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Exhibit 10-BBb
THIRD AMENDED AND RESTATED CREDIT
AGREEMENT
among
SUNTRUST BANK
as Borrower,
THE SEVERAL LENDERS
FROM TIME TO TIME PARTIES HERETO,
as Lenders,
and
SUNTRUST EQUITY FUNDING, LLC,
as Administrative Agent for the Lenders
Dated as of June 27, 2008
TABLE OF
CONTENTS
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Page
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Section 1.
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DEFINITIONS
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1
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1.1 Definitional
Provisions
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1
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1.2 Defined
Terms
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1
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Section 2.
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AMOUNT AND TERMS OF COMMITMENTS
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2
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2.1 Commitments
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2
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2.2 Notes
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2
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2.3 Procedure
for Borrowing; Amounts of Borrowings
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3
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2.4 Prepayments
and Payments
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3
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2.5 Interest
Rates and Payment Dates
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4
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2.6 Computation
of Interest
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5
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2.7 Pro
Rata Treatment and Payments
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5
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Section 3.
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CONDITIONS PRECEDENT
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6
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3.1 Conditions
to Effectiveness
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6
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3.2 Conditions
to the Loan
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6
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Section 4.
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COVENANTS
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7
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4.1 Further
Assurances
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7
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Section 5.
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EVENTS OF DEFAULT
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7
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Section 6.
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THE ADMINISTRATIVE AGENT
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10
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6.1 Appointment
and Authorization of Administrative Agent
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10
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6.2 Delegation
of Duties
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10
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6.3 Liability
of Administrative Agent
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10
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6.4 Reliance
by Administrative Agent
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11
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6.5 Notice
of Default
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11
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6.6 Credit
Decision; Disclosure of Information by Administrative
Agent
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11
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6.7 Indemnification
of Administrative Agent
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12
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6.8 Administrative
Agent in Individual Capacity
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12
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6.9 Successor
Administrative Agent
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13
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6.10 Collateral
Matters
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13
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Section 7.
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MATTERS RELATING TO PAYMENT AND
COLLATERAL
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15
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7.1 Collection
of Payments and Other Amounts
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15
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7.2 Certain
Remedial Matters
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17
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7.3 Release
of Properties, etc.
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17
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7.4 Excepted
Payments
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17
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Section 8.
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MISCELLANEOUS
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18
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8.1 Amendments
and Waivers
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18
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8.2 Notices
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18
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8.3 No
Waiver; Cumulative Remedies
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18
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8.4 Survival
of Representations and Warranties
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18
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8.5 Payment
of Expenses and Taxes
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18
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8.6 Successors
and Assigns; Participations and Assignments
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18
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8.7 Participations
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18
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8.8 Assignments;
Additional Commitment
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19
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TABLE OF
CONTENTS
(continued)
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Page
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8.9 The
Register; Disclosure
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21
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8.10 Adjustments
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21
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8.11 Counterparts
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22
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8.12 Severability
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22
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8.13 Integration
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22
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8.14 GOVERNING
LAW; WAIVER OF JURY TRIAL
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22
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8.15 Submission
To Jurisdiction; Waivers
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22
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8.16 Acknowledgments
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23
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8.17 Nonrecourse
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23
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8.18 Usury
Savings Clause
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24
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-ii-
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Schedule 1.2
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Exhibit A
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SERIES A NOTE
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Exhibit B
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SERIES B NOTE
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Exhibit C
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ASSIGNMENT AND ACCEPTANCE
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SCHEDULE 1 TO ASSIGNMENT AND ACCEPTANCE
RELATING
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TO THE CREDIT AGREEMENT
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-iii-
THIRD AMENDED AND RESTATED CREDIT
AGREEMENT
THIS THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
June 27, 2008, is among SUNTRUST BANK (the " Borrower
"), the several banks and other financial institutions from time to
time parties to this Agreement (the " Lenders "), and
SUNTRUST EQUITY FUNDING, LLC, a Delaware limited liability company,
as Administrative Agent.
WHEREAS, SunTrust Equity Funding, LLC, as the prior lessor (in
such capacity, the " Prior Lessor "), the several banks and
other financial institutions party thereto and SunTrust Bank, as
the prior administrative agent (in such capacity, the " Prior
Agent "), entered into that certain Second Amended and Restated
Credit Agreement dated as of July 31, 2003 (as amended prior
to the date hereof, the " Existing Credit Agreement ");
and
WHEREAS, the Prior Lessor is transferring the Leased Properties
to the Borrower subject to the Existing Operative Agreements,
WHEREAS, the Prior Agent is transferring all of its rights and
duties to the Administrative Agent, who has assumed all of such
rights and duties;
WHEREAS, the parties desire to amend and restate the Existing
Credit Agreement in its entirety, as hereinafter set forth;
NOW, THEREFORE, the Existing Credit Agreement is hereby amended
and restated in its entirety, and the parties hereby agree as
follows:
SECTION 1. DEFINITIONS
1.1 Definitional Provisions .
(a) The words "hereof", "herein" and "hereunder" and words of
similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this
Agreement, and Section, Schedule and Exhibit references are to this
Agreement unless otherwise specified.
(b) All accounting terms used herein shall have the respective
meanings given to them in accordance with GAAP, unless otherwise
provided herein. All computations and determinations for purposes
of determining compliance with the financial requirements of this
Agreement shall be made in accordance with GAAP, unless otherwise
provided herein.
(c) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms or such terms.
1.2 Defined Terms . Each capitalized term used in this
Agreement and not otherwise defined herein shall have the meaning
ascribed thereto in Appendix A to the Participation Agreement
(defined below).
(a) " Agreement " shall mean this Third
Amended and Restated Credit Agreement, as further amended,
supplemented, restated or otherwise modified from time to time in
accordance with the terms hereof, and includes the Existing Credit
Agreement for the period that it was in effect.
(b) " Participation Agreement " means the Third Amended
and Restated Participation Agreement dated as of the date hereof
among Tech Data Corporation as Lessee, the Lessor, the Lenders
party thereto from time to time, and SunTrust Equity Funding, LLC,
as the Administrative Agent, as such agreement may be further
amended, modified, restated or supplemented from time to time in
accordance with the terms thereof.
SECTION 2. AMOUNT AND TERMS OF
COMMITMENTS
2.1 Commitments .
(a) Subject to the terms and conditions hereof, each Lender
severally agrees to make and/or to continue, as applicable, Series
A Loans and Series B Loans to the Borrower on the Restatement
Effective Date for the purpose of realigning the outstanding Loans
and Lessor Fundings with the Commitments and Lessor Commitments, as
amended and restated pursuant to this Agreement and the other
Operative Agreements, in an aggregate principal amount as to each
Category of Loans outstanding not to exceed such Lender’s
Commitment applicable to such Category of Loans; provided
that (i) after giving effect to any Loan, the aggregate
outstanding principal amount of all Loans of a specified Category
shall not exceed the Total Commitment for such Category, and
(ii) all borrowings under this Section 2.1(a)
shall be allocated in accordance with the definitions of Series A
Loans and Series B Loans.
(b) The Loans may be Base Rate Loans or Eurodollar Loans having
an Interest Period of one, two, three, four or six months, as
specified in the definition of "Interest Period," subject only to
the limitations specified in such definition and to the provisions
of Sections 2.6(c) hereof and Sections 3.2(e) and 10.4 of
the Participation Agreement. Any Loan other than a Eurodollar Loan
shall constitute a Base Rate Loan.
2.2 Notes . The Loans made by each Lender shall be
evidenced by (i) in the case of Series A Loans, a promissory
note of the Borrower, substantially in the form of Exhibit A
(the " Series A Note "), and (ii) in the case of Series
B Loans, a promissory note of the Borrower, substantially in the
form of Exhibit B (the " Series B Note " and together
with the Series A Notes, the " Notes "), in each case with
appropriate insertions as to date and principal amount, payable to
the order of the Agent (for the pro rata benefit of the Lenders)
and in a principal amount equal to the applicable aggregate
Commitments of the Lenders. The Agent is hereby authorized to
record the date, Type and amount of each Loan made by the Lenders,
each continuation thereof, each conversion of all or a portion
thereof to another Type, and the date and amount of each payment or
prepayment of principal thereof on the schedule annexed to and
constituting a part of any of the Notes, and any such recordation
shall constitute prima facie evidence of the accuracy of the
information so recorded, provided that the failure to make
any such recordation or any error in such recordation shall not
affect the Borrower’s obligations hereunder or under such
Note. Each Note shall (i) be dated the Restatement Effective
Date (ii) be stated to mature on the Maturity Date, and
(iii) provide for the payment of interest in accordance with
Section 2.5 .
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2.3 Procedure for Borrowing; Amounts of
Borrowings .
(a) The Borrower may borrow under the Commitments on the
Restatement Effective Date pursuant to the terms of
Section 3.2 of the Participation Agreement, provided
that the Borrower shall give the Administrative Agent irrevocable
notice (which must be received by the Administrative Agent
(i) prior to 11:00 A.M., New York time, three Business Days
prior to the requested Borrowing Date if all or any part of the
requested Loans are to be Eurodollar Loans, or (ii) prior to
11:00 A.M., New York time one (1) Business Day prior to the
requested Borrowing Date with respect to any Loans that are to be
Base Rate Loans) specifying (A) the amount to be borrowed
(which on any date shall not be in excess of the then aggregate
Commitments of the Lenders), (B) the requested Borrowing Date
(which shall be the Restatement Effective Date), (C) whether
the borrowing is to be of Eurodollar Loans, Base Rate Loans or a
combination thereof, (D) if the borrowing is to be a
combination of Eurodollar Loans and Base Rate Loans, the respective
amounts of each Type of Loan and (E) if the borrowing is to be
of Eurodollar Loans, the Interest Period applicable thereto.
Pursuant to the terms of the Participation Agreement, the Borrower
shall be deemed to have delivered such notice upon the delivery of
a notice by the Lessee containing such required information. Upon
receipt of such notice from the Borrower, the Administrative Agent
shall promptly notify each Lender thereof. Subject to the terms and
conditions hereof (including specifically without limitation
Section 4.2 ), each Lender will make the amount of its
pro rata share of such borrowing of each Category available to the
Administrative Agent for the account of the Borrower at the office
of the Administrative Agent specified in Section 9.2
prior to 2:00 P.M., New York time, on the Restatement Effective
Date requested by the Borrower in funds immediately available to
the Administrative Agent. Such borrowing will then be made
available to the Borrower by the Administrative Agent crediting an
account designated by the Borrower on the books of such office with
the aggregate of the amounts made available to the Administrative
Agent by the Lenders and in like funds as received by the
Administrative Agent. No amount of any Loan which is repaid or
prepaid may be reborrowed hereunder. To the extent that the
borrowing requested on the Restatement Effective Date includes
Loans from any Lender that are to be continued, such Lender shall
not be required to fund the principal of such continued Loans and
such principal shall remain outstanding.
(b) The aggregate amount of any borrowing constituting a
Eurodollar Loan and any conversion thereof shall be in an amount
(which, when aggregated with the related Eurodollar Lessor Funding)
is at least $5,000,000.
2.4 Prepayments and Payments .
(a) The Borrower may at any time and from time to time prepay
the Loans, in whole or in part, without premium or penalty (subject
to compliance with Sections 10.3(b) and 10.5 of the Participation
Agreement), upon at least three (3) Business Days’
irrevocable notice to the Administrative Agent, specifying the date
and amount of
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prepayment and whether the prepayment is of
Eurodollar Loans, Base Rate Loans or a combination thereof, and, if
a combination thereof, the amount allocable to each;
provided that all prepayments of Loans shall be applied pro
rata between Series A Loans (aggregated as a single amount) and
Series B Loans (aggregated as a single amount). Upon receipt of any
such notice the Administrative Agent shall promptly notify each
Lender thereof. If any such notice is given, the amount specified
in such notice shall be due and payable on the date specified
therein. Amounts prepaid may not be reborrowed.
(b) If on any date the Administrative Agent or the Lessor shall
receive any payment in respect of (i) any Casualty or
Condemnation pursuant to Section 15.1(a) or 15.1(g ) of
the Lease (excluding any payments in respect thereof which are
payable to Lessee in accordance with the Lease), or (ii) the
Termination Value of any Property in connection with the delivery
of a Termination Notice pursuant to Article XVI of the Lease, or
(iii) the Termination Value of any Property in connection with
the exercise of the option to purchase any Property under
Section 17.11 of the Lease, (iv) the Termination Value of
any Property in connection with the exercise of a Purchase Option
under Section 20.1(a) or (b) of the Lease or the exercise
of the option of the Lessee to transfer the Properties to a third
party pursuant to Section 20.1 of the Lease, or (v) the
Excess Land Purchase Price in connection with a purchase of Excess
Land pursuant to Section 20.1(c) of the Lease, then in each
case, the Borrower shall be required to prepay the principal
balance of the Loans and Lessor Fundings on such date (such
prepayment to be applied pro rata as between Series A Loans and A
Allocated Amount (aggregated as a single amount) and Series B Loans
and B Allocated Amount (aggregated as a single amount)) in an
amount equal to such payment.
(c) Each prepayment of the Loans pursuant to
Section 2.4(b) shall be allocated to reduce the Loan
Property Cost of the affected Property. Each prepayment of the
Loans pursuant to Section 2.4(a) shall be allocated to
reduce the respective Loan Property Costs of all Properties pro
rata according to the Loan Property Costs of such Properties
immediately before giving effect to such prepayment. Each
prepayment of the Loans pursuant to Section 2.4(a) or
2.4(b) shall be accompanied by a simultaneous prepayment of
accrued interest on such Loan and Yield on such Lessor Fundings and
the simultaneous payment of any amounts payable under
Section 10.5 of the Participation Agreement in connection with
the prepayment of such Loan and Lessor Fundings.
(d) The outstanding principal amount of the Loans shall be due
and payable in full to the Agent for the benefit of each Lender on
the Maturity Date, or earlier as specified herein or in any other
Operative Agreement.
2.5 Interest Rates and Payment Dates .
(a) Each Eurodollar Loan shall bear interest for each day during
each Interest Period with respect thereto at a rate per annum equal
to the Eurodollar Rate for such day for such Loan.
(b) Each Base Rate Loan shall bear interest at a rate per annum
equal to the Base Rate.
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(c) If all or a portion of (i) the principal
amount of any Loan, (ii) any interest payable on any Loan or
(iii) any other amount payable hereunder shall not be paid
when due (subject to applicable grace periods) (whether at the
stated maturity, by acceleration or otherwise), such overdue amount
shall bear interest at a rate per annum which is the lesser of
(x) the interest rate applicable to such Loan (or in the case
of clause (iii) above, the Base Rate) plus 2% and
(y) the highest interest rate permitted by applicable law, in
each case from the date of such non-payment until such amount is
paid in full (whether after or before judgment). In addition, if
any Lease Event of Default has occurred and is continuing, each
outstanding Loan shall bear interest at the lesser of (A) the
interest rate applicable to such Loan plus 2% or (B) the
highest interest rate permitted by applicable law, in each case so
long as such Lease Event of Default is continuing.
(d) Interest shall be payable in arrears on each Scheduled
Interest Payment Date, provided that (i) interest
accruing pursuant to paragraph (c) of this
Section 2.5 shall be payable from time to time on
demand and (ii) each prepayment of any Loan shall be
accompanied by accrued interest to the date of such prepayment on
the amount prepaid.
2.6 Computation of Interest .
(a) Interest shall be calculated on the basis established in
Section 11.16 of the Participation Agreement, with respect to
the length of a "year" and the number of days for which interest is
accrued. The Administrative Agent shall as soon as practicable
notify the Borrower and the Lenders of each determination of a
Eurodollar Rate. Any change in the interest rate on a Loan
resulting from a change in the Base Rate, or the Reserve
Requirement, shall become effective as of the day on which such
change in the Base Rate or Reserve Requirement becomes effective.
The Administrative Agent shall as practicable notify the Borrower
and the Lenders of the effective date and the amount of each such
change in interest rate.
(b) Each determination of an interest rate by the Administrative
Agent pursuant to any provision of this Agreement shall be
conclusive and binding on the Borrower and the Lenders in the
absence of manifest error.
(c) If the Eurodollar Rate cannot be determined by the
Administrative Agent in the manner specified in the definition of
the term "Eurodollar Rate" referenced in Appendix A to the
Participation Agreement, the Administrative Agent shall give
facsimile, e-mail or telephonic notice thereof to the Borrower and
the Lenders as soon as practicable thereafter. Until such time as
the Eurodollar Rate can be determined by the Administrative Agent
in the manner specified in such definition of such term, no further
Eurodollar Loans shall be made or continued as such at the end of
the then current Interest Period and all Loans shall continue as
Base Rate Loans.
2.7 Pro Rata Treatment and Payments .
(a) The borrowing by the Borrower from the Lenders hereunder
shall be made pro rata according to the respective Commitment
Percentages of such Category of the Lenders. Each payment
(including each prepayment) by the Borrower on account of
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principal of and interest on the Series A Loans
or the Series B Loans, as the case may be, shall be made pro rata
according to the respective outstanding principal amounts on the
Loans of each such Category then held by each Lender. All payments
(including prepayments) to be made by the Borrower hereunder and
under the Notes, whether on account of principal, interest or
otherwise, shall be made without setoff, counterclaim or other
defense and shall be made prior to 12:00 Noon, New York time, on
the due date thereof to the Administrative Agent, for the account
of the Lenders, at the Administrative Agent’s office
specified in Section 9.2 , in Dollars and in
immediately available funds. The Administrative Agent shall
distribute such payments to the Lenders promptly upon receipt in
like funds as received. If any payment hereunder becomes due and
payable on a day other than a Business Day, such payment shall be
extended to the next succeeding Business Day; provided ,
however , if such payment includes an amount of interest
calculated with reference to the Eurodollar Rate and the result of
such extension would be to extend such payment into another
calendar month, then such payment shall be made on the immediately
preceding Business Day. In the case of any extension of any payment
of principal pursuant to the preceding two sentences, interest
thereon shall be payable at the then applicable rate during such
extension.
(b) Unless the Administrative Agent shall have been notified in
writing by any Lender prior to a borrowing that such Lender will
not make its share of such borrowing available to the
Administrative Agent, the Administrative Agent may assume that such
Lender is making such amount available to the Administrative Agent,
and the Administrative Agent may, in reliance upon such assumption,
make available to the Borrower a corresponding amount. If such
amount is not made available to the Administrative Agent by the
required time on the Borrowing Date therefor, such Lender shall pay
to the Administrative Agent, on demand, such amount with interest
thereon at a rate equal to the daily average Federal Funds Rate for
the period until such Lender makes such amount immediately
available to the Administrative Agent. A certificate of the
Administrative Agent submitted to any Lender with respect to any
amounts owing under this Section 2.7(b) shall be
conclusive in the absence of manifest error. If such Lender’s
share of such borrowing is not made available to the Administrative
Agent by such Lender within three Business Days of such Borrowing
Date, the Administrative Agent shall also be entitled to recover
such amount with interest thereon at the rate as set forth above on
demand from the Borrower.
SECTION 3. CONDITIONS PRECEDENT
3.1 Conditions to Effectiveness . The effectiveness of
this Agreement is subject to the satisfaction of all conditions
precedent set forth in Section 4 of the Participation
Agreement required to be satisfied on or prior to the Restatement
Effective Date and to the receipt by the Administrative Agent of
the Notes, duly executed by the Borrower.
3.2 Conditions to the Loan . The agreement of each Lender
to make the Loan requested to be made and/or continued by it on the
Restatement Effective Date is subject to the satisfaction of the
following conditions precedent:
(a) Representations and Warranties . Each of the
representations and warranties made by the Borrower in or pursuant
to the Operative Agreements shall be true and correct in all
material respects on and as of such date as if made on and as of
such date, except to the extent that such representations and
warranties expressly relate to an earlier date.
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(b) Participation Agreement . The
conditions precedent set forth in Section 4.3 of the
Participation Agreement shall have been satisfied.
SECTION 4. COVENANTS
So long as any Loan or Note remains outstanding and unpaid or
any other amount is owing to any Lender or the Administrative Agent
hereunder or under any other Operative Agreement and so long as the
Commitments have not been terminated:
4.1 Further Assurances . At any time and from time to
time, upon the written request of the Administrative Agent, and at
the sole expense of the Borrower (or Lessee to the extent Lessee is
obligated for such costs pursuant to the Operative Agreements), the
Borrower will promptly and duly execute and deliver such further
instruments and documents and take such further action as the
Administrative Agent or the Majority Financing Parties may
reasonably request for the purpose of obtaining or preserving the
full benefits of this Agreement and the other Operative Agreements
and of the rights and powers herein or therein granted.
SECTION 5. EVENTS OF DEFAULT
Upon the occurrence of any of the following specified events
(each an " Event of Default "):
(a) The Borrower shall, except as provided in paragraph
(c) , default, in the payment when due of any principal or
interest on any Loan; or
(b) Except as provided in paragraphs (a) and
(c) , the Borrower shall fail to make the payment of any
amount due and payable owing under any of the Operative Agreements
within five (5) Business Days after receipt of notice that
such payment is due; or
(c) The Borrower shall default in the payment of any amount due
on the Maturity Date owing under any Operative Agreements; or
(d) The Borrower shall default in the due performance or
observance by it of any term, covenant or agreement contained in
any Operative Agreement to which it is a party (other than those
referred to in paragraphs (a) , (b) and
(c) above), provided that in the case of any
such default under Section 4.1 , such default shall
continue for a period of at least thirty (30) days after
notice to the Borrower and the Lessee by the Administrative Agent
or the Majority Financing Parties; or
(e) Any representation, warranty or statement made or deemed
made by the Borrower herein or in any other Operative Agreement, or
by the Borrower or the Lessee
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in the Participation Agreement, the Lease or in
any statement or certificate delivered or required to be delivered
pursuant hereto or thereto, shall prove to be untrue in any
material respect on the date as of which made or deemed made;
or
(f) There shall have occurred and be continuing:
(i) any Lease Event of Default or other "Event of Default" (as
defined in the Participation Agreement); or
(ii) a default by the Borrower in the due performance or
observance by it of any term, covenant or agreement contained in
the Participation Agreement to or for the benefit of the
Administrative Agent or a Lender, provided that in the case
of this clause (ii) , such default shall continue unremedied
for a period of at least thirty (30) days after notice to the
Lessor and the Lessee by the Administrative Agent or the Majority
Financing Parties; or
(g) The Borrower shall be unable to pay its debts generally as
they become due; file a petition to take advantage of any
insolvency statute; make an assignment for the benefit of its
creditors; commence a proceeding for the appointment of a receiver,
trustee, liquidator or conservator of itself or of the whole or any
substantial part of its property; file a petition or answer seeking
liquidation, reorganization or arrangement or similar relief under
the federal bankruptcy laws or any other applicable law or statute;
or
(h) Any court of competent jurisdiction shall enter an order,
judgment or decree appointing a custodian, receiver, trustee,
liquidator or conservator of the Borrower or of the whole or any
substantial part of its properties and such order, judgment or
decree continues unstayed and in effect for a period of ninety
(90) days, or approve a petition filed against the Borrower
seeking liquidation, reorganization or arrangement or similar
relief under the federal bankruptcy laws or any other applicable
law or statute of the United States of America or any state, which
petition is not dismissed within ninety (90) days; or if,
under the provisions of any other law for the relief or aid of
debtors, a court of competent jurisdiction shall assume custody or
control of the Borrower or of the whole or any substantial part of
its properties, which control is not relinquished within ninety
(90) days; or if there is commenced against the Borrower any
proceeding or petition seeking reorganization, arrangement or
similar relief under the federal bankruptcy laws or any other
applicable law or statute of the United States of America or any
state which proceeding or petition remains undismissed for a period
of ninety (90) days; or if the Borrower takes any action to
indicate its consent to or approval of any such proceeding or
petition; or
(i) Any Security Document shall cease to be in full force and
effect, or shall cease to give the Administrative Agent the Liens,
rights, powers and privileges purported to be created thereby, in
favor of the Administrative Agent on behalf of itself and the
Lenders, superior to and prior to the rights of all third Persons
and subject to no other Liens (except Permitted Liens); or
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(j) The Lease, the Guaranty or any other
Operative Agreement shall cease to be enforceable against the
Lessee or any Guarantor; or
(k) Any default by any party shall have occurred and be
continuing under any lease or sublease (other than the Lease or any
sublease by Lessee permitted under Section 24.2(b) of the
Lease) of any portion of any Property;
then, and in any such event, (A) if such event is an Event
of Default specified in paragraph (g) or (h)
above with respect to the Borrower, the Commitments shall
automatically and immediately terminate and the Loans hereunder
(with accrued interest thereon) and all other amounts owing under
this Agreement, the Notes and any other Operative Agreements, shall
immediately become due and payable, and (B) if such event is
any other Event of Default, either or both of the following actions
may be taken: with the consent of the Majority Financing Parties,
the Administrative Agent may, or upon the request of the Majority
Financing Parties, the Administrative Agent shall, by notice to the
Borrower, declare the Loans hereunder (with accrued interest
thereon) and all other amounts owing under this Agreement, the
Notes and any other Operative Agreements, to be due and payable
forthwith, whereupon the same shall immediately become due and
payable (any of the foregoing occurrences or actions referred to in
clause (A) or (B) above, being referred
to as an " Acceleration "). Except as expressly provided
above in this Section 5 , presentment, demand, protest
and all other notices of any kind are hereby expressly waived.
Upon the occurrence of any Event of Default and at any time
thereafter so long as any Event of Default shall be continuing, the
Administrative Agent may, and upon the written instructions of the
Majority Financing Parties shall, exercise any or all of the rights
and powers and pursue any or all of the remedies available to it
hereunder and under the other Operative Agreements and the Lease
and shall have any and all rights and remedies available under the
Uniform Commercial Code or any other provision of law (all such
remedies being cumulative and in addition to any other remedies
that may be available).
Upon the occurrence of any Event of Default and at any time
thereafter so long as any Event of Default shall be continuing, the
Administrative Agent may, and upon request of the Majority
Financing Parties shall, proceed to protect and enforce this
Agreement, the Notes, the Lease and the other Operative Agreements
by one or more suits or proceedings in equity, at law or in
bankruptcy, whether for the specific performance of any covenant or
agreement contained therein or in execution or aid of any power
granted therein, or for foreclosure hereunder, or for the
appointment of a receiver for any Property, or for the recovery of
judgment for any indebtedness secured thereby, or for the
enforcement of any other remedy available under applicable
laws.
The Borrower shall be liable for any and all accrued and unpaid
amounts due hereunder before, during or after the exercise of any
of the foregoing remedies, including without limitation all
reasonable legal fees and other reasonable costs and expenses
incurred by the Administrative Agent or any Lender by reason of the
occurrence of any Event of Default or the exercise of remedies with
respect thereto.
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SECTION 6. THE
ADMINISTRATIVE AGENT
6.1 Appointment and Authorization of Administrative Agent
. Each Lender hereby appoints SunTrust Equity Funding, LLC to
succeed SunTrust Bank, as Administrative Agent. Each Lender hereby
irrevocably (subject to Section 6.9 ) appoints,
designates and authorizes Administrative Agent to take such action
on its behalf under the provisions of this Agreement and each other
Operative Agreement and to exercise such powers and perform such
duties as are expressly delegated to it by the terms of this
Agreement or any other Operative Agreement, together with such
powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary contained elsewhere in this Agreement or
in any other Operative Agreement, Administrative Agent shall not
have any duties or responsibilities, except those expressly set
forth herein, nor shall Administrative Agent have or be deemed to
have any fiduciary relationship with any Lender or participant, and
no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any
other Operative Agreement or otherwise exist against Administrative
Agent. Without limiting the generality of the foregoing sentence,
the use of the term "agent" in this Agreement or any other
Operative Agreement with reference to Administrative Agent is not
intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law.
Instead, such term is used merely as a matter of market custom, and
is intended to create or reflect only an administrative
relationship between independent contracting parties.
6.2 Delegation of Duties . Administrative Agent may
execute any of its duties under this Agreement or any other
Operative Agreement by or through agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. Administrative
Agent shall not be responsible for the negligence or misconduct of
any agent or attorney-in-fact that it selects in the absence of
gross negligence or willful misconduct.
6.3 Liability of Administrative Agent . No Administrative
Agent-Related Person shall (i) be liable for any action taken
or omitted to be taken by any of them under or in connection with
this Agreement or any other Operative Agreement or the transactions
contemplated hereby (except for its own gross negligence or willful
misconduct in connection with its duties expressly set forth
herein), or (ii) be responsible in any manner to any Financing
Party or participant for any recital, statement, representation or
warranty made by any Lessee/Borrower Party or any officer of any of
the foregoing, contained in this Agreement or in any other
Operative Agreement, or in any certificate, report, statement or
other document referred to or provided for in, or received by
Administrative Agent under or in connection with, this Agreement or
any other Operative Agreement, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any
other Operative Agreement, or for any failure of any
Lessee/Borrower Party or any other party to any Operative Agreement
to perform its obligations hereunder or thereunder. No
Administrative Agent-Related Person shall be under any obligation
to any Financing Party or participant to ascertain or to inquire as
to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Operative
Agreement, or to inspect the properties, books or records of
Lessee/Borrower Party or any Subsidiary or affiliate thereof.
10
6.4 Reliance by Administrative Agent
.
(a) Administrative Agent shall be entitled to rely, and shall be
fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or
telephone message, statement or other document or conversation
believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and
statements of legal counsel (including counsel to any
Lessee/Borrower Party), independent accountants and other experts
selected by Administrative Agent. Administrative Agent shall be
fully justified in failing or refusing to take any action under any
Operative Agreement unless it shall first receive such advice or
concurrence of Majority Financing Parties as it deems appropriate
and, if it so requests, it shall first be indemnified to its
satisfaction by the Financing Parties against any and all liability
and expense which may be incurred by it by reason of taking or
continuing to take any such action. Administrative Agent shall in
all cases be fully protected in acting, or in refraining from
acting, under this Agreement or any other Operative Agreement in
accordance with a request or consent of Majority Financing Parties
or all Financing Parties, if required hereunder, and such request
and any action taken or failure to act pursuant thereto shall be
binding upon all Financing Parties and participants. Where this
Agreement expressly permits or prohibits an action unless Majority
Financing Parties otherwise determine, and in all other instances,
Administrative Agent may, but shall not be required to, initiate
any solicitation for the consent or a vote of Financing
Parties.
(b) For purposes of determining compliance with the conditions
specified in Sections 3 and 4 of the Participation Agreement,
and Section 3 hereof, each Financing Party and
participant shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter
either sent by Administrative Agent to each Financing Party for
consent, approval, acceptance or satisfaction, or required
thereunder to be consented to or approved by or acceptable or
satisfactory to a Financing Party.
6.5 Notice of Default . Administrative Agent shall not be
deemed to have knowledge or notice of the occurrence of any Default
or Event of Default, except with respect to defaults in the payment
of principal, interest and fees required to be paid to
Administrative Agent for the account of Lenders, unless
Administrative Agent shall have received written notice from a
Lender, Borrower or Lessee referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a
"notice of default". Administrative Agent will notify the Financing
Parties of its receipt of any such notice. Administrative Agent
shall take such action with respect to such Default or Event of
Default as may be directed by the Majority Financing Parties in
accordance with Section 8 ; provided ,
however , that unless and until Administrative Agent has
received any such direction, Administrative Agent may (but shall
not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it
shall deem advisable or in the best interest of the Financing
Parties.
6.6 Credit Decision; Disclosure of Information by
Administrative Agent . Each Lender and participant acknowledges
that no Administrative Agent-Related Person has made any
representation or warranty to it, and that no act by Administrative
Agent hereinafter taken, including any consent to and acceptance of
any assignment or review of the affairs of any Lessee/Borrower
Party or any of its Subsidiaries or Affiliates, shall be deemed to
constitute any representation or warranty by any Administrative
Agent-Related Person to any Lender or
11
participant as to any matter, including whether
Administrative Agent-Related Persons have disclosed material
information in their possession. Each Lender, including any Lender
by assignment, and each participant represents to Administrative
Agent that it has, independently and without reliance upon any
Administrative Agent-Related Person and based on such documents and
information as it has deemed appropriate, made its own appraisal of
and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of
each Lessee/Borrower Party and its Subsidiaries and Affiliates, and
all applicable bank regulatory laws relating to the transactions
contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to any Lessee/Borrower Party
hereunder. Each Lender and participant also represents that it
will, independently and without reliance upon any Administrative
Agent-Related Person and based on such documents and information as
it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking
action under this Agreement and the other Operative Agreements, and
to make such investigations as it deems necessary to inform itself
as to the business, prospects, operations, property, financial and
other condition and creditworthiness of each Lessee/Borrower Party
and its Subsidiaries and Affiliates. Except for notices, reports
and other documents expressly required to be furnished to Lenders
by Administrative Agent herein, Administrative Agent shall not have
any duty or responsibility to provide any Lender or participant
with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or
creditworthiness of any Lessee/Borrower Party or any of its
Subsidiaries or Affiliates which may come into the possession of
any Administrative Agent-Related Person.
6.7 Indemnification of Administrative Agent . Whether or
not the transactions contemplated hereby are consummated, Lenders
shall indemnify upon demand each Administrative Agent-Related
Person (to the extent not reimbursed by or on behalf of any
Lessee/Borrower Party and without limiting the obligation of any
Lessee/Borrower Party to do so), pro rata, and hold harmless each
Administrative Agent-Related Person from and against any and all
Indemnified Claims incurred by it; provided , however
, that no Lender shall be liable for the payment to any
Administrative Agent-Related Person of any portion of such
Indemnified Claims resulting from such Person’s gross
negligence or willful misconduct; provided , however
, that no action taken in accordance with the directio
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