, on the applicable Honor Date, been reimbursed or
refinanced as a Revolving Credit Borrowing.
“
L/C Credit Extension ” means, with respect to any
Letter of Credit, the issuance thereof or extension of the
expiry date thereof, or the increase of the amount
thereof.
“
L/C Issuer ” means Bank of America in its
capacity as issuer of Letters of Credit hereunder, or any
successor issuer of Letters of Credit hereunder;
provided that Wachovia Bank, N.A. in its capacity as
issuer of the Existing Borrower Letters of Credit shall be
deemed the L/C Issuer with respect to the Existing Borrower
Letters of Credit until they expire or are canceled or Cash
Collateralized.
“
L/C Obligations ” means, as at any date of
determination, the aggregate amount available to be drawn
under all outstanding Letters of Credit plus the
aggregate of all Unreimbursed Amounts, including all L/C
Borrowings. For purposes of computing the amount
available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance
with Section 1.06 . For all purposes of this
Agreement, if on any date of determination a Letter of Credit
has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP,
such Letter of Credit shall be deemed to be
“outstanding” in the amount so remaining available
to be drawn.
“
Lender ” has the meaning specified in the
introductory paragraph hereto and, as the context requires,
includes the Swing Line Lender.
“
Lender Addendum ” means, with respect to any
Lender on the Closing Date, a lender addendum in the form of
Exhibit M , to be executed and delivered by such Lender
on or prior to the Closing Date as provided in
Section 10.19 .
“
Lending Office ” means, as to any Lender, the
office or offices of such Lender described as such in such
Lender’s Administrative Questionnaire, or such other
office or offices as a Lender may from time to time notify the
Borrower and the Administrative Agent.
“
Letter of Credit ” means any letter of credit
issued hereunder and shall include the Existing Letters of
Credit. A Letter of Credit may be a commercial
letter of credit or a standby letter of credit.
“
Letter of Credit Application ” means an
application and agreement for the issuance or amendment of a
Letter of Credit in the form from time to time in use by the
L/C Issuer.
“
Letter of Credit Expiration Date ” means the day
that is seven days prior to the Maturity Date then in effect
for the Revolving Credit Facility (or, if such day is not a
Business Day, the next preceding Business Day).
“
Letter of Credit Fee ” has the meaning specified
in Section 2.03(i) .
“
Letter of Credit Sublimit ” means an amount equal
to $40,000,000. The Letter of Credit
Sublimit is part of, and not in addition to, the Revolving
Credit Facility.
“
Lien ” means any mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, or preference, priority or other security
interest or preferential arrangement in the nature of a
security interest of any kind or nature whatsoever (including
any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to real
property, and any financing lease having substantially the
same economic effect as any of the foregoing).
“
Loan ” means an extension of credit by a Lender
to the Borrower under Article II in the form of a Term
Loan, a Revolving Credit Loan or a Swing Line
Loan.
“
Loan Documents ” means, collectively, (a) this
Agreement (including the Lender Addenda), (b) the Notes, (c)
the Guaranty, (d) the Collateral Documents, (e) the Fee
Letters, (f) each Issuer Document, (g) each Secured Hedge
Agreement, (h) each Secured Cash Management Agreement;
provided that for purposes of the definition of
“Material Adverse Effect” and Articles IV
through IX and Section 10.01 , “Loan
Documents” shall not include Secured Hedge Agreements or
Secured Cash Management Agreements.
“
Loan Notice ” means a notice of (a) a Term A
Borrowing, (b) a Term B Borrowing, (c) a Revolving Credit
Borrowing, (d) a conversion of Loans from one Type to the
other, or (e) a continuation of Eurodollar Rate Loans,
pursuant to Section 2.02(a) , which, if in writing,
shall be substantially in the form of Exhibit A
.
“
Loan Parties ” means, collectively, the Borrower
and each Guarantor.
“
Material Adverse Effect ” means (a) a material
adverse change in, or a material adverse effect upon, the
operations, business, properties, liabilities (actual or
contingent), condition (financial or otherwise) or prospects
of the Borrower or the Borrower and its Subsidiaries taken as
a whole; (b) a material impairment of the rights and remedies
of the Administrative Agent or any Lender under any Loan
Document, or of the ability of any Loan Party to perform its
obligations under any Loan Document to which it is a party; or
(c) a material adverse effect upon the legality, validity,
binding effect or enforceability against any Loan Party of any
Loan Document to which it is a party.
“
Material Subsidiary ” means any Subsidiary of the
Borrower, or group of Subsidiaries as to which an event
specified in Section 8.01(f) or (g) has occurred and is
continuing, whether now existing or hereafter formed or
acquired, that (i) had more than the Threshold Amount of total
assets, (ii) generated more than the Threshold Amount of
gross revenue or (iii) generated more than the Threshold
Amount of Consolidated EBITDA, in each case as of the last day
of (or for) the most recently completed period of four fiscal
quarters for which financial statements have been, or are
required to have been, delivered by the Borrower pursuant to
Section 6.01 .
“
Material Contract ” means (a) those contracts,
leases, instruments, guaranties, licenses, agreements, and
other arrangements listed as an exhibit to the
Borrower’s filings under the Exchange Act and in effect
as of the date hereof (other than employment agreements or
other employee benefits agreements, plans and arrangements)
and (b) all other contracts, leases, instruments, guaranties,
licenses, agreements, and other arrangements to which the
Borrower or any Subsidiary is, from time to time, a party, the
breach, nonperformance, cancellation or failure to renew by
any party thereto could reasonably be expected to have a
Material Adverse Effect.
“
Maturity Date ” means (a) with respect to the
Revolving Credit Facility, six years from the Closing Date,
(b) with respect to the Term A Facility, six years from the
Closing Date, and (c) with respect to the Term B Facility,
seven years from the Closing Date; provided ,
however , that, in each case, if such date is not a
Business Day, the Maturity Date shall be the next preceding
Business Day.
“
Measurement Period ” means, at any date of
determination, the most recently completed four fiscal
quarters of the Borrower.
“
Moody’s ” means Moody’s Investors
Service, Inc. and any successor thereto.
“
Mortgage Policy ” has the meaning specified in
Section 4.01(a)(xii)(C) .
“Mortgages ” has the meaning specified in
Section 4.01(a)(xii) .
“
Mortgaged Property ” means (a) each real
property identified as a Mortgaged Property on Schedule
7(a) to the Perfection Certificate and (b) each real
property, if any, which shall be subject to a Mortgage
delivered after the Closing Date pursuant to
Section 6.12 .
“
Multiemployer Plan ” means any employee benefit
plan defined in Section 4001(a)(3) of ERISA and subject to
Title IV of ERISA, to which the Borrower or any ERISA
Affiliate makes or is obligated to make contributions, or
during the preceding five plan years, has made or been
obligated to make contributions.
“
Net Cash Proceeds ” means:
(a) with
respect to any Disposition by the Borrower or any of its
Subsidiaries, or any Extraordinary Receipt received or paid to
the account of the Borrower or any of its Subsidiaries, the
excess, if any, of (i) the sum of cash and Cash Equivalents
received in connection with such transaction (including any
cash or Cash Equivalents received by way of deferred payment
pursuant to, or by monetization of, a note receivable or
otherwise, but only as and when so received) over (ii) the sum
of (A) the principal amount of, and reasonable premium or
penalty (if any) and interest on, any Indebtedness that is
secured by the applicable asset and that is required to be
repaid in connection with such transaction (other than
Indebtedness under the Loan Documents), (B) the reasonable
fees and out-of-pocket expenses incurred by the Borrower or
such Subsidiary in connection with such transaction and (C)
income taxes paid or reasonably estimated to be actually
payable as a result of any gain recognized in connection
therewith, and the amount of reserves established to fund
liabilities reasonably estimated to be payable, in each case
within two years of the date of the relevant transaction;
provided that, if the amount of any estimated taxes or
reserves pursuant to subclause (C) exceeds the amount of taxes
or liabilities actually required to be paid in cash in respect
of such Disposition by an amount in excess of $10,000, the
aggregate amount of such excess over the taxes or liabilities
actually required to be paid shall constitute Net Cash
Proceeds; and
(b) with
respect to the sale or issuance of any Equity Interest by the
Borrower or any of its Subsidiaries, or the incurrence or
issuance of any Indebtedness by the Borrower or any of its
Subsidiaries, the excess of (i) the sum of the cash and Cash
Equivalents received in connection with such transaction over
(ii) the investment banking fees, underwriting discounts and
commissions, and other reasonable fees and out-of-pocket
expenses, incurred by the Borrower or such Subsidiary in
connection therewith.
“
Net Working Capital ” means, at any time,
Consolidated Current Assets at such time minus Consolidated
Current Liabilities at such time.
“
Note ” means a Term A Note, a Term B Note or a
Revolving Credit Note, as the context may
require.
“
NPL ” means the National Priorities List under
CERCLA.
“
Obligations ” means all advances to, and debts,
liabilities and other monetary obligations of, any Loan Party
arising under any Loan Document (other than under any Secured
Hedging Agreement or any Secured Cash Management Agreement) or
otherwise with respect to any Loan or Letter of Credit,
whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now
existing or hereafter arising and including interest and fees
that accrue after the commencement by or against any Loan
Party or any Affiliate thereof of any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding.
“
OID ” means original issue discount.
“
Organization Documents ” means, (a) with respect
to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S.
jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of
business entity, the partnership, joint venture or other
applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto
filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of
its formation or organization and, if applicable, any
certificate or articles of formation or organization of such
entity.
“
Other Taxes ” means all present or future stamp
or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made
hereunder or under any other Loan Document or from the
execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan
Document.
“
Outstanding Amount ” means (a) with respect to
Term Loans, Revolving Credit Loans and Swing Line Loans on any
date, the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments
of Term Loans, Revolving Credit Loans and Swing Line Loans, as
the case may be, occurring on such date; and (b) with respect
to any L/C Obligations on any date, the amount of such L/C
Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the
aggregate amount of the L/C Obligations as of such date,
including as a result of any reimbursements by the Borrower of
Unreimbursed Amounts.
“
Participant ” has the meaning specified in
Section 10.06(d) .
“
Patent ” has the meaning assigned thereto in the
Security Agreement.
“
Patriot Act ” has the meaning specified in
Section 4.01(i) .
“
PBGC ” means the Pension Benefit Guaranty
Corporation.
“
Perfection Certificate ” means a certificate in
the form of Exhibit I-1 or any other form approved by
the Administrative Agent, as the same shall be supplemented
from time to time by a Perfection Certificate Supplement or
otherwise.
“
Perfection Certificate Supplement ” means a
certificate supplement in the form of Exhibit I-2 or
any other form approved by the Administrative
Agent.
“
Pension Plan ” means any “employee pension
benefit plan” (as such term is defined in Section 3(2)
of ERISA), other than a Multiemployer Plan, that is subject to
Title IV of ERISA and is sponsored or maintained by the
Borrower, any Subsidiary or any ERISA Affiliate or to which
the Borrower, any Subsidiary or any ERISA Affiliate
contributes or has an obligation to contribute (or in the case
of a multiple employer or other plan described in Section
4064(a) of ERISA, has made contributions at any time during
the immediately preceding five plan years) or with respect to
which the Borrower or any Subsidiary could incur
liability.
“
Permitted Acquisitions ” means any Investments
permitted by Section 7.03(g) .
“
Person ” means any natural person, corporation,
limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other
entity.
“
Plan ” means any “employee benefit
plan” (as such term is defined in Section 3(3) of ERISA)
established, sponsored or maintained by the Borrower or any
Subsidiary or, with respect to any such plan that is subject
to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate, but excluding any Foreign Plan.
“
Platform ” has the meaning specified in
Section 6.02 .
“
Post-Increase Revolving Credit Lender ” has the
meaning specified in Section 2.14(d)
.
“
Pre-Increase Revolving Credit Lender ” has the
meaning specified in Section 2.14(d)
.
“
Pro Forma Adjustments ” means adjustments to
account for a Permitted Acquisition or a Disposition (i) on a
basis in accordance with GAAP and Regulation S-X
promulgated under the Securities Act of 1933 or (ii) in a
manner otherwise reasonably satisfactory to the Administrative
Agent. For the avoidance of doubt, it is agreed
that the positive adjustments to Consolidated EBITDA arising
out of the Transaction are reflected in clauses (a)(iv) - (vi)
and (b) thereof (with additional potential positive
adjustments allowable under clause (a)(vii) thereof) and there
shall be no additional positive adjustments to Consolidated
EBITDA arising out of the Transaction.
“
Pro Forma Basis ” means, with respect to any
calculation, that such calculation shall be made (i) with
respect to Consolidated EBITDA, after giving effect to the
adjustments referred to in the second paragraph of the
definition of Consolidated EBITDA for all Permitted
Acquisitions and Dispositions (other than any Permitted
Acquisition involving the payment of consideration of less
than $1,000,000 and any Disposition yielding gross proceeds of
less than $1,000,000) consummated at any time on or after the
first day of the relevant Measurement Period and on or prior
to the date of determination as if each Permitted Acquisition
had been effected on the first day of such period and as if
each such Disposition had been consummated on the day prior to
the first day of such period, (ii) with respect to
Consolidated Interest Charges, after giving effect to any
Indebtedness incurred, assumed, refinanced or permanently
repaid or extinguished (other than ordinary course working
capital borrowings under revolving credit facilities) at any
time on or after the first day of the relevant Measurement
Period and on or prior to the date of determination in
connection with Permitted Acquisitions and Dispositions (other
than any Permitted Acquisition involving the payment of
consideration of less than $1,000,000 and any Disposition
yielding gross proceeds of less than $1,000,000) as if such
incurrence, assumption, refinancing, repayment or
extinguishing had been effected on the first day of such
period and (iii) with respect to Consolidated Indebtedness,
after giving effect to the incurrence, assumption, refinancing
or repayment or extinguishment of any Indebtedness on the date
of calculation.
“
Public Lender ” has the meaning specified in
Section 6.02 .
“
Refinancing ” means (i) the repayment in full and
termination of all commitments under the Existing Credit
Agreements, (ii) any repurchase or conversion into cash of
Acquired Business Convertible Subordinated Notes that are
tendered for purchase pursuant to the change of control offer
to purchase required to be effected as a result of the
Acquisition or converted to the consideration for the
Acquisition in accordance with their terms, as the case may
be, and (iii) any other refinancing necessary to meet the
requirements of Section 4.01(d) .
“
Register ” has the meaning specified in
Section 10.06(c) .
“
Related Documents ” means the Acquisition
Agreement and any amendment or waivers thereof.
“
Related Parties ” means, with respect to any
Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees and advisors
of such Person and of such Person’s
Affiliates.
“
Release ” means any spilling, leaking, seepage,
pumping, pouring, emitting, emptying, discharging, injecting,
escaping, leaching, dumping, disposing, depositing, dispersing
or migrating of any Hazardous Material into or through the
environment.
“
Reportable Event ” means any of the events set
forth in Section 4043(c) of ERISA, other than events for which
the 30-day notice period has been waived.
“
Repricing Transaction ” means the refinancing or
repricing by the Borrower of the Term B Loans under this
Agreement (x) with the proceeds of any secured term loans
(including, without limitation, any new or additional term
loans under this Agreement) or (y) in connection with any
amendment to this Agreement, in either case, (i) having
or resulting in an effective interest rate or weighted average
yield (to be determined by the Administrative Agent, in
consultation with the Borrower, consistent with generally
accepted financial practice, after giving effect to margins,
upfront or similar fees or original issue discount shared with
all lenders or holders thereof, but excluding the effect of
any arrangement, structuring, syndication or other fees
payable in connection therewith that are not shared with all
lenders or holders thereof) as of the date of such refinancing
that is, or could be by the express terms of such Indebtedness
(and not by virtue of any fluctuation in any
“base” rate), less than the Applicable Rate for,
or weighted average yield (to be determined by the
Administrative Agent, in consultation with Borrower, on the
same basis) of the Term B Loans as of the date of such
repricing and (ii) in the case of a refinancing of the Term B
Loans, the proceeds of which are used to repay, in whole or in
part, principal of outstanding Term B Loans.
“
Request for Credit Extension ” means (a) with
respect to a Borrowing, conversion or continuation of Term
Loans or Revolving Credit Loans, a Loan Notice, (b) with
respect to an L/C Credit Extension, a Letter of Credit
Application, and (c) with respect to a Swing Line Loan, a
Swing Line Loan Notice.
“
Required Lenders ” means, as of any date of
determination, Lenders holding more than 50% of the sum of the
(a) Total Outstandings (with the aggregate amount of each
Revolving Credit Lender’s risk participation and funded
participation in L/C Obligations and Swing Line Loans being
deemed “held” by such Revolving Credit Lender for
purposes of this definition) and (b) aggregate unused
Revolving Credit Commitments; provided that
(i) the unused Revolving Credit Commitment of, and the
portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders and (ii) until the
first date on which the Arrangers and their respective
Affiliates (including any fund that is managed by any of them)
hold in the aggregate less than 35% of the sum of clauses (a)
and (b) above, Required Lenders shall include the requirement
for either (x) in addition to the requirement set forth
above, five Unaffiliated Lenders (or such lower number (if
any) of Unaffiliated Lenders then existing) or
(y) Lenders holding 66-2/3% of the sum of clauses (a) and
(b) above.
“
Required Revolving Lenders ” means, as of any
date of determination, Revolving Credit Lenders holding
more than 50%
of the sum of the (a) Total Revolving Credit Outstandings
(with the aggregate amount of each Revolving Credit
Lender’s risk participation and forded participation in
L/C Obligations and Swing Line Loans being deemed
“held” by such Revolving Credit Lender for
purposes of this definition) and (b) aggregate unused
Revolving Credit Commitments; provided that (i) the
unused Revolving Credit Commitment of, and the portion of the
Total Revolving Credit Outstandings held or deemed held by,
any Defaulting Lender shall be excluded for purposes of making
a determination of Required Revolving Lenders and
(ii) until the first date on which the Arrangers and
their respective Affiliates (including any fund that is
managed by any of them) hold in the aggregate less than 35% of
the sum of clauses (a) and (b) above, Required Revolving
Lenders shall include the requirement for either (x) in
addition to the requirement set forth above, five Unaffiliated
Lenders (or such lower number (if any) of Unaffiliated Lenders
then existing) or (y) Lenders holding 66-2/3% of the sum
of clauses (a) and (b) above.
“
Required Term A Lenders ” means, as of any date
of determination, Term A Lenders holding more than 50% of the
Term A Facility on such date; provided that (i) the
portion of the Term A Facility held by any Defaulting Lender
shall be excluded for purposes of making a determination of
Required Term A Lenders and (ii) until the first date on
which the Arrangers and their respective Affiliates (including
any fund that is managed by any of them) hold in the aggregate
less than 35% of the Term A Facility, Required Term A Lenders
shall include the requirement for either (x) in addition to
the requirement set forth above, five Unaffiliated Lenders (or
such lower number (if any) of Unaffiliated Lenders then
existing) or (y) Lenders holding 66-2/3% of the Term A
Facility.
“
Required Term B Lenders ” means, as of any date
of determination, Term B Lenders holding more than 50% of the
Term B Facility on such date; provided that (i) the
portion of the Term B Facility held by any Defaulting Lender
shall be excluded for purposes of making a determination of
Required Term B Lenders and (ii) until the first date on
which the Arrangers and their respective Affiliates (including
any fund that is managed by any of them) hold in the aggregate
less than 35% of the Term B Facility, Required Term B Lenders
shall include the requirement for either (x) in addition to
the requirement set forth above, five Unaffiliated Lenders (or
such lower number (if any) of Unaffiliated Lenders then
existing) or (y) Lenders holding 66-2/3% of the Term B
Facility.
“
Requirements of Law ” means, collectively, any
and all requirements of any Governmental Authority including
any and all laws, judgments, orders, decrees, ordinances,
rules, regulations, statutes or case law.
“
Responsible Officer ” means the chief executive
officer, president, chief financial officer, treasurer or
controller 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.
“
Restricted Payment ” means any dividend or other
distribution (whether in cash, securities or other property)
with respect to any capital stock or other Equity Interest of
any Person or any of its Subsidiaries, or any payment (whether
in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation
or termination of any such capital stock or other Equity
Interest, or on account of any return of capital to any
Person’s stockholders, partners or members (or the
equivalent of any thereof), or any option, warrant or other
right to acquire any such dividend or other distribution or
payment.
“
Revaluation Date ” means with respect to any
Letter of Credit, each of the following: (i) each
date of issuance of a Letter of Credit denominated in an
Alternative Currency, (ii) each date of an amendment of any
such Letter of Credit having the effect of increasing the
amount thereof, (iii) each date of any payment by the L/C
Issuer under any Letter of Credit denominated in an
Alternative Currency, and (iv) such additional dates as the
Administrative Agent or the L/C Issuer shall determine or the
Required Lenders shall require.
“
Revolving Credit Borrowing ” means a borrowing
consisting of Revolving Credit Loans of the same Type and, in
the case of Eurodollar Rate Loans, having the same Interest
Period made by each of the Revolving Credit Lenders pursuant
to Section 2.01(c) .
“
Revolving Credit Commitment ” means, as to each
Revolving Credit Lender, its obligation to (a) make Revolving
Credit Loans to the Borrower pursuant to Section
2.01(c) , (b) purchase participations in L/C
Obligations, and (c) purchase participation in Swing Line
Loans, in an aggregate principal amount at any one time
outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule I to the Lender Addendum
or Increase Joinder executed and delivered by such Lender or
opposite such caption in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time
in accordance with this Agreement.
“
Revolving Credit Facility ” means, at any time,
the aggregate amount of the Revolving Credit Lenders’
Revolving Credit Commitments at such time.
“
Revolving Credit Lender ” means, at any time, any
Lender that has a Revolving Credit Commitment at such
time.
“
Revolving Credit Loan ” has the meaning specified
in Section 2.01(c) .
“
Revolving Credit Note ” means a promissory note
made by the Borrower in favor of a Revolving Credit Lender
evidencing Revolving Credit Loans or Swing Line Loans, as the
case may be, made by such Revolving Credit Lender,
substantially in the form of Exhibit C-3 .
“
S&P ” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies,
Inc., and any successor thereto.
“
SEC ” means the Securities and Exchange
Commission, or any Governmental Authority succeeding to any of
its principal functions.
“
Secured Cash Management Agreement ” means any
Cash Management Agreement that is entered into by and between
the Borrower or any Loan Party and any Cash Management
Bank.
“
Secured Hedge Agreement ” means any interest rate
Swap Contract required or permitted under Article VI or
VII that is entered into by and between (i) the
Borrower or any Loan Party and any Hedge Bank or (ii) any
Subsidiary that is not a Loan Party and a Hedge Bank;
provided that, in the case of clause (ii) only, the
Borrower shall have given notice to the Administrative Agent
prior to or promptly upon execution and delivery of such Swap
Contract that such Swap Contract is designated as a Secured
Hedge Agreement hereunder.
“
Secured Obligations ” means (a) the Obligations,
(b) the due and punctual payment and performance of all
obligations of the Borrower or any Subsidiary under each
Secured Hedging Agreement; provided that the aggregate
amount of Secured Obligations under this clause (b) of any
Subsidiary that is not a Loan Party shall be limited to
$25,000,000, and (c) the due and punctual payment and
performance of all obligations of the Borrower or any Loan
Party (including overdrafts and related liabilities) under
each Secured Cash Management Agreement.
“
Secured Parties ” means, collectively, the
Administrative Agent, the Lenders, the L/C Issuer, the Hedge
Banks, the Cash Management Banks, each co-agent or sub-agent
appointed by the Administrative Agent from time to time
pursuant to Section 9.05 , and the other Persons the
Obligations owing to which are or are purported to be secured
by the Collateral under the terms of the Collateral
Documents.
“
Securities Collateral ” has the meaning assigned
to such term in the Security Agreement.
“
Security Agreement ” means the Security Agreement
between the Administrative Agent, for the benefit of the
Secured Parties, and the Loan Parties, substantially in the
form of Exhibit G .
“
Security Agreement Collateral ” means all
property pledged or granted as collateral pursuant to the
Security Agreement (a) on the Closing Date or (b) thereafter
pursuant to Section 6.12 .
“
Solvent ” and “ Solvency ”
mean, with respect to any Person on any date of determination,
that on such date (a) the fair value of the property of such
Person is greater than the total amount of liabilities,
including contingent liabilities, of such Person, (b) the
present fair salable value of the assets of such Person is not
less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute
and matured, (c) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities as
they mature, (d) such Person is not engaged in business or a
transaction, and is not about to engage in business or a
transaction, for which such Person’s property would
constitute an unreasonably small capital, and (e) such Person
is able to pay its debts and liabilities, contingent
obligations and other commitments as they mature in the
ordinary course of business. The amount of
contingent liabilities at any time shall be computed as the
amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can
reasonably be expected to become an actual or matured
liability.
“
Spot Rate ” for a currency means the rate
determined by the Administrative Agent or the L/C Issuer, as
applicable, to be the rate quoted by the Person acting in such
capacity as the spot rate for the purchase by such Person of
such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m. on
the date two Business Days prior to the date as of which the
foreign exchange computation is made; provided
that the Administrative Agent or the L/C
Issuer may obtain such spot rate from another financial
institution designated by the Administrative Agent or the L/C
Issuer if the Person acting in such capacity does not have as
of the date of determination a spot buying rate for any such
currency; and provided further that the L/C
Issuer may use such spot rate quoted on the date as of which
the foreign exchange computation is made in the case of any
Letter of Credit denominated in an Alternative
Currency.
“
Subsidiary ” of a Person means a corporation,
partnership, joint venture, limited liability company or other
business entity of which a majority of the shares of
securities or other interests having ordinary voting power for
the election of directors or other governing body (other than
securities or interests having such power only by reason of
the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled,
directly, or indirectly through one or more intermediaries, or
both, by such Person. Unless otherwise specified,
all references herein to a “ Subsidiary ”
or to “ Subsidiaries ” (i) applicable on or
after the Closing Date shall refer to a Subsidiary or
Subsidiaries of the Borrower after giving effect to the
Transaction (i.e., including the Acquired Business and its
Subsidiaries) and (ii) at all times shall exclude CommScope
Credit Union.
“
Swap Contract ” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options,
forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any
other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by
or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by,
any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any
related schedules, a “ Master Agreement ”),
including any such obligations or liabilities under any Master
Agreement.
“
Swap Termination Value ” means, in respect of any
one or more Swap Contracts, after taking into account the
effect of any legally enforceable netting agreement relating
to such Swap Contracts, (a) for any date on or after the date
such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Swap
Contracts (which may include a Lender or any Affiliate of a
Lender).
“
Swing Line Borrowing ” means a borrowing of a
Swing Line Loan pursuant to Section 2.04 .
“
Swing Line Lender ” means Bank of America in its
capacity as provider of Swing Line Loans, or any successor
swing line lender hereunder.
“
Swing Line Loan ” has the meaning specified in
Section 2.04(a) .
“
Swing Line Loan Notice ” means a notice of a
Swing Line Borrowing pursuant to Section 2.04(b) ,
which, if in writing, shall be substantially in the form of
Exhibit B .
“
Swing Line Sublimit ” means an amount equal to
the lesser of (a) $15,000,000 and (b) the Revolving Credit
Facility. The Swing Line Sublimit is part of, and
not in addition to, the Revolving Credit
Facility.
“
Synthetic Debt ” means, with respect to any
Person as of any date of determination thereof, all
obligations of such Person in respect of transactions entered
into by such Person that are intended to function primarily as
a borrowing of funds but are not otherwise included in the
definition of “Indebtedness” or as a liability on
the consolidated balance sheet of such Person and its
Subsidiaries in accordance with GAAP.
“
Synthetic Lease Obligation ” means the monetary
obligation of a Person under (a) a so-called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement
for the use or possession of property (including sale and
leaseback transactions), in each case, creating obligations
that do not appear on the balance sheet of such Person but
which, upon the application of any Debtor Relief Laws to such
Person, would be characterized as the indebtedness of such
Person (without regard to accounting treatment).
“
Taxes ” means all present or future taxes,
levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or
penalties applicable thereto.
“
Term A Borrowing ” means a borrowing consisting
of simultaneous Term A Loans of the same Type and, in the case
of Eurodollar Rate Loans, having the same Interest Period made
by each of the Term A Lenders pursuant to Section
2.01(a) .
“
Term A Commitment ” means, as to each Term A
Lender, its obligation to make Term A Loans to the Borrower
pursuant to Section 2.01(a) in an aggregate principal
amount at any one time outstanding not to exceed the amount
set forth opposite such Term A Lender’s name on
Schedule I to the Lender Addendum executed and delivered
by such Lender or opposite such caption in the Assignment and
Assumption pursuant to which such Term A Lender becomes a
party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this
Agreement.
“
Term A Facility ” means, at any time, (a) on or
prior to the Closing Date, the aggregate amount of the Term A
Commitments at such time and (b) thereafter, the aggregate
principal amount of the Term A Loans of all Term A Lenders
outstanding at such time.
“
Term A Lender ” means (a) at any time on or prior
to the Closing Date, any Lender that has a Term A Commitment
at such time and (b) at any time after the Closing Date, any
Lender that holds Term A Loans at such time.
“
Term A Loan ” means an advance made by any Term A
Lender under the Term A Facility.
“
Term A Note ” means a promissory note made by the
Borrower in favor of a Term A Lender evidencing Term A Loans
made by such Term A Lender, substantially in the form of
Exhibit C-1 .
“
Term B Borrowing ” means a borrowing consisting
of simultaneous Term B Loans of the same Type and, in the case
of Eurodollar Rate Loans, having the same Interest Period made
by each of the Term B Lenders pursuant to Section
2.01(b) .
“
Term B Commitment ” means, as to each Term B
Lender, its obligation to make Term B Loans to the Borrower
pursuant to Section 2.01(b) in an aggregate principal
amount at any one time outstanding not to exceed the amount
set forth opposite such Term B Lender’s name on
Schedule I to the Lender Addendum executed and delivered
by such Lender or opposite such caption in the Assignment and
Assumption pursuant to which such Term B Lender becomes a
party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this
Agreement.
“
Term B Facility ” means, at any time, (a) on or
prior to the Closing Date, the aggregate amount of the Term B
Commitments at such time and (b) thereafter, the aggregate
principal amount of the Term B Loans of all Term B Lenders
outstanding at such time.
“
Term B Lender ” means (a) at any time on or prior
to the Closing Date, any Lender that has a Term B Commitment
at such time and (b) at any time after the Closing Date, any
Lender that holds Term B Loans at such time.
“
Term B Loan ” means an advance made by any Term B
Lender under the Term B Facility.
“
Term B Note ” means a promissory note made by the
Borrower in favor of a Term B Lender evidencing Term B Loans
made by such Term B Lender, substantially in the form of
Exhibit C-2 .
“
Term Borrowing ” means either a Term A Borrowing
or a Term B Borrowing.
“
Term Commitment ” means either a Term A
Commitment or a Term B Commitment.
“
Term Facilities ” means either the Term A
Facility or the Term B Facility.
“
Term Lender ” means, at any time, a Term A Lender
or a Term B Lender.
“
Term Loan ” means a Term A Loan or a Term B
Loan.
“
Threshold Amount ” means
$10,000,000.
“
Title Company ” means any title insurance company
as shall be retained by the Borrower and reasonably acceptable
to the Administrative Agent.
“
Total Outstandings ” means the aggregate
Outstanding Amount of all Loans and all L/C
Obligations.
“
Total Revolving Credit Outstandings ” means the
aggregate Outstanding Amount of all Revolving Credit Loans,
Swing Line Loans and L/C Obligations.
“
Trademark ” has the meaning assigned thereto in
the Security Agreement.
“
Transaction ”
means, collectively, (a) the Acquisition, (b) the Refinancing,
(c) the entering into by the Loan Parties of the Loan
Documents and the initial borrowings hereunder and (d) the
payment of the fees and expenses incurred in connection with
the consummation of the foregoing.
“
Type ” means, with respect to a Loan, its
character as a Base Rate Loan or a Eurodollar Rate
Loan.
“
UCC ” means the Uniform Commercial Code as in
effect in the State of New York; provided that, if
perfection or the effect of perfection or non-perfection or
the priority of any security interest in any Collateral is
governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “
UCC ” means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for
purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or
priority.
“
Unaffiliated Lender ” means a Lender other than
the Arrangers or any of their respective Affiliates (including
any fund that is managed by any of them).
“
Unfunded Pension Liability ” means the excess of
a Pension Plan’s benefit liabilities under Section
4001(a)(16) of ERISA, over the current value of that Pension
Plan’s assets, determined in accordance with the
assumptions used for funding the Pension Plan pursuant to
Section 412 of the Code for the applicable plan
year.
“
United States ” and “ U.S .”
mean the United States of America.
“
Unreimbursed Amount ” has the meaning specified
in Section 2.03(c)(i) .
“
Voting Stock ” means, with respect to any Person,
any class or classes of Equity Interests pursuant to which the
holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the Board of
Directors of such Person.
“
Wholly-Owned Subsidiary ” means, as to any
Person, any corporation, partnership, association, joint
venture, limited liability company or other entity 100% of the
Equity Interests in which (other than directors’
qualifying shares and shares issued to foreign nationals to
the extent required by applicable law, and the equivalents
thereof) are at the time owned by such Person and/or one or
more Wholly-Owned Subsidiaries of such Person.
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1.02
|
Other Interpretive Provisions .
|
With
reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan
Document:
(a) 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.” The word
“ will ” shall be construed to have the
same meaning and effect as the word
“shall.” Unless the context requires
otherwise, (i) any definition of or reference to any
agreement, instrument or other document (including any
Organization Document) 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 or in any other Loan Document), (ii) any
reference herein to any Person shall be construed to include
such Person’s successors and assigns, (iii) the words
“ herein ,” “ hereof ”
and “ hereunder ,” and words of similar
import when used in any Loan Document, shall be construed to
refer to such Loan Document in its entirety and not to any
particular provision thereof, (iv) all references in a Loan
Document to Articles, Sections, Preliminary Statements,
Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Preliminary Statements, Exhibits and
Schedules to, the Loan Document in which such references
appear, (v) any reference to any law shall include all
statutory and regulatory provisions consolidating, amending,
replacing or interpreting such law and any reference to any
law or regulation shall, unless otherwise specified, refer to
such law or regulation as amended, modified or supplemented
from time to time, and (vi) 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.
(b) In
the computation of periods of time from a specified date to a
later specified date, the word “ from ”
means “ from and including ”; the words
“ to ” and “ until ”
each mean “ to but excluding ”; and the
word “ through ” means “ to and
including .”
(c) Section
headings herein and in the other Loan Documents are included
for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan
Document.
(a)
Generally . All accounting terms not
specifically or completely defined herein shall be construed
in conformity with, and all financial data (including
financial ratios and other financial calculations) required to
be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in
effect from time to time, applied in a manner consistent with
that used in preparing the Audited Financial Statements of the
Borrower, except as otherwise specifically prescribed
herein.
(b)
Changes in GAAP . If at any time any change
in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the
Borrower or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change
in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrower shall
provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change
in GAAP.
Any
financial ratios required to be maintained by the Borrower
pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the
result to one place more than the number of places by which
such ratio is expressed herein and rounding the result up or
down to the nearest number (with a rounding-up if there is no
nearest number).
Unless
otherwise specified, all references herein to times of day
shall be references to Eastern time
(daylight or standard, as applicable).
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1.06
|
Letter of Credit Amounts .
|
Unless
otherwise specified herein, the amount of a Letter of Credit
at any time shall be deemed to be the Dollar Equivalent of the
stated amount of such Letter of Credit in effect at such time;
provided , however , that with respect to any
Letter of Credit that, by its terms or the terms of any Issuer
Document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such
Letter of Credit shall be deemed to be the Dollar Equivalent
of the maximum stated amount of such Letter of Credit after
giving effect to all such increases, whether or not such
maximum stated amount is in effect at such time.
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1.07
|
Currency Equivalents Generally .
|
(a) Any
amount specified in this Agreement (other than in Articles
II , IX and X ) or any of the other Loan
Documents to be in Dollars shall also include the equivalent
of such amount in any currency other than Dollars, such
equivalent amount thereof in the applicable currency to be
determined by the Administrative Agent at such time on the
basis of the Spot Rate for the purchase of such currency with
Dollars.
(b) The
L/C Issuer shall determine the Spot Rates as of each
Revaluation Date to be used for calculating Dollar Equivalent
Outstanding Amounts with respect to Letters of Credit
denominated in Alternative Currencies. Such Spot
Rates shall become effective as of such Revaluation Date and
shall be the Spot Rates employed in converting any amounts
between the applicable currencies until the next Revaluation
Date to occur. Except for purposes of financial
statements delivered by Loan Parties hereunder or calculating
financial covenants hereunder or except as otherwise provided
herein, the applicable amount of any currency (other than
Dollars) for purposes of the Loan Documents shall be such
Dollar Equivalent amount as so determined by the
Administrative Agent or the L/C Issuer, as
applicable.
(c) Wherever
in this Agreement in connection with the issuance, amendment
or extension of a Letter of Credit, an amount, such as a
required minimum or multiple amount, is expressed in Dollars,
but such Letter of Credit is denominated in an Alternative
Currency, such amount shall be the relevant Alternative
Currency Equivalent of such Dollar amount (rounded to the
nearest unit of such Alternative Currency, with 0.5 of a unit
being rounded upward), as determined by the L/C
Issuer.
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1.08
|
Additional Alternative Currencies .
|
(a) The
Borrower may from time to time request that Letters of Credit
be issued in a currency other than Dollars; provided
that such requested currency is a lawful currency that is
readily available and freely transferable and convertible into
Dollars. In the case of any such request with
respect to the issuance of Letters of Credit, such request
shall be subject to the approval of the Administrative Agent
and the L/C Issuer.
(b) Any
such request shall be made to the Administrative Agent not
later than 11:00 a.m., 20 Business Days (or, in the case of a
request for the issuance of a Letter of Credit denominated in
Euros, Pounds Sterling, Swiss Francs or Japanese Yen, seven
Business Days) prior to the date of the desired Credit
Extension (or such later time or date as may be agreed by the
Administrative Agent and the L/C Issuer, in their sole
discretion). The Administrative Agent shall
promptly notify the L/C Issuer thereof. The L/C
Issuer shall notify the Administrative Agent, not later than
11:00 a.m., ten Business Days (or, in the case of a request
for the issuance of a Letter of Credit denominated in Euros,
Pounds Sterling, Swiss Francs or Japanese Yen, two Business
Days) after receipt of such request whether it consents, in
its sole discretion, to the issuance of Letters of Credit in
such requested currency.
(c) Any
failure by the L/C Issuer to respond to such request within
the time period specified in the preceding sentence shall be
deemed to be a refusal by the L/C Issuer to permit Letters of
Credit to be issued in such requested currency. If
the Administrative Agent and the L/C Issuer consent to the
issuance of Letters of Credit in such requested currency, the
Administrative Agent shall so notify the Borrower and such
currency shall thereupon be deemed for all purposes to be an
Alternative Currency hereunder for purposes of any Letter of
Credit issuances; provided that the Administrative
Agent and the L/C Issuer shall have the right in their sole
discretion at any time to redetermine whether any such
currency shall continue to be deemed an Alternative Currency
for purposes of future Letter of Credit
issuances. If the Administrative Agent shall fail
to obtain consent to any request for an additional currency
under this Section 1.08 , the Administrative Agent
shall promptly so notify the Borrower. Any
specified currency of an Existing Letter of Credit that is not
Dollars shall be deemed an Alternative Currency with respect
to such Existing Letter of Credit only.
ARTICLE
II
THE
COMMITMENTS AND CREDIT EXTENSIONS
(a)
The Term A Borrowing . Subject to the terms
and conditions set forth herein, each Term A Lender severally
agrees to make a single loan to the Borrower on the Closing
Date in an amount not to exceed such Term A Lender’s
Term A Commitment. The Term A Borrowing shall
consist of Term A Loans made simultaneously by the Term A
Lenders in accordance with their respective Applicable
Percentage of the Term A Facility. Amounts borrowed
under this Section 2.01(a) and repaid or prepaid may
not be reborrowed. Term A Loans may be Base Rate
Loans or Eurodollar Rate Loans, as further provided
herein.
(b)
The Term B Borrowing . Subject to the terms
and conditions set forth herein, each Term B Lender severally
agrees to make a single loan to the Borrower on the Closing
Date in an amount not to exceed such Term B Lender’s
Term B Commitment. The Term B Borrowing shall
consist of Term B Loans made simultaneously by the Term B
Lenders in accordance with their respective Applicable
Percentage of the Term B Facility. Amounts borrowed
under this Section 2.01(b) and repaid or prepaid may
not be reborrowed. Term B Loans may be Base Rate
Loans or Eurodollar Rate Loans, as further provided
herein.
(c)
The Revolving Credit Borrowings . Subject to
the terms and conditions set forth herein, each Revolving
Credit Lender severally agrees to make loans (each such loan,
a “ Revolving Credit Loan ”) to the
Borrower from time to time, on any Business Day during the
Availability Period, in an aggregate
amount not to exceed at any time outstanding the amount of
such Lender’s Revolving Credit Commitment;
provided , however , that after giving effect to
any Revolving Credit Borrowing, (i) the Total Revolving Credit
Outstandings shall not exceed the Revolving Credit Facility,
(ii) the aggregate Outstanding Amount of the Revolving Credit
Loans of any Lender, plus such Revolving Credit
Lender’s Applicable Revolving Credit Percentage of the
Outstanding Amount of all L/C Obligations, plus such
Revolving Credit Lender’s Applicable Revolving Credit
Percentage of the Outstanding Amount of all Swing Line Loans
shall not exceed such Revolving Credit Lender’s
Revolving Credit Commitment, and (iii) on the Closing Date,
after giving effect to the Transaction, the sum of (A) the
excess of the Revolving Credit Facility over the Total
Revolving Credit Outstandings plus (B) the aggregate
amount of unrestricted cash on hand of the Borrower and its
Subsidiaries shall be equal to or greater than
$200,000,000. Within the limits of each Revolving
Credit Lender’s Revolving Credit Commitment, and subject
to the other terms and conditions hereof, the Borrower may
borrow under this Section 2.01(c) , prepay under
Section 2.05 , and reborrow under this Section
2.01(c) . Revolving Credit Loans may be Base
Rate Loans or Eurodollar Rate Loans, as further provided
herein.
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2.02
|
Borrowings, Conversions and Continuations of Loans
.
|
(a) Each
Term A Borrowing, each Term B Borrowing, each Revolving Credit
Borrowing, each conversion of Term Loans or Revolving Credit
Loans from one Type to the other, and each continuation of
Eurodollar Rate Loans shall be made upon the Borrower’s
irrevocable notice to the Administrative Agent, which may be
given by telephone. Each such notice must be
received by the Administrative Agent not later than 11:00 a.m.
(i) three Business Days prior to the requested date of any
Borrowing of, conversion to or continuation of Eurodollar Rate
Loans or of any conversion of Eurodollar Rate Loans to Base
Rate Loans, and (ii) on the requested date of any Borrowing of
Base Rate Loans; provided ,
however , that if the Borrower wishes to request
Eurodollar Rate Loans having an Interest Period other than
one, two, three or six months in duration as provided in the
definition of “Interest Period,” the applicable
notice must be received by the Administrative Agent not later
than 11:00 a.m. four Business Days prior to the requested date
of such Borrowing, conversion or continuation, whereupon the
Administrative Agent shall give prompt notice to the
Appropriate Lenders of such request and determine whether the
requested Interest Period is acceptable to all of
them. Not later than 11:00 a.m., three Business
Days before the requested date of such Borrowing, conversion
or continuation, the Administrative Agent shall notify the
Borrower (which notice may be by telephone) whether or not the
requested Interest Period has been consented to by all the
Lenders. Each telephonic notice by the Borrower
pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Administrative Agent of a written
Loan Notice, appropriately completed and signed by a
Responsible Officer of the Borrower. Each Borrowing
of, conversion to or continuation of Eurodollar Rate Loans
shall be in a principal amount of $5,000,000 or a whole
multiple of $1,000,000 in excess thereof. Except as
provided in Sections 2.03(c) and 2.04(c) , each
Borrowing of or conversion to Base Rate Loans shall be in a
principal amount of $500,000 or a whole multiple of $100,000
in excess thereof. Each Loan Notice (whether
telephonic or written) shall specify (i) whether the Borrower
is requesting a Term A Borrowing, a Term B Borrowing, a
Revolving Credit Borrowing, a conversion of Term Loans or
Revolving Credit Loans from one Type to the other, or a
continuation of Eurodollar Rate Loans, (ii) the requested date
of the Borrowing, conversion or continuation, as the case may
be (which shall be a Business Day), (iii) the principal amount
of Loans to be borrowed, converted or continued, (iv) the Type
of Loans to be borrowed or to which existing Term Loans or
Revolving Credit Loans are to be converted, and (v) if
applicable, the duration of the Interest Period with respect
thereto. If the Borrower fails to specify a Type of
Loan in a Loan Notice or if the Borrower fails to give a
timely notice requesting a conversion or continuation, then
the applicable Term Loans or Revolving Credit Loans shall be
made as, or converted to, Base Rate Loans. Any such
automatic conversion to Base Rate Loans shall be effective as
of the last day of the Interest Period then in effect with
respect to the applicable Eurodollar Rate Loans. If
the Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Rate Loans in any such Loan Notice,
but fails to specify an Interest Period, it will be deemed to
have specified an Interest Period of one
month. Notwithstanding anything to the contrary
herein, a Swing Line Loan may not be converted to a Eurodollar
Rate Loan.
(b) Following
receipt of a Loan Notice, the Administrative Agent shall
promptly notify each Lender of the amount of its Applicable
Percentage under the applicable Facility of the applicable
Term A Loans, Term B Loans or Revolving Credit Loans, and if
no timely notice of a conversion or continuation is provided
by the Borrower, the Administrative Agent shall notify each
Lender of the details of any automatic conversion to Base Rate
Loans described in Section 2.02(a) . In the
case of a Term A Borrowing, a Term B Borrowing or a Revolving
Credit Borrowing, each Appropriate Lender shall make the
amount of its Loan available to the Administrative Agent in
immediately available funds at the Administrative
Agent’s Office not later than 1:00 p.m. on the Business
Day specified in the applicable Loan Notice. Upon
satisfaction of the applicable conditions set forth in
Section 4.02 (and, if such Borrowing is the initial
Credit Extension, Section 4.01 ), the Administrative
Agent shall make all funds so received available to the
Borrower in like funds as received by the Administrative Agent
either by (i) crediting the account of the Borrower on the
books of Bank of America with the amount of such funds or (ii)
wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the
Administrative Agent by the Borrower; provided ,
however , that if, on the date a Loan Notice with
respect to a Revolving Credit Borrowing is given by the
Borrower, there are L/C Borrowings outstanding, then the
proceeds of such Revolving Credit Borrowing, first ,
shall be applied to the payment in full of any such L/C
Borrowings, and second , shall be made available to the
Borrower as provided above.
(c) Except
as otherwise provided herein, a Eurodollar Rate Loan may be
continued or converted only on the last day of an Interest
Period for such Eurodollar Rate Loan. During the
existence of a Default, no Loans may be requested as,
converted to or continued as Eurodollar Rate Loans without the
consent of the Required Lenders.
(d) The
Administrative Agent shall promptly notify the Borrower and
the Lenders of the interest rate applicable to any Interest
Period for Eurodollar Rate Loans upon determination of such
interest rate. At any time that Base Rate Loans are
outstanding, the Administrative Agent shall notify the
Borrower and the Lenders of any change in Bank of
America’s prime rate used in determining the Base Rate
promptly following the public announcement of such
change.
(e) After
giving effect to all Term A Borrowings, all conversions of
Term A Loans from one Type to the other, and all continuations
of Term A Loans as the same Type, there shall not be more than
5 Interest Periods in effect in respect of the Term A
Facility. After giving effect to all Term B
Borrowings, all conversions of Term B Loans from one Type to
the other, and all continuations of Term B Loans as the same
Type, there shall not be more than 5 Interest Periods in
effect in respect of the Term B Facility. After
giving effect to all Revolving Credit Borrowings, all
conversions of Revolving Credit Loans from one Type to the
other, and all continuations of Revolving Credit Loans as the
same Type, there shall not be more than 5 Interest Periods in
effect in respect of the Revolving Credit
Facility.
(a)
The Letter of Credit Commitment .
(i) Subject
to the terms and conditions set forth herein, (A) the L/C
Issuer agrees, in reliance upon the agreements of the
Revolving Credit Lenders set forth in this Section 2.03
, (1) from time to time on any Business Day during the period
from the Closing Date until the Letter of Credit Expiration
Date, to issue Letters of Credit for the account of the
Borrower or its Subsidiaries, and to amend or extend Letters
of Credit previously issued by it, in accordance with
Section 2.03(b) , and (2) to honor drawings under the
Letters of Credit; and (B) the Revolving Credit Lenders
severally agree to participate in Letters of Credit issued for
the account of the Borrower or its Subsidiaries and any
drawings thereunder; provided that after giving effect
to any L/C Credit Extension with respect to any Letter of
Credit, (x) the Total Revolving Credit Outstandings shall not
exceed the Revolving Credit Facility, (y) the aggregate
Outstanding Amount of the Revolving Credit Loans of any
Revolving Credit Lender, plus such Lender’s
Applicable Revolving Credit Percentage of the Outstanding
Amount of all L/C Obligations, plus such Lender’s
Applicable Revolving Credit Percentage of the Outstanding
Amount of all Swing Line Loans shall not exceed such
Lender’s Revolving Credit Commitment, and (z) the
Outstanding Amount of the L/C Obligations shall not exceed the
Letter of Credit Sublimit. Each request by the
Borrower for the issuance or amendment of a Letter of Credit
shall be deemed to be a representation by the Borrower that
the L/C Credit Extension so requested complies with the
conditions set forth in the proviso to the preceding
sentence. Within the foregoing limits, and subject
to the terms and conditions hereof, the Borrower’s
ability to obtain Letters of Credit shall be fully revolving,
and accordingly the Borrower may, during the foregoing period,
obtain Letters of Credit to replace Letters of Credit that
have expired or that have been drawn upon and
reimbursed. All Existing Letters of Credit shall be
deemed to have been issued pursuant hereto, and from and after
the Closing Date shall be subject to and governed by the terms
and conditions hereof.
(ii) The
L/C Issuer shall not issue any Letter of Credit
if:
(A) subject
to Section 2.03(b)(iii) , the expiry date of such
requested Letter of Credit would occur more than twelve months
after the date of issuance or last extension, unless the
Required Revolving Lenders have approved such expiry date;
provided that without the consent of the Required
Revolving Lenders, the L/C Issuer, at its discretion, may
approve and issue Letters of Credit with stated expiry dates
later than twelve months after the date of issuance or last
extension; provided , further , that at no time
shall the aggregate amount of Letter of Credit Exposures under
Letters of Credit with stated expiry dates later than twelve
months after such time exceed $10,000,000; or
(B) the
expiry date of such requested Letter of Credit would occur
after the Letter of Credit Expiration Date, unless all the
Revolving Credit Lenders have approved such expiry
date.
(iii) The
L/C Issuer shall not be under any obligation to issue any
Letter of Credit if:
(A) any
order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain
the L/C Issuer from issuing such Letter of Credit, or any Law
applicable to the L/C Issuer or any request or directive
(whether or not having the force of law) from any Governmental
Authority with jurisdiction over the L/C Issuer shall
prohibit, or request that the L/C Issuer refrain from, the
issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon the L/C Issuer with
respect to such Letter of Credit any restriction, reserve or
capital requirement (for which the L/C Issuer is not otherwise
compensated hereunder) not in effect on the Closing Date, or
shall impose upon the L/C Issuer any unreimbursed loss, cost
or expense which was not applicable on the Closing Date and
which the L/C Issuer in good faith deems material to
it;
(B) the
issuance of such Letter of Credit would violate one or more
policies of the L/C Issuer applicable to letters of credit
generally;
(C) such
Letter of Credit is to be denominated in a currency other than
Dollars;
(D) such
Letter of Credit contains any provisions for automatic
reinstatement of the stated amount after any drawing
thereunder; or
(E) a
default of any Lender’s obligations to fund under
Section 2.03(c) exists or any Lender is at such time a
Defaulting Lender hereunder, unless the L/C Issuer has entered
into satisfactory arrangements with the Borrower or such
Lender to eliminate the L/C Issuer’s risk with respect
to such Lender.
(iv) The
L/C Issuer shall not amend any Letter of Credit if the L/C
Issuer would not be permitted at such time to issue such
Letter of Credit in its amended form under the terms
hereof.
(v) The
L/C Issuer shall be under no obligation to amend any Letter of
Credit if (A) the L/C Issuer would have no obligation at such
time to issue such Letter of Credit in its amended form under
the terms hereof, or (B) the beneficiary of such Letter of
Credit does not accept the proposed amendment to such Letter
of Credit.
(vi) The
L/C Issuer shall act on behalf of the Revolving Credit Lenders
with respect to any Letters of Credit issued by it and the
documents associated therewith, and the L/C Issuer shall have
all of the benefits and immunities (A) provided to the
Administrative Agent in Article IX with respect to any
acts taken or omissions suffered by the L/C Issuer in
connection with Letters of Credit issued by it or proposed to
be issued by it and Issuer Documents pertaining to such
Letters of Credit as fully as if the term
“Administrative Agent” as used in Article
IX included the L/C Issuer with respect to such acts or
omissions, and (B) as additionally provided herein with
respect to the L/C Issuer.
(b)
Procedures for Issuance and Amendment of Letters of Credit;
Auto-Extension Letters of Credit .
(i) Each
Letter of Credit shall be issued or amended, as the case may
be, upon the request of the Borrower delivered to the L/C
Issuer (with a copy to the Administrative Agent) in the form
of a Letter of Credit Application, appropriately completed and
signed by a Responsible Officer of the
Borrower. Such Letter of Credit Application must be
received by the L/C Issuer and the Administrative Agent not
later than 11:00 a.m. at least two Business Days (or such
later date and time as the Administrative Agent and the L/C
Issuer may agree in a particular instance in their sole
discretion) prior to the proposed issuance date or date of
amendment, as the case may be. In the case of a
request for an initial issuance of a Letter of Credit, such
Letter of Credit Application shall specify in form and detail
satisfactory to the L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which shall
be a Business Day); (B) the amount thereof; (C) the expiry
date thereof; (D) the name and address of the beneficiary
thereof; (E) the documents to be presented by such beneficiary
in case of any drawing thereunder; (F) the full text of any
certificate to be presented by such beneficiary in case of any
drawing thereunder; (G) the purpose and nature of the
requested Letter of Credit; and (H) such other matters as the
L/C Issuer may require. In the case of a request
for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail
satisfactory to the L/C Issuer (1) the Letter of Credit to be
amended; (2) the proposed date of amendment thereof (which
shall be a Business Day); (3) the nature of the proposed
amendment; and (4) such other matters as the L/C Issuer may
require. Additionally, the Borrower shall furnish
to the L/C Issuer and the Administrative Agent such other
documents and information pertaining to such requested Letter
of Credit issuance or amendment, including any Issuer
Documents, as the L/C Issuer or the Administrative Agent may
require.
(ii) Promptly
after receipt of any Letter of Credit Application, the L/C
Issuer will confirm with the Administrative Agent (by
telephone or in writing) that the Administrative Agent has
received a copy of such Letter of Credit Application from the
Borrower and, if not, the L/C Issuer will provide the
Administrative Agent with a copy thereof. Unless
the L/C Issuer has received written notice from any Revolving
Credit Lender, the Administrative Agent or any Loan Party, at
least one Business Day prior to the requested date of issuance
or amendment of the applicable Letter of Credit, that one or
more applicable conditions contained in Article IV
shall not then be satisfied, then, subject to the terms and
conditions hereof, the L/C Issuer shall, on the requested
date, issue a Letter of Credit for the account of the Borrower
(or the applicable Subsidiary) or enter into the applicable
amendment, as the case may be, in each case in accordance with
the L/C Issuer’s usual and customary business
practices. Immediately upon the issuance of each
Letter of Credit, each Revolving Credit Lender shall be deemed
to, and hereby irrevocably and unconditionally agrees to,
purchase from the L/C Issuer a risk participation in such
Letter of Credit in an amount equal to the product of such
Revolving Credit Lender’s Applicable Revolving Credit
Percentage times the amount of such Letter of
Credit.
(iii) If
the Borrower so requests in any applicable Letter of Credit
Application, the L/C Issuer may, in its sole and absolute
discretion, agree to issue a Letter of Credit that has
automatic extension provisions (each, an “
Auto-Extension Letter of Credit ”);
provided that any such Auto-Extension Letter of Credit
must permit the L/C Issuer to prevent any such extension at
least once in each fifteen-month period (commencing with the
date of issuance of such Letter of Credit) by giving prior
notice to the beneficiary thereof not later than a day (the
“ Non-Extension Notice Date ”) in each such
fifteen-month period to be agreed upon at the time such Letter
of Credit is issued. Unless otherwise directed by
the L/C Issuer, the Borrower shall not be required to make a
specific request to the L/C Issuer for any such
extension. Once an Auto-Extension Letter of Credit
has been issued, the Revolving Credit Lenders shall be deemed
to have authorized (but may not require) the L/C Issuer to
permit the extension of such Letter of Credit at any time to
an expiry date not later than the Letter of Credit Expiration
Date; provided , however , that the L/C Issuer
shall not permit any such extension if (A) the L/C Issuer has
determined that it would not be permitted, or would have no
obligation at such time to issue such Letter of Credit in its
revised form (as extended) under the terms hereof (by reason
of the provisions of clause (ii) or (iii) of Section
2.03(a) or otherwise), or (B) it has received notice
(which may be by telephone or in writing) on or before the day
that is seven Business Days before the Non-Extension Notice
Date (1) from the Administrative Agent that the Required
Revolving Lenders have elected not to permit such extension or
(2) from the Administrative Agent, any Revolving Credit Lender
or the Borrower that one or more of the applicable conditions
specified in Section 4.02 is not then satisfied, and in
each such case directing the L/C Issuer not to permit such
extension.
(iv) Promptly
after its delivery of any Letter of Credit or any amendment to
a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the L/C Issuer will also deliver
to the Borrower and the Administrative Agent a true and
complete copy of such Letter of Credit or
amendment.
(c)
Drawings and Reimbursements; Funding of Participations
.
(i) Upon
receipt from the beneficiary of any Letter of Credit of any
notice of a drawing under such Letter of Credit, the L/C
Issuer shall notify the Borrower and the Administrative Agent
thereof. In the case of a Letter of Credit
denominated in an Alternative Currency, the Borrower shall
reimburse the L/C Issuer in such Alternative Currency in
accordance with the provisions of this Section 2.03(c)(i),
unless (A) the L/C Issuer (at its option) shall have specified
in such notice that it will require reimbursement in Dollars,
or (B) in the absence of any such requirement for
reimbursement in Dollars, the Borrower shall have notified the
L/C Issuer promptly following receipt of the notice of drawing
that the Borrower will reimburse the L/C Issuer in
Dollars. In the case of any such reimbursement in
Dollars of a drawing under a Letter of Credit denominated in
an Alternative Currency, the L/C Issuer shall notify the
Borrower of the Dollar Equivalent of the amount of the drawing
promptly following the determination thereof. Not
later than 11:00 a.m. on the first Business Day following the
date of any payment by the L/C Issuer under a Letter of Credit
in Dollars, or the Applicable Time on the date of any payment
by the L/C Issuer under a Letter of Credit to be reimbursed in
an Alternative Currency (such first Business Day, an “
Honor Date ”), the Borrower shall reimburse the
L/C Issuer through the Administrative Agent in an amount equal
to the amount of such drawing and in the applicable
currency. If the Borrower fails to so reimburse the
L/C Issuer by such time, the Administrative Agent shall
promptly notify each Revolving Credit Lender of the Honor
Date, the amount of the unreimbursed drawing (expressed in
Dollars in the amount of the Dollar Equivalent thereof in the
case of a Letter of Credit denominated in an Alternative
Currency) (the “ Unreimbursed Amount ”),
and the amount of such Revolving Credit Lender’s
Applicable Revolving Credit Percentage thereof. In
such event, the Borrower shall be deemed to have requested a
Revolving Credit Borrowing of Base Rate Loans to be disbursed
on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified
in Section 2.02 for the principal amount of Base Rate
Loans, but subject to the amount of the unutilized portion of
the Revolving Credit Commitments and the conditions set forth
in Section 4.02 (other than the delivery of a Loan
Notice). Any notice given by the L/C Issuer or the
Administrative Agent pursuant to this Section
2.03(c)(i) may be given by telephone if immediately
confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or
binding effect of such notice.
(ii) Each
Revolving Credit Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available to the
Administrative Agent for the account of the L/C Issuer, in
Dollars, at the Administrative Agent’s Office in an
amount equal to its Applicable Revolving Credit Percentage of
the Unreimbursed Amount not later than 1:00 p.m. on the
Business Day specified in such notice by the Administrative
Agent, whereupon, subject to the provisions of Section
2.03(c)(iii) , each Revolving Credit Lender that so makes
funds available shall be deemed to have made a Base Rate Loan
to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the L/C Issuer in
Dollars.
(iii) With
respect to any Unreimbursed Amount that is not fully
refinanced by a Revolving Credit Borrowing of Base Rate Loans
because the conditions set forth in Section 4.02 cannot
be satisfied or for any other reason, the Borrower shall be
deemed to have incurred from the L/C Issuer an L/C Borrowing
in the amount of the Unreimbursed Amount that is not so
refinanced, which L/C Borrowing shall be due and payable on
demand (together with interest) and shall bear interest at the
Default Rate. In such event, each Revolving Credit
Lender’s payment to the Administrative Agent for the
account of the L/C Issuer pursuant to Section
2.03(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an
L/C Advance from such Lender in satisfaction of its
participation obligation under this Section 2.03
.
(iv) Until
each Revolving Credit Lender funds its Revolving Credit Loan
or L/C Advance pursuant to this Section 2.03(c) to
reimburse the L/C Issuer for any amount drawn under any Letter
of Credit, interest in respect of such Lender’s
Applicable Revolving Credit Percentage of such amount shall be
solely for the account of the L/C Issuer.
(v) Each
Revolving Credit Lender’s obligation to make Revolving
Credit Loans or L/C Advances to reimburse the L/C Issuer for
amounts drawn under Letters of Credit, as contemplated by this
Section 2.03(c) , shall be absolute and unconditional
and shall not be affected by any circumstance, including (A)
any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the L/C Issuer, the
Borrower or any other Person for any reason whatsoever; (B)
the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any
of the foregoing; provided , however , that each
Revolving Credit Lender’s obligation to make Revolving
Credit Loans pursuant to this Section 2.03(c) is
subject to the conditions set forth in Section 4.02
(other than delivery by the Borrower of a Loan
Notice). No such making of an L/C Advance shall
relieve or otherwise impair the obligation of the Borrower to
reimburse the L/C Issuer for the amount of any payment made by
the L/C Issuer under any Letter of Credit, together with
interest as provided herein.
(vi) If
any Revolving Credit Lender fails to make available to the
Administrative Agent for the account of the L/C Issuer any
amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.03(c) by the
time specified in Section 2.03(c)(ii) , the L/C Issuer
shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is
required to the date on which such payment is immediately
available to the L/C Issuer at a rate per annum equal to the
greater of the Federal Funds Rate and a rate determined by the
L/C Issuer in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or
similar fees customarily charged by the L/C Issuer in
connection with the foregoing. If such Lender pays
such amount (with interest and fees as aforesaid), the amount
so paid shall constitute such Lender’s Revolving Credit
Loan included in the relevant Borrowing or L/C Advance in
respect of the relevant L/C Borrowing, as the case may
be. A certificate of the L/C Issuer submitted to
any Revolving Credit Lender (through the Administrative Agent)
with respect to any amounts owing under this Section
2.03(c)(vi) shall be conclusive absent manifest
error.
(vii) If
the L/C Issuer shall make any payment or disbursement pursuant
to a drawing under a Letter of Credit, then, (x) the unpaid
amount thereof shall bear interest, for each day from and
including the date such payment or disbursement is made to but
excluding the Honor Date, at the Applicable Rate for Revolving
Loans that are Base Rate Loans, and (y) unless the Borrower
shall reimburse such payment or disbursement in full on the
Honor Date, the unpaid amount thereof shall bear interest
payable on demand, for each day from and including the Honor
Date to but excluding the date that the Borrower reimburses
such payment or disbursement, at the rate per annum determined
pursuant to Section 2.08(b) . Interest
accrued pursuant to this paragraph shall be for the account of
the L/C Issuer, except that interest accrued on and after the
date of payment by any Revolving Credit Lender pursuant to
this Section 2.03(c) to reimburse the L/C Issuer
shall be for the account of such Lender to the extent of such
payment.
(d)
Repayment of Participations .
(i) At
any time after the L/C Issuer has made a payment under any
Letter of Credit and has received from any Revolving Credit
Lender such Lender’s L/C Advance in respect of such
payment in accordance with Section 2.03(c) , if the
Administrative Agent receives for the account of the L/C
Issuer any payment in respect of the related Unreimbursed
Amount or interest thereon (whether directly from the Borrower
or otherwise, including proceeds of Cash Collateral applied
thereto by the Administrative Agent), the Administrative Agent
will distribute to such Lender its Applicable Revolving Credit
Percentage thereof in the same funds as those received by the
Administrative Agent.
(ii) If
any payment received by the Administrative Agent for the
account of the L/C Issuer pursuant to Section
2.03(c)(i) is required to be returned under any of the
circumstances described in Section 10.05 (including
pursuant to any settlement entered into by the L/C Issuer in
its discretion), each Revolving Credit Lender shall pay to the
Administrative Agent for the account of the L/C Issuer its
Applicable Revolving Credit Percentage thereof on demand of
the Administrative Agent, plus interest thereon from
the date of such demand to the date such amount is returned by
such Lender, at a rate per annum equal to the Federal Funds
Rate from time to time in effect. The obligations
of the Lenders under this clause shall survive the payment in
full of the Obligations and the termination of this
Agreement.
(e)
Obligations Absolute . The obligation of the
Borrower to reimburse the L/C Issuer for each drawing under
each Letter of Credit and to repay each L/C Borrowing shall be
absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of this Agreement under
all circumstances, including the following:
(i) any
lack of validity or enforceability of such Letter of Credit,
this Agreement, or any other Loan Document;
(ii) the
existence of any claim, counterclaim, setoff, defense or other
right that the Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of
Credit (or any Person for whom any such beneficiary or any
such transferee may be acting), the L/C Issuer or any other
Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit
or any agreement or instrument relating thereto, or any
unrelated transaction;
(iii) any
draft, demand, certificate or other document presented under
such Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect; or any loss
or delay in the transmission or otherwise of any document
required in order to make a drawing under such Letter of
Credit;
(iv) any
payment by the L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly
comply with the terms of such Letter of Credit; or any payment
made by the L/C Issuer under such Letter of Credit to any
Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor
to any beneficiary or any transferee of such Letter of Credit,
including any arising in connection with any proceeding under
any Debtor Relief Law;
(v) any
adverse change in the relevant exchange rates or in the
availability of the relevant Alternative Currency to the
Borrower or any Subsidiary or in the relevant currency markets
generally; or
(vi) any
other circumstance or happening whatsoever, whether or not
similar to any of the foregoing, including any other
circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any of its
Subsidiaries.
The
Borrower shall promptly examine a copy of each Letter of
Credit and each amendment thereto that is delivered to it and,
in the event of any claim of noncompliance with the
Borrower’s instructions or other irregularity, the
Borrower will immediately notify the L/C
Issuer. The Borrower shall be conclusively deemed
to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as
aforesaid.
(f)
Role of L/C Issuer . Each Lender and the
Borrower agree that, in paying any drawing under a Letter of
Credit, the L/C Issuer shall not have any responsibility to
obtain any document (other than any sight draft, certificates
and documents expressly required by the Letter of Credit) or
to ascertain or inquire as to the validity or accuracy of any
such document or the authority of the Person executing or
delivering any such document. None of the L/C
Issuer, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee
of the L/C Issuer shall be liable to any Lender for (i) any
action taken or omitted in connection herewith at the request
or with the approval of the Revolving Credit Lenders or the
Required Revolving Lenders, as applicable; (ii) any action
taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument
related to any Letter of Credit or Issuer
Document. The Borrower hereby assumes all risks of
the acts or omissions of any beneficiary or transferee with
respect to its use of any Letter of Credit; provided ,
however , that this assumption is not intended to, and
shall not, preclude the Borrower’s pursuing such rights
and remedies as it may have against the beneficiary or
transferee at law or under any other
agreement. None of the L/C Issuer, the
Administrative Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of the L/C
Issuer shall be liable or responsible for any of the matters
described in clauses (i) through (v) of Section 2.03(e)
; provided , however , that anything in such
clauses to the contrary notwithstanding, the Borrower may have
a claim against the L/C Issuer, and the L/C Issuer may be
liable to the Borrower, to the extent, but only to the extent,
of any direct, as opposed to consequential or exemplary,
damages suffered by the Borrower which the Borrower proves
were caused by the L/C Issuer’s willful misconduct or
gross negligence or the L/C Issuer’s willful failure to
pay under any Letter of Credit after the presentation to it by
the beneficiary of a sight draft and certificate(s) strictly
complying with the terms and conditions of a Letter of
Credit. In furtherance and not in limitation of the
foregoing, the L/C Issuer may accept documents that appear on
their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the
contrary, and the L/C Issuer shall not be responsible for the
validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of
Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason.
(g)
Cash Collateral . Upon the request of the
Administrative Agent, (i) if the L/C Issuer has honored any
full or partial drawing request under any Letter of Credit and
such drawing has resulted in an L/C Borrowing, or (ii) if, as
of the Letter of Credit Expiration Date, any L/C Obligation
for any reason remains outstanding, the Borrower shall, in
each case, immediately Cash Collateralize the then Outstanding
Amount of all L/C Obligations. The Administrative
Agent may, at any time and from time to time after the initial
deposit of Cash Collateral in respect of any one or more
Letters of Credit denominated in an Alternative Currency,
request that additional Cash Collateral be provided in order
to protect against the results of exchange rate fluctuations,
such additional Cash Collateral not to exceed an amount equal
to 5.0% of the Outstanding Amount thereof.
Sections 2.05 and 8.02(c) set forth certain
additional requirements to deliver Cash Collateral
hereunder. For purposes of this Section 2.03
, Section 2.05 and Section 8.02(c) , “
Cash Collateralize ” means to pledge and deposit
with or deliver to the Administrative Agent, for the benefit
of the L/C Issuer and the Lenders, as collateral for the L/C
Obligations, cash or deposit account balances pursuant to
documentation in form and substance satisfactory to the
Administrative Agent and the L/C Issuer (which documents are
hereby consented to by the Lenders). Derivatives of
such term have corresponding meanings. The Borrower
hereby grants to the Administrative Agent, for the benefit of
the L/C Issuer and the Lenders, a security interest in all
such cash, deposit accounts and all balances therein and all
proceeds of the foregoing. Cash Collateral shall be
maintained in blocked, non-interest bearing deposit accounts
at Bank of America; provided that in the event any
interest or profits accrue on the investments or amounts in
such accounts, such interest or profits shall accumulate for
the benefit of the Borrower subject to the provisions of this
Section 2.03(g). If at any time the Administrative
Agent determines that any funds held as Cash Collateral are
subject to any right or claim of any Person other than the
Administrative Agent or that the total amount of such funds is
less than the aggregate Outstanding Amount of all L/C
Obligations, the Borrower will, forthwith upon demand by the
Administrative Agent, pay to the Administrative Agent, as
additional funds to be deposited as Cash Collateral, an amount
equal to the excess of (x) such aggregate Outstanding Amount
over (y) the total amount of funds, if any, then held as Cash
Collateral that the Administrative Agent determines to be free
and clear of any such right and claim. Upon the
drawing of any Letter of Credit for which funds are on deposit
as Cash Collateral, such funds shall be applied, to the extent
permitted under applicable Laws, to reimburse the L/C
Issuer. If the Borrower is required to provide cash
collateral pursuant to Section 2.05(b)(ix), such amount
(including interest, if any), to the extent not applied as
aforesaid, shall be returned to the Borrower on demand,
provided that after giving effect to such return (i) the Total
Revolving Credit Outstandings would not exceed the Revolving
Credit Facility at such time and (ii) no Default shall have
occurred and be continuing at such time. If the
Borrower is required to provide cash collateral as
a result of an Event of Default, such amount (to the extent
not applied as aforesaid) shall be returned to the Borrower
within three Business Days after all Events of Default have
been cured or waived.
(h)
Applicability of ISP and UCP . Unless
otherwise expressly agreed by the L/C Issuer and the Borrower
when a Letter of Credit is issued (including any such
agreement applicable to an Existing Letter of Credit), (i) the
rules of the ISP shall apply to each standby Letter of Credit,
and (ii) the rules of the Uniform Customs and Practice for
Documentary Credits, as most recently published by the
International Chamber of Commerce at the time of issuance,
shall apply to each commercial Letter of Credit.
(i)
Letter of Credit Fees . The Borrower shall
pay to the Administrative Agent for the account, in Dollars,
of each Revolving Credit Lender in accordance with its
Applicable Revolving Credit Percentage, in Dollars, a Letter
of Credit fee (the “ Letter of Credit Fee
”) for each Letter of Credit equal to the Applicable
Rate for Revolving Credit Loans that are Eurodollar Rate Loans
times the Dollar Equivalent of the daily amount
available to be drawn under such Letter of
Credit. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance
with Section 1.06 . Letter of Credit Fees
shall be (i) due and payable on the last Business Day of each
March, June, September and December, commencing with the first
such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter
on demand and (ii) computed on a quarterly basis in
arrears. If there is any change in the Applicable
Rate during any quarter, the daily amount available to be
drawn under each Letter of Credit shall be computed and
multiplied by the Applicable Rate separately for each period
during such quarter that such Applicable Rate was in
effect.
(j)
Fronting Fee and Documentary and Processing Charges Payable
to L/C Issuer . The Borrower shall pay directly
to the L/C Issuer for its own account a fronting fee with
respect to each Letter of Credit, at the rate of 0.25% per
annum, computed on the Dollar Equivalent of the daily amount
available to be drawn under such Letter of Credit on a
quarterly basis in arrears. Such fronting fee shall
be due and payable on the last Business Day of each March,
June, September and December in respect of the most
recently-ended quarterly period (or portion thereof, in the
case of the first payment), commencing with the first such
date to occur after the issuance of such Letter of Credit, on
the Letter of Credit Expiration Date and thereafter on
demand. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance
with Section 1.06 . In addition, the
Borrower shall pay directly to the L/C Issuer, in Dollars, for
its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs
and charges, of the L/C Issuer relating to letters of credit
as from time to time in effect. Such customary fees
and standard costs and charges are due and payable on demand
and are nonrefundable.
(k)
Conflict with Issuer Documents . In the
event of any conflict between the terms hereof and the terms
of any Issuer Document, the terms hereof shall
control.
(l)
Letters of Credit Issued for Subsidiaries
. Notwithstanding that a Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or
is for the account of, a Subsidiary, the Borrower shall be
obligated to reimburse the L/C Issuer hereunder for any and
all drawings under such Letter of Credit. The
Borrower hereby acknowledges that the issuance of Letters of
Credit for the account of Subsidiaries inures to the benefit
of the Borrower, and that the Borrower’s business
derives substantial benefits from the businesses of such
Subsidiaries.
(a)
The Swing Line . Subject to the terms and
conditions set forth herein, the Swing Line Lender agrees, in
reliance upon the agreements of the other Lenders set forth in
this Section 2.04 , to make loans (each such loan, a
“ Swing Line Loan ”) to the Borrower from
time to time on any Business Day during the Availability
Period in an aggregate amount not to exceed at any time
outstanding the amount of the Swing Line Sublimit,
notwithstanding the fact that such Swing Line Loans, when
aggregated with the Applicable Revolving Credit Percentage of
the Outstanding Amount of Revolving Credit Loans and L/C
Obligations of the Lender acting as Swing Line Lender, may
exceed the amount of such Lender’s Revolving Credit
Commitment; provided , however , that after
giving effect to any Swing Line Loan, (i) the Total Revolving
Credit Outstandings shall not exceed the Revolving Credit
Facility at such time, and (ii) the aggregate Outstanding
Amount of the Revolving Credit Loans of any Revolving Credit
Lender at such time, plus such Revolving Credit
Lender’s Applicable Revolving Credit Percentage of the
Outstanding Amount of all L/C Obligations at such time,
plus such Revolving Credit Lender’s Applicable
Revolving Credit Percentage of the Outstanding Amount of all
Swing Line Loans at such time shall not exceed such
Lender’s Revolving Credit Commitment, and
provided further that the Borrower shall not use
the proceeds of any Swing Line Loan to refinance any
outstanding Swing Line Loan. Within the foregoing
limits, and subject to the other terms and conditions hereof,
the Borrower may borrow under this Section 2.04 ,
prepay under Section 2.05 , and reborrow under this
Section 2.04 . Each Swing Line Loan shall
bear interest only at a rate based on the Base
Rate. Immediately upon the making of a Swing Line
Loan, each Revolving Credit Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase
from the Swing Line Lender a risk participation in such Swing
Line Loan in an amount equal to the product of such Revolving
Credit Lender’s Applicable Revolving Credit Percentage
times the amount of such Swing Line Loan.
(b)
Borrowing Procedures . Each Swing Line
Borrowing shall be made upon the Borrower’s irrevocable
notice to the Swing Line Lender and the Administrative Agent,
which may be given by telephone. Each such notice
must be received by the Swing Line Lender and the
Administrative Agent not later than 1:00 p.m. on the requested
borrowing date, and shall specify (i) the amount to be
borrowed, which shall be a minimum of $100,000 and (ii) the
requested borrowing date, which shall be a Business
Day. Each such telephonic notice must be confirmed
promptly by delivery to the Swing Line Lender and the
Administrative Agent of a written Swing Line Loan Notice,
appropriately completed and signed by a Responsible Officer of
the Borrower. Promptly after receipt by the Swing
Line Lender of any telephonic Swing Line Loan Notice, the
Swing Line Lender will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has
also received such Swing Line Loan Notice and, if not, the
Swing Line Lender will notify the Administrative Agent (by
telephone or in writing) of the contents
thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Administrative
Agent (including at the request of any Revolving Credit
Lender) prior to 2:00 p.m. on the date of the proposed Swing
Line Borrowing (A) directing the Swing Line Lender not to make
such Swing Line Loan as a result of the limitations set forth
in the first proviso to the first sentence of Section
2.04(a) , or (B) that one or more of the applicable
conditions specified in Article IV is not then
satisfied, then, subject to the terms and conditions hereof,
the Swing Line Lender will, not later than 3:00 p.m. on the
borrowing date specified in such Swing Line Loan Notice, make
the amount of its Swing Line Loan available to the Borrower at
its office by crediting the account of the Borrower on the
books of the Swing Line Lender in immediately available
funds.
(c)
Refinancing of Swing Line Loans .
(i) The
Swing Line Lender at any time in its sole and absolute
discretion may request, on behalf of the Borrower (which
hereby irrevocably authorizes the Swing Line Lender to so
request on its behalf), that each Revolving Credit Lender make
a Base Rate Loan in an amount equal to such Lender’s
Applicable Revolving Credit Percentage of the amount of Swing
Line Loans then outstanding. Such request shall be
made in writing (which written request shall be deemed to be a
Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.02 , without regard to the
minimum and multiples specified therein for the principal
amount of Base Rate Loans, but subject to the unutilized
portion of the Revolving Credit Facility and the conditions
set forth in Section 4.02 . The Swing Line
Lender shall furnish the Borrower with a copy of the
applicable Loan Notice promptly after delivering such notice
to the Administrative Agent. Each Revolving Credit
Lender shall make an amount equal to its Applicable Revolving
Credit Percentage of the amount specified in such Loan Notice
available to the Administrative Agent in immediately available
funds for the account of the Swing Line Lender at the
Administrative Agent’s Office not later than 1:00 p.m.
on the day specified in such Loan Notice, whereupon, subject
to Section 2.04(c)(ii) , each Revolving Credit Lender
that so makes funds available shall be deemed to have made a
Base Rate Loan to the Borrower in such amount. The
Administrative Agent shall remit the funds so received to the
Swing Line Lender.
(ii) If
for any reason any Swing Line Loan cannot be refinanced by
such a Revolving Credit Borrowing in accordance with
Section 2.04(c)(i) , the request for Base Rate Loans
submitted by the Swing Line Lender as set forth herein shall
be deemed to be a request by the Swing Line Lender that each
of the Revolving Credit Lenders fund its risk participation in
the relevant Swing Line Loan and each Revolving Credit
Lender’s payment to the Administrative Agent for the
account of the Swing Line Lender pursuant to Section
2.04(c)(i) shall be deemed payment in respect of such
participation.
(iii) If
any Revolving Credit Lender fails to make available to the
Administrative Agent for the account of the Swing Line Lender
any amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.04(c) by the
time specified in Section 2.04(c)(i) , the Swing Line
Lender shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is
required to the date on which such payment is immediately
available to the Swing Line Lender at a rate per annum equal
to the greater of the Federal Funds Rate and a rate determined
by the Swing Line Lender in accordance with banking industry
rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swing
Line Lender in connection with the foregoing. If
such Lender pays such amount (with interest and fees as
aforesaid), the amount so paid shall constitute such
Lender’s Revolving Credit Loan included in the relevant
Revolving Credit Borrowing or funded participation in the
relevant Swing Line Loan, as the case may be. A
certificate of the Swing Line Lender submitted to any Lender
(through the Administrative Agent) with respect to any amounts
owing under this clause (iii) shall be conclusive absent
manifest error.
(iv) Each
Revolving Credit Lender’s obligation to make Revolving
Credit Loans or to purchase and fund risk participations in
Swing Line Loans pursuant to this Section 2.04(c) shall
be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have
against the Swing Line Lender, the Borrower or any other
Person for any reason whatsoever, (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing;
provided , however , that each Revolving Credit
Lender’s obligation to make Revolving Credit Loans
pursuant to Section 2.04(c)(i) is subject to the
conditions set forth in Section 4.02 . No
such funding of risk participations shall relieve or otherwise
impair the obligation of the Borrower to repay Swing Line
Loans, together with interest as provided herein.
(d)
Repayment of Participations .
(i) At
any time after any Revolving Credit Lender has purchased and
funded a risk participation in a Swing Line Loan, if the Swing
Line Lender receives any payment on account of such Swing Line
Loan, the Swing Line Lender will distribute to such Revolving
Credit Lender its Applicable Revolving Credit Percentage
thereof in the same funds as those received by the Swing Line
Lender.
(ii) If
any payment received by the Swing Line Lender in respect of
principal or interest on any Swing Line Loan is required to be
returned by the Swing Line Lender under any of the
circ