Exhibit 10.1
SECOND AMENDED AND
RESTATED CREDIT AGREEMENT
Dated as of August
23, 2006
As Amended and
Restated on January 29, 2007
As Further Amended
and Restated on May 23, 2007
among
TRAVELPORT LLC
(F/K/A TRAVELPORT INC.),
as Borrower,
TRAVELPORT LIMITED
(F/K/A TDS INVESTOR (BERMUDA) LTD.),
as Holdings
WALTONVILLE
LIMITED,
as Intermediate Parent
UBS AG, STAMFORD
BRANCH,
as Administrative Agent and L/C Issuer
UBS LOAN FINANCE
LLC,
as Swing Line Lender
THE OTHER LENDERS
PARTY HERETO,
CREDIT SUISSE
SECURITIES (USA) LLC,
as Syndication Agent,
LEHMAN BROTHERS
INC.,
J.P. MORGAN SECURITIES INC. and
GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Co-Documentation Agents,
UBS SECURITIES LLC
and
CREDIT SUISSE
SECURITIES (USA) LLC
as Co-Lead Arrangers,
and
UBS SECURITIES
LLC,
CREDIT SUISSE SECURITIES (USA) LLC,
LEHMAN BROTHERS INC.,
J.P. MORGAN SECURITIES INC. and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Joint Bookrunners
Cahill Gordon
& Reindel LLP
80 Pine
Street
New York, New
York 10005
TABLE OF
CONTENTS
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Page
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ARTICLE I
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DEFINITIONS AND
ACCOUNTING TERMS
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SECTION 1.01
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DEFINED
TERMS
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2
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SECTION 1.02
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OTHER INTERPRETIVE
PROVISIONS
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58
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SECTION 1.03
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ACCOUNTING
TERMS
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59
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SECTION 1.04
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ROUNDING
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59
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SECTION 1.05
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REFERENCES TO
AGREEMENTS, LAWS, ETC
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59
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SECTION 1.06
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TIMES OF DAY
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59
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SECTION 1.07
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TIMING OF PAYMENT OF
PERFORMANCE
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59
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SECTION 1.08
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CURRENCY EQUIVALENTS
GENERALLY
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59
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SECTION 1.09
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EFFECT OF THIS AGREEMENT ON THE FIRST AMENDED
AND RESTATED CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS
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60
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ARTICLE II
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THE COMMITMENTS AND
CREDIT EXTENSIONS
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SECTION 2.01
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THE LOANS
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61
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SECTION 2.02
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BORROWINGS, CONVERSIONS
AND CONTINUATIONS OF LOANS
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65
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SECTION 2.03
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LETTERS OF
CREDIT
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68
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SECTION 2.04
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SWING LINE
LOANS
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81
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SECTION 2.05
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PREPAYMENTS
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84
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SECTION 2.06
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TERMINATION OR REDUCTION OF COMMITMENTS AND
CREDIT-LINKED DEPOSITS
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88
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SECTION 2.07
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REPAYMENT OF
LOANS
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89
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SECTION 2.08
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INTEREST
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90
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SECTION 2.09
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FEES
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92
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SECTION 2.10
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COMPUTATION OF INTEREST
AND FEES
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96
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SECTION 2.11
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EVIDENCE OF
INDEBTEDNESS
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96
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SECTION 2.12
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PAYMENTS
GENERALLY
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97
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SECTION 2.13
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SHARING OF
PAYMENTS
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99
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SECTION 2.14
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INCREMENTAL CREDIT
EXTENSIONS
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100
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SECTION 2.15
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CURRENCY
EQUIVALENTS
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102
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ARTICLE III
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TAXES, INCREASED COSTS
PROTECTION AND ILLEGALITY
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SECTION 3.01
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TAXES
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103
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i
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SECTION 3.02
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ILLEGALITY
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106
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SECTION 3.03
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INABILITY TO DETERMINE
RATES
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106
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SECTION 3.04
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INCREASED COST AND REDUCED RETURN; CAPITAL
ADEQUACY; RESERVES ON EUROCURRENCY RATE LOANS
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107
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SECTION 3.05
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FUNDING
LOSSES
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109
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SECTION 3.06
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MATTERS APPLICABLE TO
ALL REQUESTS FOR COMPENSATION
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109
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SECTION 3.07
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REPLACEMENT OF LENDERS
UNDER CERTAIN CIRCUMSTANCES
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111
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SECTION 3.08
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SURVIVAL
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112
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ARTICLE IV
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CONDITIONS PRECEDENT TO
EFFECTIVENESS AND CREDIT EXTENSIONS
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SECTION 4.01
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CONDITIONS TO
EFFECTIVENESS OF THIS AGREEMENT
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112
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SECTION 4.02
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CONDITIONS TO CREDIT
EXTENSION ON THE WORLDSPAN CLOSING DATE
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112
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SECTION 4.03
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CONDITIONS TO ALL
CREDIT EXTENSIONS
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115
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ARTICLE V
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REPRESENTATIONS AND
WARRANTIES
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SECTION 5.01
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EXISTENCE,
QUALIFICATION AND POWER; COMPLIANCE WITH LAWS
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116
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SECTION 5.02
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AUTHORIZATION; NO
CONTRAVENTION
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116
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SECTION 5.03
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GOVERNMENTAL
AUTHORIZATION; OTHER CONSENTS
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116
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SECTION 5.04
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BINDING
EFFECT
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117
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SECTION 5.05
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FINANCIAL STATEMENTS;
NO MATERIAL ADVERSE EFFECT
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117
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SECTION 5.06
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LITIGATION
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118
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SECTION 5.07
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NO DEFAULT
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119
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SECTION 5.08
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OWNERSHIP OF PROPERTY;
LIENS
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119
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SECTION 5.09
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ENVIRONMENTAL
COMPLIANCE
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119
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SECTION 5.10
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TAXES
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120
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SECTION 5.11
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ERISA
COMPLIANCE
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120
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SECTION 5.12
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SUBSIDIARIES; EQUITY
INTERESTS
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121
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SECTION 5.13
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MARGIN REGULATIONS;
INVESTMENT COMPANY ACT
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121
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SECTION 5.14
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DISCLOSURE
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122
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SECTION 5.15
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INTELLECTUAL PROPERTY;
LICENSES, ETC
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122
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SECTION 5.16
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SOLVENCY
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122
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SECTION 5.17
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SUBORDINATION OF JUNIOR
FINANCING
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122
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ii
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SECTION 5.18
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LABOR
MATTERS
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122
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ARTICLE VI
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AFFIRMATIVE
COVENANTS
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SECTION 6.01
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FINANCIAL
STATEMENTS
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123
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SECTION 6.02
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CERTIFICATES; OTHER
INFORMATION
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124
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SECTION 6.03
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NOTICES
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126
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SECTION 6.04
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PAYMENT OF
OBLIGATIONS
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126
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SECTION 6.05
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PRESERVATION OF
EXISTENCE, ETC
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126
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SECTION 6.06
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MAINTENANCE OF
PROPERTIES
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126
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SECTION 6.07
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MAINTENANCE OF
INSURANCE
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126
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SECTION 6.08
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COMPLIANCE WITH
LAWS
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127
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SECTION 6.09
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BOOKS AND
RECORDS
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127
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SECTION 6.10
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INSPECTION
RIGHTS
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127
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SECTION 6.11
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COVENANT TO GUARANTEE
OBLIGATIONS AND GIVE SECURITY
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127
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SECTION 6.12
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COMPLIANCE WITH
ENVIRONMENTAL LAWS
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130
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SECTION 6.13
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FURTHER ASSURANCES AND
POST-CLOSING CONDITIONS
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130
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SECTION 6.14
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DESIGNATION OF
SUBSIDIARIES
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131
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SECTION 6.15
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FLOOD
INSURANCE
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132
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SECTION 6.16
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ORBITZ
INDEBTEDNESS
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132
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SECTION 6.17
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POST-CLOSING
MATTERS
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132
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ARTICLE VII
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NEGATIVE
COVENANTS
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SECTION 7.01
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LIENS
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133
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SECTION 7.02
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INVESTMENTS
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136
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SECTION 7.03
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INDEBTEDNESS
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140
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SECTION 7.04
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FUNDAMENTAL
CHANGES
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144
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SECTION 7.05
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DISPOSITIONS
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145
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SECTION 7.06
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RESTRICTED
PAYMENTS
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148
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SECTION 7.07
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CHANGE IN NATURE OF
BUSINESS
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151
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SECTION 7.08
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TRANSACTIONS WITH
AFFILIATES
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151
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SECTION 7.09
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BURDENSOME
AGREEMENTS
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152
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SECTION 7.10
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USE OF
PROCEEDS
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153
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SECTION 7.11
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MAXIMUM TOTAL LEVERAGE
RATIO
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153
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SECTION 7.12
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ACCOUNTING
CHANGES
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153
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SECTION 7.13
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PREPAYMENTS, ETC. OF
INDEBTEDNESS
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154
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SECTION 7.14
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EQUITY INTERESTS OF THE
BORROWER AND RESTRICTED SUBSIDIARIES
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154
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SECTION 7.15
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HOLDING COMPANY;
FOREIGN SUBSIDIARIES
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154
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iii
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ARTICLE VIII
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EVENTS OF DEFAULT AND
REMEDIES
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SECTION 8.01
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EVENTS OF
DEFAULT
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155
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SECTION 8.02
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REMEDIES UPON EVENT OF
DEFAULT
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157
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SECTION 8.03
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EXCLUSION OF IMMATERIAL
SUBSIDIARIES
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158
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SECTION 8.04
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APPLICATION OF
FUNDS
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158
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SECTION 8.05
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BORROWER’S RIGHT
TO CURE
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159
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ARTICLE IX
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ADMINISTRATIVE AGENT
AND OTHER AGENTS
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SECTION 9.01
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APPOINTMENT AND
AUTHORIZATION OF AGENTS.
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160
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SECTION 9.02
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DELEGATION OF
DUTIES
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161
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SECTION 9.03
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LIABILITY OF
AGENTS
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161
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SECTION 9.04
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RELIANCE BY
AGENTS
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162
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SECTION 9.05
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NOTICE OF
DEFAULT
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162
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SECTION 9.06
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CREDIT DECISION;
DISCLOSURE OF INFORMATION BY AGENTS
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163
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SECTION 9.07
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INDEMNIFICATION OF
AGENTS
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163
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SECTION 9.08
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AGENTS IN THEIR
INDIVIDUAL CAPACITIES
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164
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SECTION 9.09
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SUCCESSOR
AGENTS
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164
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SECTION 9.10
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ADMINISTRATIVE AGENT
MAY FILE PROOFS OF CLAIM
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165
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SECTION 9.11
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COLLATERAL AND GUARANTY
MATTERS
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166
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SECTION 9.12
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OTHER AGENTS; ARRANGERS
AND MANAGERS
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166
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SECTION 9.13
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APPOINTMENT OF
SUPPLEMENTAL ADMINISTRATIVE AGENTS
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167
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ARTICLE X
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MISCELLANEOUS
|
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SECTION
10.01
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AMENDMENTS,
ETC
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168
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SECTION
10.02
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NOTICES AND OTHER
COMMUNICATIONS; FACSIMILE COPIES
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170
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SECTION
10.03
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NO WAIVER; CUMULATIVE
REMEDIES
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171
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SECTION
10.04
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ATTORNEY COSTS,
EXPENSES AND TAXES
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172
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SECTION
10.05
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INDEMNIFICATION BY THE
BORROWER
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172
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SECTION
10.06
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PAYMENTS SET
ASIDE
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173
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SECTION
10.07
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SUCCESSORS AND
ASSIGNS
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173
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SECTION
10.08
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CONFIDENTIALITY
|
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178
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SECTION
10.09
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SETOFF
|
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179
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SECTION
10.10
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INTEREST RATE
LIMITATION
|
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179
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SECTION
10.11
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COUNTERPARTS
|
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180
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iv
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SECTION 10.12
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INTEGRATION
|
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180
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SECTION
10.13
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SURVIVAL OF
REPRESENTATIONS AND WARRANTIES
|
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180
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SECTION
10.14
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SEVERABILITY
|
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180
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SECTION
10.15
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TAX FORMS
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181
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SECTION
10.16
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GOVERNING
LAW
|
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183
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SECTION
10.17
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WAIVER OF RIGHT TO
TRIAL BY JURY
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183
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SECTION
10.18
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BINDING
EFFECT
|
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183
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SECTION
10.19
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JUDGMENT
CURRENCY
|
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184
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SECTION
10.20
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LENDER
ACTION
|
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184
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SECTION
10.21
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USA PATRIOT
ACT
|
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184
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SECTION
10.22
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AGENT FOR SERVICE OF
PROCESS
|
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184
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SCHEDULES
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1.01A
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[Reserved]
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1.01B
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Certain Security
Interests and Guarantees
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1.01C
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Unrestricted
Subsidiaries
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1.01D
|
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Mandatory
Cost
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1.01E
|
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Existing Letters of
Credit
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1.01F
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[Reserved]
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1.01G
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Excluded
Subsidiaries
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2.01
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Dollar Revolving Credit Commitment; Alternative
Currency Revolving Credit Commitment; New Post-First Amendment and
Restatement Synthetic L/C Commitment
|
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2.01(a)
|
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Delayed Draw Term
Commitment
|
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2.01(b)
|
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Euro Term
Commitment
|
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2.03(a)(iii)(B)
|
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Certain Letters of
Credit
|
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5.05
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Certain
Liabilities
|
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5.09(b)
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Environmental
Matters
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5.09(d)
|
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Hazardous
Materials
|
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5.10
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Taxes
|
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5.11(a)
|
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ERISA
Compliance
|
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5.12
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Subsidiaries and Other
Equity Investments
|
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7.01(b)
|
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Existing
Liens
|
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7.02(f)
|
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Existing
Investments
|
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7.03(b)
|
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Existing
Indebtedness
|
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7.04(f)
|
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Permitted Subsidiary
Fundamental Changes
|
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7.05(k)
|
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Dispositions
|
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7.05(m)
|
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Permitted Subsidiary
Dispositions
|
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7.08
|
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Transactions with
Affiliates
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7.09
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Existing
Restrictions
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10.02
|
|
Administrative
Agent’s Office, Certain Addresses for Notices
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EXHIBITS
|
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|
v
|
Form of
|
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A
|
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Committed Loan
Notice
|
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B
|
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Swing Line Loan
Notice
|
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C-1
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Original Tranche B
Dollar Term Note
|
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C-2
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Delayed Draw Term
Note
|
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C-3
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Euro Term
Note
|
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C-4
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Dollar Revolving Credit
Note
|
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C-5
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Alternative Currency
Revolving Credit Note
|
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C-6
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Post-First Amendment
and Restatement Synthetic L/C Note
|
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D
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Compliance
Certificate
|
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E
|
|
Assignment and
Assumption
|
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F
|
|
Guaranty
|
|
G
|
|
Security
Agreement
|
|
H
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|
[Reserved]
|
|
I
|
|
Opinion Matters —
Counsel to Loan Parties
|
|
J
|
|
Intellectual Property
Security Agreement
|
vi
CREDIT
AGREEMENT
This SECOND
AMENDED AND RESTATED CREDIT AGREEMENT (“ Agreement
”) is entered into as of May 23, 2007, among TRAVELPORT LLC.
(F/K/A TRAVELPORT INC.), a Delaware limited liability company (the
“ Borrower ”), TRAVELPORT LIMITED (F/K/A TDS
INVESTOR (BERMUDA) LTD.), a company incorporated under the laws of
Bermuda (“ Holdings ”), WALTONVILLE LIMITED, a
company incorporated under the laws of Gibraltar (“
Intermediate Parent ”), UBS AG, Stamford Branch
as Administrative Agent, Collateral Agent, L/C Issuer and Swing
Line Lender, each lender from time to time party hereto
(collectively, the “ Lenders ” and individually,
a “ Lender ”), CREDIT SUISSE SECURITIES (USA)
LLC, as Syndication Agent, and LEHMAN BROTHERS INC., J.P. MORGAN
SECURITIES INC. and GOLDMAN SACHS CREDIT PARTNERS L.P., as
Co-Documentation Agents.
PRELIMINARY STATEMENTS
The Borrower,
Holdings, Intermediate Parent, UBS AG, STAMFORD BRANCH, as
Administrative Agent and an L/C Issuer, UBS LOAN FINANCE LLC, as
Swing Line Lender, CREDIT SUISSE SECURITIES (USA) LLC, as
Syndication Agent, and LEHMAN BROTHERS INC., CITICORP NORTH
AMERICA, INC. and DEUTSCHE BANK AG NEW YORK BRANCH, as
Co-Documentation Agents, and the lenders party thereto (the “
Original Lenders ”) have previously entered into a
credit agreement, dated as of August 23, 2006 (the “
Original Credit Agreement ”) (which term shall, unless
the context otherwise requires, include any amendment thereto prior
to the Second Amendment and Restatement Effective Date (as defined
below).
Pursuant to
Amendment No. 1 (“ Amendment No. 1 ”) to the
Original Credit Agreement, dated as of August 31, 2006, the
Original Credit Agreement was amended.
Pursuant to the
Repricing Amendment Agreement dated as of January 29, 2007 among
the Borrower, Holdings, Intermediate Parent, the Administrative
Agent and certain Original Lenders (the “ Repricing
Amendment Agreement ”), the Original Credit Agreement was
amended and restated in its entirety (such amendment and
restatement, the “ First Amended and Restated Credit
Agreement ”).
The Borrower has
requested that simultaneously with the consummation of the
acquisition of all of the capital stock of Worldspan Technologies
Inc. (“ Worldspan ”), from its existing
shareholders (the “ Worldspan Acquisition ”),
pursuant to a merger agreement dated as of December 7, 2006 (the
“ Worldspan Merger Agreement ”) entered into in
connection therewith, (a) the Delayed Draw Term Lenders extend
credit to the Borrower in the form of Delayed Draw Term Loans in an
initial aggregate amount not to exceed the Delayed Draw Term
Commitments of the Delayed Draw Term Lenders, (b) the Dollar
Revolving Credit Lenders increase the Dollar Revolving Credit
Facility by an initial aggregate Dollar Amount of $25,000,000, (c)
the New Post-First Amendment and Restatement Synthetic L/C Lenders
extend the New Post-First Amendment and Restatement Synthetic L/C
Facility in an initial aggregate Dollar Amount of $25,000,000,
which New Facilities shall have substantially identical terms
and
1
conditions as the
Original Facilities and (d) the Euro Term Lenders consent to the
changes to the Applicable Rate for Euro Term Loans set forth
herein.
The proceeds of
the Delayed Draw Term Loans will be used to (i) finance the
repayment of substantially all existing Indebtedness of Worldspan,
including without limitation, the repayment in full of Worldspan
Existing Credit Facilities, but excluding any Indebtedness set
forth on Schedule 7.03(b) , (ii) pay the consideration for
the Worldspan Acquisition, and (iii) pay costs and expenses related
to the Worldspan Transactions. Additionally, the Worldspan
PIK Notes will be cancelled. The proceeds of Revolving Credit
Loans made after the Worldspan Closing Date will be used for
working capital and other general corporate purposes of Holdings
and its Subsidiaries, including the financing of Permitted
Acquisitions. Swing Line Loans and Letters of Credit will be
used for general corporate purposes of Holdings and its
Subsidiaries.
The parties hereto
wish to amend and restate the First Amended and Restated Credit
Agreement in its entirety to (a) permit the Worldspan Acquisition
and the other Worldspan Transactions, (b) provide for the Delayed
Draw Term Loans, (c) provide for the increase in Revolving Credit
Commitments, (d) provide for the increase in the Post-First
Amendment and Restatement Synthetic L/C Commitments, (e)
incorporate repricing provisions for the Euro Term Loans and (f) to
make the other changes set forth herein.
The parties hereto
intend that (i) all Loans, Letters of Credit or other Credit
Extensions outstanding under the First Amended and Restated Credit
Agreement (each as defined in the First Amended and Restated Credit
Agreement) shall continue as Loans, Letters of Credit or other
Credit Extensions, as applicable, under this Agreement, (ii) all
amounts owing by the Borrower under the First Amended and Restated
Credit Agreement to any Person in respect of accrued and unpaid
interest and fees on the Loans, Commitments and Letters of Credit
(each as defined in the First Amended and Restated Credit
Agreement) shall continue to be due and owing on such Loans,
Commitments and Letters of Credit under this Agreement and (iii)
any Person entitled to the benefits of Article III or Section 10.05
of the First Amended and Restated Credit Agreement shall continue
to be entitled to the benefits of the corresponding provisions of
this Agreement.
In consideration
of the mutual covenants and agreements herein contained, the
parties hereto covenant and agree as follows:
ARTICLE I
Definitions and Accounting
Terms
SECTION 1.01
Defined Terms . As used in this Agreement, the
following terms shall have the meanings set forth below:
“
Acquired EBITDA ” means, with respect to any Acquired
Entity or Business for any period, the amount for such period of
Consolidated EBITDA of such Acquired Entity or Business (determined
as if references to Holdings, Borrower and the Restricted
Subsidiaries in the definition of Consolidated EBITDA were
references to such Acquired Entity or Business and its
Subsidiaries), all as determined on a consolidated basis for such
Acquired Entity or Business.
2
“
Acquired Entity or Business ” has the meaning
specified in the definition of the term “Consolidated
EBITDA”.
“ Act
” has the meaning specified in Section 10.21.
“
Additional Lender ” has the meaning specified in
Section 2.14(a).
“
Administrative Agent ” means UBS AG, Stamford Branch,
in its capacity as administrative agent under the Loan Documents,
or any successor administrative agent.
“
Administrative Agent’s Office ” means, with
respect to any currency, the Administrative Agent’s address
and, as appropriate, account as set forth on Schedule 10.02
with respect to such currency, or such other address or account
with respect to such currency as the Administrative Agent may from
time to time notify 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. “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.
“
Agent-Related Persons ” means the Agents, together
with their respective Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and
Affiliates.
“
Agents ” means, collectively, the Administrative
Agent, the Collateral Agent, the Syndication Agent, the
Co-Documentation Agents and the Supplemental Administrative Agents
(if any).
“
Aggregate Commitments ” means the Commitments of all
the Lenders.
“
Agreement ” means this Amended and Restated Credit
Agreement.
“
Agreement Currency ” has the meaning specified in
Section 10.19.
“
Alternative Currency ” means Sterling or
Euros.
“
Alternative Currency Revolving Credit Borrowing ”
means a borrowing consisting of simultaneous Alternative Currency
Revolving Credit Loans of the same Type and having the same
Interest Period made by each of the Alternative Currency Revolving
Credit Lenders pursuant to Section 2.01(c).
“
Alternative Currency Revolving Credit Commitment ”
means, as to each Alternative Currency Revolving Credit Lender, its
obligation to (a) make Alternative Currency
3
Revolving Credit
Loans to the Borrower pursuant to Section 2.01(c)(ii), (b) purchase
participations in Alternative Currency Revolving L/C Obligations
and (c) purchase participations 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 2.01 under the caption “Alternative Currency
Revolving Credit Commitment” or 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. The aggregate Dollar Amount
of Alternative Currency Revolving Credit Commitments of all
Alternative Currency Revolving Credit Lenders shall be $100,000,000
on the Second Amendment and Restatement Effective Date, as such
amount may be adjusted from time to time in accordance with the
terms of this Agreement.
“
Alternative Currency Revolving Credit Exposure ”
means, as to each Alternative Currency Revolving Credit Lender, the
sum of the outstanding principal amount of such Alternative
Currency Revolving Credit Lender’s Alternative Currency
Revolving Credit Loans and its Pro Rata Share of the Alternative
Currency Revolving L/C Obligations at such time.
“
Alternative Currency Revolving Credit Facility ”
means, at any time, the aggregate Dollar Amount of the Alternative
Currency Revolving Credit Commitments at such time.
“
Alternative Currency Revolving Credit Lender ” means,
at any time, any Lender that has an Alternative Currency Revolving
Credit Commitment at such time.
“
Alternative Currency Revolving Credit Loan ” has the
meaning specified in Section 2.01(c)(ii).
“
Alternative Currency Revolving Credit Note ” means a
promissory note of the Borrower payable to any Alternative Currency
Revolving Credit Lender or its registered assigns, in substantially
the form of Exhibit C-5 hereto, evidencing the aggregate
Indebtedness of the Borrower to such Alternative Currency Revolving
Credit Lender resulting from the Alternative Currency Revolving
Credit Loans made by such Alternative Currency Revolving Credit
Lender.
“
Alternative Currency Revolving L/C Advance ” means,
with respect to each Alternative Currency Revolving Credit Lender,
such Lender’s funding of its participation in any Alternative
Currency Revolving L/C Borrowing in accordance with its Pro Rata
Share.
“
Alternative Currency Revolving L/C Borrowing ” means
an extension of credit resulting from a drawing under any
Alternative Currency Revolving Letter of Credit which has not been
reimbursed on the applicable Honor Date or refinanced as an
Alternative Currency Revolving Credit Borrowing.
“
Alternative Currency Revolving L/C Credit Extension ”
means, with respect to any Alternative Currency Revolving
Letter of Credit, the issuance thereof or extension of the expiry
date thereof, or the renewal or increase of the amount
thereof.
“
Alternative Currency Revolving L/C Issuer ”
means UBS AG, Stamford Branch and any other Lender that becomes an
Alternative Currency Revolving L/C Issuer in accordance with
Section 2.03(j) or 10.07(j), in each case, in its capacity as an
issuer of Alternative
4
Currency Revolving
Letters of Credit hereunder, or any successor issuer of Alternative
Currency Revolving Letters of Credit hereunder.
“
Alternative Currency Revolving L/C Obligations ”
means, as at any date of determination, the aggregate maximum
amount then available to be drawn under all outstanding Alternative
Currency Revolving Letters of Credit (whether or not such maximum
amount is then in effect under any such Alternative Currency
Revolving Letter of Credit if such maximum amount increases
periodically pursuant to the terms of such Alternative Currency
Revolving Letter of Credit) plus the aggregate of all
Unreimbursed Amounts in respect of Alternative Currency Revolving
Letters of Credit, including all Alternative Currency Revolving L/C
Borrowings.
“
Alternative Currency Revolving Letter of Credit ”
means a Letter of Credit denominated in an Alternative
Currency.
“
Amendment No. 1 ” has the meaning specified in the
preliminary statements hereto.
“
Applicable Rate ” means a percentage per annum equal
to, with respect to Revolving Credit Loans, unused Revolving Credit
Commitments, Revolving Letter of Credit fees, Tranche B Dollar Term
Loans, Euro Term Loans and Post-First Amendment and Restatement
Synthetic L/C facility fees, the following percentages per annum,
based upon the Total Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Administrative Agent
pursuant to Section 6.02(b) (or, until the first such Compliance
Certificate is delivered hereunder, the most recent Compliance
Certificate received by the Administrative Agent pursuant to
Section 6.02(b) of the First Amended and Restated Credit
Agreement):
|
Applicable Rate
|
|
|
Pricing
Level
|
|
Total Leverage
Ratio
|
|
Eurocurrency
Rate for Revolving
Credit Loans
and Revolving
Letter of
Credit Fees
|
|
Base Rate
for
Revolving
Credit
Loans
|
|
Commitment
Fee Rate
|
|
Post-First
Amendment and
Restatement
Synthetic L/C
Facility Fee
|
|
Eurocurrency
Rate for
Tranche B
Dollar Term
Loans and
Euro Term
Loans
|
|
Base Rate for
Tranche B
Dollar Term
Loans
|
|
|
1
|
|
>4.5:1
|
|
2.75
|
%
|
1.75
|
%
|
0.50
|
%
|
2.50
|
%
|
2.50
|
%
|
1.50
|
%
|
|
2
|
|
< 4.5:1 but > 4.0:1
|
|
2.50
|
%
|
1.50
|
%
|
0.50
|
%
|
2.25
|
%
|
2.25
|
%
|
1.25
|
%
|
|
3
|
|
< 4.0:1 but > 3.5:1
|
|
2.25
|
%
|
1.25
|
%
|
0.50
|
%
|
2.25
|
%
|
2.25
|
%
|
1.25
|
%
|
|
4
|
|
< 3.5:1 but >3.0:1
|
|
2.00
|
%
|
1.00
|
%
|
0.375
|
%
|
2.25
|
%
|
2.25
|
%
|
1.25
|
%
|
|
5
|
|
< 3.0:1
|
|
1.75
|
%
|
0.75
|
%
|
0.375
|
%
|
2.25
|
%
|
2.25
|
%
|
1.25
|
%
|
Any increase or
decrease in the Applicable Rate resulting from a change in the
Total 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 that at the option of the Administrative Agent or
the Required Lenders, the highest Pricing Level shall apply (x) as
of the first Business Day after the date on which a Compliance
Certificate was required to have been delivered but was not
delivered, and shall continue to so apply to and including the date
on
5
which such Compliance
Certificate is so delivered (and thereafter the Pricing Level
otherwise determined in accordance with this definition shall
apply) and (y) as of the first Business Day after an Event of
Default under Section 8.01(a) shall have occurred and be
continuing, and shall continue to so apply to but excluding the
date on which such Event of Default is cured or waived (and
thereafter the Pricing Level otherwise determined in accordance
with this definition shall apply).
“
Appropriate Lender ” means, at any time, (a) with
respect to Loans of any Class, the Lenders of such Class, (b) with
respect to Letters of Credit, (i) the relevant L/C Issuers and (ii)
(x) with respect to any Dollar Revolving Letters of Credit issued
pursuant to Section 2.03(a), the Dollar Revolving Credit Lenders,
(y) with respect to any Alternative Currency Revolving Letters of
Credit issued pursuant to Section 2.03(a), the Alternative Currency
Revolving Credit Lenders and (z) with respect to any Synthetic L/C
Letters of Credit issued pursuant to Section 2.03(a), the
Post-First Amendment and Restatement Synthetic L/C Lenders and (c)
with respect to the Swing Line Facility, (i) the Swing Line Lender
and (ii) if any Swing Line Loans are outstanding pursuant to
Section 2.04(a), the Dollar Revolving Credit Lenders.
“
Approved Bank ” has the meaning specified in clause
(c) of the definition of “Cash Equivalents”.
“
Approved Fund ” means, with respect to any Lender, any
Fund that is administered, advised or managed by (a) such Lender,
(b) an Affiliate of such Lender or (c) an entity or an Affiliate of
an entity that administers, advises or manages such
Lender.
“
Arrangers ” means UBS Securities LLC and Credit Suisse
Securities (USA) LLC, each in its capacity as a Joint Bookrunner
and a Co-Lead Arranger under this Agreement.
“
Assignees ” has the meaning specified in Section
10.07(b).
“
Assignment and Assumption ” means an Assignment and
Assumption substantially in the form of Exhibit E
.
“
Attorney Costs ” means and includes all reasonable
fees, expenses and disbursements of any law firm or other external
legal counsel.
“
Attributable Indebtedness ” means, on any date, 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.
“ Audited
Financial Statements ” means the Original Closing Date
Audited Financial Statements and the Worldspan Closing Date Audited
Financial Statements.
“
Auto-Renewal Letter of Credit ” has the meaning
specified in Section 2.03(b)(iii).
“ 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 UBS AG, Stamford Branch as
its “prime rate.” The
6
“prime
rate” is a rate set by UBS AG, Stamford Branch based upon
various factors including UBS AG, Stamford Branch 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 UBS AG, Stamford Branch shall take effect at the
opening of business on the day specified in the public announcement
of such change.
“ Base
Rate Loan ” means a Loan that bears interest based on the
Base Rate.
“
Borrower ” has the meaning specified in the
introductory paragraph to this Agreement.
“
Borrowing ” means a Revolving Credit Borrowing, a
Swing Line Borrowing, a Term Borrowing or a Post-First Amendment
and Restatement Synthetic L/C 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 with respect to Obligations
denominated in Dollars is located and:
(a)
if such day relates to any interest rate settings as to a
Eurocurrency Rate Loan denominated in Dollars, any fundings,
disbursements, settlements and payments in Dollars in respect of
any such Eurocurrency Rate Loan, or any other dealings in Dollars
to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means any such day on which dealings in
deposits in Dollars are conducted by and between banks in the
London interbank eurodollar market;
(b)
if such day relates to any interest rate settings as to a
Eurocurrency Rate Loan denominated in Euros, any fundings,
disbursements, settlements and payments in Euros in respect of any
such Eurocurrency Rate Loan, or any other dealings in Euros to be
carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means a TARGET Day; and
(c)
if such day relates to any interest rate settings as to a
Eurocurrency Rate Loan denominated in Sterling, any fundings,
disbursements, settlements and payments in Sterling in respect of
any such Eurocurrency Rate Loan, or any other dealings in Sterling
to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means any such day on which dealings in
deposits in Sterling are conducted by and between banks in the
London interbank eurodollar market.
“ Capital
Expenditures ” means, for any period, the aggregate of
(a) all expenditures (whether paid in cash or accrued as
liabilities) by Holdings, the Borrower and the Restricted
Subsidiaries during such period that, in conformity with GAAP, are
or are required to be included as additions during such period to
property, plant or equipment reflected in the consolidated balance
sheet of Holdings, the Borrower and the Restricted Subsidiaries,
(b) all Capitalized Software Expenditures for such period and (c)
the value of all assets under Capitalized Leases incurred by
Holdings, the Borrower and the Restricted Subsidiaries during such
period; provided
7
that the term
“Capital Expenditures” shall not include (i)
expenditures made in connection with the replacement, substitution,
restoration or repair of assets to the extent financed with (x)
insurance proceeds paid on account of the loss of or damage to the
assets being replaced, restored or repaired or (y) awards of
compensation arising from the taking by eminent domain or
condemnation of the assets being replaced, (ii) the purchase price
of equipment that is purchased simultaneously with the trade-in of
existing equipment to the extent that the gross amount of such
purchase price is reduced by the credit granted by the seller of
such equipment for the equipment being traded in at such time,
(iii) the purchase of plant, property or equipment or software to
the extent financed with the proceeds of Dispositions that are not
required to be applied to prepay Term Loans pursuant to Section
2.05(b), (iv) expenditures that constitute any part of Consolidated
Lease Expense, (v) expenditures that are accounted for as capital
expenditures by Holdings, the Borrower or any Restricted Subsidiary
and that actually are paid for by a Person other than Holdings, the
Borrower or any Restricted Subsidiary and for which none of
Holdings, the Borrower or any Restricted Subsidiary has provided or
is required to provide or incur, directly or indirectly, any
consideration or obligation to such Person or any other Person
(whether before, during or after such period), (vi) the book value
of any asset owned by Holdings, the Borrower or any Restricted
Subsidiary prior to or during such period to the extent that such
book value is included as a capital expenditure during such period
as a result of such Person reusing or beginning to reuse such asset
during such period without a corresponding expenditure actually
having been made in such period; provided that (x) any
expenditure necessary in order to permit such asset to be reused
shall be included as a Capital Expenditure during the period in
which such expenditure actually is made and (y) such book value
shall have been included in Capital Expenditures when such asset
was originally acquired, or (vii) expenditures that constitute
Permitted Acquisitions.
“
Capitalized Leases ” means all leases that have been
or should be, in accordance with GAAP, recorded as capitalized
leases; provided that for all purposes hereunder the amount
of obligations under any Capitalized Lease shall be the amount
thereof accounted for as a liability in accordance with
GAAP.
“
Capitalized Software Expenditures ” means, for any
period, the aggregate of all expenditures (whether paid in cash or
accrued as liabilities) by the Borrower and the Restricted
Subsidiaries during such period in respect of purchased software or
internally developed software and software enhancements that, in
conformity with GAAP, are or are required to be reflected as
capitalized costs on the consolidated balance sheet of the Borrower
and the Restricted Subsidiaries.
“ Cash
Collateral ” has the meaning specified in Section
2.03(f).
“ Cash
Collateral Account ” means a blocked account at UBS AG,
Stamford Branch (or another commercial bank selected in compliance
with Section 9.09) in the name of the Administrative Agent and
under the sole dominion and control of the Administrative Agent,
and otherwise established in a manner satisfactory to the
Administrative Agent.
“ Cash
Collateralize ” has the meaning specified in Section
2.03(f).
8
“ Cash
Equivalents ” means any of the following types of
Investments, to the extent owned by Holdings, the Borrower or any
Restricted Subsidiary:
(a)
Dollars, Euros or, in the case of any Foreign Subsidiary, such
local currencies held by it from time to time in the ordinary
course of business;
(b)
readily marketable obligations issued or directly and fully
guaranteed or insured by the government or any agency or
instrumentality of (i) the United States or (ii) any member nation
of the European Union, in each case having average maturities of
not more than 12 months from the date of acquisition thereof;
provided that the full faith and credit of the United States
or a member nation of the European Union is pledged in support
thereof;
(c)
time deposits with, or insured certificates of deposit or
bankers’ acceptances of, any commercial bank that (i) is a
Lender or (ii) (A) is organized under the Laws of the United
States, any state thereof, the District of Columbia or any member
nation of the Organization for Economic Cooperation and Development
or is the principal banking Subsidiary of a bank holding company
organized under the Laws of the United States, any state thereof,
the District of Columbia or any member nation of the Organization
for Economic Cooperation and Development, and is a member of the
Federal Reserve System, and (B) has combined capital and surplus of
at least $250,000,000 (any such bank in the foregoing clauses (i)
or (ii) being an “ Approved Bank ”), in each
case with average maturities of not more than 12 months from the
date of acquisition thereof;
(d)
commercial paper and variable or fixed rate notes issued by an
Approved Bank (or by the parent company thereof) or any variable or
fixed rate note issued by, or guaranteed by, a corporation rated
A-2 (or the equivalent thereof) or better by S&P or P-2 (or the
equivalent thereof) or better by Moody’s, in each case with
average maturities of not more than 12 months from the date of
acquisition thereof;
(e)
repurchase agreements entered into by any Person with a bank or
trust company (including any of the Lenders) or recognized
securities dealer, in each case, having capital and surplus in
excess of $250,000,000 for direct obligations issued by or fully
guaranteed or insured by the government or any agency or
instrumentality of (i) the United States or (ii) any member nation
of the European Union, in which such Person shall have a perfected
first priority security interest (subject to no other Liens) and
having, on the date of purchase thereof, a fair market value of at
least 100% of the amount of the repurchase obligations;
(f)
securities with average maturities of 12 months or less from the
date of acquisition issued or fully guaranteed by any state,
commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or
territory or by any foreign government having an investment grade
rating from either S&P or Moody’s (or the equivalent
thereof);
9
(g)
Investments with average maturities of 12 months or less from the
date of acquisition in money market funds rated AAA- (or the
equivalent thereof) or better by S&P or Aaa3 (or the equivalent
thereof) or better by Moody’s;
(h)
instruments equivalent to those referred to in clauses (a) through
(g) above denominated in Euros or any other foreign currency
comparable in credit quality and tenor to those referred to above
and customarily used by corporations for cash management purposes
in any jurisdiction outside the United States to the extent
reasonably required in connection with any business conducted by
any Restricted Subsidiary organized in such jurisdiction; and
(i)
Investments, classified in accordance with GAAP as current assets
of Holdings, the Borrower or any Restricted Subsidiary, in money
market investment programs which are registered under the
Investment Company Act of 1940 or which are administered by
financial institutions having capital of at least $250,000,000,
and, in either case, the portfolios of which are limited such that
substantially all of such investments are of the character, quality
and maturity described in clauses (a) through (h) of this
definition.
“ Cash
Management Bank ” means any Lender or any Affiliate of a
Lender providing cash management services to Holdings, the Borrower
or any Restricted Subsidiary.
“ Cash
Management Obligations ” means obligations owed by
Holdings, the Borrower or any Restricted Subsidiary to any Lender
or any Affiliate of a Lender in respect of any overdraft and
related liabilities arising from treasury, depository and cash
management services (including in respect of liabilities arising
from purchase cards, travel and entertainment cards, or other card
services) or any automated clearing house transfers of
funds.
“
Casualty Event ” means any event that gives rise to
the receipt by Holdings, the Borrower or any Restricted Subsidiary
of any insurance proceeds or condemnation awards in respect of any
equipment, fixed assets or real property (including any
improvements thereon) to replace or repair such equipment, fixed
assets or real property.
“
CERCLA ” means the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as subsequently
amended.
“
CERCLIS ” means the Comprehensive Environmental
Response, Compensation and Liability Information System maintained
by the U.S. Environmental Protection Agency.
“ Change
of Control ” means the earliest to occur of
(a) the Permitted
Holders ceasing to have the power, directly or indirectly, to vote
or direct the voting of securities having a majority of the
ordinary voting power for the election of directors of Holdings;
provided that the occurrence of the foregoing event shall
not be deemed a Change of Control if,
(i)
any time prior to the consummation of a Qualifying IPO, and for any
reason whatsoever, (A) the Permitted Holders otherwise have the
right, directly or indirectly,
10
to
designate (and do so designate) a majority of the board of
directors of Holdings at such time or (B) the Permitted Holders own
a majority of the outstanding voting Equity Interests of Holdings
at such time, or
(ii)
at any time upon or after the consummation of a Qualifying IPO, and
for any reason whatsoever, (A) no “person” or
“group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act, but excluding any employee benefit plan
of such person and its Subsidiaries, and any person or entity
acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan), excluding the Permitted Holders,
shall become the “beneficial owner” (as defined in
Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly,
of more than the greater of (x) thirty-five percent (35%) of the
then outstanding voting stock of Holdings and (y) the percentage of
the then outstanding voting stock of Holdings owned, directly or
indirectly, beneficially by the Permitted Holders, and (B) during
each period of twelve (12) consecutive months, the board of
directors of Holdings shall consist of a majority of the Continuing
Directors; or
(b)
any “Change of Control” (or any comparable term) in any
document pertaining to the High Yield Notes or any Junior Financing
with an aggregate outstanding principal amount in excess of the
Threshold Amount; or
(c)
at any time prior to a Qualifying IPO of the Borrower, the Borrower
ceasing to be a directly or indirectly wholly owned Subsidiary of
Holdings.
“
Class ” (a) when used with respect to Lenders, refers
to whether such Lenders are Dollar Revolving Credit Lenders,
Alternative Currency Revolving Credit Lenders, Tranche B Dollar
Term Lenders, Euro Term Lenders or Post-First Amendment and
Restatement Synthetic L/C Lenders, (b) when used with respect to
Commitments, refers to whether such Commitments are Dollar
Revolving Credit Commitments, Alternative Currency Revolving Credit
Commitments, Tranche B Dollar Term Commitments, Euro Term
Commitments or Post-First Amendment and Restatement Synthetic L/C
Commitments and (c) when used with respect to Loans or a Borrowing,
refers to whether such Loans, or the Loans comprising such
Borrowing, are Dollar Revolving Credit Loans, Alternative Currency
Revolving Credit Loans, Tranche B Dollar Term Loans, Euro Term
Loans or Post-First Amendment and Restatement Synthetic L/C
Loans.
“
Code ” means the U.S. Internal Revenue Code of 1986,
as amended from time to time, and rules and regulations related
thereto.
“
Co-Documentation Agents ” means Lehman Brothers Inc.,
J.P. Morgan Securities Inc. and Goldman Sachs Credit Partners L.P.,
as Co-Documentation Agents under this Agreement.
“
Collateral ” means all the “Collateral” as
defined in any Collateral Document and shall include the Mortgaged
Properties.
“
Collateral Agent ” means UBS AG, Stamford Branch, in
its capacity as collateral agent under any of the Loan Documents,
or any successor collateral agent.
11
“
Collateral and Guarantee Requirement ” means, at any
time, the requirement that:
(a)
the Administrative Agent shall have received each Collateral
Document required to be delivered (i) on the Original Closing Date
pursuant to Section 4.01(a)(iii) of the Original Credit Agreement,
(ii) on the Worldspan Closing Date pursuant to Section 4.01(a)(iii)
or (iii) pursuant to Section 6.11 at such time, duly executed by
each Loan Party thereto;
(b)
all Obligations shall have been unconditionally guaranteed (the
“ Guarantees ”) by Holdings, any Intermediate
Holding Company and each Restricted Subsidiary of Holdings that is
a Domestic Subsidiary and not an Excluded Subsidiary (each, a
“ Guarantor ”);
(c)
all guarantees issued or to be issued in respect of the Senior
Subordinated Notes (i) shall be subordinated to the Guarantees to
the same extent that the Senior Subordinated Notes are subordinated
to the Obligations and (ii) shall provide for their automatic
release upon a release of the corresponding Guarantee;
(d)
the Obligations and the Guarantees shall have been secured by a
first-priority security interest in (i) all the Equity Interests of
the Borrower, (ii) all Equity Interests (other than Equity
Interests of Unrestricted Subsidiaries and any Equity Interest of
any Restricted Subsidiary pledged to secure Indebtedness permitted
under Section 7.03(g)) of each wholly owned Domestic Subsidiary of
Holdings that is the direct Subsidiary of Holdings, an Intermediate
Holding Company or a Domestic Subsidiary of Holdings, and (iii) 65%
the issued and outstanding Equity Interests of each wholly owned
Foreign Subsidiary that is directly owned by Holdings, an
Intermediate Holding Company, the Borrower or any Domestic
Subsidiary of Holdings that is a Guarantor;
(e)
except to the extent otherwise permitted hereunder or under any
Collateral Document, the Obligations and the Guarantees shall have
been secured by a perfected security interest in, and mortgages on,
substantially all tangible and intangible assets of Holdings, the
Borrower and each other Guarantor (including accounts (other than
deposit accounts or other bank or securities accounts), inventory,
equipment, investment property, contract rights, intellectual
property, other general intangibles, owned (but not leased) real
property and proceeds of the foregoing), in each case, with the
priority required by the Collateral Documents; provided that
security interests in real property shall be limited to the
Mortgaged Properties;
(f)
none of the Collateral shall be subject to any Liens other than
Liens permitted by Section 7.01; and
(g)
the Collateral Agent shall have received (i) counterparts of a
Mortgage with respect to (x) the owned real property of the Loan
Parties located at 5350 South Valentia Way, Greenwood Village,
Colorado delivered in accordance with Section 6.16 of the Original
Credit Agreement and (y) each owned property required to be
delivered pursuant to Section 6.11 (the “ Mortgaged
Properties ”) duly executed and delivered by
12
the
record owner of such property, (ii) a policy or policies of title
insurance issued by a nationally recognized title insurance company
insuring the Lien of each such Mortgage as a valid Lien on the
property described therein, free of any other Liens except as
expressly permitted by Section 7.01, together with such
endorsements, coinsurance and reinsurance as the Administrative
Agent may reasonably request, and (iii) such existing surveys,
existing abstracts, existing appraisals, legal opinions and other
documents as the Administrative Agent may reasonably request with
respect to any such Mortgaged Property.
The foregoing
definition shall not require the creation or perfection of pledges
of or security interests in, or the obtaining of title insurance or
surveys with respect to, particular assets if and for so long as,
in the reasonable judgment of the Administrative Agent (confirmed
in writing by notice to the Borrower), the cost of creating or
perfecting such pledges or security interests in such assets or
obtaining title insurance or surveys in respect of such assets
shall be excessive in view of the benefits to be obtained by the
Lenders therefrom. The Administrative Agent may grant
extensions of time for the perfection of security interests in or
the obtaining of title insurance with respect to particular assets
(including extensions beyond the Original Closing Date for the
perfection of security interests in the assets of the Loan Parties
on such date) where it reasonably determines, in consultation with
the Borrower, that perfection cannot be accomplished without undue
effort or expense by the time or times at which it would otherwise
be required by this Agreement or the Collateral
Documents.
Notwithstanding
the foregoing provisions of this definition or anything in this
Agreement or any other Loan Document to the contrary, (a) with
respect to leases of real property entered into by the Borrower or
any other Guarantor, the Borrower shall not be required to take any
action with respect to creation or perfection of security interests
with respect to such leases and (b) Liens required to be granted
from time to time pursuant to the Collateral and Guarantee
Requirement shall be subject to exceptions and limitations set
forth in the Collateral Documents as in effect on the Original
Closing Date and, to the extent appropriate in the applicable
jurisdiction, as agreed between the Administrative Agent and the
Borrower.
“
Collateral Documents ” means, collectively, the
Security Agreement, the Intellectual Property Security Agreement,
the Mortgages, each of the mortgages, collateral assignments,
Security Agreement Supplements, security agreements, pledge
agreements or other similar agreements delivered to the Collateral
Agent for the benefit of the Lenders pursuant to Section 6.11 or
Section 6.13, the Guaranty and each of the other agreements,
instruments or documents that creates or purports to create a Lien
or Guarantee in favor of the Administrative Agent or the Collateral
Agent, as the case may be, for the benefit of the Secured
Parties.
“
Commitment ” means a Term Commitment, a Delayed Draw
Term Commitment, an Original Tranche B Dollar Term Commitment, a
Revolving Credit Commitment or a Post-First Amendment and
Restatement Synthetic L/C Commitment as the context may
require.
“
Commitment Letter ” means the Commitment Letter dated
December 7, 2006 among Travelport LLC, Credit Suisse, Credit Suisse
Securities (USA) LLC, Lehman Commercial Paper Inc., Lehman Brothers
Inc., UBS Loan Finance LLC, UBS AG, Stamford Branch and UBS
Securities LLC, JPMorgan Chase Bank, N.A., J.P. Morgan Securities
Inc. and Goldman Sachs Credit Partners L.P.
13
“
Committed Loan Notice ” means a notice of (a) a Term
Borrowing, (b) a Revolving Credit Borrowing, (c) a Post-First
Amendment and Restatement Synthetic L/C Borrowing, (d) a conversion
of Loans from one Type to the other, or (e) a continuation of
Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in
writing, shall be substantially in the form of
Exhibit A .
“
Compensation Period ” has the meaning specified in
Section 2.12(c)(ii).
“
Compliance Certificate ” means a certificate
substantially in the form of Exhibit D .
“
Consolidated EBITDA ” means, for any period, the
Consolidated Net Income for such period, plus :
(a)
without duplication and to the extent already deducted (and not
added back) in arriving at such Consolidated Net Income, the sum of
the following amounts for such period:
(i)
total interest expense and, to the extent not reflected in such
total interest expense, any losses on hedging obligations or other
derivative instruments entered into for the purpose of hedging
interest rate risk, net of interest income and gains on such
hedging obligations, and costs of surety bonds in connection with
financing activities,
(ii)
provision for taxes based on income, profits or capital of
Holdings, the Borrower and the Restricted Subsidiaries, including
state, franchise and similar taxes (such as the Pennsylvania
capital tax) and foreign withholding taxes paid or accrued during
such period,
(iii)
depreciation and amortization including amortization of Capitalized
Software Expenditures,
(iv)
Non-Cash Charges,
(v)
extraordinary losses and unusual or non-recurring charges,
severance, relocation costs and curtailments or modifications to
pension and post-retirement employee benefit plans,
(vi)
restructuring charges or reserves (including restructuring costs
related to acquisitions after the date hereof and to
closure/consolidation of facilities),
(vii)
any deductions attributable to minority interests,
(viii)
the amount of management, monitoring, consulting and advisory fees
and related expenses paid to the Sponsor to the extent permitted
hereunder,
14
(ix)
the amount of any restructuring charges, integration costs or other
business optimization expenses or reserves deducted (and not added
back) in such period in computing Consolidated Net Income,
including any one-time costs incurred in connection with
acquisitions after the Original Closing Date and costs related to
the closure and/or consolidation of facilities, the separation from
Cendant Corporation and the business-to-consumer platform,
(x)
any costs or expenses incurred by Holdings, the Borrower or a
Restricted Subsidiary pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan
or agreement or any stock subscription or shareholder agreement, to
the extent that such costs or expenses are funded with cash
proceeds contributed to the capital of Holdings, the Borrower or
net cash proceeds of an issuance of Equity Interests of Holdings
(other than Disqualified Equity Interests),
(xi)
the amount of net cost savings projected by the Borrower in good
faith to be realized as a result of specified actions taken during
or prior to such period (calculated on a pro forma basis as though
such cost savings had been realized on the first day of such
period), net of the amount of actual benefits realized during such
period from such actions; provided that (A) such cost
savings are reasonably identifiable and factually supportable,
(B) such actions are taken no later than 36 months after the
Original Closing Date, (C) no cost savings shall be added pursuant
to this clause (xi) to the extent duplicative of any expenses or
charges relating to such cost savings that are included in clause
(vi) above with respect to such period and (D) the aggregate amount
of cost savings added pursuant to this clause (xi) shall not exceed
$150,000,000 for any period consisting of four consecutive
quarters,
(xii) without duplication of any amounts added
back to Consolidated EBITDA in such period pursuant to the last
clause (iii) of this definition of “Consolidated
EBITDA”, the amount of net cost savings resulting from the
Worldspan Acquisition projected by the Borrower in good faith to be
realized as a result of specified actions projected to be taken
(calculated on a pro forma basis as though such cost savings had
been realized on the first day of such period), net of the amount
of actual benefits realized during such period from such actions;
provided that (A) such cost savings are reasonably
identifiable and factually supportable, (B) no cost savings shall
be added pursuant to this clause (xii) to the extent duplicative of
any expenses or charges relating to such cost savings that are
included in clause (vi) above with respect to such period and (C)
the aggregate amount of cost savings added pursuant to this clause
(xii) shall not exceed $100,000,000 for any period consisting of
four consecutive quarters, and
(xiii) on and after the Worldspan Closing Date,
any payments with respect to the FASA Credits,
less
(b)
without duplication and to the extent included in arriving at such
Consolidated Net Income, the sum of the following amounts for such
period:
15
(i)
extraordinary gains and unusual or non-recurring gains,
(ii)
(a) non-cash gains (excluding any non-cash gain to the extent it
represents the reversal of an accrual or reserve for a potential
cash item that reduced Consolidated EBITDA in any prior period) and
(b) for the year ended December 31, 2005, an aggregate of (i) $12.5
million applicable to changes in estimates with respect to the
allowance for doubtful accounts, (ii) $11.1 million applicable to
changes in estimates of breakage revenues relating to vendor
liabilities and (iii) $2.7 million applicable to changes in
estimates with respect to Orbitz’s affinity credit
card-related liability, in each case as recorded on a quarterly
basis,
(iii)
gains on asset sales (other than asset sales in the ordinary course
of business),
(iv)
any net after-tax income from the early extinguishment of
Indebtedness or hedging obligations or other derivative
instruments, and
(v)
all gains from investments recorded using the equity method;
provided that Consolidated EBITDA shall be increased by the
amount of dividends or distributions or other payments from such
investment to a Loan Party or the Restricted Subsidiary which made
the investment that are actually paid in cash during such period
(or to the extent converted into cash during such period),
in each case, as
determined on a consolidated basis for Holdings, the Borrower and
the Restricted Subsidiaries in accordance with GAAP;
provided that, to the extent included in Consolidated Net
Income,
(i)
there shall be excluded in determining Consolidated EBITDA currency
translation gains and losses (after any offset) related to currency
remeasurements of Indebtedness (including the net loss or gain
resulting from Swap Contracts for currency exchange risk),
(ii)
there shall be excluded in determining Consolidated EBITDA for any
period any adjustments (after any offset) resulting from the
application of Statement of Financial Accounting Standards No. 133,
and
(iii)
without duplication of any amounts added back to Consolidated
EBITDA in such period pursuant to clause (xii) of this definition
of “Consolidated EBITDA”, there shall be included in
determining Consolidated EBITDA for any period, without
duplication, (A) the Acquired EBITDA of any Person, property,
business or asset acquired by Holdings, Intermediate Parent, the
Borrower or any Restricted Subsidiary during such period (but not
the Acquired EBITDA of any related Person, property, business or
assets to the extent not so acquired), to the extent not
subsequently sold, transferred or otherwise disposed by the
Borrower or such Restricted Subsidiary during such period (each
such Person, property, business or asset acquired and not
subsequently so disposed of, an “ Acquired Entity or
Business ”), based on the actual Acquired EBITDA of such
Acquired Entity or Business for such period (including the portion
thereof occurring prior to such acquisition) and (B) for the
purposes of the definition of the term “Permitted
Acquisition”
16
and
Section 7.11, an adjustment in respect of each Acquired Entity or
Business equal to the amount of the Pro Forma Adjustment with
respect to such Acquired Entity or Business for such period
(including the portion thereof occurring prior to such acquisition)
as specified in a certificate executed by a Responsible Officer and
delivered to the Lenders and the Administrative Agent and (C) for
purposes of determining the Total Leverage Ratio only, there shall
be excluded in determining Consolidated EBITDA for any period the
Disposed EBITDA of any Person, property, business or asset sold,
transferred or otherwise disposed of, closed or classified as
discontinued operations by Holdings, the Borrower or any Restricted
Subsidiary during such period (each such Person, property, business
or asset so sold or disposed of, a “ Sold Entity or
Business ”), based on the actual Disposed EBITDA of such
Sold Entity or Business for such period (including the portion
thereof occurring prior to such sale, transfer or
disposition).
For the purpose of the
definition of Consolidated EBITDA, “ Non-Cash Charges
” means (a) losses on discontinued operations and asset
sales, disposals or abandonments (including, without limitation,
the Travel 2 Travel 4 operations being disposed), (b) any
impairment charge or asset write-off including, without limitation,
those related to intangible assets, long-lived assets, and
investments in debt and equity securities, in each case, pursuant
to GAAP, (c) all losses from investments recorded using the equity
method, (d) stock-based awards compensation expense, and (e)
other non-cash charges including, without limitation, the
amortization of up-front bonuses in connection with the supplier
services business ( provided that if any non-cash charges
referred to in this clause (e) represent an accrual or reserve for
potential cash items in any future period, the cash payment in
respect thereof in such future period shall be subtracted from
Consolidated EBITDA to such extent, and excluding amortization of a
prepaid cash item that was paid in a prior period).
“
Consolidated Lease Expense ” means, for any period,
all rental expenses of Holdings, the Borrower and the Restricted
Subsidiaries during such period under operating leases for real or
personal property (including in connection with sale-leaseback
transactions permitted by Section 7.05(f)), excluding real estate
taxes, insurance costs and common area maintenance charges and net
of sublease income, other than (a) obligations under vehicle leases
entered into in the ordinary course of business, (b) all such
rental expenses associated with assets acquired pursuant to a
Permitted Acquisition to the extent such rental expenses relate to
operating leases in effect at the time of (and immediately prior
to) such acquisition and related to periods prior to such
acquisition and (c) all obligations under Capitalized Leases, all
as determined on a consolidated basis in accordance with
GAAP.
“
Consolidated Net Income ” means, for any period, the
net income (loss) of Holdings, the Borrower and the Restricted
Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP, excluding, without duplication, (a) the net
income of any Restricted Subsidiary of Holdings (other than any
Guarantors) during such period to the extent that the declaration
or payment of dividends or similar distributions by such Restricted
Subsidiary of that income is not permitted by operation of the
terms of its organizational documents or any agreement, instrument
or requirement of law or regulation applicable to that Restricted
Subsidiary during such period unless such restriction has been
legally waived (b) extraordinary items for such period,
(c) the cumulative effect of a change in accounting principles
during such period to the extent included in Consolidated Net
Income, (d) in the case of any period that includes a
17
period ending
prior to or during the fiscal quarter ending June 30, 2007,
Transaction Expenses, (e) any fees and expenses incurred during
such period, or any amortization thereof for such period, in
connection with any acquisition, investment, asset disposition,
issuance or repayment of debt, issuance of equity securities,
refinancing transaction or amendment or other modification of any
debt instrument (in each case, including any such transaction
consummated prior to the Original Closing Date and any such
transaction undertaken but not completed) and any charges or
integration or non-recurring merger costs incurred during such
period as a result of any such transaction (including, without
limitation, (i) bonuses paid in connection with the Gullivers
Travel Associates Acquisition and (ii) any adjustments to
liabilities owing to former owners of Orbitz under a tax sharing
agreement), (f) any income (loss) for such period attributable to
the early extinguishment of Indebtedness and (g) (i) accruals and
reserves that are established within twelve months after the
Original Closing Date that are so required to be established as a
result of the Original Closing Date Transactions in accordance with
GAAP and (ii) accruals and reserves that are established within
twelve months after the Worldspan Closing Date that are so required
to be established as a result of the Worldspan Transactions in
accordance with GAAP; provided that, for the avoidance of
doubt, any net income attributable to a Restricted Subsidiary shall
only constitute Consolidated Net Income after deducting for any
minority interests in such Restricted Subsidiary. There shall
be excluded from Consolidated Net Income for any period the
purchase accounting effects of adjustments to property and
equipment, software and other intangible assets, deferred revenue
and debt line items in component amounts required or permitted by
GAAP and related authoritative pronouncements (including the
effects of such adjustments pushed down to Holdings, the Borrower
and the Restricted Subsidiaries), as a result of the Transaction,
any acquisition consummated prior to the Original Closing Date, any
Permitted Acquisitions, or the amortization or write-off of any
amounts thereof, net of taxes (other than the impact of unfavorable
contract liabilities and commission agreements under purchase
accounting). In addition, on and after the Worldspan Closing
Date, FASA Credits provided by Worldspan, L.P. to Northwest or
Delta shall reduce consolidated net income in the period in which
such credit was provided regardless of accounting treatment in
accordance with GAAP, except to the extent FASA Credits have been
prepaid with the proceeds of debt issuances by
Worldspan.
“
Consolidated Total Debt ” means, as of any date of
determination, (a)(i) the aggregate principal amount of
Indebtedness of Holdings, the Borrower and the Restricted
Subsidiaries outstanding on such date, determined on a consolidated
basis in accordance with GAAP (but excluding the effects of any
discounting of Indebtedness resulting from the application of
purchase accounting in connection with the Transaction or any
Permitted Acquisition), consisting of Indebtedness for borrowed
money, obligations in respect of Capitalized Leases and debt
obligations evidenced by promissory notes or similar instruments,
plus (ii) on and after the Worldspan Closing Date, the
present value of all remaining payments due under the FASA Credits
at an assumed 11% discount rate (unless remaining payments under
the FASA Credits are classified as a liability on the consolidated
balance sheet of Holdings, the Borrower and the Restricted
Subsidiaries at such date, determined on a consolidated basis in
accordance with GAAP), in which case, the amount under this clause
(ii) shall be the amount of such liability, minus (b) the
aggregate amount of cash and Cash Equivalents (in each case, free
and clear of all Liens, other than nonconsensual Liens permitted by
Section 7.01 and Liens permitted by Section 7.01(s) and clauses (i)
and (ii) of Section 7.01(u)) included in the consolidated balance
sheet of Holdings, the Borrower and the Restricted Subsidiaries as
of such date; provided that Consolidated Total Debt shall
not include the Post-First Amendment and Restatement Synthetic
L/C
18
Facility or the
Post-First Amendment and Restatement Credit-Linked Deposits, except
to the extent of Unreimbursed Amounts thereunder (including in such
Unreimbursed Amounts outstanding Post-First Amendment and
Restatement Synthetic L/C Loans).
“
Consolidated Working Capital ” means, at any date, the
excess of (a) the sum of all amounts (other than cash and Cash
Equivalents) that would, in conformity with GAAP, be set forth
opposite the caption “total current assets” (or any
like caption) on a consolidated balance sheet of Holdings, the
Borrower and the Restricted Subsidiaries at such date over (b) the
sum of all amounts that would, in conformity with GAAP, be set
forth opposite the caption “total current liabilities”
(or any like caption) on a consolidated balance sheet of Holdings,
the Borrower and the Restricted Subsidiaries on such date,
including deferred revenue but excluding, without duplication, (i)
the current portion of any Funded Debt, (ii) all Indebtedness
consisting of Loans and L/C Obligations to the extent otherwise
included therein, (iii) the current portion of interest and (iv)
the current portion of current and deferred income
taxes.
“
Continuing Directors ” means the directors of Holdings
on the Original Closing Date, as elected or appointed after giving
effect to the Original Closing Date Transactions and the other
transactions contemplated hereby, and each other director, if, in
each case, such other directors’ nomination for election to
the board of directors of Holdings (or the Borrower after a
Qualifying IPO of the Borrower) is recommended by a majority of the
then Continuing Directors or such other director receives the vote
of the Permitted Holders in his or her election by the stockholders
of Holdings (or the Borrower after a Qualifying IPO of the
Borrower).
“
Contract Consideration ” has the meaning specified in
the definition of “Excess Cash Flow”.
“
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 ” has the meaning specified in the definition
of “Affiliate.”
“ Credit
Extension ” means each of the following: (a) a
Borrowing and (b) an L/C Credit Extension.
“
Cumulative Excess Cash Flow ” has the meaning
specified in Section 7.06(i).
“ 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 an interest rate equal to (a) the Base Rate
plus (b) the Applicable Rate, if any, applicable to Base
Rate Loans plus (c) 2.0% per annum; provided that
with
19
respect to a
Eurocurrency Rate Loan, the Default Rate shall be an interest rate
equal to the interest rate (including any Applicable Rate and any
Mandatory Cost) otherwise applicable to such Loan plus 2.0%
per annum, in each case, to the fullest extent permitted by
applicable Laws.
“
Defaulting Lender ” means any Lender that (a) has
failed to fund any portion of the Tranche B Dollar Term Loans, Euro
Term Loans, Revolving Credit Loans, participations in Revolving L/C
Obligations or participations in Swing Line Loans required to be
funded by it hereunder within one (1) Business Day of the date
required to be funded by it hereunder, unless the subject of a good
faith dispute or subsequently cured, (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 (1) Business
Day of the date when due, unless the subject of a good faith
dispute or subsequently cured, or (c) has been deemed insolvent or
become the subject of a bankruptcy or insolvency
proceeding.
“ Delayed
Draw Term Commitment ” means, as to each Delayed Draw
Term Lender, its obligation to make a Delayed Draw Term Loan to the
Borrower pursuant to Section 2.01(a)(ii) denominated in Dollars in
an aggregate Dollar Amount not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.01(a) under the
caption “Delayed Draw Term Commitment” or in the
Assignment and Assumption pursuant to which such Delayed Draw Term
Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement.
The initial aggregate amount of the Delayed Draw Term Commitments
is $1,040,000,000 as of the Second Amendment and Restatement
Effective Date.
“ Delayed
Draw Term Lender ” means, at any time, any Lender that
has a Delayed Draw Term Commitment or a Delayed Draw Term Loan at
such time.
“ Delayed
Draw Term Loan ” means a Loan made pursuant to Section
2.01(a)(ii).
“ Delayed
Draw Term Note ” means a promissory note of the Borrower
payable to any Delayed Draw Term Lender or its registered assigns,
in substantially the form of Exhibit C-2 hereto, evidencing
the aggregate Indebtedness of the Borrower to such Delayed Draw
Term Lender resulting from the Delayed Draw Term Loans made by such
Delayed Draw Term Lender.
“
Delta ” means Delta Air Lines, Inc., a Delaware
corporation.
“ Delta
FASA ” means the Delta Founder Airline Services
Agreement, dated as June 30, 2003, between Delta and the
Borrower.
“
Designated Non-Cash Consideration ” means the fair
market value of non-cash consideration received by Holdings, the
Borrower or a Restricted Subsidiary in connection with a
Disposition pursuant to Section 7.05(j) that is designated as
Designated Non-Cash Consideration pursuant to a certificate of a
Responsible Officer, setting forth the basis of such valuation
(which amount will be reduced by the fair market value of the
portion of the non-cash consideration converted to cash within 180
days following the consummation of the applicable
Disposition).
“
Disposed EBITDA ” means, with respect to any Sold
Entity or Business for any period, the amount for such period of
Consolidated EBITDA of such Sold Entity or Business
20
(determined as if
references to Holdings, the Borrower and the Restricted
Subsidiaries in the definition of Consolidated EBITDA were
references to such Sold Entity or Business and its Subsidiaries),
all as determined on a consolidated basis for such Sold Entity or
Business.
“
Disposition ” or “ Dispose ” means
the sale, transfer, license, lease or other disposition (including
any sale and leaseback transaction and any sale of Equity
Interests) of any property by any Person, 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; provided that “
Disposition ” and “ Dispose ” shall
not be deemed to include any issuance by Holdings of any of its
Equity Interests to another Person.
“
Disqualified Equity Interests ” means any Equity
Interest which, by its terms (or by the terms of any security or
other Equity Interests into which it is convertible or for which it
is exchangeable), or upon the happening of any event or condition
(a) matures or is mandatorily redeemable (other than solely
for Qualified Equity Interests), pursuant to a sinking fund
obligation or otherwise (except as a result of a change of control
or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be
subject to the prior repayment in full of the Loans and all other
Obligations that are accrued and payable and the termination of the
Commitments and all outstanding Letters of Credit), (b) is
redeemable at the option of the holder thereof (other than solely
for Qualified Equity Interests), in whole or in part, (c) provides
for the scheduled payments of dividends in cash, or (d) is or
becomes convertible into or exchangeable for Indebtedness or any
other Equity Interests that would constitute Disqualified Equity
Interests, in each case, prior to the date that is ninety-one (91)
days after the Maturity Date of the Term Loans.
“
Dollar ” and “ $ ” mean lawful
money of the United States.
“ Dollar
Amount ” means, at any time:
(a)
with respect to any Loan denominated in Dollars (including, with
respect to any Swing Line Loan, any funded participation therein),
the principal amount thereof then outstanding (or in which such
participation is held);
(b)
with respect to any Loan denominated in an Alternative Currency,
the principal amount thereof then outstanding in the relevant
Alternative Currency, converted to Dollars in accordance with
Section 1.08 and Section 2.15(a); and
(c)
with respect to any L/C Obligation (or any risk participation
therein), (A) if denominated in Dollars, the amount thereof and (B)
if denominated in an Alternative Currency, the amount thereof
converted to Dollars in accordance with Section 1.08 and Section
2.15(b).
“ Dollar
Refinanced Term Loans ” has the meaning specified in
Section 10.01.
“ Dollar
Replacement Term Loans ” has the meaning specified in
Section 10.01.
“ Dollar
Revolving Credit Borrowing ” means a borrowing consisting
of simultaneous Dollar Revolving Credit Loans of the same Type and,
in the case of Eurocurrency Rate
21
Loans, having the
same Interest Period made by each of the Dollar Revolving Credit
Lenders pursuant to Section 2.01(c)(i).
“ Dollar
Revolving Credit Commitment ” means, as to each Dollar
Revolving Credit Lender, its obligation to (a) make Dollar
Revolving Credit Loans to the Borrowers pursuant to Section
2.01(c)(i), (b) purchase participations in Dollar Revolving L/C
Obligations in respect of Dollar Revolving Letters of Credit and
(c) purchase participations in Swing Line Loans, in an aggregate
principal amount at any one time outstanding not to exceed the
amount set forth, and opposite such Lender’s name on Schedule
2.01 under the caption “Dollar Revolving Credit
Commitment” or 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. The aggregate Dollar Revolving Credit Commitments
of all Dollar Revolving Credit Lenders shall be $175,000,000 on the
Second Amendment and Restatement Effective Date, as such amount may
be adjusted from time to time in accordance with the terms of this
Agreement; provided that the aggregate Dollar Revolving
Credit Commitments of all Dollar Revolving Credit Lenders shall
increase to $200,000,000 on the Worldspan Closing Date, as such
amount may be adjusted from time to time in accordance with the
terms of this Agreement.
“ Dollar
Revolving Credit Exposure ” means, as to each Dollar
Revolving Credit Lender, the sum of the outstanding principal
amount of such Revolving Credit Lender’s Dollar Revolving
Credit Loans and its Pro Rata Share of the Dollar Revolving L/C
Obligations and the Swing Line Obligations at such time.
“ Dollar
Revolving Credit Facility ” means, at any time, the
aggregate Dollar Amount of the Dollar Revolving Credit Commitments
at such time.
“ Dollar
Revolving Credit Lender ” means an Original Dollar
Revolving Credit Lender, an Increased Original Dollar Revolving
Credit Lender or a New Dollar Revolving Credit Lender, as the
context may require, and are referred to collectively as the
“ Dollar Revolving Credit Lenders ”.
“ Dollar
Revolving Credit Loan ” has the meaning specified in
Section 2.01(c)(i).
“ Dollar
Revolving Credit Note ” means a promissory note of the
Borrower payable to any Dollar Revolving Credit Lender or its
registered assigns, in substantially the form of Exhibit C-4
hereto, evidencing the aggregate Indebtedness of the Borrower to
such Dollar Revolving Credit Lender resulting from the Dollar
Revolving Credit Loans made by such Revolving Credit
Lender.
“
Dollar Revolving L/C
Advance ” means, with respect to each Dollar Revolving
Credit Lender, such Lender’s funding of its participation in
any Dollar Revolving L/C Borrowing in accordance with its Pro Rata
Share.
“ Dollar
Revolving L/C Borrowing ” means an extension of credit
resulting from a drawing under any Dollar Revolving Letter of
Credit which has not been reimbursed on the applicable Honor Date
or refinanced as a Dollar Revolving Credit Borrowing.
22
“Dollar Revolving L/C
Credit Extension” means, with respect to any
Revolving Letter of Credit, the issuance thereof or extension of
the expiry date thereof, or the renewal or increase of the amount
thereof.
“Dollar Revolving L/C
Issuer ” means UBS AG, Stamford Branch and any
other Lender that becomes a Dollar Revolving L/C Issuer in
accordance with Section 2.03(j) or 10.07(j), in each case, in its
capacity as an issuer of Dollar Revolving Letters of Credit
hereunder, or any successor issuer of Dollar Revolving Letters of
Credit hereunder.
“ Dollar
Revolving L/C Obligation ” means, as at any date of
determination, the aggregate maximum amount then available to be
drawn under all outstanding Dollar Revolving Letters of Credit
(whether or not such maximum amount is then in effect under any
such Dollar Revolving Letter of Credit if such maximum amount
increases periodically pursuant to the terms of such Dollar
Revolving Letter of Credit) plus the aggregate of all Unreimbursed
Amounts in respect of Dollar Revolving Letters of Credit, including
all Dollar Revolving L/C Borrowings.
“ Dollar
Revolving Letter of Credit ” means a Letter of Credit
denominated in Dollars.
“ Dollar
Revolving Letter of Credit Sublimit ” means an amount
equal to the lesser of (a) $50,000,000 and (b) the aggregate Dollar
Amount of the Dollar Revolving Credit Commitments.
“
Domestic Subsidiary ” means any Subsidiary that is
organized under the Laws of the United States, any state thereof or
the District of Columbia.
“ ECF
Percentage ” has the meaning specified in Section
2.05(b).
“
Eligible Assignee ” means any Assignee permitted by
and consented to in accordance with Section 10.07(b).
“ EMU
Legislation ” means the legislative measures of the
European Council for the introduction of, changeover to or
operation of a single or unified European currency.
“
Environmental Laws ” means any and all Federal, state,
local, and foreign statutes, Laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions
relating to pollution, the protection of the environment, natural
resources, or, to the extent relating to exposure to Hazardous
Materials, human health or to the release of any materials into the
environment, including those related to hazardous substances or
wastes, air emissions and discharges to waste or public
systems.
“
Environmental Liability ” means any liability,
contingent or otherwise (including any liability for damages, costs
of environmental 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
23
Materials into the
environment 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, interests, rights, participations or other equivalents
(however designated) of capital stock of (or other ownership or
profit interests or units in) such Person and all of the warrants,
options or other rights for the purchase, acquisition or exchange
from such Person of any of the foregoing (including through
convertible securities).
“ Equity
Investors ” means the Sponsor, the Other Sponsor and the
Management Stockholders.
“
ERISA ” means the Employee Retirement Income Security
Act of 1974, as amended from time to time.
“ ERISA
Affiliate ” means any trade or business (whether or not
incorporated) that is under common control with any Loan Party
within the meaning of Section 414 of the Code or Section 4001 of
ERISA.
“ ERISA
Event ” means (a) a Reportable Event with respect to a
Pension Plan; (b) a withdrawal by any Loan Party 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 any Loan
Party 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, the treatment of a
Plan amendment as a termination under Sections 4041 or 4041A of
ERISA, 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; or (f) the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due
but not delinquent under Section 4007 of ERISA, upon any Loan Party
or any ERISA Affiliate.
“
Euro ” and “ EUR ” means the lawful
currency of the Participating Member States introduced in
accordance with EMU Legislation.
“ Euro
Refinanced Term Loans ” has the meaning specified in
Section 10.01.
“ Euro
Replacement Term Loans ” has the meaning specified in
Section 10.01.
“
Eurocurrency Rate ” means, for any Interest Period
with respect to any Eurocurrency Rate Loan or any Post-First
Amendment and Restatement Credit-Linked Deposit:
(a)
the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate that appears on the
page of the Dow Jones Market screen (or
24
any
successor thereto) that displays an average British Bankers
Association Interest Settlement Rate for deposits in Dollars or
Sterling (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period, determined as of
approximately 11:00 a.m. (London time) two (2) Business Days prior
to the first day of such Interest Period, or, if different, the
date on which quotations would customarily be provided by leading
banks in the London Interbank Market for deposits of amounts in the
relevant currency for delivery on the first day of such Interest
Period, or
(b)
if the rate referenced in the preceding clause (a) does not appear
on such page or service or such page or service shall not be
available, the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate on such other page or
other service that displays an average British Bankers Association
Interest Settlement Rate for deposits in Dollars or Sterling (for
delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately
11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period, or, if different, the date on which
quotations would customarily be provided by leading banks in the
London Interbank Market for deposits of amounts in the relevant
currency for delivery on the first day of such Interest Period,
(c)
if the rates referenced in the preceding clauses (a) and (b) are
not available, the rate per annum determined by the Administrative
Agent as the rate of interest at which deposits in Dollars or
Sterling for delivery on the first day of such Interest Period in
Same Day Funds in the approximate amount of the Eurocurrency Rate
Loan being made, continued or converted by UBS AG, Stamford Branch
and with a term equivalent to such Interest Period would be offered
by a London Affiliate of UBS AG, Stamford Branch to major banks in
the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two (2) Business Days prior
to the first day of such Interest Period or, if different, the date
on which quotations would customarily be provided by leading banks
in the London Interbank Market for deposits of amounts in the
relevant currency for delivery on the first day of such Interest
Period,
(d)
the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate that appears on the
Telerate page 248 (or any successor thereto) for deposits in Euros
(for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately
11:00 a.m. (Brussels time) two (2) Business Days prior to the first
day of such Interest Period, or, if different, the date on which
quotations would customarily be provided by leading banks in the
European interbank market for deposits of amounts in Euros for
delivery on the first day of such Interest Period,
(e)
if the rate referenced in the preceding clause (d) does not appear
on such page or service or such page or service shall not be
available, the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate on such other page or
other service that displays an average Banking Federation of the
European Union Interest Settlement Rate for deposits in Euros (for
delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately
11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest
25
Period, or, if different, the date on which
quotations would customarily be provided by leading banks in the
European interbank market for deposits of amounts in Euros for
delivery on the first day of such Interest Period, or
(f)
if the rates referenced in the preceding clauses (d) and (e) are
not available, the rate per annum determined by the Administrative
Agent as the rate of interest at which deposits in Euros for
delivery on the first day of such Interest Period in Same Day Funds
in the approximate amount of the Eurocurrency Rate Loan being made,
continued or converted by UBS AG, Stamford Branch and with a term
equivalent to such Interest Period would be offered by a London
Affiliate of UBS AG, Stamford Branch to major banks in the European
interbank market at their request at approximately 11:00 a.m.
(Brussels time) two (2) Business Days prior to the first day of
such Interest Period or, if different, the date on which quotations
would customarily be provided by leading banks in the European
interbank market for deposits of amounts in the relevant currency
for delivery on the first day of such Interest Period.
“
Eurocurrency Rate Loan ” means a Loan, whether
denominated in Dollars or in an Alternative Currency, that bears
interest at a rate based on the Eurocurrency Rate.
“ Euro
Term Commitment ” means, as to each Euro Term Lender, its
obligation to make a Euro Term Loan to the Borrower pursuant to
Section 2.01(b) in an aggregate Dollar Amount not to exceed the
amount set forth opposite such Lender’s name on Schedule
2.01(b) under the caption “Euro Term Commitment” or in
the Assignment and Assumption pursuant to which such Euro Term
Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement.
The initial aggregate amount of the Euro Term Commitments is
€620,000,000.
“ Euro
Term Lender ” means, at any time, any Lender that has a
Euro Term Commitment or a Euro Term Loan at such time.
“ Euro
Term Loan ” means a Loan made pursuant to Section
2.01(b).
“ Euro
Term Note ” means a promissory note of the Borrower
payable to any Euro Term Lender or its registered assigns, in
substantially the form of Exhibit C-3 hereto, evidencing the
aggregate Indebtedness of the Borrower to such Euro Term Lender
resulting from the Euro Term Loans made by such Euro Term
Lender.
“ Event
of Default ” has the meaning specified in Section
8.01.
“ Excess
Cash Flow ” means, for any period, an amount equal to the
excess of:
(a)
the sum, without duplication, of:
(i)
Consolidated Net Income for such period,
(ii)
an amount equal to the amount of all non-cash charges to the extent
deducted in arriving at such Consolidated Net Income,
26
(iii)
decreases in Consolidated Working Capital and long-term account
receivables for such period (other than any such decreases arising
from acquisitions (other than acquisitions of inventory in the
ordinary course of business) by Holdings, the Borrower and the
Restricted Subsidiaries completed during such period)), and
(iv)
an amount equal to the aggregate net non-cash loss on Dispositions
by Holdings, the Borrower and the Restricted Subsidiaries during
such period (other than Dispositions in the ordinary course of
business) to the extent deducted in arriving at such Consolidated
Net Income; over
(b)
the sum, without duplication, of:
(i)
an amount equal to the amount of all non-cash credits included in
arriving at such Consolidated Net Income and cash charges included
in clauses (a) through (f) of the definition of Consolidated Net
Income,
(ii)
without duplication of amounts deducted pursuant to clause (xi)
below in prior fiscal years, the amount of Capital Expenditures
made in cash, except to the extent that such Capital Expenditures
were financed with the proceeds of Indebtedness of Holdings, the
Borrower or the Restricted Subsidiaries,
(iii)
the aggregate amount of all principal payments of Indebtedness of
Holdings, the Borrower and the Restricted Subsidiaries (including
(A) the principal component of payments in respect of Capitalized
Leases and (B) the amount of any mandatory prepayment of Term Loans
pursuant to Section 2.05(b)(ii) to the extent required due to a
Disposition that resulted in an increase to Consolidated Net Income
and not in excess of the amount of such increase but excluding (X)
all other prepayments of Term Loans and (Y) all prepayments of
Revolving Credit Loans and Swing Line Loans) made during such
period (other than in respect of any revolving credit facility to
the extent there is not an equivalent permanent reduction in
commitments thereunder), except to the extent financed with the
proceeds of other Indebtedness of Holdings, the Borrower or the
Restricted Subsidiaries,
(iv)
an amount equal to the aggregate net non-cash gain on Dispositions
by Holdings, the Borrower and the Restricted Subsidiaries during
such period (other than Dispositions in the ordinary course of
business) to the extent included in arriving at such Consolidated
Net Income,
(v)
increases in Consolidated Working Capital and long-term account
receivables for such period (other than any such increases arising
from acquisitions by Holdings, the Borrower and the Restricted
Subsidiaries during such period),
(vi)
cash payments by Holdings, the Borrower and the Restricted
Subsidiaries during such period in respect of long-term liabilities
of Holdings, the Borrower and the Restricted Subsidiaries other
than Indebtedness,
27
(vii)
without duplication of amounts deducted pursuant to clause (xi)
below in prior fiscal years, the amount of Investments and
acquisitions made during such period pursuant to Section 7.02(b),
(i) or (n) to the extent that such Investments and acquisitions
were financed with internally generated cash flow of Holdings, the
Borrower and the Restricted Subsidiaries,
(viii)
the amount of Restricted Payments paid during such period pursuant
to Section 7.06(i) to the extent such Restricted Payments were
financed with internally generated cash flow of Holdings, the
Borrower and the Restricted Subsidiaries,
(ix)
the aggregate amount of expenditures actually made by Holdings, the
Borrower and the Restricted Subsidiaries in cash during such period
(including expenditures for the payment of financing fees) to the
extent that such expenditures are not expensed during such
period,
(x)
the aggregate amount of any premium, make-whole or penalty payments
actually paid in cash by Holdings, the Borrower and the Restricted
Subsidiaries during such period that are required to be made in
connection with any prepayment of Indebtedness,
(xi)
without duplication of amounts deducted from Excess Cash Flow in
prior periods, the aggregate consideration required to be paid in
cash by Holdings, the Borrower or any of the Restricted
Subsidiaries pursuant to binding contracts (the “ Contract
Consideration ”) entered into prior to or during such
period relating to Permitted Acquisitions or Capital Expenditures
to be consummated or made during the period of four consecutive
fiscal quarters of the Borrower following the end of such period;
provided that to the extent the aggregate amount of
internally generated cash actually utilized to finance such
Permitted Acquisitions during such period of four consecutive
fiscal quarters is less than the Contract Consideration, the amount
of such shortfall shall be added to the calculation of Excess Cash
Flow at the end of such period of four consecutive fiscal quarters,
and
(xii)
the amount of cash taxes paid in such period to the extent they
exceed the amount of tax expense deducted in determining
Consolidated Net Income for such period.
“
Exchange Act ” means the Securities Exchange Act of
1934.
“
Exchange Rate ” means on any day with respect to any
currency other than Dollars, the rate at which such currency may be
exchanged into Dollars, as set forth at approximately 11:00 a.m.
(London time) on such day on the Reuters World Currency Page for
such currency; in the event that such rate does not appear on any
Reuters World Currency Page, the Exchange Rate shall be determined
by reference to such other publicly available service for
displaying exchange rates as may be agreed upon by the
Administrative Agent and the Borrower, or, in the absence of such
agreement, such Exchange Rate shall instead be the arithmetic
average of the spot rates of
28
exchange of the
Administrative Agent in the market where its foreign currency
exchange operations in respect of such currency are then being
conducted, at or about 10:00 a.m. (New York City time) on such date
for the purchase of Dollars for delivery two Business Days
later.
“
Excluded Subsidiary ” means (a) any Subsidiary that is
not a wholly owned Subsidiary of Holdings, (b) each Subsidiary
listed on Schedule 1.01G hereto, (c) any Subsidiary that is
prohibited by applicable Law from guaranteeing the Obligations, (d)
any Domestic Subsidiary that is a Subsidiary of a Foreign
Subsidiary, (e) any Restricted Subsidiary acquired pursuant to a
Permitted Acquisition financed with secured Indebtedness incurred
pursuant to Section 7.03(g) and each Restricted Subsidiary thereof
that guarantees such Indebtedness; provided that each such
Restricted Subsidiary shall cease to be an Excluded Subsidiary
under this clause (d) if such secured Indebtedness is repaid or
becomes unsecured or if such Restricted Subsidiary ceases to
guarantee such secured Indebtedness, as applicable and (f) any
other Subsidiary with respect to which, in the reasonable judgment
of the Administrative Agent (confirmed in writing by notice to the
Borrower), the cost or other consequences (including any adverse
tax consequences) of providing a Guarantee shall be excessive in
view of the benefits to be obtained by the Lenders
therefrom.
“
Existing Letters of Credit ” means the letters of
credit outstanding on the Worldspan Closing Date and set forth on
Schedule 1.01E other than Letters of Credit under this
Agreement prior to the Worldspan Closing Date.
“
Facility ” means the Tranche B Dollar Term Loans, the
Euro Term Loans, the Letter of Credit Facility, the Dollar
Revolving Credit Facility, the Alternative Currency Revolving
Credit Facility or the Post-First Amendment and Restatement
Synthetic L/C Facility, as the context may require, and are
referred to collectively as the “ Facilities
”.
“ FASA
Credits ” means the Delta FASA Credits and the Northwest
FASA Credits, as defined in the Delta FASA and the Northwest FASA,
respectively.
“ Federal
Funds Rate ” 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 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 UBS AG,
Stamford Branch on such day on such transactions as determined by
the Administrative Agent.
“ First
Amended and Restated Credit Agreement ” has the meaning
specified in the preliminary statements hereto.
“ First
Amendment and Restatement Effective Date ” means the date
that the conditions precedent set forth in Section 4.01 of the
First Amended and Restated Credit Agreement were satisfied, which
date was January 29, 2007.
29
“ Foreign
Holdco ” means a direct wholly owned Subsidiary of
Holdings which shall hold all of Holdings’ interests in all
of its other Foreign Subsidiaries.
“ Foreign
Lender ” has the meaning specified in Section
10.15(a)(i).
“ Foreign
Plan ” means any employee benefit plan, program, policy,
arrangement or agreement maintained or contributed to by, or
entered into with, any Loan Party or any Subsidiary with respect to
employees employed outside the United States.
“ Foreign
Subsidiary ” means any direct or indirect Restricted
Subsidiary of Holdings which is not a Domestic
Subsidiary.
“ 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 engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in
the ordinary course.
“ Funded
Debt ” means all Indebtedness of Holdings, the Borrower
and the Restricted Subsidiaries for borrowed money that matures
more than one year from the date of its creation or matures within
one year from such date that is renewable or extendable, at the
option of such Person, to a date more than one year from such date
or arises under a revolving credit or similar agreement that
obligates the lender or lenders to extend credit during a period of
more than one year from such date, including Indebtedness in
respect of the Loans.
“
GAAP ” means generally accepted accounting principles
in the United States of America, as in effect from time to time;
provided , however , that if the Borrower notifies
the Administrative Agent that the Borrower requests an amendment to
any provision hereof to eliminate the effect of any change
occurring after the Original Closing Date in GAAP or in the
application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required
Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect
and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such
provision amended in accordance herewith.
“
Governmental Authority ” means any nation or
government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court,
administrative tribunal, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to
government.
“
Granting Lender ” has the meaning specified in Section
10.07(h).
“
Guarantee ” means, as to any Person, without
duplication, (a) any obligation, contingent or otherwise, of such
Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other monetary obligation payable or
performable by another Person (the “ primary obligor
”) in any manner, whether directly or indirectly, and
including any
30
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 monetary obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in
respect of such Indebtedness or monetary other obligation of the
payment or performance of such Indebtedness or other monetary
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 monetary
obligation, or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Indebtedness or other
monetary 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 monetary obligation of any other
Person, whether or not such Indebtedness or monetary 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 either case
in the ordinary course of business, or customary and reasonable
indemnity obligations in effect on the Original Closing Date or
entered into in connection with any acquisition or disposition of
assets permitted under this Agreement (other than such obligations
with respect to Indebtedness). 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 ” has the meaning specified in the
definition of “Collateral and Guarantee
Requirement”.
“
Guaranty ” means (a) the guaranty made by Holdings and
the Subsidiary Guarantors in favor of the Administrative Agent on
behalf of the Secured Parties, substantially in the form of
Exhibit F and (b) each other guaranty and guaranty
supplement delivered pursuant to Section 6.11.
“
Hazardous Materials ” means all explosive or
radioactive substances or wastes and all hazardous or toxic
substances, wastes or pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant
to any Environmental Law.
“ Hedge
Bank ” means (i) UBS AG, London branch, with respect to
those certain three cross currency swaps executed by Borrower with
UBS AG, London branch, each with an effective date of August 23,
2006 and (ii) any Person that is a Lender or an Affiliate of a
Lender at the time it enters into a Secured Hedge Agreement, in its
capacity as a party thereto.
“ High
Yield Notes ” means the Senior Notes and Senior
Subordinated Notes.
“ High
Yield Notes Documentation ” means the High Yield Notes,
and all documents executed and delivered with respect to the High
Yield Notes, including the Senior Notes Indenture and the Senior
Subordinated Notes Indenture.
31
“
Holdings ” has the meaning specified in the
introductory paragraph to this Agreement.
“ Honor
Date ” has the meaning specified in Section
2.03(c)(i).
“
Increased Original Dollar Revolving Credit Lender ”
has the meaning given to such term in Section 2.01(c).
“
Increased Original Revolving Credit Commitment ” has
the meaning given to such term in Section 2.01(c).
“
Incremental Amendment ” has the meaning specified in
Section 2.14(a).
“
Incremental Facility Closing Date ” has the meaning
specified in Section 2.14(a).
“
Incremental Term Loans ” has the meaning specified in
Section 2.14(a).
“
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 (after giving effect to any prior drawings or
reductions which may have been reimbursed) of all letters of credit
(including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds, performance bonds and similar
instruments issued or created by or for the account of such
Person;
(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 (i) trade accounts payable in
the ordinary course of business and (ii) any earn-out obligation
until such obligation becomes a liability on the balance sheet of
such Person in accordance with GAAP);
(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 and mortgage, industrial revenue bond,
industrial development bond and similar financings), whether or not
such indebtedness shall have been assumed by such Person or is
limited in recourse;
(f)
all Attributable Indebtedness;
(g)
all obligations of such Person in respect of Disqualified Equity
Interests; and
32
(h)
all Guarantees of such Person in respect of any of the
foregoing.
For all purposes
hereof, the Indebtedness of any Person shall (A) 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, except to the extent such Person’s liability for
such Indebtedness is otherwise limited and only to the extent such
Indebtedness would be included in the calculation of Consolidated
Total Debt and (B) in the case of Holdings and its Subsidiaries,
exclude all intercompany Indebtedness having a term not exceeding
364 days (inclusive of any roll-over or extensions of terms) and
made in the ordinary of business consistent with past
practice. 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. The amount of Indebtedness of
any Person for purposes of clause (e) shall be deemed to be equal
to the lesser of (i) the aggregate unpaid amount of such
Indebtedness and (ii) the fair market value of the property
encumbered thereby as determined by such Person in good
faith.
“
Indemnified Liabilities ” has the meaning specified in
Section 10.05.
“
Indemnitees ” has the meaning specified in Section
10.05.
“
Information ” has the meaning specified in Section
10.08.
“
Intellectual Property Security Agreement ” means the
Intellectual Property Security Agreement, substantially in the form
attached as Exhibit J .
“
Interest Payment Date ” means, (a) as to any Loan
other than a Base 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 that if any Interest
Period for a Eurocurrency 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 (including a 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;
and (c) as to any Post-First Amendment and Restatement
Credit-Linked Deposit, the last day of each Interest Period
therefor or the date of any prepayment thereof.
“
Interest Period ” means, (a) as to each Eurocurrency
Rate Loan subject to clauses (i) and (ii) of Section 1.09(b) of the
First Amended and Restated Credit Agreement and clause (b) of the
last sentence of Section 2.08(a), the period commencing on the date
such Eurocurrency Rate Loan is disbursed or converted to or
continued as a Eurocurrency Rate Loan and ending on the date one,
two, three or six months thereafter, or to the extent available to
each Lender of such Eurocurrency Rate Loan, nine or twelve months
or less than one month thereafter, as selected by the Borrower in
its Committed Loan Notice (except for any Post-First Amendment and
Restatement Synthetic L/C Loan, which shall initially have an
Interest Period coincident with the Interest Period in effect for
the Post-First Amendment and Restatement Credit-Linked Deposits at
the time such Loan is made, subject to subsequent conversion in
accordance with Section 2.02), and (b)(x) as to Original Post-First
Amendment and Restatement Credit Linked Deposits that have been
converted from Credit-Linked Deposits (as defined in the Original
Credit Agreement) pursuant to the provisions of the First Amended
and Restated Credit
33
Agreement, the
period commencing on December 28, 2006, (y) as to Original
Post-First Amendment and Restatement Credit-Linked Deposits that
are made on the First Amendment and Restatement Effective Date
pursuant to a commitment under a Tranche B Lender Addendum, the
period commencing on the First Amendment and Restatement Effective
Date, and, in each case, ending on the last Business Day of March
2007 and, in each case, for each period after such period, the day
beginning on the last day of the previous period and ending on the
next succeeding day that is the first to occur of the last Business
Day of March, June, September or December, as the case may be, and
(z) as to the New Post-First Amendment and Restatement
Credit-Linked Deposits, the period commencing on the Worldspan
Closing Date or on the last day of the preceding Interest Period
and ending on the next succeeding day thereafter that is the last
Business Day of March, June, September or December, as the case may
be; 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 or Post-First Amendment and
Restatement Credit-Linked Deposit was made.
“
Intermediate Holding Company ” means any Subsidiary of
Holdings that, directly or indirectly, owns 100% of the issued and
outstanding Equity Interests of the Borrower.
“
Intermediate Parent ” has the meaning specified in the
introductory paragraph to this Agreement.
“
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 or
debt or other securities of another Person, (b) a loan, advance or
capital contribution to, Guarantee or assumption of Indebtedness
of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any
partnership or joint venture interest in such other Person
(excluding, in the case of Holdings and its Subsidiaries,
intercompany loans, advances, or Indebtedness having a term not
exceeding 364 days (inclusive of any roll-over or extensions of
terms) and made in the ordinary course of business consistent with
past practice) or (c) the purchase or other acquisition (in one
transaction or a series of transactions) of all or substantially
all of the property and assets or business of another Person or
assets constituting a business unit, line of business or division
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.
34
“ IP
Collateral ” means all “Intellectual Property
Collateral” referred to in the Collateral Documents and all
of the other IP Rights that are or are required by the terms hereof
or of the Collateral Documents to be subject to Liens in favor of
the Administrative Agent for the benefit of the Secured
Parties.
“ IP
Rights ” has the meaning specified in Section
5.15.
“ IRS
” means the United States Internal Revenue
Service.
“ Joint
Bookrunners ” means UBS Securities LLC, Credit Suisse
Securities (USA) LLC and Lehman Brothers Inc., each in its capacity
as a Joint Bookrunner under this Agreement.
“
Judgment Currency ” has the meaning specified in
Section 10.19.
“ Junior
Financing ” has the meaning specified in Section
7.13(a).
“ Junior
Financing Documentation ” means any documentation
governing any Junior Financing.
“
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
Borrowing ” means a Revolving L/C Borrowing or a
Post-First Amendment and Restatement Synthetic L/C
Borrowing.
“ L/C
Credit Extension ” a Revolving L/C Credit Extension or a
Post-First Amendment and Restatement Synthetic L/C Credit
Extension.
“ L/C
Issuer ” means a Revolving L/C Issuer or the Post-First
Amendment and Restatement Synthetic L/C Issuer.
“ L/C
Obligations ” means the Revolving L/C Obligations and the
Post-First Amendment and Restatement Synthetic L/C
Obligations.
“
Lender ” has the meaning specified in the introductory
paragraph to this Agreement and, as the context requires, includes,
without limitation, any Delayed Draw Term Lender, any Increased
Original Dollar Revolving Credit Lender, any New Dollar Revolving
Credit Lender, an L/C Issuer and the Swing Line Lender, and their
respective successors and assigns as permitted hereunder, each of
which is referred to herein as a “Lender.”
35
“ 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 Existing Letter of Credit or any
letter of credit issued hereunder. 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 relevant L/C
Issuer.
“ Letter
of Credit Expiration Date ” means (a) with respect to
Letters of Credit issued under the Revolving Credit Facilities, the
day that is five (5) Business Days prior to the scheduled Maturity
Date then in effect for the Revolving Credit Facilities (or, if
such day is not a Business Day, the next preceding Business Day)
and (b) with respect to Letters of Credit issued under the
Post-First Amendment and Restatement Synthetic L/C Facility, the
day that is five (5) Business Days prior to the scheduled Maturity
Date then in effect for the Post-First Amendment and Restatement
Synthetic L/C Facility (or, if such day is not a Business Day, the
next preceding Business Day).
“
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 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 Capitalized Lease having substantially the same
economic effect as any of the foregoing).
“
Loan ” means an extension of credit by a Lender to a
Borrower under Article 2 in the form of a Tranche B Dollar Term
Loan, a Euro Term Loan, a Revolving Credit Loan, a Post-First
Amendment and Restatement Synthetic L/C Loan or a Swing Line
Loan.
“ Loan
Documents ” means, collectively, (i) this Agreement, (ii)
the Notes, (iii) the Guaranty, (iv) the Collateral Documents and
(v) each Letter of Credit Application.
“ Loan
Parties ” means, collectively, the Borrower and each
Guarantor.
“
Management Stockholders ” means the members of
management of Holdings or any of its Subsidiaries who are investors
in Holdings or any direct or indirect parent thereof.
“
Mandatory Cost ” means, with respect to any period,
the percentage rate per annum determined in accordance with
Schedule 1.01D .
“ Master
Agreement ” has the meaning specified in the definition
of “Swap Contract.”
“
Material Adverse Effect ” means (a) a material adverse
effect on the business, operations, assets, liabilities (actual or
contingent) or financial condition of Holdings and its
36
Subsidiaries,
taken as a whole, (b) a material adverse effect on the ability of
the Loan Parties (taken as a whole) to perform their respective
payment obligations under any Loan Document to which any of the
Loan Parties is a party or (c) a material adverse effect on the
rights and remedies of the Lenders or the Agents under any Loan
Document.
“
Maturity Date ” means (a) with respect to the
Revolving Credit Facilities, the sixth anniversary of the Original
Closing Date and (b) with respect to the Term Loans and the
Post-First Amendment and Restatement Synthetic L/C Facility, the
seventh anniversary of the Original Closing Date; provided
that if either such day is not a Business Day, the Maturity Date
shall be the Business Day immediately preceding such
day.
“ Maximum
Rate ” has the meaning specified in Section
10.10.
“
Moody’s ” means Moody’s Investors Service,
Inc. and any successor thereto.
“
Mortgage ” means a document in form and substance
reasonably satisfactory to the Administrative Agent.
“
Mortgage Amendment ” has the meaning specified in
Section 6.17.
“
Mortgage Policies ” has the meaning specified in
Section 6.13(b)(ii).
“
Mortgaged Properties ” has the meaning specified in
paragraph (g) of the definition of Collateral and Guarantee
Requirement.
“
Multiemployer Plan ” means any employee benefit plan
of the type described in Section 4001(a)(3) of ERISA, to which any
Loan Party 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 the Disposition of any asset by Holdings, the
Borrower or any Restricted Subsidiary or any Casualty Event, the
excess, if any, of (i) the sum of cash and Cash Equivalents
received in connection with such Disposition or Casualty Event
(including any cash (whether in Dollars or an Alternative Currency)
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 and, with respect to any Casualty Event,
any insurance proceeds or condemnation awards in respect of such
Casualty Event actually received by or paid to or for the account
of Holdings, the Borrower or any Restricted Subsidiary) over (ii)
the sum of (A) the principal amount, premium or penalty, if any,
interest and other amounts on any Indebtedness that is secured by
the asset subject to such Disposition or Casualty Event and that is
required to be repaid (and is timely repaid) in connection with
such Disposition or Casualty Event (other than Indebtedness under
the Loan Documents), (B) the out-of-pocket expenses (including
attorneys’ fees, investment banking fees, survey costs, title
insurance premiums, and related search and recording charges,
transfer taxes, deed or mortgage recording taxes, other customary
expenses and brokerage, consultant and other customary fees)
actually incurred by Holdings, the
37
Borrower or such Restricted Subsidiary in
connection with such Disposition or Casualty Event, (C) taxes paid
or reasonably estimated to be actually payable in connection
therewith, and (D) any reserve for adjustment in respect of (x) the
sale price of such asset or assets established in accordance with
GAAP and (y) any liabilities associated with such asset or assets
and retained by Holdings, the Borrower or any Restricted Subsidiary
after such sale or other disposition thereof, including pension and
other post-employment benefit liabilities and liabilities related
to environmental matters or against any indemnification obligations
associated with such transaction and it being understood that
“Net Cash Proceeds” shall include any cash or Cash
Equivalents (i) received upon the Disposition of any non-cash
consideration received by Holdings, the Borrower or any Restricted
Subsidiary in any such Disposition and (ii) upon the reversal
(without the satisfaction of any applicable liabilities in cash in
a corresponding amount) of any reserve described in clause (D) of
the preceding sentence or, if such liabilities have not been
satisfied in cash and such reserve is not reversed within three
hundred and sixty-five (365) days after such Disposition or
Casualty Event, the amount of such reserve; provided that
(x) no net cash proceeds calculated in accordance with the
foregoing realized in a single transaction or series of related
transactions shall constitute Net Cash Proceeds unless such net
cash proceeds shall exceed a Dollar Amount of (i) prior to the
Worldspan Closing Date, $5,000,000 and (ii) on and after the
Worldspan Closing Date, $7,250,000 and (y) no such net cash
proceeds shall constitute Net Cash Proceeds under this clause (a)
in any fiscal year until the aggregate amount of all such net cash
proceeds in such fiscal year shall exceed a Dollar Amount of (i)
prior to the Worldspan Closing Date, $15,000,000 and (ii) on and
after the Worldspan Closing Date, $21,750,000 (and thereafter only
net cash proceeds in excess of such amount shall constitute Net
Cash Proceeds under this clause (a)); and
(b)
with respect to the incurrence or issuance of any Indebtedness by
Holdings, the Borrower or any Restricted Subsidiary, the excess, if
any, of (i) the sum of the cash received in connection with such
incurrence or issuance over (ii) the investment banking fees,
underwriting discounts, commissions, costs and other out-of-pocket
expenses and other customary expenses, incurred by Holdings, the
Borrower or such Restricted Subsidiary in connection with such
incurrence or issuance.
“ New
Dollar Revolving Credit Lender ” has the meaning given to
such term in Section 2.01(c).
“ New
Facilities ” means the Delayed Draw Term Loan
Commitments, the Delayed Draw Term Loans, the increase in the
Dollar Revolving Credit Commitments and the New Post-First
Amendment and Restatement Synthetic L/C Commitment.
“ New
Post-First Amendment and Restatement Credit-Linked Deposit
” means, in respect of each New Post-First Amendment and
Restatement Synthetic L/C Lender, the cash deposit made by such
Lender pursuant to Section 2.03(k)(i), as such amount may be (a)
reduced from time to time pursuant to Section 2.06 or (b) reduced
or increased from time to time pursuant to Section 2.03(c)(viii) or
pursuant to assignments by or to such Lender pursuant to Section
10.07. The initial amount of each New Post-First
Amendment and Restatement Synthetic L/C Lender’s Post-First
Amendment and Restatement Credit-Linked Deposit shall be
38
equal to the
amount of its New Post-First Amendment and Restatement Synthetic
L/C Commitment on the Worldspan Closing Date.
“
New Post-First Amendment
and Restatement Synthetic L/C Commitment ” means, as to
each New Post-First Amendment and Restatement Synthetic L/C Lender,
its obligation initially to fund its Post-First Amendment and
Restatement Credit-Linked Deposit in an aggregate amount set forth
opposite such Lender’s name on Schedule 2.01 under the
caption “New Post-First Amendment and Restatement Synthetic
L/C Commitment” and after the Worldspan Closing Date to (a)
make Post-First Amendment and Restatement Synthetic L/C Loans to
the Borrower pursuant to Section 2.03(c)(viii) and (b) purchase
participations in Post-First Amendment and Restatement Synthetic
L/C Obligations in respect of Synthetic L/C Letters of Credit, in
an aggregate principal amount at any one time outstanding not to
exceed the amount of its Post-First Amendment and Restatement
Credit-Linked Deposit, as such amount may be adjusted from time to
time in accordance with this Agreement. The aggregate New
Post-First Amendment and Restatement Synthetic L/C Commitments of
all New Post-First Amendment and Restatement Synthetic L/C Lenders
shall be $25,000,000 on the Worldspan Closing Date, as such amount
may be adjusted from time to time in accordance with the terms of
this Agreement.
“
New Post-First Amendment
and Restatement Synthetic L/C Lender ” means, at any
time, any Lender that has a New Post-First Amendment and
Restatement Synthetic L/C Commitment.
“
Non-Cash Charges ” has the meaning specified in the
definition of the term “ Consolidated EBITDA
”.
“
Non-Consenting Lender ” has the meaning specified in
Section 3.07(d).
“
Nonrenewal Notice Date ” has the meaning specified in
Section 2.03(b)(iii).
“
Northwest ” means Northwest Airlines, Inc., a
Minnesota corporation.
“
Northwest FASA ” means the Northwest Founder Airline
Services Agreement, dated as of June 30, 2003, between Northwest
and the Borrower.
“
Note ” means a Tranche B Dollar Term Note, a Euro Term
Note, a Dollar Revolving Credit Note, an Alternative Currency
Revolving Credit Note or a Post-First Amendment and Restatement
Synthetic L/C Note as the context may require.
“ Notice
of Intent to Cure ” has the meaning specified in Section
6.02(b).
“ Not
Otherwise Applied ” means, with reference to any amount
of Net Cash Proceeds of any transaction or event or of Excess Cash
Flow that is proposed to be applied to a particular use or
transaction, that such amount (a) was not required to be applied to
prepay the Loans pursuant to Section 2.05(b) and (b) was not (or is
not simultaneously being) applied to anything other than that such
particular use or transaction.
“ NPL
” means the National Priorities List under CERCLA.
39
“
Obligations ” means all (x) advances to, and debts,
liabilities, obligations, covenants and duties of, any Loan Party
and its Subsidiaries arising under any Loan Document 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 Subsidiary 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, (y) obligations of any Loan
Party and its Subsidiaries arising under any Secured Hedge
Agreement, and (z) Cash Management Obligations. Without
limiting the generality of the foregoing, the Obligations of the
Loan Parties under the Loan Documents (and of their Subsidiaries to
the extent they have obligations under the Loan Documents) include
(a) the obligation (including guarantee obligations) to pay
principal, interest, Letter of Credit commissions, reimbursement
obligations, charges, expenses, fees, Attorney Costs, indemnities
and other amounts payable by any Loan Party or its Subsidiaries
under any Loan Document and (b) the obligation of any Loan Party or
any of its Subsidiaries to reimburse any amount in respect of any
of the foregoing that any Lender, in its sole discretion, may elect
to pay or advance on behalf of such Loan Party or such
Subsidiary.
“ Orbitz
Business ” means the Subsidiaries of Holdings whose
assets and operations comprise the Orbitz Worldwide Business
division of Holdings (as such division is currently comprised) and
do not contain any portion (other than de minimis portions) of any
business, operations or assets of Holdings or any of its
Subsidiaries other than the Orbitz Worldwide Business (as such
division is currently comprised).
“ Orbitz
IPO ” means an initial public offering of common Equity
Interests of Orbitz TopCo.
“ Orbitz
TopCo ” means a Subsidiary that is part of the Orbitz
Business that owns any and all of the other Subsidiaries of
Holdings comprising the Orbitz Business.
“
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.
“
Original Closing Date ” means August 23,
2006.
“
Original Closing Date Audited Financial Statements ”
means the audited combined balance sheets of the Travelport
business of Cendant Corporation as of each of December 31, 2005 and
2004, and the related audited consolidated statements of
income,
40
stockholders’ equity and cash flows for
the Travelport business of Cendant Corporation for the fiscal years
ended December 31, 2005, 2004 and 2003, respectively.
“
Original Closing Date Equity Contributions ”
means, collectively, (a) the contribution by the Equity Investors
of an aggregate amount of cash of not less than $900,000,000 to
Holdings or one or more direct or indirect holding company parents
of Holdings, and (b) the further contribution to the Borrower of
any portion of such cash contribution proceeds not directly
received by the Borrower or used by Holdings to pay Transaction
Expenses.
“
Original Closing Date Pro Forma Balance Sheet ” has
the meaning specified in Section 5.05(a)(ii).
“
Original Closing Date Pro Forma Financial Statements ”
has the meaning specified in Section 5.05(a)(ii).
“
Original Closing Date Transactions ” means,
collectively, (a) the Original Closing Date Equity Contributions,
(b) the acquisition of Travelport LLC by TDS Investor
Corporation on the Original Closing Date, (c) the issuance of the
High Yield Notes, (d) the funding of the Original Tranche B Dollar
Term Loans and Euro Term Loans on the Original Closing Date, (e)
the funding of the Credit-Linked Deposits under the Original Credit
Agreement and the issuance of Letters of Credit thereunder on the
Original Closing Date, (f) the consummation of any other
transactions in connection with the foregoing, and (g) the payment
of the fees and expenses incurred in connection with any of the
foregoing.
“
Original Closing Date Transaction Expenses ” means any
fees or expenses incurred or paid by Holdings, the Borrower or any
Restricted Subsidiary in connection with the Original Closing Date
Transactions, the Original Credit Agreement and the other Loan
Documents and the transactions contemplated thereby.
“
Original Closing Date Unaudited Financial Statements ”
means the unaudited consolidated balance sheets and related
statements of income, stockholders’ equity and cash flows of
Target and its Subsidiaries for each subsequent fiscal quarter
ended at least forty-five (45) days before the Original Closing
Date, which financial statements shall be prepared in accordance
with GAAP.
“
Original Credit Agreement ” has the meaning specified
in the preliminary statements hereto.
“
Original Dollar Revolving Credit Lender ” has the
meaning specified in Section 2.01(c).
“
Original Facilities ” means the Original Tranche B
Dollar Term Commitments, the Euro Term Commitments, the Alternative
Currency Revolving Credit Commitments under the First Amended and
Restated Credit Agreement, the Dollar Revolving Credit Commitments
under the First Amended and Restated Credit Agreement and the
Original Post-First Amendment and Restatement Synthetic L/C
Commitment.
41
“
Original Guarantor ” means any “Guarantor”
under the First Amended and Restated Credit Agreement as in effect
immediately prior to the Worldspan Closing Date.
“
Original Lenders ” has the meaning specified in the
preliminary statements hereto.
“
Original Post-First Amendment and Restatement Credit-Linked
Deposit ” means, in respect of each Original Post-First
Amendment and Restatement Synthetic L/C Lender, the cash deposit
made by such Lender pursuant to Section 2.03(k)(i), as such amount
may be (a) reduced from time to time pursuant to Section 2.06 or
(b) reduced or increased from time to time pursuant to Section
2.03(c)(viii) or pursuant to assignments by or to such Lender
pursuant to Section 10.07. The initial amount of each
Original Post-First Amendment and Restatement Synthetic L/C
Lender’s Post-First Amendment and Restatement Credit-Linked
Deposit shall be equal to the amount of its Original Post-First
Amendment and Restatement Synthetic L/C Commitment on the First
Amendment and Restatement Effective Date.
“
Original Post-First
Amendment and Restatement Synthetic L/C Commitment ”
means, as to each Original Post-First Amendment and Restatement
Synthetic L/C Lender, its obligation initially to fund its Original
Post-First Amendment and Restatement Credit-Linked Deposit in an
aggregate amount set forth under the First Amended and Restated
Credit Agreement and after the First Amendment and Restatement
Effective Date to (a) make Post-First Amendment and Restatement
Synthetic L/C Loans to the Borrower pursuant to Section
2.03(c)(viii) and (b) purchase participations in Post-First
Amendment and Restatement Synthetic L/C Obligations in respect of
Synthetic L/C Letters of Credit, in an aggregate principal amount
at any one time outstanding not to exceed the amount of its
Post-First Amendment and Restatement Credit-Linked Deposit, as such
amount may be adjusted from time to time in accordance with this
Agreement. The aggregate Original Post-First Amendment and
Restatement Synthetic L/C Commitments of all Original Post-First
Amendment and Restatement Synthetic L/C Lenders shall be
$125,000,000 on the First Amendment and Restatement Effective Date,
as such amount may be adjusted from time to time in accordance with
the terms of this Agreement.
“
Original Post-First
Amendment and Restatement Synthetic L/C Lender ” means,
at any time, any Lender that has an Original Post-First Amendment
and Restatement Synthetic L/C Commitment.
“ Other
Sponsor ” shall mean another financial sponsor identified
to the Administrative Agent that is a purchaser of Equity Interests
in Holdings on or promptly after the Original Closing
Date.
“
Original Tranche B Dollar Term Commitment ” means, as
to each Original Tranche B Dollar Term Lender, its obligation to
make an Original Tranche B Dollar Term Loan to the Borrower
pursuant to Section 2.01(a)(i) in an aggregate original Dollar
Amount not to exceed the amount set forth in the First Amended and
Restated Credit Agreement or in the Assignment and Assumption
pursuant to which such Original Tranche B Dollar Term Lender
becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement.
The initial aggregate amount of the Original Tranche B Dollar Term
Commitments is $1,406,475,000.
42
“
Original Tranche B Dollar Term Lender ” means, at any
time, any Lender that has an Original Tranche B Dollar Term
Commitment or an Original Tranche B Dollar Term Loan at such
time.
“
Original Tranche B Dollar Term Loan ” means a Loan
made pursuant to Section 2.01(a)(i).
“
Original Tranche B Dollar Term Note ” means a
promissory note of the Borrower payable to any Original Tranche B
Dollar Term Lender or its registered assigns, in substantially the
form of Exhibit C-1 hereto, evidencing the aggregate
Indebtedness of the Borrower to such Original Tranche B Dollar Term
Lender resulting from the Original Tranche B Dollar Term Loans made
by such Original Tranche B Dollar Term Lender.
“ Other
Taxes ” has the meaning specified in Section
3.01(b).
“
Outstanding Amount ” means (a) with respect to the
Tranche B Dollar Term Loans, Euro Term Loans, Revolving Credit
Loans, Post-First Amendment and Restatement Synthetic L/C Loans and
Swing Line Loans on any date, the Dollar Amount thereof after
giving effect to any borrowings and prepayments or repayments of
Tranche B Dollar Term Loans, Euro Term Loans, Revolving Credit
Loans (including any refinancing of outstanding Unreimbursed
Amounts under Revolving Letters of Credit or Revolving L/C Credit
Extensions as a Revolving Credit Borrowing), Post-First Amendment
and Restatement Synthetic L/C 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 Dollar Amount thereof on such date
after giving effect to any related L/C Credit Extension occurring
on such date and any other changes thereto as of such date,
including as a result of any reimbursements of outstanding
Unreimbursed Amounts under related Letters of Credit (including any
refinancing of outstanding Unreimbursed Amounts under related
Letters of Credit or related L/C Credit Extensions as a Revolving
Credit Borrowing or Post-First Amendment and Restatement Synthetic
L/C Borrowing, as the case may be) or any reductions in the maximum
amount available for drawing under related Letters of Credit taking
effect on such date.
“
Overnight Rate ” means, for any day, (a) with respect
to any amount denominated in Dollars, the Federal Funds Rate, and
(b) with respect to any amount denominated in an Alternative
Currency, the rate of interest per annum at which overnight
deposits in the applicable Alternative Currency, in an amount
approximately equal to the amount with respect to which such rate
is being determined, would be offered for such day by a branch or
Affiliate of UBS AG, Stamford Branch in the applicable offshore
interbank market for such currency to major banks in such interbank
market.
“
Participant ” has the meaning specified in Section
10.07(e).
“
Participating Member State ” means each state so
described in any EMU Legislation.
“
PBGC ” means the Pension Benefit Guaranty
Corporation.
43
“ 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 any Loan Party or any ERISA
Affiliate or to which any Loan Party 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 (5) plan years.
“
Permitted Acquisition ” has the meaning specified in
Section 7.02(i).
“
Permitted Equity Issuance ” means any sale or issuance
of any Qualified Equity Interests of Holdings (and, after a
Qualifying IPO, of the Borrower or an Intermediate Holding Company)
to the extent permitted hereunder.
“
Permitted Holders ” means each of (i) the Sponsor,
(ii) the Management Stockholders and (iii) the Other Sponsor;
provided that if the Management Stockholders own
beneficially or of record more than fifteen percent (15%) of the
outstanding voting stock of Holdings in the aggregate, they shall
be treated as Permitted Holders of only fifteen percent (15%) of
the outstanding voting stock of Holdings at such time;
provided further that if the Other Sponsor owns
beneficially or of record more than fifteen percent (15%) of the
outstanding voting stock of Holdings in the aggregate, it shall be
treated as a Permitted Holder of only fifteen percent (15%) of the
outstanding voting stock of Holdings at such time.
“
Permitted Refinancing ” means, with respect to any
Person, any modification, refinancing, refunding, renewal or
extension of any Indebtedness of such Person; provided that
(a) the principal amount (or accreted value, if applicable) thereof
does not exceed the principal amount (or accreted value, if
applicable) of the Indebtedness so modified, refinanced, refunded,
renewed or extended except by an amount equal to unpaid accrued
interest and premium thereon plus other reasonable amount
paid, and fees and expenses reasonably incurred, in connection with
such modification, refinancing, refunding, renewal or extension and
by an amount equal to any existing commitments unutilized
thereunder, (b) other than with respect to a Permitted Refinancing
in respect of Indebtedness permitted pursuant to Section 7.03(e),
such modification, refinancing, refunding, renewal or extension has
a final maturity date equal to or later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or
greater than the Weighted Average Life to Maturity of, the
Indebtedness being modified, refinanced, refunded, renewed or
extended, (c) other than with respect to a Permitted Refinancing in
respect of Indebtedness permitted pursuant to Section 7.03(e), at
the time thereof, no Event of Default shall have occurred and be
continuing, and (d) if such Indebtedness being modified,
refinanced, refunded, renewed or extended is Indebtedness permitted
pursuant to Section 7.03(b), 7.03(t) or 7.13(a), (i) to the extent
such Indebtedness being modified, refinanced, refunded, renewed or
extended is subordinated in right of payment to the Obligations,
such modification, refinancing, refunding, renewal or extension is
subordinated in right of payment to the Obligations on terms at
least as favorable to the Lenders as those contained in the
documentation governing the Indebtedness being modified,
refinanced, refunded, renewed or extended, (ii) the terms and
conditions (including, if applicable, as to collateral but
excluding as to subordination, interest rate and redemption
premium) of any such modified, refinanced, refunded, renewed or
extended Indebtedness, taken as a whole, are not materially less
favorable to the Loan Parties or the Lenders than the terms and
conditions of the Indebtedness being modified, refinanced,
refunded, renewed or extended;
44
provided that a
certificate of a Responsible Officer delivered to the
Administrative Agent at least five Business Days prior to the
incurrence of such Indebtedness, together with a reasonably
detailed description of the material terms and conditions of such
Indebtedness or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such
terms and conditions satisfy the foregoing requirement shall be
conclusive evidence that such terms and conditions satisfy the
foregoing requirement unless the Administrative Agent notifies the
Borrower within such five Business Day period that it disagrees
with such determination (including a reasonable description of the
basis upon which it disagrees) and (iii) such modification,
refinancing, refunding, renewal or extension is incurred by the
Person who is the obligor of the Indebtedness being modified,
refinanced, refunded, renewed or extended.
“
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), other than a
Foreign Plan, established by any Loan Party or, with respect to any
such plan that is subject to Section 412 of the Code or Title IV of
ERISA, any ERISA Affiliate.
“ Pledged
Debt ” has the meaning specified in the Security
Agreement.
“ Pledged
Equity ” has the meaning specified in the Security
Agreement.
“
Post-Acquisition Period ” means, with respect to the
acquisition of an Acquired Entity or Business, the period beginning
on the date such acquisition is consummated and ending on the last
day of the sixth full consecutive fiscal quarter immediately
following the date on which such acquisition is
consummated.
“
Post-First Amendment and Restatement Credit-Linked Deposit
” means the Original Post-First Amendment and Restatement
Credit-Linked Deposit and the New Post-First Amendment and
Restatement Credit-Linked Deposit.
“
Post-First Amendment and Restatement Credit-Linked Deposit
Account ” means the operating and/or investment account
of, and established by, the Administrative Agent under its
exclusive dominion and control that shall be used for the purposes
set forth in Sections 2.03(c)(viii) and 2.03(k).
“
Post-First Amendment and Restatement Credit-Linked Deposit Cost
Amount ” means, for any Interest Period with respect to
the Post-First Amendment and Restatement Credit-Linked Deposits, an
amount (expressed in basis points) reasonably determined by the
Administrative Agent in good faith to represent the Administrative
Agent’s administrative cost for investing the Post-First
Amendment and Restatement Credit-Linked Deposits and maintaining
the Post-First Amendment and Restatement Credit-Linked Deposit
Account for such Interest Period, which amount shall not exceed
12.5 basis points for such Interest Period.
“
Post-First Amendment and Restatement Synthetic L/C Borrowing
” means an extension of credit resulting from a drawing under
any Synthetic L/C Letter of Credit which has not been reimbursed on
the applicable Honor Date and which amount is funded by reducing
the Post-First Amendment and Restatement Credit-Linked Deposits by
a like amount, consisting
45
of simultaneous
Post-First Amendment and Restatement Synthetic L/C Loans having the
same Interest Period made by each of the Post-First Amendment and
Restatement Synthetic L/C Lenders pursuant to Section
2.03(c)(viii).
“
Post-First Amendment and Restatement Synthetic L/C
Commitment ” means any Original Post-First Amendment and
Restatement Synthetic L/C Commitment and any New Post-First
Amendment and Restatement Synthetic L/C Commitment.
“
Post-First Amendment and Restatement Synthetic L/C Credit
Extension ” means, with respect to any Synthetic L/C
Letter of Credit, the issuance thereof or extension of the expiry
date thereof, or the renewal or increase of the amount
thereof.
“
Post-First Amendment and Restatement Synthetic L/C Exposure
” means, as to each Post-First Amendment and Restatement
Synthetic L/C Lender, its Pro Rata Share of the Post-First
Amendment and Restatement Synthetic L/C Obligations at such
time.
“
Post-First Amendment and Restatement Synthetic L/C Facility
” means, at any time, the aggregate amount of the Post-First
Amendment and Restatement Synthetic L/C Lenders’ Post-First
Amendment and Restatement Synthetic L/C Commitments at such
time.
“
Post-First Amendment and Restatement Synthetic L/C Issuer
” means UBS AG, Stamford Branch and its successors (including
pursuant to Section 10.07(j)).
“
Post-First Amendment and Restatement Synthetic L/C Lender
” means, at any time, any Original Post-First Amendment and
Restatement Synthetic L/C Lender or any New Post-First Amendment
and Restatement Synthetic L/C Lender or any Lender that has an
outstanding Post-First Amendment and Restatement Synthetic L/C Loan
at such time.
“
Post-First Amendment and Restatement Synthetic L/C Loans
” means the loans deemed made by the Post-First Amendment and
Restatement Synthetic L/C Lenders to the Borrower pursuant to
Section 2.03(c)(viii) to reimburse drawings under a Synthetic L/C
Letter of Credit, which loans are funded by reducing the Post-First
Amendment and Restatement Credit-Linked Deposits by a like
amount.
“
Post-First Amendment and Restatement Synthetic L/C Note
” means a promissory note of the Borrower payable to any
Post-First Amendment and Restatement Synthetic L/C Lender or its
registered assigns, in substantially the form of Exhibit C-6
hereto, evidencing the aggregate Indebtedness of the Borrower to
such Post-First Amendment and Restatement Synthetic L/C Lender
resulting from the Post-First Amendment and Restatement Synthetic
L/C Loans made by such Post-First Amendment and Restatement
Synthetic L/C Lender.
“
Post-First Amendment and Restatement Synthetic L/C
Obligations ” means, as at any date of determination, the
aggregate maximum amount then available to be drawn under all
outstanding Synthetic L/C Letters of Credit (whether or not such
maximum amount is then in effect under any such Synthetic L/C
Letter of Credit if such maximum amount increases periodically
pursuant to the terms of such Synthetic L/C Letter of Credit) plus
the aggregate of all Unreimbursed Amounts in respect of Synthetic
L/C Letters of Credit, including all Post-First Amendment and
Restatement Synthetic L/C Borrowings.
46
“
Principal L/C Issuer ” means the following (i) any L/C
Issuer that has issued Letters of Credit under either Revolving
Credit Facility having an aggregate Outstanding Amount in excess of
$10,000,000 and (ii) the Post-First Amendment and Restatement
Synthetic L/C Issuer.
“ Pro
Forma Adjustment ” means, for any Test Period that
includes all or any part of a fiscal quarter included in any
Post-Acquisition Period, with respect to the Acquired EBITDA of the
applicable Acquired Entity or Business or the Consolidated EBITDA
of the Borrower, the pro forma increase or decrease in such
Acquired EBITDA or such Consolidated EBITDA, as the case may be,
projected by the Borrower in good faith as a result of (a) actions
taken during such Post-Acquisition Period for the purposes of
realizing reasonably identifiable and factually supportable cost
savings or (b) any additional costs incurred during such
Post-Acquisition Period, in each case in connection with the
combination of the operations of such Acquired Entity or Business
with the operations of Holdings, the Borrower and the Restricted
Subsidiaries; provided that, so long as such actions are
taken during such Post-Acquisition Period or such costs are
incurred during such Post-Acquisition Period, as applicable, the
cost savings related to such actions or such additional costs, as
applicable, it may be assumed, for purposes of projecting such pro
forma increase or decrease to such Acquired EBITDA or such
Consolidated EBITDA, as the case may be, that such cost savings
will be realizable during the entirety of such Test Period, or such
additional costs, as applicable, will be incurred during the
entirety of such Test Period; provided further that
any such pro forma increase or decrease to such Acquired EBITDA or
such Consolidated EBITDA, as the case may be, shall be without
duplication for cost savings or additional costs already included
in such Acquired EBITDA or such Consolidated EBITDA, as the case
may be, for such Test Period.
“ Pro
Forma Basis ”, “ Pro Forma Compliance
” and “ Pro Forma Effect ” mean, with
respect to compliance with any test or covenant hereunder, that (A)
if compliance for a Test Period ending on or before June 30, 2007
is being determined, the Transaction shall have been deemed to have
been consummated on the first day of such applicable Test Period,
(B) to the extent applicable, the Pro Forma Adjustment shall have
been made and (C) all Specified Transactions and the following
transactions in connection therewith shall be deemed to have
occurred as of the first day of the applicable period of
measurement in such test or covenant: (a) income statement
items (whether positive or negative) attributable to the property
or Person subject to such Specified Transaction, (i) in the case of
a Disposition of all or substantially all Equity Interests in any
Subsidiary of Holdings or any division, product line, or facility
used for operations of Holdings or any of its Subsidiaries, shall
be excluded, and (ii) in the case of a Permitted Acquisition or
Investment described in the definition of “Specified
Transaction”, shall be included, (b) any retirement of
Indebtedness, and (c) any Indebtedness incurred or assumed by
Holdings, the Borrower or any of the Restricted Subsidiaries in
connection therewith and if such Indebtedness has a floating or
formula rate, shall have an implied rate of interest for the
applicable period for purposes of this definition determined by
utilizing the rate which is or would be in effect with respect to
such Indebtedness as at the relevant date of determination;
provided that, without limiting the application of the Pro
Forma Adjustment pursuant to (A) above, the foregoing pro forma
adjustments may be applied to any such test or covenant solely to
the extent that such adjustments are consistent with the definition
of Consolidated EBITDA and give effect to events (including
operating expense reductions) that are (i) (x) directly
attributable to such transaction, (y) expected to have a continuing
impact on Holdings, the Borrower and the Restricted
47
Subsidiaries and
(z) factually supportable or (ii) otherwise consistent with the
definition of Pro Forma Adjustment.
“ Pro
Rata Share ” means, with respect to each Lender at any
time a fraction (expressed as a percentage, carried out to the
ninth decimal place), the numerator of which is the amount of the
Commitments of such Lender under the applicable Facility or
Facilities at such time and the denominator of which is the amount
of the Aggregate Commitments under the applicable Facility or
Facilities at such time; provided that if such Commitments
have been terminated, then the Pro Rata Share of each Lender shall
be determined based on the Pro Rata Share of such Lender
immediately prior to such termination and after giving effect to
any subsequent assignments made pursuant to the terms
hereof.
“
Purchase Agreement ” means the Purchase Agreement by
and among Cendant Corporation, Travelport LLC and TDS Investor LLC
dated as of June 30, 2006.
“
Qualified Equity Interests ” means any Equity
Interests that are not Disqualified Equity Interests.
“
Qualifying IPO ” means the issuance by Holdings, any
direct or indirect parent of Holdings, any Intermediate Holding
Company or the Borrower of its common Equity Interests in an
underwritten primary public offering (other than a public offering
pursuant to a registration statement on Form S-8) pursuant to an
effective registration statement filed with the SEC in accordance
with the Securities Act (whether alone or in connection with a
secondary public offering).
“
Register ” has the meaning specified in Section
10.07(d).
“
Rejection Notice ” has the meaning specified in
Section 2.05(b)(vi)
“
Reportable Event ” means any of the events set forth
in Section 4043(c) of ERISA or the regulations issued thereunder,
other than events for which the thirty (30) day notice period has
been waived.
“
Repricing and Delayed Draw Amendment ” means the
Repricing and Delayed Draw Amendment to the First Amended and
Restated Credit Agreement dated as of May 23, 2007 among Holdings,
Intermediate Parent, the Borrower, the Administrative Agent, each
Euro Term Lender under the First Amended and Restated Credit
Agreement (after giving effect to the replacement of Non-Consenting
Lenders, if any, pursuant to Section 3.07 thereof) and the Required
Lenders under the First Amended and Restated Credit
Agreement.
“
Repricing Amendment Agreement ” has the meaning
assigned to such term in the preliminary statements
hereto.
“ Request
for Credit Extension ” means (a) with respect to a
Borrowing, conversion or continuation of Tranche B Dollar Term
Loans, Euro Term Loans, Revolving Credit Loans, or Post-First
Amendment and Restatement Synthetic L/C Loans, a Committed 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.
48
“
Required Lenders ” means, as of any date of
determination, Lenders having more than 50% of the sum of the
(a) Total Outstandings (with the aggregate Dollar Amount of
each Lender’s risk participation and funded participation in
Dollar L/C Obligations and Swing Line Loans being deemed
“held” by such Lender for purposes of this definition),
(b) aggregate unused Tranche B Dollar Term Commitments, (c)
aggregate unused Euro Term Commitments, (d) aggregate unused
Revolving Credit Commitments and (e) aggregate Unused Post-First
Amendment and Restatement Synthetic L/C Commitments;
provided that the unused Tranche B Dollar Term Commitment,
unused Euro Term Commitment, unused Revolving Credit Commitment and
Unused Post-First Amendment and Restatement Synthetic L/C
Commitment of, and the portion of the Total Outstandings held or
deemed held by, any Defaulting Lender or Holdings or any Affiliate
thereof shall be excluded for purposes of making a determination of
Required Lenders.
“
Responsible Officer ” means the chief executive
officer, president, vice president, chief financial officer,
treasurer or assistant treasurer or other similar officer of a Loan
Party and, as to any document delivered on the Original Closing
Date, the First Amendment and Restatement Effective Date or the
Worldspan Closing Date, any secretary or assistant secretary of a
Loan Party. Any document delivered hereunder that is signed
by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and
such Responsible Officer shall be conclusively presumed to have
acted on behalf of such Loan Party.
“
Restricted Payment ” means any dividend or other
distribution (whether in cash, securities or other property) with
respect to any Equity Interest of Holdings, the Borrower or any
Restricted Subsidiary, 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 Equity
Interest, or on account of any return of capital to Holdings or the
Borrower’s stockholders, partners or members (or the
equivalent Persons thereof).
“
Restricted Subsidiary ” means any Subsidiary of
Holdings (including any Intermediate Holding Company) other than an
Unrestricted Subsidiary and other than the Borrower.
“
Revolving Commitment Increase ” has the meaning
specified in Section 2.14(a).
“
Revolving Commitment Increase Lender ” has the meaning
specified in Section 2.14(a).
“
Revolving Credit Borrowing ” means a Dollar Revolving
Credit Borrowing or an Alternative Currency Revolving Credit
Borrowing.
“
Revolving Credit Commitments ” means the collective
reference to the Dollar Revolving Credit Commitment and the
Alternative Currency Revolving Credit Commitment.
“
Revolving Credit Exposure ” means the collective
reference to the Dollar Revolving Credit Exposure and the
Alternative Currency Revolving Credit Exposure.
49
“
Revolving Credit Facilities ” means the collective
reference to the Dollar Revolving Credit Facility and the
Alternative Currency Revolving Credit Facility.
“
Revolving Credit Lenders ” means the collective
reference to the Dollar Revolving Credit Lenders and the
Alternative Currency Revolving Credit Lenders.
“
Revolving Credit Loans ” means the collective
reference to the Dollar Revolving Credit Loans and the Alternative
Currency Revolving Credit Loans.
“
Revolving Credit Notes ” means the collective
reference to the Dollar Revolving Credit Notes and the Alternative
Currency Revolving Credit Notes.
“
Revolving L/C Advances ” means the collective
reference to Dollar Revolving L/C Advances and Alternative Currency
Revolving L/C Advances.
“
Revolving L/C Borrowing ” means the collective
reference to Dollar Revolving L/C Borrowings and Alternative
Currency Revolving L/C Borrowings.
“
Revolving L/C Credit Extensions ” means the
collectively reference to the Dollar Revolving L/C Credit
Extensions and the Alternative Currency Revolving L/C Credit
Extensions.
“
Revolving L/C Issuer ” means the collectively
reference to the Dollar Revolving L/C Issuer and the Alternative
Currency Revolving L/C Issuer.
“
Revolving L/C Obligations ” means, the collective
reference to the Dollar Revolving L/C Obligations and the
Alternative Currency Revolving L/C Obligations.
“
Revolving Letter of Credits ” means the collective
reference to Dollar Revolving Letters of Credit and Alternative
Currency Revolving Letters of Credit.
“
S&P ” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., and any
successor thereto.
“ Same
Day Funds ” (a) with respect to disbursements and
payments in Dollars, immediately available funds, and (b) with
respect to disbursements and payments in an Alternative Currency,
same day or other funds as may be determined by the Administrative
Agent to be customary in the place of disbursement or payment for
the settlement of international banking transactions in the
relevant Alternative Currency.
“ SEC
” means the Securities and Exchange Commission, or any
Governmental Authority succeeding to any of its principal
functions.
“ Second
Amendment and Restatement Effective Date ” means the date
on which the conditions set forth in Section 4.01 have been
satisfied.
50
“ Secured
Hedge Agreement ” means any Swap Contract permitted under
Section 7.03(f) that is entered into by and between any Loan Party
or any Restricted Subsidiary and any Hedge Bank.
“ Secured
Parties ” means, collectively, the Administrative Agent,
the Collateral Agent, the Lenders, the Hedge Banks, the Cash
Management Banks, the Supplemental Administrative Agent and each
co-agent or sub-agent appointed by the Administrative Agent from
time to time pursuant to Section 9.01(c).
“
Securities Act ” means the Securities Act of
1933.
“
Security Agreement ” means, collectively, the Security
Agreement executed by the Loan Parties, substantially in the form
of Exhibit G , together with each other security agreement
supplement executed and delivered pursuant to Section
6.11.
“
Security Agreement Supplement ” has the meaning
specified in the Security Agreement.
“ Senior
Notes ” means, collectively, (a) $450,000,000 in
aggregate principal amount of the Borrower’s 9⅞% senior
dollar fixed rate notes due 2014, (b) $150,000,000 in aggregate
principal amount of the Borrower’s dollar floating rate
senior unsecured notes due 2014 and (c) €235,000,000 in
aggregate principal amount of the Borrower’s euro floating
rate senior unsecured notes due 2014.
“ Senior
Notes Indenture ” means the Indenture for the Senior
Notes, dated as of August 23, 2006.
“ Senior
Subordinated Notes ” means, collectively, (a)
$300,000,000 in aggregate principal amount of the Borrower’s
11⅞% senior subordinated notes due 2016 and (b)
€160,000,000 in aggregate principal amount of the
Borrower’s 10⅞% senior euro fixed rate notes due
2016.
“ Senior
Subordinated Notes Indenture ” means the Indenture for
the Senior Subor |