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Exhibit
10.13.XIV
NINTH AMENDMENT TO
SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE
AGREEMENTS
NINTH AMENDMENT TO SECOND
AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENTS dated as of
June 30, 2004 (this “ Amendment ”) among G-P
Receivables, Inc., as the seller (the “ Seller
”), Georgia-Pacific Corporation, as collection agent (the
“ Collection Agent ”), Blue Ridge Asset Funding
Corporation (“ Blue Ridge ”), CRC Funding, LLC,
as successor to Corporate Receivables Corporation (“
CRC ”), CAFCO, LLC, as successor to Corporate Asset
Funding Company, Inc. (“ CAFCO ”), Gotham
Funding Corporation (“ Gotham ”), SPARC, LLC, as
successor to Special Purpose Accounts Receivable Cooperative
Corporation (“ SPARC ” and, together with Blue
Ridge, CRC, CAFCO and Gotham, the “ Purchasers
”), Canadian Imperial Bank of Commerce (“ CIBC
”), Citibank, N.A. (“ Citibank ”), The
Bank of Tokyo-Mitsubishi, Ltd., New York Branch (“ BTM
”), Wachovia Bank, National Association (“
Wachovia ” and, together with CIBC, Citibank and BTM,
the “ Secondary Purchasers ”) and Citicorp North
America, Inc., as administrative agent (the “
Administrative Agent ”).
WITNESSETH
WHEREAS, the Seller, the
Collection Agent, the Purchasers and the Administrative Agent
entered into that certain Second Amended and Restated Receivables
Purchase Agreement dated as of December 19, 2001, as amended (the
“ Primary Purchase Agreement ”);
WHEREAS, the Seller, the
Collection Agent, the Secondary Purchasers and the Administrative
Agent entered into that certain Second Amended and Restated
Receivables Purchase Agreement dated as of December 19, 2001, as
amended (the “ Secondary Purchase Agreement ”
and, together with the Primary Purchase Agreement, the “
Agreements ”); and
WHEREAS, the parties hereto
desire to (i) effect a reallocation of the Pro Rata Shares, and
waive certain provisions of Section 2.01(d) of the Primary Purchase
Agreement in connection with such reallocation, (ii) terminate
SPARC’s rights and obligations under the Primary Purchase
Agreement, (iii) terminate CIBC’s rights and obligations
under the Secondary Purchase Agreement and (iv) amend the
Agreements in the manner and on the terms and conditions set forth
herein.
NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants herein
contained, the parties hereto agree as follows:
SECTION 1. DEFINED
TERMS
Unless otherwise defined
herein, the capitalized terms used herein shall have the meanings
assigned to such terms in the Agreements.
SECTION 2. REALLOCATION OF PRO RATA
SHARES UNDER PRIMARY PURCHASE AGREEMENT
(a) Notwithstanding the
provisions of the first sentence of Section 2.01(d) of the Primary
Purchase Agreement, the Pro Rata Shares of the Purchasers under the
Primary Purchase Agreement shall be reallocated effective as of the
Reallocation Effective Date (as defined in Section 7(b) hereof) as
set forth in Section 5(b)(ii) hereof. Each of the Purchasers and
the Secondary Purchasers expressly consents to such reallocation
and waives compliance with the notice requirement set forth in the
first sentence of Section 2.01(d) of the Primary Purchase
Agreement. The parties further agree that any noncompliance with
the provisions of the Agreements by virtue of the reallocation set
forth above shall be deemed not to constitute a breach or default
by the Seller under the Agreements, and that such reallocation
shall be deemed to be permissible and effective in all respects and
for all purposes under the Agreements.
(b) After giving effect to
such reallocation, SPARC’s Aggregate Capital will exceed its
Pro Rata Share of the Purchase Limit; therefore, as required by,
and pursuant to, Section 2.01(d) of the Primary Purchase Agreement,
on the Reallocation Effective Date, SPARC will transfer to each of
the other Purchasers a Receivable Interest in the amount set forth
below opposite such Purchaser’s name for a purchase price
equal to such amount:
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Purchaser
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Receivable Interest
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Blue Ridge
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$ |
43,534,536.84 |
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CAFCO
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$ |
31,344,769.00 |
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CRC
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$ |
20,896,919.00 |
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Gotham
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$ |
26,121,453.50 |
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Total
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$ |
121,897,678.34 |
(c) SPARC represents and
warrants that it is the owner of the Receivable Interest being
transferred by it, free and clear of any adverse claim created by
SPARC.
(d) SPARC hereby agrees that
it shall, at the request of any Purchaser, execute and deliver to
the Administrative Agent such instruments and documents, and take
all further actions, that may be necessary, or that such Purchaser
may reasonably request, to perfect, protect or more fully evidence
the Receivable Interest being transferred by SPARC to such
Purchaser.
SECTION 3. REDUCTION OF SPARC’S
PURCHASE LIMIT
(a) After giving effect to
the receipt by SPARC of the aggregate purchase price for its
Receivables Interest as set forth in Section 2(b) above,
SPARC’s Purchase Limit will exceed its Aggregate Capital. The
Seller hereby terminates in whole SPARC’s Purchase Limit,
effective upon receipt by SPARC of such aggregate purchase
price.
(b) Each Purchaser expressly
consents to the termination of SPARC’s Purchase Limit set
forth above and waives compliance with the notice requirement set
forth in the first sentence of Section 2.01(b) of the Primary
Purchase Agreement. The parties further agree that any
noncompliance with the provisions of the Primary Purchase Agreement
by virtue of the termination set forth above shall be deemed not to
constitute a breach or default by the Seller under the Agreements,
and that such termination shall be deemed to be permissible and
effective in all respects and for all purposes under the
Agreements.
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(c) From and after the
effectiveness of the termination of SPARC’s Purchase Limit
set forth above, SPARC shall be released from all of its
obligations under the Primary Purchase Agreement and shall
relinquish all of its rights thereunder (other than such rights
that expressly survive the termination of SPARC’s Purchase
Limit and the right to receive Yield and its Pro Rata Share (before
giving effect to this Amendment) of fees payable pursuant to the
Fee Letter, if any, accrued through, but unpaid as of, the
Reallocation Effective Date).
SECTION 4. REDUCTION OF CIBC’S
COMMITMENT
(a) The Seller hereby
terminates in whole CIBC’s Commitment, effective upon receipt
by SPARC of the aggregate purchase price for its Receivables
Interest as set forth in Section 2(b) above.
(b) Each Secondary Purchaser
expressly consents to the termination of CIBC’s Commitment
set forth above and waives compliance with the notice requirement
set forth in the first sentence of Section 2.01(b) of the Secondary
Purchase Agreement. The parties further agree that any
noncompliance with the provisions of the Secondary Purchase
Agreement by virtue of the termination set forth above shall be
deemed not to constitute a breach or default by the Seller under
the Agreements, and that such termination shall be deemed to be
permissible and effective in all respects and for all purposes
under the Agreements.
(c) From and after the
effectiveness of the termination of CIBC’s Commitment set
forth above, CIBC shall be released from all of its obligations
under the Secondary Purchase Agreement and shall relinquish all of
its rights thereunder (other than such rights that expressly
survive the termination of CIBC’s Commitment and the right to
receive its Pro Rata Share (before giving effect to this Amendment)
of fees payable pursuant to the Fee Letter, if any, accrued
through, but unpaid as of, the Reallocation Effective
Date).
SECTION 5. AMENDMENTS TO PRIMARY
PURCHASE AGREEMENT
(a) The following amendments
to the Primary Purchase Agreement shall be effective on the
Amendment Effective Date (as defined in Section 7(a)
hereof):
(i) Section 1.01 of the
Primary Purchase Agreement is hereby amended by deleting the
definition “Average Maturity” in its
entirety.
(ii) The definition
“Liquidation Yield Reserve” in Section 1.01 of the
Primary Purchase Agreement is hereby amended by deleting the words
“Average Maturity” and inserting in replacement thereof
the words “Portfolio Turnover Rate (Days)”.
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(iii) Section 1.01 of the
Primary Purchase Agreement is hereby amended by adding, in its
proper alphabetical sequence, the definition “Portfolio
Turnover Rate (Days)” as follows:
“ Portfolio Turnover
Rate (Days) ” means, as of any date of determination, the
result of (i) the Outstanding Balance of all Pool Receivables as of
the last day of the Settlement Period most recently ended, divided
by (ii) the aggregate amount of Pool Receivables generated during
the prior Settlement Period, times (iii) the actual number of days
in the Settlement Period most recently ended.
(iv) Section 6.06 of the
Primary Purchase Agreement is hereby amended to read in its
entirety as follows:
Section 6.06 Collection
Agent Fee . The Collection Agent shall be paid a collection fee
(the “Collection Agent Fee”) of 1% per annum on the
average daily amount of the Outstanding Balance of all Pool
Receivables payable monthly in arrears on each Settlement Date. The
Collection Agent Fee shall be payable only from Collections
pursuant to, and subject to the priority of payment set forth in,
Section 2.04.
(v) Section 7.01(j) of the
Primary Purchase Agreement is hereby amended to read in its
entirety as follows:
(j) As of any Settlement
Date, the De
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